Document:

AGREEMENT AND PLAN OF MERGER

 

by and among

 

LEPERCQ CORPORATE INCOME FUND L.P.

 

and

 

LEPERCQ CORPORATE INCOME FUND II L.P.

 

Dated as of December 23, 2013

 

    	 

    	 

    

 

TABLE OF CONTENTS

 

	 	Page
	 	 
	ARTICLE I DEFINITIONS	2
	 	 
	SECTION 1.01. Specific Definitions	2
	 	 
	ARTICLE II THE MERGER	3
	 	 
	SECTION 2.01. Merger	3
	 	 
	SECTION 2.02. Effective Time	3
	 	 
	SECTION 2.03. Closing	3
	 	 
	ARTICLE III EFFECT OF THE MERGER	3
	 	 
	SECTION 3.01. Conversion of LCIF II Units	3
	 	 
	SECTION 3.02. Appraisal Rights	5
	 	 
	SECTION 3.03. Partnership Agreement and Certificate of Limited Partnership	5
	 	 
	SECTION 3.04. General Partner	6
	 	 
	ARTICLE IV REPRESENTATIONS AND WARRANTIES OF LCIF	6
	 	 
	SECTION 4.01. Existence; Good Standing; Authority; Compliance with Law	6
	 	 
	SECTION 4.02. Authority Relative to this Agreement	6
	 	 
	SECTION 4.03. No Conflict; Required Filings and Consents	7
	 	 
	SECTION 4.04. Compliance	7
	 	 
	SECTION 4.05. Absence of Certain Changes or Events	8
	 	 
	SECTION 4.06. Taxes	8
	 	 
	SECTION 4.07. Brokers	8
	 	 
	SECTION 4.08. Compliance with Laws	8
	 	 
	ARTICLE V REPRESENTATIONS AND WARRANTIES OF LCIF II	8
	 	 
	SECTION 5.01. Existence; Good Standing; Authority; Compliance with Law	8
	 	 
	SECTION 5.02. Authority Relative to this Agreement	9
	 	 
	SECTION 5.03. No Conflict; Required Filings and Consents	9
	 	 
	SECTION 5.04. Compliance	10
	 	 
	SECTION 5.05. Absence of Certain Changes or Events	10
	 	 
	SECTION 5.06. Taxes	10
	 	 
	SECTION 5.07. Brokers	10
	 	 
	SECTION 5.08. Compliance with Laws	10
	 	 
	ARTICLE VI CONDUCT OF BUSINESS PENDING THE CLOSING	11
	 	 
	SECTION 6.01. Conduct of Business by LCIF	11

 

    	i

    	 

    

 

	SECTION 6.02. Conduct of Business by LCIF II	11
	 	 
	ARTICLE VII ADDITIONAL AGREEMENTS	11
	 	 
	SECTION 7.01. Transfer Taxes	11
	 	 
	ARTICLE VIII CONDITIONS	12
	 	 
	SECTION 8.01. Conditions to the Obligations of Each Party	12
	 	 
	SECTION 8.02. Conditions to the Obligations of LCIF II	12
	 	 
	SECTION 8.03. Conditions to the Obligations of LCIF	12
	 	 
	ARTICLE IX TERMINATION	13
	 	 
	SECTION 9.01. Termination	13
	 	 
	SECTION 9.02. Effect of Termination	13
	 	 
	SECTION 9.03. Fees and Expenses	13
	 	 
	ARTICLE X GENERAL PROVISIONS	14
	 	 
	SECTION 10.01. Non-Survival of Representations and Warranties	14
	 	 
	SECTION 10.02. Notices	14
	 	 
	SECTION 10.03. Severability	15
	 	 
	SECTION 10.04. Amendment	15
	 	 
	SECTION 10.05. Entire Agreement; Assignment	15
	 	 
	SECTION 10.06. Parties in Interest	15
	 	 
	SECTION 10.07. Specific Performance	15
	 	 
	SECTION 10.08. Governing Law	15
	 	 
	SECTION 10.09. Waiver of Jury Trial	16
	 	 
	SECTION 10.10. Headings	16
	 	 
	SECTION 10.11. Counterparts	16
	 	 
	SECTION 10.12. Mutual Drafting	16

 

	Exhibit A	Form of A&R LCIF Partnership Agreement
	 	 
	Exhibit B	Cash Consideration Letter of Transmittal
	 	 
	Exhibit C	Unit Consideration Letter of Transmittal

 

    	ii

    	 

    

 

AGREEMENT AND PLAN OF MERGER

 

THIS AGREEMENT AND PLAN OF MERGER
(this “Agreement”), dated as of December 23, 2013, is made by and between Lepercq Corporate Income Fund L.P.
(“LCIF”), a Delaware limited partnership, and Lepercq Corporate Income Fund II L.P., a Delaware limited partnership
(“LCIF II”).

 

RECITALS

 

WHEREAS, LCIF
is governed by that certain Fifth Amended and Restated Agreement of Limited Partnership of the Partnership, dated as of December
31, 1996 (as supplemented and amended to date, the “LCIF Partnership Agreement”);

 

WHEREAS, LCIF
II is governed by that certain Second Amended and Restated Agreement of Limited Partnership of the Partnership, dated as of August
27, 1998 (as supplemented and amended to date, the “LCIF II Partnership Agreement,” and, together with the LCIF
Partnership Agreement, collectively, the “Partnership Agreements”);

 

WHEREAS, capitalized
terms used herein, but not defined herein, shall have the meanings ascribed to such terms in the applicable Partnership Agreement;

 

WHEREAS, Lexington
Realty Trust, a Maryland real estate investment trust (“LXP”), is the sole beneficial owner of each of Lex GP-1
Trust, a Delaware statutory trust (“Lex GP-1”), and Lex LP-1 Trust, a Delaware statutory trust (“Lex
LP-1”);

 

WHEREAS, Lex GP-1
is the sole General Partner of each of LCIF and LCIF II;

 

WHEREAS, Lex LP-1
is the Initial Limited Partner of each of LCIF and LCIF II;

 

WHEREAS, E. Robert
Roskind and The LCP Group L.P., a Delaware limited partnership, constitute holders of a majority of the outstanding Partnership
Units held by the Special Limited Partners of each of LCIF and LCIF II (collectively, the “Majority SLP”);

 

WHEREAS, pursuant
to Sections 7.1(A)(3) and 7.3 of each Partnership Agreement, Lex GP-1 has full power and authority to merge LCIF II with and into
LCIF subject only to the consent of the Majority SLP;

 

WHEREAS, Lex GP-1
and Lex LP-1 have determined that it would be advisable and in the best interest of LCIF, LCIF II and the holders of Partnership
Units for LCIF II to merge with and into LCIF with LCIF as the surviving entity (the “Merger”) subject to the
terms and conditions set forth in this Agreement and in accordance with Section 17-211 of the Delaware Revised Uniform Limited
Partnership Act, as amended (the “DRULPA”) and the Partnership Agreements;

 

WHEREAS, the Majority
SLP has consented to the Merger and this Agreement as permitted and required by the Partnership Agreements;

 

    	1

    	 

    

 

WHEREAS, effective
as of the Merger, the LCIF Partnership Agreement will be amended and restated to reflect the Merger and certain other changes substantially
in the form attached as Exhibit A hereto, the terms of which have been approved by the requisite consent of the limited
partners of LCIF (the “A&R LCIF Partnership Agreement”); and

 

WHEREAS, for federal
income tax purposes the parties intend that the Merger will be treated as an “assets over” merger of LCIF II with and
into LCIF within the meaning of Treasury Regulation Section 1.708-1(c)(3).

 

NOW, THEREFORE, in
consideration of the premises and the mutual representations, warranties, covenants and agreements contained herein, the parties
hereto hereby agree as follows:

 

ARTICLE
I

DEFINITIONS

 

SECTION 1.01. Specific Definitions.

 

For purposes
of this Agreement:

 

“Accredited
Investor” shall have the meaning specified in Rule 501(a) of Regulation D promulgated under the Securities Act.

 

“Material
Adverse Effect” means any event, circumstance, change or effect that is materially adverse to the financial condition
or results of operations of LCIF or LCIF II, as applicable.

 

“Person”
means an individual, corporation, partnership, limited partnership, limited liability company, syndicate, person, trust, association
or entity or government, political subdivision, agency or instrumentality of a government.

 

“Securities
Act” shall have the meaning specified in Section 3.01(d) of this Agreement.

 

“Taxes”
means any and all taxes, fees, levies, duties, tariffs, imposts and other charges of any kind (together with any and all interest,
penalties, additions to tax and additional amounts imposed with respect thereto) imposed by any Governmental Authority (defined
herein) or taxing authority, including, without limitation: taxes or other charges on or with respect to income, franchise, windfall
or other profits, gross receipts, property, sales, use, capital stock, payroll, employment, social security, workers’ compensation,
unemployment compensation or net worth; taxes or other charges in the nature of excise, withholding, ad valorem, stamp, transfer,
value-added or gains taxes; license, registration and documentation fees; and customers’ duties, tariffs and similar charges.

 

“Tax
Return” means any return, declaration, report, claim for refund, or information return or statement relating to
Taxes, including any schedule or attachment thereto, and including any amendment thereof.

 

    	2

    	 

    

 

ARTICLE
II

THE MERGER

 

SECTION 2.01. Merger.

 

Subject to the terms and conditions of this
Agreement, and in accordance with the DRULPA and the Partnership Agreements, at the Effective Time, LCIF and LCIF II shall consummate
the Merger pursuant to which (i) LCIF II shall be merged with and into LCIF and the separate existence of LCIF II shall thereupon
cease and (ii) LCIF shall be the surviving entity in the Merger (the “Surviving Entity”). The Merger shall have
the effects specified in the DRULPA and the Partnership Agreements.

 

SECTION 2.02. Effective
Time.

 

At the Closing (as defined below), LCIF and
LCIF II shall duly execute and file a certificate of merger (the “Certificate of Merger”) with the Secretary
of State of the State of Delaware (the “Delaware Secretary of State”) in accordance with the DRULPA. The Merger
shall become effective at such time as the Certificate of Merger has been filed with the Delaware Secretary of State, or such later
time which the parties hereto shall have agreed upon and designated in the Certificate of Merger in accordance with the DRULPA
as the effective time of the Merger (the “Effective Time”); provided, however, that the Effective Time shall
be no later than 11:59 P.M. on December 30, 2013.

 

SECTION 2.03. Closing.

 

The closing of the Merger
(the “Closing”) shall occur at such time and on a date to be specified by the parties (the “Closing
Date”) and as promptly as practicable (but in no event later than December 30, 2013) after all of the conditions set
forth in Article VIII (other than conditions which are waived or by their terms are required to be satisfied at the Closing) shall
have been satisfied or waived by the party entitled to the benefit of the same.  The Closing shall take place at the offices
of LXP, One Penn Plaza, Suite 4015, New York, New York, or at such other place as agreed to by the parties hereto.

 

ARTICLE
III

EFFECT OF THE MERGER

 

SECTION 3.01. Conversion
of LCIF II Units.

 

As of the Effective Time,
by virtue of the Merger and without any action on the part of the holders (“Holders”) of Partnership Units in
LCIF (“LCIF Units”) or Partnership Units in LCIF II (“LCIF II Units”):

 

    	3

    	 

    

 

(a)          Each
LCIF II Unit issued and outstanding immediately prior to the Effective Time shall be automatically converted into the right to
receive the following merger consideration (the “Merger Consideration”): (i) an amount of cash (the “Cash
Consideration”), payable in United States Dollars, equal to the product of (A) the closing price of a REIT Share (as
defined in the LCIF II Partnership Agreement) on the New York Stock Exchange, on the Closing Date multiplied by (B) the Redemption
Factor (as defined in the LCIF II Partnership Agreement), to Holders of LCIF II Units as of the Effective Time who either (1) are
not Accredited Investors and who deliver a Cash Consideration letter of transmittal in the form of Exhibit B attached hereto
(“Cash Consideration LT”) to LCIF and LXP on or prior to February 1, 2014 or (2) fail to deliver a Cash Consideration
LT or a Unit Consideration LT (defined below) to LCIF and LXP on or prior to February 1, 2014, and (ii) LCIF Units on a one for
one basis having the rights and privileges set forth in the A&R LCIF Partnership Agreement (the “Unit Consideration”),
to Holders of LCIF II Units as of the Effective Time who are Accredited Investors and deliver a Unit Consideration letter of transmittal
in the form of Exhibit C attached hereto (a “Unit Consideration LT”) to LCIF and LXP on or prior to February
1, 2014; with each General Partner Interest in LCIF II converting into a General Partner Interest in LCIF, each Limited Partner
Interest in LCIF II (held by a Holder who has the right to receive the Unit Consideration) converting into an equivalent Limited
Partner Interest in LCIF, each special limited partner interest in LCIF II (held by a Holder who has the right to receive the Unit
Consideration) converting into an equivalent Special Limited Partner Interest in LCIF, the limited partnership interest of each
other additional limited partner in LCIF II (held by a Holder who has the right to receive the Unit Consideration) converting into
a Limited Partnership Interest of such Additional Limited Partner in LCIF having terms and conditions consistent with the limited
partnership interest of such additional limited partner in LCIF II; and each preferred Partnership Unit designated as “Series
C Preferred Units” of LCIF II converting into a preferred Partnership Unit in the designated “Series C Preferred Units”
of LCIF, in each case as set forth in the A&R LCIF Partnership Agreement. Each Holder of LCIF II Units who receives the Unit
Consideration shall, by virtue of the Merger and effective as of the Effective Time, be admitted to LCIF as a limited partner of
LCIF in respect of the Partnership Units comprising its Unit Consideration in accordance with Section 17-301(b)(3) of DRULPA and
as reflected in the A&R LCIF Partnership Agreement.

 

(b)          Notwithstanding
the foregoing, if between the date hereof and the Effective Time, the LCIF Units or LCIF II Units are changed into a different
number of shares/units or a different class, because of any unit distribution, subdivision, reclassification, recapitalization,
split, combination or exchange of units, the Merger Consideration shall be correspondingly adjusted to reflect such unit distribution,
subdivision, reclassification, recapitalization, split, combination or exchange of units.

 

(c)          Holders
of LCIF II Units shall (i) not be entitled to any further distributions from LCIF II and (ii) to the extent that they receive the
Unit Consideration shall be entitled to receive future distributions from LCIF in accordance with the A&R LCIF Partnership
Agreement beginning with the distribution for the quarter ending December 31, 2013. From and after the Effective Time, (i) the
Holders of the LCIF II Units issued and outstanding immediately prior to the Effective Time shall cease to have any rights with
respect to such LCIF II Units except as otherwise provided herein or by Law, (ii) the LCIF II Units shall be deemed to represent
only the right to receive the applicable Merger Consideration, and (iii) the transfer books of LCIF II will be closed and there
will be no further registration of transfers of LCIF II Units that were issued and outstanding prior to the Closing Date. The Merger
Consideration will not be paid until and unless the Effective Time occurs.

