Document:

Exhibit 10.30

CIT Executive Severance Plan

As Amended and Restated Effective as of January 1, 2008

     Section 1. Establishment, Objectives, and Duration

            1.1. Establishment of the Plan. CIT established the Plan effective January 1, 1999. On March 7, 2006, the Compensation Committee of the Board adopted a definition of “change in control” to be applied uniformly in all CIT benefit plans, including the Plan. The Plan, as amended and restated herein, is effective as of the Effective Date.

            1.2. Objective of the Plan. The objective of the Plan is to enhance the long-term financial security of selected executives of the Company through the provision of severance benefits, including enhanced benefits following a Change in Control. The Plan is further intended to provide flexibility to the Company in its ability to motivate, attract, and retain the services of Participants who make significant contributions to the Company’s success.

            1.3. Duration of the Plan. The Plan shall remain in effect until such time as the Committee amends or terminates the Plan pursuant to Section 7 hereof.

     Section 2. Definitions. Whenever used in the Plan, the following terms shall have the meanings set forth below, and when the meaning is intended, the initial letter of the word shall be capitalized:

            2.1. “409A Affiliate” means any corporation that is included in a
controlled group of corporations (within the meaning of Section 414(b) of the Code) that includes CIT and any trade or business
(whether or not incorporated) that is under common control with CIT (within the meaning of Section 414(c) of the Code);
provided, however, that in applying Section 1563(a)(1), (2), and (3) of the Code for purposes of determining a
controlled group of corporations under Section 414(b) of the Code, the language “at least 50 percent” shall be used
instead of “at least 80 percent” each place it appears in Section 1563(a)(1), (2) and (3) of the Code, and in applying
Section 1.414(c) -2 of the Treasury Regulations, for purposes of determining trades or businesses (whether or not incorporated) that are under common control for purposes of Section 414(c) of the Code, “at least 50 percent” shall be used instead of
“at least 80 percent” each place it appears in Section 1.414(c) -2 of the Treasury Regulations.

            2.2. “Affiliate” means any Parent or Subsidiary and any person that directly or indirectly through one or more intermediaries, controls, is controlled by, or is under common control with, CIT.

            2.3. “Annual Base Salary” means a Participant’s annual base salary from the Company, including any compensation reduction contributions made with respect to the Participant under the CIT Group Inc. Deferred Compensation Plan, the CIT Group Inc. Savings Incentive Plan and any Code Section 125 plan maintained by the Company, but

excluding all bonuses, incentive compensation, expense reimbursements and severance pay.

            2.4. “Annual Bonus” means the payment paid to a Participant pursuant to the CIT Group Inc. Corporate Bonus Plan or an applicable sales incentive plan with respect to a calendar year period.

            2.5. “Average Annual Bonus” means the average of the two largest bonuses received by a Participant with respect to the three Annual Bonuses immediately preceding the Participant’s Separation from Service, which average shall be determined by including a zero in the average calculation with respect to any calendar year for which the Participant was eligible for an Annual Bonus but was not paid an Annual Bonus; provided, however, that such average amount shall not exceed the Participant’s Base Compensation.

            2.6. “Base Compensation” means a Participant’s Annual Base Salary at the rate in effect immediately before the Participant’s Separation from Service (or, if applicable under Section 2.28(b)(ii), immediately before such rate was reduced).

            2.7. “Beneficial Owner” and “Beneficially Owns” shall have the respective meanings ascribed thereto or used in Section 13d-3 under the Exchange Act.

            2.8. “Board” means the Board of Directors of CIT.

            2.9. “Cause” means a determination by the Committee that a Participant has:

            (a) unreasonably neglected or refused to perform any executive duty that has been assigned to such Participant;

            (b) been convicted of, or pleaded guilty or nolo contendere to, any crime that constitutes a felony under federal or applicable state or local law;

            (c) knowingly engaged in any activity that is directly or indirectly in competition with the Company; or

            (d) willfully violated any Company policy that covers standards of corporate conduct.

            2.10. “Change in Control” means:

            (a) any Person becomes the Beneficial Owner, directly or indirectly, of securities of CIT representing thirty-five percent (35%) or more of the combined voting power of CIT’s then outstanding securities; or

            (b) the following individuals cease for any reason to constitute a majority of the number of directors of the Board then serving: individuals who, on the Effective Date, constitute the Board and any new director (other than a director whose initial assumption of office is in connection with an actual or threatened election contest, including, but not limited to, a consent solicitation, relating to the election of directors of CIT) whose appointment or election by the Board or nomination for election by CIT’s

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stockholders was approved or recommended by a vote of at least a majority of the directors then still in office who either were directors on the Effective Date or whose appointment, election or nomination for election was previously so approved or recommended; or

            (c) there is consummated a merger or consolidation of CIT or any Subsidiary with any
other corporation, other than (i) a merger or consolidation which would result in the voting securities of CIT outstanding
immediately prior to such merger or consolidation continuing to represent (either by remaining outstanding or by being converted
into voting securities of the surviving entity or any parent thereof), in combination with the ownership of any trustee or other
fiduciary holding securities under an employee benefit plan of CIT or any Subsidiary of CIT, more than fifty percent (50%) of the
combined voting power of the securities of CIT or such surviving entity or any parent thereof outstanding immediately after such merger or consolidation; or (ii) a merger or consolidation effected to implement a recapitalization of CIT (or similar transaction) in which no Person is or becomes the Beneficial Owner, directly or indirectly, of securities of CIT representing
thirty-five percent (35%) or more of the combined voting power of CIT’s then outstanding securities; or

            (d) the stockholders of CIT approve a plan of complete liquidation or dissolution of CIT or there is consummated an agreement for the sale or disposition by CIT of all or substantially all of CIT’s assets, other than a sale or disposition by CIT of all or substantially all of CIT’s assets to an entity, more than fifty percent (50%) of the combined voting power of the voting securities of which are owned by stockholders of CIT in substantially the same proportions as their ownership of CIT immediately prior to such sale

            2.11. “CIT” means CIT Group Inc., a Delaware corporation, and any successor thereto.

            2.12. “Claims Reviewer” means the Senior Vice President of Compensation and Benefits of CIT or such individual’s delegate; provided, however, that neither the Committee nor any member thereof shall serve as the Claims Reviewer.

            2.13. “Code” means the Internal Revenue Code of 1986, as amended from time to time, and the rulings and regulations issued thereunder.

            2.14. “Committee” means the Employee Benefit Plans Committee of CIT, as it is constituted from time to time, or any successor committee.

            2.15. “Company” means CIT and all 409A Affiliates of CIT.

            2.16. “Company New Executive Retirement Plan” means the New Executive Retirement Plan of CIT Group Inc. and any successor plan thereto.

            2.17. “Company Retirement Plan” means the CIT Group Inc. Retirement Plan, as amended and restated effective January 1, 2007, and any successor thereto.

            2.18. “Company Supplemental Retirement Plan” means the CIT Group Inc. Supplemental Retirement Plan and any successor plan thereto.

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            2.19. “Comparable Employment” means employment with a Purchaser that, if accepted, would provide the Participant with substantially equivalent Annual Base Salary and a substantially equivalent Annual Bonus opportunity.

            2.20. “Director” means any individual who is a member of the Board.

            2.21. “Disability” means a physical or mental impairment sufficient to constitute a “disability” (or similar term) under the Company’s Long-Term Disability Plan; provided, however, that if the Company ceases to sponsor a Long-Term Disability Plan, “Disability” shall have the same meaning as defined in the Company’s Long-Term Disability Plan last in effect prior to the first date a Participant suffers from such physical or mental impairment.

