Company: LXP
Filing Date: 2025-04-15
Form Type: DEF 14A
Source: 0001539497-25-001131
Chunk: 41

Company: LXP Industrial Trust
Filing Date: 2025-04-15
Form: DEF 14A
Chunk 41
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 cover the excise
taxes imposed by Section 4999 of the Internal Revenue Code of 1986, as amended, which we refer to as the Code, on the benefits, thereby
providing such benefits to the employee on a net basis, after payment of excise tax.

The tables
below estimate the payments and benefits to each of the named executive officers assuming they were terminated on December 31, 2024. Continuation
of benefits are assumed to be paid by a lump-sum payment at termination based on annualized December 2024 premiums. Bonus portion of severance
payment is based on the average of the 2024 and 2023 actual annual cash incentive awards, with the exception of Mr. Brunner who was not
employed by us in 2023 and his bonus portion is based on his 2024 actual annual cash incentive award. Value of accelerated equity awards
(1) is based on the closing price of our common shares on the NYSE on December 31, 2024 of $8.12 per share, and (2) consists of time-based
non-vested shares set forth in Outstanding Equity Awards at Fiscal Year-End table above and a pro rata amount of expected performance-based
non-vested shares, based on performance to date (using the methodology used in the Outstanding Equity awards at Fiscal Year-End table
above) and the number of days completed in the period, and excludes accrued dividends. Each named executive officer is also entitled to
a pro-rata bonus equal to the average of the 2024 and 2023 annual cash incentive awards (or just the 2024 annual cash incentive award
for Mr. Brunner since he was not employed by us in 2023) multiplied by a fraction, the denominator of which is 365 and the numerator of
which is the number of days from the beginning of the calendar year of termination to the date of termination, which is not shown below.

| 48 |

| T.                                            
 Wilson Eglin                                  |                       Without 
 Cause or With Good Reason ($) | Upon                                       
 a Change in Control (“Single Trigger”) ($) |             Death 
 or Disability ($) | With                             
 Cause or Without Good Reason ($) |
| Base salary portion of severance payment      |                     2,100,000 | —                                          |           840,000 | —                                |
| Bonus portion of severance payment (including 
 pro rata bonus)                               |                     3,490,864 |