Document:

Exhibit 10.5 

Amendment to
Employment Agreement  

        AMENDMENT
AGREEMENT, dated November 12, 2007, to the Employment Agreement, dated August 1, 2004,
between CIT Group Inc., a Delaware corporation (the “Company”) and the executive named
below who is the signatory to this Amendment Agreement (the “Executive”).  

        WHEREAS,
the Company and the Executive desire to extend the Employment Agreement and the Term (as
defined   therein), subject to the changes noted below to the retirement provisions of
the Employment Agreement; and 

        WHEREAS,
the Company and the Executive desire to comply with Section 409A of the Internal Revenue
Code of   1986, as amended, and the rules and regulations promulgated thereunder. 

        It
  is hereby agreed as follows: 

        1.
    Section 2 is amended to delete the words “December 31, 2007” and to replace them with
the following: “December  31, 2008.” 

        2.
     Section 2 is further amended to delete the last sentence thereof. 

        3.
     Section 3(b)(i) is amended to add at the end thereof the following: 

	  	 Annual Base Salary
      shall be payable as earned during the Term at such time and in such manner
      consistent with the Company’s payroll practices for other senior executives,
      unless otherwise deferred in accordance with the terms of the CIT Group
      Inc. Deferred Compensation Plan, as amended (the “DCP”).
      

        4.
     Section 3(b)(ii) is amended to add at the end thereof the following: 

	  	
Annual
Bonuses, if any, shall be paid not later than March 15 of the calendar year following the
calendar year                  to which they relate, unless otherwise deferred in
accordance with the terms of the DCP. 

        5.
     Section 3(b)(vi) is amended to add at the end thereof the following: 

	  	
Reimbursement
shall be made as soon as practicable after a request for reimbursement is received by the
                Company, but in no event later than the last day of the calendar year
next following the calendar year in which                 such expense was incurred.
Additionally, neither the provision of in-kind benefits nor the reimbursement of
                expenses in any one calendar year shall affect the level or amount of
in-kind benefits to be provided, or the                 expenses eligible for
reimbursement, in any other calendar year. The Executive’s right to reimbursement under
                this Section 3(b)(vi) is not subject to liquidation or exchange for
another benefit. 

        6.
     Section 4 is amended to add after the words “Termination of Employment” the
following: 

	  	
For
purposes of this Agreement, the terms “terminate,” “terminated” and “termination” mean a
termination                 of the Executive’s employment that 

 
	 	
	 

	  	 constitutes a
      “separation from service” within the meaning of the default rules
      of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”).
      

        7.
     Sections 4(c), 4(d) and 4(e) are deleted in their entirety and replaced with the
following: 

	  	 (c) Notice of
      Termination. Any termination by the Company for Cause or by the Executive
      for any reason, including retirement, shall be communicated by Notice of
      Termination to the other party hereto given in accordance with Section 11(a)
      of this Agreement. For purposes of this Agreement, a “Notice of
      Termination” means a written notice which (i) indicates the specific
      termination provision in this Agreement relied upon; (ii) to the extent
      applicable, sets forth in reasonable detail the facts and circumstances
      claimed to provide a basis for termination of the Executive’s employment
      under the provision so indicated; and (iii) if the Date of Termination (as
      defined below) is other than the date of receipt of such notice, specifies
      the termination date (which date shall be not more than thirty days after
      the giving of such notice). The failure by the Company to set forth in the
      Notice of Termination any fact or circumstance which contributes to a showing
      of Cause shall not waive any right of the Company hereunder or preclude
      the Company from asserting such fact or circumstance in enforcing the Company’s
      rights hereunder. 

	  	 (d) Date of Termination.
      “Date of Termination” means (i) if the Executive’s
      employment is terminated by the Company for Cause or as a result of the
      Executive’s resignation or retirement, the date of receipt of the Notice
      of Termination or any later date specified therein within 30 days of such
      notice, as the case may be; (ii) if the Executive’s employment is terminated
      by the Company other than for Cause or Disability, the Date of Termination
      shall be the date on which the Company notifies the Executive of such termination;
      (iii) if the Executive’s employment is terminated by reason of death
      or Disability, the Date of Termination shall be the date of death of the
      Executive or the Disability Effective Date, as the case may be. 