            2.22. “Effective Date” means January 1, 2008.

            2.23. “Eligible Termination” means a Separation from Service (i) by the Company for any reason other than death, Disability or Cause; or (ii) by the Participant for Good Reason.

            2.24. “Employee” means any individual who is an employee of the Company.

            2.25. “ERISA” means the Employee Retirement Income Security Act of 1974, as amended from time to time.

            2.26. “Exchange Act” means the Securities Exchange Act of 1934, as amended from time to time, or any successor thereto.

            2.27. “General Release” shall have the meaning ascribed to such term in Section 5.5 hereof.

            2.28. “Good Reason” means that:

            (a) In all situations, whether or not there has been a Change in Control, a Participant has been assigned duties and responsibilities not commensurate with the Participant’s status as a senior executive of the Company in any material respect.

            (b) Upon or following a Change in Control, in addition to the circumstance described in Section 2.28(a), in the event of a Change in Control, “Good Reason” shall include the following circumstances:

                       (i) a Participant has been required by the Company or any successor thereto, without the Participant’s consent, to relocate or perform a significant portion of his or her duties at a location that is outside a fifty mile radius from his or her present principal place of employment and not closer to the Participant’s then current principal residence; or

                       (ii) a material reduction in a Participant’s rate of Annual Base Salary or Annual Bonus opportunity; or

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                       (iii) any successor to the Company has failed expressly to assume the obligations of the Company under the Plan.

            2.29. “Ineligible Termination” means a Separation from Service (i) by the Company for Disability, (ii) by the Company for Cause; (iii) by the Participant for any reason other than Good Reason; or (iv) by reason of the Participant’s death.

            2.30. “Initial Severance Amount” shall have the meaning ascribed to such term in Section 5.2(a)(i) or 5.2(b)(i) hereof, as applicable.

            2.31. “Parent” means a corporation which owns or Beneficially Owns a majority of the outstanding voting stock or voting power of CIT.

            2.32. “Participant” means an Employee selected to participate in the Plan pursuant to Article 4 hereof.

            2.33. “Person” means any person, entity or “group” within the meaning of Section 13(d)(3) or Section 14(d)(2) of the Exchange Act, except that such term shall not include (a) CIT or any of its Subsidiaries, (b) a trustee or other fiduciary holding securities under an employee benefit plan of CIT or any of its Affiliates, (c) an underwriter temporarily holding securities pursuant to an offering of such securities, (d) a corporation owned, directly or indirectly, by the stockholders of CIT in substantially the same proportions as their ownership of stock of CIT, or (e) a person or group as used in Rule 13d-1(b) under the Exchange Act.

            2.34. “Plan” means this CIT Executive Severance Plan.

            2.35. “Purchaser” shall have the meaning ascribed to such term in Section 5.1(c) hereof.

            2.36. “Second Severance Amount” shall have the meaning ascribed to such term in Section 5.2(a)(ii) or 5.2(b)(ii) hereof, as applicable.

            2.37. “Separates from Service” or “Separation from Service” means a “separation from service” with the Company for purposes of Section 409A of the Code, determined using the default provisions set forth in Treasury Regulation Section 1.409A -1(h) or the successor regulation thereto.

            2.38. “Severance Benefits” means the benefits payable to a Participant under Section 5.2.

            2.39. “Specified Employee” means a “specified employee” within the meaning of Section 409A(a)(2)(B)(i) of the Code, as determined under the Company’s established methodology for determining specified employees.

            2.40. “Subsidiary” means (a) a corporation or other entity with respect to which CIT, directly or indirectly, has the power, whether through the ownership of voting securities, by contract or otherwise, to elect at least a majority of the members of such

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corporation’s board of directors or analogous governing body, or (b) any other corporation or other entity in which CIT, directly or indirectly, has an equity or similar interest and which the Committee designates as a Subsidiary for purposes of the Plan.

     Section 3. Administration

            3.1. The Administrator. The Plan shall be administered by the Committee.

            3.2. Authority of the Administrator. Except as limited by law and subject to
the provisions of the Plan, the Committee shall have full power and authority, in its sole discretion, to: (a) determine a
Participant’s eligibility for Severance Benefits and the amount of such Severance Benefits; (b) construe and interpret the
Plan, determine all questions arising in connection with the Plan, and to resolve ambiguities, inconsistencies and omissions in
the text of the Plan; (c) adopt, implement, amend, waive or rescind such rules and regulations as the Committee may deem
appropriate for the proper administration or operation of the Plan; (d) subject to the provisions of Section 7, amend the terms
and conditions of the Plan; (e) make all factual or other determinations and take all other actions as may be necessary, appropriate or advisable for the administration or operation of the Plan; and (f) employ and rely on legal counsel, actuaries, accountants
and other agents as may be deemed advisable to assist in the administration of the Plan. As permitted by law, the Committee may delegate to any individual or committee its authority, or any part thereof, as it deems necessary, appropriate or advisable for proper administration or operation of the Plan. If any member of the Committee is a Participant, such member shall not resolve, or participate in the resolution of, any matter relating specifically to such member’s eligibility to participate in the Plan or the calculation or determination of such member’s Severance Benefits under the Plan.

            3.3. Decisions Binding. All determinations, interpretations, decisions or other actions made or taken by the Committee pursuant to the provisions of the Plan and all related orders and resolutions of the Committee shall be final, conclusive and binding for all purposes and upon all Persons, including without limitation CIT, CIT’s shareholders, Directors, Employees, Participants, and Participants’ estates and beneficiaries.

     Section 4. Eligibility and Participation

            4.1. Eligibility. All executive Employees of the Company who do not have a written employment contract with the Company that provides for severance benefits, including executive Employees who are also Directors, are eligible to participate in this Plan.

            4.2. Actual Participation. The Chief Executive Officer of CIT, in his or her sole discretion may, from time to time, select one or more eligible Employees to be Participants. CIT shall promptly notify an eligible Employee of his or her selection as a Participant.

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            4.3. Termination of Participation. A Participant shall cease to be a Participant upon the earliest to occur of:

            (a) the Participant’s receipt of all Severance Benefits to which he or she is entitled under the Plan;

            (b) the Participant’s Ineligible Termination;

            (c) the effective date of a written agreement that provides for severance benefits between the Participant and the Company; or

            (d) subject to Section 7, termination of the Plan. 

     Section 5. Severance Benefits

            5.1. Eligibility for Severance Benefits.

            (a) If a Participant Separates from Service with the Company in an Eligible Termination, the Participant shall receive Severance Benefits in the amount determined under Section 5.2.

            (b) If a Participant Separates from Service with the Company in an Ineligible Termination, the Participant shall not be entitled to receive Severance Benefits.

            (c) Notwithstanding anything herein to the contrary, a Participant’s Separation from Service shall constitute an Ineligible Termination rather than an Eligible Termination if the Participant, prior to his or her Separation from Service, (i) is employed by or otherwise provides services for compensation to a 409A Affiliate or a division or business unit of the Company that is sold in whole or in part to an entity that is not a 409A Affiliate of CIT or otherwise affiliated with CIT (such as a joint venture of which CIT or a 409A Affiliate is a member, owner or partner) (the “Purchaser”), whether by sale of stock or assets, and (ii) is offered Comparable Employment with such Purchaser, whether or not the Participant actually accepts such Comparable Employment with the Purchaser.

            (d) Participants who are offered and accept a position with a Purchaser shall be deemed to have separated in an Ineligible Termination, even if such position does not constitute Comparable Employment. Upon initial employment with a Purchaser, whether or not in Comparable Employment, all rights of the Participant under this Plan shall terminate, and no Severance Benefits shall be payable hereunder.

