Document:

EXHIBIT 10.1

                             CONTRACT OF EMPLOYMENT

                                     between

                        AMCOR WHITE CAP DEUTSCHLAND GmbH

                                       and

                                 Peter Konieczny

                             born on March 20, 1965

                              currently resident in

                      Am Sonnenberg 14, D-97246 Eibelstadt
                                     Germany

<PAGE>

1.   Whole Agreement
     ---------------

     This Agreement  between you and Amcor White Cap Deutschland GmbH represents
     the whole of the agreement reached regarding your employment. This contract
     is effective from 1st September 2004.

     Amcor shall mean Amcor Ltd., Australia, with all its companies of the whole
     group  structure.  Amcor White Cap Deutschland GmbH and Amcor White Cap are
     part of the group structure.

2.   Function and Position
     ---------------------

     You  are  employed  as  Managing  Director,  Amcor  White  Cap.  The  tasks
     associated  with the  position  are listed in a separate  job  description,
     which has been forwarded to you separately. Amcor may reallocate duties and
     responsibilities after agreeing the changes with you.

     This position will be based in Hannover/Germany.

     In your position you will be a member of the Amcor Senior  Management  Team
     and  "Leitender  Angestellter"  according to paragraph  5.3.1 of the German
     BetrVG.

3.   Performance Review
     ------------------

     Your performance will be formally reviewed at least once each year and this
     will form the basis of the  annual  salary  review,  which  will take place
     normally as at 1 October.  The next  salary  review will take place as at 1
     October 2005.

4.   Duties and Compliance
     ---------------------

     You will report to the Group Managing  Director,  Amcor Rentsch & Closures.
     You will  perform  your  duties and  responsibilities  in  accordance  with
     reasonable  directions and will keep Amcor informed of any  developments in
     relation to your role.  You will abide by all ethical  standards,  policies
     and procedures that relate to the operation of the business including Amcor
     White Cap's / Amcor's Environmental and Safety Policies and Procedures. You
     will use your best  endeavours to promote,  develop and extend the business
     interests  of Amcor White Cap devote your full time and  attention to Amcor
     White Cap's business and honestly and diligently  carry our your duties and
     responsibilities.  You shall not without  the written  consent of the Group
     Managing Director Amcor Rentsch & Closures directly or indirectly engage in
     any other business activity.

5.   Salary and other compensation elements
     --------------------------------------

5.1.   Annual Gross Salary
       -------------------

     The annual gross salary for your activities  amounts to Euro 200.040,--.
     This amount is paid in 12 monthly salaries amounting to Euro 16.670,--.

     Amcor White Cap  Deutschland  GmbH will reimburse you for  reasonable  cost
     that you necessarily  incur in the performance of your duties.  Claiming of
     expenses   will  be  in   accordance   with  Amcor  White  Cap  policy  and
     administrative systems.

<PAGE>

5.2.   Annual Performance Bonus (Management Incentive Program)
       -------------------------------------------------------

     Provided the  qualitative and  quantitative  targets set together with your
     manager are achieved,  you may benefit from an additional performance bonus
     as per the Executive Bonus Policy. This performance bonus may range from 0%
     to a maximum  50% of the annual  salary  dependent  on the degree of target
     attainment.  Your Base Level Performance  Bonus for the attached  Executive
     Bonus Policy and this agreement is 35%.

     For the business year  2004/2005 the targets set for the bonus program will
     be 40%  Company  Objectives  and 60%  Personal  objectives  as to be agreed
     between you and the Group  Managing  Director,  Amcor Rentsch & Closures by
     December 31, 2004 the latest.

     As of the  business  year  2005/2006  the  weighting  will  be 60%  Company
     objectives  and 40% Personal  objectives,  or as may be agreed  between the
     parties.

     The performance  bonus is based on the regulations for performance  bonuses
     applicable  at the time and the  Company  reserves  the  right to alter the
     performance  bonus program at any time at its full discretion.  Even if the
     Company  pays  or has  paid a  performance  bonus  to  one or  more  of its
     employees over one or several  years,  no entitlement to a bonus payment in
     the future arises there from.

5.3.   Statutory deductions, Company Pension and Health Insurance
       ----------------------------------------------------------

     The gross salary is reduced by the  employee's  portion of the premiums for
     social security and applicable German taxes.

5.4.   Company Pension
       ---------------

     You will be covered  under the Amcor White Cap Company  pension  scheme for
     managers,  which foresees  currently a pension of 1,2% of final base salary
     per year of service (up to a maximum of 36%).  Details will be confirmed in
     a separate contract.

     Alternatively,  you can elect a private  pension  arrangement.  The Company
     will pay up to Euro 12.000 per year into such an arrangement.

     By  December  31,  2004  you  have  to  advise  us  which  company  pension
     arrangement you choose.

5.5.   Accident Insurance
       ------------------

     The Company will arrange an accident  insurance that covers job related and
     private accidents up to the following limits:

     a) Euro 440.000 in case of invalidity
     b) Euro 220.000 in case of death

<PAGE>

5.6.   Company car
       -----------

     A car will be at your  disposal  as per the  Amcor  White Cap  Company  Car
     Policy (Audi A6 or comparable size of car).

5.7.   Relocation Support
       ------------------

     You advised us that you plan to relocate  with your family to Hannover  mid
     2006. In relation to your  relocation to Hannover,  the Company will assist
     as follows:

          o  Transportation  cost to pack and ship  your  belongings  from  your
             current  home in  Eibelstadt  to Hannover
          o  Payment/reimbursement  of  temporary  accommodation  cost  up  to a
             maximum net amount of Euro 10.000,--.

6.   Working times
     -------------

     The weekly  normal  working time is 40 hours  according to the working time
     regulations.

7.   Overtime
     --------

     In  view  of  the  importance  of  your  position,  you  agree  to  perform
     supplementary work within a reasonable framework.  Overtime will neither be
     remunerated  separately  nor  compensated by granting extra time off, it is
     included in the salary.

8.   Travel
     ------

     You will be required to undertake travel for business purposes.  Air travel
     is to be at Economy class level.  Single  flights  exceeding a total flying
     time of 4 hours is at Business Class level.

9.   Human Resources Policies
     ------------------------

     You are entitled to the  benefits of Amcor human  resources  policies.  You
     also have  responsibilities  under the policies both to your co-workers and
     to Amcor White Cap and Amcor White Cap Deutschland GmbH.

     You will be included in the Amcor-wide international management development
     process for senior managers.  This process includes an annual assessment of
     your performance and potential, the establishment of a personal development
     plan and the  participation  in Amcor Ltd.  wide  succession  planning  and
     capabilities  assessments,  which are  reviewed by the Amcor Ltd.  board of
     management on a regular basis.

     Amcor  White  Cap  Deutschland  GmbH / Amcor  White Cap / Amcor may vary or
     replace  the  terms of its  human  resources  policies  and  introduce  new
     policies. Each policy will apply to you as it exists from time-to-time.

<PAGE>

10.  Continued pay in case of sickness, accident and permanent disability
     --------------------------------------------------------------------

     The entitlement to continued  payment of salary covers the duration of such
     inability to work up to a maximum period of 12 months after the 7th week of
     sickness.

     Provided your health  insurance  pays any benefits for the 12 months period
     mentioned in this paragraph, the salary will be reduced by this amount.

11.  Holiday entitlement
     -------------------

     You are entitled to 30 working days of holidays per year.

12.  Termination of Employment
     -------------------------

12.1 Termination of Employment on Notice - Employee
     ----------------------------------------------

     You may terminate your employment by giving not less than 12 months written
     notice to the end of each  quarter  to Amcor  White Cap  Deutschland  GmbH.
     Amcor  White Cap  Deutschland  GmbH may  require  you to work  this  notice
     period.  You may request Amcor White Cap Deutschland  GmbH to waive part or
     all of this notice  period.  Amcor White Cap  Deutschland  GmbH may, at its
     sole discretion,  agree to waive such period(s) requested,  but if it does,
     no payment  will be made to you on account of such  notice  Amcor White Cap
     Deutschland  GmbH agrees to waive.  If you give notice under this  section,
     any outstanding performance bonus will be forfeited by you.

12.2 Termination of Employment on Notice - Employer
     ----------------------------------------------

     Amcor White Cap  Deutschland  GmbH may terminate your  employment by giving
     you 12 months written notice to the end of each quarter.