 

    	4

    	 

    

 

(d)          The
LCIF Units issued as the Unit Consideration will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities
Act”), and will constitute “restricted securities” within the meaning of the Securities Act, and will be
offered and issued pursuant to an exemption from the registration requirements of the Securities Act. The LCIF Units issued as
the Unit Consideration may not be offered or resold unless registered under the Securities Act, or subject to an exemption therefrom.

 

(e)          The
Unit Consideration will not be issued to a Holder of LCIF II Units who is not an Accredited Investor (within the meaning of Section 501(a)
of the Securities Act) and Holders of LCIF II Units who are not Accredited Investors will receive the Merger Consideration allocable
to their LCIF II Units only in the form of the Cash Consideration instead of the Unit Consideration. Each Holder of LCIF II Units
who is an Accredited Investor must deliver a duly executed and completed Unit Consideration LT to LCIF and LXP on or prior to February
1, 2014 in order to receive the Unit Consideration.

 

(f)          LCIF,
LCIF II, and Lex GP-1 shall be entitled to deduct and withhold from any consideration payable or otherwise deliverable to, or otherwise
require payment to be made by, any Holder or former Holder of LCIF II Units pursuant to this Agreement and the Partnership Agreements,
including the A&R LCIF Partnership Agreement, such amounts as they may be required to deduct or withhold with respect to the
transactions contemplated herein under the Internal Revenue Code of 1986, as amended (the “Code”), or under any provision
of state, local or foreign tax law. To the extent such amounts are so deducted or withheld, such amounts shall be treated for all
purposes under this Agreement as having been paid to the person to whom such amounts would otherwise have been paid.

 

(g)          For
US federal income tax purposes, the parties intend and agree and, by accepting Merger Consideration, each Holder acknowledges and
agrees, that (i) the Merger will be treated as an “assets over” merger of LCIF II with and into LCIF, effective as
of the Closing Date, within the meaning of Treasury Regulation Section 1.708-1(c)(3); and (ii)(A) LCIF will be treated as purchasing
the LCIF II Units from each Holder of LCIF II Units who receives Cash Consideration (each a “Selling Holder”) in the
Merger immediately before the Merger, in exchange for such Selling Holder’s share of Cash Consideration, and (B) each such
Selling Holder shall be deemed to consent to treat the transaction as a sale of its LCIF II Units to LCIF pursuant to Treasury
Regulation Section 1.708-1(c)(4).

 

(h)          All
LCIF Units outstanding immediately prior to the Effective Time shall remain issued and outstanding with no change thereto, subject
to the terms and conditions of the A&R LCIF Partnership Agreement.

 

SECTION 3.02. Appraisal
Rights.

 

No objectors’ or
appraisal rights shall be available with respect to the Merger or the other transactions contemplated hereby.

 

SECTION 3.03. Partnership Agreement and
Certificate of Limited Partnership.

 

At the Effective Time, the A&R LCIF Partnership
Agreement shall be the partnership agreement of the Surviving Entity, and the Certificate of Limited Partnership of LCIF shall
be the certificate of limited partnership of the Surviving Entity, until thereafter changed or amended as provided in such documents
or by applicable law.

 

    	5

    	 

    

 

SECTION 3.04. General Partner. 

 

At the Effective Time, Lex GP-1 shall continue
to be the general partner of the Surviving Entity, serving until the earlier of its resignation or removal or until a successor
is duly elected or appointed in accordance with the A&R LCIF Partnership Agreement.

 

ARTICLE
IV

REPRESENTATIONS AND WARRANTIES OF LCIF

 

LCIF hereby represents
and warrants to LCIF II as follows:

 

SECTION 4.01. Existence;
Good Standing; Authority; Compliance with Law.

 

LCIF is a limited partnership duly formed,
validly existing and in good standing under the laws of the State of Delaware. The certificate of limited partnership of LCIF (the
“LCIF Certificate of Limited Partnership”) is in effect and no dissolution, revocation or forfeiture proceedings
regarding LCIF has been commenced. LCIF is duly qualified or licensed to do business as a foreign entity and is in good standing
under the Laws (defined below) of any other jurisdiction in which the character of the properties owned, leased or operated by
it therein or in which the transaction of its business makes such qualification or licensing necessary, other than in such jurisdictions
where the failure to be so qualified or licensed would not have a Material Adverse Effect. LCIF has all requisite partnership power
and authority to own, lease and operate its properties and to carry on its businesses as now conducted and proposed by LCIF to
be conducted.

 

SECTION 4.02. Authority Relative to this
Agreement.

 

(a)          LCIF
has all necessary partnership power and authority to execute and deliver this Agreement and to consummate the transactions contemplated
hereby. No other partnership proceedings on the part of LCIF are necessary to authorize this Agreement or to consummate the transactions
contemplated hereby and thereby (other than to the extent required by Law, the filing with the Delaware Secretary of State of the
Certificate of Merger). This Agreement has been duly and validly executed and delivered by LCIF and, assuming due authorization,
execution and delivery hereof by LCIF II, constitutes a valid, legal and binding agreement of LCIF, enforceable against LCIF in
accordance with and subject to its terms and conditions, except as enforceability may be limited by applicable bankruptcy, insolvency,
reorganization, moratorium, fraudulent transfer and similar Laws of general applicability relating to or affecting creditors’
rights or by general equity principles.

 

(b)          Lex
GP-1, as General Partner of LCIF, has duly and validly authorized the execution and delivery of this Agreement and approved the
consummation of the Merger and the other transactions contemplated hereby and taken all actions required to be taken by Lex GP-1
for the consummation of the Merger and the other transactions contemplated hereby (other than to the extent required by Law and
the filing with the Delaware Secretary of State of the Certificate of Merger).

 

    	6

    	 

    

 

(c)          The
Majority SLP, as applicable to LCIF, has consented to the Merger.

 

(d)          LCIF
has taken all necessary action to permit it to issue the LCIF Units required to be issued by it pursuant to this Agreement. LCIF
Units issued pursuant to this Agreement will, when issued, be validly issued and no Person will have any preemptive right of subscription
or purchase in respect thereof.

 

SECTION 4.03. No Conflict;
Required Filings and Consents.

 

(a)          The
execution and delivery by LCIF of this Agreement do not, and the performance of its obligations hereunder will not, (i) conflict
with or violate the organizational documents of LCIF, (ii) assuming that all consents, approvals, authorizations and other
actions described in subsection (b) have been obtained and all filings and obligations described in subsection (b) have
been made, conflict with or violate any foreign or domestic statute, law, ordinance, regulation, rule, code, executive order, injunction,
judgment, decree or other order (“Law”) applicable to LCIF or by which any property or asset of LCIF is bound
or affected, or (iii) result in any breach of, or constitute a default (or an event which, with notice or lapse of time or
both, would become a default) under, or give to others any rights of termination, amendment, acceleration or cancellation of, or
result in the creation of a Lien or other encumbrance on any property or asset of LCIF, or result in any increase in any cost or
obligation of LCIF or the loss of any benefit of LCIF, pursuant to, any note, bond, mortgage, indenture, contract, agreement, lease,
license, permit, franchise or other instrument or obligation to which LCIF is a party or by which LCIF or any of its properties
or assets is bound or affected, except, with respect to clauses (ii) and (iii), for any such conflicts, violations, breaches, defaults
or other occurrences that would not have a Material Adverse Effect.

 

(b)          The
execution and delivery by LCIF of this Agreement do not, and the performance of its obligations hereunder will not, require any
consent, approval, authorization or permit of, or filing with or notification to, any United States federal, state, county or local
or any foreign government, governmental, regulatory or administrative authority, agency, instrumentality or commission or any court,
tribunal, or judicial or arbitral body (a “Governmental Authority”), except (i) for the filing of the Certificate
of Merger with, and the acceptance for record thereof by, the Delaware Secretary of State, and (ii) where the failure to obtain
such consents, approvals, authorizations or permits, or to make such filings or notifications, would not have a Material Adverse
Effect.

 

SECTION
4.04. Compliance.

 

LCIF is not in conflict
with, or in default, breach or violation of, (i) any Law applicable to LCIF or by which any of its properties or assets is
bound or affected, or (ii) any note, bond, mortgage, indenture, contract, agreement, lease, license, permit, franchise or
other instrument or obligation to which LCIF is a party or by which LCIF or any of its properties or assets is bound, except for
any such conflicts, defaults, breaches or violations that would not have a Material Adverse Effect.

 

    	7

    	 

    

 

SECTION 4.05. Absence
of Certain Changes or Events.

 

Except as disclosed in
writing to LCIF II, LCIF has conducted its business in the ordinary course and there has not occurred any changes, effects
or circumstances constituting a Material Adverse Effect.

 

SECTION 4.06. Taxes.

 

LCIF (1) has filed all
federal, state, local and foreign Tax Returns required to be filed by it (after giving effect to any filing extensions properly
obtained) and all such Tax Returns are correct and complete in all material respects, (2) has paid and discharged all Taxes
shown as due on such Tax Returns or otherwise required to be paid, and (3) has complied in all material respects with all
applicable Tax laws requiring the withholding or collection of Taxes, other than in each case, (i) such payments as are being
contested in good faith by appropriate proceedings and (ii) such filings, payments or other occurrences that would not have
a Material Adverse Effect. There are no currently effective or otherwise outstanding waivers or extensions of any applicable statute
of limitations to assess any Taxes.

 

SECTION 4.07. Brokers.

 

No broker, finder or
investment banker is entitled to any brokerage, finder’s or other fee or commission in connection with the transactions contemplated
hereby based upon arrangements made by or on behalf of LCIF.

 

SECTION 4.08. Compliance
with Laws.

 

LCIF has not violated
or failed to comply with any statute, law, ordinance, regulation, rule, judgment, decree or order of any Governmental Entity applicable
to its business, properties or operations, except in each case to the extent that such violation or failure would not reasonably
be expected to have a Material Adverse Effect.

 

ARTICLE
V

REPRESENTATIONS AND WARRANTIES OF LCIF II

 

LCIF II hereby represents
and warrants to LCIF as follows:

 

SECTION 5.01. Existence;
Good Standing; Authority; Compliance with Law.

 

LCIF II is a limited
partnership duly formed, validly existing and in good standing under the laws of the State of Delaware. The certificate of limited
partnership of LCIF II (the “LCIF II Certificate of Limited Partnership”) is in effect and no dissolution, revocation
or forfeiture proceedings regarding LCIF II have been commenced. LCIF II is duly qualified or licensed to do business as a foreign
entity and is in good standing under the Laws of any other jurisdiction in which the character of the properties owned, leased
or operated by it therein or in which the transaction of its business makes such qualification or licensing necessary, other than
in such jurisdictions where the failure to be so qualified or licensed would not have a Material Adverse Effect. LCIF II has all
requisite partnership power and authority to own, lease and operate its properties and to carry on its businesses as now conducted
and proposed by LCIF II to be conducted.

 

    	8

    	 

    

 

SECTION 5.02. Authority
Relative to this Agreement.

 

(a)          LCIF
II has all necessary partnership power and authority to execute and deliver this Agreement and to consummate the transactions contemplated
hereby. No other partnership proceedings on the part of LCIF II are necessary to authorize this Agreement or to consummate the
transactions contemplated hereby and thereby (other than to the extent required by Law, the acceptance for record by the Delaware
Secretary of State of the Certificate of Merger). This Agreement has been duly and validly executed and delivered by LCIF II and,
assuming due authorization, execution and delivery hereof by LCIF, constitutes a valid, legal and binding agreement of LCIF II,
enforceable against LCIF II in accordance with and subject to its terms and conditions, except as enforceability may be limited
by applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent transfer and similar Laws of general applicability
relating to or affecting creditors’ rights or by general equity principles.

 

(b)          Lex
GP-1, as General Partner of LCIF II, has duly and validly authorized the execution and delivery of this Agreement and approved
the consummation of the Merger and the other transactions contemplated hereby and taken all partnership actions required to be
taken by Lex GP-1 for the consummation of the Merger and the other transactions contemplated hereby.

 

(c)          The
Majority SLP, as applicable to LCIF II, has consented to the Merger. The Majority SLP have represented and warranted to LCIF II
that they are Accredited Investors and shall execute and deliver to LCIF the Unit Consideration LT on or prior to the Closing.

 

SECTION 5.03. No Conflict;
Required Filings and Consents.

 

(a)          The
execution and delivery by LCIF II of this Agreement do not, and the performance of its obligations hereunder will not, (i) conflict
with or violate the organizational documents of LCIF II, (ii) assuming that all consents, approvals, authorizations and other
actions described in subsection (b) have been obtained and all filings and obligations described in subsection (b) have
been made, conflict with or violate any Law applicable to LCIF II or by which any property or asset of LCIF II is bound or affected,
or (iii) result in any breach of, or constitute a default (or an event which, with notice or lapse of time or both, would
become a default) under, or give to others any rights of termination, amendment, acceleration or cancellation of, or result in
the creation of a Lien or other encumbrance on any property or asset of LCIF II, or result in any increase in any cost or obligation
of LCIF II or the loss of any benefit of LCIF II, pursuant to, any note, bond, mortgage, indenture, contract, agreement, lease,
license, permit, franchise or other instrument or obligation to which LCIF II is a party or by which LCIF II or any of its properties
or assets is bound or affected, except, with respect to clauses (ii) and (iii), for any such conflicts, violations, breaches, defaults
or other occurrences that would not have a Material Adverse Effect.

 

    	9

    	 

    

 

(b)          The
execution and delivery by LCIF II of this Agreement do not, and the performance of its obligations hereunder will not, require
any consent, approval, authorization or permit of, or filing with or notification to, any Governmental Authority, except (i) the
filing of the Certificate of Merger with the Delaware Secretary of State, and (ii) where the failure to obtain such consents,
approvals, authorizations or permits, or to make such filings or notifications, would not have a Material Adverse Effect.

 

SECTION 5.04. Compliance.

 

LCIF II is not in conflict
with, or in default, breach or violation of, (i) any Law applicable to LCIF II or by which any of its properties or assets
is bound or affected, or (ii) any note, bond, mortgage, indenture, contract, agreement, lease, license, permit, franchise
or other instrument or obligation to which LCIF II is a party or by which LCIF II or assets is bound, except for any such conflicts,
defaults, breaches or violations that would not have a Material Adverse Effect.

 

SECTION 5.05. Absence
of Certain Changes or Events.

 

Except as disclosed in
writing to LCIF, LCIF II has conducted its business in the ordinary course and there has not occurred any changes, effects
or circumstances constituting a Material Adverse Effect.

 

SECTION 5.06. Taxes.

 

LCIF II (1) has filed
all federal, state, local and foreign Tax Returns required to be filed by it (after giving effect to any filing extensions properly
obtained) and all such Tax Returns are correct and complete in all material respects, (2) has paid and discharged all Taxes
shown as due on such Tax Returns or otherwise required to be paid, and (3) has complied in all material respects with all
applicable Tax laws requiring the withholding or collection of Taxes, other than in each case, (i) such payments as are being
contested in good faith by appropriate proceedings and (ii) such filings, payments or other occurrences that would not have
a Material Adverse Effect. There are no currently effective or otherwise outstanding waivers or extensions of any applicable statute
of limitations to assess any Taxes.