            5.2. Amount of Severance Benefits.

            (a) If the date of a Participant’s Eligible Termination is (x) before the occurrence of a Change in Control or (y) more than two years after the occurrence of such a Change in Control, the Company shall provide to such Participant the following Severance Benefits:

                  (i) An Initial Severance Amount equal to the sum of (A) two times the Participant’s Base Compensation, plus (B) a pro rata Average Annual

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Bonus for the year of such Eligible Termination, prorated based on the number of months (rounded to the next whole month) that the Participant was actively employed during the calendar year in which such termination occurred; provided,
however, that such cash payment shall in no event exceed two times the lesser of (x) the sum of the Participant’s Annual Base Salary for the calendar year preceding the calendar year in which the Eligible Termination occurs, or (y) the
applicable limit under Section 401(a)(17) of the Code in effect for the year in which the Eligible Termination occurs;

                  (ii) A Second Severance Amount, if any, equal to (A) the sum of (x) two times the Participant’s Base Compensation, plus (y) a pro rata Average Annual Bonus for the year of such Eligible Termination, prorated
based on the number of months (rounded to the next whole month) that the Participant was actively employed during the calendar year in which such termination occurred, minus (B) the Initial Severance Amount described in Section 5.2(a)(i);

                  (iii) outplacement services for a period of months following the Participant’s date of Eligible Termination to be determined by the Committee; provided, however, that in no event shall outplacement
services be provided to any Participant beyond the last day of the second calendar year following the calendar year in which the Eligible Termination occurs;

                  (iv) credit for two additional years of benefit service and two additional years of age under the Company Retirement Plan and the Company New Executive Retirement Plan (if the Participant is covered by the Company New
Executive Retirement Plan) determined in accordance with the terms of such plans; and

                  (v) the option to elect continued coverage under the applicable group medical and dental benefit plans made available by the Company to eligible active employees of the Company, subject to the same periodic contribution
requirements applicable to active employees, until the earlier of the second anniversary of such Eligible Termination or the date on which the Participant begins receiving comparable coverage from another entity; provided, however,
that to the extent reimbursements of medical and dental care expenses constitute deferred compensation subject to Section 409A of the Code, the Company shall reimburse medical and dental care expenses no later than the last day of the calendar year
next following the calendar year in which such expenses were incurred.

            (b) If the date of a Participant’s Eligible Termination occurs upon or within two years after the occurrence of a Change in Control, then in lieu of the Severance Benefits described in Section 5.2(a), the Company
shall provide to such Participant the following Severance Benefits:

                  (i) An Initial Severance Amount equal to the sum of (A) two times the Participant’s Base Compensation, plus (B) a pro rata Average Annual Bonus for the year of such Eligible Termination, prorated based on
the number of months (rounded to the next whole month) that the Participant was actively employed during the calendar year in which such termination occurred, plus (C) two times the Participant’s Average Annual Bonus; provided,
however, that such cash payment shall in no event exceed two times the lesser of (x) the sum of the Participant’s Annual Base Salary for the

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calendar year preceding the calendar year in which the Eligible Termination occurs, or (y) the applicable limit under Section 401(a)(17) of the Code in effect for the year in which the Eligible Termination occurs;

                  (ii) A Second Severance Amount, if any, equal to (A) the sum of (x) two times the Participant’s Base Compensation, plus (y) a pro rata Average Annual Bonus for the year of such Eligible Termination, prorated based on the number of months (rounded to the next whole month) that the Participant was actively employed during the calendar year in which such termination occurred, plus (z) two times the Participant’s Average Annual Bonus, minus (B) the Initial Severance Amount described in Section 5.2(b)(i);

                  (iii) outplacement services for a period of months following the Participant’s date of Eligible Termination to be determined by the Committee; provided, however, that in no event shall outplacement services be provided to any Participant beyond the last day of the second calendar year following the calendar year in which the Eligible Termination occurs;

                  (iv) credit for two additional years of benefit service and two additional years of age under the Company Retirement Plan and the Company New Executive Retirement Plan (if the Participant is covered by the Company New Executive Retirement Plan) determined in accordance with the terms of such plans; and

                  (v) the option to elect continued coverage under the applicable group medical and dental benefit plans made available by the Company to eligible active employees of the Company, subject to the same periodic contribution requirements applicable to active employees, until the earlier of the second anniversary of such Eligible Termination or the date on which the Participant begins receiving comparable coverage from another entity; provided, however, that to the extent reimbursements of medical and dental care expenses constitute deferred compensation subject to Section 409A of the Code, the Company shall reimburse medical and dental care expenses no later than the last day of the calendar year next following the calendar year in which such expenses were incurred.

            (c) Notwithstanding anything to the contrary, a Participant hereunder shall be ineligible to participate in or receive benefits under any other severance or termination plan, program or arrangement of the Company. The amount of a Participant’s Severance Benefits hereunder shall not be reduced by the amount or value of any compensation or benefits payable to the Participant with respect to services performed after an Eligible Termination, and the Participant shall be under no obligation to seek subsequent employment or to mitigate the damages resulting from such Eligible Termination.

            5.3. Time and Form of Payment.

            (a) The Initial Severance Amount shall be paid in the form of 12 monthly installments commencing on the first payroll pay date in the calendar month next following the Participant’s Eligible Termination and continuing on the first payroll pay date in each month thereafter until all 12 monthly installments have been paid; provided, however, that if the General Release executed by the Participant pursuant to Section 5.5 hereof has not

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become irrevocable at the time a monthly installment payment is otherwise due (for example, as a result of the applicable revocation period not having expired), payment of such installment will be delayed until such General Release becomes irrevocable. The Company will pay any monthly installments that were due prior to the effective date of the release in a lump sum on the date scheduled for payment of the next monthly installment.

            (b) The Second Severance Amount shall be paid in the form of a lump sum on the payroll pay date coincident with or next following the first anniversary of the Participant’s Eligible Termination.

            (c) The additional retirement benefits payable as a result of the additional age and benefit service credited under the Company Retirement Plan, as described in Section 5.2(a)(iv) and Section 5.2(b)(iv), shall be paid at such time and in such form as the Participant’s benefits are paid under the Company Supplemental Retirement Plan. The additional retirement benefits payable as a result of the additional age and benefit service credited under the Company New Executive Retirement Plan, as described in Section 5.2(a)(iv) and Section 5.2(b)(iv), shall be paid at such time and in such form as the Participant’s benefits are paid under the Company New Executive Retirement Plan.

            (d) Payment of the Initial Severance Amount is intended to constitute a payment separate from the Second Severance Amount that is made pursuant to an involuntary separation pay plan, as described in Section 1.409A -1(b)(9)(iii) of the Treasury Regulations.

            5.4. Section 409A Compliance. If, at the time of a Participant’s Eligible Termination with the Company, the Participant is a Specified Employee, then any Severance Benefits payable to the Participant prior to the 6-month anniversary of the Participant’s date of Eligible Termination, which constitute deferred compensation subject to Section 409A of the Code, shall be delayed and not paid to the Participant until the first business day following the 6-month anniversary of the Participant’s date of Eligible Termination, at which time such delayed amounts will be paid to the Participant in a cash lump sum.

            5.5. Agreement and General Release. Notwithstanding any provision of this Plan to
the contrary, the obligation of the Company to pay any Severance Benefits to a Participant is expressly conditioned upon the
Participant’s timely execution of an agreement to be bound by a General Release of any and all claims arising out of or
relating to the Participant’s employment and Separation from Service and agreement by the Participant to the terms and
conditions of Section 9 below that becomes irrevocable not later than the last day of the fourth calendar month following the
calendar month in which occurs the Participant’s Eligible Termination. The Company shall have no obligation to pay any
Severance Benefits to a Participant who fails to execute a General Release that becomes irrevocable after the last day of the
fourth calendar month following the calendar month in which the Participant’s Eligible Termination occurs. Such General
Release
shall be made in a form satisfactory to the Company and shall be for the benefit of the Company, its respective affiliates, and their respective officers, directors, employees, agents, successors and assigns.

