Document:

exv10w1

EXHIBIT 10.1

Separation and Release Agreement

     This Separation and Release Agreement (this “Agreement”) is made effective as of the
17th day of December, 2008 (the “Agreement Date”), by and between First Industrial
Realty Trust, Inc., a Maryland corporation (the “Company”), and Michael J. Havala (the
“Executive”).

     Whereas, Executive currently serves as Chief Financial Officer of the Company
pursuant to an employment agreement by and between the Company and Executive dated March 31, 2002
(the “Employment Agreement); and

     Whereas, Executive has advised the Company of his intention to resign all positions
with the Company effective as of the close of business on the Agreement Date, and the Company’s
Board of Directors has accepted such resignation.

     Now, therefore, in consideration of the mutual covenants herein contained, and upon
the other terms and conditions hereinafter provided, the parties hereby agree as follows:

     Section 1. Termination of Employment and Employment Agreement. Except as otherwise
specifically set forth herein, the Employment Agreement and Executive’s employment with the Company
shall terminate effective as of the close of business on the Agreement Date. Executive
acknowledges that he has resigned from any and all officerships, directorships, committee
memberships and all other elected or appointed positions, of any nature, that Executive held
immediately prior to the Agreement Date with the Company and/or any of its affiliates, all
effective as of the close of business on the Agreement Date.

     Section 2. Severance Payments. In consideration for the promises made in this
Agreement, the Company agrees to pay, or provide to, Executive the following (collectively, the
“Severance Benefits”):

          (a) A single lump sum in an amount equal to One Million Six Hundred Forty Eight Thousand Seven
Hundred and Nine Dollars ($1,648,709.00) to be made to Executive in calendar year 2008; provided
that Executive’s execution of the Release (define below) is not revoked.

          (b) The Company shall continue, for Executive and his family, health insurance coverage, so as
to provide a scope of coverage comparable to that which was in effect as of the Agreement Date, for
a period of three (3) years following the Agreement Date or, if earlier, until such time as
substitute health insurance coverage with comparable benefits is available to Executive at a cost
comparable to that borne by Executive under the Company’s policy, by virtue of other employment or
family members’ insurance benefits secured or made available after termination. Executive shall be
obligated to inform the Company of any such comparable coverage within five (5) business days of
becoming covered by such comparable coverage.

          (c) Within five (5) days of the Effective Date, the Company shall reimburse Executive for any
business expenses that are payable under the Company’s normal expense

 

 

reimbursement policies and
practices that were incurred by the Executive prior to the Agreement Date.

          (d) The parties acknowledge and agree that the amount set forth in subparagraph (a) above
includes all accrued but unused paid-vacation through the Agreement Date.

          (e) Executive acknowledges and agrees that all payments made, and benefits provided, pursuant
to this Agreement shall be subject to all applicable tax withholding and reporting requirements.

          (f) Executive acknowledges and agrees that all payments made, and benefits provided, pursuant
to this Agreement are in consideration for Executive’s promises contained in this Agreement, and
that such payments and benefits under the terms of the Employment Agreement would not be payable
absent execution of this Agreement. Executive further acknowledges and agrees that the payments
and benefits described in this Agreement are conditioned upon the execution and non-revocation of
the Release described in Section 10. If Executive revokes this Agreement on or before the
Effective Date, no payment or benefit described herein (except as provided in Section 2(c)) shall
be due to Executive.

     Section 3. Code Section 409A. Executive acknowledges and agrees that he shall be
solely responsible for any additional taxes, penalty or interest that may be imposed by Section
409A of the Code on any such payments and or benefits if any such tax, penalty or interest is
imposed by the Internal Revenue Service.

     Section 4. Termination of Benefits. Executive’s continued participation in all
compensation and other benefit plans will cease as of the Agreement Date; provided that nothing
contained herein shall limit or otherwise impair Executive’s right to receive pension, welfare or
similar benefit payments which are vested as of the Agreement Date under any applicable
tax-qualified pension plan, welfare benefit plan or other tax-qualified or non-qualified benefit
plans, pursuant and subject to the terms and conditions of the applicable plan.

     Section 5. Equity Awards.

          (a) Executive’s options, other than options that may by their terms vest upon or be subject to
the attainment of any individual or company-wide performance criteria (e.g., and without
limitation, Consolidated Incentive Program options), outstanding under the First Industrial Realty
Trust, Inc. 1994 Stock Incentive Plan, the First Industrial Realty Trust, Inc. 1997 Stock Incentive
Plan, the First Industrial Realty Trust, Inc. 2001 Stock Incentive Plan and any similar plan
subsequently adopted by the Company (collectively referred to herein as the “SIP Options”), and
awards outstanding under the First Industrial Realty Trust, Inc. Deferred Income Plan (“DIP
Awards”), shall be fully vested effective as of the Agreement Date.

          (b) All unexpired transfer and encumbrance restrictions otherwise applicable to any restricted
stock owned by the Executive, shall be released and eliminated effective as of the Agreement Date.

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          (c) Executive shall be permitted to exercise any SIP Options until the earlier of i) eighteen
(18) months following the Agreement Date or ii) the original expiration pursuant to the award
agreement under which such SIP Options were originally granted.

     Section 6. Change in Control. In the event the termination of Executive’s employment
is determined to be a Change in Control Termination, as defined in Section 3(g)(ii) of the
Employment Agreement, and it is determined, in the opinion of the Employer’s independent
accountants, in consultation, if necessary, with the Employer’s independent legal counsel, that the
Severance Benefits, either separately or in conjunction with any other payments, benefits and
entitlements received by the Executive in respect of the Change in Control Termination under any
other plan or agreement under which the Executive participates or to which he is a party, would
constitute an “Excess Parachute Payment” within the meaning of Section 280G of the Internal Revenue
Code of 1986, as amended (the “Code”), and thereby be subject to the excise tax imposed by Section
4999 of the Code (the “Excise Tax”), then in such event the Employer shall pay to the Executive a
“grossing-up” amount equal to the amount of such Excise Tax, plus all federal and state income or
other taxes with respect to the payment of the amount of such Excise Tax, including all such taxes
with respect to any such grossing-up amount. Such grossing-up payment shall be made with or as
soon as practicable following the payment under to this Agreement which constitutes an Excess
Parachute Payment, but in no event later than the end of the year following the year in which
Employee remits the related taxes to the Internal Revenue Service. If, at a later date, the
Internal Revenue Service assesses a deficiency against the Executive for the Excise Tax which is
greater than that which was determined at the time such amounts were paid, then the Employer shall
pay to the Executive the amount of such unreimbursed Excise Tax plus any interest, penalties and
reasonable professional fees or expenses incurred by the Executive as a result of such assessment,
including all such taxes with respect to any such additional amount. Such deficiency payment shall
be made as soon as practicable, but no later than the end of the year following the year in which
Executive remits the payment to the Internal Revenue Service in satisfaction of the deficiency, or
if no payment is remitted, the end of the year following the year in which the audit is completed
or there is a final and nonappealable settlement or other resolution. The highest marginal tax
rate applicable to individuals at the time of the payment of such amounts will be used for purposes
of determining the federal and state income and other taxes with respect thereto. Employer shall
withhold from any amounts paid under this Agreement the amount of any Excise Tax or other federal,
state or local taxes then required to be withheld. Computations of the amount of any grossing-up
supplemental compensation paid under this subparagraph shall be conclusively made by the Employer’s
independent accountants, in consultation, if necessary, with the Employer’s independent legal
counsel. If, after the Executive receives any gross-up payments or other amount pursuant to this
Section 6, the Executive receives any refund with respect to the Excise Tax, the Executive shall
promptly pay the Employer the amount of such refund within ten (10) days of receipt by the
Executive.

     Section 7. Confidentiality. Executive acknowledges that, during the course of his
employment, he has produced, received and had access to, various materials, records, data, trade
secrets and information not generally available to the public, specifically including any
information concerning projects in the Pipeline, as defined below (collectively, “Confidential
Information”) regarding the Company and its subsidiaries and affiliates. Accordingly, for the one
(1) year period immediately subsequent to the Agreement Date, Executive shall hold in

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confidence and shall not directly or indirectly for his own benefit or for the benefit of any
other person or entity, for economic gain or otherwise, disclose, use, copy or make lists of any
such Confidential Information, except to the extent that (a) such information is or thereafter
becomes lawfully available from public sources; or (b) such disclosure is authorized in writing by
the Company; or (c) such disclosure is determined by court order or official governmental ruling to
be required by law or by any competent administrative agency or judicial authority. All records,
files, documents, computer diskettes, computer programs and other computer-generated material, as
well as all other materials or copies thereof relating to the Company’s business, which Executive
prepared or used, shall be and remain the sole property of the Company and shall be promptly
returned to the Company prior to the Effective Date.

     Section 8. Restrictive Covenants.