	  	 (e) Retirement.
      If the Executive’s employment terminates on or after May 26, 2008 (the
      “Retirement Date”) (including during any extension of the
      Term pursuant to Section 2 or during the Change of Control Extension Period
      (as defined in Section 9(a)), if applicable) for any reason other than termination
      of employment (i) due to the Executive’s death or Disability, (ii)
      due to the Executive’s involuntary termination by the Company for Cause
      or (iii) without Cause during the Change in Control Extension Period, such
      termination shall be treated as a retirement for all purposes of this Agreement,
      and the only amounts payable to the Executive in connection with such retirement
      shall be the amounts contemplated by Section 5(e). 

        8.
     Section 5(a) is deleted in its entirety and replaced with the following: 

	  	
(a)
    Termination other than for Cause Prior to the Retirement Date. If the Executive’s
employment with the                Company is terminated by the Company without Cause
prior to the Retirement Date, then, as of the date of such                termination of
employment, the following shall apply: 

 
	 	
2	 

	  	 (i) (A) The Company
      shall pay to the Executive in cash the aggregate of the following amounts
      in a lump sum within 10 days after the Date of Termination, the sum of (1)
      the Executive’s Annual Base Salary through the Date of Termination
      to the extent not theretofore paid, and (2) the product of (x) the Severance
      Bonus defined below and (y) a fraction, the numerator of which is the number
      of days in the calendar year in which the Date of Termination occurs through
      the Date of Termination, and the denominator of which is 365, in each case
      to the extent not theretofore paid. For purposes of this Agreement, the
      term “Severance Bonus” means the greater of (I) the Executive’s
      average Annual Bonus over the two calendar years preceding the Date of Termination
      and (II) the Executive’s Target Bonus. 

	  	
(B)
    In addition, to the extent not theretofore paid or provided, the Company shall timely
pay or provide to                  the Executive any other amounts or benefits required to
be paid or provided or which the Executive is eligible                  to receive under
any plan, program, policy or practice or contract or agreement of the Company and its
                 affiliates in accordance with the terms and normal procedures of each
such plan, program, policy or practice. 

	  	 (ii) In addition,
      the Executive shall be deemed as of the Date of Termination to have attained
      the age of 55 for purposes of (i) all relevant Company retirement plans
      (including qualified, supplemental and excess plans, including without limitation
      the Company’s Executive Retirement Plan and New Executive Retirement
      Plan) and (ii) all performance share and stock option awards outstanding
      as of such Date of Termination; provided, however, that the payment
      provisions (or the Executive’s elections, if applicable) under the
      applicable Company nonqualified retirement plan will apply for purposes
      of determining the time and form of payment of the retirement benefits resulting
      from the operation of this provision. 

        9.
     Section 5(b) is deleted in its entirety and replaced with the following: 

	  	
(b)
    Termination for Cause or Resignation for Any Reason Prior to the Retirement Date. If,
during the Term,                  (i) the Executive’s employment shall be terminated by
the Company for Cause or (ii) the Executive shall resign                  prior to the
Retirement Date for any reason, this Agreement shall terminate without further
obligations to the                  Executive other than the obligation to pay or provide
to the Executive an amount equal to the amount described in                  clause (1)
of Section 5(a)(i)(A) above and timely payment or provision of the benefits set forth in
Section                  5(a)(i)(B) above, in each case, to the extent theretofore unpaid. 

        10.
    Clause (i) of Section 5(d) is amended to delete the words “lump sum” and “disability”
and to add before the  comma at the end thereof the following: 

	  	
Disability,
which shall be paid in equal installments over 12 months in accordance with Executive’s
normal                  payroll periods in effect immediately prior to the Date of
Termination 

        11.
   Clause (ii) of Section 5(d) is amended to delete the number “30” and to replace it
with the number “10”. 

 
	 	
3	 

        12.
    Section 5(e) is amended to delete the words “Section 5(a)(iv)” and replace it with
the words “Section  5(a)(i)(B)”. 

        13.
    Section 5 is amended to add at the end thereof the following: 

	  	
(g)
    In connection with the Executive’s retirement under Section 5(e) hereof or the
termination of                  Executive’s employment other than for Cause under Section
5(a) hereof, the Executive shall deliver to the                  Company a release of
claims in the form attached hereto as Exhibit A. 

        14.
  Section 6 is amended to delete the words “Internal Revenue Code of 1986,
  as amended (the “Code”)” and to replace them with the
  word “Code”. 

