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                                                                   EXHIBIT 10.12

                          PENSKE AUTOMOTIVE GROUP, INC.
                            MANAGEMENT INCENTIVE PLAN
                            (EFFECTIVE JULY 1, 2003)

1.   PURPOSE. The purpose of the Penske Automotive Group, Inc. Management
     Incentive Plan is to advance the interests of Penske Automotive Group,
     Inc., and its stockholders by motivating key personnel of the Company to
     take actions that will promote the Company's long-term success and growth.

2.   DEFINITIONS

     (a)  "Award" means an award entitling a Participant to receive incentive
          compensation subject to the terms and conditions of the Plan.

     (b)  "Board" means the Company's Board of Directors.

     (c)  "Code" means the Internal Revenue Code of 1986, as amended.

     (d)  "Committee" means the Compensation and Management Development
          Committee of the Board or any subcommittee thereof delegated by the
          Compensation and Management Development Committee to administer the
          Plan, or any other committee appointed by the Board to administer the
          Plan; provided, however, that in any event the Committee shall be
          comprised of not less than two directors of the Company, each of whom
          shall qualify as an "outside director" for purposes of Section 162(m)
          of the Code and Section 1.162-27 (e) (3) of the Regulations.

     (e)  "Common Stock" means shares of common stock, par value $.0001 per
          share, of the Company.

     (f)  "Company" means Penske Automotive Group, Inc., a Delaware corporation.

     (g)  "Fair Market Value" means the fair market value of a share of Common
          Stock as determined by the Committee from time to time. Unless
          determined otherwise by the Committee, the fair market value shall be
          the closing price of the Common Stock on the New York Stock Exchange
          on the relevant date or, if no sale occurred on such date, the closing
          price on the nearest preceding date on which sales occurred.

     (h)  "Officer" means a Participant who is an officer of the Company.

     (i)  "Participant" means a key employee of the Company or a Subsidiary who
          is selected by the Committee to participate in the Plan.

     (j)  "Performance Objectives" means the performance objectives established
          pursuant to this Plan for Participants who have received Awards.
          Performance Objectives

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          may be described in terms of Company-wide objectives or objectives
          that are related to the performance of the individual Participant or
          the Subsidiary, division, region, product line, department or function
          in which the Participant is employed or which is managed by the
          Participant. Any Performance Objectives applicable to a Qualified
          Performance-Based Award shall be limited to specified levels of or
          increases or decreases in return on equity, earnings per share, total
          earnings, earnings growth, earnings from continuing operations, return
          on capital, return on assets, gross profit, earnings before interest
          and taxes, sales, sales growth, gross margin, cost reduction goals,
          fixed cost coverage measurements (including, but not limited to, the
          ratio of service and parts revenues to operating costs), return on
          investment, increase in the fair market value of the Common Stock,
          share price (including, but not limited to, growth measures and total
          stockholder return), market capitalization, operating profit, net
          income, cash flow (including, but not limited to, operating cash flow
          and free cash flow), financial return ratios, total return to
          shareholders, market share, earnings measures/ratios, balance sheet
          measurements (including, but not limited to, debt to equity ratios and
          inventory or receivable turnover), human resources measurements
          (including, but not limited to, measurements of employee turnover,
          workers' compensation costs and employee satisfaction), internal rate
          of return, unit sales, same store sales, customer satisfaction and
          productivity. If the Committee determines that a change in the
          business, operations, corporate structure or capital structure of the
          Company, or the manner in which it conducts its business, or other
          events or circumstances render the Performance Objectives unsuitable,
          the Committee may modify such Performance Objectives or the related
          minimum acceptable level of achievement, in whole or in part, as the
          Committee deems appropriate and equitable; provided however that in
          the case of a Qualified Performance-Based Award, such modification is
          only permitted to the extent prescribed by Section 162(m) of the Code
          and the Regulations.

     (k)  "Performance Period" means a period determined by the Committee which
          shall be used for purposes of determining whether Awards are earned by
          Participants.