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            5.6. Date of Termination. A Separation from Service by the Company for Cause shall be effective no sooner than the date upon which a written notice specifying the basis for Cause is delivered to the Participant, and a Separation from Service by the Participant for Good Reason shall be effective no sooner than the date upon which a written notice specifying the basis for Good Reason is delivered to the Company and the Committee.

            5.7. Nontransferability of Severance Benefits. No right to Severance Benefits may be sold, transferred, pledged, assigned or otherwise alienated or hypothecated, other than by will or by the laws of descent and distribution.

     Section 6. Beneficiary Designation. The beneficiary or beneficiaries of the
Participant to whom any benefit under the Plan is to be paid in case of his or her death before he or she receives any or all of
such benefit shall be determined under the Company’s Group Life Insurance Plan. A Participant under the Plan may, from time
to time, name any beneficiary or beneficiaries to receive any benefit in case of his or her death before he or she receives any or
all of such benefit. Each such designation shall revoke all prior designations by the same Participant, including the beneficiary
designated under the Company’s Group Life Insurance Plan, and will be effective only when filed by the Participant in writing (in such form or manner as may be prescribed by the Committee) with the Company during the Participant’s lifetime. In the absence of a valid designation under the Company’s Group Life Insurance Plan or otherwise, if no validly
designated beneficiary survives the Participant or if each surviving validly designated beneficiary is legally impaired or prohibited from taking, the Participant’s beneficiary shall be the Participant’s estate.

     Section 7. Amendment and Termination.

            7.1. Amendment and Termination Prior to a Change in Control. Prior to the
occurrence of a Change in Control, the Committee may at any time, and from time to time, in its sole discretion alter, amend,
suspend or terminate the Plan in whole or in part for any reason or for no reason; provided, however, that no
alteration, amendment, suspension or termination of the Plan shall adversely affect in any material way the Severance Benefits
of any Participant who has an Eligible Termination prior to such action; provided, further, that no such alteration,
amendment, suspension or termination of the Plan shall be taken during the period of time when the Committee has knowledge that
any Person has taken steps reasonably calculated to effect a Change in Control of the Company (a “Possible Change in
Control”) until in the opinion of the Committee, such Possible Change in Control is no longer a reasonable
possibility.

            7.2. Subsequent Amendment and Termination. Upon and after the occurrence of a Change in Control, the Committee may at any time, and from time to time, in its sole discretion alter, amend, suspend or terminate the Plan in whole or in part for any reason or for no reason; provided, however, that no alteration, amendment, suspension or termination of the Plan shall be made within two years following the effective date of a Change in Control.

            7.3. Section 409A Compliance. If any provision of the Plan would, in the reasonable, good faith judgment of the Committee, result or likely result in the imposition

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on a Participant, beneficiary or any other person of additional taxes, penalties and interest under Section 409A of the Code, the Committee may modify the terms of the Plan, without the consent of any Participant or beneficiary, in the manner that
the Committee may reasonably and in good faith determine to be necessary or advisable to comply with Section 409A of the Code; provided, however, that any such reformation shall, to the maximum extent the Committee reasonably and in
good faith determines to be possible, retain the economic and tax benefits to the affected Participant hereunder while not materially increasing the cost to the Company of providing such benefits to the Participant.

     Section 8. Tax Withholding. The Company shall have the power and the right to deduct or withhold, or require a Participant to remit to the Company, an amount sufficient to satisfy Federal, state, and local taxes,
domestic or foreign, required by law or regulation to be withheld with respect to any taxable event arising as a result of this Plan.

     Section 9. Prohibited Activity. In consideration of his receipt of benefits under this Plan, the Participant shall not at any time after his or her Separation from Service, without the prior written consent of
the Committee, directly or indirectly, (i) engage or be interested in (as a shareholder, partner, joint venturer, employee, consultant, lender, advisor, and/or agent), with or without compensation, any business anywhere in the United States that is
in competition with any line of business actively being conducted by the Company at the time of the Participant’s termination; (ii) solicit, recruit or hire any person who is then (or who was during the immediately preceding six months) an
employee of the Company, or solicit or encourage any employee of the Company to leave the employment of the Company; or (iii) disparage or publicly criticize the Company. Such restrictions shall apply during the period ending on the first
anniversary of a Participant’s Eligible Termination for purposes of clauses (i) and (iii), and during the period ending on the second anniversary of a Participant’s Eligible Termination for purposes of clause (ii). Nothing herein, however,
will prohibit a Participant from acquiring or holding not more than one percent (1%) of any class of publicly traded securities of any such business; provided that such securities entitle Employee to no more than one percent (1%) of the total
outstanding votes entitled to be cast by security holders of such business in matters on which such security holders are entitled to vote.

     In addition to any other relief to which the Company may be entitled, the Company will be entitled to seek and obtain injunctive relief (without the requirement of any bond) from a court of competent jurisdiction for
the purposes of restraining a Participant from an actual or threatened breach of the above covenants. In addition, and without limiting the Company’s other remedies, in the event of any breach by a Participant of such covenants, the Company
will have no obligation to pay any of the amounts that continue to remain payable to the Participant after the date of such breach of the above covenants.

     Section 10. Successors. All obligations of CIT and the Company under the Plan with respect to Severance Benefits shall be binding on any successor to CIT and the Company as the case may be, whether the existence
of such successor is the result of a direct or indirect purchase of all or substantially all of the business and/or assets of the Company, merger, consolidation, or otherwise.

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     Section 11. Claims Procedure.

            11.1. Adoption. The Committee shall adopt and implement such rules and procedures as it may deem appropriate for the submission of claims for Severance Benefits under the Plan and shall communicate such rules and procedures as in effect from time to time to Participants.

            11.2. Claims Procedure.

            (a) All claims for benefits under the Plan shall be submitted in writing to
the Claims Reviewer who shall review and consider the merits of the claim. Written notice of the Claims Reviewer’s decision
regarding the application for benefits shall be furnished to the claimant or his or her authorized representative
(“Claimant”) within ninety days after receipt of the claim; provided, however, that, if
special circumstances require an extension of time for processing the claim, an additional ninety days from the end of the
initial period shall be allowed for processing the claim, in which event the Claimant shall be furnished with a written notice
of the extension prior to the termination of the initial ninety-day period indicating the special circumstances requiring an
extension and the date by which it is anticipated that a decision will be made. Any written notice denying a claim shall set
forth the specific reasons for the
denial, including specific reference to pertinent provisions of the Plan on which the denial is based; a description of any additional material or information necessary to perfect the claim and an explanation of why such material or information is necessary; and a description of the review procedures set forth in this Section 11 and the time limits applicable to such procedures, including a statement that the Claimant may bring a civil action under Section 502(c) of ERISA if the claim is denied on appeal.