          (a) Executive hereby agrees, except with the express prior written discretionary consent of
the Company, that for a period of one (1) year after the Agreement Date (the “Restrictive Period”),
he will not directly or indirectly in any manner compete with the business of the Company,
including, but not by way of limitation, by directly or indirectly owning, managing, operating,
controlling, financing, or by directly or indirectly serving as an employee, officer or director of
or consultant to, or by soliciting or inducing, or attempting to solicit or induce, any employee or
agent of Company to terminate employment with Company and become employed by the following:

               (i) Any company listed (during the year immediately preceding the Agreement Date) as an
industrial or mixed office/industrial (but not pure office) REIT or Real Estate Operating
Company as provided in the NAREIT Chart Book, dated January 2008 (a “Peer Group Member”); or

               (ii) any person, firm, partnership, corporation, trust or other entity (including, but not
limited to, Peer Group Members) which, as a material component of its business (other than for its
own use as an owner or user), invests in industrial warehouse facilities and properties similar to
the Company’s investments and holdings: (1) in any geographic market or territory in which the
Company owns properties or has an office either as of the Agreement Date; or (2) in any market in
which an acquisition or other investment by the Company or any affiliate of the Company is pending
as of the date of termination, as conclusively evidenced by the existence of a Request for Proposal
or an executed Agreement of Purchase and Sale, Contribution (or Merger) Agreement or Letter of
Intent, Confidentiality Agreement, Due Diligence Agreement, Pursuit Cost Agreement, Partnership or
Joint Venture Agreement, or by a Post Acceptance Conference Call (PACC) memorandum or Investment
Committee (IC) approval in existence as of the Agreement Date.

          (b) In addition, during the Restrictive Period, the Executive shall not act as a principal,
investor or broker/intermediary, or serve as an employee, officer, advisor or consultant, to any
person or entity, in connection with or concerning any investment opportunity of the Company that
is in the “Pipeline” (as defined below) as of the Agreement Date. Within ten (10) business days
after the Agreement Date, the CEO shall deliver to the Executive a written statement of the
investment opportunities in the Pipeline as of the Agreement Date (the “Pipeline Statement”) (as
reflected on Exhibit A to this Agreement), and the Executive shall then review

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the Pipeline Statement for accuracy and completeness, to the best of his knowledge, and advise
the CEO of any corrections required to the Pipeline Statement. The Executive’s receipt of any
Severance Amount under Section 2(a) and Section 2(b) shall be conditioned on his either
acknowledging, in writing, the accuracy and completeness of the Pipeline Statement, or advising the
CEO, in writing, of any corrections or revisions required to the Pipeline Statement in order to
make it accurate and complete, to the best of the Executive’s knowledge. The restrictions
concerning any one individual investment opportunity in the Pipeline shall continue until the first
to occur of (i) expiration of the Restrictive Period; or (ii) the Executive’s receipt from the
Company of written notice that the Company has abandoned such investment opportunity, such notice
not to affect the restrictions on all other investment opportunities contained in the Pipeline
Statement during the remainder of the Restrictive Period. An investment opportunity shall be
considered in the “Pipeline” if, as of the Agreement Date, the investment opportunity is pending
(for example, is the subject of a letter of intent) or proposed (for example, has been presented
to, or been bid on by, the Company in writing or otherwise) or under consideration by the Company,
whether at the PACC, IC, staff level(s) or otherwise, and relates to any of the following potential
forms of transaction: (A) an acquisition for cash; (B) an UPREIT transaction; (C) a transaction
under the “First Exchange” program; (D) a development project or venture; (E) a joint venture
partnership or other cooperative relationship, whether through a DOWNREIT relationship or
otherwise; (F) an “Opportunity Fund” or other private investment in or co-investment with the
Company; (G) any debt placement opportunity by or in Company; (H) any service or other
fee-generating opportunity by the Company; or (I) any other investment by the Company or an
affiliate of the Company, in or with any party or by any party in the Company or an affiliate of
the Company.

          (c) The restrictions contained in Section 8(a) and Section 8(b) above are collectively
referred to as the “Restrictive Covenants.” If Executive violates the Restrictive Covenants and
the Company brings legal action for injunctive or other relief, the Company shall not, as a result
of the time involved in obtaining such relief, be deprived of the benefit of the full period of the
Restrictive Covenants. Accordingly, the Restrictive Covenants shall be deemed to have the duration
specified in Section 8(a) or, as applicable, Section 8(b), computed from the date the relief is
granted, but reduced by the time between the period when the Restrictive Period began to run and
the date of the first violation of the Restrictive Covenants by Executive. In the event that a
successor of the Company assumes and agrees to perform this Agreement or otherwise acquires the
Company, the Restrictive Covenants shall continue to apply only to the primary markets of the
Company as they existed immediately before such assumption or acquisition, and shall not apply to
any of the successor’s other offices or markets. The foregoing Restrictive Covenants shall not
prohibit Executive from owning, directly or indirectly, capital stock or similar securities that
are listed on a securities exchange and that do not represent more than five percent (5%) of the
outstanding capital stock of any corporation.

          (d) Relief from Restrictive Covenants. In the event Executive shall desire to engage
in any activity that would violate the Restrictive Covenants, but which he reasonably and in good
faith believes would be immaterial to the economic and proprietary interests of the Company or any
of its affiliates, he may, prior to (but not after) engaging in such activity, submit to the
Company a written request for relief from the Restrictive Covenants, which written request shall
set forth the scope of the proposed activity, the scope of the requested relief and the basis upon
which Executive believes such activity to be immaterial to the interests of the Company.

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Within ten (10) business days after receipt of Executive’s written request, and subject to the
specific approval of the Company, the Company shall advise Executive, in writing, as to whether the
requested relief shall be granted. The parties agree that such relief shall be granted only if the
Company reasonably determines that the reasonably anticipated impact on the Company of the grant of
such relief is in fact immaterial to and fully compatible with the economic and proprietary
interests of the Company (and its separate regions, ventures, divisions, subsidiaries and
affiliates), it being specifically hereby understood and acknowledged by Executive that a
purportedly “minor” percentage impact on Company-wide revenues or expenses of the Company shall not
be deemed to be per se immaterial.

          (e) Remedies for Breach of Restrictive Covenant. Executive acknowledges that the
restrictions contained in Section 6 and Section 8 of this Agreement are reasonable and necessary
for the protection of the legitimate proprietary business interests of the Company; that any
violation of these restrictions would cause substantial injury to the Company and such interests;
that the Company would not have entered into the Employment Agreement or this Agreement with
Executive without receiving the additional consideration offered by Executive in binding himself to
these restrictions; and that such restrictions are a material inducement to the Company to enter
into this Agreement. In the event of any violation of these restrictions or statement of intent by
Executive to violate any of these restrictions, the Company shall automatically be relieved of any
and all further financial and other obligations to Executive under this Agreement, in relation to
the payment of a Severance Benefits or otherwise, and shall be entitled to all rights, remedies or
damages available at law, in equity or otherwise under this Agreement; and, without limitation,
shall be entitled to temporary and preliminary injunctive relief, granted by a court of competent
jurisdiction, to prevent or restrain any such violation by Executive and any and all persons
directly or indirectly acting for or with him, as the case may be, such injunctive relief to be
available pending the outcome of the arbitration process provided under Section 16 of this
Agreement, which arbitration process will entitle the arbitrator to determine that permanent
injunctive relief is to be granted to the Company, whereupon such relief shall be granted by a
court of competent jurisdiction, based on the determination of the arbitrator.

     Section 9. Indemnification/Cooperation.

          (a) Throughout all applicable limitation periods, the Company shall continue to provide
Executive (including his heirs, personal representatives, executors and administrators), with such
coverage as shall be generally available to senior officers of the Employer under the Employer’s
then-current directors’ and officers’ liability insurance policy, at the Company’s expense, with
respect to periods prior to and including the Agreement Date.

          (b) In addition to the insurance coverage provided for in Section 9(a), the Company shall
defend, hold harmless and indemnify Executive (and his heirs, executors and administrators) to the
fullest extent permitted under applicable law, and subject to each of the requirements, limitations
and specifications set forth in the Articles of Incorporation, Bylaws and other organizational
documents of the Company, against all expenses and liabilities reasonably incurred by him in
connection with or arising out of, any action, suit or proceeding in which Executive may be
involved by reason of his having been an officer of the Company, such

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expenses and liabilities to include, but not be limited to, judgments, court costs and
attorneys’ fees and the cost of reasonable settlements.

          (c) In the event Executive becomes a party, or is threatened to be made a party, to any
action, suit or proceeding for which the Company has agreed to provide insurance coverage or
indemnification under this Section 9, the Company shall, to the full extent permitted under
applicable law, and subject to the each of the requirements, limitations and specifications set
forth in the Articles of Incorporation, Bylaws and other organizational documents of the Company,
advance all expenses (including the reasonable attorneys’ fees of the attorneys selected by Company
and reasonably approved by Executive for the representation of Executive), judgments, fines and
amounts paid in settlement (collectively “Expenses”) incurred by Executive in connection with the
investigation, defense, settlement, or appeal of any threatened, pending or completed action, suit
or proceeding, subject to receipt by the Company of a written undertaking from Executive
covenanting: (i) to reimburse the Company for the amount of all of the Expenses actually paid by
the Company to or on behalf of Executive in the event it shall be ultimately determined, by the
court or the arbitrator, as applicable to the case, that Executive is not entitled to
indemnification by the Company for such Expenses; and (ii) to assign to the Company all rights of
Executive to insurance proceeds, under any policy of directors’ and officers’ liability insurance
or otherwise, to the extent of the amount of the Expenses actually paid by the Company to or on
behalf of Executive.

