Document:

Exhibit 10.39

   

 CIT Group Inc.

  Long-Term Incentive Plan

  Restricted Stock Unit Director Award Agreement

  

“Date of Award”:

“Participant”:

“RSUs Granted:

 This Director Award Agreement, effective as of the Date of Award set forth above, sets forth the grant of Restricted Stock Units (“RSUs”) by CIT Group Inc., a Delaware corporation (the “Company”), to the Participant named above, pursuant to the provisions of the Amended and Restated CIT Group Inc. Long-Term Incentive Plan (the “Plan”). All capitalized terms shall have the meanings ascribed to them in the Plan, unless specifically set forth otherwise herein.

 The parties hereto agree as follows:

			
	 (A)	 Grant of RSUs. The Company hereby
      grants to the Participant the number of RSUs set forth above, subject to
      the terms and conditions of the Plan and this Director Award Agreement.
      Each RSU represents the unsecured right to receive one Share in the future.
      The Participant shall not be required to pay any additional consideration
      for the issuance of the Shares or cash payment equal to the value of the
      Shares upon settlement of the RSUs.
	  
	 (B)	 Vesting and Settlement of RSUs.
      Subject to Sections (C) and (D) all RSUs shall vest and settle in accordance
      with the provisions of this Section (B).
	  
	  
	  	 (1)	 One-third of the RSUs granted shall vest, on a cumulative
      basis, on each of the first, second, and third anniversaries of the Date
      of Award; provided, however, the RSUs shall be subject to earlier vesting
      in accordance with Sections (C)(1) and (D) hereof. The date on which each
      RSU vests is referred to as the “Vesting Date”.
	  
	  	 (2)	 Each vested RSU shall be settled through the delivery of one
      Share within forty-five (45) days following the applicable Vesting Date
      (each a “Settlement Date”).
	  
	  	 (3)	 Any Shares delivered to the Participant on the applicable
      Settlement Date (or such earlier date determined in accordance with Sections
      (C)(1) or (D)) shall not be subject to transfer restrictions and shall be
      fully paid, non- assessable and registered in the Participant’s name.
	  
	  	 (4)	 If, after the Date of Award and prior to the applicable Vesting
      Date, dividends with respect to Shares are declared or paid by the Company,
      the Participant shall be entitled to receive dividend equivalents in an
      amount, without interest, equal to the cumulative dividends declared or
      paid on a Share, if any, during such period multiplied by the number of
      unvested RSUs. The dividend equivalents in respect of vested RSUs shall
      be paid in cash or Shares, as applicable, on the Vesting Date. If the Participant’s
      membership on the Board terminates prior to an applicable Vesting Date for
      any reason set forth in Section (C)(1) of this Director Award Agreement
      or if a Change of Control occurs, the Participant shall be entitled to receive
      all accrued and unpaid dividend equivalents at the time the RSUs are settled
      in accordance with Sections (C)(1) or (D), as applicable. If the Participant’s
      membership on the Board terminates prior to an applicable Vesting Date for
      any reason set forth in Section (C)(2), any accrued and unpaid dividend
      equivalents shall be forfeited.
	  
	  	 (5)	 In the sole discretion of the Committee, in lieu of the delivery
      of Shares, the RSUs, and any dividend equivalents payable in Shares, may
      be settled through a payment in cash equal to the Fair Market Value of the
      applicable number of Shares, determined on the applicable Vesting Date or,
      in the case of settlement in accordance with Sections (C)(1) or (D), as
      applicable, the date of the Participant’s Separation from Service or
      the effective date of the Change of Control. Settlement under this Section
      (B)(5) shall be made at the time specified under Sections (B)(2), (B)(4),
      (C)(1) or (D), as applicable.
	  
	 (C)	 Termination of Membership on the Board.
	  