        15.
   Section 6 is further amended to add before the period at the end thereof the following: 

	  	 ; provided that the Executive’s costs and expenses shall be reimbursed not later
than the last day of the calendar year following the calendar year in which
the costs and expenses were incurred  

        16.
    Section 7 is amended to add at the end thereof the following: 

	  	
Gross-Up
Payments (including any additional Gross-Up Payments) shall be paid not later than the
last day of the                 calendar year following the calendar year in which the
Executive remits the Excise Tax to the proper tax                 authority. 

        17.
    Section 9(b) is deleted in its entirety and replaced with the following: 

	  	
(b)
    Special Payment. If the Executive’s employment is terminated without Cause during the
Change of Control                 Extension Period: 

	  	        (i)
    the Company shall pay to the Executive in cash the aggregate of the following amounts: 

	  	        A.
     the amounts or benefits contemplated in Sections 5(a)(i)(A) and 5(a)(i)(B); and 

	  	        B.
     subject to compliance with Section 8, an amount equal to 2.5 times the sum of the
Executive’s                 Annual Base Salary and the Severance Bonus, payable in a lump
sum within 30 days after the Date of                 Termination; and 

	  	        (ii)
   all restrictions on restricted stock held by the Executive shall lapse and all
outstanding                unvested stock options, stock appreciation rights, tandem
options, tandem stock appreciation rights, performance                shares, performance
units, or any similar equity share or unit held by the Executive shall vest immediately.
               Notwithstanding any provision regarding an earlier termination of stock
options set forth in any stock option or                other agreement, the stock
options referred to in this Section 9(b)(ii) shall terminate and have no force or
               effect upon the earlier of (x) two (2) years after the Date of Termination
or (y) the expiration of the option                term as defined in the applicable
stock option agreement; and 

 
	 	
4	 

	  	        (iii)
subject to compliance with Section 8, continued benefit coverage which permits
the Executive to continue to receive, for 2.5 years from the Date of Termination,
at the Company’s expense, life insurance and medical, dental and disability
benefits at least comparable to those provided by the Company on
the Date of Termination, provided that the Executive shall not receive such
life insurance, medical, dental or disability benefits, respectively, if
the Executive obtains other employment that provides for such benefit(s);
provided further that, to the extent that reimbursable medical and
dental care expenses constitute deferred compensation for purposes of Section
409A of the Code, the Company shall reimburse the medical and dental care
expenses by no later than the last day of the calendar year next following
the calendar year in which such expenses are incurred; and  

	  	        (iv)
to the extent permitted by applicable law, the Executive shall be credited
with two additional years of age and service credit under all relevant Company
retirement plans (including qualified, supplemental and excess plans, including
without limitation the Company’s Executive Retirement Plan and New
Executive Retirement Plan, and, for the purpose of clarity, to the extent
the Executive is a participant in the cash balance arrangement under the
Company’s Retirement Plan, the cash balance account will be increased
as if the Executive had received two additional years of contributions based
upon the Executive’s compensation as of the Date of Termination); provided that the payment provisions (or the Executive’s elections, if applicable)
under the applicable Company nonqualified retirement plan will apply for
purposes of determining the time and form of payment of the retirement benefits
resulting from the crediting of the Executive with an additional two years
of age and service credit hereunder; and  

	  	        (v)
the Company shall provide the Executive with outplacement services, not to exceed a
reasonable cost, until the Executive accepts new employment; provided that outplacement services shall not be provided to Executive beyond the
last day of the second calendar year following the calendar year which
contains the Executive’s Date of Termination. 

        18.
    Section 11(d) is amended to delete the words: “,  including,  without  limitation,
 the right of the Executive to terminate employment for Good Reason pursuant to Section 4
of this Agreement,” 

        19.
    Section 11 is amended to add at the end thereof the following: 

	  	        (f)
    Notwithstanding anything herein to the contrary, if, at the time of the Executive’s
termination                 of employment with the Company, the Executive is a “specified
employee” within the meaning of Section 409A of the                 Code, as determined
under the Company’s established methodology for determining specified employees, then,
solely                 to the extent necessary to avoid the imposition of additional
taxes, penalties or interest under Section 409A of                 the Code, any payments
to the Executive hereunder which provide for the deferral of compensation, within the
                meaning of Section 409A of the Code, and which are scheduled to be made
as a result of the Executive’s                 termination of employment during the
period beginning on the date of the Executive’s Date of Termination and
                ending on the six-month anniversary of such date 

