Company: FR
Filing Date: 2025-03-21
Form Type: 8-K
Source: 0000921825-25-000026
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Company: FIRST INDUSTRIAL REALTY TRUST INC
Filing Date: 2025-03-21
Form: 8-K
Item: Item 5.02
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Item 5.02: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

2025 Employee Bonus Plan

On March 19, 2025, the Board ratified the criteria proposed by its Compensation Committee for establishing an incentive bonus pool under the Company’s incentive compensation plan (the “2025 Employee Bonus Plan”). This pool will be used to grant awards to eligible employees, including the chief executive officer and certain senior executive officers.

Awards under the 2025 Employee Bonus Plan will be determined based on the performance in three key categories:

1. NAREIT funds from operations (“ FFO”) per share

2. Same store net operating income (“ SS NOI”) growth

3. Discretionary objectives - based on financial and non-financial goals set by the Company’s chief executive officer

The Compensation Committee may, at its discretion, adjust performance metrics to account for certain non-recurring items, unbudgeted investments and dispositions, changes in accounting policy and certain extraordinary items.

The Compensation Committee assigned a weighting factor to each performance category, reflecting its relative impact on the bonus pool: a 55% weighting factor to the FFO per share category, a 30% weighting factor to the SS NOI growth category and a 15% weighting factor to the discretionary objectives category.

Achievement by the Company of specifically identified levels of performance with respect to each performance category will result in funding of the incentive pool for the 2025 Employee Bonus Plan of 0%, 25%, 50%, 75%, 100% or 125% of the bonus opportunity associated with that performance category. While individual performance categories may reach a maximum threshold of 125%, the overall payout under the plan is capped at 115%. If performance falls between two payout levels, the resulting compensation will be determined using linear interpolation.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

  FIRST INDUSTRIAL REALTY TRUST, INC.                                  
  By:                                      /s/ JENNIFER MATTHEWS RICE  
                                           Jennifer Matthews Rice      

Date: March 21, 2025

  FIRST INDUSTRIAL, L. P.                                           
  By:                          FIRST INDUSTRIAL REALTY TRUST, INC.  
                               as general partner                   
  By:                          /s