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<SEC-DOCUMENT>0000950137-08-007705.txt : 20080520
<SEC-HEADER>0000950137-08-007705.hdr.sgml : 20080520
<ACCEPTANCE-DATETIME>20080520165830
ACCESSION NUMBER:		0000950137-08-007705
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20080520
ITEM INFORMATION:		Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers
FILED AS OF DATE:		20080520
DATE AS OF CHANGE:		20080520

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			FIRST INDUSTRIAL REALTY TRUST INC
		CENTRAL INDEX KEY:			0000921825
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				363935116
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-13102
		FILM NUMBER:		08849359

	BUSINESS ADDRESS:	
		STREET 1:		311 S WACKER DRIVE
		STREET 2:		SUITE 4000
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60606
		BUSINESS PHONE:		3123444300

	MAIL ADDRESS:	
		STREET 1:		150 N WACHER DR
		STREET 2:		SUITE 150
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60606
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>c26830e8vk.htm
<DESCRIPTION>FORM 8-K
<TEXT>
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<TITLE>FORM 8-K</TITLE>
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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


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<DIV style="width: 100%; border-bottom: 1pt solid black; font-size: 1pt">&nbsp;</DIV>








<DIV align="center" style="font-size: 14pt; margin-top: 12pt"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>

<DIV align="center" style="font-size: 12pt"><B>Washington, D.C. 20549</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt">
<DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV></DIV>


<DIV align="center" style="font-size: 18pt; margin-top: 12pt"><B>FORM 8-K</B>
</DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 12pt"><B>Current Report</b></div>
<DIV align="center" style="font-size: 12pt; margin-top: 6pt"><B>Pursuant to Section&nbsp;13 or 15(d) of the Securities Exchange Act of 1934</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt">
<B>May&nbsp;20, 2008 (May&nbsp;20, 2008)<BR>

Date of Report (Date of earliest event reported)</B></DIV>


<DIV align="center" style="font-size: 24pt; margin-top: 12pt"><B>FIRST INDUSTRIAL REALTY TRUST, INC.</B>
</DIV>

<DIV align="center" style="font-size: 10pt">
(Exact name of registrant as specified in its charter)</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
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    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
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    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><B>Maryland</B><BR>
(State or other jurisdiction of <BR>
incorporation or organization)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>1-13102</B><BR>
(Commission File Number)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>36-3935116</B><BR>
(I.R.S. Employer<BR>
Identification No.)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt">
<B>311 S. Wacker Drive, Suite&nbsp;4000<BR>

Chicago, Illinois 60606</B><BR>

(Address of principal executive offices, zip code)</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 12pt">
<B>(312)&nbsp;344-4300</B><BR>

(Registrant&#146;s telephone number, including area code)</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 12pt">
Not Applicable<BR>

(Former name or former address, if changed since last report)</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the
filing obligation of the registrant under any of the following provisions (see General Instruction
A.2. below):</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

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    <TD width="1%" nowrap align="left"><FONT face="Wingdings">&#111;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Written communications pursuant to Rule&nbsp;425 under the Securities Act (17 CFR 230.425)</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><FONT face="Wingdings">&#111;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Soliciting material pursuant to Rule&nbsp;14a-12 under the Exchange Act (17 CFR 240.14a-12)</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><FONT face="Wingdings">&#111;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Pre-commencement communications pursuant to Rule&nbsp;14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><FONT face="Wingdings">&#111;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Pre-commencement communications pursuant to Rule&nbsp;13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</TD>
</TR>

</TABLE>
</DIV>

<DIV style="width: 100%; border-bottom: 1pt solid black; margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>











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<DIV style="font-family: 'Times New Roman',Times,serif">






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<A name="toc"><DIV align="CENTER" style="page-break-before:always"><U><B>TABLE OF CONTENTS</B></U></DIV></A>