	  	 (1)	 If, after the Date of Award and prior to an applicable Settlement
      Date, the Participant’s membership on the Board terminates by reason
      of the Participant’s death, Disability (defined below) or an Approved
      Departure (defined below), the RSUs, to the extent unvested, shall vest
      immediately and shall settle through the delivery of Shares pursuant to
      Section (B)(2) within forty-five (45) days following the termination. For
      the purposes of this Director Award Agreement, “Disability”
      shall be defined as a physical or mental impairment sufficient to make
      a Participant unable to perform the services required of a member of the
      Board, as determined by the Committee. “Approved Departure”
       shall be defined as a termination of the Participant’s membership
      on the Board, including a resignation from the Board by the Participant
      or a Participant not standing for re-election to the Board, provided that
      such termination is

			
	  	  	 approved in advance by the Board. Notwithstanding the foregoing, a termination
      resulting from (i) the Participant’s willful and continued failure
      to substantially perform his or her duties as a member of the Board, (ii)
      an act of fraud or an intentional misrepresentation by the Participant or
      (iii) the Participant’s commission of a felony, in each such case,
      as determined by the Board in its sole discretion, shall not constitute
      an Approved Departure.
	  
	  	 (2)	 If, prior to an applicable Vesting Date, the Participant’s membership
      on the Board terminates for any reason other than as set forth in Section
      (C)(1), the unvested RSUs shall be cancelled immediately and the Participant
      shall immediately forfeit any rights to, and shall not be entitled to receive
      any Shares or cash payments with respect to, the RSUs including, without
      limitation, dividend equivalents pursuant to Section (B)(4).
	  
	 (D)	 Change of Control. Notwithstanding any provision
      contained in the Plan or this Director Award Agreement to the contrary,
      if, prior to an applicable Vesting Date, a Change of Control occurs, the
      RSUs, to the extent unvested, shall vest and settle immediately upon the
      effective date of the Change of Control.
	  
	 (E)	 Transferability. RSUs are not transferable other
      than by last will and testament, by the laws of descent and distribution
      pursuant to a domestic relations order, or as otherwise permitted under
      Section 12 of the Plan.
	  
	 (F)	 Incorporation of Plan. The Plan provides a complete
      description of the terms and conditions governing all Awards granted thereunder
      and is incorporated into this Director Award Agreement by reference. This
      Director Award Agreement and the rights of the Participant hereunder are
      subject to the terms and conditions of the Plan, as amended from time to
      time, and to such rules and regulations as the Committee may adopt under
      the Plan. If there is any inconsistency between the terms of this Director
      Award Agreement and the terms of the Plan, the Plan’s terms shall supersede
      and replace the conflicting terms of this Director Award Agreement.
	  
	 (G)	 No Rights as a Stockholder. A Participant will
      have no rights as a stockholder with respect to Shares covered by this Director
      Award Agreement (including voting rights) until the date the Participant
      or his nominee becomes the holder of record of such shares on an applicable
      Settlement Date.
	  
	 (H)	 Miscellaneous
	  
	  	 (1)	 It is expressly understood that the Committee is authorized to administer,
      construe, and make all determinations necessary or appropriate to the administration
      of the Plan and this Director Award Agreement, all of which shall be binding
      upon the Participant.
	  
	  	 (2)	 The Board may at any time, or from time to time, terminate, amend, modify
      or suspend the Plan, and the Board or the Committee may amend or modify
      this Director Award Agreement at any time; provided, however,
      that, except as provided herein, no termination, amendment, modification
      or suspension shall materially and adversely alter or impair the rights
      of the Participant under this Director Award Agreement, without the Participant’s
      written consent.
	  
	  	 (3)	 If any provision of the Plan or the Director Award Agreement would, in
      the reasonable good faith judgment of the Committee, result or likely result
      in the imposition on the Participant, a beneficiary or any other person
      of a penalty tax under Section 409A of the Code and the regulations and
      guidance promulgated thereunder (“Section 409A”), the Committee
      may modify the terms of the Plan or the Director Award Agreement, without
      the consent of the Participant, beneficiary or such other person, in the
      manner that the Committee may reasonably and in good faith determine to
      be necessary or advisable to avoid the imposition of such penalty tax. Notwithstanding
      anything to the contrary in the Plan or the Director Award Agreement, to
      the extent that the Participant is a “Specified Employee”
      (within the meaning of the Committee’s established methodology for
      determining “Specified Employees” for purposes of Section
      409A), payment or distribution of any amounts with respect to the RSUs that
      are subject to Section 409A will be made as soon as practicable following
      the first business day of the seventh month following the Participant’s
      Separation from Service from the Company Group or, if earlier, the date
      of the Participant’s death.
	  