          (d) Executive agrees that he shall, to the extent reasonably requested in writing, cooperate
with and serve in any capacity requested by the Company in any investigation and/or threatened or
pending litigation (now or in the future) in which the Company is a party, and regarding which
Executive, by virtue of his employment with the Company, has knowledge or information relevant to
said investigation or litigation, including but not limited to (i) meeting with representatives of
the Company to prepare for testimony and to provide truthful information regarding his knowledge,
(ii) acting as the Company’s representative, and (iii) providing, in any jurisdiction in which the
Company requests, truthful information or testimony relevant to the investigation or litigation.
The Company agrees to pay Executive reasonable compensation and reimburse Executive for reasonable
expenses incurred in connection with such cooperation.

     Section 10. Release of Claims. The obligation of the Company to provide Executive the
Severance Benefits are contingent upon (i) Executive executing and delivering to the Company a
mutual release of claims in the form attached to this Agreement as Exhibit B (the
“Release”), with such execution and delivery occurring during the twenty-one (21) day period
beginning on the Agreement Date, and (ii) Executive not revoking the Release during the applicable
seven (7)-day revocation period. For purposes of this Agreement, “Effective Date” shall mean the
eighth (8th) day following the execution and delivery to the Company of the Release; provided that
Executive has not before such date revoked the Release.

     Section 11. Mutual Non-Disparagement. The Company and Executive agree that, at all
times following the signing of this Agreement, they shall not engage in any disparagement or
vilification of the other, and shall refrain from making any false, negative, critical or otherwise
disparaging statements, implied or expressed, concerning the other, including, but not limited to,
management style, methods of doing business, the quality of products and services, role in the
community, or treatment of employees. Executive acknowledges that the only persons whose

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statements may be attributed to the Company for purposes of this Agreement not to make
disparaging statements shall be each member of the Board of Directors of the Company and each of
the Company’s senior executive officers. The parties further agree to do nothing that would damage
the other’s business reputation or good will.

     Section 12. No Admissions. The Company denies that it or any of its employees or
agents has taken any improper action against Executive, and Executive agrees that this Agreement
shall not be admissible in any proceeding as evidence of improper action by the Company or any of
its employees or agents.

     Section 13. Confidentiality. Executive and the Company agree to keep the existence
and the terms of this Agreement confidential, except for Executive’s immediate family members or
their legal or tax advisors in connection with services related hereto and except as may be
required by the federal securities laws or other applicable law or in connection with the
preparation of tax returns.

     Section 14. Non-Waiver. The Company’s waiver of a breach of this Agreement by
Executive shall not be construed or operate as a waiver of any subsequent breach by Executive of
the same or of any other provision of this Agreement.

     Section 15. Governing Law. The validity, interpretation, performance and enforcement
of this Agreement shall be governed by the internal laws of the State of Illinois, without regard
or reference to any principles of conflicts of law of the State of Illinois or any other
jurisdiction, except to the extent that such internal laws are preempted by the laws of the United
States.

     Section 16. Mediation and Arbitration. Except only as otherwise provided in Section
8(e), each and every dispute, controversy and contested factual and legal determination arising
under or in connection with this Agreement or Executive’s employment by the Company shall be
committed to and be resolved exclusively through the arbitration process, in an arbitration
proceeding, conducted by a single arbitrator sitting in Chicago, Illinois, in accordance with the
rules of the American Arbitration Association (the “AAA”) then in effect. The arbitrator shall be
selected by the parties from a list of eleven (11) arbitrators provided by the AAA, provided that
no arbitrator shall be related to or affiliated with either of the parties. The arbitrator shall
be selected by the parties from that list. No later than ten (10) days after the list of proposed
arbitrators is received by the parties, the parties, or their respective representatives, shall
meet at a mutually convenient location in Chicago, Illinois, or telephonically. At that meeting,
the party who sought arbitration shall eliminate one (1) proposed arbitrator and then the other
party shall eliminate one (1) proposed arbitrator. The parties shall continue to alternatively
eliminate names from the list of proposed arbitrators in this manner until each party has
eliminated five (5) proposed arbitrators. The remaining arbitrator shall arbitrate the dispute.
Each party shall submit, in writing, the specific requested action or decision it wishes to take,
or make, with respect to the matter in dispute (“Proposed Solution”), and the arbitrator shall be
obligated to choose one (1) party’s specific Proposed Solution, without being permitted to
effectuate any compromise or “new” position; provided, however, that the arbitrator shall be
authorized to award amounts not in dispute during the pendency of any dispute or controversy
arising under or in connection with this Agreement. The party whose Proposed Solution is not

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selected shall bear the costs of all counsel, experts or other representatives that are
retained by both parties, together with all costs of the arbitration proceeding, including, without
limitation, the fees, costs and expenses imposed or incurred by the arbitrator. If the arbitrator
ultimately chooses Executive’s Proposed Solution, then the Company shall pay interest (at the a
rate of eighteen percent (18%)), on the amount the arbitrator awards to Executive (exclusive of
attorneys’ fees and costs and expenses of the arbitration), such interest to be calculated from the
date the amount payable under Executive’s Proposed Solution would have been paid under this
Agreement, but for the dispute, through the date payment is made. Judgment may be entered on the
arbitrator’s award in any court having jurisdiction, including, if applicable, entry of a permanent
injunction under such Section 8(e) of this Agreement.

     Section 17. Entire Agreement. This Agreement sets forth the entire agreement of the
parties with respect to the matters provided for herein, and shall be final and binding as to all
claims that have been or could have been advanced on behalf of Executive pursuant to any claim
arising out of or related in any way to Executive’s employment with the Company and the termination
of that employment.

     Section 18. Counterparts. This Agreement may be executed in any number of
counterparts, each of which shall be deemed an original, but all of which together shall constitute
one and the same Agreement. Facsimile transmission of any executed original document shall be
deemed to be the same as the delivery of the executed original.

     Section 19. Dispute Resolution. Each and every dispute, controversy and contested
factual and legal determination arising under or in connection with this Agreement shall be
committed to and be resolved in accordance with the terms and conditions set forth in Section 16 of
this Agreement.

     Section 20. Miscellaneous. The headings used in this Agreement are for convenience
only, shall not be deemed to constitute a part hereof, and shall not be deemed to limit,
characterize or in any way affect the construction or enforcement of the provisions of this
Agreement. Wherever from the context that it appears appropriate, each term stated in either the
singular or plural shall include the singular and the plural and the pronouns stated in either the
masculine, feminine or the neuter gender shall include the masculine, feminine and neuter, and the
words “include,” “includes” and “including” shall mean “include, without limitation,” “includes,
without limitation” and “including, without limitation,” respectively. The subject matter and
language of this Agreement have been the subject of negotiations between the parties and their
respective counsel, and this Agreement has been jointly prepared by their respective counsel.
Accordingly, this Agreement shall not be construed against either party on the basis that this
Agreement was drafted by such party or its counsel. This Agreement shall be binding upon and inure
to the benefit of Executive and Executive’s heirs and personal representatives and the Company and
its successors, representatives and assigns.

(Signature page follows)

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     In Witness Whereof, this Agreement has been duly executed as of the dates set forth
below.

	 	 	 	 	 
	First Industrial Realty Trust, Inc.

 	 	 
	By:  	/s/ John H. Clayton 	 	Date: 8/22/08 
	 	John H. Clayton                                	 	 
	 	Title:  	VP — Corp. Legal 	 	 
	 

	 	 	 	 	 
	 	 	 
	 	 	/s/ Michael J. Havala 	 	  Date: 8/22/08 
	 	 	Michael J. Havala                         	 	 
	 	 	 

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Exhibit A

Section 7(b) — Pipeline Statement:

AVRO, LLC

Circuit City Stores Inc.

Pure Fishing, Inc.

Quad/Graphics Inc.

Rust-Oleum Corp.

Tricon Industries, Inc.

Uponor Corp.

Vi-Jon, Inc.

Affiliated Foods. Inc.

Arm & Hammer

BNSF Railway Co.

Cracker Barrel

Delphi Auto Systems, Corp.

DJ Orthopedics, Inc.

Greenheck Fan Corp.

Kuehne + Nagel International AG

Masimo Corp.

Penske Logistics LLC

Pick-Your-Part Auto Wrecking

The Goodyear Tire & Rubber Co.

TriMas Corp.

Union Pacific Corp.

