Document:

Exhibit 10.9

  

CIT Group Inc.

Long-Term Incentive Plan

Restricted Stock Award Agreement

“Participant”: [Name]

“Date of Award”: [Date]

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

     The parties hereto agree as follows:

				
	   	
      (A)

    	
      Grant of Restricted Stock. The Company hereby grants to the Participant shares of Restricted Stock as follows:

    
	  
	 	 	(1)	Number of Shares of Restricted Stock: [Number]
	 
	 	 	(2)	“Period of Restriction”: Three years ending on the third anniversary of the Date of Award.
	  
	 	 	(3)	During the Period of Restriction, the shares of Restricted Stock are subject to the transfer restrictions set forth in Section C and the cancellation provisions set forth in Section (D)(3).
	 
	 	
      (B)

    	
      Rights as a Stockholder. During the Period of Restriction, the Participant shall have, with respect to the shares of Restricted Stock, all the rights of a stockholder of the Company, including, if applicable, the right to vote the shares of Restricted Stock and to receive any dividends, subject to the restrictions set forth in the Plan and this Award Agreement. The Board may apply any restrictions to dividend payments during the Period of Restriction that it deems appropriate.

    
	   
	 	
      (C)

    	
      Transferability. Prior to vesting in accordance with Section (D), the shares of Restricted Stock may not be sold, transferred, pledged, assigned, or otherwise alienated or hypothecated, other than by will, the laws of descent and distribution, pursuant to a qualified domestic relations order or as otherwise permitted under Section 12 of the Plan. Further, a Participant’s rights under the Plan and this Award Agreement shall be exercisable during the Participant’s lifetime only by the Participant, or in the event of the Participant’s legal incapacity, the Participant’s legal guardian or representative.

    
	 
	 	
      (D)

    	
      Vesting and Termination of Membership on the Board. Subject to Section (F), all shares of Restricted Stock shall vest in accordance with the provisions of this Section (D):

    
	 
	 	 	(1)	One-third of the shares of Restricted Stock granted shall vest, on a cumulative basis, on each of the first, second, and third anniversaries of the Date of Award. Any fractional Restricted Shares resulting from the application of the vesting schedule shall be aggregated and the Restricted Shares resulting from such aggregation shall vest on the third anniversary of the Date of Award.

				
	  	 	(2)	If the Participant’s membership on the Board terminates by reason of the Participant’s death, Disability or an Approved Departure on or prior to the last day of the Period of Restriction, one hundred percent (100%) of the shares of Restricted Stock shall immediately vest in full.
	  
	 	 	(3)	If the Participant’s membership on the Board terminates during the Period of Restriction for any reason other than as set forth in Section (D)(2), all unvested shares of Restricted Stock shall be cancelled immediately and the Participant shall immediately forfeit any rights to the shares of Restricted Stock.
	  
	 	 	(4)	Upon vesting, shares of Restricted Stock shall no longer be subject to the  transfer restrictions pursuant to Section (C) or cancellation pursuant to Section (D)(3) above.

	    
	 	 	For the purposes of this Award Agreement, “Disability” shall be defined as a physical or mental impairment sufficient to make a Participant unable to perform the services required of a member of the Board, as determined by the Committee. “Approved Departure” shall be defined as a termination of the Participant’s membership on the Board, including a resignation from the Board by the Participant or a Participant not standing for re-election to the Board, provided that such
termination is approved in advance by the Board. Notwithstanding the foregoing, a termination resulting from (i) the Participant’s willful and continued failure to substantially perform his or her duties as a member of the Board, (ii) an act of fraud or an intentional misrepresentation by the Participant or (iii) the Participant’s commission of a felony, in each such case, as determined by the Board in its sole discretion, shall not
constitute an Approved Departure.
	 	 	  
	 	
      (E)

    	
      Share Certificates. The certificate representing the Shares covered by the Restricted Stock shall be held in custody by the Company until the restrictions thereon shall have lapsed. As a condition of the award of Restricted Stock, the Participant shall deliver to the Company a stock power, endorsed in blank, relating to such Shares. The Committee may cause a legend or legends to be put on the certificate to make appropriate reference to such restrictions as the Committee may deem advisable under the Plan or as may be required by the rules, regulations, and other requirements of the Securities and Exchange Commission, any exchange that lists the Shares, and any applicable federal or state laws.