	  	 (4)	 Delivery of the Shares underlying the RSUs or payment in cash, as applicable,
      upon settlement is subject to the Participant satisfying all applicable
      federal, state, local and foreign taxes. The Company shall have the power
      and the right to (i) deduct or withhold from all amounts payable to the
      Participant pursuant to the RSUs or otherwise, or (ii) require the Participant
      to remit to the Company, an amount sufficient to satisfy any applicable
      taxes required by law. Further, the Company may permit or require the Participant
      to satisfy, in whole or in part, the tax obligations by withholding Shares
      that would otherwise be received upon settlement of the RSUs.
	  
	  	 (5)	 This Director Award Agreement shall be subject to all applicable laws,
      rules, and regulations, and to such approvals by any governmental agencies
      or national securities exchanges as may be required, or the Committee determines
      are advisable. The Participant agrees to take all steps the Company determines
      are necessary to comply with all applicable provisions of federal and state
      securities law in exercising his or her rights under this Director Award
      Agreement.
	  
	  	 (6)	 Nothing in the Plan or this Director Award Agreement should be construed
      as providing the Participant with financial, tax, legal or other advice
      with respect to the RSUs. The Company recommends that the Participant consult
      with his or her financial, tax, legal and other advisors to provide advice
      in connection with the RSUs.

 2

			
	  	 (7)	 All obligations of the Company under the Plan and this Director Award
      Agreement, with respect to the Awards, shall be binding on any successor
      to the Company, whether the existence of such successor is the result of
      a direct or indirect purchase, merger, consolidation, or otherwise, of all
      or substantially all of the business and/or assets of the Company.
	  
	  	 (8)	 To the extent not preempted by federal law, this Director Award Agreement
      shall be governed by, and construed in accordance with, the laws of the
      State of Delaware.
	  
	 (I)	 Acceptance of Award. Acceptance of this Award
      requires no action on the part of the Participant and the Participant will
      be deemed to have agreed to all terms and conditions hereof. If the Participant
      desires to refuse the Award, the Participant must notify the Company in
      writing. Such notification should be sent to CIT Group Inc., Human Resources
      Department, 1 CIT Drive, Livingston, New Jersey 07039, no later than thirty
      (30) days after receipt of this Director Award Agreement.

 IN WITNESS WHEREOF, this Director Award Agreement
  has been executed by the Company by one of its duly authorized officers as of
  the Date of Award.

	   	 CIT Group Inc.

 3Exhibit 10.40

    

  

 CIT Group Inc.

  Long-Term Incentive Plan

  Restricted Stock Unit Director Award Agreement

“Date of Award”:

“Participant”:

“RSUs Granted:

 This Director Award Agreement, effective as of the Date of Award set forth above, sets forth the grant of Restricted Stock Units (“RSUs”) by CIT Group Inc., a Delaware corporation (the “Company”), to the Participant named above, pursuant to the provisions of the Amended and Restated CIT Group Inc. Long-Term Incentive Plan (the “Plan”). All capitalized terms shall have the meanings ascribed to them in the Plan, unless specifically set forth otherwise herein.

 The parties hereto agree as follows:

			
	 (A)	 Grant of RSUs. The Company hereby grants to the
      Participant the number of RSUs set forth above, subject to the terms and
      conditions of the Plan and this Director Award Agreement. Each RSU represents
      the unsecured right to receive in the future one Share or a cash payment
      equal to the Fair Market Value of one Share. The Participant shall not be
      required to pay any additional consideration for the issuance of the Shares
      or cash payment equal to the value of the Shares upon settlement of the
      RSUs.
	  
	 (B)	 Vesting and Settlement of RSUs. Subject to Sections
      (C) and (D) all RSUs shall vest and settle in accordance with the provisions
      of this Section (B).
	  
	  	 (1)	 One-third of the RSUs granted shall vest, on a cumulative basis, on each
      of the first, second, and third anniversaries of the Date of Award; provided,
      however, the RSUs shall be subject to earlier vesting in accordance with
      Sections (C)(1) and (D) hereof. The date on which each RSU vests is referred
      to as the “Vesting Date”.
	  
	  	 (2)	 Each vested RSU shall be settled within forty-five (45) days following
      the applicable Vesting Date (each a “Settlement Date”).
      On each applicable Settlement Date, fifty percent (50%) of the then vested
      RSUs shall be settled through the delivery of Shares and the remaining fifty
      percent (50%) shall be settled through a payment in cash equal to the Fair
      Market Value of the applicable number of Shares in respect of such RSUs
      on the applicable Vesting Date or, in the case of settlement in accordance
      with Sections (C)(1) or (D), as applicable, the date of the Participant’s
      death, Disability, Approved Departure or the effective date of the Change
      of Control. 
	  
