The New York Times reported this week that several thousand workers for CIT would forfeit any unvested options as soon as the sale of the company was completed. These are options that have been promised, but that employees have not yet earned.
CIT Group is parent to CIT Commercial Services, the United States’ largest provider of factoring and related services. The Group is a leading global source of financing and leasing capital and an advisor for companies in more than 30 industries.
In its prospectus for the CIT offering, filed with the Securities and Exchange Commission Tyco also said that employees would have up to 90 days to exercise any options that had already vested.
