CIT sets John Thain's salary at $6 million per year

CIT Group Inc said its new chief executive John Thain will get an annual salary of $6 million, mostly in restricted stock.

The former Merrill Lynch chief will get $500,000 in cash, $2.5 million of restricted CIT stock with a holding period of one year and the remaining $3 million in stock restricted for three years, the company said in a regulatory filing.

Apart from salary, Thain may get an incentive award from the board for 2010 capped at $1.5 million, the commercial lender said.

Thain, who takes over from CIT's interim CEO Peter Tobin, was hired partly for the expertise he gained restructuring the New York Stock Exchange.

Thain's compensation is subject to federal regulations, including Troubled Asset Relief Program and Federal Deposit Insurance Corp regulations, CIT said.

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