	  	 (3)	 Any Shares delivered to the Participant on the applicable Settlement
      Date (or such earlier date determined in accordance with Sections (C)(1)
      or (D)) shall not be subject to transfer restrictions and shall be fully
      paid, non- assessable and registered in the Participant’s name.
	  
	  	 (4)	 If, after the Date of Award and prior to the applicable Vesting Date,
      dividends with respect to Shares are declared or paid by the Company, the
      Participant shall be entitled to receive dividend equivalents in an amount,
      without interest, equal to the cumulative dividends declared or paid on
      a Share, if any, during such period multiplied by the number of unvested
      RSUs. The dividend equivalents in respect of vested RSUs shall be paid in
      cash or Shares, as applicable, on the Vesting Date. If the Participant’s
      membership on the Board terminates prior to an applicable Vesting Date for
      any reason set forth in Section (C)(1) of this Director Award Agreement
      or if a Change of Control occurs, the Participant shall be entitled to receive
      all accrued and unpaid dividend equivalents at the time the RSUs are settled
      in accordance with Sections (C)(1) or (D), as applicable. If the Participant’s
      membership on the Board terminates prior to an applicable Vesting Date for
      any reason set forth in Section (C)(2), any accrued and unpaid dividend
      equivalents shall be forfeited.
	  
	 (C)	 Termination of Membership on the Board.
	  
	  	 (1)	 If, after the Date of Award and prior to an applicable Settlement Date,
      the Participant’s membership on the Board terminates by reason of the
      Participant’s death, Disability (defined below) or an Approved Departure
      (defined below), the RSUs, to the extent unvested, shall vest immediately
      and shall settle through the delivery of Shares and cash pursuant to Section
      (B)(2) within forty-five (45) days following the termination. For the purposes
      of this Director Award Agreement, “Disability” shall be
      defined as a physical or mental impairment sufficient to make a Participant
      unable to perform the services required of a member of the Board, as determined
      by the Committee. “Approved  Departure” shall be
      defined as a termination of the Participant’s membership on the Board,
      including a resignation from the Board by the Participant or a Participant
      not standing for re-election to the Board, provided that such termination
      is approved in advance by the Board. Notwithstanding the foregoing, a termination
      resulting from (i) the Participant’s willful and continued failure
      to substantially perform his or her duties as a member of the Board, (ii)
      an 

			
	  	  	 act of fraud or an intentional misrepresentation by the Participant or
      (iii) the Participant’s commission of a felony, in each such case,
      as determined by the Board in its sole discretion, shall not constitute
      an Approved Departure. 
	  
	  	 (2)	 If, prior to an applicable Vesting Date, the Participant’s membership
      on the Board terminates for any reason other than as set forth in Section
      (C)(1), the unvested RSUs shall be cancelled immediately and the Participant
      shall immediately forfeit any rights to, and shall not be entitled to receive
      any Shares or cash payments with respect to, the RSUs including, without
      limitation, dividend equivalents pursuant to Section (B)(4).
	  
	 (D)	 Change of Control. Notwithstanding any provision
      contained in the Plan or this Director Award Agreement to the contrary,
      if, prior to an applicable Vesting Date, a Change of Control occurs, the
      RSUs, to the extent unvested, shall vest and settle immediately upon the
      effective date of the Change of Control.
	  
	 (E)	 Transferability. RSUs are not transferable other
      than by last will and testament, by the laws of descent and distribution
      pursuant to a domestic relations order, or as otherwise permitted under
      Section 12 of the Plan. 
	  
	 (F)	 Incorporation of Plan. The Plan provides a complete
      description of the terms and conditions governing all Awards granted thereunder
      and is incorporated into this Director Award Agreement by reference. This
      Director Award Agreement and the rights of the Participant hereunder are
      subject to the terms and conditions of the Plan, as amended from time to
      time, and to such rules and regulations as the Committee may adopt under
      the Plan. If there is any inconsistency between the terms of this Director
      Award Agreement and the terms of the Plan, the Plan’s terms shall supersede
      and replace the conflicting terms of this Director Award Agreement.
	  