            (b) A Claimant may review all relevant documents and may request a review by the
Committee of a decision denying the claim. Such a request shall be made in writing and filed with the Committee within sixty
days after delivery to the Claimant of written notice of the decision of the Claims Reviewer. Such written request for review
shall contain all additional information that the Claimant wishes the Committee to consider. The Committee may hold a hearing
or conduct an independent investigation, and the decision on review shall be made as soon as possible after the Committee’s
receipt of the request for review. Written notice of the decision on review shall be furnished to the Claimant within sixty days after receipt by the Committee of a request for review, unless special circumstances require an extension of time for processing, in which event an additional sixty days shall be allowed for review. If such an extension of time for processing is required
because of special circumstances, written notice of the extension shall be furnished prior to the commencement of the extension describing the reasons an extension is needed and the date when it is anticipated that the determination will be made. Written notice of the decision on review shall include specific reasons for the decision, including the relevant information described in Section 11.2(a) with respect to the initial denial; a statement that the Claimant may review, upon request, copies of all documents relevant to the Claimant’s claim; and a statement that the Claimant is entitled to receive without charge reasonable access to any document (1) relied on in making the determination, (2) submitted, considered or generated in the course of making the benefit determination, (3) that demonstrates compliance with the administrative processes and

13

safeguards required in making the determination, or (4) constitutes a statement of policy or guidance with respect to the Plan concerning the denied treatment without regard to whether the statement was relied on.

            11.3. Claims Procedures Applicable to Certain Disability Claims.

            (a) This Section 11.3 shall only apply to claims based upon a determination that a Claimant is Disabled, which determination is made (i) with respect to a Claimant who is not a participant in the Company’s Long-Term Disability Plan, or (ii) after the Company ceases to sponsor a Long-Term Disability Plan.

            (b) All claims for benefits under the Plan that are related to a determination of
Disability shall be submitted in writing to the Claims Reviewer who shall review and consider the merits of the claim. Written
notice of the Claims Reviewer’s decision regarding the application for benefits shall be furnished to the Claimant within
forty-five days after receipt of the claim; provided, however, that, if special circumstances require an extension
of time for processing the claim, an additional thirty days from the end of the initial period shall be allowed for processing
the claim, in which event the Claimant shall be furnished with a written notice of the extension prior to the termination of the
initial forty five-day period indicating the special circumstances requiring an extension and the date by which it is anticipated that a decision will be made; provided further that, if special circumstances require a second extension of time
for processing the claim, an additional thirty days from the end of the first extension period shall be allowed for processing the claim, in which event the Claimant shall be furnished with a written notice of extension prior to the termination of the first extension period indicating the special circumstances requiring a second extension and the date by which it is anticipated that a decision will be made.

            If such an extension is necessary due to a failure of the Claimant to submit the information necessary to decide the claim, the written notice of extension shall specifically describe the required information, and the Claimant shall be given at least forty-five days from receipt of the notice of extension within which to provide the specified information.

            Any written notice denying a claim shall set forth the specific reasons for the denial, including specific reference to pertinent provisions of the Plan on which the denial is based; a description of any additional material or information necessary to perfect the claim and an explanation of why such material or information is necessary; a description of the review procedures set forth in this Section 11.3 and the time limits applicable to such procedures, including a statement that the Claimant may bring a civil action under Section 502(c) of ERISA if the claim is denied on appeal; and a copy of any internal rule, guideline, protocol, or other similar criterion to the extent relied upon by the Claims Reviewer in making its decision.

            (c) A Claimant may review all relevant documents and may request a review by the Committee of a decision denying the claim. Such a request shall be made in writing and filed with the Committee within one hundred eighty days after delivery to the Claimant of written notice of the decision of the Claims Reviewer. Such written request for

14

review shall contain all additional information that the Claimant wishes the Committee to consider. The
Committee may hold a hearing or conduct an independent investigation, and the decision on review shall be made as soon as
possible after the Committee’s receipt of the request for review. If the claim denial is appealed on the basis of medical
judgment, the Committee shall identify the health care professional who made such judgment, and shall consult with an
independent health care professional who is qualified in the areas of dispute and who shall not have been involved in
the initial claim denial. Written notice of the Committee’s decision on review shall be furnished to the Claimant
within forty-five days after receipt by the Committee of a request for review, unless special circumstances require an
extension of time for processing, in which event an additional forty-five days shall be allowed for review. If such an
extension of time for processing is required because of
special circumstances, written notice of the extension shall be furnished prior to the commencement of the extension describing
the reasons an extension is needed and the date when it is anticipated that the determination will be made. Written notice of the
decision on review shall include specific reasons for the decision, including the relevant information described in Section 11.3(b)
with respect to the initial denial; a statement that the Claimant may review, upon request, copies of all documents relevant to the
Claimant’s claim; a statement that the Claimant is entitled to receive without charge reasonable access to any document (1)
relied on in making the determination, (2) submitted, considered or generated in the course of making the benefit determination,
(3) that demonstrates compliance with the administrative processes and safeguards required in making the determination, or (4)
constitutes a statement of policy or guidance with respect to the Plan concerning the denied treatment
without regard to whether the statement was relied on; a statement describing the Plan’s optional appeals procedures, including the provision for optional arbitration under Section 11.5, and the Claimant’s right to receive information about the procedures as well as the Claimant’s right to bring a civil action under Section 502(a) of ERISA; and the following statement: “You and your Plan may have other voluntary alternative dispute resolution options, such as mediation. One way to find out what may be available is to contact your local U.S. Department of Labor Office and your State insurance regulatory agency.”

            11.4. Judicial Review. A claimant wishing to seek judicial review of an adverse benefit determination under the Plan, whether in whole or in part, must file any suit or legal action, including, without limitation, a civil action under Section 502(a) of ERISA, within one year of the date the final decision on the adverse benefit determination on review is issued or lose any rights to bring such an action. If any such judicial proceeding is undertaken, the evidence presented shall be strictly limited to the evidence timely presented to the Committee. Notwithstanding anything in the Plan to the contrary, a Claimant must exhaust all administrative remedies available to such Claimant under the Plan other than optional arbitration described in Section 11.5 before such Claimant may seek judicial review pursuant to Section 502(a) of ERISA.

            11.5. Optional Arbitration.

            (a) Any controversy or claim arising out of or relating to a claim for benefits payable by the Plan may, at the option of the Claimant, be settled by binding arbitration in the state of New Jersey in accordance with the procedures of the American Arbitration Association; provided, however, that any such submission by the Participant

15

must be made within one year of the date the final decision on the adverse benefit determination on review is issued. In this connection, the Committee shall make a copy of these rules available for inspection by any concerned person or his authorized representative during normal business hours.

            (b) The determination of the arbitrator shall be conclusive and binding on the Company and the Claimant, and judgment may be entered on the arbitrator’s award in any court having jurisdiction. The Company will bear all costs of arbitration, except that the arbitrator shall have the power to apportion among the parties other expenses such as pre-hearing discovery, travel costs, and attorneys’ fees.

     Section 12. Legal Construction.

            12.1. Gender and Number. Except where otherwise indicated by the context, any masculine term used herein also shall include the feminine; the plural shall include the singular and the singular shall include the plural.

            12.2. Severability. In the event any provision of the Plan shall be held illegal or invalid for any reason, the illegality or invalidity shall not affect the remaining parts of the Plan, and the Plan shall be construed and enforced as if the illegal or invalid provision had not been included.

            12.3. Requirements of Law. The operation of the Plan and the payment of Severance Benefits hereunder shall be subject to all applicable laws, rules, and regulations, and to such approvals as may be required.

            12.4. Governing Law. To the extent not preempted by Federal law, the Plan, and all agreements hereunder, shall be construed in accordance with and governed by the laws of the State of New Jersey.

            12.5. Special Compensation. Except as otherwise required by law or as specifically provided in any plan or program maintained by the Company, no payment under the Plan shall be included or taken into account in determining any benefit under any pension, thrift, profit sharing, group insurance, or other benefit plan maintained by the Company.