    
	  
	 	
      (F)

    	
      Change of Control. Notwithstanding any provision contained in the Plan or this Award Agreement to the contrary, if, prior to vesting in accordance with Section (D), a Change of Control occurs, one hundred percent (100%) of the shares of Restricted Stock shall immediately vest upon the effective date of the Change of Control.

    
	  
	 	
      (G)

    	
      Miscellaneous

    
	  
	 	 	(1)	The Plan provides a complete description of the terms and conditions governing all Awards granted thereunder. This Award Agreement and the rights of the Participant hereunder are subject to the terms and conditions of the Plan, as amended from time to time, and to such rules and regulations as the Committee may adopt under the Plan. If there is any inconsistency between the terms of this Award Agreement and the terms of the Plan, the Plan’s terms shall completely supersede and replace the conflicting terms of this Award Agreement.
	  
	 	 	(2)	The Committee shall have the right to impose such restrictions on any Shares acquired with respect to the Restricted Stock as it deems necessary or advisable under applicable federal securities laws, the rules and regulations of any stock exchange or market upon which such Shares are then listed or traded, and/or

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    	any blue sky or state securities laws applicable to such Shares. It is expressly understood that the Committee is authorized to administer, construe, and make all determinations necessary or appropriate to the administration of the Plan and this Award Agreement, all of which shall be binding upon the Participant.
	 
	 	 	(3)	The Board may at any time or, from time to time, terminate, amend, modify or suspend the Plan and the Board or the Committee may amend or modify this Award Agreement; provided, however, that no termination, amendment, modification or suspension shall materially and adversely alter or impair the rights of the Participant under this Award Agreement, without the Participant’s written consent.
	  
	 	 	(4)	Shares of Restricted Stock are not subject to Section 409A. Notwithstanding the forgoing or any provision of the Plan or this Award Agreement, if any provision of this Award Agreement or the Plan contravenes Section 409A or could cause the Participant to incur any tax, interest or penalties under Section 409A, the Committee may, in its sole discretion and without the Participant’s consent, modify such provision to (i) comply with, or avoid being subject to, Section 409A, or to avoid the incurrence of taxes,
interest and penalties under Section 409A, and/or (ii) maintain, to the maximum extent practicable, the original intent and economic benefit to the Participant of the applicable provision without materially increasing the cost to the Company or contravening the provisions of Section 409A. This Section (G)(4) does not create an obligation on the part of the Company to modify the Plan or this Award Agreement and does not guarantee that the shares of Restricted
Stock will not be subject to interest and penalties under Section 409A.
	  
	 	 	(5)	Vesting of the Restricted Stock will be subject to the Participant satisfying any applicable federal, state, local and foreign tax withholding obligations. The Company shall have the power and the right to deduct or withhold from all amounts payable to the Participant in connection with the Restricted Stock or otherwise, or require the Participant to remit to the Company, an amount sufficient to satisfy any applicable taxes required by law. Further, the Company may permit or require the Participant to satisfy, in whole or in part, the tax obligations by withholding Shares that would otherwise be received upon vesting of the Restricted Stock.
	  
	 	 	(6)	This Award Agreement shall be subject to all applicable laws, rules, and regulations, and to such approvals by any governmental agencies or national securities exchanges as may be required, or as the Committee determines are advisable. The Participant agrees to take all steps the Company determines are necessary to comply with all applicable provisions of federal and state securities law in exercising his or her rights under this Award Agreement.
	  
	 	 	(7)	All obligations of the Company under the Plan and this Award Agreement, with respect to the Awards, shall be binding on any successor to the Company, whether the existence of such successor is the result of a direct or indirect purchase, merger, consolidation, or otherwise, of all or substantially all of the business and/or assets of the Company.
	  
	 	 	(8)	To the extent not preempted by federal law, this Award Agreement shall be governed by, and construed in accordance with, the laws of the State of Delaware.
	  