 

SECTION 5.07. Brokers.

 

No broker, finder or
investment banker is entitled to any brokerage, finder’s or other fee or commission in connection with the transactions contemplated
hereby based upon arrangements made by or on behalf of LCIF II.

 

SECTION 5.08. Compliance
with Laws.

 

LCIF II has not violated
or failed to comply with any statute, law, ordinance, regulation, rule, judgment, decree or order of any Governmental Entity applicable
to its business, properties or operations, except in each case to the extent that such violation or failure would not reasonably
be expected to have a Material Adverse Effect.

 

    	10

    	 

    

 

ARTICLE
VI

CONDUCT OF BUSINESS PENDING THE CLOSING

 

SECTION 6.01. Conduct
of Business by LCIF.

 

Except as otherwise contemplated
by this Agreement, during the period commencing on the date hereof and terminating on the earlier to occur of the Effective Time
and the termination of this Agreement pursuant to and in accordance with Article IX (the “Interim Period”),
LCIF shall (i) conduct LCIF’s business in the ordinary course, and (ii) use commercially reasonable efforts to maintain
the assets and properties of LCIF in their current condition, normal wear and tear and damage caused by casualty or by any reason
outside of LCIF’s control excepted; provided that nothing herein shall prohibit any sale of assets in the ordinary course.

 

SECTION 6.02. Conduct
of Business by LCIF II.

 

Except as otherwise contemplated
by this Agreement, during the Interim Period, LCIF II shall (i) conduct LCIF II’s business in the ordinary course, and
(ii) use commercially reasonable efforts to maintain the assets and properties of LCIF II in their current condition, normal wear
and tear and damage caused by casualty or by any reason outside of LCIF II’s control excepted; provided that nothing herein
shall prohibit any sale of assets in the ordinary course.

 

ARTICLE
VII

ADDITIONAL AGREEMENTS

 

SECTION 7.01. Transfer
Taxes.

 

LCIF and LCIF II shall
cooperate in the preparation, execution and filing of all returns, questionnaires, applications or other documents regarding any
real property transfer or gains, sales, use, transfer, value added, stock transfer or stamp taxes, any transfer, recording, registration
and other fees and any similar taxes, if any, that become payable in connection with the transactions contemplated by this Agreement
(together with any related interests, penalties or additions to Tax, “Transfer Taxes”), and shall cooperate
in attempting to minimize the amount of Transfer Taxes, if any. From and after the Effective Time, the Surviving Entity shall pay
or cause to be paid, without deduction or withholding from the Merger Consideration, all Transfer Taxes.

 

    	11

    	 

    

 

ARTICLE
VIII

CONDITIONS

 

SECTION 8.01. Conditions
to the Obligations of Each Party.

 

The obligations of each
of LCIF and LCIF II to effect the Merger shall be subject to the satisfaction, at or prior to the Closing, of the following conditions:
No Governmental Authority in the United States shall have enacted, issued, promulgated, enforced or entered any Law (whether temporary,
preliminary or permanent) which is then in effect and has the effect of making the Merger illegal or otherwise restricting, preventing
or prohibiting consummation of the Merger.

 

SECTION 8.02. Conditions
to the Obligations of LCIF II.

 

The obligations of LCIF
II to consummate the Merger are subject to the satisfaction or waiver (where permissible) of the following additional conditions:

 

(a)          Representations
and Warranties. The representations and warranties of LCIF in this Agreement that (i) are not made as of a specific date
shall be true and correct (without giving effect to any limitation as to “materiality” set forth therein) as of the
date of this Agreement and as of the Closing, as though made on and as of the Closing, and (ii) are made as of a specific
date shall be true and correct (without giving effect to any limitation as to “materiality” set forth therein) as of
such date, in each case except where the failure of such representations or warranties to be true and correct (without giving effect
to any limitation as to “materiality” or “Material Adverse Effect” set forth therein) would not have a
Material Adverse Effect;

 

(b)          Agreements
and Covenants. LCIF shall have performed, in all material respects, all obligations and complied with, in all material respects,
all agreements and covenants to be performed and complied with by it under this Agreement on or prior to the Closing; and

 

(c)          No
Material Adverse Effect. There shall not have occurred any event, circumstance, change or effect that individually
or in the aggregate has had or is reasonably likely to have a Material Adverse Effect with respect to LCIF.

 

SECTION 8.03. Conditions
to the Obligations of LCIF.

 

The obligations of LCIF
to consummate the Merger are subject to the satisfaction or waiver (where permissible) of the following additional conditions:

 

(a)          Representations
and Warranties. The representations and warranties of LCIF II in this Agreement that (i) are not made as of a specific
date shall be true and correct (without giving effect to any limitation as to “materiality” set forth therein) as of
the date of this Agreement and as of the Closing, as though made on and as of the Closing, and (ii) are made as of a specific
date shall be true and correct (without giving effect to any limitation as to “materiality” set forth therein) as of
such date, in each case except where the failure of such representations or warranties to be true and correct (without giving effect
to any limitation as to “materiality” or “Material Adverse Effect” set forth therein) would not have a
Material Adverse Effect;

 

(b)          Agreements
and Covenants. LCIF II shall have performed, in all material respects, all obligations and complied with, in all material respects,
all agreements and covenants to be performed and complied with by it under this Agreement on or prior to the Closing; and

 

    	12

    	 

    

 

(c)          No
Material Adverse Effect.  There shall not have occurred any event, circumstance, change or effect that individually
or in the aggregate has had or is reasonably likely to have a Material Adverse Effect with respect to LCIF II.

 

ARTICLE
IX

TERMINATION

 

SECTION 9.01. Termination.

 

This Agreement may be
terminated at any time prior to the Effective Time in writing (the date of any such termination, the “Termination Date”):

 

(a)          by
the mutual written consent of LCIF and LCIF II; or

 

(b)          by
either LCIF or LCIF II by written notice to the other party if any Governmental Authority with jurisdiction over such matters shall
have issued a governmental order permanently restraining, enjoining or otherwise prohibiting the Merger, and such governmental
order shall have become final and unappealable; provided, however, that the terms of this Section 9.01(b)
shall not be available to any party unless such party shall have used its commercially reasonable efforts to oppose any such governmental
order or to have such governmental order vacated or made inapplicable to the Merger.

 

SECTION 9.02. Effect
of Termination.

 

In the event of termination
of this Agreement and abandonment of the Merger and the other transactions contemplated by this Agreement pursuant to and in accordance
with Section 9.01, this Agreement shall forthwith become void and of no further force or effect whatsoever and there
shall be no liability on the part of any party, or their respective officers, directors, trustees, subsidiaries or partners, as
applicable, to this Agreement; provided, however, that nothing contained in this Agreement shall relieve any party
to this Agreement from any liability resulting from or arising out of any material breach of any agreement or covenant hereunder;
provided, further, that notwithstanding the foregoing, the covenants and other obligations under this Agreement
shall terminate upon the termination of this Agreement, except that the agreements set forth in Section 9.03, and Article
10 shall survive termination indefinitely. If this Agreement is terminated as provided herein, all filings, applications and
other submissions made pursuant to this Agreement, to the extent practicable, shall be withdrawn from the agency or other person
to which they were made.

 

SECTION 9.03. Fees
and Expenses.

 

(a)          All
costs and expenses incurred in connection with this Agreement or the transactions contemplated hereby shall be paid by the party
incurring such expenses, whether or not the transactions contemplated by this Agreement are consummated.

 

    	13

    	 

    

 

ARTICLE
X

GENERAL PROVISIONS

 

SECTION 10.01. Non-Survival
of Representations and Warranties.

 

The representations and
warranties in this Agreement shall terminate at the Closing or upon the earlier termination of this Agreement.

 

SECTION 10.02. Notices.  All
notices, requests, claims, demands and other communications hereunder shall be in writing and shall be given (and shall be deemed
to have been duly given upon receipt) by delivery in person or by a recognized overnight courier service to the respective parties
at the following addresses (or at such other address for a party as shall be specified in a notice given in accordance with this
Section 10.02):

 

if to LCIF:

 

Lepercq Corporate Income Fund L.P.

Lexington Realty Trust

One Penn Plaza

Suite 4015

New York, NY 10119-4015

Fax No: (212) 594-6600

Attn: General Partner

 

if to LCIF II:

 

Lepercq Corporate Income Fund II L.P.

Lexington Realty Trust

One Penn Plaza

Suite 4015

New York, NY 10119-4015

Fax No: (212) 594-6600

Attn: General Partner

 

    	14

    	 

    

 

SECTION 10.03. Severability.

 

If any term or other
provision of this Agreement is invalid, illegal or incapable of being enforced by any rule of law, or public policy, all other
conditions and provisions of this Agreement shall nevertheless remain in full force and effect so long as the economic or legal
substance of the transactions contemplated hereby is not affected in any manner materially adverse to any party. Upon such determination
that any term or other provision is invalid, illegal or incapable of being enforced, the parties hereto shall negotiate in good
faith to modify this Agreement so as to effect the original intent of the parties as closely as possible in a mutually acceptable
manner in order that the transactions contemplated hereby be consummated as originally contemplated to the fullest extent possible.

 

SECTION 10.04. Amendment.

 

This Agreement may not
be amended except by an instrument in writing signed by the parties hereto.

 

SECTION 10.05. Entire
Agreement; Assignment.

 

This Agreement constitutes
the entire agreement between the parties with respect to the subject matter hereof and thereof and supersedes all prior agreements
and undertakings, both written and oral, among the parties, or any of them, with respect to the subject matter hereof and thereof.
This Agreement shall not be assigned by operation of law or otherwise (except to the Surviving Entity).

 

SECTION 10.06. Parties
in Interest.

 

This Agreement shall
be binding upon and inure solely to the benefit of each party hereto, and nothing in this Agreement, express or implied, is intended
to or shall confer upon any other Person any right, benefit or remedy of any nature whatsoever under or by reason of this Agreement.

 

SECTION 10.07. Specific
Performance.

 

The parties hereto agree
that irreparable damage would occur in the event any provision of this Agreement were not performed in accordance with the terms
hereof and that the parties shall be entitled to specific performance of the terms hereof, in addition to any other remedy at law
or equity.

 

SECTION 10.08. Governing
Law.

 

This Agreement shall
be governed by, and construed in accordance with, the Laws of the State of Delaware, regardless of the Laws that might otherwise
govern under applicable principles of conflict of Laws thereof. All actions and proceedings arising out of or relating to this
Agreement shall be heard and determined exclusively in any Delaware state or federal court. The parties hereto hereby (a) submit
to the exclusive jurisdiction of any Delaware state or federal court, for the purpose of any action arising out of or relating
to this Agreement brought by any party hereto, and (b) irrevocably waive, and agree not to assert by way of motion, defense,
or otherwise, in any such action, any claim that it is not subject personally to the jurisdiction of the above-named courts, that
its property is exempt or immune from attachment or execution, that the action is brought in an inconvenient forum, that the venue
of the action is improper, or that this Agreement or the transactions contemplated hereby may not be enforced in or by any of the
above-named courts.

 

    	15

    	 

    

 

SECTION 10.09. Waiver
of Jury Trial.

 

Each of the parties hereto
hereby waives to the fullest extent permitted by applicable Law any right it may have to a trial by jury with respect to any litigation
directly or indirectly arising out of, under or in connection with this Agreement or the transactions contemplated hereby.

 

SECTION 10.10. Headings.

 

The descriptive headings
contained in this Agreement are included for convenience of reference only and shall not affect in any way the meaning or interpretation
of this Agreement.

 

SECTION 10.11. Counterparts.

 

This Agreement may be
executed and delivered (including by facsimile transmission) in one or more counterparts, and by the different parties hereto in
separate counterparts, each of which when executed shall be deemed to be an original but all of which taken together shall constitute
one and the same agreement.

 

SECTION 10.12. Mutual
Drafting.

 

Each party hereto has
participated in the drafting of this Agreement, which each party acknowledges is the result of extensive negotiations between the
parties.

 

[SIGNATURE PAGE FOLLOWS]

 

    	16

    	 

    

 

IN WITNESS WHEREOF,
the parties hereto have caused this Agreement to be executed as of the date first written above by their respective officers thereunto
duly authorized.

 

	 	
        LEPERCQ CORPORATE INCOME FUND

        L.P.

	 	 
	 	By: Lex GP-1 Trust, its sole general partner
	 	 
	 	By	/s/ Patrick Carroll
	 	Name:  Patrick Carroll
	 	Title:  Vice President
	 	 
	 	
        LEPERCQ CORPORATE INCOME FUND II

        L.P.

	 	 
	 	By: Lex GP-1 Trust, its sole general partner
	 	 
	 	By	/s/ Patrick Carroll
	 	Name:  Patrick Carroll
	 	Title:  Vice President

 

The Agreement and the transactions contemplated herein are consented
to by the Majority SLP:

 

SPECIAL LIMITED PARTNERS:

 

	/s/ E. Robert Roskind	 
	E. Robert Roskind

 

THE LCP GROUP, L.P.

 

By: Third Lero Corp., general partner

 

	By:	/s/ E. Robert Roskind	 
	 	E. Robert Roskind
	 	President

 

    	 

    	 

    

 

Exhibit
A

 

FORM OF A&R LCIF PARTNERSHIP AGREEMENT

 

[See Attached]

 

    	 

    	 

    

 

SIXTH AMENDED AND RESTATED

AGREEMENT OF LIMITED PARTNERSHIP

 

OF

 

LEPERCQ CORPORATE INCOME FUND L.P.