            12.6. Incompetent Payee. If the Committee shall find that any individual to whom any amount is payable under the Plan is found by a court of competent jurisdiction to be unable to care for his or her affairs because of illness or accident, or is a minor, or has died, then the payment due to him or her or to his or her estate (unless a prior claim thereof has been made by a duly appointed legal representative) may, if the Committee so elects, be paid to his or her spouse, a child, a relative, an institution maintaining or having custody of such individual, or any other individual deemed by the Committee to be a proper recipient on behalf of such individual otherwise entitled to payment. Any such payment shall constitute a complete discharge of all liability of the Plan thereof.

            12.7. Plan Not an Employment Contract. This Plan is not, nor shall anything contained herein be deemed to give any Employee, Participant or other individual any

16

right to be retained in his or her employer’s employ or to in any way limit or restrict his or her employer’s right or power to discharge any Employee or other individual at any time and to treat such Employee without any regard to the
effect which such treatment might have upon him or her as a Participant of the Plan.

17ex10_31.htm -- Converted by SEC Publisher, created by BCL Technologies Inc., for SEC Filing

Exhibit 10.31

Joseph M. Leone

     AMENDED AND RESTATED AGREEMENT by and among CIT Group Inc. a Delaware corporation (the "Company") and Joseph M. Leone (the "Executive") dated as of the 8th day of May 2008.

     WHEREAS, the Company and the Executive entered into an Employment Agreement dated August 1, 2004 (the “Agreement”);

     WHEREAS, the Company and the Executive entered into an Amendment Agreement, dated November 12, 2007 (the "Amendment Agreement"), to the Agreement;

     WHEREAS, the Company and the Executive wish to amend and restate the Agreement to reflect the Amendment Agreement and to amend the definition of "Change of Control";

     WHEREAS, the Company desires to continue to employ the Executive in accordance with the following terms and conditions, and the Executive desires to be so employed.

     NOW, THEREFORE, IT IS HEREBY AGREED AS FOLLOWS:

     1. Effective Date. The "Effective Date" shall mean September 1, 2004.

     2. Term. The Company hereby agrees to employ the Executive, and the Executive hereby agrees to be employed by the Company subject to the terms and conditions of this Agreement, for the period commencing on the Effective Date and ending on December 31, 2008 (the "Term"). This Employment Agreement and the Term may be extended for one (1) or more additional periods by written agreement signed by the parties hereto at any time prior to the end of the term in effect.

     3. Terms of Employment. 

     (a) Position and Duties.

            (i) During the Term (A) the Executive shall serve as Vice Chairman –Chief Financial Officer with such authority, duties and responsibilities as are commensurate with such position and as may be consistent with such position, reporting to the Chief Executive Officer of the Company or such other officer as designated by the Chief Executive Officer of the Company, and (B) the Executive's services shall be performed at the location such services were performed immediately prior to the Effective Date.

            (ii) During the Term, and excluding any periods of vacation and sick leave to which the Executive is entitled, the Executive agrees to devote substantially all of his attention and time during normal business hours to the business and affairs of the Company and, to the extent necessary to discharge the responsibilities assigned to the Executive hereunder, to use the Executive's reasonable best efforts to perform faithfully and efficiently such responsibilities. During the Term, it shall not be a violation of this Agreement for the Executive to serve on civic or charitable boards or committees, or manage personal investments, so long as such activities do not significantly interfere with the performance of the Executive's

1

responsibilities as an employee of the Company in accordance with this Agreement. It is expressly understood and agreed that to the extent that any such activities have been conducted by the Executive prior to the Effective Date, the continued conduct of such activities (or the conduct of activities similar in nature and scope thereto) subsequent to the Effective Date shall not thereafter be deemed to interfere with the performance of the Executive's responsibilities to the Company.

     (b) Compensation.

            (i) Base Salary. During the Term, the Executive shall receive an annual base salary ("Annual Base Salary") of no less than the rate of the Executive's base salary on the date immediately prior to the Effective Date. During the Term, the Annual Base Salary shall be reviewed at the time that the salaries of all of the executive officers of the Company are reviewed. Any increase in Annual Base Salary shall not serve to limit or reduce any other obligation to the Executive under this Agreement.
Annual Base Salary shall not be reduced after any such increase and the term Annual Base Salary as utilized in this Agreement shall
refer to Annual Base Salary as so increased. 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").

            (ii) Annual Bonus. For each complete calendar year during the Term, the Executive shall be entitled to a bonus pursuant to the Company's incentive plans and programs ("Annual Bonus"). Executive's target bonus for the first complete year during the Term shall be 150% of his Annual Base Salary ("Target Bonus"). Notwithstanding paragraph 3(b)(v) hereof, the Target Bonus in subsequent years of the Term shall not be less than the amount set forth in the previous sentence.

            (iii) Incentive Awards.

            (A) During the Term, the Executive shall be eligible to participate in annual and long-term incentive plans applicable to comparable executives of the Company.

            (iv) Other Benefits. During the Term, the Executive shall be entitled to participate in all employee pension, welfare, perquisites, fringe benefit, and other benefit plans, practices, policies and programs generally applicable to comparable executives of the Company in substantially comparable positions as the Executive. In addition, the Executive shall be entitled to continued participation in any supplemental and/or excess retirement plans available to similarly situated executives of the Company, and in the Company's Executive Retirement Plan, and retiree medical and life insurance plans in which the Executive was participating on the date of this Agreement during the Term, at economic levels at least equal to the levels of Executive's participation in such plans or programs as of the date immediately prior to the Effective Date.

            (v) Modifications. The Company may at any time or from time to time amend, modify, suspend or terminate any bonus or incentive compensation or employee benefit plans or programs provided hereunder for any reason and without the Executive's consent;

2

provided that, without the Executive's consent, the Company may not reduce the aggregate value of the employee benefit plans or programs provided to the Executive hereunder unless such reduction is consistent with reductions affecting similarly situated employees of comparable rank of the Company.

            (vi) Expense Reimbursement. During the Term, the Executive shall be entitled to receive prompt reimbursement for all expenses incurred by the Executive in accordance with the Company's expense reimbursement policies.

            (vii) Vacation. During the Term, the Executive shall be entitled to paid vacation in accordance with the plans, policies, programs and practices of the Company as in effect with respect to the senior executives of the Company.

     4. Termination of Employment.

     (a) Death or Disability. The Executive's employment shall terminate automatically upon the Executive's death during the Term. If the Company determines in good faith that the Disability of the Executive has occurred during the Term (pursuant to the definition of Disability set forth below), it may give to the Executive written notice in accordance with Section 11(a) of this Agreement of its intention to terminate the Executive's employment. In such event, the Executive's employment with the Company shall terminate effective on the 30th day after receipt of such notice by the Executive (the "Disability Effective Date"), provided that,
within the 30 days after such receipt, the Executive shall not have returned to full-time performance of the Executive's duties. For
purposes of this Agreement, "Disability" shall mean the absence of the Executive from the Executive's duties with the Company on a
full-time basis for 180 consecutive business days as a
result of incapacity due to mental or physical illness which is determined to be total and permanent by a physician selected by the Company or its insurers and acceptable to the Executive or the Executive's legal representative.

     (b) Cause. The Company may terminate the Executive's employment during the Term for Cause. For purposes of this Agreement, "Cause" shall mean:

            (i) the willful and continued failure of the Executive to perform substantially the Executive's duties with the Company or one of its affiliates (other than any such failure resulting from incapacity due to physical or mental illness), after a written demand for substantial performance is delivered to the Executive by the Chief Executive Officer of the Company or such other officer as designated by the Chief Executive Officer which specifically identifies the manner in which the Chief Executive Officer or his designee believes that the Executive has not substantially performed the Executive's duties, or

            (ii) the willful engaging by the Executive in illegal conduct or gross misconduct which is materially and demonstrably injurious to the Company or its affiliates, or

            (iii) conviction of a felony or guilty or nolo contendere plea by the Executive with respect thereto; or

            (iv) a material breach of Section 8 of this Agreement.