 
	 	
5	 

	  	
shall
be delayed and not paid to the Participant until the first                 business day
following such sixth month anniversary date, at which time such delayed amounts will be
paid to the                 Executive in a cash lump sum (the “Catch-up Amount”). If
payment of an amount is delayed as a result of this                 Section 11(f), such
amount shall be increased with interest from the date on which such amount would
otherwise                 have been paid to the Executive but for this Section 11(f) to
the day prior to the date the Catch-up Amount is                 paid. The rate of
interest shall be the short term federal rate applicable under Section 7872(f)(2)(A) of
the                 Code for the month in which occurs the date of the Executive’s Date
of Termination. Such interest shall be paid                 at the same time that the
Catch-up Amount is paid. If the Executive dies on or after the date of the Executive’s
                Date of Termination and prior to the payment of the Catch-up Amount, any
amount delayed pursuant to this Section                 11(f) shall be paid to the
Executive’s estate, together with interest, within 30 days following the Executive’s
                death. Notwithstanding the foregoing, neither the Company nor any of its
employees or representatives shall have                 any liability to the Executive
with respect to the application of this Section 11(f). 

        20.
    Except as expressly provided here, the terms of the Employment Agreement shall remain
in full force and  effect. 

                IN
  WITNESS WHEREOF, the undersigned have executed, or have caused to be executed,
  this Amendment Agreement as of the day and year first set forth above. 

	 		CIT GROUP INC.
	 		
	 		By: James J. Duffy
      

    
	 		James J. Duffy

      Executive Vice President of Human Resources 
	 		

 

	Joseph M. Leone	
	
      

      Joseph M. Leone	

   

    

	 	
6	 

EXHIBIT A

RELEASE OF CLAIMS 

                In
  connection with my retirement with CIT Group Inc. (“CIT”) as described
  in my employment agreement with CIT, dated August 1, 2004, as amended, (the
  “Employment Agreement”), I provide the following Release of
  Claims (the “Release”). 

        I.
General Release.  

                I,
  and each of the my respective heirs, executors, administrators, representatives,
  agents, successors and assigns (collectively, the “Releasors”) hereby
  irrevocably and unconditionally release and forever discharge the CIT, its subsidiaries
  and affiliates (the “Company Group”) and each of their respective
  officers, employees, directors, shareholders and agents from any and all claims,
  actions, causes of action, rights, judgments, obligations, damages, demands,
  accountings or liabilities of whatever kind or character (collectively, “Claims”),
  including, without limitation, any Claims under any federal, state, local or
  foreign law, that the Releasors may have, or in the future may possess, arising
  out of (i) my employment relationship with and service as an employee or officer
  of the Company Group, and the termination of such relationship or service, or
  (ii) any event, condition, circumstance or obligation that occurred, existed
  or arose on or prior to the date hereof; provided, however, that this Release
  shall not apply to any claims by me for benefits to which I am entitled as of
  the date of this Release under CIT’s compensation and benefit plans, subject,
  in each case, to the applicable terms and conditions of each such plan. Without
  limiting the scope of the foregoing provision in any way, I hereby release all
  claims relating to or arising out of any aspect of my employment with the Company
  Group, including but not limited to, all claims under Title VII of the Civil
  Rights Act, the Civil Rights Act of 1991 and the laws amended thereby; the
  Age Discrimination in Employment Act of 1967; the Older Workers Benefit Protection
  Act of 1990; the Americans with Disabilities Act; the Family and Medical Leave
  Act of 1993; the Fair Labor Standards Act of 1963; the New Jersey Conscientious
  Employee Protection Act; any contract of employment, express or implied; any
  provision of the Constitution of the United States or of any particular State;
  and any other law, common or statutory, of the United States, or any particular
  State; any claim for the negligent and/or intentional infliction of emotional
  distress or specific intent to harm; any claims for attorneys fees, costs and/or
  expenses; any claims for unpaid or withheld wages, severance pay, benefits,
  bonuses, commissions and/or other compensation of any kind; and/or any other
  federal, state or local human rights, civil rights, wage and hour, wage payment,
  pension or labor laws, rules and/or regulations; all claims growing out of any
  legal restrictions on the Company Group’s right to hire and/or terminate
  its employees, including all claims that were asserted and/or that could have
  been asserted by me and all claims for breach of promise, public policy, negligence,
  retaliation, defamation, impairment of economic opportunity, loss of business
  opportunity, fraud, misrepresentation, etc. The Releasors further agree that
  the payments and benefits described in the Employment Agreement shall be in
  full satisfaction of any and all Claims for payments or benefits, whether express
  or implied, that the Releasors may have against the Company Group arising out
  of  the my employment relationship or my service as an employee or officer of
  the Company Group and the termination thereof. 