     Amcor White Cap Deutschland GmbH may elect to pay your salary and your Base
     Level  Performance  Bonus on a pro rata  basis  from the  beginning  of the
     relevant  performance  year to the date of  termination,  as defined  under
     Clause 5 and inclusive of future salary review  adjustments to items within
     that Clause in lieu of notice,  and to direct you not to perform any or all
     of your duties and responsibilities during the notice period.

     If the  Company  terminates  your  employment  during  the first 3 years of
     employment,  a  severance  payment of 50% of your  Annual Base Salary as in
     place at the date of termination will be paid.

     This severance payment will not apply

          o    in case of  termination  with cause (see  paragraph  12.3 of this
               contract)

          o    after the first 3 years of employment

<PAGE>

12.3 Summary Termination of Employment - Amcor White Cap Deutschland GmbH

     Your  employment  may be  terminated  by Amcor White Cap  Deutschland  GmbH
     immediately and without notice for the stipulations summarised in paragraph
     626 of the German BGB., e.g. if you commit:

     a serious or  persistent  breach of any of the terms or  conditions of your
          employment; or

     any  grossly negligent act; or

     any  criminal  offence for which you are convicted which, in the reasonable
          opinion of Amcor White Cap Deutschland  GmbH,  impairs your ability to
          perform your duties;

     any  wrongful or dishonest act or conduct which, in the reasonable  opinion
          of  Amcor  White  Cap  Deutschland   GmbH,  brings  the  company  into
          disrepute; or

     any other act which  would  entitle  Amcor  White Cap  Deutschland  GmbH to
     dismiss you summarily.

13.  Confidential Information
     ------------------------

     During your  employment,  you have been and will be exposed to  information
     that is not in the public domain relating to:

          o financial affairs;
          o suppliers;
          o customers and clients (including lists of names and addresses);
          o future plans, research and development;
          o business methods, systems and strategies;
          o technical operations; and
          o pricing policies and costings,

     of businesses and enterprises within the Amcor Group. Throughout and at all
     times following the termination of your  employment,  you must not disclose
     this  information to any  unauthorised  person or use it for purposes other
     than those of Amcor White Cap Deutschland GmbH / Amcor. In particular,  you
     must  not  permit  this  information  to be  disclosed  to  competitors  of
     businesses  and  enterprises  within the Amcor  Group.  You must report any
     approach made to you to provide this information.

     You must not  disclose or use, for your own purposes or those of any person
     associated  with you, any knowledge of financial  results of businesses and
     enterprises within the Amcor Group prior to their release to the public. In
     particular,  you must not disclose or use any information  concerning Amcor
     White Cap  Deutschland  GmbH / Amcor which,  if publicly  disclosed,  could
     affect the market price of Amcor's shares.

<PAGE>

14.  Ownership of Intellectual Property
     ----------------------------------

     You assign to Amcor White Cap Deutschland  GmbH all  intellectual  property
     rights in works created while performing your contractual duties (including
     but not limited to  copyrights,  rights in computer  programs,  inventions,
     discoveries,  know how,  industrial  designs,  patents and/or other similar
     statutory  rights,  used to protect the results of any development  efforts
     and work, and any intangible  value arising out of such efforts pursuant to
     any jurisdiction and/or applicable law whatsoever).

     Amcor  White  Cap  Deutschland  GmbH  reserves  the  right to  acquire  any
     inventions  of yours  which  may arise  while  performing  your  employment
     activity, but not during the performance of your contractual duties.

     In case any work results  could be  protectable,  you are obliged to inform
     Amcor White Cap Deutschland  GmbH immediately in writing as to enable Amcor
     White Cap  Deutschland  GmbH to take all  necessary  steps to protect these
     work results in its own name.

     The rights to the work results pass to Amcor White Cap Deutschland  GmbH at
     their  occurrence.  Amcor White Cap Deutschland  GmbH has the sole right to
     market your work results and transfer  your work results to third  parties.
     The transfer of the rights in the work results  include all possible rights
     of exploitation and rights of use known and existing for the time being and
     all future types of exploitation  and use. Amcor White Cap Deutschland GmbH
     and  such  third  parties  are not  obliged  to  mention  your  name in the
     publication  of  programs  and  other  works as  author.  Amcor  White  Cap
     Deutschland  GmbH is also entitled to amend and to alter the work products,
     to create derivative products, to publish or refrain from publication.

     Should  the  transfer  of  said  rights  not  be  possible  pursuant  to an
     applicable  law, you waive hereby your  exclusive  right in favour of Amcor
     White Cap Deutschland GmbH, or third parties whose rights derive from Amcor
     White Cap Deutschland GmbH.

     The  compensation  for the  transfer  and/or  use of said  rights  is fully
     remunerated by your salary as agreed in this agreement.

15.  Anti Trust
     ----------

     You must not take  action or  negotiate  or enter  into any oral or written
     agreement,  arrangement  or  undertaking  on  behalf  of  Amcor  White  Cap
     Deutschland  GmbH\ Amcor that could reasonably be alleged to be contrary to
     German trade  practices law or the trade practices of other countries where
     you represent Amcor White Cap.

16.  Computer Use
     ------------

     Your use of Amcor's computers and all electronic networked services such as
     electronic mail, the internet and intranet,  will be strictly in accordance
     with Amcor's Use of Information  Technology Services policy. In particular,
     you must not use any unauthorised computer disk in Amcor's computer system.

<PAGE>

17.  Company Property and Debts to the Company
     -----------------------------------------

     All equipment issued to you in connection with your employment  remains the
     property of Amcor White Cap  Deutschland  GmbH. You will report any loss of
     equipment immediately to your Manager. Upon termination of your employment,
     you  will  immediately  return  to Amcor  White  Cap  Deutschland  GmbH all
     documents,  manuals,  keys,  access cards and  property  belonging to Amcor
     White Cap Deutschland  GmbH or to any of Amcor White Cap  Deutschland  GmbH
     clients that are in your  possession or control as well as material  having
     been prepared by you in the course of your employment. You shall not retain
     any copies.
     Upon  termination,  unless another repayment scheme has already been agreed
     with the  Company,  you  authorise  the  Company to deduct  from your final
     entitlements any loans,  debts,  overpayments or other  obligations owed to
     the Company by you.

18.  Restrictions and Competition Ban
     --------------------------------

     Since you are likely to obtain in the course of your  employment  knowledge
     of trade  secrets and  confidential  information  with  respect to products
     developed  by  Amcor  White  Cap,  Amcor  White  Cap's  partners,   service
     representatives or any other confidential information about Amcor White Cap
     Deutschland  GmbH, Amcor White Cap and the Amcor Group, you hereby agree to
     the following:

          (a)  at any time after the  termination of your  employment,  you must
               not  represent  yourself as connected  with or  interested in the
               business of Amcor White Cap;

          (b)  during your  employment  and for a period of 12 months  after the
               termination of your employment,  you must not (either on your own
               account or for any other person, firm or company) employ,  engage
               or endeavour  to entice away from Amcor White Cap any  employees,
               consultants, partners, suppliers or customer;

          (c)  throughout  and  at all  times  after  the  termination  of  your
               employment,  you must not disclose confidential information about
               Amcor White Cap or  belonging  to Amcor  White Cap which  becomes
               known to you during your employment;

          (d)  throughout  and  at all  times  after  the  termination  of  your
               employment,  you  must  not,  in  the  course  of  any  business,
               employment,  consultancy  or  otherwise,  engage in any  specific
               project or  research  in relation to which the use of Amcor White
               Cap  confidential  information  may reasonably be expected to put
               you  (or  any  other  person,  firm  or  company)  at  an  unfair
               advantage;

          (e)  Should the employment  contract not be terminated for reasons for
               which Amcor White Cap is responsible,  you are obliged to refrain
               from any competitive  activity,  particularly  neither to start a
               business on your own account,  which is in competition with Amcor
               White  Cap or one of its  affiliated  companies  nor to  serve  a
               competitive organisation or to participate in such organisation.

               This  competition  ban shall be valid for the  period of one year
               after termination of the employment contract with Amcor White Cap
               Deutschland  GmbH  or  one  of  its  affiliated  companies.   The
               competition

<PAGE>

               clause shall be valid for Western and Eastern Europe with respect
               to  companies,  which  produce and sell  products,  for which the
               Amcor White Cap is specialized at the time of the  termination of
               the  employment  contract  and  for  which  it  has a  particular
               Know-how.