 

Dated and Effective as of December 30, 2013

 

    	 

    	 

    

 

TABLE OF CONTENTS

 

	ARTICLE 1 DEFINED TERMS	3
	 	 
	ARTICLE 2 ORGANIZATIONAL MATTERS	16
	 	 	 	 
	SECTION 2.1	 	Organization	16
	 	 	 	 
	SECTION 2.2	 	LCIF Merger	16
	 	 	 	 
	SECTION 2.3	 	Name	17
	 	 	 	 
	SECTION 2.4	 	Registered Office and Agent Principal Office	18
	 	 	 	 
	SECTION 2.5	 	Term	18
	 	 	 	 
	ARTICLE 3 PURPOSE	18
	 	 	 	 
	SECTION 3.1	 	Purpose and Business	18
	 	 	 	 
	SECTION 3.2	 	Powers	18
	 	 	 	 
	ARTICLE 4 CAPITAL CONTRIBUTIONS	19
	 	 	 	 
	SECTION 4.1	 	Capital Contributions of the Partners	19
	 	 	 	 
	SECTION 4.2	 	Issuances of Additional Partnership Interests	19
	 	 	 	 
	ARTICLE 5 DISTRIBUTIONS	20
	 	 	 	 
	SECTION 5.1	 	Requirement and Characterization of Distributions	20
	 	 	 	 
	SECTION 5.2	 	Amounts Withheld	22
	 	 	 	 
	SECTION 5.3	 	Distributions Upon Liquidation	22
	 	 	 	 
	ARTICLE 6 ALLOCATIONS	22
	 	 	 	 
	SECTION 6.1	 	Allocations For Capital Account Purposes	22
	 	 	 	 
	ARTICLE 7 MANAGEMENT AND OPERATIONS OF BUSINESS	23
	 	 	 	 
	SECTION 7.1	 	Management	23
	 	 	 	 
	SECTION 7.2	 	Certificate of Limited Partnership	25
	 	 	 	 
	SECTION 7.3	 	Restrictions on Authority	25
	 	 	 	 
	SECTION 7.4	 	Reimbursement of LXP	25
	 	 	 	 
	SECTION 7.5	 	Outside Activities of and Participation in Other Transactions by the General Partner and Initial Limited Partner	26
	 	 	 	 
	SECTION 7.6	 	Indemnification	27
	 	 	 	 
	ARTICLE 8 RIGHTS AND OBLIGATIONS OF THE LIMITED PARTNERS	28
	 	 	 	 
	SECTION 8.1	 	Management of Business	28
	 	 	 	 
	SECTION 8.2	 	Outside Activities of Additional Limited Partners	28
	 	 	 	 
	SECTION 8.3	 	Return of Capital	28
	 	 	 	 
	SECTION 8.4	 	Redemption Rights	28
	 	 	 	 
	ARTICLE 9 BOOKS, RECORDS, ACCOUNTING AND REPORTS	31
	 	 	 	 
	SECTION 9.1	 	Records and Accounting	31

 

    	-i-

    	 

    

 

	SECTION 9.2	 	Fiscal Year	31
	 	 	 	 
	ARTICLE 10 TAX MATTERS	32
	 	 	 	 
	SECTION 10.1	 	Preparation of Tax Returns	32
	 	 	 	 
	SECTION 10.2	 	Tax Elections	32
	 	 	 	 
	SECTION 10.3	 	Tax Matters Partner	32
	 	 	 	 
	SECTION 10.4	 	Withholding	32
	 	 	 	 
	ARTICLE 11 TRANSFERS AND WITHDRAWALS	33
	 	 	 	 
	SECTION 11.1	 	Transfer	33
	 	 	 	 
	SECTION 11.2	 	Transfer of Partnership Interests by the General Partner and the Initial Limited Partner	33
	 	 	 	 
	SECTION 11.3	 	Additional Limited Partners' Rights to Transfer	34
	 	 	 	 
	SECTION 11.4	 	Substituted Additional Limited Partners	34
	 	 	 	 
	SECTION 11.5	 	Assignees	35
	 	 	 	 
	SECTION 11.6	 	General Provisions	35
	 	 	 	 
	ARTICLE 12 ADMISSION OF PARTNERS	36
	 	 	 	 
	SECTION 12.1	 	Admission of Subsequent Partner	36
	 	 	 	 
	SECTION 12.2	 	Amendment of Agreement and Certificate of Limited Partnership	36
	 	 	 	 
	ARTICLE 13 DISSOLUTION, LIQUIDATION AND TERMINATION	37
	 	 	 	 
	SECTION 13.1	 	Dissolution	37
	 	 	 	 
	SECTION 13.2	 	Winding Up	37
	 	 	 	 
	SECTION 13.3	 	Negative Capital Accounts	38
	 	 	 	 
	SECTION 13.4	 	Rights of the Limited Partners	39
	 	 	 	 
	SECTION 13.5	 	Waiver of Partition	39
	 	 	 	 
	ARTICLE 14 AMENDMENT OF PARTNERSHIP AGREEMENT	39
	 	 	 	 
	SECTION 14.1	 	Amendments	39
	 	 	 	 
	ARTICLE 15 GENERAL PROVISIONS	40
	 	 	 	 
	SECTION 15.1	 	Addresses and Notice	40
	 	 	 	 
	SECTION 15.2	 	Titles and Captions	40
	 	 	 	 
	SECTION 15.3	 	Pronouns and Plurals	40
	 	 	 	 
	SECTION 15.4	 	Further Action	40
	 	 	 	 
	SECTION 15.5	 	Binding Effect	40
	 	 	 	 
	SECTION 15.6	 	Waiver	40
	 	 	 	 
	SECTION 15.7	 	Counterparts	41
	 	 	 	 
	SECTION 15.8	 	Applicable Law	41
	 	 	 	 
	SECTION 15.9	 	Invalidity of Provisions	41
	 	 	 	 
	SECTION 15.10	 	Entire Agreement	41

 

    	-ii-

    	 

    

 

	SECTION 15.11	 	Certificate of Designation	41

 

	 	EXHIBIT A PARTNERS’ CONTRIBUTIONS AND PARTNERSHIP INTERESTS	A-1
	 	 	 
	 	ANNEX A CERTIFICATE OF DESIGNATION OF SERIES C PREFERRED OPERATING PARTNERSHIP UNITS	Annex A-1
	 	 	 
	 	EXHIBIT B CAPITAL ACCOUNT MAINTENANCE	B-1
	 	 	 
	 	EXHIBIT C SPECIAL ALLOCATION RULES	C-1
	 	 	 
	 	EXHIBIT D NOTICE OF REDEMPTION	EXHIBIT A-1

 

    	-iii-

    	 

    

 

SIXTH AMENDED AND RESTATED

AGREEMENT OF LIMITED PARTNERSHIP

OF

LEPERCQ CORPORATE INCOME FUND L.P.

 

THIS SIXTH AMENDED AND RESTATED AGREEMENT
OF LIMITED PARTNERSHIP of LEPERCQ CORPORATE INCOME FUND L.P., dated and effective as of December 30, 2013 (including the Exhibits
and Annexes hereto, this “Agreement”), is entered into by and among Lex GP-1 Trust (f/k/a/ Lex GP-1, Inc.), a Delaware
statutory trust, as the general partner of the partnership (the “General Partner”), Lex LP-1 Trust (f/k/a/ Lex LP-1,
Inc.), a Delaware statutory trust, as the initial limited partner of the Partnership (the “Initial Limited Partner”),
Lexington Realty Trust, a Maryland statutory real estate investment trust, sole stockholder of the General Partner and the Initial
Limited Partner (“LXP”), the Persons who have been previously admitted to the Partnership as Special Limited Partners
and are named as such on Exhibit A attached hereto, the Persons who have been previously admitted to the Partnership as Additional
Limited Partners and are named as such on Exhibit A attached hereto, the Persons who have been admitted to the Partnership as Partners
pursuant to this Agreement upon consummation of the LCIF Merger (as defined below) and are named as such on Exhibit A attached
hereto, and the Persons who are subsequently admitted to the Partnership as Partners and are named as such on Exhibit A attached
hereto from time to time as provided herein.

 

WITNESSTH

 

WHEREAS, the original Certificate of Limited
Partnership of the Partnership was filed with the Delaware Secretary (as defined herein) on March 14, 1986 in connection with the
formation of the Partnership (the “Original Certificate”).

 

WHEREAS, the Original Certificate was subsequently
amended by the filing with the Delaware Secretary of the following: (i) that certain Amended and Restated Certificate of Limited
Partnership filed on October 12, 1993, (ii) that certain Certificate of Amendment to Certificate of Limited Partnership filed on
October 26, 2001, (iii) that certain Second Amended and Restated Certificate of Limited Partnership filed on August 20, 2002, (iv)
that certain Certificate of Amendment to Certificate of Limited Partnership filed on July 24, 2007, (v) that certain Certificate
of Amendment Changing Only the Registered Office or Registered Agent of a Limited Partnership filed on November 13, 2012, and (vi)
that certain Certificate of Amendment Changing Only the Registered Office or Registered Agent of a Limited Partnership filed on
September 16, 2013.

 

WHEREAS, a limited partnership agreement
was entered into by certain of the Partners as of March 14, 1986, which was subsequently amended and/or amended and restated from
time to time to, among other things, admit Partners under and pursuant to (i) that certain First Amended and Restated Agreement
of Limited Partnership of the Partnership, dated as of October 12, 1993, (ii) that certain Second Amended and Restated Agreement
of Limited Partnership of the Partnership, dated as of October 12, 1993, (iii) that certain Third Amended and Restated Agreement
of Limited Partnership of the Partnership, dated as of August 1, 1995, (iv) that certain Fourth Amended and Restated Agreement
of Limited Partnership of the Partnership, dated as of May 22, 1996, (v) that certain Fifth Amended and Restated Agreement of Limited
Partnership of the Partnership, dated as of December 31, 1996, (vi) that certain Amendment No. 1 to the Fifth Amended and Restated
Agreement of Limited Partnership of the Partnership, dated as of December 31, 2000, (vii) that certain First Amendment to the Fifth
Amended and Restated Agreement of Limited Partnership of the Partnership, dated and effective as of June 19, 2003, (viii) that
certain Second Amendment to the Fifth Amended and Restated Agreement of Limited Partnership of the Partnership, effective as of
June 30, 2003, (ix) that certain Third Amendment to the Fifth Amended and Restated Agreement of Limited Partnership of the Partnership,
effective as of December 31, 2003, (x) that certain Fourth Amendment to the Fifth Amended and Restated Agreement of Limited Partnership
of the Partnership, dated and effective as of October 28, 2004, (xi) that certain Fifth Amendment to the Fifth Amended and Restated
Agreement of Limited Partnership of the Partnership, dated and effective as of December 8, 2004, (xii) that certain Sixth Amendment
to the Fifth Amended and Restated Agreement of Limited Partnership of the Partnership, dated and effective as of January 3, 2005,
(xiii) that certain Seventh Amendment to the Fifth Amended and Restated Agreement of Limited Partnership of the Partnership, dated
and effective as of November 2, 2005, and (xiv) that certain Eighth Amendment to the Fifth Amended and Restated Agreement of Limited
Partnership of the Partnership, effective as of March 26, 2009 (collectively, the “Prior LCIF I Agreements”).

 

    	-1-

    	 

    

 

WHEREAS, the original Certificate of Limited
Partnership of Lepercq Corporate Income Fund II L.P. (“LCIF II”) was filed with the Delaware Secretary on January 27,
1987 in connection with the formation of LCIF II (the “Original LCIF II Certificate”).

 

WHEREAS, the Original LCIF II Certificate
was subsequently amended by the filing with the Delaware Secretary of the following: (i) that certain Amended and Restated Certificate
of Limited Partnership filed on October 12, 1993, (ii) that certain First Amendment to the Amended and Restated Certificate of
Limited Partnership filed on November 30, 2000, (iii) that certain Certificate of Amendment to Certificate of Limited Partnership
filed on October 26, 2001, (iv) that certain Second Amended and Restated Certificate of Limited Partnership filed on August 20,
2002, (v) that certain Certificate of Amendment to Certificate of Limited Partnership filed on July 24, 2007, (vi) that certain
Certificate of Amendment Changing Only the Registered Office or Registered Agent of a Limited Partnership filed on November 13,
2012, and (vii) that certain Certificate of Amendment Changing Only the Registered Agent of a Limited Partnership filed on September
16, 2013.

 

WHEREAS, a limited partnership agreement
was entered into by certain partners of LCIF II as of January 27, 1987, which was subsequently amended and/or restated from time
to time to, among other things, admit partners under and pursuant to (i) that certain First Amendment to the First Amended and
Restated Agreement of Limited Partnership of LCIF II, dated as of October 12, 1993, (ii) that certain Second Amendment to the First
Amended and Restated Agreement of Limited Partnership of LCIF II, dated as of October 12, 1993, (iii) that certain Third Amendment
to the First Amended and Restated Agreement of Limited Partnership of LCIF II, dated as of January 29, 1998, (iv) that certain
Second Amended and Restated Agreement of Limited Partnership of LCIF II, dated as of August 27, 1998, (v) that certain First Amendment
to the Second Amended and Restated Agreement of Limited Partnership of LCIF II, dated and effective as of June 19, 2003, (vi) that
certain Second Amendment to the Second Amended and Restated Agreement of Limited Partnership of LCIF II, effective as of June 30,
2003, (vii) that certain Third Amendment to the Second Amended and Restated Agreement of Limited Partnership of LCIF II, dated
and effective as of December 8, 2004, (viii) that certain Fourth Amendment to the Second Amended and Restated Agreement of Limited
Partnership of LCIF II, dated and effective as of January 3, 2005, (ix) that certain Fifth Amendment to the Second Amended and
Restated Agreement of Limited Partnership of LCIF II, dated as of July 23, 2006, (x) that certain Sixth Amendment to the Second
Amended and Restated Agreement of Limited Partnership of LCIF II, dated as of December 20, 2006, and (xi) that certain Seventh
Amendment to the Second Amended and Restated Agreement of Limited Partnership of LCIF II, effective as of March 26, 2009 (collectively,
the “Prior LCIF II Agreements”).

 

    	-2-

    	 

    

 

WHEREAS, on December 23, 2013, the Partnership
entered into that certain Agreement and Plan of Merger, dated as of December [●], 2013 (the “LCIF Merger Agreement”),
by and between the Partnership and LCIF II, pursuant to which LCIF II merged with and into the Partnership (the “LCIF Merger”),
and certain partners of LCIF II were admitted to the Partnership as partners of the Partnership and certain Partners acquired additional
Partnership Units.

 

WHEREAS, this Sixth Amended and Restated
Limited Partnership Agreement of the Partnership, dated and effective as of December 30, 2013, is entered into, among other things,
to reflect the LCIF Merger and include provisions related to the admission of the partners in LCIF II as Partners in the Partnership
and update, amend and consolidate into this Agreement the provisions of the Prior Agreements (as defined herein).

 

ARTICLE
1

DEFINED TERMS

 

The following definitions shall for all
purposes be applied to the following terms used in this Agreement.

 

“12/31/2003 Limited Partners”
means a Person admitted to the Partnership as a 12/31/2003 Limited Partner pursuant to the Prior LCIF I Agreements and who is shown
as such on the books and records of the Partnership.

 

“704(c) Value” of any Contributed
Property means the fair market value of such property or other consideration at the time of contribution as determined by the General
Partner using such reasonable method of valuation as it may adopt. Subject to Exhibit B hereof, the General Partner shall, in its
sole and absolute discretion, use such method as it deems reasonable and appropriate to allocate the aggregate of the 704(c) Values
of Contributed Properties in a single or integrated transaction among the separate properties on a basis proportional to their
respective fair market values.

 

“Act” means the Delaware Revised
Uniform Limited Partnership Act, as it may be amended from time to time.

 

“Additional Limited Partner Redemption
Right” shall have the meaning set forth in Section 8.4 hereof.

 

“Additional Limited Partners”
means the Special Limited Partners, the Property Limited Partners, the Red Butte Limited Partners, the Expansion Limited Partners,
the Phoenix I Limited Partners, the Warren Limited Partners, the Pacific Place Limited Partners, Savannah Limited Partners, the
Anchorage Limited Partner, the Dubuque Limited Partners, the Columbia Limited Partners, the LPM Limited Partners, the 12/31/2003
Limited Partners, the Montgomery Limited Partners, the Westport Limited Partners, the Phoenix II Limited Partners, the Scannell
Limited Partners, and any other limited partner admitted to the Partnership pursuant to Section 4.2.A.

