Company: LXP
Filing Date: 2025-04-15
Form Type: DEF 14A
Source: 0001539497-25-001131
Chunk: 80

Company: LXP Industrial Trust
Filing Date: 2025-04-15
Form: DEF 14A
Chunk 80
---
 inconsistent with the Plan, that may be immediately exercisable or that may become exercisable in whole or in part based on future events or conditions, (ii) that may include vesting or other requirements for the right to exercise the Options, and (iii) that may differ for any reason from those granted to other Eligible Persons or classes of Eligible Persons, providedin all instances that: (A) the exercise price for Shares subject to purchase through exercise of an Option shall not be less than 100% of the Fair Market Value of the underlying Shares on the Grant Date; and (B) no Option shall be exercisable for a term ending more than ten years after the Grant Date for such Option.</div>

| 79 |

(b) Special ISO Provisions. The following provisions shall control any grants of Options that are denominated as ISOs; provided that ISOs may
not be awarded unless the Plan receives shareholder approval within twelve (12) months after its Committee Approval Date, and provided
further that ISOs may not be granted more than ten (10) years after the Board approves the Plan.

(i) Eligibility.
The Committee may grant ISOs only to Employees of the Company or any of its Affiliates that is a “parent corporation” or
“subsidiary corporation” within the meaning of Code Section 424.

(ii) Documentation.
Each Option that is intended to be an ISO must be designated as an ISO in the Award Agreement, provided that any Option that is designated
as an ISO will not be an ISO to the extent that such Option fails to meet the requirements of Code Section 422 or the provisions
of this Section 5(b). In the case of an ISO, the Committee shall determine on the Grant Date the acceptable methods of paying
the exercise price for Shares and shall include such methods in the applicable Award Agreement.

(iii) $100,000 Limit. To the extent that the aggregate Fair Market Value of Shares with respect to which ISOs first become exercisable by a Participant
in any calendar year (including those granted under this Plan and any other plan of the Company or any of its Affiliates) exceeds U.S. $100,000,
such excess Options shall be treated as Non-ISOs. For purposes of determining whether the U.S. $100,000 limit is exceeded, the
Fair Market Value of the Shares subject to an ISO shall be determined as of the Grant Date. In reducing the number of Options treated
as ISOs to meet the U