               Provided the observance of the  competition  ban causes  provable
               disadvantages  to you, the difference  between your total monthly
               earnings after  termination  of the employment  contract and your
               average monthly base salary in the preceding 12 months with Amcor
               White Cap will be paid during the period of the  competition  ban
               in monthly instalments.

               In the event of each  breach of the  competition  ban you will be
               obliged to pay to Amcor White Cap  Deutschland  GmbH a penalty in
               the  amount of 50% of your last  gross  annual  salary  including
               performance bonuses. Payment of such amount shall not relieve you
               of your obligation not to compete as set out above.

               In   addition   to  the  penalty  you  will  be  liable  for  the
               compensation of any damages sustained as a result of your breach,
               as far as possible  according to the applicable  law. Amcor White
               Cap Deutschland  GmbH shall be furthermore  entitled to apply for
               the cessation of the  circumstances  which constitute a breach of
               contract  and also  ask for an  injunction  restraining  you from
               violation of this competition ban.

          (f)  any employee rights or benefits,  or employer  duties,  which are
               not  expressly  set out in these terms and  conditions  and which
               otherwise would be implied by law, are expressly excluded.

19.  Severance
     ---------

     If any term of your  contract  of  employment  is  found  to be or  becomes
     unenforceable  or  contrary to law, it will be severed and this will not in
     any way affect the enforceability of the remaining terms.

20.  Conciliation
     ------------

     Any  dispute  that  arises   concerning  your  employment  must  undergo  a
     conciliation  process through the Human Resources  Director Amcor Rentsch &
     Closures,  and if the dispute is not resolved at this level it will undergo
     a further  conciliation process through the Executive General Manager Human
     Resources & Operating Risk, Amcor Ltd. (currently Mr. Peter Wilson).

21.  General
     -------

     This  Agreement  between you and Amcor White Cap  Deutschland  GmbH is on a
     personal and confidential basis and should be treated as such.

<PAGE>

22.  Applicable Law / Jurisdiction
     -----------------------------

     To the extent  that the same is not  specified  herein,  this  contract  is
     subject to the German Law.  All  disputes  arising out of or in  connection
     with this agreement shall be settled by the ordinary courts at the place of
     business of Amcor White Cap Deutschland GmbH in Hannover.

Hannover, July 30, 2004

Amcor White Cap Deutschland GmbH                         The Employee:

/s/ K. MacKenzie          /s/ K. Uphoff                  /s/ P. Konieczny
----------------          -------------                  ----------------

K. MacKenzie              K. Uphoff                      P. KoniecznyExhibit 10.1 

CIT GROUP INC. 

LONG-TERM INCENTIVE PLAN 

1. Purposes of the Plan 

        The
purposes of the Plan are to (a) promote the long-term success of the Company and its
Subsidiaries and to increase stockholder value by providing Eligible Individuals with
incentives to contribute to the long-term growth and profitability of the Company by
offering them an opportunity to obtain a proprietary interest in the Company through the
grant of equity-based awards and (b) assist the Company in attracting, retaining and
motivating highly qualified individuals who are in a position to make significant
contributions to the Company and its Subsidiaries. 

        Upon
the Effective Date, no further Awards will be granted under the Prior Plan. 

2. Definitions and
Rules of Construction 

        (a)
Definitions. For purposes of the Plan, the following capitalized words shall have the
meanings set forth below:  

	  	        “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, the
Company. 

	  	        “Award” means
an Option, Restricted Stock, Restricted Stock Unit, Stock Appreciation Right, Performance
Stock, Performance Unit or Other Award granted by the Committee pursuant to the terms
of the Plan. 

	  	        “Award
Document” means an agreement, certificate or other type or form of document or
documentation approved by the Committee that sets forth the terms and conditions of an
Award. An Award Document may be in written, electronic or other media, may be limited
to a notation on the books and records of the Company and, unless the Committee requires
otherwise, need not be signed by a representative of the Company or a Participant. 

	  	        “Beneficial
Owner” and “Beneficially Owned” have the meaning set forth in Rule 13d-3
under the Exchange Act. 

	  	        “Board” means
the Board of Directors of the Company, as constituted from time to time. 

	  	        “Change
of Control” means: 

	  	        (i)
Any Person 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 

	  	        (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 recommended; 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 

 
	 	
1	 

	  	        (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, 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. 

        Notwithstanding
the foregoing, with respect to an Award that is subject to Section 409A of the Code and
the payment or settlement of the Award will accelerate upon a Change of Control, no event
set forth herein will constitute a Change of Control for purposes of the Plan or any
Award Document unless such event also constitutes a “change in ownership,” “change
in effective control,” or “change in the ownership of a substantial portion of
the Company’s assets” as defined under Section 409A of the Code. 

	  	        “Code” means
the Internal Revenue Code of 1986, as amended, and the applicable rulings and regulations
promulgated thereunder. 

	  	        “Committee” means
the Compensation Committee of the Board, any successor committee thereto or any other
committee appointed from time to time by the Board to administer the Plan, which
committee shall meet the requirements of Section 162(m) of the Code, Section 16(b) of
the Exchange Act and the applicable rules of the NYSE; provided, however, that, if any
Committee member is found not to have met the qualification requirements of Section
162(m) of the Code and Section 16(b) of the Exchange Act, any actions taken or Awards
granted by the Committee shall not be invalidated by such failure to so qualify. 

	  	        “Common
Stock” means the common stock of the Company, par value $0.01 per share, or such
other class of share or other securities as may be applicable under Section 13 of the
Plan. 

	  	        “Company” means
CIT Group Inc., a Delaware corporation, or any successor to all or substantially all of
the Company’s business that adopts the Plan. 

	  	        “EBITDA” means
earnings before interest, taxes, depreciation and amortization. 

	  	        “Effective
Date” means the date on which the Plan is adopted by the Board. 

	  	        “Eligible
Individuals” means the individuals described in Section 4(a) of the Plan who are
eligible for Awards under the Plan. 

	  	        “Exchange
Act” means the Securities Exchange Act of 1934, as amended, and the rules and
regulations promulgated thereunder. 

	  	        “Fair
Market Value” means, with respect to a share of Common Stock, the fair market value
thereof as of the relevant date of determination, as determined in accordance with the
valuation methodology approved by the Committee. In the absence of any alternative
valuation methodology approved by the Committee, the Fair Market Value of a share of
Common Stock shall equal the closing selling price of a share of Common Stock on the
trading day immediately preceding the date on which such valuation is made as reported
on the composite tape for securities listed on the NYSE, or such national securities
exchange as may be designated by the Committee, or, in the event that the Common Stock is
not listed for trading on the NYSE or such other national securities exchange as may
be designated by the Committee but is quoted on an automated system, in any such case
on the valuation date (or, if there were no sales on the valuation date, the average
of the highest and lowest quoted selling prices as reported on said composite tape or
automated system for the most recent day during which a sale occurred). 

	  	        “Incentive
Stock Option” means an Option that is intended to comply with the requirements of
Section 422 of the Code or any successor provision thereto. 

	  	        “Non-Employee
Director” means any member of the Board who is not an officer or employee of the
Company or any Subsidiary. 

	  	        “Nonqualified
Stock Option” means an Option that is not intended to comply with the requirements
of Section 422 of the Code or any successor provision thereto. 

	  	        “NYSE” means
the New York Stock Exchange. 

	  	        “Option” means
an Incentive Stock Option or Nonqualified Stock Option granted pursuant to Section 7 of
the Plan. 

	  	        “Other
Award” means any form of Award other than an Option, Restricted Stock, Restricted
Stock Unit or Stock Appreciation Right granted pursuant to Section 11 of the Plan. 

 
	 	
2	 

	  	        “Parent” means
a corporation which owns or beneficially owns a majority of the outstanding voting stock
or voting power of the Company. Notwithstanding the above, with respect to an
Incentive Stock Option, Parent shall have the meaning set forth in Section 424(e) of
the Code. 

	  	        “Participant” means
an Eligible Individual who has been granted an Award under the Plan. 

	  	        “Performance
Period” means the period established by the Committee and set forth in the
applicable Award Document over which Performance Targets are measured. 

	  	        “Performance
Stock” means a Target Number of Shares granted pursuant to Section 10(a) of the Plan. 