	 	
      (H)

    	
      Acceptance of Award. Acceptance of this Award requires no action on the part of the Participant and the Participant will be deemed to have agreed to all terms and conditions

    

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      hereof. If the Participant, however, desires to refuse the Award, the Participant must notify the Company in writing. Such notification should be sent to CIT Group Inc., Human Resources Department, 1 CIT Drive, Livingston, New Jersey 07039, no later than thirty (30) days after receipt of this Award Agreement.

    

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

		
	  	CIT Group Inc.
	 	
	   	 James J. Duffy
	 	 Executive Vice President
	 	 Human Resources

 4Exhibit 10.10

  

  	
        

        CIT Group Inc.

Retention Award Agreement

 	
        

      

  

“Participant”:

“Date of Award”: January 22, 2009

This Retention Award Agreement, effective as of the Date of Award set forth above, sets forth the grant of a deferred cash award (“Deferred Cash Award”) by CIT Group Inc., a Delaware corporation (the “Company”), to the Participant named above. A purpose of this Retention Award Agreement is to provide the Participant with an additional incentive to remain in the service of the Company through the two-year period ending on the second anniversary of the Date of Award (the “Retention Period”). This Award Agreement memorializes the terms and conditions of the action of the Committee on January 20, 2009 to grant the Deferred Cash Award. All capitalized terms used in this Award Agreement shall have the meanings ascribed to them in the CIT Group Inc. Long Term Incentive Plan, as may be amended from time to time (the “Plan”), unless specifically set forth otherwise herein.

The parties hereto agree as follows:

				
	(A)	
      Grant of the Deferred Cash Award. The Company hereby grants to the Participant the Deferred Cash Award in an amount equal to $        , subject to the Participant’s continued employment with the Company and its Affiliates (the “Company Group”) during the Retention Period, as well as the terms and conditions of the Plan and this Award Agreement.

    
	    
	(B)	Vesting and Payment of the Deferred Cash Award.
	  
	 	(1)	
      Subject to the terms of this Award Agreement, one hundred percent (100%) of the Deferred Cash Award shall vest on the second anniversary of the Date of Grant or on such earlier vesting date as set forth in Section (C) (as applicable, the “Vesting Date”).

    
	 
	 	(2)	The Deferred Cash Award shall be paid within 30 days following the Vesting Date (the “Payment Date”).
	  
	
      (C)

    	
      Termination of Employment. For purposes of this Award Agreement, the terms “terminate,” “terminated” and “termination” mean a termination of the Participant’s employment that constitutes a “separation from service” (“Separation from Service”) within the meaning of the default rules of Section 409A of the Internal Revenue Code of 1986, as amended, and the regulations and guidance promulgated thereunder (“Section 409A”).

    
	  
	 	(1)	
      If, during the Retention Period, (i) the Participant’s employment with the Company Group terminates due to the Participant’s death or “Disability” (as defined below), (ii) the Company Group terminates the Participant’s employment without “Cause,” or the Participant terminates his or her employment for “Good Reason” (each, as defined in the Participant’s employment agreement with the Company effective as of the Date of
Award (the “Employment Agreement”) or (iii) a Change in Control occurs,
the Deferred Cash Award shall immediately become 100% vested. For purposes of this Award Agreement, “Disability” shall have the same meaning as defined in the Company’s applicable long-term disability plan or policy last in effect prior to the first date a Participant suffers from such Disability; provided, however, to the extent a “Disability” event does not
also constitute a “Disability” as defined in Section 409A (as defined below), such Disability event shall not constitute a Disability for purposes of this Section (C).

