FIRST INDUSTRIAL REALTY TRUST, INC. SERVICE-BASED BONUS AGREEMENT
Exhibit 10.1
FIRST INDUSTRIAL REALTY TRUST, INC.
AGREEMENT (the “Agreement”), made and entered into as of [_________], 2009 by and between
First Industrial Realty Trust, Inc. (the “Company”) and [_________] (the “Grantee”).
WHEREAS, the Company desires to provide Grantee a cash bonus in connection with his service to
the Company through June 30, 2010. Capitalized terms not otherwise defined herein shall have the
meaning ascribed to such terms in the First Industrial Realty Trust, Inc. 2009 Stock Incentive Plan
(the “Plan”).
NOW, THEREFORE, in consideration of the premises and mutual covenants contained herein, and
for other good and valuable consideration, the Company and the Grantee agree as follows:
1. Bonus Eligibility. In the event Grantee remains employed with the Company through
and including June 30, 2010 Grantee will be eligible for a cash bonus of $____________ the
(“Bonus”).
2. Other Events; Change of Control. In the event (i) Grantee’s employment with the Company
is terminated on or prior to June 30, 2010 as a result of Grantee’s death or by the Company due to
Grantee’s Disability (as defined in the Plan and where such disability also qualifies as such under
the Company’s long-term disability insurance policy, if applicable) or (ii) a Change of Control (as
defined in the Plan) is consummated on or prior to June 30, 2010 and Grantee remains employed with
the Company through the date of such consummation, Grantee will be eligible for an amount in cash
equal to four (4) times the Bonus, in lieu of the Bonus. Except as provided in clauses (i) and
(ii) above, in the event of the termination of the Grantee’s employment with the Company by the
Company with or without Cause or by the Grantee for any reason prior to the earlier of June 30,
2010 or the consummation of a Change of Control, Grantee will not be eligible for any Bonus.
3. Payment. As soon as practicable following the time at which Grantee becomes eligible
(but in no event later than 60 days therefrom), the Bonus shall be paid to the Grantee in cash.
4. Nontransferability. This Agreement shall not be transferable by the Grantee except by
will or the laws of descent and distribution.
5. Withholding. The Company shall withhold from any payment due to Grantee hereunder an
amount necessary to satisfy all applicable income and employment taxes due (based on the minimum
statutory rates).
6. Administration. The authority to manage and control the operation and administration of
this Agreement and the Plan shall be vested in the Committee, and the Committee shall have all
powers with respect to this Agreement as it has with respect to awards granted under the Plan. Any
interpretation of this Agreement or the Plan by the Committee and any decision made by it with
respect to this Agreement or the Plan are final and binding on all persons.
7. Plan Governs. Notwithstanding anything in this Agreement to the contrary, this
Agreement shall be subject to the terms of the Plan, in a manner consistent as if it were granted
pursuant to the Plan, a copy of which may be obtained by the Grantee from the office of the
Secretary of the Company; and this Agreement is subject to all interpretations, amendments, rules
and regulations promulgated by the Committee from time to time pursuant to and applicable to awards
granted under the Plan. Notwithstanding anything in this Agreement to the contrary, in the event
of any discrepancies between the corporate records and this Agreement, the corporate records shall
control.
8. Not an Employment Contract. This Agreement shall not confer on the Grantee any right
with respect to continuance of service with the Company nor shall such xxxxx xxxxxx any right to
future bonuses, or any other awards in lieu thereof, while employed by the Company. This Agreement
shall not interfere in any way with the right of the Company to terminate the Grantee’s service at
any time.
9. Validity. If any provision of the Agreement is determined to be illegal or invalid for
any reason, said illegality or invalidity shall not affect the remaining parts hereof, but the
Agreement shall be construed and enforced as if such illegal or invalid provision has never been
included herein.
10. References. References herein to rights and obligations of the Grantee shall apply,
where appropriate, to the Grantee’s legal representative or estate without regard to whether
specific reference to such legal representative or estate is contained in a particular provision of
this Agreement.
11. Notice. Any notice required or permitted to be given under this Agreement shall be in
writing and shall be deemed to have been given when delivered personally or by courier, or sent by
certified or registered mail, postage prepaid, return receipt requested, duly addressed to the
party concerned at the address indicated below or to such changed address as such party may
subsequently by similar process give notice of:
If to the Company:
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First Industrial Realty Trust, Inc. 000 X. Xxxxxx Xxxxx, Xxxxx 0000 Xxxxxxx, Xxxxxxxx 00000 Attn: Xxxx Xxxxxxx — VP — Corporate Legal |
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If to the Grantee:
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At the most recent address on file at the Company. |
12. Counterparts. This Agreement may be executed in counterparts, each of which shall
constitute one and the same instrument.