 

“Additional Redeeming Partner”
shall have the meaning set forth in Section 8.4 hereof.

 

    	-3-

    	 

    

 

“Adjusted Capital Account” means
the Capital Account maintained for each Partner as of the end of each Partnership Year (i) increased by any amounts which such
Partner is obligated to restore pursuant to any provision of this Agreement or is deemed to be obligated to restore pursuant to
the penultimate sentences of Regulations Sections 1.704-2(g)(1) and 1.704-2(i)(5) and (ii) decreased by the items described in
Regulations Sections 1.704-1(b)(2)(ii)(d)(4), 1.704-1(b)(2)(ii)(d)(5), and 1.704-1(b)(2)(ii)(d)(6). The foregoing definition of
Adjusted Capital Account is intended to comply with the provisions of Regulations Section 1.704-1(b)(2)(ii)(d) and shall be interpreted
consistently therewith.

 

“Adjusted Capital Account Deficit”
means, with respect to any Partner, the deficit balance, if any, in such Partner's Adjusted Capital Account as of the end of the
relevant Partnership Year.

 

“Adjusted Property” means any
property the Carrying Value of which has been adjusted pursuant to Exhibit B hereof.

 

“Affiliate” means, with respect
to any Person, any Person directly or indirectly controlling, controlled by or under common control with such Person.

 

“Agreed Value” means (i) the
704(c) Value of such property or other consideration in the case of any Contributed Property as of the time of its contribution
to the Partnership, reduced by any liabilities either assumed by the Partnership upon such contribution or to which such property
is subject when contributed, and (ii) in the case of any property distributed to a Partner by the Partnership, the Partnership's
Carrying Value of such property at the time such Property is distributed, reduced by any indebtedness either assumed by such Partner
upon such distribution or to which such property is subject at the time of distribution under Section 752 of the Code and the Regulations
thereunder.

 

“Agreement” means this Sixth
Amended and Restated Agreement of Limited Partnership (including all Exhibits and Annexes hereto), as it may be amended, supplemented
or restated from time to time.

 

“Allocation Percentage” shall
have the meaning set forth in Section 7.4 hereof.

 

“Anchorage Limited Partner”
means a Person admitted to the Partnership as an Anchorage Limited Partner pursuant to the Prior LCIF I Agreements and who is shown
as such on the books and records of the Partnership.

 

“Anchorage Limited Partner Interest”
means a Partnership Interest of an Anchorage Limited Partner in the Partnership representing a fractional part of the Partnership
Interests of all Anchorage Limited Partners and includes any and all benefits to which the holder of such a Partnership Interest
may be entitled as provided in this Agreement, together with all obligations of such Person to comply with the terms and provisions
of this Agreement. An Anchorage Limited Partner Interest may be expressed as a number of Partnership Units.

 

“Assignee” means a Person to
whom one or more Partnership Units held by an Additional Limited Partner have been transferred in a manner permitted under this
Agreement, but who has not become a Substituted Additional Limited Partner and who has the rights set forth in Section 11.5 hereof.

 

    	-4-

    	 

    

 

“Book-Tax Disparities” means,
with respect to any item of Contributed Property or Adjusted Property, as of the date of any determination, the difference between
the Carrying Value of such Contributed Property or Adjusted Property and the adjusted basis thereof for federal income tax purposes
as of such date.

 

“Business Day” means any day
except a Saturday, Sunday or other day on which commercial banks in New York, New York are authorized or required by law to close.

 

“Capital Account” means the
Capital Account maintained for a Partner pursuant to Exhibit B hereof.

 

“Capital Contributions” means,
with respect to any Partner, any cash, cash equivalents or the Agreed Value of Contributed Property which such Partner contributes
or is deemed to contribute to the Partnership pursuant to Section 4.1 or 4.2 hereof.

 

“Capital Event” means the sale,
refinancing or other disposition of a Partnership asset outside the ordinary course of the Partnership's business.

 

“Carrying Value” means (i) with
respect to a Contributed Property or Adjusted Property, the 704(c) Value of such property reduced (but not below zero) by all Depreciation
with respect to such property charged to the Partners' Capital Accounts and (ii) with respect to any other Partnership property,
the adjusted basis of such property for federal income tax purposes, all as of the time of determination. The Carrying Value of
any property shall be adjusted from time to time in accordance with Exhibit B hereof, and to reflect changes, additions or other
adjustments to the Carrying Value for dispositions and acquisitions of Partnership properties, as deemed appropriate by the General
Partner.

 

“Cash Consideration” shall have
the meaning set forth in Section 2.2 hereof.

 

“Cash Consideration LT” shall
have the meaning set forth in Section 2.2 hereof.

 

“Cash Redeeming Limited Partner”
means a Westport Redeeming Partner and any other Limited Partner determined to be a Cash Redeeming Limited Partner by the General
Partner upon admission to the Partnership pursuant to Section 4.2.A hereof or otherwise determined to be a Cash Redeeming Limited
Partner by the General Partner as permitted hereby.

 

“Cash Redemption Amount” shall
mean an amount equal to the product of (i) the number of Partnership Units offered for redemption by a Cash Redeeming Limited Partner,
multiplied by (ii) sum of (a) the average Daily Market Price of the REIT Shares for the twenty (20) Business Days preceding the
Specified Redemption Date multiplied by (b) the Redemption Factor.

 

“Certificate” means the Certificate
of Limited Partnership relating to the Partnership filed in the office of the Delaware Secretary, as amended from time to time
in accordance with the terms hereof and the Act.

 

“Certificate of Designation”
shall have the meaning set forth in Section 15.11 hereof.

 

“Code” means the Internal Revenue
Code of 1986, as amended and in effect from time to time, as interpreted by the applicable regulations thereunder. Any reference
herein to a specific section or sections of the Code shall be deemed to include a reference to any corresponding provision of future
law.

 

    	-5-

    	 

    

 

“Columbia Limited Partner” means
a Person admitted to the Partnership as a Columbia Limited Partner pursuant to the Prior LCIF I Agreements and who is shown as
such on the books and records of the Partnership.

 

“Columbia Limited Partner Interest”
means a Partnership Interest of a Columbia Limited Partner in the Partnership representing a fractional part of the Partnership
Interests of all Columbia Limited Partners and includes any and all benefits to which the holder of such a Partnership Interest
may be entitled as provided in this Agreement, together with all obligations of such Person to comply with the terms and provisions
of this Agreement. A Columbia Limited Partner Interest may be expressed as a number of Partnership Units.

 

“Contributed Property” means
each property or other asset, in such form as may be permitted by the Act, but excluding cash, contributed or deemed contributed
to the Partnership. Once the Carrying Value of a Contributed Property is adjusted pursuant to Exhibit B hereof, such property shall
no longer constitute a Contributed Property for purposes of Exhibit B hereof, but shall be deemed an Adjusted Property for such
purposes.

 

“Daily Market
Price” means the price of REIT Shares on the relevant date, determined (a) on the basis of the last reported trading price
of REIT Shares as reported on the NYSE, or if the REIT Shares are not then listed on the NYSE, as reported on such national securities
exchange upon which the REIT Shares are listed, or (b) if there is no reported sale
or trade on the day in question, on the basis of the average of the closing bid and asked quotations regular way so reported, or
(c) if REIT Shares are not listed on the NYSE or on any national securities exchange, on the basis of the high bid and low asked
quotations regular way on the day in question in the over-the-counter market as reported by the National Association of Securities
Dealers Automated Quotation System, or, if not so quoted, as reported by the National Quotation Bureau, Incorporated, or a similar
organization.

 

“Declaration of Trust” means
the Declaration of Trust of LXP, as amended or restated from time to time.

 

“Delaware Secretary” means the
Secretary of State of the State of Delaware.

 

“Depreciation” means, for each
fiscal year, an amount equal to the federal income tax depreciation, amortization, or other cost recovery deduction allowable with
respect to an asset for such year, except that if the Carrying Value of an asset differs from its adjusted basis for federal income
tax purposes at the beginning of such year or other period, Depreciation shall be an amount which bears the same ratio to such
beginning Carrying Value as the federal income tax depreciation, amortization, or other cost recovery deduction for such year bears
to such beginning adjusted tax basis; provided, however, that if the federal income tax depreciation, amortization, or other cost
recovery deduction for such year is zero, Depreciation shall be determined with reference to such beginning Carrying Value using
any reasonable method selected by the General Partner.

 

“Effective Date” shall mean
December 30, 2013, the date of the filing of the LCIF Merger Certificate with the Delaware Secretary.

 

“Effective Time” shall mean
4:00 p.m., on December 30, 2013, as provided in the LCIF Merger Certificate filed with the Delaware Secretary.

 

“Expansion Limited Partner”
means a Person admitted to the Partnership as an Expansion Limited Partner pursuant to the Prior LCIF I Agreements and who is
shown as such on the books and records of the Partnership.

 

    	-6-

    	 

    

 

“Expansion Limited Partner Interest”
means a Partnership Interest of an Expansion Limited Partner in the Partnership representing a fractional part of the Partnership
Interests of all Expansion Limited Partners and includes any and all benefits to which the holder of such a Partnership Interest
may be entitled as provided in this Agreement, together with all obligations of such Person to comply with the terms and provisions
of this Agreement. An Expansion Limited Partner Interest may be expressed as a number of Partnership Units.

 

“General Partner” shall have
the meaning set forth in the introductory paragraph of this Agreement and includes any successor general partner of the Partnership
admitted as such in accordance with this Agreement.

 

“General Partner Interest” means
a Partnership Interest held by the General Partner that is a general partner interest. A General Partner Interest shall be expressed
as a number of Partnership Units.

 

“Holders” shall have the meaning
set forth in Section 2.2 hereof.

 

“Immediate Family” means, with
respect to any natural Person, such natural Person's spouse and such natural Person's natural or adoptive parents, descendants,
nephews, nieces, brothers, and sisters.

 

“Incapacity” or “Incapacitated”
means (i) as to any individual Partner, death, total physical disability or entry by a court of competent jurisdiction adjudicating
him incompetent to manage his Person or his estate; (ii) as to any corporation which is a Partner, the filing of a certificate
of dissolution, or its equivalent, for the corporation or the revocation of its charter; (iii) as to any partnership which is a
Partner, the dissolution and commencement of winding up of the partnership; (iv) as to any estate which is a Partner, the distribution
by the fiduciary of the estate's entire interest in the Partnership; (v) as to any trustee of a trust which is a Partner, the termination
of the trust (but not the substitution of a new trustee); or (vi) as to any Partner, the bankruptcy of such Partner. For purposes
of this definition, bankruptcy of a Partner shall be deemed to have occurred when (a) the Partner commences a voluntary proceeding
seeking liquidation, reorganization or other relief under any bankruptcy, insolvency or other similar law now or hereafter in effect,
(b) the Partner is adjudged as bankrupt or insolvent, or a final and nonappealable order for relief under any Bankruptcy, insolvency
or similar law now or hereafter in effect has been entered against the Partner, (c) the Partner executes and delivers a general
assignment for the benefit of the Partner's creditors, (d) the Partner files an answer or other pleading admitting or failing to
contest the material allegations of a petition filed against the Partner in any proceeding of the nature described in clause (b)
above, (e) the Partner seeks, consents to or acquiesces in the appointment of a trustee, receiver or liquidator for the Partner
or for all or any substantial part of the Partner's properties, (f) any proceeding seeking liquidation, reorganization or other
relief of or against such Partner under any bankruptcy, insolvency or other similar law now or hereafter in effect has not been
dismissed within one hundred twenty (120) days after the commencement thereof, (g) the appointment without the Partner's consent
or acquiescence of a trustee, receiver or liquidator for the assets of the Partner which such appointment has not been vacated
or stayed within ninety (90) days of such appointment, or (h) an appointment referred to in clause (g) is not vacated within ninety
(90) days after the expiration of any such stay.

 

    	-7-

    	 

    

 

“Indemnitee” means (i) any Person
made a party to a proceeding by reason of his status as (A) the General Partner, or (B) a director or officer of the Partnership,
the General Partner, the Initial Limited Partner or LXP, and (ii) such other Persons (including Affiliates of the Partnership,
the General Partner, the Initial Limited Partner or LXP) as the General Partner may designate from time to time (whether before
or after the event giving rise to potential liability), in its sole and absolute discretion.

 

“Initial Limited Partner” shall
have the meaning set forth in the introductory paragraph of this Agreement and includes any successor admitted as such in accordance
with this Agreement.

 

“IRS” means the Internal Revenue
Service, which administers the internal revenue laws of the United States.

 

“LCIF II” shall have the meaning
ascribed to such term in the Recitals hereof.

 

“LCIF II Partnership Agreement”
means the Second Amended and Restated Agreement of Limited Partnership of Lepercq Corporate Income Fund II L.P., a Delaware limited
partnership, as amended.

 

“LCIF II Units” shall have the
meaning set forth in Section 2.2 hereof.

 

“LCIF Merger” shall have the
meaning ascribed to such term in the Recitals hereof.

 

“LCIF Merger Agreement” shall
have the meaning ascribed to such term in the Recitals hereof.

 

“LCIF Merger Certificate” means
the Certificate of Merger of the Partnership, dated December 30, 2013, filed in the office of the Delaware Secretary on December
30, 2013 pursuant to the LCIF Merger Agreement.

 

“LCP” means The LCP Group, L.P.

 

“Level B(2) Limited Partner”
means any Limited Partner determined to be a Level B(2) Limited Partner by the General Partner upon admission to the Partnership
pursuant to Section 4.2.A hereof or otherwise determined to be a Level B(2) Limited Partner by the General Partner as permitted
hereby.

 

“Limited Partner Interest” means
a Partnership Interest held by a Limited Partner in the Partnership that is a limited partner interest. A Limited Partner Interest
shall be expressed as a number of Partnership Units.

 

“Limited Partners” means the
Initial Limited Partners, the Special Limited Partners and the other Additional Limited Partners.

 

“Liquidating Events” shall have
the meaning set forth in Section 13.1 hereof.

 

“Liquidator” shall have the
meaning set forth in Section 13.2 hereof.

 

“LP Supplement” shall have the
meaning set forth in Section 4.2 hereof.

 

“LPM Limited Partner” means
a Person admitted to the Partnership as an LPM Limited Partner pursuant to the Prior LCIF I Agreements and who is shown as such
on the books and records of the Partnership.

 

    	-8-

    	 

    

 

“LPM Limited Partner Interest”
means a Partnership Interest of an LPM Limited Partner in the Partnership representing a fractional part of the Partnership Interests
of all LPM Limited Partners and includes any and all benefits to which the holder of such a Partnership Interest may be entitled
as provided in this Agreement, together with all obligations of such Person to comply with the terms and provisions of this Agreement.
An LPM Limited Partner Interest may be expressed as a number of Partnership Units.