     (l)  "Performance Target" means a target level of performance, based on one
          or more Performance Objectives, established for a Performance Period
          in accordance with Section 4.

     (m)  "Plan" means the Penske Automotive Group, Inc. Management Incentive
          Plan, as stated herein, and as amended from time to time.

     (n)  "Qualified Performance-Based Award" means an Award or portion of an
          Award to an Officer that is intended to satisfy the requirements for
          "qualified performance-based compensation" under Code Section 162(m).
          The Committee shall designate any Qualified Performance-Based Award as
          such at the time of grant.

     (o)  "Regulations" means the Treasury Regulations promulgated under the
          Code, as amended from time to time.

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     (p)  "Retirement" means termination of employment with the Company or a
          Subsidiary after completing at least 5 years of continuous employment
          and attaining age 60.

     (q)  "Subsidiary" means a corporation or other entity (i) more than fifty
          percent (50%) of whose outstanding shares or securities (representing
          the right to vote for the election of directors or other managing
          authority) are, or (ii) which does not have outstanding shares or
          securities (as may be the case in a Partnership, joint venture or
          unincorporated association), but more than fifty percent (50%) of
          whose ownership interest (representing the right generally to make
          decisions for such other entity) is, now or hereafter owned or
          controlled directly or indirectly by the Company.

3.   PARTICIPATION. For each Performance Period, the Committee shall designate
     those key employees of the Company and its Subsidiaries who shall receive
     Awards under the Plan. Selection for participation for one Performance
     Period shall not confer on a Participant the right to participate in the
     Plan for any other Performance Period.

4.   AWARDS. For each Performance Period, each Participant shall receive an
     Award entitling the Participant to receive cash incentive compensation or
     other incentive compensation (including common stock or other awards under
     the Amended and Restated Penske Automotive Group, Inc. 2002 Equity Plan (or
     similar plan)) upon the attainment of one or more Performance Targets. The
     Committee may establish different terms for Awards for different
     Participants or groups of Participants. The amount of compensation payable
     under an Award may be stated as a dollar amount or as a percentage of the
     Participant's base compensation. The Committee may provide for a threshold
     level of performance below which no amount of compensation will be paid and
     a maximum level of performance above which no additional amount of
     compensation will be paid, and it may provide for the payment of differing
     amounts of compensation for different levels of performance.
     Notwithstanding any other provision of the plan to the contrary, the
     Committee retains the absolute discretion to reduce the amount of any
     incentive compensation that would be otherwise payable to a participant
     (including a reduction in such amount to zero).

5.   ESTABLISHMENT OF PERFORMANCE TARGETS. Within the first twenty-five percent
     (25%) of each Performance Period, the Committee shall establish one or more
     Performance Targets for that Performance Period.

6.   PAYMENT OF AWARDS. Following the end of each Performance Period, the
     Committee shall determine whether the Performance Targets for such
     Performance Period have been satisfied and shall certify its determination
     in approved minutes of the Committee meeting held for such purpose. If the
     Committee certifies that one or more Performance Targets for a Performance
     Period have been achieved, all compensation payable in respect of Awards
     subject to such Performance Target shall be paid to Participants as soon as
     reasonably practicable thereafter (subject to the limitations set forth in
     paragraph 3); provided, that such compensation shall be payable in the
     calendar year that follows the calendar year which includes the last day of
     the Performance Period

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     and in all events by March 15 of such calendar year and, provided, however,
     that the Committee may permit the deferral of such compensation under a
     deferred compensation plan of the Company or a Subsidiary. If a Performance
     Target for a Performance Period is not achieved, the Committee in its sole
     discretion may determine that all or a portion of any Award shall be deemed
     to be earned based on such criteria as the Committee deems appropriate,
     including without limitation individual performance or the performance of
     the Subsidiary or business division employing the Participant; provided,
     however, that the Committee shall not have such discretion with respect to
     any Qualified Performance-Based Award. Any Award that is not considered
     earned in accordance with this Section shall be forfeited.