13. Amendment. This Agreement may be amended in accordance with the provisions of the Plan
as applicable to awards granted under the Plan, and may otherwise be amended by written agreement
of the Grantee and the Company without the consent of any other person.
14. Governing Law. This Agreement shall be governed by and construed in accordance with
the laws of the State of Illinois without reference to the principles of conflict of laws, except
to the extent such law is preempted by federal law.
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15. Data Privacy. By executing this Agreement, the Grantee hereby agrees freely, and with
full knowledge and consent, to the collection, use, processing and transfer (collectively, the
“Use”) of certain personal data such as the Grantee’s name, salary, job title, position or
evaluation rating, along with details of this Agreement or similar agreements or otherwise
(collectively, the “Data”), for the purpose of managing and administering this Agreement, a copy of
which the Grantee acknowledges having received and understood. The Grantee further acknowledges
and agrees that the Company and/or any of its Affiliates or Subsidiaries or may make Use of the
Data amongst themselves, and/or with any other third parties assisting the Company in the
administration and management of the Agreement (collectively, the “Data Recipients”). In keeping
therewith, the Grantee hereby further authorizes any Data Recipients, including any Data Recipients
located in foreign jurisdictions, to continue to make Use of the Data, in electronic or other form,
for the purposes of administering and managing the Agreement. The Company shall, at all times,
take all commercially reasonable efforts to ensure that appropriate safety measures shall be in
place to ensure the confidentiality of the Data, and that no Use will be made of the Data for any
purpose other than the administration and management of the Plan. The Grantee may, at any time,
review his or her Data and request necessary amendments to such Data. The Grantee may withdraw
consent to the Use of the Data herein by notifying the Company in writing at the following address:
First Industrial Realty Trust, Inc. Attn: Xxxxx Xxxxxxxxx, 000 X. Xxxxxx Xxxxx, Xxxxx 0000,
Xxxxxxx, XX 00000, XXX; however, because the Data is essential to the Company’s ability to
administer and manage the Agreement and to assess employee admissibility under the Agreement, by
withdrawing consent to the Use of the Data, the Grantee may affect his or her eligibility to
participate in the Agreement. By executing this Agreement, the Grantee hereby releases and forever
discharges the Company from any and all claims, demands, actions, causes of action, damages,
liabilities, costs, losses and expenses arising out of, or in connection with, the Use of the Data
for purposes of managing and administering the Agreement, including without limitation, any and all
claims for invasion of privacy, infringement of the Grantee’s right of publicity, defamation and
any other personal, moral and/or property rights.
16. Section 409A. It is the intention of the Company that this Agreement shall comply with
the requirements of Section 409A of the Code or be exempt from Section 409A of the Code and, with
respect to amounts that are subject to Section 409A of the Code, shall in all respects be
administered in accordance with Section 409A of the Code, and this Agreement, the Plan (insofar as
it is incorporated by reference into this Agreement) and the terms and conditions of all awards
thereunder shall be interpreted accordingly. Notwithstanding anything in this Agreement to the
contrary, to the extent required by Section 409A of the Code, any amount payable to the Grantee
hereunder on account of his “separation from service” shall be delayed and paid to the Grantee on
the first business day after the date that is six months following the Grantee’s “separation from
service.”
17. Section 409A Amendment. The Committee reserves the right (including the right to
delegate such right) to unilaterally amend this Agreement without the consent of the Grantee in
order to maintain an exclusion from the application of, or to maintain compliance with, Code
Section 409A. Any such amendment shall maintain, to the extent practicable, the original intent of
the applicable provision. Grantee’s acceptance of this Agreement constitutes acknowledgement and
consent to such rights of the Company.
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IN WITNESS WHEREOF, the undersigned has executed this Agreement as of date first written
above.
| FIRST INDUSTRIAL REALTY TRUST, INC. |
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| By: | ||||
I hereby acknowledge that I have received a copy of the Plan (the terms of which are
incorporated by reference into this Agreement) and am familiar with the terms and conditions set
forth therein. I agree to accept as binding, conclusive, and final all decisions and
interpretations of the Committee. As a condition to the receipt of any award under this Agreement,
I hereby authorize the Company to withhold from any regular cash compensation payable to me by the
Company any taxes required to be withheld under any applicable law as a result of any award under
this Agreement.
| GRANTEE |
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| By: | ||||
| Date: | ||||
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