Yellow Roadway Enterprise Services

A-1

 

Exhibit B

Mutual General Release of All Claims

     Whereas, Michael J. Havala (“Executive”) and First Industrial Realty Trust, Inc., a
Maryland corporation (the “Company”), have entered into a Separation and Release Agreement,
effective December 17, 2008 (the “Separation Agreement”), which requires the Executive to execute
this Mutual General Release of All Claims (the “Mutual Release”):

     Now, therefore, in consideration for payments and benefits provided by the Company as
set forth in the Separation Agreement, the sufficiency of which is hereby acknowledged by
Executive, and in consideration of the obligations of Executive under the Separation Agreement, the
sufficiency of which is hereby acknowledged by the Company, Executive and the Company hereby agree
as follows:

     1. For valuable consideration, the adequacy of which is hereby acknowledged, Executive on
behalf of himself and the other Executive Releasors (as defined below) releases and forever
discharges the Company and the other Company Releasees (as defined below) from any and all Claims
(as defined below) which Executive now has or claims, or might hereafter have or claim, whether
known or unknown, suspected or unsuspected (or the other Executive Releasors may have, to the
extent that it is derived from a Claim which Executive may have), against the Company Releasees
based upon or arising out of any matter or thing whatsoever, from the beginning of time to the date
affixed beneath Executive’s signature on this Mutual Release and shall include, without limitation,
Claims arising out of or related to Executive’s employment within the Company and the termination
thereof, the employment agreement between the Company and Executive dated March 31, 2002 (the
“Employment Agreement”) and Claims arising under (or alleged to have arisen under) (a) The Age
Discrimination in Employment Act of 1967, as amended; (b) Title VII of the Civil Rights Act of
1964, as amended; (c) The Civil Rights Act of 1991; (d) Section 1981 through 1988 of Title 42 of
the United States Code, as amended; (e) the Employee Retirement Income Security Act of 1974, as
amended; (f) the Immigration Reform and Control Act of 1986, as amended; (g) the Americans with
Disabilities Act of 1990, as amended; (h) the National Labor Relations Act, as amended; (i) the
Occupational Safety and Health Act of 1970 , as amended; (j) any state or local anti-discrimination
law; (k) any other local, state or federal law, regulation or ordinance; (l) any public policy,
contract, tort, or common law; or (m) any allegation for costs, fees, or other expenses including
attorneys’ fees incurred in these matters. Executive further releases any rights to recover
damages or other personal relief based on any claim or cause of action filed on Executive’s behalf
in court or any agency. Notwithstanding the above, Executive Releasors do not release any claim
duly filed pursuant to the group welfare and retirement plans of the Company or a claim filed
pursuant to any policy of liability insurance or the Company’s by-laws and nothing herein precludes
Executive Releasors from enforcing rights under this Mutual Release or the Separation Agreement.

     2. For purposes of this Mutual Release, the terms set forth below shall have the following
meanings:

B-1

 

          (a) The term “Claims” shall include any and all rights, claims, demands, debts, dues, sums of
money, accounts, attorneys’ fees, experts’ fees, complaints, judgments, executions, actions and
causes of action of any nature whatsoever, cognizable at law or equity.

          (b) The term “Company Releasees” shall include the Company and its affiliates and their
current, former and future officers, directors, trustees, members, employees, shareholders,
partners, attorneys, agents, assigns and administrators and fiduciaries under any employee benefit
plan of the Company and of any affiliate, and insurers, and their predecessors and successors.

          (c) The term “Executive Releasors” shall include Executive, and his family, heirs, executors,
representatives, agents, insurers, administrators, successors, assigns, and any other person
claiming through Executive.

     3. Executive acknowledges that: (a) Executive has read and understands this Mutual Release in
its entirety; (b) the payments and other benefits provided to Executive under the Separation
Agreement between Executive and the Company dated November 21, 2008 exceed the nature and scope of
that to which Executive would otherwise have been entitled to receive from the Company; (c)
Executive has been advised in writing to consult with an attorney about this Mutual Release before
signing and has had ample opportunity to do so; (d) Executive has been given twenty-one (21) days
to consider this Mutual Release before signing; (e) Executive has the right to revoke this Mutual
Release in full within seven (7) calendar days of signing it by providing written notice to the
Company, and that this Mutual Release shall not become effective until that seven-day revocation
period has expired; and (f) Executive enters into this Mutual Release knowingly and voluntarily,
without duress or reservation of any kind, and after having given the matter full and careful
consideration. Any revocation must be in writing and delivered to the principal headquarters
office of the Company, Attention: Vice President — Legal, with a copy concurrently so delivered to
Barack Ferrazzano Kirschbaum & Nagelberg LLP, 200 West Madison Street, Suite 3900, Chicago,
Illinois 60606, to the joint attention of Howard A. Nagelberg and Donald L. Norman, Jr. If sent by
mail, any revocation must be postmarked within the seven (7)-day period and sent by certified mail,
return receipt requested.

     4. The Company does hereby knowingly and voluntarily release and forever discharge Executive
from all Claims known or unknown, fixed or contingent, which it ever had, now has, or may have, or
which it hereafter can, shall, or may have, from the beginning of time through the date on which it
signs this Mutual Release, including without limitation those arising out of or related to
Executive’s employment or separation from employment with the Company; provided nothing herein
precludes the Company from enforcing its rights under this Mutual Release or the Separation
Agreement; provided, further, that the Company does not release or discharge any future claims
against Executive arising out of any acts or omissions of Executive (a) that as of the date of this
Mutual Release are known to Executive, which Executive fails to fully disclose to the Company, and
that have a material adverse future impact on the Company, or (b) that are fraudulent, dishonest or
criminal.

(Signature page follows)

B-2

 

     In Witness Whereof, this Mutual Release has been duly executed as of the dates set
forth below.

	 	 	 	 	 
	First Industrial Realty Trust, Inc.

 	 	 
	By:  	 /s/ John H. Clayton 	 	Date: 8/22/08 
	 	John H. Clayton                	 	 
	 	Title:  	 VP — Corp. Legal 	 	 
	 

	 	 	 	 	 
	 	 	 
	 	 	/s/ Michael J. Havala 	 	  Date: 8/22/08 
	 	 	Michael J. Havala                           	 	 
	 	 	 
	 

B-3exv4w1

Exhibit 4.1

THE SECURITIES REPRESENTED BY THIS INSTRUMENT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF
1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY STATE AND MAY NOT BE TRANSFERRED, SOLD OR OTHERWISE
DISPOSED OF EXCEPT WHILE A REGISTRATION STATEMENT RELATING THERETO IS IN EFFECT UNDER SUCH ACT AND
APPLICABLE STATE SECURITIES LAWS OR PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER SUCH ACT OR
SUCH LAWS. THIS INSTRUMENT IS ISSUED SUBJECT TO THE RESTRICTIONS ON TRANSFER AND OTHER PROVISIONS
OF A SECURITIES PURCHASE AGREEMENT BETWEEN THE ISSUER OF THESE SECURITIES AND THE INVESTOR REFERRED
TO THEREIN, A COPY OF WHICH IS ON FILE WITH THE ISSUER. THE SECURITIES REPRESENTED BY THIS
INSTRUMENT MA Y NOT BE SOLD OR OTHERWISE TRANSFERRED EXCEPT IN COMPLIANCE WITH SAID AGREEMENT. ANY
SALE OR OTHER TRANSFER NOT IN COMPLIANCE WITH SAID AGREEMENT WILL BE VOID.

WARRANT

to purchase

730,994

Shares of Common Stock

of BancTrust Financial Group, Inc.

Issue Date: December 19, 2008

     1. Definitions. Unless the context otherwise requires, when used herein the following
terms shall have the meanings indicated.

     “Affiliate” has the meaning ascribed to it in the Purchase Agreement.

     “Appraisal Procedure” means a procedure whereby two independent appraisers, one chosen by the
Company and one by the Original Warrantholder, shall mutually agree upon the determinations then
the subject of appraisal. Each party shall deliver a notice to the other appointing its appraiser
within 15 days after the Appraisal Procedure is invoked. If within 30 days after appointment of
the two appraisers they are unable to agree upon the amount in question, a third independent
appraiser shall be chosen within 10 days thereafter by the mutual consent of such first two
appraisers. The decision of the third appraiser so appointed and chosen shall be given within 30
days after the selection of such third appraiser. If three appraisers shall be appointed and the
determination of one appraiser is disparate from the middle determination by more than twice the
amount by which the other determination is disparate from the middle determination, then the
determination of such appraiser shall be excluded, the remaining two determinations shall be
averaged and such average shall be binding and conclusive upon the Company and the Original
Warrantholder; otherwise, the average of all three determinations shall be binding upon the
Company and the Original Warrantholder. The costs of conducting any Appraisal Procedure shall be
borne by the Company.

 

 

     “Board of Directors” means the board of directors of the Company, including any duly
authorized committee thereof.

     “Business Combination” means a merger, consolidation, statutory share exchange or similar
transaction that requires the approval of the Company’s stockholders.

     “business day” means any day except Saturday, Sunday and any day on which banking
institutions in the State of New York generally are authorized or required by law or other
governmental actions to close.

     “Capital Stock” means (A) with respect to any Person that is a corporation or company, any
and all shares, interests, participations or other equivalents (however designated) of capital
or capital stock of such Person and (B) with respect to any Person that is not a corporation or
company, any and all partnership or other equity interests of such Person.

     “Charter” means, with respect to any Person, its certificate or articles of incorporation,
articles of association, or similar organizational document.

     “Common Stock” has the meaning ascribed to it in the Purchase Agreement.

     “Company” means the Person whose name, corporate or other organizational form and
jurisdiction of organization is set forth in Item 1 of Schedule A hereto.

     “conversion” has the meaning set forth in Section 13(B).

     “convertible securities” has the meaning set forth in Section 13(B).

     “CPP” has the meaning ascribed to it in the Purchase Agreement.

     “Exchange Act” means the Securities Exchange Act of 1934, as amended, or any
successor statute, and the rules and regulations promulgated thereunder.