    
	   
	 	(2)	
      If the Participant’s employment with the Company Group terminates due to the Participant’s “Retirement” (as defined below), the Deferred Cash Award shall be cancelled immediately and the Participant shall immediately forfeit any rights to, and shall not be entitled to receive any payments with respect to, the Deferred Cash Award; provided, however, that the Committee may elect, in its sole discretion, prior to or in connection with such
termination of employment, to provide for the vesting and payment of some or all of the Participant’s then outstanding Deferred Cash Award. For purposes of this Award Agreement, “Retirement” is defined as either (i) a Participant’s election to retire upon attaining his or her “Normal Retirement Age”; or (ii) a Participant’s election to retire upon (A) completing at least a 10-year “Period of Benefit Service” and (B) having attained age 55.
The terms “Normal Retirement Age” and “Period of

    

			
	 	
       

    	Benefit Service” shall have the meaning as defined in the CIT Group Inc. Retirement Plan, effective January 1, 2007 (the “Retirement Plan”). The definition of “Retirement” is applicable irrespective of whether the Participant is eligible to participate in the Retirement Plan.
	  
	 	(3)	
      Subject to the exercise of the Committee’s election pursuant to Section (C)(2), if the Participant’s  employment with the Company Group terminates for any reason other than as set forth in Section (C)(1), the unvested Deferred Cash Award shall be cancelled immediately and the Participant shall immediately forfeit any rights to, and shall not be entitled to receive any payments with respect to, the Deferred Cash Award.

    
	  
	
      (D)

    	
      Transferability. The Deferred Cash Award is not transferable other than by last will and testament, by the laws of descent and distribution pursuant to a domestic relations order, or as otherwise permitted under Section 12 of the Plan. Further, except as set forth in Section 12(b) of the Plan, a Participant’s rights under the Plan shall be exercisable during the Participant’s lifetime only by the Participant, or in the event of the Participant’s legal incapacity, the Participant’s legal guardian or representative.

    
	  
	
      (E)

    	
      Incorporation of Plan. The Deferred Cash Award and the Participant's rights hereunder shall be subject to all of the terms and conditions of the Plan, as amended from time to time, and to such rules and regulations as the Committee may adopt under the Plan, as though the Deferred Cash Award were granted under the Plan, and such terms and conditions shall be incorporated into this Award Agreement by reference. If there is any inconsistency between the terms of this Award Agreement and the terms of the Plan, the Plan's terms shall supersede and replace the conflicting terms of this Award Agreement.

    
	  
	(F)	No Entitlements.
	  
	 	(1)	
      The Deferred Cash Award is a discretionary award. This Award Agreement does not confer on the Participant any right or entitlement to receive compensation or bonus in any specific amount for any future fiscal year and do not impact in any way the Company Group’s determination of the amount, if any, of the Participant’s compensation or bonus. The Deferred Cash Award does not constitute salary, wages, regular compensation, recurrent compensation or contractual compensation for the year of grant
or any later year and shall not be included in, nor have any effect on, the determination of employment-related rights or benefits under law or any employee benefit plan or similar arrangement provided by the Company Group (including, without limitation, severance, termination of employment and pension benefits), unless otherwise specifically provided for under the terms of such plan or arrangement or by the Company Group. The benefits provided pursuant to the Deferred Cash Award
are in no way secured, guaranteed or warranted by Company Group.

    
	  
	 	(2)	
      The Deferred Cash Award is awarded to the Participant by virtue of the Participant’s employment with, and services performed for, the Company Group. This Award Agreement does not constitute an employment agreement. Nothing in the Plan or this Award Agreement shall modify the terms of the Participant’s employment, including, without limitation, the Participant’s status as an “at will” employee of the Company Group, if applicable.

    
	 
	 	(3)	
      Subject to the terms of the Employment Agreement, the Company reserves the right to change the terms and conditions of the Participant’s employment, including the division, subsidiary or department in which the Participant is employed. The termination of employment provisions set forth in Section (C) only apply to the treatment of the Deferred Cash Award in the specified circumstances and shall not otherwise affect the Participant’s
employment relationship. By accepting this Award Agreement, the Participant waives any and all rights to compensation or damages in consequence of the termination of the Participant’s office or employment for any reason whatsoever insofar as those rights arise or may arise from the Participant’s ceasing to have rights under, or be entitled to receive payment in respect of, the Deferred Cash Award as a result of such termination, or from the loss or diminution in value of such rights or entitlements. This waiver applies whether or
not such termination amounts to a wrongful discharge or unfair dismissal.

