Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
As previously reported, on October 22, 2008, Michael W. Brennan resigned as
President and Chief Executive Officer and as a member of the Board of Directors
of First Industrial Realty Trust, Inc. (the "Company"), and on November 21,
2008, David P. Draft resigned as Executive Vice President - Operations of the
Company.
On November 25, 2008, the Company and Mr. Draft entered into a Separation
and Release Agreement (the "Draft Separation Agreement") and on November 26,
2008, the Company and Mr. Brennan entered into a Separation and Release
Agreement (the "Brennan Separation Agreement"). The agreements set forth the
terms of Mr. Draft's and Mr. Brennan's respective departures from the Company.
Under the Draft Separation Agreement, which was made effective as of the
date of Mr. Draft's resignation, Mr. Draft will receive, among other things, a
lump sum payment in the amount of $1,417,061 and continuing coverage under the
Company's health plans for three years. All shares of restricted stock owned by
Mr. Draft became vested on November 21, 2008. As a condition of receiving the
benefits provided by the Draft Separation Agreement, Mr. Draft entered into a
mutual release agreement with the Company. Consistent with his employment
agreement, through November 21, 2009, Mr. Draft will be subject to restrictive
covenants with respect to confidentiality and his ability to compete with, or
solicit employees of, the Company.
Under the Brennan Separation Agreement, which was made effective as of the
date of Mr. Brennan's resignation, Mr. Brennan will receive, among other things,
a lump sum payment in the amount of $4,641,206 and continuing coverage under the
Company's health plans for two years. All shares of restricted stock owned by
Mr. Brennan became vested on October 22, 2008. As a condition of receiving the
benefits provided by the Brennan Separation Agreement, Mr. Brennan entered into
a mutual release agreement with the Company. Consistent with his employment
agreement, through October 22, 2009, Mr. Brennan will be subject to restrictive
covenants with respect to confidentiality and his ability to compete with, or
solicit employees of, the Company.
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