     “Exercise Price” means the amount set forth in Item 2 of Schedule A hereto.

     “Expiration Time” has the meaning set forth in Section 3.

     “Fair Market Value” means, with respect to any security or other property, the fair market
value of such security or other property as determined by the Board of Directors, acting in good
faith or, with respect to Section 14, as determined by the Original Warrantholder acting in good
faith. For so long as the Original Warrantholder holds this Warrant or any portion thereof, it may
object in writing to the Board of Director’s calculation of fair market value within 10 days of
receipt of written notice thereof. If the Original Warrantholder and the Company are unable to
agree on fair market value during the 10-day period following the delivery of the Original
Warrantholder’s objection, the Appraisal Procedure may be invoked by either party to determine
Fair Market Value by delivering written notification thereof not later than the 30th
day after delivery of the Original Warrantholder’s objection.

     “Governmental Entities” has the meaning ascribed to it in the Purchase Agreement.

     “Initial Number” has the meaning set forth in Section 13(B).

     “Issue Date” means the date set forth in Item 3 of Schedule A hereto.

2

 

     “Market Price” means, with respect to a particular security, on any given day, the last
reported sale price regular way or, in case no such reported sale takes place on such day, the
average of the last closing bid and ask prices regular way, in either case on the principal
national securities exchange on which the applicable securities are listed or admitted to trading,
or if not listed or admitted to trading on any national securities exchange, the average of the
closing bid and ask prices as furnished by two members of the Financial Industry Regulatory
Authority, Inc. selected from time to time by the Company for that purpose. “Market Price” shall
be determined without reference to after hours or extended hours trading. If such security is not
listed and traded in a manner that the quotations referred to above are available for the period
required hereunder, the Market Price per share of Common Stock shall be deemed to be (i) in the
event that any portion of the Warrant is held by the Original Warrantholder, the fair market value
per share of such security as determined in good faith by the Original Warrantholder or (ii) in
all other circumstances, the fair market value per share of such security as determined in good
faith by the Board of Directors in reliance on an opinion of a nationally recognized independent
investment banking corporation retained by the Company for this purpose and certified in a
resolution to the Warrantholder. For the purposes of determining the Market Price of the Common
Stock on the “trading day” preceding, on or following the occurrence of an event, (i) that trading
day shall be deemed to commence immediately after the regular scheduled closing time of trading on
the New York Stock Exchange or, if trading is closed at an earlier time, such earlier time and
(ii) that trading day shall end at the next regular scheduled closing time, or if trading is
closed at an earlier time, such earlier time (for the avoidance of doubt, and as an example, if
the Market Price is to be determined as of the last trading day preceding a specified event and
the closing time of trading on a particular day is 4:00 p.m. and the specified event occurs at
5:00 p.m. on that day, the Market Price would be determined by reference to such 4:00 p.m. closing
price).

     “Ordinary Cash Dividends” means a regular quarterly cash dividend on shares of Common Stock
out of surplus or net profits legally available therefor (determined in accordance with generally
accepted accounting principles in effect from time to time),provided that Ordinary Cash Dividends
shall not include any cash dividends paid subsequent to the Issue Date to the extent the aggregate
per share dividends paid on the outstanding Common Stock in any quarter exceed the amount set
forth in Item 4 of Schedule A hereto, as adjusted for any stock split, stock dividend, reverse
stock split, reclassification or similar transaction.

     “Original Warrantholder” means the United States Department of the Treasury. Any actions
specified to be taken by the Original Warrantholder hereunder may only be taken by such Person and
not by any other Warrantholder.

     “Permitted Transactions” has the meaning set forth in Section 13(B).

     “Person” has the meaning given to it in Section 3(a)(9) of the Exchange Act and as used in
Sections 13(d)(3) and 14(d)(2) of the Exchange Act.

     “Per Share Fair Market Value” has the meaning set forth in Section 13(C).

     “Preferred Shares” means the perpetual preferred stock issued to the Original
Warrantholder on the Issue Date pursuant to the Purchase Agreement.

3

 

     “Pro Rata Repurchases” means any purchase of shares of Common Stock by the Company or any
Affiliate thereof pursuant to (A) any tender offer or exchange offer subject to Section 13(e) or
14(e) of the Exchange Act or Regulation 14E promulgated thereunder or (B) any other offer
available to substantially all holders of Common Stock, in the case of both (A) or (B), whether
for cash, shares of Capital Stock of the Company, other securities of the Company, evidences of
indebtedness of the Company or any other Person or any other property (including, without
limitation, shares of Capital Stock, other securities or evidences of indebtedness of a
subsidiary), or any combination thereof, effected while this Warrant is outstanding. The
“Effective Date” of a Pro Rata Repurchase shall mean the date of acceptance of shares for purchase
or exchange by the Company under any tender or exchange offer which is a Pro Rata Repurchase or
the date of purchase with respect to any Pro Rata Repurchase that is not a tender or exchange
offer.

     “Purchase Agreement” means the Securities Purchase Agreement — Standard Terms incorporated
into the Letter Agreement, dated as of the date set forth in Item 5 of Schedule A hereto, as
amended from time to time, between the Company and the United States Department of the Treasury
(the “Letter Agreement”),including all annexes and schedules thereto.

     “Qualified Equity Offering” has the meaning ascribed to it in the Purchase Agreement.

     “Regulatory Approvals” with respect to the Warrantholder, means, to the extent applicable and
required to permit the Warrantholder to exercise this Warrant for shares of Common Stock and to own
such Common Stock without the Warrantholder being in violation of applicable law, rule or
regulation, the receipt of any necessary approvals and authorizations of, filings and registrations
with, notifications to, or expiration or termination of any applicable waiting period under, the
Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, and the rules and regulations
thereunder.

     “SEC’ means the U.S. Securities and Exchange Commission.

     “Securities Act” means the Securities Act of 1933, as amended, or any successor statute, and
the rules and regulations promulgated thereunder.

     “Shares” has the meaning set forth in Section 2.

     “trading day” means (A) if the shares of Common Stock are not traded on any national or
regional securities exchange or association or over-the-counter market, a business day or (B) if
the shares of Common Stock are traded on any national or regional securities exchange or
association or over-the-counter market, a business day on which such relevant exchange or
quotation system is scheduled to be open for business and on which the shares of Common Stock (i)
are not suspended from trading on any national or regional securities exchange or association or
over-the-counter market for any period or periods aggregating one half hour or longer; and (ii)
have traded at least once on the national or regional securities exchange or association or
over-the-counter market that is the primary market for the trading of the shares of Common Stock.

     “U.S. GAAP” means United States generally accepted accounting principles.

4

 

     “Warrantholder” has the meaning set forth in Section 2.

     “Warrant” means this Warrant, issued pursuant to the Purchase Agreement.

     2. Number of Shares; Exercise Price. This certifies that, for value received, the
United States Department of the Treasury or its permitted assigns (the “Warrantholder”) is
entitled, upon the terms and subject to the conditions hereinafter set forth, to acquire from the
Company, in whole or in part, after the receipt of all applicable Regulatory Approvals, if any, up
to an aggregate of the number of fully paid and nonassessable shares of Common Stock set forth in
Item 6 of Schedule A hereto, at a purchase price per share of Common Stock equal to the Exercise
Price. The number of shares of Common Stock (the “Shares”) and the Exercise Price are subject to
adjustment as provided herein, and all references to “Common Stock,” “Shares” and “Exercise Price”
herein shall be deemed to include any such adjustment or series of adjustments.

     3. Exercise of Warrant; Term. Subject to Section 2, to the extent permitted by
applicable laws and regulations, the right to purchase the Shares represented by this Warrant is
exercisable, in whole or in part by the Warrantholder, at any time or from time to time after the
execution and delivery of this Warrant by the Company on the date hereof, but in no event later
than 5:00 p.m., New York City time on the tenth anniversary of the Issue Date (the “Expiration
Time”), by (A) the surrender of this Warrant and Notice of Exercise annexed hereto, duly completed
and executed on behalf of the Warrantholder, at the principal executive office of the Company
located at the address set forth in Item 7 of Schedule A hereto (or such other office or agency of
the Company in the United States as it may designate by notice in writing to the Warrantholder at
the address of the Warrantholder appearing on the books of the Company), and (B) payment of the
Exercise Price for the Shares thereby purchased:

          (i) by having the Company withhold, from the shares of Common Stock that would otherwise be
delivered to the Warrantholder upon such exercise, shares of Common stock issuable upon exercise of
the Warrant equal in value to the aggregate Exercise Price as to which this Warrant is so exercised
based on the Market Price of the Common Stock on the trading day on which this Warrant is exercised
and the Notice of Exercise is delivered to the Company pursuant to this Section 3, or

          (ii) with the consent of both the Company and the Warrantholder, by tendering in cash, by
certified or cashier’s check payable to the order of the Company, or by wire transfer of
immediately available funds to an account designated by the Company.

          If the Warrantholder does not exercise this Warrant in its entirety, the Warrantholder will
be entitled to receive from the Company within a reasonable time, and in any event not exceeding
three business days, a new warrant in substantially identical form for the purchase of that
number of Shares equal to the difference between the number of Shares subject to this Warrant and
the number of Shares as to which this Warrant is so exercised. Notwithstanding anything in this
Warrant to the contrary, the Warrantholder hereby acknowledges and agrees that its exercise of
this Warrant for Shares is subject to the condition that the Warrantholder will have first
received any applicable Regulatory Approvals.