3

For purposes of this provision, no act or failure to act on the part of the Executive shall be considered "willful" unless it is done, or omitted to be done, by the Executive in bad faith or without reasonable belief that the Executive's action or omission was in the best interests of the Company. Any act, or failure to act, based upon express authority given pursuant to a resolution duly adopted by the Board with respect to such act or omission or upon the instructions of the Chief Executive Officer of the Company or based upon the advice of counsel for the Company shall be conclusively presumed to be done, or omitted to be done, by the Executive in good faith and in the best interests of the Company.

     (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).

     5. Obligations of the Company upon Termination.

     (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:

4

            (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.

     (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.

     (c) Death. If the Executive's employment is terminated by reason of the Executive's death during the Term, this Agreement shall terminate without further obligations to the Executive's legal representatives under
this Agreement, other than for (i) payment of a lump sum cash amount equal to the Executive's Annual Base Salary as in effect at the time of the Executive's death, (ii) payment of the amount set forth in Section 5(a)(i)(A) above; and (iii) timely
payment or provision of the benefits set forth in Section 5(a)(iv) above. In addition, 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. The payments provided for in subsections (i) and (ii) of this Section 5(c) shall be paid to
the Executive's estate or beneficiary, as applicable, in a lump sum in cash within 30 days of the Date of Termination.

5

     (d) Disability. If the Executive's employment is terminated by reason of the Executive's Disability, this Agreement shall terminate without further obligations to the Executive, other than for (i) payment of a cash amount equal to the Executive's Annual Base Salary as in effect at the time of the Executive's 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, (ii) payment of the amount set forth in Section 5(a)(i)(A) above (payable to the Executive in a lump sum in cash within 10 days of the Date of Termination), and (iii) timely payment or provision of the benefits set forth in Section 5(a)(iv) above. In addition, 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. To the extent permitted by
applicable law and in accordance with the Company's Long-Term Disability plan, the Executive shall continue to accrue age and
service credit through retirement for purposes of the Company's qualified and nonqualified retirement plans.

     (e) Retirement. If the Executive's employment is terminated by reason of his retirement under the terms of the applicable Company retirement plan during the Term, this Agreement shall terminate without further obligations to the Executive other than for (i) payment of the amount set forth in Section 5(a)(i)(A) above (payable to the Executive in a lump sum in cash within 30 days of the Date of Termination) and (ii) timely payment or provision of the benefits set forth in Section 5(a)(i)(B) above.

     (f) Non-exclusivity of Rights. Except as specifically provided, nothing in this Agreement shall prevent or limit the Executive's continuing or future participation in any plan, program, policy or practice provided by the Company or any of its affiliates and for which the Executive may qualify, nor, subject to Section 11(e), shall anything herein limit or otherwise affect such rights as the Executive may have under any contract or agreement
with the Company or its affiliates. Amounts which are vested benefits or which the Executive is otherwise entitled to receive under
any plan, policy, practice or program of, or any contract or agreement with, the Company or its affiliates at or subsequent to the
Date of Termination shall be payable in accordance with such plan, policy, practice or program or contract or agreement except as
explicitly modified by this Agreement. As used in this Agreement, the terms "affiliated companies" and "affiliates" shall
include any company controlled by, controlling or under common control with the Company.

     (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.

     6. Full Settlement. The Company's obligation to make the payments provided for in this Agreement and otherwise to perform its obligations hereunder shall not be affected by any set-off, counterclaim, recoupment, defense or other claim, right or action which the Company may have against the Executive or others. In no event shall the Executive be obligated to seek other employment or take any other action by way of mitigation of the amounts payable to the Executive under any of the provisions of this Agreement and, such amounts shall not be reduced

6

whether or not the Executive obtains other employment. The Company agrees to pay, to the full extent permitted by law, all legal fees and expenses which the Executive may reasonably incur as a result of any contest (regardless of the outcome
thereof) by the Company, the Executive or others of the validity or enforceability of, or liability under, any provision of this Agreement or any guarantee of performance thereof (including as a result of any contest by the Executive about the
amount of any payment pursuant to this Agreement), plus in each case interest on any delayed payment at the applicable Federal rate provided for in Section 7872(f)(2)(A) of the Code, if the Executive prevails on any material claim made by the
Executive and disputed by the Company under this Agreement; 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.

     7. Certain Additional Payments by the Company. If at any time for any reason any payment or distribution (a "Payment") by the Company or any other person or entity to or for the benefit of the Executive is
determined to be a "parachute payment" (within the meaning of Section 280G(b)(2) of the Code), whether paid or copayable or distributed or distributable pursuant to the terms of this Agreement or otherwise in connection with or arising out of his
employment with the Company or a change in ownership or excise tax imposed by Section 4999 of the Code (the "Excise Tax"), within a reasonable period of time after such determination is reached the Company shall pay to the Executive an additional
payment (the "Gross-Up Payment") in an amount such that the net amount retained by the Executive, after deduction of any Excise Tax on such Payment and any federal, state or local income or employment tax or other taxes and Excise Tax on the
Gross-Up Payment, shall equal the amount of such Payment (including any interest or penalties with respect to any of the foregoing). All determinations concerning the application of the foregoing shall be made by a nationally recognized firm of
independent accountants (together with legal counsel of its choosing), selected by the Company after consultation with the Executive (which may be the Company's independent auditors), whose determination shall be conclusive and binding on all
parties. The fees and expenses of such accountants and counsel shall be borne by the Company. If the accounting firm determines that no Excise Tax is payable by the Executive, it shall furnish the Executive with an opinion that the Executive has
substantial authority not to report any Excise Tax on his Federal income tax return. In the event the Internal Revenue Service assesses the Executive an amount of Excise Tax in excess of that determined in accordance with the foregoing, the Company
shall pay to the Executive an additional Gross-Up Payment, calculated as described above in respect of such excess Excise Tax, including a Gross-Up Payment in respect of any interest or penalties imposed by the Internal Revenue Service with respect
to such excess Excise Tax. 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.

     8. Confidentiality and Competitive Activity.

     (a) The Executive acknowledges that he has acquired and will continue to acquire during the Term confidential information regarding the business of the Company and its respective affiliates. Accordingly, the Executive
agrees that, without the written consent of the Board, he will not, at any time, disclose to any unauthorized person or otherwise use any such confidential information. For this purpose, confidential information means nonpublic

7

information concerning the financial data, business strategies, product development (and proprietary product data), customer lists, marketing plans, and other proprietary information concerning the Company and its respective affiliates, except for specific items which have become publicly available other than as a result of the Executive's breach of this agreement. Notwithstanding the foregoing, nothing herein shall prevent Executive from responding to lawful subpoenas or court orders without the Company's prior written consent; provided, that the Executive shall have given the Company prior written notice of any such subpoena or court order promptly following receipt thereof.

     (b) During the time that the Executive is employed by the Company under this Agreement and then for one year after the date of termination of the employment of the Executive for any reason, the Executive will not, without the written consent of the Board, directly or indirectly (A) knowingly engage or be interested in (as owner, partner, stockholder,
employee, director, officer, agent, consultant or otherwise), with or without compensation, any business in the United States which
is in competition with any line of business actively being conducted on the Date of Termination by the Company, and (B) disparage or
publicly criticize the Company or any of its affiliates. Nothing herein, however, will prohibit the Executive from acquiring or holding
not more than one percent of any class of publicly traded securities of any such business; provided that such securities entitle the
Executive to not more than one percent of the total outstanding votes entitled to be
cast by securityholders of such business in matters on which such securityholders are entitled to vote.