 

“LXP” means Lexington Realty
Trust (f/k/a/ Lexington Corporate Properties, Inc.), a Maryland statutory real estate investment trust which is the sole stockholder
of the General Partner and the Initial Limited Partner.

 

“Merger Consideration” shall
have the meaning set forth in Section 2.2 hereof.

 

“Montgomery Limited Partner”
means a Person admitted to the Partnership as a Montgomery Limited Partner pursuant to the Prior LCIF I Agreements and who is shown
as such on the books and records of the Partnership.

 

“Montgomery Limited Partner Interest”
means a Partnership Interest of a Montgomery Limited Partner in the Partnership representing a fractional part of the Partnership
Interests of all Montgomery Limited Partners and includes any and all benefits to which the holder of such a Partnership Interest
may be entitled as provided in this Agreement, together with all obligations of such Person to comply with the terms and provisions
of this Agreement. A Montgomery Limited Partner Interest may be expressed as a number of Partnership Units.

 

“Net Income” means, for any
taxable period, the excess, if any, of the Partnership's items of income and gain for such taxable period over the Partnership's
items of loss and deduction for such taxable period. The items included in the calculation of Net Income shall be determined in
accordance with Exhibit B. Once an item of income, gain, loss or deduction that has been included in the initial computation of
Net Income is subjected to the special allocation rules in Exhibit C, Net Income or the resulting Net Loss, whichever the case
may be, shall be recomputed without regard to such item.

 

“Net Loss” means, for any taxable
period, the excess, if any, of the Partnership's items of loss and deduction for such taxable period over the Partnership's items
of income and gain for such taxable period. The items included in the calculation of Net Loss shall be determined in accordance
with Exhibit B. Once an item of income, gain, loss or deduction that has been included in the initial computation of Net Loss is
subjected to the special allocation rules in Exhibit C, Net Loss or the resulting Net Income, whichever the case may be, shall
be recomputed without regard to such item.

 

“Nonrecourse Built-In Gain”
means, with respect to any Contributed Properties or Adjusted Properties that are subject to a mortgage or negative pledge securing
a Nonrecourse Liability, the amount of any taxable gain that would be allocated to the Partners pursuant to Section 2.B of Exhibit
C if such properties were disposed of in a taxable transaction in full satisfaction of such liabilities and for no other consideration.

 

“Nonrecourse Deductions” has
the meaning set forth in Regulations Section 1.704-2(b)(1), and the amount of Nonrecourse Deductions for a Partnership Year shall
be determined in accordance with the rules of Regulations Section 1.704-2(c).

 

    	-9-

    	 

    

 

“Nonrecourse Liability” has
the meaning set forth in Regulations Section 1.752-1(a)(2).

 

“Notice of Redemption” means
the Notice of Redemption substantially in the form of Exhibit D to this Agreement.

 

“NYSE” means the New York Stock
Exchange.

 

“Operating Cash Flow” means,
for any period, operating revenue from leases on real property investments, partnership distributions with respect to partnerships
in which the Partnership has interests, and interest on uninvested funds and other cash investment returns, less operating expenses,
capital expenditures and regularly scheduled principal and interest payments (exclusive of balloon payments due at maturity) on
outstanding mortgage and other indebtedness. The General Partner may, in its discretion, reduce Operating Cash Flow for any period
by an amount determined by the General Partner to be necessary to fund reserves required by the Partnership.

 

“Original Certificate” shall
have the meaning ascribed to such term in the Recitals hereof.

 

“Original LCIF II Certificate”
shall have the meaning ascribed to such term in the Recitals hereof.

 

“Pacific Place Limited Partner”
means a Person admitted to the Partnership as a Pacific Place Limited Partner pursuant to the Prior LCIF I Agreements and who is
shown as such on the books and records of the Partnership.

 

“Pacific Place Limited Partner Interest”
means a Partnership Interest of a Pacific Place Limited Partner in the Partnership representing a fractional part of the Partnership
Interests of all Pacific Place Limited Partners and includes any and all benefits to which the holder of such a Partnership Interest
may be entitled as provided in this Agreement, together with all obligations of such Person to comply with the terms and provisions
of this Agreement. A Pacific Place Limited Partner Interest may be expressed as a number of Partnership Units.

 

“Partner” means a General Partner,
the Initial Limited Partner, any Special Limited Partner or any Additional Limited Partner and “Partners” means the
General Partner, the Limited Partner, the Special Limited Partners and any Additional Limited Partners.

 

“Partner Minimum Gain” means
an amount, with respect to each Partner Nonrecourse Debt, equal to the Partnership Minimum Gain that would result if such Partner
Nonrecourse Debt were treated as a Nonrecourse Liability, determined in accordance with Regulations Section 1.704-2(i)(3).

 

“Partner Nonrecourse Debt” has
the meaning set forth in Regulations Section 1.704-2(b)(4).

 

“Partner Nonrecourse Deductions”
has the meaning set forth in Regulations Section 1.704-2(i)(2), and the amount of Partner Nonrecourse Deductions with respect to
a Partner Nonrecourse Debt for a Partnership Year shall be determined in accordance with the rules of Regulations Section 1.704-2(i)(2).

 

“Partnership” means Lepercq
Corporate Income Fund L.P., a Delaware limited partnership, together with its predecessors in interest.

 

    	-10-

    	 

    

 

“Partnership Interest” means
an ownership interest in the Partnership representing a Capital Contribution by a Partner and includes any and all benefits to
which the holder of such a Partnership Interest may be entitled as provided in this Agreement, together with all obligations of
such Person to comply with the terms and provisions of this Agreement. A Partnership Interest shall be expressed as a number of
Partnership Units.

 

“Partnership Minimum Gain” has
the meaning set forth in Regulations Section 1.704-2(b)(2), and the amount of Partnership Minimum Gain, as well as any net increase
or decrease in Partnership Minimum Gain, for a Partnership Year shall be determined in accordance with the rules of Regulations
Section 1.704-2(d).

 

“Partnership Record Date” means
the record date established by the General Partner for the distribution of Operating Cash Flow pursuant to Section 5.1 hereof,
which record date shall be the same as the record date established by LXP for a distribution to its stockholders of some or all
of such distribution.

 

“Partnership Unit” means a fractional,
undivided share of the Partnership Interests of all Partners issued pursuant to Sections 4.1 and 4.2.

 

“Partnership Year” means the
fiscal year of the Partnership, which shall be the calendar year.

 

“Percentage Interest” means,
as to a Partner, its interest in the Partnership as determined by dividing the Partnership Units owned by such Partner by the total
number of Partnership Units then outstanding and as specified in Exhibit A attached hereto, as such Exhibit may be amended from
time to time.

 

“Person” means an individual
or a corporation, partnership, trust, unincorporated organization, association, limited liability company or other entity.

 

“Phoenix I Limited Partner”
means a Person admitted to the Partnership as a Phoenix I Limited Partner pursuant to the Prior LCIF I Agreements and who is shown
as such on the books and records of the Partnership.

 

“Phoenix I Limited Partner Interest”
means a Partnership Interest of a Phoenix I Limited Partner in the Partnership representing a fractional part of the Partnership
Interests of all Phoenix I Limited Partners and includes any and all benefits to which the holder of such a Partnership Interest
may be entitled as provided in this Agreement, together with all obligations of such Person to comply with the terms and provisions
of this Agreement. A Phoenix I Limited Partner Interest may be expressed as a number of Partnership Units.

 

“Phoenix II Limited Partner”
means a Person admitted to the Partnership as a Phoenix II Limited Partner pursuant to the Prior LCIF II Agreements and the LCIF
Merger and who is shown as such on the books and records of the Partnership.

 

“Phoenix II Limited Partner Interest”
means a Partnership Interest of a Phoenix II Limited Partner in the Partnership representing a fractional part of the Partnership
Interests of all Phoenix II Limited Partners and includes any and all benefits to which the holder of such a Partnership Interest
may be entitled as provided in this Agreement, together with all obligations of such Person to comply with the terms and provisions
of this Agreement. A Phoenix II Limited Partner Interest may be expressed as a number of Partnership Units.

 

    	-11-

    	 

    

 

“Prior Agreements” means the
Prior LCIF I Agreements and the Prior LCIF II Agreements.

 

“Prior LCIF I Agreements” shall
have the meaning ascribed to such term in the Recitals hereof.

 

“Prior LCIF II Agreements” shall
have the meaning ascribed to such term in the Recitals hereof.

 

“Property Limited Partner” means
a Person admitted to the Partnership as a Property Limited Partner pursuant to the Prior LCIF I Agreements and who is shown as
such on the books and records of the Partnership.

 

“Property Limited Partner Interest”
means a Partnership Interest of a Property Limited Partner in the Partnership representing a fractional part of the Partnership
Interests of all Property Limited Partners and includes any and all benefits to which the holder of such a Partnership Interest
may be entitled as provided in this Agreement, together with all obligations of such Person to comply with the terms and provisions
of this Agreement. A Property Limited Partner Interest may be expressed as a number of Partnership Units.

 

“Recapture Income” means any
gain recognized by the Partnership upon the disposition of any property or asset of the Partnership, which gain is characterized
as ordinary income because it represents the recapture of deductions previously taken with respect to such property or asset.

 

“Red Butte Limited Partner”
means a Person admitted to the Partnership as a Red Butte Limited Partner pursuant to the Prior LCIF I Agreements and who is shown
as such on the books and records of the Partnership.

 

“Red Butte Limited Partner Interest”
means a Partnership Interest of a Red Butte Limited Partner in the Partnership representing a fractional part of the Partnership
Interests of all Red Butte Limited Partners and includes any and all benefits to which the holder of such a Partnership Interest
may be entitled as provided in this Agreement, together with all obligations of such Person to comply with the terms and provisions
of this Agreement. A Red Butte Limited Partner Interest may be expressed as a number of Partnership Units.

 

“Redeeming Partner” shall mean
either a Special Redeeming Partner or an Additional Redeeming Partner, as the case may be.

 

“Redemption Amount” means the
number of REIT Shares equal to the product of the number of Partnership Units offered for redemption by a Redeeming Partner, multiplied
by the Redemption Factor; provided that in the event the General Partner issues to all holders of REIT Shares rights, options,
warrants or convertible or exchangeable securities entitling the stockholders to subscribe for or purchase REIT Shares, or any
other securities or property (collectively, the “rights”) then the Redemption Amount shall also include such rights
that a holder of that number of REIT Shares would be entitled to receive.

 

    	-12-

    	 

    

 

“Redemption Factor” means 1.126,
provided that in the event that LXP (i) declares or pays a dividend on its outstanding REIT Shares in REIT Shares or makes a distribution
to all holders of its outstanding REIT Shares in REIT Shares, (ii) subdivides its outstanding REIT Shares, or (iii) combines its
outstanding REIT Shares into a smaller number of REIT Shares, the Redemption Factor shall be adjusted by multiplying the Redemption
Factor in effect immediately before such event by a fraction, the numerator of which shall be the number of REIT Shares issued
and outstanding on the record date for such dividend, distribution, subdivision or combination (assuming for such purposes that
such dividend, distribution, subdivision or combination has occurred as of such time), and the denominator of which shall be the
actual number of REIT Shares (determined without the above assumption) issued and outstanding on the record date for such dividend
distribution, subdivision or combination. Any adjustment to the Redemption Factor (x) with respect to clause (i) of the immediately
preceding sentence, shall become effective immediately after the effective date of such event retroactive to the day after the
record date, if any, for such event, and (y) with respect to clauses (ii) or (iii) of the immediately preceding sentence, shall
become effective immediately after the effective date of such event retroactive to the record date, if any, for such event.

 

“Redemption Right” shall mean
either the Special Limited Partner Redemption Right or the Additional Limited Partner Redemption Right, as the case may be.

 

“Regulations” means the Income
Tax Regulations promulgated under the Code, as such regulations may be amended from time to time (including corresponding provisions
of succeeding regulations).

 

“REIT” means a real estate investment
trust under Section 856 of the Code.

 

“REIT Dividend Limited Partner Unit
Distribution Amounts” means such amounts of distributions for each REIT Dividend Limited Partner Unit that is equal to (x)
the amount of cash distributions made in respect of one REIT Share outstanding on any given date multiplied by (y) the Redemption
Factor on the applicable record date, such amount of REIT Dividend Limited Partner Unit Distribution Amounts being adjusted from
time to time in accordance with the Redemption Factor.

 

“REIT Dividend Limited Partner Units”
shall mean those Partnership Units issued to REIT Dividend Limited Partners pursuant to Section 4.1 and 4.2.

 

“REIT Dividend Limited Partners”
means the Special Limited Partners, the Property Limited Partners, the Dubuque Limited Partners, the Pacific Place Limited Partners,
the Phoenix I Limited Partners, the Savannah Limited Partners, the Anchorage Limited Partners, the Columbia Limited Partners, the
LPM Limited Partners, the 12/31/2003 Limited Partners, the Montgomery Limited Partners, the Westport Limited Partners, the Scannell
Limited Partners and any other Limited Partner determined to be a REIT Dividend Limited Partner by the General Partner upon admission
to the Partnership pursuant to Section 4.2.A hereof or otherwise determined to be a REIT Dividend Limited Partner by the General
Partner as permitted hereby.

 

“REIT Share” shall mean a common
share of LXP, $.0001 par value. A REIT Share shall also mean an excess share of LXP, $.0001 par value, issued in exchange or upon
conversion of a common share of LXP under the circumstances contemplated by the Declaration of Trust.

 

“Residual Gain” or “Residual
Loss” means any item of gain or loss, as the case may be, of the Partnership recognized for federal income tax purposes resulting
from a sale, exchange or other disposition of Contributed Property or Adjusted Property, to the extent such item of gain or loss
is not allocated pursuant to Section 2.B(i)(1) or 2.B(ii)(1) of Exhibit C to eliminate Book-Tax Disparities.

 

    	-13-

    	 

    

 

“Savannah Limited Partner” means
a Person admitted to the Partnership as a Savannah Limited Partner pursuant to the Prior LCIF I Agreements and who is shown as
such on the books and records of the Partnership.

 

“Savannah Limited Partner Interest”
means a Partnership Interest of a Savannah Limited Partner in the Partnership representing a fractional part of the Partnership
Interests of all Savannah Limited Partners and includes any and all benefits to which the holder of such a Partnership Interest
may be entitled as provided in this Agreement, together with all obligations of such Person to comply with the terms and provisions
of this Agreement. A Savannah Limited Partner Interest may be expressed as a number of Partnership Units.

 

“Scannell Limited Partner” means
a Person admitted to the Partnership as a Scannell Limited Partner pursuant to the Prior LCIF II Agreements and the LCIF Merger
and who is shown as such on the books and records of the Partnership.

 

“Scannell Limited Partner Interest”
means a Partnership Interest of a Scannell Limited Partner in the Partnership representing a fractional part of the Partnership
Interests of all Scannell Limited Partners and includes any and all benefits to which the holder of such a Partnership Interest
may be entitled as provided in this Agreement, together with all obligations of such Person to comply with the terms and provisions
of this Agreement. A Scannell Limited Partner Interest may be expressed as a number of Partnership Units.

