Document:

Exhibit 10.24

  

S&C Draft of December 17, 2009

PRIVILEGED AND CONFIDENTIAL

ATTORNEY WORK PRODUCT

CIT GROUP, INC.

505 Fifth Avenue

  New
York, NY 10017

Via Hand Delivery 

  December 21, 2009

Jeffrey Knittel 

CIT Group, Inc. 

505 Fifth Avenue 

New York, NY 10017

Re. Extension of Term of Employment Agreement

Dear Jeff:

This letter will confirm that the Board of Directors of CIT Group Inc. (the “Company”) has determined to extend the “Term” of your Amended and Restated Employment Agreement with the Company dated as of May 7, 2008, as amended (your “Employment Agreement”) for one year, through December 31, 2010.

For the avoidance of doubt, many of the compensation, benefit and separation provisions of the Employment Agreement are prohibited or limited by the Emergency Economic Stabilization Act of 2008, as amended by the American Recovery and Reinvestment Act of 2009, the regulations thereunder, and/or the regulations applicable to banks and bank holding companies (together and as in effect from time to time, the “Applicable Restrictions”). Neither your Employment Agreement nor this extension letter will entitle you to receive any payment or benefit to the extent that it is prohibited or limited by the Applicable Restrictions, and you acknowledge that nothing contained in this extension letter constitutes grounds for your resignation for “Good Reason” as defined under your Employment Agreement.

In addition and at your request, this letter also confirms the deletion of Section 7 of your Employment Agreement (referring to certain tax gross-ups).

You and the Company agree that the provisions of your Employment Agreement, as revised and extended by this letter remain in full force and the Term shall continue through December 31, 2010 without interruption. Nothing in this letter is intended to confer any rights on any person other than you or the Company.

Please acknowledge your agreement by signing the enclosed copy of this letter and returning it to me as soon as possible. On behalf of the Board, I thank you for your continued service with the Company during these difficult times.

	  	Very Truly Yours,
	 	  
	 	CIT GROUP INC.
		  
	 	 	/s/ Robert J. Ingato
      

    
	 	By: 	Robert J. Ingato 
	 		Executive Vice President,
	 		General Counsel & Secretary

Accepted and Agreed:

  /s/ Jeffrey Knittel

   Jeffrey Knittelexhibit10-2_2009.htm

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    EXHIBIT
10.2

    

    SCHEDULE
A TO EXHIBIT 10.1

    

    The
following individuals entered into Executive Group Life Split Dollar Plans with
The Ohio Valley Bank Company identified below which are identical to the
Executive Group Life Split Dollar Plan, dated April 29, 2003, between Jeffrey E.
Smith and The Ohio Valley Bank Company filed herewith.

    

    Date of

    Name                                                                           Executive Group Life Split
Dollar Plan

    Katrinka
V.
Hart                                                           March
21, 2000

    E.
Richard
Mahan                                                         March
23, 2000

    Larry E.
Miller
II                                                           March
22, 2000

    Scott W.
Shockey                                                         March
19, 2009exhibit10-4_2009.htm

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    EXHIBIT
10.4

    

    SCHEDULE
A TO EXHIBIT 10.3

    

    The
following individuals entered into Director Retirement Agreements with The Ohio
Valley Bank Company identified below which are identical to the Director
Retirement Agreement, dated December 28, 2007, between Jeffrey E. Smith and The
Ohio Valley Bank Company incorporated herein by reference to Exhibit 10.3 to
Ohio Valley’s Annual Report on Form 10-K for fiscal year ending December 31,
2007 (SEC File No. 0-20914), except that persons noted with an * will receive
payments for only 120 months rather than 240 months based on their having served
as directors of the Ohio Valley Bank Company for 10 years or less.

    

    Date of

    Name                                                                           Director Retirement
Agreement

    Anna P.
Barnitz                                                             December
28, 2007

    Steven B.
Chapman                                                       December
28, 2007

    Robert E.
Daniel*                                                          December
28, 2007

    Harold A.
Howe                                                            December
28, 2007

    Brent A.
Saunders                                                         October
16, 2007

    David W.
Thomas                                                         
June 17, 2008

    Roger D.
Williams                                                         
October 16, 2007

    Lannes C.
Williamson                                                   
 December 28, 2007

    Thomas E.
Wiseman                                                      
December 28, 2007exhibit10-7a_2009.htm

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    EXHIBIT
10.7(a)

    

    SCHEDULE
A TO EXHIBIT 10.6(a)

    

    The
following individuals entered into Director Deferred Fee Agreements with The
Ohio Valley Bank Company identified below which are identical to the Director
Deferred Fee Agreement, dated December 28, 2007, between Anna P. Barnitz and The
Ohio Valley Bank Company incorporated herein by reference to Exhibit 10.6(a) to
Ohio Valley’s Annual Report on Form 10-K for fiscal year ending December 31,
2007 (SEC File No. 0-20914).

