Company: LXP
Filing Date: 2025-02-13
Form Type: 10-K
Source: 0001444838-25-000023
Chunk: 129

Company: LXP Industrial Trust
Filing Date: 2025-02-13
Form: 10-K
Item: Item 8
Chunk 129
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:20242023Performance Shares(1)Shares issued:Index489,182 407,611 Peer489,177 407,606 Grant date fair value per share:(2)Index$6.01 $6.96 Peer$5.68 $6.50 Non-Vested Common Shares:(3)Shares issued592,100 376,480 Grant date fair value$5,794 $4,010 (1)The shares vest based on the Company's total shareholder return growth after a three-year measurement period relative to an index and a group of Company peers. Dividends will not be paid on these grants until earned. Once the performance criteria are met and the actual number of shares earned is determined, such shares vest immediately. During 2024, 119,519 of the 565,652 outstanding performance shares issued in 2021 vested. (2)The fair value of grants was determined at the grant date using a Monte Carlo simulation model.(3)The shares vest at various times over a period of time up to a three year service period commencing on the grant date.In addition, during 2024, 2023 and 2022, the Company issued 98,752, 93,007 and 69,937, respectively, of fully vested common shares to non-management members of the Company's Board of Trustees with a fair value of $900, $939 and $849, respectively.As of December 31, 2024, of the remaining 3,225,400 non-vested shares, 915,722 are subject to time-based vesting and 2,309,628 are subject to performance-based vesting. At December 31, 2024, there are 1,784,563 awards available for grant. The Company has $10,846 in unrecognized compensation costs relating to the non-vested shares that will be charged to compensation expense over an average of approximately 1.6 years. The Company has established a trust for a certain officer in which vested common shares granted for the benefit of the officer was deposited. The officer exerts no control over the common shares in the trust and the common shares are available to the general creditors of the Company. As of December 31, 2024 and 2023, there were 130,863 common shares in the trust. The Company sponsors a 401(k) retirement savings plan covering all eligible employees. The Company makes a discretionary matching contribution on a portion