Company: FR
Filing Date: 2025-04-02
Form Type: DEF 14A
Source: 0000921825-25-000032
Chunk: 18

Company: FIRST INDUSTRIAL REALTY TRUST INC
Filing Date: 2025-04-02
Form: DEF 14A
Chunk 18
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 the compensation of our Named Executive Officers as disclosed in the proxy statement for that meeting were in favor of such compensation. As a result, the compensation of our Named Executive Officers was approved by our stockholders on an advisory basis. This level of stockholder support was consistent with our support for prior say-on-pay votes, as, on average, approximately 92% of the votes cast in the vote on the compensation of our Named Executive Officers during the past five Annual Meetings of Stockholders from 2020 through 2024 were in favor of the compensation disclosed in the applicable proxy statement for the applicable annual meeting.

#### SETTING EXECUTIVE COMPENSATION

#### Base Salary
The Company provides the Named Executive Officers with base salaries to compensate them for services rendered during the fiscal year. The base salaries of the Named Executive Officers are a function of either the minimum base salaries specified in their employment agreements or the base salary negotiated at the time of an executive’s initial employment, and any subsequent changes to such base salaries approved by the Compensation Committee. In determining changes to such base salaries for any year, the Compensation Committee considers individual performance of the Named Executive Officers in the most recently completed year, including organizational and management development, and leadership exhibited from year-to-year. The Compensation Committee also considers, but does not specifically benchmark compensation to, peer information provided by compensation consultants. The Compensation Committee also considers general economic conditions prevailing at the end of the most recently completed year when the changes for the following year are typically determined. The Company does not guarantee annual base salary increases to anyone.

Effective as of January 1, 2025, Mr. Baccile’s base salary was increased to $935,000. The base salaries paid to the Named Executive Officers other than our Chief Executive Officer were increased in 2025 to the following amounts: $586,000 (Mr. Yap); $428,000 (Mr. Musil); $488,000 (Mr. Schultz); and $353,000 (Ms. Matthews Rice).

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#### Annual Performance-Based Bonuses
The Company provides its senior executives with annual incentive compensation based on individual and company performance, which is paid entirely in cash.

2024 Employee Bonus Plan

For 2024, each Named Executive Officer participated in the incentive compensation plan generally available to the Company’s employees (the “2024 Employee Bonus Plan”), which plan was recommended by the Compensation Committee and adopted by the Board of Directors on February 15, 2024.

Under the 2024