        II.
Specific Release of ADEA Claims.  

                In
  consideration for, among other things, certain actions by CIT in support of
  my decision to retire, the Releasors hereby unconditionally release and forever
  discharge the Company Group from any and all Claims arising under the Federal
  Age Discrimination in Employment Act of 1967, as amended, and the applicable
  rules and regulations promulgated 

 
	 	
7	 

thereunder (“ADEA”) that I may have
as of the date of my signature to this Agreement. By signing this Release, I hereby
acknowledge and confirm the following: 

	 	          (i)  	  	 I
was advised by CIT in connection with my termination to consult with an attorney of my
choice prior to           signing this Release and to have such attorney explain to me
the terms of this Release, including, without           limitation, the terms relating to
my release of claims arising under ADEA;  

	 	          (ii)  	  	 I
was given a period of not fewer than 21 days to consider the terms of this Release and to
consult with an           attorney of my choosing with respect thereto, and was given the
option to sign the Release in fewer than 21 days if I           desired;  

	 	          (iii)  	  	 I
am providing the release and discharge set forth in this Release only in exchange for
consideration in addition           to anything of value to which I am already entitled;
and  

	 	          (iv)  	  	 I knowingly
      and voluntarily accept the terms of this Release. 

               I
  acknowledge that I understand that I may revoke this specific ADEA release contained
  in this Section II of this Release within seven days following the date on which
  I sign this Release (the “Revocation Period”) by providing
  to the General Counsel of CIT, at 1 CIT Drive, Livingston, New Jersey 07039,
  written notice of my revocation of the release and waiver contained in this
  Section II of this Release prior to the expiration of the Revocation Period.
  This right of revocation relates only to the ADEA release set forth in this
  Section II of this Release and does not act as a revocation of any other term
  of this Release. Any payments or benefits provided to me under the Employment
  Agreement shall not commence until the expiration of the Revocation Period.
  

   

        III.
Representations and Warranties  

               I
  agree that I have not instituted, assisted or otherwise participated in connection
  with, any action, complaint, claim, charge, grievance, arbitration, lawsuit,
  or administrative agency proceeding, or action at law or otherwise against any
  member of the Company Group or any of their respective officers, employees,
  directors, shareholders or agents. I represent and warrant that I have not assigned
  any of the Claims being released under this Release. 

               I
  acknowledge that, except as expressly set forth herein, no representations of
  any kind or character have been made to me by CIT or by any of its agents, representatives,
  or attorneys to induce the execution of this Release. I understand and acknowledge
  the significance and consequences of this Release, that it is voluntary, that
  it has not been entered into as a result of any coercion, duress or undue influence,
  and expressly confirm that it is to be given full force and effect according
  to all of its terms, including those relating to unknown Claims. I acknowledge
  that I had full opportunity to discuss any and all aspects of this Release with
  legal counsel, and have availed myself of that opportunity to the extent desired.
  I acknowledge that I have carefully read and fully understand all of the provisions
  of this Release and have signed the Employment Agreement only after full reflection
  and analysis. 

        IV.
Miscellaneous  

                This
  Release, together with the Employment Agreement, sets forth the entire understanding
  between CIT and me in connection with its subject-matter and supersedes and
  replaces any express or implied, written or oral, prior agreement of plans or
  arrangement with 

 
	 	
8	 

respect to the terms of the my
employment and the termination  thereof which I may have had with the Company Group
 (including the Employment  Agreement).  I acknowledge  that not in signing this Release,
 I have not relied upon any representation or statement not set forth in this Release
made by CIT or any of its representatives.

                By
  signing this Release, I acknowledge that: (a) I have read this Release; (b) I
  understand this Release and know that I am giving up important rights; (c) Section
  II this Release shall not become effective or enforceable for a period of seven
  (7) days following its execution; (d) I was advised by CIT, and I am aware,
  of my right to consult with an attorney before signing this Release; and (e)
  I have signed this Release knowingly and voluntarily and without any duress
  or undue influence on the part or behalf of CIT. 

