Company: FR
Filing Date: 2025-04-02
Form Type: DEF 14A
Source: 0000921825-25-000032
Chunk: 32

Company: FIRST INDUSTRIAL REALTY TRUST INC
Filing Date: 2025-04-02
Form: DEF 14A
Chunk 32
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, (v) a pro-rated bonus for the year of termination, (vi) the vesting and delivery of any unvested and outstanding time-based and performance-based awards, and (vii) continued medical and dental insurance coverage at active employee rates for up to two years following the expiration of the term of the Employment Agreement.

Similar to his Prior Employment Agreement, the Employment Agreement also contains important non-financial provisions that apply in the event of a termination of employment or a change in control. Mr. Baccile is subject to covenants not to compete or solicit customers for a period of three years following his termination of employment and not to solicit Company employees for a period of two years, not to disparage the Company and not to disclose confidential information following his termination of employment without cause or for good reason. Mr. Baccile is also subject to a covenant not to disparage the Company at any time. His employment agreement includes a 280G “better-off” cutback and does not provide for a gross-up payment in the event of any excise tax obligation.

#### Prior Employment Agreement with Mr. Baccile
Before the January 1, 2025 effective date of the Employment Agreement (described above), Mr. Baccile’s employment was subject to the terms and conditions of his February 2020 employment agreement with the Company (the “Prior Employment Agreement”). The Prior Employment Agreement provided for a minimum annual base salary, eligibility for annual cash performance bonuses, the opportunity to participate in all long-term cash and equity incentive plans generally available to the senior executives of the Company, and participation in all executive and employee benefit plans and programs of the Company.

The Prior Employment Agreement provided for certain lump sum payments, post-termination payments and post-termination benefits to Mr. Baccile by the Company in some circumstances in the event of a termination of employment or a change in control. Under the Prior Employment Agreement, upon a termination without cause or upon his resignation for good reason, Mr. Baccile would have been entitled to (i) his base salary and vacation pay accrued through the date of termination, (ii) his accrued bonus for the fiscal year prior to the year of termination, to the extent not paid, (iii) his unreimbursed business expenses incurred through the date of termination, and (iv) any other benefits he may be eligible for under the Company’s plans, policies or practices. In addition, in connection with such events he would have been entitled, subject to his execution and non-re