     (c) During the time that the Executive is employed by the Company under this Agreement and then for two years after the Date of Termination of the employment of the Executive for any reason, the Executive will not, without the written consent of the Board, directly or indirectly, hire any person who was employed by the Company or any of its subsidiaries or affiliates (other than persons employed in a clerical or other non-professional position) within the six-month period preceding the date of such hiring, or solicit, entice, persuade or induce any person or entity doing business with the Company and its respective affiliates, to terminate such relationship or to refrain from extending or renewing the same.

     (d) The Executive hereby acknowledges that the provisions of this Section 8 are reasonable and necessary for the protection of the Company and its respective affiliates. In addition, he further acknowledges that the Company and its respective affiliates will be irrevocably damaged if such covenants are not specifically enforced. Accordingly, the Executive agrees that, in addition to any other relief to which the Company may be entitled, the Company will be entitled to seek and obtain injunctive relief (without the requirement of any bond) from a court of competent jurisdiction for the purposes of restraining him from an actual or threatened breach of such covenants. In addition, and without limiting the Company's other remedies, in the event of any breach by the Executive of such covenants, the Company will have no obligation to pay any of the amounts that continue to remain payable to the Executive after the date of such breach under Section 5 hereof.

     9. Change of Control.

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     (a) Contract Extension. In the event of a Change of Control during the Term, the Term shall be extended to the second anniversary of the Change of Control (such two year period, the "Change of Control Extension
Period").

     (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

            (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

9

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.

     (c) No Plan Modification. In the event of a Change of Control during the Term, Section 3(b)(v) shall not be effective.

     (d) Change of Control Defined. For purposes of this Agreement, a "Change of Control" shall be deemed to have occurred if:

            (i) any "Person" (as defined below) becomes the "Beneficial Owner" (as defined below), directly or indirectly, of securities of the Company representing thirty-five percent (35%) or more of the combined voting power of
the Company's then outstanding securities; or

            (ii) the following individuals cease for any reason to constitute a majority of the number of directors then serving: individuals who, on the Effective Date, constitute the Board and any new director (other than a
director whose initial assumption of office is in connection with an actual or threatened election contest, including, but not limited to, a consent solicitation, relating to the election of directors of the Company) whose appointment or election by
the Board or nomination for election by the Company's stockholders was approved or recommended by a vote of at least a majority of the directors then still in office who either were directors on the Effective Date or whose appointment, election or
nomination for election was previously so approved or recommend; or

            (iii) there is consummated a merger or consolidation of the Company or any subsidiary with any other corporation, other than (A) a merger or consolidation which would result in the voting securities of the Company
outstanding immediately prior to such merger or consolidation continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity or any parent thereof), in combination with the ownership of
any trustee or other fiduciary holding securities under an employee benefit plan of the Company or any Subsidiary of the Company, more than fifty percent (50%) of the combined voting power of the securities of the Company or such surviving entity or
any parent thereof outstanding immediately after such merger or consolidation, or (B) a merger or consolidation effected to implement a recapitalization of the Company (or similar transaction) in which no Person is or becomes the Beneficial Owner,
directly or indirectly, of securities of the Company representing thirty-five percent (35%) or more of the combined voting power of the Company's then outstanding securities; or

            (iv) the stockholders of the Company approve a plan of complete liquidation or dissolution of the Company or there is consummated an agreement for the sale or disposition by the Company of all or substantially all of
the Company's assets, other than a sale or disposition by the Company of all or substantially all of the Company's assets to an entity,

10

more than fifty percent (50%) of the combined voting power of the voting securities of which are owned by stockholders of the Company in substantially the same proportions as their ownership of the Company immediately prior to such sale.

For this purpose, (A) "Person" shall mean any person, entity or "group" within the meaning of Section 13(d)(3) or Section 14(d)(2) of the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder (the "Exchange Act") except that such term shall not include (i) the Company or any of its subsidiaries, (ii) a trustee or other fiduciary holding securities under an employee benefit plan of the Company or any of its affiliates, (iii) an underwriter temporarily holding securities pursuant to an offering of such securities, (iv) a corporation owned, directly or indirectly, by the stockholders of the Company in substantially the same proportions as their ownership of stock of the Company, or (v) a person or group as used in Rule 13d-1(b) under the Exchange Act; and (B) "Beneficial Owner" shall have the meaning set forth in Rule 13d-3 under the Exchange Act.

     10. Successors.

     (a) This Agreement is personal to the Executive and without the prior written consent of the Company shall not be assignable by the Executive otherwise than by will or the laws of descent and distribution. This Agreement shall inure to the benefit of and be enforceable by the Executive's legal representatives. This Agreement shall inure to the benefit of and be binding upon the Company and its successors and assigns.

     (b) The Company will require any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business and/or assets of the Company to assume expressly and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform it if no such succession had taken place. As used in this Agreement, "Company" shall mean the Company as hereinbefore defined and any successor to its business and/or assets as aforesaid which assumes and agrees to perform this Agreement by operation of law, or otherwise.

     11. Miscellaneous.

     (a) This Agreement shall be governed by and construed in accordance with the laws of the State of New York without reference to principles of conflict of laws. The parties hereto irrevocably agree to submit to the jurisdiction and venue of the courts of the States of New York or New Jersey in any action or proceeding brought with respect to or in connection with this Agreement. The captions of this Agreement are not part of the provisions hereof and shall have no force or effect. This Agreement may not be amended or modified otherwise than by a written agreement executed by the parties hereto or their respective successors and legal representatives. All notices and other communications hereunder shall be in writing and shall be given by hand delivery to the other party or by registered or certified mail, return receipt requested, postage prepaid, addressed as follows:

     If to the Executive:

     At the most recent home address on file for the Executive at the Company;

11

     If to the Company:

  

       1 CIT Drive

       Livingston, New Jersey 07039

       Attention: General Counsel

or to such other address as either party shall have furnished to the other in writing in accordance herewith. Notice and communications shall be effective when actually received by the addressee.

     (b) The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability of any other provision of this Agreement.

     (c) The Company may withhold from any amounts payable under this Agreement such Federal, state, or local taxes as shall be required to be withheld pursuant to any applicable law or regulation.

     (d) The Executive's or the Company's failure to insist upon strict compliance with any provision of this Agreement or the failure to assert any right the Executive or the Company may have hereunder, shall not be deemed to be a waiver of such provision or right or any other provision or right of this Agreement.

     (e) From and after the Effective Date, this Agreement shall supersede the Retention Agreement and any other employment, severance or change of control agreement between the parties or severance or change of control plan, program or policy of the Company covering the Executive with respect to the subject matter except as expressly provided herein.

     (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 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

12

its employees or representatives shall have any liability to the Executive with respect to the application of this Section 11(f).

     IN WITNESS WHEREOF, the Executive has hereunto set the Executive's hand and, pursuant to the authorization from its Board of Directors and the Company have caused these presents to be executed in its name on its behalf, all as of the day and year first above written.

	 	/s/ Joseph M. Leone
      

    
	 	

      Joseph M. Leone
	  	 

      
	 	 
	 	CIT GROUP INC.
	 	
	By: 	
       /s/ Robert J. Ingato
      

    
	 	Robert J. Ingato
	 	 

      

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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

14

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 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

15

            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 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 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.

 

	   	
      

      Joseph M. Leone
	 	
	 	
      

      Date

16

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