	  	        “Performance
Target” means the performance measures established by the Committee, from among the
performance criteria provided in Section 6(g), and set forth in the applicable Award
Document. 

	  	        “Performance
Unit” means a right to receive a Target Number of Shares or cash in the future
granted pursuant to Section 10(b) of the Plan. 

	  	        “Permitted
Transferees” means (i) a Participant’s family member, (ii) one or more trusts
established in whole or in part for the benefit of one or more of such family members,
(iii) one or more entities which are beneficially owned in whole or in part by one or
more such family members, or (iv) a charitable or not-for-profit organization. 

	  	        “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 (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. 

	  	        “Plan” means
this CIT Group Inc. Long-Term Incentive Plan, as amended or restated from time to time. 

	  	        “Plan
Limit” means the maximum aggregate number of Shares that may be issued for all
purposes under the Plan as set forth in Section 5(a) of the Plan. 

	  	        “Prior
Plan” means the CIT Group Inc. Long-Term Equity Compensation Plan, as amended from
time to time. 

	  	        “Restricted
Stock” means one or more Shares granted or sold pursuant to Section 8(a) of the Plan. 

	  	        “Restricted
Stock Unit” means a right to receive one or more Shares (or cash, if applicable) in
the future granted pursuant to Section 8(b) of the Plan. 

	  	        “Shares” means
shares of Common Stock, as may be adjusted pursuant to Section 13(b). 

	  	        “Stock
Appreciation Right” means a right to receive all or some portion of the appreciation
on Shares granted pursuant to Section 9 of the Plan. 

	  	        “Subsidiary” means
(i) a corporation or other entity with respect to which the Company, 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 corporation’s
board of directors or analogous governing body, or (ii) any other corporation or other
entity in which the Company, directly or indirectly, has an equity or similar interest
and which the Committee designates as a Subsidiary for purposes of the Plan. For
purposes of determining eligibility for the grant of Incentive Stock Options under the
Plan, the term “Subsidiary” shall be defined in the manner required by Section
424(f) of the Code. 

	  	        “Substitute
Award” means any Award granted upon assumption of, or in substitution or exchange
for, outstanding employee equity awards previously granted by a company or other
entity acquired by the Company or with which the Company combines pursuant to the
terms of an equity compensation plan that was approved by the stockholders of such
company or other entity. 

	  	        “Target
Number” means the target number of Shares or cash value established by the Committee
and set forth in the applicable Award Document. 

        (b)
Rules of Construction. The masculine pronoun shall be deemed to include the feminine
pronoun, and the singular form of a word shall be deemed to include the plural form,
unless the context requires otherwise. Unless the text indicates otherwise, references to
sections are to sections of the Plan.  

 
	 	
3	 

3. Administration 

        (a)
Committee. The Plan shall be administered by the Committee, which shall have full power
and authority, subject to the express provisions hereof, to:  

	  	        (i)
select the Participants from the Eligible Individuals; 

	  	        (ii)
grant Awards in accordance with the Plan; 

	  	        (iii)
determine the number of Shares subject to each Award or the cash amount payable in
connection with an Award; 

	  	        (iv)
determine the terms and conditions of each Award, including, without limitation, those
related to term,    permissible methods of exercise, vesting, cancellation, payment,
settlement, exercisability, Performance Periods,    Performance Targets, and the effect,
if any, of a Participant’s termination of employment with the Company or any of
   its Subsidiaries or, subject to Section 6(d), a Change of Control of the Company; 

	  	        (v)
subject to Sections 16 and 17(e) of the Plan, amend the terms and conditions of an Award
after the granting    thereof; 

	  	        (vi)
specify and approve the provisions of the Award Documents delivered to Participants in
connection with their    Awards; 

	  	        (vii)
construe and interpret any Award Document delivered under the Plan; 

	  	        (viii)
make factual determinations in connection with the administration or interpretation of
the Plan; 

	  	        (ix)
adopt, prescribe, amend, waive and rescind administrative regulations, rules and
procedures relating to the    Plan; 

	  	        (x)
employ such legal counsel, independent auditors and consultants as it deems desirable for
the administration of    the Plan and to rely upon any advice, opinion or computation
received therefrom; 

	  	        (xi)
vary the terms of Awards to take account of tax and securities law and other regulatory
requirements or to    procure favorable tax treatment for Participants; 

	  	        (xii)
correct any defects, supply any omission or reconcile any inconsistency in any Award
Document or the Plan; and 

	  	        (xiii)
make all other determinations and take any other action desirable or necessary to
   interpret, construe or implement properly the provisions of the Plan or any Award
Document. 

        (b)
Plan Construction and Interpretation. The Committee shall have full power and authority,
subject to the express provisions hereof, to construe and interpret the Plan.  

        (c)
Determinations of Committee Final and Binding. All determinations by the Committee in
carrying out and administering the Plan and in construing and interpreting the Plan shall
be made in the Committee’s sole discretion and shall be final, binding and
conclusive for all purposes and upon all persons interested herein.  

        (d)
Delegation of Authority. To the extent not prohibited by applicable laws, rules and
regulations, the Committee may, from time to time, delegate some or all of its authority
under the Plan to a subcommittee or subcommittees thereof or other persons or groups of
persons as it deems necessary, appropriate or advisable under such conditions or
limitations as it may set at the time of such delegation or thereafter; provided,
however, that the Committee may not delegate its authority (i) to make Awards to
employees (A) who are subject on the date of the Award to the reporting rules under
Section 16(a) of the Exchange Act, (B) whose compensation for such fiscal year may be
subject to the limit on deductible compensation pursuant to Section 162(m) of the Code or
(C) who are officers of the Company who are delegated authority by the Committee
hereunder, or (ii) pursuant to Section 16 of the Plan. For purposes of the Plan,
reference to the Committee shall be deemed to refer to any subcommittee, subcommittees,
or other persons or groups of persons to whom the Committee delegates authority pursuant
to this Section 3(d).  

        (e)
Liability of Committee. Subject to applicable laws, rules and regulations: (i) no member
of the Board or Committee (or its delegates) shall be liable for any good faith action or
determination made in connection with the operation, administration or interpretation of
the Plan and (ii) the members of the Board or the Committee (and its delegates) shall be
entitled to indemnification and reimbursement in the manner provided in the Company’s
Certificate of Incorporation as it may be amended from time to time. In the performance
of its responsibilities with respect to the Plan, the Committee shall be entitled to rely
upon information and/or advice furnished by the Company’s officers or employees, the
Company’s accountants, the Company’s counsel and any other party the Committee
deems necessary, and no  

 
	 	
4	 

member of the Committee shall be
liable for any action taken or not taken in reliance upon any such information and/or
advice. 

        (f)
Action by the Board. Anything in the Plan to the contrary notwithstanding, subject to
applicable laws, rules and regulations, any authority or responsibility that, under the
terms of the Plan, may be exercised by the Committee may alternatively be exercised by
the Board.  

4. Eligibility 

        (a)
Eligible Individuals. Awards may be granted to officers, employees, directors,
Non-Employee Directors, consultants, advisors and independent contractors of the Company
or any of its Subsidiaries or joint ventures, partnerships or business organizations in
which the Company or its Subsidiaries have an equity interest; provided, however, that
only employees of the Company or a Parent or Subsidiary may be granted Incentive Stock
Options. The Committee shall have the authority to select the persons to whom Awards may
be granted and to determine the type, number and terms of Awards to be granted to each
such Participant. Under the Plan, references to “employment” or “employed”include
the engagement of Participants who are consultants, advisors and independent contractors
of the Company or its Subsidiaries and the service of Participants who are Non-Employee
Directors, except for purposes of determining eligibility to be granted Incentive Stock
Options.  

        (b)
Grants to Participants. The Committee shall have no obligation to grant any Eligible
Individual an Award or to designate an Eligible Individual as a Participant solely by
reason of such Eligible Individual having received a prior Award or having been
previously designated as a Participant. The Committee may grant more than one Award to a
Participant and may designate an Eligible Individual as a Participant for overlapping
periods of time.  

5. Shares Subject to
the Plan 

        (a)
Plan Limit. Subject to adjustment in accordance with Section 13 of the Plan, the maximum
aggregate number of Shares that may be issued for all purposes under the Plan shall be
fifteen million nine hundred thousand (15,900,000) plus any Shares that are available for
issuance under the Prior Plan or that become available for issuance upon cancellation or
expiration of awards granted under the Prior Plan without having been exercised or
settled. Shares to be issued under the Plan may be authorized and unissued shares, issued
shares that have been reacquired by the Company (in the open-market or in private
transactions) and that are being held in treasury, or a combination thereof. All of the
Shares subject to the Plan Limit may be issued pursuant to Incentive Stock Options.  