  

  

  

	 		
      

      Joeseph M. Leone
	 		
	 		
	 		
      

      Date

 

    

	 	
9Exhibit 10.8 

Revised Amendment to
Employment Agreement  

        REVISED
AMENDMENT AGREEMENT, dated as of December 6, 2007, to  the Employment Agreement, dated
August 1, 2004, between CIT Group Inc., a  Delaware corporation (the “Company”)
and the executive named below who is the  signatory to this Amendment Agreement (the
“Executive”). 

        WHEREAS,
the Company and the Executive desire to extend the Employment Agreement and the Term (as
defined therein); and 

        WHEREAS,
the Company and the Executive desire to comply with  Section 409A of the Internal Revenue
Code of 1986, as amended, and the rules  and regulations promulgated thereunder. 

        It
  is hereby agreed as follows: 

        1.
Section 2 of the Employment Agreement is amended to delete the words “December 31,
2007” and to replace them with the following: “December 31, 2008.” 

        2.
Section 3(b)(i) is amended to add at the end thereof the following: 

	  	 Annual Base Salary
      shall be payable as earned during the Term at such time and in such manner
      consistent with the Company’s payroll practices for other senior executives,
      unless otherwise deferred in accordance with the terms of the CIT Group
      Inc. Deferred Compensation Plan, as amended (the “DCP”).
      

        3.
Section 3(b)(ii) is amended to add at the end thereof the following: 

	  	
Annual
Bonuses, if any, shall be paid not later than March 15                   of the calendar
year following the calendar year to which they                   relate, unless otherwise
deferred in accordance with the terms                   of the DCP. 

        4.
Section 3(b)(vi) is amended to add at the end thereof the following: 

	  	
Reimbursement
shall be made as soon as practicable after a                   request for reimbursement
is received by the Company, but in                   no event later than the last day of
the calendar year next                   following the calendar year in which such
expense was                   incurred. Additionally, neither the provision of in-kind
                  benefits nor the reimbursement of expenses in any one calendar
                  year shall affect the level or amount of in-kind benefits to
                  be provided, or the expenses eligible for reimbursement, in
                  any other calendar year. The Executive’s right to
                  reimbursement under this Section 3(b)(vi) is not subject to
                  liquidation or exchange for another benefit. 

 

	 	
Page
1 of 4	 

        5.
Section 4 is amended to add after the words “Termination of  Employment.” the
following:  

	  	
For
purposes of this Agreement, the terms  “terminate,” “terminated” and
“termination” mean a termination of the  Executive’s employment that
constitutes a “separation from service” within the  meaning of the default
rules of Section 409A of the Internal Revenue Code of  1986, as amended (the “Code”). 

        6.
Section 5(a)(ii) amended to insert after the words “the applicable  stock option
agreement;” and before the word “and” the following: 

	  	
(provided
that any such extension of the post-termination                    exercise period shall
not extend the maximum term during                    which any such option may be
exercised beyond the earlier of                    its original expiration date or 10
years from the original                    date of grant) 

        7.
Section 5(a)(iii) is amended to insert after the words “that  provides for such
benefit(s);” and before the word “and” the following: 

	  	 provided
      further that, to the extent that reimbursable medical and dental care expenses
      constitute deferred compensation for purposes of Section 409A of the Code,
      the Company shall reimburse the medical and dental care expenses by no later
      than the last day of the calendar year next following the calendar year
      in which such expenses are incurred; 

        8.
Section 5(a)(v) is amended to insert after the words “as of the  Date of
Termination);” and before the word “and” the following: 

	  	 provided
      that the payment provisions (or the Executive’s elections, if applicable)
      under the applicable Company nonqualified retirement plan will apply for
      purposes of determining the time and form of payment of the retirement benefits
      resulting from the crediting of the Executive with an additional two years
      of age and service credit hereunder; 

        9.
Section 5(a)(vi) is amended to add before the period at the end thereof the following: 

	  	 ; provided
      that outplacement services shall not be provided to Executive beyond the
      last day of the second calendar year following the calendar year which contains
      the Executive’s Date of Termination 

        10.
Section 5(a) is amended to insert at the end thereof the following: 

	  	
Notwithstanding
anything herein to the contrary, in the event                   of the Executive’s
termination of employment under the                   circumstances described in Section
4(c)(v) hereof, it is                   expressly understood that payment of the amounts
described in                   this 

 

	 	
Page
2 of 4 	 

	 	                   Section  	  	5(a)
in such circumstances shall only be made upon                    the actual termination
of the Executive’s employment with the                    Company during the Term. 

