CIT Group, Inc. New Common (CIT)

[Stock]

...Mr. Thain’s hiring was cleared by CIT’s regulators, including the Federal Reserve, the Federal Deposit Insurance Corporation and the Treasury Department, which still has a say over the company’s executive compensation despite the loss of the bailout investment.

Mr. Thain’s pay at CIT will be lower than he has made in years, according to regulatory filings. He will receive a $500,000 base salary, along with $5.5 million worth of restricted stock, much of which must be held for one to three years. He will also receive an additional discretionary payment of $1.5 million in restricted shares, which will vest over two years...

http://dealbook.blogs.nytimes.com/2010/02/07/after-turmoil-at-merrill-thain-will-lead-the-lender-cit/?partner=yahoofinance