    

    Date of

    Name                                                                           Director Deferred Fee
Agreements

    Steven B.
Chapman                                                      December
28, 2007

    Robert E.
Daniel                                                           December
28, 2007

    Harold A.
Howe                                                           December
28, 2007

    Brent A.
Saunders                                                         October
16, 2007

    David W.
Thomas                                                         June
17, 2008

    Roger D.
Williams                                                         December
28, 2007

    Lannes C.
Williamson                                                    December
28, 2007

    Thomas E.
Wiseman                                                      December
28, 2007exhibit10-8_2009.htm

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    EXHIBIT
10.8

    

    SUMMARY
OF COMPENSATION FOR

    DIRECTORS
AND NAMED EXECUTIVE OFFICERS

    OF
OHIO VALLEY BANC CORP.

    Directors

    All of
the directors of Ohio Valley Banc Corp. (“Ohio Valley”) also serve as directors
of its subsidiary, The Ohio Valley Bank Company (the “Bank”).  The
directors of Ohio Valley are paid by the Bank for their services rendered as
directors of the Bank, not Ohio Valley.  Each director of the Bank who
is not an employee of Ohio Valley or any of its subsidiaries (a “Non-Employee
Director”) receives $550 per month for his or her services.  Each
director of the Bank who is an employee of Ohio Valley or any of its
subsidiaries (an “Employee Director”) receives $350 per month for his or her
services.  In addition, each director of the Bank receives an annual
retainer of $14,700 paid in December of each year for services to be rendered
during the following year.

    

    Each
Non-Employee Director who is a member of the Executive Committee of the Bank
receives $2,000.00 per month for his or her services.  In addition,
each Non-Employee Director receives an annual retainer of $16,695 paid in
December of each year for services to be rendered during the following
year.  This figure was pro-rated for time served for new
members.  Employee Directors receive no additional compensation for
serving on the Executive Committee.

    

    The Bank
maintains a life insurance policy for all directors with a death benefit of two
times annual director fees as part of the Bank’s group term life insurance
program.  The Bank also maintains a Director Retirement Plan for all
directors of the Bank and a Deferred Compensation Plan for all directors and
executive officers of the Bank.  These documents are filed as Exhibit
10.1, Exhibit 10.3, Exhibit 10.6(a) and Exhibit 10.6(b), respectively, to Ohio
Valley’s Annual Report on Form 10-K for the fiscal year ended December 31, 2008
(SEC File No. 0-20914).

    

    Named Executive
Officers

      The
following sets forth the current salaries of the executive officers of Ohio
Valley named in the Summary Compensation Table in Ohio Valley’s proxy statement
(the “Named Executive Officers”):

    
      

      
        	
                Name

              	 	
                Current
      Salary

              	 
	 
      	 	 	 
	
                Jeffrey
      E. Smith

              	 	$	219,158	 
	 
      	 	 	 	 
	
                Scott
      W. Shockey

              	 	 	116,490	 
	 
      	 	 	 	 
	
                Katrinka
      V. Hart

              	 	 	147,720	 
	 
      	 	 	 	 
	
                E.
      Richard Mahan

              	 	 	148,121	 
	 
      	 	 	 	 
	
                Larry
      E. Miller, II

              	 	 	147,720	 

      

    

    

     

    Certain Named Executive Officers are
entitled to participate in several benefit arrangements, including the Ohio
Valley Banc Corp. Bonus Program, the Ohio Valley Bank Company Executive Group
Life Split Dollar Plan, the Executive Deferred Compensation Plan, and a
supplemental  executive retirement plan (currently only for Mr.
Smith), as set forth in exhibits 10.1, 10.2, 10.3, 10.4, 10.5, 10.6(a), 10.6(b),
10.7(a), 10.7(b), 10.8 and 10.9 to Ohio Valley's Annual Report on Form 10-K for
the fiscal year ended December 31, 2008, SEC File No. 0-20914.  In
addition, Named Executive Officers are entitled to participate in various
benefit plans available to all employees, including a Profit Sharing Retirement
Plan, a 401(k) plan, an employee stock ownership plan, group term life
insurance, health insurance, disability insurance and a flexible
compensation/cafeteria plan, all as described in Ohio Valley's proxy statement
for its 2009 annual meeting of shareholders.

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