        11.
Clause (i) of Section 5(d) is amended to delete the words “lump  sum” and “disability” and
to add before the comma at the end thereof the  following: 

	 	                   Disability,  	  	which
shall be paid in equal installments over 12                    months in accordance with
Executive’s normal payroll periods                    in effect immediately prior to
the Date of Termination 

        12.
Clause (ii) of Section 5(d) is amended to delete the number “30”          and
to replace it with the number “10”.  

        13.
  Section 6 is amended to delete the words “Internal Revenue Code of 1986,
  as amended (the “Code”)” and to replace them with the
  word “Code”. 

        14.
     Section 6 is further amended to add before the period at the end thereof the
following: 

	  	 ; provided
      that the Executive’s costs and expenses shall be reimbursed not later
      than the last day of the calendar year following the calendar year in which
      the costs and expenses were incurred 

        15.
Section 7 is amended to add at the end thereof the following: 

	  	
Gross-Up
Payments (including any additional Gross-Up                    Payments) shall be paid
not later than the last day of the                    calendar year following the
calendar year in which the                    Executive remits the Excise Tax to the
proper tax authority. 

        16.
Section 9(b) is amended to add before the period at the end thereof the following: 

	  	
,
if the Change of Control is also a “change in control event”                  within
the meaning of the default rules of the final                   regulations promulgated
under Section 409A(a)(2)(A)(v) of the                   Code, and if the Change of
Control is not a “change in control                   event” within the meaning
of the default rules of the final                   regulations promulgated under Section
409A(a)(2)(A)(v) of the                   Code, the payments contemplated by Section
5(a)(i)(B) shall be                   made in payroll installments in the manner
contemplated by                   such section 

        17.
    Section 11 of the Employment Agreement is amended to add at the end thereof the
following: 

	  	        (f)
Notwithstanding anything herein to the contrary,                   if, at the time of the
Executive’s termination of employment                   with the Company, the
Executive is a “specified employee”                  within the meaning of
Section 409A of the Code, as determined                   under the Company’s
established methodology for determining                   specified employees, then,
solely to the extent necessary to                   avoid the imposition of additional
taxes, penalties or                   interest under Section 409A of the Code, any 

 

	 	
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	  	payments to
      the Executive hereunder which provide for the deferral of compensation,
      within the meaning of Section 409A of the Code, and which are scheduled
      to be made as a result of the Executive’s termination of employment
      during the period beginning on the date of the Executive’s Date of
      Termination and ending on the six-month anniversary of such date shall be
      delayed and not paid to the Participant until the first business day following
      such sixth month anniversary date, at which time such delayed amounts will
      be paid to the Executive in a cash lump sum (the “Catch-up Amount”).
      If payment of an amount is delayed as a result of this Section 11(f), such
      amount shall be increased with interest from the date on which such amount
      would otherwise have been paid to the Executive but for this Section 11(f)
      to the day prior to the date the Catch-up Amount is paid. The rate of interest
      shall be the short term federal rate applicable under Section 7872(f)(2)(A)
      of the Code for the month in which occurs the date of the Executive’s
      Date of Termination. Such interest shall be paid at the same time that the
      Catch-up Amount is paid. If the Executive dies on or after the date of the
      Executive’s Date of Termination and prior to the payment of the Catch-up
      Amount, any amount delayed pursuant to this Section 11(f) shall be paid
      to the Executive’s estate, together with interest, within 30 days following
      the Executive’s death. Notwithstanding the foregoing, neither the Company
      nor any of its employees or representatives shall have any liability to
      the Executive with, respect to the application of this Section 11(f). 

                18.
  Except as expressly provided here, the terms of the Employment Agreement shall
  remain in full force and effect. 

                IN
  WITNESS WHEREOF, the undersigned have executed, or have caused to be executed,
  this Amendment Agreement as of the day and year first set forth above. 

	 		CIT GROUP INC.
	 		
	 		By: James J. Duffy
      

    
	 		James J. Duffy

      Title: EVP, Human Resources 
	 		
	 		/s/ Lawrence A. Marsiello
	 		
      

      Lawrence A. Marsiello
	 		

 

	 	
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