     4. Issuance of Shares; Authorization; Listing. Certificates for Shares issued upon
exercise of this Warrant will be issued in such name or names as the Warrantholder may

5

 

designate and will be delivered to such named Person or Persons within a reasonable time, not to
exceed three business days after the date on which this Warrant has been duly exercised in
accordance with the terms of this Warrant. The Company hereby represents and warrants that any
Shares issued upon the exercise of this Warrant in accordance with the provisions of Section 3
will be duly and validly authorized and issued, fully paid and nonassessable and free from all
taxes, liens and charges (other than liens or charges created by the Warrantholder, income and
franchise taxes incurred in connection with the exercise of the Warrant or taxes in respect of any
transfer occurring contemporaneously therewith). The Company agrees that the Shares so issued will
be deemed to have been issued to the Warrantholder as of the close of business on the date on
which this Warrant and payment of the Exercise Price are delivered to the Company in accordance
with the terms of this Warrant, notwithstanding that the stock transfer books of the Company may
then be closed or certificates representing such Shares may not be actually delivered on such
date. The Company will at all times reserve and keep available, out of its authorized but unissued
Common Stock, solely for the purpose of providing for the exercise of this Warrant, the aggregate
number of shares of Common Stock then issuable upon exercise of this Warrant at any time. The
Company will (A) procure, at its sole expense, the listing of the Shares issuable upon exercise of
this Warrant at any time, subject to issuance or notice of issuance, on all principal stock
exchanges on which the Common Stock is then listed or traded and (B) maintain such listings of
such Shares at all times after issuance. The Company will use reasonable best efforts to ensure
that the Shares may be issued without violation of any applicable law or regulation or of any
requirement of any securities exchange on which the Shares are listed or traded.

     5. No Fractional Shares or Scrip. No fractional Shares or scrip representing
fractional Shares shall be issued upon any exercise of this Warrant. In lieu of any fractional
Share to which the Warrantholder would otherwise be entitled, the Warrantholder shall be
entitled to receive a cash payment equal to the Market Price of the Common Stock on the last
trading day preceding the date of exercise less the pro-rated Exercise Price for such
fractional share.

     6. No Rights as Stockholders; Transfer Books. This Warrant does not entitle the
Warrantholder to any voting rights or other rights as a stockholder of the Company prior to the
date of exercise hereof. The Company will at no time close its transfer books against transfer of
this Warrant in any manner which interferes with the timely exercise of his Warrant.

     7. Charges, Taxes and Expenses. Issuance of certificates for Shares to the
Warrantholder upon the exercise of this Warrant shall be made without charge to the Warrantholder
for any issue or transfer tax or other incidental expense in respect of the issuance of such
certificates, all of which taxes and expenses shall be paid by the Company.

     8. Transfer/Assignment.

     (A) Subject to compliance with clause (B) of this Section 8, this Warrant and all rights
hereunder are transferable, in whole or in part, upon the books of the Company by the registered
holder hereof in person or by duly authorized attorney, and a new warrant shall be made and
delivered by the Company, of the same tenor and date as this Warrant but registered in the name of
one or more transferees, upon surrender of this Warrant, duly endorsed, to the office or agency of
the Company described in Section 3. All expenses (other than stock transfer taxes) and other
charges payable in connection with the preparation, execution and delivery of the new warrants
pursuant to this Section 8 shall be paid by the Company.

6

 

     (B) The transfer of the Warrant and the Shares issued upon exercise of the Warrant
are subject to the restrictions set forth in Section 4.4 of the Purchase Agreement. If and for so
long as required by the Purchase Agreement, this Warrant shall contain the legends as set forth in
Sections 4.2(a) and 4.2(b) of the Purchase Agreement.

     9. Exchange and Registry of Warrant. This Warrant is exchangeable, upon the
surrender hereof by the Warrantholder to the Company, for a new warrant or warrants of like tenor
and representing the right to purchase the same aggregate number of Shares. The Company shall
maintain a registry showing the name and address of the Warrantholder as the registered holder of
this Warrant. This Warrant may be surrendered for exchange or exercise in accordance with its
terms, at the office of the Company, and the Company shall be entitled to rely in all respects,
prior to written notice to the contrary, upon such registry.

     10. Loss, Theft, Destruction or Mutilation of Warrant. Upon receipt by the Company
of evidence reasonably satisfactory to it of the loss, theft, destruction or mutilation of this
Warrant, and in the case of any such loss, theft or destruction, upon receipt of a bond,
indemnity or security reasonably satisfactory to the Company, or, in the case of any such
mutilation, upon surrender and cancellation of this Warrant, the Company shall make and deliver,
in lieu of such lost, stolen, destroyed or mutilated Warrant, a new Warrant of like tenor and
representing the right to purchase the same aggregate number of Shares as provided for in such
lost, stolen, destroyed or mutilated Warrant.

     11. Saturdays, Sundays, Holidays, etc. If the last or appointed day for the taking of
any action or the expiration of any right required or granted herein shall not be a business day,
then such action may be taken or such right may be exercised on the next succeeding day that is a
business day.

     12. Rule 144 Information. The Company covenants that it will use its reasonable best
efforts to timely file all reports and other documents required to be filed by it under the
Securities Act and the Exchange Act and the rules and regulations promulgated by the SEC
thereunder (or, if the Company is not required to file such reports, it will, upon the request of
any Warrantholder, make publicly available such information as necessary to permit sales pursuant
to Rule 144 under the Securities Act), and it will use reasonable best efforts to take such
further action as any Warrantholder may reasonably request, in each case to the extent required
from time to time to enable such holder to, if permitted by the terms of this Warrant and the
Purchase Agreement, sell this Warrant without registration under the Securities Act within the
limitation of the exemptions provided by (A) Rule 144 under the Securities Act, as such rule may
be amended from time to time, or (B) any successor rule or regulation hereafter adopted by the
SEC. Upon the written request of any Warrantholder, the Company will deliver to such Warrantholder
a written statement that it has complied with such requirements.

     13. Adjustments and Other Rights. The Exercise Price and the number of Shares
issuable upon exercise of this Warrant shall be subject to adjustment from time to time as
follows; provided, that if more than one subsection of this Section 13 is applicable to a
single event, the subsection shall be applied that produces the largest adjustment and no
single event shall cause an adjustment under more than one subsection of this Section 13 so as
to result in duplication:

     (A) Stock Splits, Subdivisions, Reclassifications or Combinations. If the Company
shall (i) declare and pay a dividend or make a distribution on its Common Stock in shares of

7

 

Common Stock, (ii) subdivide or reclassify the outstanding shares of Common Stock into a greater
number of shares, or (iii) combine or reclassify the outstanding shares of Common Stock into a
smaller number of shares, the number of Shares issuable upon exercise of this Warrant at the time
of the record date for such dividend or distribution or the effective date of such subdivision,
combination or reclassification shall be proportionately adjusted so that the Warrantholder after
such date shall be entitled to purchase the number of shares of Common Stock which such holder
would have owned or been entitled to receive in respect of the shares of Common Stock subject to
this Warrant after such date had this Warrant been exercised immediately prior to such date. In
such event, the Exercise Price in effect at the time of the record date for such dividend or
distribution or the effective date of such subdivision, combination or reclassification shall be
adjusted to the number obtained by dividing (x) the product of (1) the number of Shares issuable
upon the exercise of this Warrant before such adjustment and (2) the Exercise Price in effect
immediately prior to the record or effective date, as the case may be, for the dividend,
distribution, subdivision, combination or reclassification giving rise to this adjustment by (y)
the new number of Shares issuable upon exercise of the Warrant determined pursuant to the
immediately preceding sentence.

     (B) Certain Issuances of Common Shares or Convertible Securities. Until the earlier
of (i) the date on which the Original Warrantholder no longer holds this Warrant or any portion
thereof and (ii) the third anniversary of the Issue Date, if the Company shall issue shares of
Common Stock (or rights or warrants or other securities exercisable or convertible into or
exchangeable (collectively, a “conversion”) for shares of Common Stock) (collectively,
“convertible securities”) (other than in Permitted Transactions (as defined below) or a
transaction to which subsection (A) of this Section 13 is applicable) without consideration or at
a consideration per share (or having a conversion price per share) that is less than 90% of the
Market Price on the last trading day preceding the date of the agreement on pricing such shares
(or such convertible securities) then, in such event:

(A) the number of Shares issuable upon the exercise of this Warrant immediately
prior to the date of the agreement on pricing of such shares (or of such convertible
securities) (the “Initial Number”) shall be increased to the number obtained by
multiplying the Initial Number by a fraction (A) the numerator of which shall be the
sum of (x) the number of shares of Common Stock of the Company outstanding on such
date and (y) the number of additional shares of Common Stock issued (or into which
convertible securities may be exercised or convert) and (B) the denominator of which
shall be the sum of (I) the number of shares of Common Stock outstanding on such
date and (II) the number of shares of Common Stock which the aggregate consideration
receivable by the Company for the total number of shares of Common Stock so issued
(or into which convertible securities may be exercised or convert) would purchase at
the Market Price on the last trading day preceding the date of the agreement on
pricing such shares (or such convertible securities); and

(B) the Exercise Price payable upon exercise of the Warrant shall be adjusted by
multiplying such Exercise Price in effect immediately prior to the date of the
agreement on pricing of such shares (or of such convertible securities) by a
fraction, the numerator of which shall be the number of shares of Common Stock

8

 

issuable upon exercise of this Warrant prior to such date and the denominator of
which shall be the number of shares of Common Stock issuable upon exercise of this
Warrant immediately after the adjustment described in clause (A) above.