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</TR>
<TR><TD colspan="9"><A HREF="#000">Item&nbsp;5.02 Departure of Directors or Principal Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers</A></TD></TR>
<TR><TD colspan="9"><A HREF="#001">SIGNATURES</A></TD></TR>
</TABLE>
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<!-- link1 "Item&nbsp;5.02 Departure of Directors or Principal Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers" -->
<DIV align="left"><A NAME="000"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Item&nbsp;5.02</B>&nbsp;<B>Departure of Directors or Principal Officers; Election of Directors; Appointment of
Certain Officers; Compensatory Arrangements of Certain Officers.</B>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On May&nbsp;20, 2008, the Compensation Committee of the Board of Directors of First Industrial
Realty Trust, Inc. (the &#147;Company&#148;) approved modifications of the criteria it will evaluate when
granting awards to the Company&#146;s chief executive officer and certain other senior executive
officers under the Company&#146;s incentive compensation plan (the &#147;Executive Officer Bonus Plan&#148;). As
a result of these modifications, when evaluating the Company&#146;s performance in 2008 in connection
with the Executive Officer Bonus Plan determinations, the Compensation Committee will consider four
broad performance categories designed to reward different areas of performance. These categories
are funds from operations (&#147;FFO&#148;) per share (as defined by the Company), capital deployment and
raising, same store net operating income (&#147;NOI&#148;) and total shareholder return. The Compensation
Committee has assigned weighting factors to each of the newly established performance categories,
such that performance in certain categories will have a more pronounced impact on the bonus
payments made under the Executive Officer Bonus Plan than will performance in other categories.
The Compensation Committee has assigned a 40% weighting factor to the FFO per share category, a 25%
weighting factor to each of the capital deployment and raising and total shareholder return
categories (distributed among subcategories, as described below), and a 10% weighting factor to the
same store NOI category.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Two of the broad categories established by the Compensation Committee include subcategories
identifying more specific goals and objectives. Specifically, under the broad category &#147;capital
deployment and raising&#148; the Compensation Committee will consider separately the Company&#146;s (i)
investments, measured as the acquisitions closed by the Company together with developments started
by the Company, to which it has assigned a 10% weighting factor, (ii)&nbsp;capital raising, measured as
new and renewed equity together with debt capital closed by the Company (excluding, for joint
ventures and funds in which the Company participates, equity committed by the Company), to which it
has assigned a 10% weighting factor, and (iii)&nbsp;capital capacity, measured as the sum of the total
capitalization reflected on the Company&#146;s balance sheet, plus the assets of the joint ventures and
funds in which the Company participates, plus the unused capital capacity of the joint ventures and
funds in which the Company participates, plus assets managed by the Company for third parties, to
which it has assigned a 5% weighting factor. Similarly, under the broad category &#147;total
shareholder return&#148; the Compensation Committee will consider separately (y)&nbsp;the Company&#146;s absolute
shareholder return (including both change in stock price and dividends) and (z)&nbsp;the Company&#146;s
shareholder return relative to the total return of the Morgan Stanley REIT Index, to each of which
it has assigned a 12.5% weighting factor.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Compensation Committee has also established performance targets and thresholds relating to
each newly established performance category. Achievement of specified minimum thresholds with
respect to each performance category will result in receipt by each executive
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">officer covered by
the Executive Officer Bonus Plan of 25% of the bonus opportunity associated with that performance
category. Achievement by the Company of specifically identified higher levels of performance with
respect to each performance category will result in receipt by each executive officer covered by
the Executive Officer Bonus Plan of 50%, 75%, 100% or 125%, respectively, of the bonus opportunity
associated with that performance category. Should performance fall between two identified payout
levels, the resulting compensation that may be earned for such performance will be appropriately
prorated. Achievement at more than the 100% payout level for any individual performance category may offset a failure to meet at
least the 100% payout level for another performance category, but in no event will any executive
officer covered by the Executive Officer Bonus Plan receive more than 100% of his or her total
maximum bonus opportunity.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<!-- link1 "SIGNATURES" -->
<DIV align="left"><A NAME="001"></A></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SIGNATURES</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly
caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD nowrap colspan="3" align="left">FIRST INDUSTRIAL REALTY TRUST, INC.<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">                                      /s/ Scott A. Musil
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Scott A. Musil&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Chief Accounting Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Date: May&nbsp;20, 2008
</DIV>



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