        (b)
Rules Applicable to Determining Shares Available for Issuance. The number of Shares
remaining available for issuance will be reduced by the number of Shares subject to
outstanding Awards and, for Awards that are not denominated by Shares, by the number of
Shares actually delivered upon settlement or payment of the Award; provided, however,
that, notwithstanding the above, the number of Shares available for issuance under the
Plan shall be reduced by 1.94 Shares for every one Share issued in respect of an award of
(i) Restricted Stock, (ii) Restricted Stock Units, (iii) Performance Stock, (iv)
Performance Units or (v) Other Awards, which, in each case, are granted under the Plan on
or after the date of the 2008 Annual Meeting of the Company’s stockholders. For
purposes of determining the number of Shares that remain available for issuance under the
Plan, (i) the number of Shares that are tendered by a Participant or withheld by the
Company to pay the exercise price of an Award or to satisfy the Participant’s tax
withholding obligations in connection with the exercise or settlement of an Award and
(ii) all of the Shares covered by a stock-settled Stock Appreciation Right to the extent
exercised, will not be added back to the Plan Limit. In addition, for purposes of
determining the number of Shares that remain available for issuance under the Plan, the
number of Shares corresponding to Awards under the Plan that are forfeited or cancelled
or otherwise expire for any reason without having been exercised or settled or that is
settled through issuance of consideration other than Shares (including, without
limitation, cash) shall be added back to the Plan Limit and again be available for the
grant of Awards; provided, however, that this provision shall not be applicable with
respect to (i) the cancellation of a Stock Appreciation Right granted in tandem with an
Option upon the exercise of the Option or (ii) the cancellation of an Option granted in
tandem with a Stock Appreciation Right upon the exercise of the Stock Appreciation.  

        (c)
Special Limits. Anything to the contrary in Section 5(a) above notwithstanding, but
subject to adjustment under Section 13 of the Plan, the following special limits shall
apply to Shares available for Awards under the Plan:  

	  	        (i)
the maximum number of Shares that may be issued pursuant to Options and Stock  

 
	 	
5	 

	  	
Appreciation
Rights granted to       any Eligible Individual in any calendar year shall equal three
million (3,000,000) Shares; and 

	  	        (ii)
the maximum amount of Awards (other than those Awards set forth in Section 5(c)(i)) that
may be awarded to       any Eligible Individual in any calendar year is ten million
dollars ($10,000,000) measured as of the date of grant       (with respect to Awards
denominated in cash) or four-hundred thousand (400,000) Shares measured as of the date of
      grant (with respect to Awards denominated in Shares). 

        (d)
Any Shares underlying Substitute Awards shall not be counted against the number of Shares
remaining for issuance and shall not be subject to Section 5(c). 

6. Awards in General 

        (a)
Types of Awards. Awards under the Plan may consist of Options, Restricted Stock,
Restricted Stock Units, Stock Appreciation Rights, Performance Stock, Performance Units
and Other Awards. Any Award described in Sections 7 through 11 of the Plan may be granted
singly or in combination or tandem with any other Award, as the Committee may determine.
Awards under the Plan may be made in combination with, in replacement of, or as
alternatives to awards or rights under any other compensation or benefit plan of the
Company, including the plan of any acquired entity.  

        (b)
Terms Set Forth in Award Document. The terms and conditions of each Award shall be set
forth in an Award Document in a form approved by the Committee for such Award, which
Award Document shall contain terms and conditions not inconsistent with the Plan.
Notwithstanding the foregoing, and subject to applicable laws, the Committee may
accelerate (i) the vesting or payment of any Award, (ii) the lapse of restrictions on any
Award or (iii) the date on which any Award first becomes exercisable. The terms of Awards
may vary among Participants, and the Plan does not impose upon the Committee any
requirement to make Awards subject to uniform terms. Accordingly, the terms of individual
Award Documents may vary.  

        (c)
Termination of Employment. The Committee shall specify at or after the time of grant of
an Award the provisions governing the disposition of an Award in the event of a
Participant’s termination of employment with the Company or any of its Subsidiaries.
Subject to applicable laws, rules and regulations, in connection with a Participant’s
termination of employment, the Committee shall have the discretion to accelerate the
vesting, exercisability or settlement of, eliminate the restrictions and conditions
applicable to, or extend the post-termination exercise period of an outstanding Award.
Such provisions may be specified in the applicable Award Document or determined at a
subsequent time.  

        (d)
Change of Control. (i) The Committee shall have full authority to determine the effect,
if any, of a Change of Control of the Company or any Subsidiary on the vesting,
exercisability, settlement, payment or lapse of restrictions applicable to an Award,
which effect may be specified in the applicable Award Document or determined at a
subsequent time. Subject to applicable laws, rules and regulations, the Board or the
Committee shall, at any time prior to, coincident with or after the effective time of a
Change of Control, take such actions as it may consider appropriate, including, without
limitation: (A) providing for the acceleration of any vesting conditions relating to the
exercise or settlement of an Award or that an Award shall terminate or expire unless
exercised or settled in full on or before a date fixed by the Committee; (B) making such
adjustments to the Awards then outstanding as the Committee deems appropriate to reflect
such Change of Control; (C) causing the Awards then outstanding to be assumed, or new
rights substituted therefor, by the surviving corporation in such Change of Control; or
(D) permit or require Participants to surrender outstanding Options and Stock
Appreciation Rights in exchange for a cash payment equal to the difference between the
highest price paid for a Share in the Change of Control transaction and the Exercise
Price of the Award. In addition, except as otherwise specified in an Award Document (or a
Participant’s written employment agreement with the Company or any Subsidiary):  

	  	        (1)
any and all Options and Stock Appreciation Rights outstanding as of the effective date of
the Change of Control    shall become immediately exercisable, and shall remain
exercisable until the earlier of the expiration of their    initial term or the second
(2nd) anniversary of the Participant’s termination of employment with the Company; 

	  	        (2)
any restrictions imposed on Restricted Stock and Restricted Stock Units outstanding as of
the effective date of    the Change of Control shall lapse; 

	  	        (3)
the Performance Targets with respect to all Performance Units, Performance Stock and
other  

 
	 	
6	 

	  	
performance-based
   Awards granted pursuant to Sections 6(g) or 10 outstanding as of the effective date of
the Change of Control shall be    deemed to have been attained at the specified target
level of performance; and 

	  	        (4)
the vesting of all Awards denominated in Shares outstanding as of the effective date of
the Change in Control    shall be accelerated. 

        (ii)
Subject to applicable laws, rules and regulations, the Committee may provide, in an Award
Document or subsequent to the grant of an Award for the accelerated vesting,
exercisability and/or the deemed attainment of a Performance Target with respect to an
Award upon specified events similar to a Change of Control. 

        (iii)
Notwithstanding any other provision of the Plan or any Award Document, the provisions of
this Section 6(d) may not be terminated, amended, or modified upon or after a Change of
Control in a manner that would adversely affect a Participant’s rights with respect
to an outstanding Award without the prior written consent of the Participant. Subject to
Section 16, the Board, upon recommendation of the Committee, may terminate, amend or
modify this Section 6(d) at any time and from time to time prior to a Change of Control. 

        (e)
Dividends and Dividend Equivalents. The Committee may provide Participants with the right
to receive dividends or payments equivalent to dividends or interest with respect to an
outstanding Award, which payments can either be paid currently or deemed to have been
reinvested in Shares, and can be made in Shares, cash or a combination thereof, as the
Committee shall determine; provided, however, that the terms of any reinvestment of
dividends must comply with all applicable laws, rules and regulations, including, without
limitation, Section 409A of the Code. Notwithstanding the foregoing, no dividends or
dividend equivalents shall be paid with respect to Options or Stock Appreciation Rights.  

        (f)
Rights of a Stockholder. A Participant shall have no rights as a stockholder with respect
to Shares covered by an Award (including voting rights) until the date the Participant or
his nominee becomes the holder of record of such Shares. No adjustment shall be made for
dividends or other rights for which the record date is prior to such date, except as
provided in Section 13.  

