Company: FR
Filing Date: 2025-04-02
Form Type: DEF 14A
Source: 0000921825-25-000032
Chunk: 30

Company: FIRST INDUSTRIAL REALTY TRUST INC
Filing Date: 2025-04-02
Form: DEF 14A
Chunk 30
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 Units granted in 2022 and related accrued dividend equivalents based at an achievement of 56.27% on December 31, 2024 consisting of 42,560, 17,024, 9,931, 10,640 and 5,817 Units for Messrs. Baccile, Yap, Musil, Schultz and Ms. Matthews Rice, respectively the value of which is based on the closing price of our Common Stock on December 31, 2024, the last trading day of the year ($50.13). The value realized on vesting is before payment of any applicable withholding tax.

### POTENTIAL PAYMENTS UPON TERMINATION OR CHANGE IN CONTROL

#### Employment Agreement with Mr. Baccile
In November 2024, the Company entered into a new employment agreement with Mr. Baccile, which provides for a term of employment from January 1, 2025 through December 31, 2029 (the “Employment Agreement”). Under the Employment Agreement, Mr. Baccile is entitled to a minimum annual base salary of $935,000. His annual compensation is subject to annual review by the Compensation Committee and may be increased at the discretion of the Compensation Committee. For 2025, his performance-based or at-risk percentage increases to 86%. Mr. Baccile is eligible for annual cash performance bonuses under the Company’s incentive bonus plan, based on the satisfaction of performance goals established by the Company’s Compensation Committee in accordance with the terms of such plan. Such annual cash bonus shall be at least equal to 150% of Mr. Baccile’s annual base salary if target levels of performance are achieved for the applicable year. In 2024, Mr. Baccile’s annual cash bonus was 200% of his annual base salary multiplied by the percentage established by the Compensation Committee based on the achievement of the Company’s performance goals, and in 2025, his target annual cash bonus remains at 200%. Mr. Baccile is entitled to participate in all long-term cash and equity incentive plans generally available to the senior executives of the Company. Beginning in 2025, Mr. Baccile is entitled to receive a minimum annual equity award, which shall be partially performance-based and partially time-based, with an aggregate value of no less than $4,440,000. The time-based portion of such equity award shall ratably vest on the first three anniversaries of the grant date, and the performance-based portion of such