Exhibit 10.1
CIT GROUP, INC.
505 Fifth Avenue
New York, NY 10017
Via Hand Delivery
September 2, 2009
Jeffrey M. Peek
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 December 10, 2007 (your “ Employment Agreement
”) for one year, through September 2, 2010. On behalf of the
Board, I thank you for your continued service with the Company
during these difficult times.
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 dele