        (g)
Performance-Based Awards. (i) The Committee may determine whether any Award under the
Plan is intended to be “performance-based compensation” as that term is used in
Section 162(m) of the Code. Any such Awards designated to be “performance-based
compensation” shall be conditioned on the achievement of one or more Performance
Targets to the extent required by Section 162(m) of the Code and will be subject to all
other conditions and requirements of Section 162(m). The Performance Targets will be
comprised of specified levels of one or more of the following performance criteria as the
Committee deems appropriate: net income; cash flow or cash flow on investment; pre-tax or
post-tax profit levels or earnings; operating earnings; return on investment; earned
value added expense reduction levels; free cash flow; free cash flow per share; earnings
per share; net earnings per share; return on assets; return on net assets; return on
equity; return on capital; return on sales; growth in managed assets; operating margin;
total stockholder return or stock price appreciation; EBITDA; adjusted EBITDA; revenue;
revenue before deferral, in each case determined in accordance with generally accepted
accounting principles (subject to modifications approved by the Committee) consistently
applied on a business unit, divisional, subsidiary or consolidated basis or any
combination thereof. The Performance Targets may be described in terms of objectives that
are related to the individual Participant or objectives that are Company-wide or related
to a Subsidiary, division, department, region, function or business unit and may be
measured on an absolute or cumulative basis or on the basis of percentage of improvement
over time, and may be measured in terms of Company performance (or performance of the
applicable Subsidiary, division, department, region, function or business unit) or
measured relative to selected peer companies or a market index. In addition, for Awards
not intended to qualify as “performance-based compensation” under Section
162(m) of the Code, the Committee may establish Performance Targets based on other
criteria as it deems appropriate.  

        (ii)
The Participants will be designated, and the applicable Performance Targets will be
established, by the Committee within ninety (90) days following the commencement of the
applicable Performance Period (or such earlier or later date permitted or required by
Section 162(m) of the Code). Each Participant will be assigned a Target Number payable if
Performance Targets are achieved. Any payment of an Award granted with Performance
Targets shall be conditioned on the written certification of the Committee in each case
that the Performance Targets and any other material conditions were satisfied. The
Committee may determine, at the time of Award  

 
	 	
7	 

grant, that if performance exceeds
the specified Performance Targets, the Award may be settled with payment greater than the
Target Number, but in no event may such payment exceed the limits set forth in Section
5(c). The Committee retains the right to reduce any Award notwithstanding the attainment
of the Performance Targets. 

        (h)
Deferrals. In accordance with the procedures authorized by, and subject to the approval
of, the Committee, Participants may be given the opportunity to defer the payment or
settlement of an Award to one or more dates selected by the Participant; provided,
however, that the terms of any deferrals must comply with all applicable laws, rules and
regulations, including, without limitation, Section 409A of the Code. No deferral
opportunity shall exist with respect to an Award unless explicitly permitted by the
Committee on or after the time of grant.  

        (i)
Repricing of Options and Stock Appreciation Rights. Except in connection with a corporate
transaction involving the Company (including, without limitation, any stock dividend,
stock split, extraordinary cash dividend, recapitalization, reorganization, merger,
consolidation, split-up, spin-off, combination, or exchange of Shares), the terms of
outstanding Awards may not be amended, without stockholder approval, to reduce the
exercise price of outstanding Options or Stock Appreciation Rights, or to cancel
outstanding Options or Stock Appreciation Rights in exchange for cash, other Awards, or
Options or Stock Appreciation Rights with an exercise price that is less than the
exercise price of the original Options or Stock Appreciation Rights.  

7. Terms and
Conditions of Options 

        (a)
General. The Committee, in its discretion, may grant Options to Eligible Individuals and
shall determine whether such Options shall be Incentive Stock Options or Nonqualified
Stock Options. Each Option shall be evidenced by an Award Document that shall expressly
identify the Option as an Incentive Stock Option or Nonqualified Stock Option, and be in
such form and contain such provisions as the Committee shall from time to time deem
appropriate.  

        (b)
Exercise Price. The exercise price of an Option shall be fixed by the Committee at the
time of grant or shall be determined by a method specified by the Committee at the time
of grant. In no event shall the exercise price of an Option be less than one hundred
percent (100%) of the Fair Market Value of a Share on the date of grant; provided,
however that the exercise price of a Substitute Award granted as an Option shall be
determined in accordance with Section 409A of the Code and may be less than one hundred
percent (100%) of the Fair Market Value.  

        (c)
Term. An Option shall be effective for such term as shall be determined by the Committee
and as set forth in the Award Document relating to such Option, and the Committee may
extend the term of an Option after the time of grant; provided, however, that the term of
an Option may in no event extend beyond the seventh (7th) anniversary of the date of
grant of such Option.  

        (d)
Exercise; Payment of Exercise Price. Options shall be exercised by delivery of a notice
of exercise in a form approved by the Company. Subject to the provisions of the
applicable Award Document, the exercise price of an Option may be paid (i) in cash or
cash equivalents, (ii) by actual delivery or attestation to ownership of freely
transferable Shares already owned by the person exercising the Option, (iii) by a
combination of cash and Shares equal in value to the exercise price, (iv) through net
share settlement or similar procedure involving the withholding of Shares subject to the
Option with a value equal to the exercise price or (v) by such other means as the
Committee may authorize. In accordance with the rules and procedures authorized by the
Committee for this purpose, the Option may also be exercised through a “cashless
exercise” procedure authorized by the Committee from time to time that permits
Participants to exercise Options by delivering irrevocable instructions to a broker to
deliver promptly to the Company the amount of sale or loan proceeds necessary to pay the
exercise price and the amount of any required tax or other withholding obligations or
such other procedures determined by the Company from time to time.  

        (e)
Incentive Stock Options. The exercise price per Share of an Incentive Stock Option shall
be fixed by the Committee at the time of grant or shall be determined by a method
specified by the Committee at the time of grant, but in no event shall the exercise price
of an Incentive Stock Option be less than one hundred percent (100%) of the Fair Market
Value of a Share on the date of grant. No Incentive Stock Option may be issued pursuant
to the Plan to any individual who, at the time the Incentive Stock Option is granted,
owns stock possessing more than ten percent (10%) of the total combined voting power of
all classes of stock of the Company or any of its Subsidiaries, unless (i) the exercise
price determined as of the date of grant is at least one hundred ten percent (110%) of
the Fair Market Value  

 
	 	
8	 

on the date of grant of the Shares
subject to such Incentive Stock Option and (ii) the Incentive Stock Option is not
exercisable more than five (5) years from the date of grant thereof. No Participant shall
be granted any Incentive Stock Option which would result in such Participant receiving a
grant of Incentive Stock Options that would have an aggregate Fair Market Value in excess
of one hundred thousand dollars ($100,000), determined as of the time of grant, that
would be exercisable for the first time by such Participant during any calendar year. No
Incentive Stock Option may be granted under the Plan after the tenth anniversary of the
Effective Date. The terms of any Incentive Stock Option granted under the Plan shall
comply in all respects with the provisions of Section 422 of the Code, or any successor
provision thereto, as amended from time to time. 

8. Terms and
Conditions of Restricted Stock and Restricted Stock Units 

        (a)
Restricted Stock. The Committee, in its discretion, may grant or sell Restricted Stock to
Eligible Individuals. An Award of Restricted Stock shall consist of one or more Shares
granted or sold to an Eligible Individual, and shall be subject to the terms, conditions
and restrictions set forth in the Plan and established by the Committee in connection
with the Award and specified in the applicable Award Document. Restricted Stock may,
among other things, be subject to restrictions on transferability, vesting requirements
or other specified circumstances under which it may be canceled.  

        (b)
Restricted Stock Units. The Committee, in its discretion, may grant Restricted Stock
Units to Eligible Individuals. A Restricted Stock Unit shall entitle a Participant to
receive, subject to the terms, conditions and restrictions set forth in the Plan and the
applicable Award Document, one or more Shares. Restricted Stock Units may, among other
things, be subject to restrictions on transferability, vesting requirements or other
specified circumstances under which they may be canceled. If and when the cancellation
provisions lapse, the Restricted Stock Units shall become Shares owned by the applicable
Participant or, at the sole discretion of the Committee, cash, or a combination of cash
and Shares, with a value equal to the Fair Market Value of the Shares at the time of
payment.  

