Company: LXP
Filing Date: 2025-04-15
Form Type: DEF 14A
Source: 0001539497-25-001131
Chunk: 51

Company: LXP Industrial Trust
Filing Date: 2025-04-15
Form: DEF 14A
Chunk 51
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 may grant SARs in tandem with Options or independently
of them.

Exercise Price for Options and SARs. The exercise price of ISOs, Non-ISOs, and SARs may not be less than 100% of the fair market
value on the grant date of the Shares subject to the Award (110% of fair market value for ISOs granted to employees who, on the grant
date, own stock representing more than 10% of the combined voting power of all classes of our Shares). Conditions of exercise of such
ISOs, Non-ISOs, and SARs may be set forth in the applicable Award agreements.

Exercise of Options and SARs. To the extent exercisable in accordance with the agreement granting them, an Option or SAR may be
exercised in whole or in part, and from time to time during its term; subject to earlier termination relating to a holder’s termination
of employment or service. Unless otherwise specified in an Award Agreement, the exercise price of Options held by any Participant will
be satisfied through a net exercise by surrendering to the Company Shares otherwise receivable upon exercise of the Option. The term over
which Participants may exercise Options and SARs may not exceed ten years from the date of grant (five years in the case of ISOs granted to employees
who, on the date of grant, own stock representing more than 10% of the combined voting power of all classes of our Shares).

Subject
to the terms of the agreement evidencing an Option grant, Options and SARs may be exercised during the six-month period after the Optionee
retires, during the six-month period after the Optionee’s termination of service due to death or permanent Disability, and during
the 90-day period after the Optionee’s

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termination of employment without cause (but in no case later than the termination date of
the Option). The agreements evidencing the grant of an Option may, in the discretion of the Committee, set forth additional or different
terms and conditions applicable to such Option upon a termination or change in status of the employment or service of the Option holder.

Restricted Shares, Restricted Share Units, and Unrestricted Shares. Under the 2022 Amended Plan, the Committee may grant Restricted
Shares that are forfeitable until certain vesting requirements are met, may grant Restricted Share Units which represent the right to
receive Shares after certain vesting requirements are met, and may grant unrestricted Shares as to which the Participant’s interest
is immediately vested