7.   PARTIAL PARTICIPATION. Unless the Committee shall determine otherwise, the
     rules and procedures for partial participation shall be consistent with the
     following:

     (a)  EMPLOYMENT TERMINATION. If a Participant terminates employment with
          the Company before payment of Awards are made for a Performance Period
          for reasons other than death, disability or Retirement, any Award
          granted to the Participant in respect of that Performance Period shall
          be forfeited and cancelled.

     (b)  DEATH, DISABILITY OR RETIREMENT. A Participant whose employment
          terminates during a Performance Period because of death, disability or
          Retirement may, under such rules as the Committee may from time to
          time prescribe, be eligible for consideration for a pro-rata Award
          based on the period of active employment during the Performance
          Period, which Award shall be paid at the time specified in Section 5.

     (c)  LEAVE OF ABSENCE. A Participant who is on a leave of absence other
          than a personal leave for more than ninety (90) consecutive days
          during the Performance Period, or who is on a personal leave of
          absence for more than thirty (30) consecutive days, shall forfeit any
          portion of an Award attributable to said period of leave pursuant to
          such rules as the Committee may establish.

8.   MAXIMUM AMOUNT OF QUALIFIED PERFORMANCE-BASED AWARDS. The maximum dollar
     amount of compensation that may be paid to any Participant in respect of
     Qualified Performance-Based Awards for a single fiscal year shall be
     $5,000,000.

9.   ADJUSTMENTS. To the extent that a Performance Target is based on an
     increase in the Fair Market Value of the Common Stock, in the event of any
     stock dividend, stock split, combination of shares, recapitalization or
     other change in the capital structure of the Company, any merger,
     consolidation, spin-off, reorganization, partial or complete liquidation or
     other distribution of assets (other than a normal cash dividend), issuance
     of rights or warrants to purchase securities or any other corporate
     transaction having an effect similar to any of the foregoing, then the
     Committee may make or provide for such adjustments in such Performance
     Target as the Committee in its sole discretion may in good faith determine
     to be equitably required in order to prevent dilution or enlargement of the
     rights of Participants.

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10.  TAX WITHHOLDING. The Company shall be entitled to withhold from any payment
     made under the Plan the full amount of any required federal, state or local
     taxes.

11.  NONTRANSFERABILITY OF BENEFITS. A Participant may not assign or transfer
     any interest in an Award. Notwithstanding the foregoing, upon the death of
     a Participant, the Participant's rights and benefits under the Plan shall
     pass by will or by the laws of descent and distribution.

12.  ADMINISTRATION AND INTERPRETATION. The Committee shall have complete
     authority to interpret the Plan, to prescribe rules and requirements
     relating to it, and to make all determinations necessary or advisable in
     the administration of the Plan, including, without limitation, the amending
     or altering of the Plan as may be required to comply with or conform to any
     federal, state or local laws or regulations.

13.  AMENDMENT AND TERMINATION OF PLAN. The Committee may at any time terminate
     the Plan and may at any time and from time to time amend or modify the Plan
     in any respect; provided, however, that no amendment shall be effective
     without approval of the stockholders of the Company if the amendment would
     increase the maximum amount of compensation payable to a Participant in any
     Performance Period pursuant to Qualified Performance-Based Awards as
     specified in Section 7. Neither the termination of the Plan nor any
     amendment to the Plan shall reduce benefits accruing under Awards granted
     prior the date of such termination or amendment.

14.  GOVERNING LAW. The Plan shall be governed and construed in accordance with
     the laws of the State of Michigan. As a condition to eligibility to receive
     an Award under the Plan, each Participant irrevocably consents to the
     exclusive jurisdiction of the courts of the State of Michigan and of any
     federal court located in the Eastern District of Michigan in connection
     with any action or proceeding arising out of or relating to this Plan, any
     document or instrument delivered pursuant to or in connection with this
     Plan, or any alleged breach of this Plan or any such document or
     instrument.