9. Stock Appreciation
Rights 

        (a)
General. The Committee, in its discretion, may grant Stock Appreciation Rights to
Eligible Individuals. A Stock Appreciation Right shall entitle a Participant to receive,
upon satisfaction of the conditions to payment specified in the applicable Award
Document, an amount equal to the excess, if any, of the Fair Market Value on the exercise
date of the number of Shares for which the Stock Appreciation Right is exercised over the
grant price for such Stock Appreciation Right specified in the applicable Award Document.
The grant price per share of Shares covered by a Stock Appreciation Right shall be fixed
by the Committee at the time of grant or, alternatively, shall be determined by a method
specified by the Committee at the time of grant, but in no event shall the grant price of
a Stock Appreciation Right be less than one hundred percent (100%) of the Fair Market
Value of a Share on the date of grant; provided, however, that the grant price of a
Substitute Award granted as a Stock Appreciation Rights shall be in accordance with
Section 409A of the Code and may be less than one hundred percent (100%) of the Fair
Market Value. Payments to a Participant upon exercise of a Stock Appreciation Right may
be made in cash or Shares, having an aggregate Fair Market Value as of the date of
exercise equal to the excess, if any, of the Fair Market Value on the exercise date of
the number of Shares for which the Stock Appreciation Right is exercised over the grant
price for such Stock Appreciation Right. The term of a Stock Appreciation Right settled
in Shares shall not exceed seven (7) years.  

        (b)
Stock Appreciation Rights in Tandem with Options. A Stock Appreciation Right granted in
tandem with an Option may be granted either at the same time as such Option or subsequent
thereto. If granted in tandem with an Option, a Stock Appreciation Right shall cover the
same number of Shares as covered by the Option (or such lesser number of shares as the
Committee may determine) and shall be exercisable only at such time or times and to the
extent the related Option shall be exercisable, and shall have the same term as the
related Option. The grant price of a Stock Appreciation Right granted in tandem with an
Option shall equal the per-share exercise price of the Option to which it relates. Upon
exercise of a Stock Appreciation Right granted in tandem with an Option, the related
Option shall be canceled automatically to the extent of the number of Shares covered by
such exercise; conversely, if the related Option is exercised as to some or all of the
shares covered by the tandem grant, the tandem Stock Appreciation Right shall be canceled
automatically to the extent of the number of Shares covered by the Option exercise.  

 
	 	
9	 

10. Terms and
Conditions of Performance Stock and Performance Units 

        (a)
Performance Stock. The Committee may grant Performance Stock to Eligible Individuals. An
Award of Performance Stock shall consist of a Target Number of Shares granted to an
Eligible Individual based on the achievement of Performance Targets over the applicable
Performance Period, and shall be subject to the terms, conditions and restrictions set
forth in the Plan and established by the Committee in connection with the Award and
specified in the applicable Award Document.  

        (b)
Performance Units. The Committee, in its discretion, may grant Performance Units to
Eligible Individuals. A Performance Unit shall entitle a Participant to receive, subject
to the terms, conditions and restrictions set forth in the Plan and established by the
Committee in connection with the Award and specified in the applicable Award Document, a
Target Number of Shares or cash based upon the achievement of Performance Targets over
the applicable Performance Period. At the sole discretion of the Committee, Performance
Units shall be settled through the delivery of Shares or cash, or a combination of cash
and Shares, with a value equal to the Fair Market Value of the underlying Shares as of
the last day of the applicable Performance Period.  

11. Other Awards 

        The
Committee shall have the authority to specify the terms and provisions of other forms of
equity-based or equity-related Awards not described above that the Committee determines
to be consistent with the purpose of the Plan and the interests of the Company, which
Awards may provide for cash payments based in whole or in part on the value or future
value of Shares, for the acquisition or future acquisition of Shares, or any combination
thereof. 

12. Certain
Restrictions 

        (a)
Transfers. No Award shall be transferable other than pursuant to a beneficiary
designation under Section 12(c), by last will and testament or by the laws of descent and
distribution or, except in the case of an Incentive Stock Option, pursuant to a domestic
relations order, as the case may be; provided, however, that the Committee may, subject
to applicable laws, rules and regulations and such terms and conditions as it shall
specify, permit the transfer of an Award, other than an Incentive Stock Option, for no
consideration to a Permitted Transferee. Any Award transferred to a Permitted Transferee
shall be further transferable only by last will and testament or the laws of descent and distribution or, for no consideration, to another Permitted
Transferee of the Participant.  

        (b)
Award Exercisable Only by Participant. During the lifetime of a Participant, an Award
shall be exercisable only by the Participant or by a Permitted Transferee to whom such
Award has been transferred in accordance with Section 12(a) above. The grant of an Award
shall impose no obligation on a Participant to exercise or settle the Award.  

        (c)
Beneficiary Designation. The beneficiary or beneficiaries of the Participant to whom any
benefit under the Plan is to be paid in case of his death before he receives any or all
of such benefit shall be determined under the Company’s Group Life Insurance Plan. A
Participant may, from time to time, name any beneficiary or beneficiaries to receive any
benefit in case of his death before he 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 receiving
the benefits under an Award, the Participant’s beneficiary shall be the Participant’s
estate.  

13. Recapitalization
or Reorganization 

        (a)
Authority of the Company and Stockholders. The existence of the Plan, the Award Documents
and the Awards granted hereunder shall not affect or restrict in any way the right or
power of the Company or the stockholders of the Company to make or authorize any
adjustment, recapitalization, reorganization or other change in the Company’s
capital structure or business, any merger or consolidation of the Company, any issue of
stock or of options, warrants or rights to purchase stock or of bonds, debentures,
preferred or prior preference stocks whose rights are superior to or affect the Shares or
the rights thereof or which are convertible into or exchangeable for Shares, or the
dissolution or liquidation of the Company, or any sale or transfer of  

 
	 	
10	 

all or any part of its assets or
business, or any other corporate act or proceeding, whether of a similar character or
otherwise. 

        (b)
Change in Capitalization. Notwithstanding any provision of the Plan or any Award
Document, the number and kind of Shares authorized for issuance under Section 5 of the
Plan, including the maximum number of Shares available under the special limits provided
for in Section 5(c), shall be equitably adjusted in the manner deemed necessary by the
Committee in the event of a stock split, reverse stock spit, stock dividend,
recapitalization, reorganization, partial or complete liquidation, reclassification,
merger, consolidation, separation, extraordinary cash dividend, split-up, spin-off,
combination, exchange of Shares, warrants or rights offering to purchase Shares at a
price substantially below Fair Market Value, or any other corporate event or distribution
of stock or property of the Company affecting the Shares in order to preserve, but not
increase, the benefits or potential benefits intended to be made available under the
Plan. In addition, upon the occurrence of any of the foregoing events, the number and
kind of Shares subject to any outstanding Award and the exercise price per Share (or the
grant price per Share, as the case may be), if any, under any outstanding Award shall be
equitably adjusted in the manner deemed necessary by the Committee (including by payment
of cash to a Participant) in order to preserve the benefits or potential benefits
intended to be made available to Participants. Such adjustments shall be made by the
Committee. Unless otherwise determined by the Committee, such adjusted Awards shall be
subject to the same restrictions and vesting or settlement schedule to which the
underlying Award is subject.”  

14. Term of the Plan 

        Unless
earlier terminated pursuant to Section 16, the Plan shall terminate on the tenth (10th)
anniversary of the Effective Date, except with respect to Awards then outstanding. No
Awards may be granted under the Plan after the tenth (10th) anniversary of the Effective
Date. 

15. Effective Date 

        The
Plan shall become effective on the Effective Date, subject to approval by the
stockholders of the Company. 

16. Amendment and
Termination 

        Subject
to applicable laws, rules and regulations, the Board may at any time terminate or, from
time to time, amend, modify or suspend the Plan; provided, however, that no termination,
amendment, modification or suspension (i) will be effective without the approval of the
stockholders of the Company if such approval is required under applicable laws, rules and
regulations, including the rules of NYSE and (ii) shall materially and adversely alter or
impair the rights of a Participant in any Award previously made under the Plan without
the consent of the holder thereof. Notwithstanding the foregoing, the Board shall have
broad authority to amend the Plan or any Award under the Plan without the consent of a
Participant to the extent it deems necessary or desirable (a) to comply with, take into
account changes in, or interpretations of, applicable tax laws, securities laws,
employment laws, accounting rules and other applicable laws, rules and regulations, (b)
to take into account unusual or nonrecurring events or market conditions (including,
without limitation, the events described in Section 13(b)), or (c) to take into account
significant acquisitions or dispositions of assets or other property by the Company.  