 

“Series C Preferred Units” means
a series of preferred Partnership Units designated as “Series C Preferred Units.”

 

“Shared Debt” means certain
of LXP’s corporate level borrowings for which the Partnership is a co-borrower, co-obligor or guarantor.

 

“Special Limited Partner” means
a Person admitted to the Partnership as a Special Limited Partner pursuant to the Prior Agreements or as a result of the LCIF Merger,
and who is shown as such on the books and records of the Partnership.

 

“Special Limited Partner Interest”
means a Partnership Interest of the Special Limited Partners in the Partnership representing a fractional part of the Partnership
Interests of all Special Limited Partners and includes any and all benefits to which the holder of such a Partnership Interest
may be entitled as provided in this Agreement, together with all obligations of such Person to comply with the terms and provisions
of this Agreement. A Special Limited Partner Interest may be expressed as a number of Partnership Units.

 

“Special Limited Partner Redemption
Right” shall have the meaning set forth in Section 8.4 hereof.

 

“Special Redeeming Partner”
shall have the meaning set forth in Section 8.4 hereof.

 

“Specified Redemption Date”
means the tenth (10th) Business Day after receipt by the General Partner and LXP of a Notice of Redemption.

 

“Subsequent Partner” means a
Person admitted to the Partnership as a Partner after the date hereof through the sale or issuance by the Partnership of additional
Partnership Interests and not through the transfer of existing Partnership Interests.

 

    	-14-

    	 

    

 

“Subsidiary” means, with respect
to any Person, any corporation, partnership or other entity of which a majority of (i) the voting power of the voting equity securities
or (ii) the outstanding equity interests is owned, directly or indirectly, by such Person.

 

“Substituted Additional Limited Partner”
means a Person who is admitted as an Additional Limited Partner to the Partnership pursuant to Section 11.4.

 

“Terminating Capital Transaction”
means any sale or other disposition of all or substantially all of the assets of the Partnership or a related series of transactions
that, taken together, result in the sale or other disposition of all or substantially all of the assets of the Partnership.

 

“Unit Consideration” shall have
the meaning set forth in Section 2.2 hereof.

 

“Unit Consideration LT” shall
have the meaning set forth in Section 2.2 hereof.

 

“Unrealized Gain” attributable
to any item of Partnership property means, as of any date of determination, the excess, if any, of (i) the fair market value of
such property (as determined under Exhibit B hereof) as of such date, over (ii) the Carrying Value of such property (prior to any
adjustment to be made pursuant to Exhibit B hereof) as of such date.

 

“Unrealized Loss” attributable
to any item of Partnership property means, as of any date of determination, the excess, if any, of (i) the Carrying Value of such
property (prior to any adjustment to be made pursuant to Exhibit B hereof) as of such date, over (ii) the fair market value of
such property (as determined under Exhibit B hereof) as of such date.

 

“Warren Limited Partner” means
a Person admitted to the Partnership as a Warren Limited Partner pursuant to the Prior LCIF II Agreements and the LCIF Merger and
who is shown as such on the books and records of the Partnership.

 

“Warren Limited Partner Interest”
means a Partnership Interest of a Warren Limited Partner in the Partnership representing a fractional part of the Partnership Interests
of all Warren Limited Partners and includes any and all benefits to which the holder of such a Partnership Interest may be entitled
as provided in this Agreement, together with all obligations of such Person to comply with the terms and provisions of this Agreement.
A Warren Limited Partner Interest may be expressed as a number of Partnership Units.

 

“Westport Limited Partner” means
a Person admitted to the Partnership as a Westport Limited Partner pursuant to the Prior LCIF I Agreements and who is shown as
such on the books and records of the Partnership.

 

    	-15-

    	 

    

 

ARTICLE
2

ORGANIZATIONAL MATTERS

 

SECTION 2.1           Organization

 

A.           The
Partnership is a limited partnership formed pursuant to the provisions of the Act and upon the terms and conditions set forth in
the Prior Agreements and is currently operating under the terms and conditions of this Agreement. The Partners hereby amend and
restate the Prior Agreements in their entirety as of the date hereof to reflect the LCIF Merger and the other terms set forth herein.
Except as expressly provided herein to the contrary, the rights and obligations of the Partners and the administration and termination
of the Partnership shall be governed by the Act. The Partnership Interest of each Partner shall be personal property for all purposes.

 

SECTION 2.2           LCIF
Merger

 

A.           The
General Partner, in its capacity as the general partner of the Partnership, and LCIF II, with the approval of the holders of a
majority of the outstanding Partnership Units held by the Special Limited Partners of each of the Partnership and LCIF II, authorized
and approved the LCIF Merger and executed and delivered to the other party the LCIF Merger Agreement. At the Effective Time, (i)
LCIF II merged with and into the Partnership, whereupon the separate existence of LCIF II ceased and (ii) the Partnership continued
as the surviving limited partnership of the LCIF Merger.

 

B.           At
the Effective Time, by virtue of the LCIF Merger and without any action on the part of the holders (“Holders”) of Partnership
Units in the Partnership or partnership units in LCIF II (“LCIF II Units”):

  

		(1)	Each LCIF II Unit issued and outstanding immediately prior to the Effective Time was automatically
converted into the right to receive the following merger consideration (the “Merger Consideration”): (i) an amount
of cash (the “Cash Consideration”), payable in United States Dollars, equal to the product of (A) the closing price
of a REIT Share (as defined in the LCIF II Partnership Agreement) on the New York Stock Exchange, on the Effective Date multiplied
by (B) the Redemption Factor (as defined in the LCIF II Partnership Agreement), for each of the Holders of LCIF II Units as of
the Effective Time who either (1) is not an Accredited Investor (as defined in the LCIF Merger Agreement) and delivers a Cash Consideration
letter of transmittal attached as Exhibit B to the LCIF Merger Agreement (“Cash Consideration LT”) to LCIF and LXP
on or prior to February 1, 2014 or (2) fails to deliver a Cash Consideration LT or a Unit Consideration LT (defined below) to the
Partnership and LXP on or prior to February 1, 2014, and (ii) Partnership Units on a one for one basis having the rights and privileges
set forth in this Agreement (the “Unit Consideration”), for Holders of LCIF II Units as of the Effective Time who are
Accredited Investors and deliver a Unit Consideration letter of transmittal in the form of Exhibit C attached to the LCIF Merger
Agreement (a “Unit Consideration LT”) to the Partnership and LXP on or prior to February 1, 2014; with each general
partner interest in LCIF II converting into a General Partner Interest in the Partnership, each limited partner interest in LCIF
II (held by a Holder who has the right to receive the Unit Consideration) converting into an equivalent Limited Partner Interest
in the Partnership, including the Initial Limited Partner’s initial limited partner interest in LCIF II converting into an
equivalent Initial Limited Partner Interest in the Partnership, the special limited partner interest of each special limited partner
in LCIF II (held by a Holder who has the right to receive the Unit Consideration) converting into an equivalent Special Limited
Partner Interest in the Partnership, and the additional limited partner interest of each other additional limited partner in LCIF
II (held by a Holder who has the right to receive the Unit Consideration) converting into an equivalent Additional Limited Partner
Interest in the Partnership having terms and conditions consistent with the additional limited partner interest of such additional
limited partner in LCIF II; and each preferred partnership unit designated as “Series C Preferred Units” of LCIF II
converting into a preferred Partnership Unit in the designated “Series C Preferred Units” of the Partnership, in each
case as set forth in this Agreement.

 

    	-16-

    	 

    

 

		(2)	Each Holder of LCIF II Units who receives the Unit Consideration shall, by virtue of the LCIF Merger
and effective as of the Effective Time, be admitted to the Partnership as a limited partner of the Partnership in respect of the
Partnership Units comprising its Unit Consideration pursuant to the LCIF Merger Agreement and in accordance with Section 17-301(b)(3)
of the Act and as reflected in this Agreement.

 

		(3)	Holders of LCIF II Units shall (i) not be entitled to any further distributions from LCIF II and
(ii) to the extent that they receive the Unit Consideration shall be entitled to receive future distributions from the Partnership
in accordance with this Agreement beginning with the distribution for the quarter ending December 31, 2013.

 

C.           (1)       From
and after the Effective Time, (i) the Holders of the LCIF II Units issued and outstanding immediately prior to the Effective Time
shall cease to have any rights with respect to such LCIF II Units except as otherwise provided in the LCIF Merger Agreement or
by law, (ii) the LCIF II Units shall be deemed to represent only the right to receive the applicable Merger Consideration, and
(iii) the transfer books of LCIF II will be closed and there will be no further registration of transfers of LCIF II Units that
were issued and outstanding prior to the Effective Date.

 

(2)         In
order to receive the Merger Consideration described herein, Holders of LCIF II Units shall be required to deliver a duly completed
and executed Cash Consideration LT or Unit Consideration LT, as applicable, to the Partnership and LXP. Upon receipt by the Partnership
of a duly completed and executed Cash Consideration LT or Unit Consideration LT, as applicable, from a Holder of LCIF II, such
Holder shall be entitled to receive, at the later of (x) the Effective Time, or (y) following receipt from such Holder of a duly
completed and executed Cash Consideration LT or Unit Consideration LT, as applicable, the Merger Consideration either in the form
of the Cash Consideration, or, if such Holder timely delivers a Unit Consideration LT, in the form of the Unit Consideration.

 

D.           All
Partnership Units outstanding immediately prior to the Effective Time shall remain issued and outstanding with no change thereto,
subject to the terms and conditions of this Agreement.

 

SECTION 2.3           Name

 

The name of the Partnership is Lepercq
Corporate Income Fund L.P. The Partnership's business may be conducted under any other name or names deemed advisable by the General
Partner, including the name of the General Partner or any Affiliate thereof. The words “Limited Partnership,” “L.P.,”
“Ltd.” or similar words or letters shall be included in the Partnership's name where necessary for the purposes of
complying with the laws of any jurisdiction that so requires. The General Partner in its sole and absolute discretion may change
the name of the Partnership at any time.

 

    	-17-

    	 

    

 

SECTION 2.4           Registered
Office and Agent Principal Office 

 

The address of the registered office of
the Partnership in the State of Delaware is located at 2711 Centerville Road, Suite 400, City of Wilmington, County of New Castle,
Delaware 19808, and the registered agent for service of process on the Partnership in the State of Delaware at such registered
office is Corporation Service Company. The principal office of the Partnership is located at One Penn Plaza, Suite 4015, New York,
New York 10119-4015, and may be changed to such other place as the General Partner may from time to time designate. The Partnership
may maintain offices at such other place or places within or outside the State of Delaware as the General Partner deems advisable.

 

SECTION 2.5           Term

 

The term of the Partnership commenced on
March 14, 1986, the date the Certificate was initially filed in the office of the Delaware Secretary in accordance with the Act
and shall continue indefinitely, unless the Partnership is dissolved sooner pursuant to the provisions of Article 13 or as otherwise
provided by law.

 

ARTICLE
3

PURPOSE

 

SECTION 3.1           Purpose
and Business

 

The purpose and nature of the business
to be conducted by the Partnership is (i) to conduct any business that may be lawfully conducted by a limited partnership organized
pursuant to the Act; provided that such business shall be limited to and conducted in such a manner as to permit LXP at all times
to be classified as a REIT, unless LXP ceases to qualify as a REIT for reasons other than the conduct of the business of the Partnership,
(ii) to enter into any partnership, joint venture or other similar arrangement to engage in any of the foregoing or to own interests
in any entity engaged in any of the foregoing and (iii) to do anything necessary or incidental to the foregoing. In connection
with the foregoing, and without limiting LXP's right in its sole discretion to cease qualifying as a REIT, the Partners acknowledge
that LXP's status as a REIT inures to the benefit of all the Partners and not solely to LXP.

 

SECTION 3.2           Powers

 

A. The Partnership shall be empowered to
do any and all acts and things necessary, appropriate, proper, advisable, incidental to or convenient for the furtherance and accomplishment
of the purposes and business described herein and for the protection and benefit of the Partnership; provided that the Partnership
shall not take, or refrain from taking, any action which, in the judgment of LXP, in its sole and absolute discretion, (i) could
adversely affect the ability of LXP to continue to qualify as a REIT under Section 856 and 857 of the Code, (ii) could subject
LXP to any additional taxes under any Section of the Code or (iii) could violate any law or regulation of any governmental body
or agency having jurisdiction over LXP or its securities, unless such action (or inaction) shall have been specifically consented
to by LXP in writing.

 

    	-18-

    	 

    

 

B. Notwithstanding anything to the contrary
that may be contained herein, the Partnership had and continues to have the power and authority to execute, acknowledge, verify,
deliver, file and record any and all documents and instruments, including the LCIF Merger Agreement and the LCIF Merger Certificate,
and to perform any and all acts required by applicable law or which were or may be necessary or advisable in order to give effect
to the consummation of the LCIF Merger.

 

C. Notwithstanding anything to the contrary
that may be contained herein, Shared Debt shall be allocated among LXP and the Partnership based on their gross rental revenues
as ultimately determined by LXP. Nothing herein shall impact any joint and several liability or any guaranty, as applicable, with
respect to such Shared Debt.

 

ARTICLE
4

CAPITAL CONTRIBUTIONS

 

SECTION 4.1           Capital
Contributions of the Partners

 

As of the date of this Agreement, (i) the
Partners shall be deemed to have made the Capital Contributions set forth in Exhibit A to this Agreement and (ii) each Partner
shall own Partnership Units in the amount set forth for such Partner in Exhibit A and shall have a Percentage Interest in the Partnership
as set forth for such Partner in Exhibit A, which Percentage Interest shall be adjusted in Exhibit A from time to time by the General
Partner to the extent necessary to reflect accurately redemptions, Capital Contributions, Capital Events, the issuance of additional
Partnership Units or similar events having an effect on a Partner's Percentage Interest. Except as provided in Sections 4.2 and
10.4, the Partners shall have no obligation to make any additional Capital Contributions or loans to the Partnership.

 

SECTION 4.2           Issuances
of Additional Partnership Interests 

 

A.           The
General Partner is hereby authorized to cause the Partnership from time to time to issue to the Partners or other Persons additional
Partnership Units or other Partnership Interests in one or more classes, or one or more series of any of such classes, with such
designations, preferences and relative, participating, optional or other special rights, powers and duties, including rights, powers
and duties senior to existing Partnership Interests and Partnership Units, all as shall be determined by the General Partner in
its sole and absolute discretion, including, without limitation, (i) the allocations of items of Partnership income, gain, loss,
deduction and credit to each such class or series of Partnership Interests and Partnership Units, (ii) the right of each such class
or series of Partnership Interests and Partnership Units to share in Partnership distributions, (iii) the redemption rights, if
any, of each such class or series of Partnership Interests and Partnership Units, (iv) the rights of each such class or series
of Partnership Interests and Partnership Units upon dissolution and liquidation of the Partnership and (v) any other terms, designations,
preferences, rights, powers and duties of each such class or series of Partnership Interests and Partnership Units, in each case
as set forth in a supplement to this Agreement (an “LP Supplement”), which shall be deemed to amend and supplement
this Agreement and form a part hereof as if set forth directly herein.         

