Company: LXP
Filing Date: 2025-04-15
Form Type: DEF 14A
Source: 0001539497-25-001131
Chunk: 40

Company: LXP Industrial Trust
Filing Date: 2025-04-15
Form: DEF 14A
Chunk 40
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 without a termination of employment.

The executive
severance arrangement provides that the executive officer would be entitled to receive severance payments upon termination by us without
“cause” and termination by the executive officer with “good reason”, including if either occurs within a “change
in control” (as defined in the severance agreement) equal to two and one half times the base salary, the average of the last two
annual cash incentive awards and continuation of certain benefits for two and one half years for Mr. Eglin and two times the base salary,
the average of the last two annual cash incentive awards and continuation of certain benefits for two years for all others, and a pro
rata annual bonus determined by multiplying the average of the last two annual cash investment awards by a fraction equal to the number
of days employed during the calendar year divided by 365 for all of the named executive officers.

Each of
the named executive officers would also be entitled to receive severance payments upon termination for “Disability” (as defined
in the severance agreement) or death equal to one times the base salary, a pro-rata bonus and continuation of certain benefits for two
years.

Upon certain
terminations, (x) all non-vested time-based long-term incentive awards, including long-term retention awards, and all non-vested but earned
performance-based long-term incentive awards shall accelerate, become fully earned and vested, (y) the end of the performance period for
all non-vested but unearned performance- based long-term incentive awards shall be the date of such termination and a pro rata amount
of any of such awards then deemed to be earned awards (determined by the number of completed days of the performance period for such award
divided by the total number of days in such performance period) shall accelerate, become fully earned and vested (provided, that upon
certain events in connection the a change in control, all such awards, instead of a pro rata amount of such awards, shall then be deemed
earned awards), and (z) all unexercised share option awards shall terminate within six months of such termination of employment.

Our severance
arrangements do not contain: (1) a high multiple, (2) any multiple on long-term incentive awards, (3) vesting of all non-vested performance-based
awards regardless of whether the performance targets were met, or (4) a “gross-up” of the severance payment to