Company: LXP
Filing Date: 2025-04-15
Form Type: DEF 14A
Source: 0001539497-25-001131
Chunk: 29

Company: LXP Industrial Trust
Filing Date: 2025-04-15
Form: DEF 14A
Chunk 29
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-term shareholder value, the Compensation Committee believes that three-year vesting for share awards is an appropriate
length of time due to the need to retain our executives and reward results. Furthermore, our Compensation Committee believes the overall
amount of our long-term incentive awards is appropriate in relation to our executive compensation program.

We also
pay dividends currently on the time-based portion of our annual long-term incentive awards and dividends accrue on the performance-based
portion of our annual long-term incentive awards and are paid upon, and to the extent of, vesting. Since we are a REIT, dividends are
a necessary part of our business. Furthermore, all dividends are declared by our Board of Trustees and none of the dividends on long-term
incentive awards are preferential. Accordingly, we do not believe that dividends are a risk in our compensation arrangements.

We maintain
a clawback policy, which complies with applicable NYSE rules. As mandated by such rules, if the Trust is required to prepare an accounting
restatement of its GAAP financial statements, the Trust will recover any incentive compensation received by any covered person during
the fiscal years pertaining to the restatement that was in excess of the amount that otherwise would have been paid, giving effect to
the restated results.

Our equity
awards are not timed in coordination with the release of material non-public information.

Pay for Performance.

A significant
portion of the total target compensation for our named executive officers is in the form of performance-based incentive compensation,
with the only “fixed” or “guaranteed” compensation in the form of annual base salaries and time-based long-term
incentive awards (excluding any transition arrangements).

In setting
the pre-defined objective performance measures for the annual cash incentive target opportunity, multiple factors are considered, and
the Compensation Committee believes the plan is balanced across our operations with reference to our business plan.

For 2024,
our executive compensation plan resulted in the following pay mix for the total target compensation for the named executive officers:

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<div align='center'>The pay mix for the Other NEOs was impacted by the initial equity award for Mr. Brunner, which consisted of time-based non-vested common shares. Recap of 2024 Executive Compensation Program. The 2024 executive compensation program consisted of (1) base salary, (2) annual cash incentive opportunity, and (3) annual long-term incentive opportunity. Base Salaries and Annual Cash Incentive Awards. Annualized base salaries and annual cash incentive