    
	 
	(G)	Miscellaneous.
	 
	 	(1)	
      The Committee shall have the right to impose restrictions on the Deferred Cash Award as it deems necessary or advisable under applicable law. It is expressly understood that the Committee is authorized

    

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    	to administer, construe, and make all determinations necessary or appropriate to administer the Plan and this Award Agreement, all of which shall be binding upon the Participant.
	 
	 	(2)	The Board may at any time, or from time to time, terminate, amend, modify or suspend the Plan, and the Board or the Committee may amend or modify this Award Agreement at any time; provided, however, that, except as provided herein, no termination, amendment, modification or suspension shall materially and adversely alter or impair the rights of the Participant under this Award Agreement, without the Participant’s written consent.
	 
	 	(3)	Notwithstanding the foregoing or any provision of the Plan or this Award Agreement, if the Company determines that any provision of the Plan or this Award Agreement contravenes Section 409A or could cause the Participant to incur any tax, interest or penalties under Section 409A, the Committee may, in its sole discretion and without the Participant’s consent, modify such provision to (i) comply with, or avoid being subject to, Section 409A, or to avoid the
incurrence of taxes, interest and penalties under Section 409A, and/or (ii) maintain, to the maximum extent practicable, the original intent and economic benefit to the Participant of the applicable provision without materially increasing the cost to the Company or contravening the provisions of Section 409A. This Section (G)(3) does not create an obligation on the part of the Company to modify the Plan or this Award Agreement and does not guarantee that the Deferred Cash Award will not be subject to taxes,
interest and penalties under Section 409A.
	 
	 	(4)	Notwithstanding anything to the contrary in this Award Agreement or the Plan, to the extent that the Participant is a “Specified Employee” (within the meaning of the Committee’s established methodology for determining “Specified Employees” for purposes of Section 409A), no payment or distribution of any amounts with respect to the Deferred Cash Award that are subject to Section 409A may be made before the first business day following the six (6) month anniversary from the Participant’s Separation from Service from the Company Group or, if earlier, the date of the Participant’s death.
	 
	 	(5)	Payment of the Deferred Cash Award shall be subject to the Participant satisfying all applicable federal, state, local and foreign taxes (including the Participant’s FICA obligation). The Company shall have the power and the right to (i) deduct or withhold from all amounts payable to the Participant pursuant to the Deferred Cash Award or otherwise, or (ii) require the Participant to remit to the Company, an amount sufficient to satisfy any applicable taxes required by law.
	 
	 	(6)	This Award Agreement shall be subject to all applicable laws, rules, and regulations, and to such approvals by any governmental agencies or national securities exchanges as may be required or the Committee determines are advisable. The Participant agrees to take all steps the Company determines are necessary to comply with all applicable provisions of federal and state securities law in exercising his or her rights under this Award Agreement.
	 
	 	(7)	Nothing in the Plan or this Award Agreement should be construed as providing the Participant with financial, tax, legal or other advice with respect to the Deferred Cash Award. The Company recommends that the Participant consult with his or her financial, tax, legal and other advisors to provide advice in connection with the Deferred Cash Award.
	 
	 	(8)	All obligations of the Company under this Award Agreement shall be binding on any successor to the Company, whether the existence of such successor is the result of a direct or indirect purchase, merger, consolidation, or otherwise, of all or substantially all of the business and/or assets of the Company.
	 
	 	(9)	To the extent not preempted by federal law, this Award Agreement shall be governed by, and construed in accordance with, the laws of the State of Delaware.
	 
	
      (H)

    	
      Acceptance of Award. By accepting this Award Agreement, the Participant is agreeing to all of the terms contained in this Award Agreement. If the Participant desires to refuse the Deferred Cash Award, the Participant must notify the Company in writing. Such notification should be sent to CIT Group Inc., Human Resources Department, 1 CIT Drive, Livingston, New Jersey 07039, no later than thirty (30) days after receipt of this Award Agreement.

    

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

		
	  	CIT Group Inc.
	 	
	   	 James J. Duffy
	 	 Executive Vice President
	 	 Human Resources

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