	 (G)	 No Rights as a Stockholder. A Participant will
      have no rights as a stockholder with respect to Shares covered by this Director
      Award Agreement (including voting rights) until the date the Participant
      or his nominee becomes the holder of record of such shares on an applicable
      Settlement Date.
	  
	 (H)	 Miscellaneous
	  
	  	 (1)	 It is expressly understood that the Committee is authorized to administer,
      construe, and make all determinations necessary or appropriate to the administration
      of the Plan and this Director Award Agreement, all of which shall be binding
      upon the Participant.
	  
	  	 (2)	 The Board may at any time, or from time to time, terminate, amend, modify
      or suspend the Plan, and the Board or the Committee may amend or modify
      this Director Award Agreement at any time; provided, however,
      that, except as provided herein, no termination, amendment, modification
      or suspension shall materially and adversely alter or impair the rights
      of the Participant under this Director Award Agreement, without the Participant’s
      written consent. 
	  
	  	 (3)	 If any provision of the Plan or the Director Award Agreement would, in
      the reasonable good faith judgment of the Committee, result or likely result
      in the imposition on the Participant, a beneficiary or any other person
      of a penalty tax under Section 409A of the Code and the regulations and
      guidance promulgated thereunder (“Section 409A”), the Committee
      may modify the terms of the Plan or the Director Award Agreement, without
      the consent of the Participant, beneficiary or such other person, in the
      manner that the Committee may reasonably and in good faith determine to
      be necessary or advisable to avoid the imposition of such penalty tax. Notwithstanding
      anything to the contrary in the Plan or the Director Award Agreement, to
      the extent that the Participant is a “Specified Employee”
      (within the meaning of the Committee’s established methodology for
      determining “Specified Employees” for purposes of Section
      409A), payment or distribution of any amounts with respect to the RSUs that
      are subject to Section 409A will be made as soon as practicable following
      the first business day of the seventh month following the Participant’s
      Separation from Service from the Company Group or, if earlier, the date
      of the Participant’s death.
	  
	  	 (4)	 Delivery of the Shares underlying the RSUs or payment in cash, as applicable,
      upon settlement is subject to the Participant satisfying all applicable
      federal, state, local and foreign taxes. The Company shall have the power
      and the right to (i) deduct or withhold from all amounts payable to the
      Participant pursuant to the RSUs or otherwise, or (ii) require the Participant
      to remit to the Company, an amount sufficient to satisfy any applicable
      taxes required by law. Further, the Company may permit or require the Participant
      to satisfy, in whole or in part, the tax obligations by withholding Shares
      that would otherwise be received upon settlement of the RSUs.
	  
	  	 (5)	 This Director Award Agreement shall be subject to all applicable laws,
      rules, and regulations, and to such approvals by any governmental agencies
      or national securities exchanges as may be required, or the Committee determines
      are advisable. The Participant agrees to take all steps the Company determines
      are necessary to comply with all applicable provisions of federal and state
      securities law in exercising his or her rights under this Director Award
      Agreement.
	  
	  	 (6)	 Nothing in the Plan or this Director Award Agreement should be construed
      as providing the Participant with financial, tax, legal or other advice
      with respect to the RSUs. The Company recommends that the Participant consult
      with his or her financial, tax, legal and other advisors to provide advice
      in connection with the RSUs.

 2

			
	  	 (7)	 All obligations of the Company under the Plan and this Director Award
      Agreement, with respect to the Awards, shall be binding on any successor
      to the Company, whether the existence of such successor is the result of
      a direct or indirect purchase, merger, consolidation, or otherwise, of all
      or substantially all of the business and/or assets of the Company.
	  
	  	 (8)	 To the extent not preempted by federal law, this Director Award Agreement
      shall be governed by, and construed in accordance with, the laws of the
      State of Delaware.
	  
	 (I)	 Acceptance of Award. Acceptance of this Award
      requires no action on the part of the Participant and the Participant will
      be deemed to have agreed to all terms and conditions hereof. If the Participant
      desires to refuse the Award, the Participant must notify the Company in
      writing. Such notification should be sent to CIT Group Inc., Human Resources
      Department, 1 CIT Drive, Livingston, New Jersey 07039, no later than thirty
      (30) days after receipt of this Director Award Agreement. 

 IN WITNESS WHEREOF, this Director Award Agreement
  has been executed by the Company by one of its duly authorized officers as of
  the Date of Award.

	  	 CIT Group Inc.

3

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