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FIRST AMENDMENT TO
EMPLOYMENT AGREEMENT BY AND BETWEEN
FIRST INDUSTRIAL REALTY TRUST, INC.
AND GERALD A. PIENTKA
WHEREAS,
First Industrial Realty Trust, Inc. (“FR”) and Gerald
Pientka have entered into that certain Employment Agreement dated
January 30, 2006 (the “Agreement”); and
WHEREAS ,
FR and the Executive desire to amend certain provisions of the
Agreement in order to bring such provisions into compliance with
the applicable provisions of Section 409A of the Internal
Revenue Code of 1986, as amended (and guidance issued
thereunder).
NOW,
THEREFORE, BE IT RESOLVED that, effective as of the 29th day of
December, 2008, the Agreement be and is hereby amended in the
following particulars:
1. A
new Section 5(f) is added that states as follows:
“In the
event of a possible payment of the Severance Payment under
Section 4(a), 4(c), 4(d) or 4(e):
(i)
the termination that gave rise to Severance Payment must constitute
a ‘separation from service’ as determined under Treas.
Reg. Section 1.409A-1(h) before such Severance Payment may be
paid;
(ii)
such Severance Payment must be paid by March 15 of the year
after the year in which the termination occurred; and
(iii)
notwithstanding any provision in the Agreement to the contrary if,
as of the effective date of your termination of employment, your
are a &
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