     For purposes of the foregoing, the aggregate consideration receivable by the Company in
connection with the issuance of such shares of Common Stock or convertible securities shall be
deemed to be equal to the sum of the net offering price (including the Fair Market Value of any
non-cash consideration and after deduction of any related expenses payable to third parties) of all
such securities plus the minimum aggregate amount, if any, payable upon exercise or conversion of
any such convertible securities into shares of Common Stock; and “Permitted Transactions” shall
mean issuances (i) as consideration for or to fund the acquisition of businesses and/or related
assets, (ii) in connection with employee benefit plans and compensation related arrangements in the
ordinary course and consistent with past practice approved by the Board of Directors, (iii) in
connection with a public or broadly marketed offering and sale of Common Stock or convertible
securities for cash conducted by the Company or its affiliates pursuant to registration under the
Securities Act or Rule 144A thereunder on a basis consistent with capital raising transactions by
comparable financial institutions and (iv) in connection with the exercise of preemptive rights on
terms existing as of the Issue Date. Any adjustment made pursuant to this Section 13(B) shall
become effective immediately upon the date of such issuance.

     (C) Other Distributions. In case the Company shall fix a record date for the making of
a distribution to all holders of shares of its Common Stock of securities, evidences of
indebtedness, assets, cash, rights or warrants (excluding Ordinary Cash Dividends, dividends of its
Common Stock and other dividends or distributions referred to in Section 13(A)), in each such case,
the Exercise Price in effect prior to such record date shall be reduced immediately thereafter to
the price determined by multiplying the Exercise Price in effect immediately prior to the reduction
by the quotient of (x) the Market Price of the Common Stock on the last trading day preceding the
first date on which the Common Stock trades regular way on the principal national securities
exchange on which the Common Stock is listed or admitted to trading without the right to receive
such distribution, minus the amount of cash and/or the Fair Market Value of the securities,
evidences of indebtedness, assets, rights or warrants to be so distributed in respect of one share
of Common Stock (such amount and/or Fair Market Value, the “Per Share Fair Market Value”) divided
by (y) such Market Price on such date specified in clause (x); such adjustment shall be made
successively whenever such a record date is fixed. In such event, the number of Shares issuable
upon the exercise of this Warrant shall be increased to the number obtained by dividing (x) the
product of (1) the number of Shares issuable upon the exercise of this Warrant before such
adjustment, and (2) the Exercise Price in effect immediately prior to the distribution giving rise
to this adjustment by (y) the new Exercise Price determined in accordance with the immediately
preceding sentence. In the case of adjustment for a cash dividend that is, or is coincident with, a
regular quarterly cash dividend, the Per Share Fair Market Value would be reduced by the per share
amount of the portion of the cash dividend that would constitute an Ordinary Cash Dividend. In the
event that such distribution is not so made, the Exercise Price and the number of Shares issuable
upon exercise of this Warrant then in effect shall be readjusted, effective as of the date when the
Board of Directors determines not to distribute such shares, evidences of indebtedness, assets,
rights, cash or warrants, as the case may be, to the Exercise Price that would then be in effect
and the number of Shares that would then be issuable upon exercise of this Warrant if such record
date had not been fixed.

9

 

(D) Certain Repurchases of Common Stock. In case the Company effects a Pro Rata
Repurchase of Common Stock, then the Exercise Price shall be reduced to the price determined by
multiplying the Exercise Price in effect immediately prior to the Effective Date of such Pro Rata
Repurchase by a fraction of which the numerator shall be (i) the product of (x) the number of
shares of Common Stock outstanding immediately before such Pro Rata Repurchase and (y) the Market
Price of a share of Common Stock on the trading day immediately preceding the first public
announcement by the Company or any of its Affiliates of the intent to effect such Pro Rata
Repurchase, minus (ii) the aggregate purchase price of the Pro Rata Repurchase, and of which the
denominator shall be the product of (i) the number of shares of Common Stock outstanding
immediately prior to such Pro Rata Repurchase minus the number of shares of Common Stock so
repurchased and (ii) the Market Price per share of Common Stock on the trading day immediately
preceding the first public announcement by the Company or any of its Affiliates of the intent to
effect such Pro Rata Repurchase. In such event, the number of shares of Common Stock issuable upon
the exercise of this Warrant shall be increased to the number obtained by dividing (x) the product
of (1) the number of Shares issuable upon the exercise of this Warrant before such adjustment, and
(2) the Exercise Price in effect immediately prior to the Pro Rata Repurchase giving rise to this
adjustment by (y) the new Exercise Price determined in accordance with the immediately preceding
sentence. For the avoidance of doubt, no increase to the Exercise Price or decrease in the number
of Shares issuable upon exercise of this Warrant shall be made pursuant to this Section 13(D).

     (E) Business Combinations. In case of any Business Combination or reclassification
of Common Stock (other than a reclassification of Common Stock referred to in Section 13(A)), the
Warrantholder’s right to receive Shares upon exercise of this Warrant shall be converted into the
right to exercise this Warrant to acquire the number of shares of stock or other securities or
property (including cash) which the Common Stock issuable (at the time of such Business
Combination or reclassification) upon exercise of this Warrant immediately prior to such Business
Combination or reclassification would have been entitled to receive upon consummation of such
Business Combination or reclassification; and in any such case, if necessary, the provisions set
forth herein with respect to the rights and interests thereafter of the Warrantholder shall be
appropriately adjusted so as to be applicable, as nearly as may reasonably be, to the
Warrantholder’s right to exercise this Warrant in exchange for any shares of stock or other
securities or property pursuant to this paragraph. In determining the kind and amount of stock,
securities or the property receivable upon exercise of this Warrant following the consummation of
such Business Combination, if the holders of Common Stock have the right to elect the kind or
amount of consideration receivable upon consummation of such Business Combination, then the
consideration that the Warrantholder shall be entitled to receive upon exercise shall be deemed to
be the types and amounts of consideration received by the majority of all holders of the shares of
common stock that affirmatively make an election (or of all such holders if none make an
election).

     (F) Rounding of Calculations; Minimum Adjustments. All calculations under this
Section 13 shall be made to the nearest one-tenth (1/10th) of a cent or to the nearest one
hundredth (1/100th) of a share, as the case may be. Any provision of this Section 13 to the
contrary notwithstanding, no adjustment in the Exercise Price or the number of Shares into which
this Warrant is exercisable shall be made if the amount of such adjustment would be less than
$0.01 or one-tenth (1/10th) of a share of Common Stock, but any such amount shall be carried
forward and an adjustment with respect thereto shall be made at the time of and

10

 

together with any subsequent adjustment which, together with such amount and any other amount or
amounts so carried forward, shall aggregate $0.01 or 1/10th of a share of Common Stock, or more.

     (G) Timing of Issuance of Additional Common Stock Upon Certain Adjustments. In
any case in which the provisions of this Section 13 shall require that an adjustment shall become
effective immediately after a record date for an event, the Company may defer until the occurrence
of such event (i) issuing to the Warrantholder of this Warrant exercised after such record date
and before the occurrence of such event the additional shares of Common Stock issuable upon such
exercise by reason of the adjustment required by such event over and above the shares of Common
Stock issuable upon such exercise before giving effect to such adjustment and (ii) paying to such
Warrantholder any amount of cash in lieu of a fractional share of Common Stock; provided, however,
that the Company upon request shall deliver to such Warrantholder a due bill or other appropriate
instrument evidencing such Warrantholder’s right to receive such additional shares, and such cash,
upon the occurrence of the event requiring such adjustment.

     (H) Completion of Qualified Equity Offering. In the event the Company (or any
successor by Business Combination) completes one or more Qualified Equity Offerings on or prior to
December 31, 2009 that result in the Company (or any such successor) receiving aggregate gross
proceeds of not less than 100% of the aggregate liquidation preference of the Preferred Shares
(and any preferred stock issued by any such successor to the Original Warrantholder under the
CPP), the number of shares of Common Stock underlying the portion of this Warrant then held by the
Original Warrantholder shall be thereafter reduced by a number of shares of Common Stock equal to
the product of (i) 0.5 and (ii) the number of shares underlying the Warrant on the Issue Date
(adjusted to take into account all other theretofore made adjustments pursuant to this Section
13).

     (I) Other Events. For so long as the Original Warrantholder holds this Warrant or
any portion thereof, if any event occurs as to which the provisions of this Section 13 are not
strictly applicable or, if strictly applicable, would not, in the good faith judgment of the Board
of Directors of the Company, fairly and adequately protect the purchase rights of the Warrants in
accordance with the essential intent and principles of such provisions, then the Board of
Directors shall make such adjustments in the application of such provisions, in accordance with
such essential intent and principles, as shall be reasonably necessary, in the good faith opinion
of the Board of Directors, to protect such purchase rights as aforesaid. The Exercise Price or the
number of Shares into which this Warrant is exercisable shall not be adjusted in the event of a
change in the par value of the Common Stock or a change in the jurisdiction of incorporation of
the Company.