15.  EFFECTIVE DATES AND STOCKHOLDER APPROVAL. This Plan shall be effective for
     periods beginning on and after July 1, 2003, provided that no Qualified
     Performance-Based Award shall be effective if the Plan is not approved by a
     vote of the stockholders of the Company at an annual meeting or special
     meeting.

16.  NO RIGHTS TO CONTINUED EMPLOYMENT. Participation in the Plan does not
     create or constitute an express or implied employment contract between the
     Company and the Participant nor limit the right of the Company to discharge
     or otherwise deal with a Participant without regard to the existence of the
     Plan.

17.  UNFUNDED PLAN. The Plan shall at all times be an unfunded payroll practice
     and no provision shall at any time be made with respect to segregating
     assets of the Company for payment of any Award. No Participant or any other
     person shall have any interest in any particular assets of the Company by
     reason of the right to receive an Award under the Plan and any such
     Participant or any other person shall have only the rights of a general
     unsecured creditor of the Company.

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18.  SECTION 409A. To the extent applicable, this Plan is intended to comply
     with the provisions of Section 409A of the Code. This Plan shall be
     administered in a manner consistent with the intent.

                                       6exv10w24

 

Ex. 10.24

AMENDMENT NO. 1

TO THE

FIRST INDUSTRIAL REALTY TRUST, INC.

1994 STOCK INCENTIVE PLAN

     AMENDMENT NO. 1 (the “First Amendment”) to the First Industrial Realty Trust, Inc.
1994 Stock Incentive Plan (the “Plan”) established and maintained by First Industrial Realty Trust,
Inc., a Maryland corporation (the “Company”). Capitalized terms used herein and not defined shall
have the meanings set forth in the Plan.

     WHEREAS, the Company’s common stock is listed on the New York Stock Exchange (“NYSE”);

     WHEREAS, the NYSE has required that all listed securities be eligible for the Direct
Registration System (“DRS”) by March 31, 2008, and DRS is intended to facilitate the issuance,
ownership and transfer of the Company’s common stock in uncertificated form;

     WHEREAS, the Plan currently contemplates the issuance of certificates to represent awarded
shares;

     WHEREAS, section 11 of the Plan reserves to the Board the right to amend the Plan at any time;
and

     WHEREAS, the Board desires to amend the Plan to permit the issuance of awarded shares in
uncertificated form.

     NOW, THEREFORE, BE IT RESOLVED, that the Plan is hereby amended by this First Amendment as
follows:

SECTION 1. Amendments to Plan.

     1. Section 5(iv) is hereby amended by deleting the words “certificates representing” in the
final paragraph thereof.

     2. Section 6(c) is hereby amended by replacing the existing phrase “certificates evidencing
shares of Restricted Stock” with the phrase “if certificates are issued to evidence shares of
Restricted Stock, such certificates”.

     3. Section 7(c) is hereby amended by deleting the existing phrase “a stock certificate
evidencing the acquisition of” from the second sentence thereof.

     4. Section 14(a) is hereby amended by replacing the final sentence of such section with the
sentence, “The Company may, as it deems appropriate: (i) require the placing of such stop-orders
and restrictive legends on certificates for Stock and Awards, (ii) make a notation within any
electronic recordation system for ownership of shares, or (iii) utilize other reasonable means to
evidence such shares have not been registered under the Securities Act of 1933.”

 

 

     5. Section 15(b) is hereby amended by inserting at the beginning of the first sentence of such
section the phrase, “If stock certificates are issued to evidence shares awarded under this Plan,”.

SECTION 2. Effective Date of the Amendment; Ratification and Confirmation.

     This Amendment shall become effective upon approval by the Board of Directors of the Company.
In all other respects, the Plan is hereby ratified and confirmed.

SECTION 3. Governing Law.

     THIS AMENDMENT SHALL BE GOVERNED BY NEW YORK LAW WITHOUT REGARD TO THE PRINCIPLES OF CONFLICT
OF LAWS THEREOF, EXCEPT TO THE EXTENT SUCH LAW IS PREEMPTED BY FEDERAL LAW.

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