17. Miscellaneous 

        (a)
Tax Withholding. The Company or a Subsidiary, as appropriate, may require any individual
entitled to receive a payment of an Award to remit to the Company, prior to payment, an
amount sufficient to satisfy any applicable tax withholding requirements. In the case of
an Award payable in Shares, the Company or a Subsidiary, as appropriate, may permit or
require a Participant to satisfy, in whole or in part, such obligation to remit taxes by
directing the Company to withhold shares that would otherwise be received by such
individual or to repurchase shares that were issued to the Participant to satisfy the
minimum statutory withholding rates for any applicable tax withholding purposes, in
accordance with all applicable laws and pursuant to such rules as the Committee may
establish from time to time. The Company or a Subsidiary, as appropriate, shall also have
the right to deduct from all cash payments made to a Participant (whether or not such
payment is made in connection with an Award) any applicable taxes required to be withheld
with respect to such payments.  

        (b)
No Right to Awards or Employment. No person shall have any claim or right to receive
Awards under the Plan. Neither the Plan, the grant of Awards under the Plan nor any
action taken or omitted to be taken under the Plan shall be deemed to create or confer on
any Eligible Individual any right to be retained in the employ of the Company or  

 
	 	
11	 

any Subsidiary or other affiliate
thereof, or to interfere with or to limit in any way the right of the Company or any
Subsidiary or other affiliate thereof to terminate the employment of such Eligible
Individual at any time. No Award shall constitute salary, recurrent compensation or
contractual compensation for the year of grant, any later year or any other period of
time. Payments received by a Participant under any Award made pursuant to the Plan shall
not be included in, nor have any effect on, the determination of employment-related
rights or benefits under any other employee benefit plan or similar arrangement provided
by the Company and the Subsidiaries, unless otherwise specifically provided for under the
terms of such plan or arrangement or by the Committee. 

        (c)
Securities Law Restrictions. An Award may not be exercised or settled, and no Shares may
be issued in connection with an Award, unless the issuance of such shares (i) has been
registered under the Securities Act of 1933, as amended, (ii) has qualified under
applicable state “blue sky” laws (or the Company has determined that an
exemption from registration and from qualification under such state “blue sky” laws
is available) and (iii) complies with all applicable foreign securities laws. The
Committee may require each Participant purchasing or acquiring Shares pursuant to an
Award under the Plan to represent to and agree with the Company in writing that such
Eligible Individual is acquiring the Shares for investment purposes and not with a view
to the distribution thereof. All certificates for Shares delivered under the Plan shall
be subject to such stock-transfer orders and other restrictions as the Committee may deem
advisable under the rules, regulations, and other requirements of the Securities and
Exchange Commission, any exchange upon which the Shares are then listed, and any
applicable securities law, and the Committee may cause a legend or legends to be put on
any such certificates to make appropriate reference to such restrictions.  

        (d)
Section 162(m) of the Code. The Plan is intended to comply in all respects with Section
162(m) of the Code; provided, however, that in the event the Committee determines that
compliance with Section 162(m) of the Code is not desired with respect to a particular
Award, compliance with Section 162(m) of the Code will not be required. In addition, if
any provision of this Plan would cause Awards that are intended to constitute “qualified
performance-based compensation” under Section 162(m) of the Code, to fail to so
qualify, that provision shall be severed from, and shall be deemed not to be a part of,
the Plan, but the other provisions hereof shall remain in full force and effect.  

        (e)
Section 409A of the Code. Notwithstanding any contrary provision in the Plan or an Award
Document, if any provision of the Plan or an Award Document contravenes any regulations
or guidance promulgated under Section 409A of the Code or would cause an Award to be
subject to additional taxes, accelerated taxation, interest and/or penalties under
Section 409A of the Code, such provision of the Plan or Award Document may be modified by
the Committee without consent of the Participant in any manner the Committee deems
reasonable or necessary. In making such modifications the Committee shall attempt, but
shall not be obligated, to maintain, to the maximum extent practicable, the original
intent of the applicable provision without contravening the provisions of Section 409A of
the Code. Moreover, any discretionary authority that the Committee may have pursuant to
the Plan shall not be applicable to an Award that is subject to Section 409A of the Code
to the extent such discretionary authority would contravene Section 409A of the Code or
the guidance promulgated thereunder.  

        (f)
Awards to Individuals Subject to Laws of a Jurisdiction Outside of the United States. To
the extent that Awards under the Plan are awarded to Eligible Individuals who are
domiciled or resident outside of the United States or to persons who are domiciled or
resident in the United States but who are subject to the tax laws of a jurisdiction
outside of the United States, the Committee may adjust the terms of the Awards granted
hereunder to such person (i) to comply with the laws, rules and regulations of such
jurisdiction and (ii) to permit the grant of the Award not to be a taxable event to the
Participant. The authority granted under the previous sentence shall include the
discretion for the Committee to adopt, on behalf of the Company, one or more sub-plans
applicable to separate classes of Eligible Individuals who are subject to the laws of
jurisdictions outside of the United States.  

        (g)
Satisfaction of Obligations. Subject to applicable law, the Company may apply any cash,
Shares, securities or other consideration received upon exercise or settlement of an
Award to any obligations a Participant owes to the Company and the Subsidiaries in
connection with the Plan or otherwise, including, without limitation, any tax obligations
or obligations under a currency facility established in connection with the Plan.  

 
	 	
12	 

        (h)
No Limitation on Corporate Actions. Nothing contained in the Plan shall be construed to
prevent the Company or any Subsidiary from taking any corporate action, whether or not
such action would have an adverse effect on any Awards made under the Plan. No
Participant, beneficiary or other person shall have any claim against the Company or any
Subsidiary as a result of any such action.  

        (i)
Unfunded Plan. The Plan is intended to constitute an unfunded plan for incentive
compensation. Prior to the issuance of Shares, cash or other form of payment in
connection with an Award, nothing contained herein shall give any Participant any rights
that are greater than those of a general unsecured creditor of the Company. The Committee
may, but is not obligated, to authorize the creation of trusts or other arrangements to
meet the obligations created under the Plan to deliver Shares with respect to awards
hereunder.  

        (j)
Successors. All obligations of the Company under the Plan with respect to Awards granted
hereunder 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.  

        (k)
Application of Funds. The proceeds received by the Company from the sale of Shares
pursuant to Awards will be used for general corporate purposes.  

        (l)
Award Document. In the event of any conflict or inconsistency between the Plan and any
Award Document, the Plan shall govern and the Award Document shall be interpreted to
minimize or eliminate any such conflict or inconsistency.  

        (m)
Headings. The headings of Sections herein are included solely for convenience of
reference and shall not affect the meaning of any of the provisions of the Plan.  

        (n)
Severability. If any provision of this Plan is held unenforceable, the remainder of the
Plan shall continue in full force and effect without regard to such unenforceable
provision and shall be applied as though the unenforceable provision were not contained
in the Plan.  

        (o)
Expenses. The costs and expenses of administering the Plan shall be borne by the Company.  

        (p)
Arbitration. Any dispute, controversy or claim arising out of or relating to the Plan
that cannot be resolved by the Participant on the one hand, and the Company on the other,
shall be submitted to arbitration in the State of New Jersey under the National Rules for
the Resolution of Employment Disputes of the American Arbitration Association; provided,
however, that any such submission by the Participant must be made within one (1) year of
the date of the events giving rise to such dispute, controversy or claim. The
determination of the arbitrator shall be conclusive and binding on the Company and the
Participant, and judgment may be entered on the arbitrator’s award in any court
having jurisdiction. The expenses of such arbitration shall be borne by the Company;
provided, however, that each party shall bear its own legal expenses unless the
Participant is the prevailing party, in which case the Company shall promptly pay or
reimburse the Participant for the reasonable legal fees and expenses incurred by the
Participant in connection with such contest or dispute (excluding any fees payable
pursuant to a contingency fee arrangement).  

        (q)
Governing Law. Except as to matters of federal law, the Plan and all actions taken
thereunder shall be governed by and construed in accordance with the laws of the State of
Delaware.  

 
	 	
13

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