     (J) Statement Regarding Adjustments. Whenever the Exercise Price or the number of
Shares into which this Warrant is exercisable shall be adjusted as provided in Section 13, the
Company shall forthwith file at the principal office of the Company a statement showing in
reasonable detail the facts requiring such adjustment and the Exercise Price that shall be in
effect and the number of Shares into which this Warrant shall be exercisable after such adjustment,
and the Company shall also cause a copy of such statement to be sent by mail, first class postage
prepaid, to each Warrantholder at the address appearing in the Company’s records.

11

 

     (K) Notice of Adjustment Event. In the event that the Company shall propose to take
any action of the type described in this Section 13 (but only if the action of the type described
in this Section 13 would result in an adjustment in the Exercise Price or the number of Shares
into which this Warrant is exercisable or a change in the type of securities or property to be
delivered upon exercise of this Warrant), the Company shall give notice to the Warrantholder, in
the manner set forth in Section 13(J), which notice shall specify the record date, if any, with
respect to any such action and the approximate date on which such action is to take place. Such
notice shall also set forth the facts with respect thereto as shall be reasonably necessary to
indicate the effect on the Exercise Price and the number, kind or class of shares or other
securities or property which shall be deliverable upon exercise of this Warrant. In the case of
any action which would require the fixing of a record date, such notice shall be given at least 10
days prior to the date so fixed, and in case of all other action, such notice shall be given at
least 15 days prior to the taking of such proposed action. Failure to give such notice, or any
defect therein, shall not affect the legality or validity of any such action.

     (L) Proceedings Prior to Any Action Requiring Adjustment. As a condition precedent
to the taking of any action which would require an adjustment pursuant to this Section 13, the
Company shall take any action which may be necessary, including obtaining regulatory, New York
Stock Exchange, NASDAQ Stock Market or other applicable national securities exchange or
stockholder approvals or exemptions, in order that the Company may thereafter validly and legally
issue as fully paid and nonassessable all shares of Common Stock that the Warrantholder is
entitled to receive upon exercise of this Warrant pursuant to this Section 13.

     (M) Adjustment Rules. Any adjustments pursuant to this Section 13 shall be made
successively whenever an event referred to herein shall occur. If an adjustment in Exercise Price
made hereunder would reduce the Exercise Price to an amount below par value of the Common Stock,
then such adjustment in Exercise Price made hereunder shall reduce the Exercise Price to the par
value of the Common Stock.

     14. Exchange. At any time following the date on which the shares of Common Stock
of the Company are no longer listed or admitted to trading on a national securities exchange (other
than in connection with any Business Combination), the Original Warrantholder may cause the Company
to exchange all or a portion of this Warrant for an economic interest (to be determined by the
Original Warrantholder after consultation with the Company) of the Company classified as permanent
equity under U.S. GAAP having a value equal to the Fair Market Value of the portion of the Warrant
so exchanged. The Original Warrantholder shall calculate any Fair Market Value required to be
calculated pursuant to this Section 14, which shall not be subject to the Appraisal Procedure.

     15. No Impairment. The Company will not, by amendment of its Charter or through
any reorganization, transfer of assets, consolidation, merger, dissolution, issue or sale of
securities or any other voluntary action, avoid or seek to avoid the observance or performance of
any of the terms to be observed or performed hereunder by the Company, but will at all times in
good faith assist in the carrying out of all the provisions of this Warrant and in taking of all
such action as may be necessary or appropriate in order to protect the rights of the
Warrantholder.

12

 

     16. Governing Law. This Warrant will be governed by and construed in accordance with
the federal law of the United States if and to the extent such law is applicable, and otherwise in
accordance with the laws of the State of New York applicable to contracts made and to be performed
entirely within such State. Each of the Company and the Warrantholder agrees (a) to submit to the
exclusive jurisdiction and venue of the United States District Court for the District of Columbia
for any civil action, suit or proceeding arising out of or relating to this Warrant or the
transactions contemplated hereby, and (b) that notice may be served upon the Company at the
address in Section 20 below and upon the Warrantholder at the address for the Warrantholder set
forth in the registry maintained by the Company pursuant to Section 9 hereof. To the extent
permitted by applicable law, each of the Company and the Warrantholder hereby unconditionally
waives trial by jury in any civil legal action or proceeding relating to the Warrant or the
transactions contemplated hereby or thereby.

     17. Binding Effect. This Warrant shall be binding upon any successors or assigns of
the Company.

     18. Amendments. This Warrant may be amended and the observance of any term of
this Warrant may be waived only with the written consent of the Company and the
Warrantholder.

     19. Prohibited Actions. The Company agrees that it will not take any action which
would entitle the Warrantholder to an adjustment of the Exercise Price if the total number of
shares of Common Stock issuable after such action upon exercise of this Warrant, together with
all shares of Common Stock then outstanding and all shares of Common Stock then issuable upon the
exercise of all outstanding options, warrants, conversion and other rights, would exceed the
total number of shares of Common Stock then authorized by its Charter.

     20. Notices. Any notice, request, instruction or other document to be given hereunder
by any party to the other will be in writing and will be deemed to have been duly given (a) on the
date of delivery if delivered personally, or by facsimile, upon confirmation of receipt, or (b) on
the second business day following the date of dispatch if delivered by a recognized next day
courier service. All notices hereunder shall be delivered as set forth in Item 8 of Schedule A
hereto, or pursuant to such other instructions as may be designated in writing by the party to
receive such notice.

     21. Entire Agreement. This Warrant, the forms attached hereto and Schedule A hereto
(the terms of which are incorporated by reference herein), and the Letter Agreement (including all
documents incorporated therein), contain the entire agreement between the parties with respect to
the subject matter hereof and supersede all prior and contemporaneous arrangements or undertakings
with respect thereto.

[Remainder of page intentionally left blank]

13

 

[Form of Notice of Exercise]

  Date:                                         

TO:      [Company]

RE:      Election to Purchase Common Stock

     The undersigned, pursuant to the provisions set forth in the attached Warrant, hereby agrees
to subscribe for and purchase the number of shares of the Common Stock set forth below covered by
such Warrant. The undersigned, in accordance with Section 3 of the Warrant, hereby agrees to pay
the aggregate Exercise Price for such shares of Common Stock in the manner set forth below. A new
warrant evidencing the remaining shares of Common Stock covered by such Warrant, but not yet
subscribed for and purchased, if any, should be issued in the name set forth below.

Number of Shares of Common Stock                                         

Method of Payment of Exercise Price (note if cashless exercise pursuant to Section 3(i) of the
Warrant or cash exercise pursuant to Section 3(ii) of the Warrant, with consent of the Company
and the Warrantholder)

	 	 	 	 	 
	Aggregate Exercise Price:
	 	 	 	 
	 

	 	 

	 	 
	 
	 	 	 	 
	 

	 	 	 	 

	 	 	 	 	 	 	 
	 

	 	Holder:	 	 	 	 
	 

	 	By:
	 	 

	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	Title:	 	 	 	 
	 

	 	 	 	 	 	 

14

 

     IN WITNESS WHEREOF, the Company has caused this Warrant to be duly executed by a duly
authorized officer.

Dated: December 19, 2008

	 	 	 	 	 	 	 
	 	COMPANY: BancTrust Financial Group, Inc.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ W. Bibb Lamar, Jr.	 	 
	 

	 	 	 	 

W. Bibb Lamar, Jr.
	 	 
	 

	 	 	 	President and Chief Executive Officer	 	 
	 
	 	 	 	 	 	 
	 	Attest:	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ F. Michael Johnson	 	 
	 

	 	 	 	 

F. Michael Johnson
	 	 
	 

	 	 	 	Secretary	 	 

[Signature Page to Warrant]

15

 

SCHEDULE A

Item 1
Name: BancTrust Financial Group, Inc.

Corporate or other organizational form: Corporation

Jurisdiction of organization: Alabama

Item 2

Exercise Price1 $10.26

Item 3
Issue Date: December 19, 2008

Item 4

Amount of last dividend declared prior to the Issue Date: $0.13 per share

Item 5 

Date of Letter Agreement between the Company and the United States
Department of the
Treasury: December 19, 2008

Item 6

Number of shares of Common Stock: 730,994

Item 7 

Company’s address: 100 St. Joseph Street

                                  Mobile, Alabama 36602

	 	 	 
	Item 8 
	 	 
	Notice Information:

	 	F. Michael Johnson, CFO BancTrust
	 

	 	BancTrust Financial Group, Inc.
	 

	 	P O Box 3067
	 

	 	Mobile, AL  36652
	 

	 	Voice:   251-431-7813
	 

	 	Fax:           251-431-7851
	 

	 	Email:   fmj@banktrustonline.com

 

			
	1	 	Initial exercise price to be calculated based on the average of closing prices of the
Common Stock on the 20 trading days ending on the last trading day prior to the date the Company’s
application for participation in the Capital Purchase Program was approved by the United States
Department of the Treasury.

16

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