 

B.           Notwithstanding
any provision of Section 4.2.A to the contrary, no such additional Partnership Units or other Partnership Interests shall be issued
to the General Partner, the Initial Limited Partner, LXP or any of their Subsidiaries unless

 

    	-19-

    	 

    

 

		(1)	(a) the additional Partnership Interests are issued in connection with an issuance of shares of
LXP, which shares have designations, preferences and other rights, all such that the economic interests are substantially similar
to the designations, preferences and other rights of the additional Partnership Interests issued to the General Partner, the Initial
Limited Partner, LXP or any of their Subsidiaries in accordance with Section 4.2.A, and (b) LXP through the General Partner or
the Initial Limited Partner makes a Capital Contribution to the Partnership of a corresponding amount from the proceeds raised
in connection with the issuance of such shares of LXP;

 

		(2)	the additional Partnership Interests are General Partner Interests or Limited Partner Interests
issued in consideration for a contribution by the General Partner, the Initial Limited Partner, LXP or any of their Subsidiaries
of cash or other assets and the number of Partnership Units issued does not exceed the amount of such cash or the Agreed Value
of such contributed assets divided by the Daily Market Price of the REIT Shares on the date such Capital Contribution is effective;
or

 

		(3)	the additional Partnership Interests are issued to all Partners in proportion to their respective
Percentage Interests.

  

ARTICLE
5

DISTRIBUTIONS

 

SECTION 5.1           Requirement
and Characterization of Distributions 

 

A.           General.
The General Partner shall distribute quarterly an amount equal to 100% of the Operating Cash Flow generated by the Partnership
during such quarter to the Partners, who are Partners on the Partnership Record Date with respect to such quarter in accordance
with the remainder of this Section 5.1: provided, that in no event may a Partner receive a distribution of Operating
Cash Flow with respect to a Partnership Unit if such Partner is entitled to receive a distribution out of such Operating Cash Flow
with respect to a REIT Share for which such Partnership Unit has been redeemed or exchanged.

 

B.           Distributions
of Operating Cash Flow shall first be made to the following Partners in the following manner:

 

(1)         First,
to the following Partners pro rata in accordance with their respective rights to distributions as set forth herein (including for
the avoidance of doubt the LP Supplements hereto):

 

		a.	REIT Dividend Limited Partners. For purposes of this Section 5.1, each REIT Dividend Limited Partner (other than LCP)
shall be entitled to receive distributions with respect to each Partnership Unit held by such REIT Dividend Limited Partner equal
to the REIT Dividend Limited Partner Unit Distribution Amount.

 

    	-20-

    	 

    

 

		b.	Red Butte Limited Partners. Each Red Butte Limited Partner's share of Operating Cash Flow (other than LCP, in its capacity
as a Red Butte Limited Partner) shall be limited to a cash distribution of $0.27 per Partnership Unit per quarter ($1.08 per Partnership
Unit per annum) commencing with the quarter when such Red Butte Limited Partner was admitted to the Partnership, provided,
that if LXP reduces its dividend below $1.08 per REIT Share per annum since such admission then the distribution to which each
Red Butte Limited Partner is entitled shall be reduced by the percentage reduction in the LXP dividend.

 

		c.	Expansion Limited Partners. Each Expansion Limited Partner’s share of Operating Cash Flow (other than LCP, in
its capacity as an Expansion Limited Partner) shall be limited to a cash distribution of $0.28 per Partnership Unit per quarter
($1.12 per Partnership Unit per annum) commencing with the quarter when such Expansion Limited Partner was admitted to the Partnership,
provided, that if LXP reduces its dividend below $1.12 per REIT Share per annum since such admission then the distribution
to which each Expansion Limited Partner is entitled shall be reduced by the percentage reduction in the LXP dividend.

 

		d.	Phoenix II Limited Partners and Warren Limited Partners. The Phoenix II Limited Partners and Warren Limited Partners
(excluding LCP, in its capacity as a Phoenix II Limited Partner) shall receive a share of Operating Cash Flow equal to a cash distribution
of $0.29 per Partnership Unit per quarter ($1.16 per Partnership Unit per annum) commencing with the quarter when such Phoenix
II Limited Partners and Warren Limited Partners were admitted to the Partnership, provided, that if LXP reduces its dividend
below $1.16 per REIT Share per annum since such admission then the distribution to which such Phoenix II Limited Partners and Warren
Limited Partners are entitled shall be reduced by the percentage reduction in the LXP dividend, and provided, further,
that if LXP increases its dividend above $1.16 per REIT Share per annum since such admission then the distributions to which such
Phoenix II Limited Partners and Warren Limited Partners are entitled shall be increased by the percentage increase in the LXP dividend.

 

(2)         Second,
to LCP in its capacity as an Additional Limited Partner and the Level B(2) Limited Partners, pro rata in accordance with their
respective rights to distributions as set forth in this Section 5.1.B(2) (including for the avoidance of doubt the LP Supplements
hereto):

  

		a.	LCP shall be entitled to receive distributions with respect to each Partnership Unit equal to the distributions per Unit of
the specified type of Additional Limited Partner with respect to which LCP received and holds such Units, including as a Special
Limited Partner, REIT Dividend Limited Partner, Red Butte Limited Partner, Expansion Limited Partner and Phoenix II Limited Partner.

 

		b.	Each Level B(2) Limited Partner shall be entitled to receive distributions with respect to each Partnership Unit held by such
Level B(2) Limited Partner equal to the REIT Dividend Limited Partner Unit Distribution Amounts (calculated as if it were a REIT
Dividend Limited Partner for purposes thereof).

 

    	-21-

    	 

    

 

(3)         Last,
any remaining amount, to the General Partner and Initial Limited Partner, pro rata in accordance with their respective Percentage
Interests, determined as a percentage of total Partnership Units held by the General Partner and Initial Limited Partner.

 

SECTION 5.2           Amounts
Withheld

 

All amounts withheld pursuant to the Code
or any provisions of any state or local tax law and Section 10.4 hereof with respect to any allocations, payment or distribution
to the Partners or the Assignees shall be treated as amounts distributed to the Partners or the Assignees pursuant to Section 5.1
for all purposes under this Agreement.

 

SECTION 5.3           Distributions
Upon Liquidation

 

Proceeds from a Terminating Capital Transaction,
and any other cash received or reductions in reserves made after commencement of the liquidation of the Partnership, shall be distributed
to the Partners in accordance with Section 13.2.

 

ARTICLE
6

ALLOCATIONS

 

SECTION 6.1           Allocations
For Capital Account Purposes 

 

For purposes of maintaining the Capital
Accounts and in determining the rights of the Partners among themselves, the Partnership's items of income, gain, loss and deduction
(computed in accordance with Exhibit B hereof) shall be allocated among the Partners in each taxable year (or portion thereof)
as provided herein below.

 

A.    Net
Income. After giving effect to the special allocations set forth in Exhibit C, allocations of Net Income (or items thereof)
shall be made in the following manner:

 

		a.	First, to the Additional Limited Partners (excluding LCP and the Level B(2) Limited Partners), each in their capacity as a
specified type of Additional Limited Partner (e.g., REIT Dividend Limited Partner, Property Limited Partners, Special Limited Partners,
Red Butte Limited Partners, Expansion Limited Partners, the Phoenix
II Limited Partners and the Warren Limited Partners, pro rata in accordance with and to the extent of their relative rights to
distributions as set forth herein,

 

		b.	Second, to LCP and the Level B(2) Limited Partners in their capacity as an Additional Limited Partner (in accordance with and
to the extent of its rights to distributions in its capacity as a specified type of Additional Limited Partner (e.g., as a Special
Limited Partner, REIT Dividend Limited Partner, Red Butte Limited Partner, and so forth)), pro rata in accordance with and to the
extent of their relative rights to distributions, as set forth herein, and

 

		c.	then to the General Partner and the Initial Limited Partner in accordance with their respective Percentage Interests (determined
as a percentage of total Partnership Units held by the General Partner and the Initial Limited Partner);

 

    	-22-

    	 

    

 

provided, that, each Additional
Limited Partner will be allocated taxable income in an amount equal to the cash distributions received pursuant to Section 5.1
hereof.

 

B.           Net
Losses. After giving effect to the special allocations set forth in Exhibit C, 100% of the Net Losses shall be allocated to
the General Partner and the Initial Limited Partner in accordance with their respective Percentage Interests (determined as a percentage
of total Partnership Units held by the General Partner and the Initial Limited Partner).

 

C.           Certain
Allocations. For purposes of Regulation Section 1.752-3(a)(3), the Partners agree that Nonrecourse Liabilities of the Partnership
in excess of the sum of the amount of Partnership Minimum Gain and the total amount of Nonrecourse Built-In Gain shall be allocated
first to account for any income or gain to be allocated to the Additional Limited Partners pursuant to Sections 2.B and
2.D of Exhibit C and the allocations herein, and then among the Partners in accordance with their respective Percentage Interests,
or as is otherwise permissible in accordance with Regulation Section 1.752-3(a)(3). For the avoidance of doubt, this Section and
any other applicable provision of this Agreement, including any Exhibits hereof or thereof, shall be interpreted as specifying
the allocations of excess Nonrecourse Liabilities, as determined by the General Partner from time to time, that are intended to
reflect the Partners’ respective shares of Partnership profits for purposes of Regulation Section 1.752-3(a)(3).

 

ARTICLE
7

MANAGEMENT AND OPERATIONS OF BUSINESS

 

SECTION 7.1           Management

 

A.           Except
as otherwise expressly provided in this Agreement, all management powers over the business and affairs of the Partnership are and
shall be exclusively vested in the General Partner. The Limited Partners shall not have any right to participate in or exercise
control or management power over the business and affairs of the Partnership. The General Partner may not be removed by the Limited
Partners. In addition to the powers now or hereafter granted to a general partner of a limited partnership under applicable law
or which are granted to the General Partner under any other provision of this Agreement, the General Partner, subject to Section
7.3 hereof, shall have full power and authority to do all things deemed necessary or desirable by it to conduct the business of
the Partnership, to exercise all powers set forth in Section 3.2 hereof and to effectuate the purposes set forth in Section 3.1
hereof, including, without limitation:

 

(1)         the
execution, acknowledgement, verification, delivery, filing and recording, for and in the name of the Partnership, and, to the extent
necessary, the General Partner and the Initial Limited Partner, of any and all documents and instruments, including the LCIF Merger
Agreement and the performance of any and all acts required by applicable law or which GP-1 deems necessary or advisable in order
to give effect to the consummation of the LCIF Merger;

 

    	-23-

    	 

    

 

(2)         the
making of any expenditures, the lending, borrowing or guarantee of money (including, without limitation, making prepayments on
loans and borrowing money to permit the Partnership to make distributions to its Partners in such amounts as will permit LXP (so
long as LXP qualifies as a REIT) in general, including, without limitation, to avoid the payment of any federal income tax (including,
for this purpose, any excise tax pursuant to Section 4981 of the Code), to make distributions to its stockholders sufficient to
permit LXP to maintain REIT status), the incurrence of inter-company indebtedness and the assumption or guarantee of, or other
contracting for, indebtedness and other liabilities;

 

(3)         the
acquisition, disposition, mortgage, pledge, encumbrance, hypothecation or exchange of any assets of the Partnership or the merger
or other combination of the Partnership with or into another entity (all of the foregoing subject to any prior approval only to
the extent required by Section 7.3 hereof);

 

(4)         the
use of the assets of the Partnership for any purpose consistent with the terms of this Agreement and on any terms the General Partner
sees fit, and the making of capital contributions or loans to its Subsidiaries;

 

(5)         the
management, operation, leasing, landscaping, repair, alteration, demolition or improvement of any real property or improvements
owned by the Partnership or any Subsidiary of the Partnership;

 

(6)         the
negotiation, execution and performance of any contracts, conveyances or other instruments that the General Partner considers useful
or necessary to the conduct of the Partnership's operations or the implementation of the General Partner's powers under this Agreement;

 

(7)         the
distribution of Partnership cash or other Partnership assets in accordance with this Agreement;

 

(8)         the
formation of, or acquisition of an interest in, and the contribution of property to, any further limited or general partnerships,
limited liability companies or joint ventures that the General Partner deems desirable;

 

(9)         the
undertaking of any action in connection with the Partnership's direct or indirect investment in its Subsidiaries or any other Person
(including, without limitation, the contribution or loan of funds by the Partnership to such Persons);

 

(10)        the
determination of the fair market value of any Partnership property distributed in kind using such reasonable method of valuation
as the General Partner may adopt;

 

(11)        the
exercise, directly or indirectly, through any attorney-in-fact acting under a general or limited power of attorney, of any right,
including the right to vote, appurtenant to any asset or investment held by the Partnership; and

 

(12)        the
making, execution and delivery of any and all deeds, leases, notes, deeds to secure debt, mortgages, deeds of trust, security agreements,
conveyances, contracts, guarantees, warranties, indemnities, waivers, releases or legal instruments or agreements in writing necessary
or appropriate in the judgment of the General Partner for the accomplishment of any of the powers of the General Partner enumerated
in this Agreement.

 

B.           At
all times from and after the date hereof, the General Partner may cause the Partnership to obtain and maintain (i) casualty, liability
and other insurance on the properties of the Partnership and (ii) liability insurance for the Indemnitees hereunder.

 

    	-24-

    	 

    

 

C.           At
all times from and after the date hereof, the General Partner may cause the Partnership to establish and maintain any and all reserves,
working capital accounts and other cash or similar balances in such amounts as the General Partner, in its sole discretion, deems
appropriate and reasonable from time to time.

 

D.           In
exercising its authority under this Agreement, the General Partner may, but shall not be obligated to, take into account the tax
consequences to any Partner of any action taken by it. The General Partner and the Partnership shall not, however, have liability
to an Additional Limited Partner under any circumstances as a result of an income tax liability incurred by such Additional Limited
Partner as a result of an action (or inaction) by the General Partner pursuant to its authority under this Agreement.

 

E.           Notwithstanding
anything to the contrary that may be contained herein, the General Partner may allocate Shared Debt among LXP and the Partnership
based on their gross rental revenues as ultimately determined by LXP. Nothing herein shall impact any joint and several liability
or any guaranty, as applicable, with respect to such Shared Debt.

 

SECTION 7.2           Certificate
of Limited Partnership

 

To the extent that such action is determined
by the General Partner to be reasonable and necessary or appropriate, the General Partner shall file amendments to the Certificate
and do all the things to maintain the Partnership as a limited partnership (or a partnership in which the limited partners have
limited liability) under the laws of the State of Delaware and each other state, or the District of Columbia, in which the partnership
may elect to do business or own property. The General Partner shall use all reasonable efforts to cause to be filed such other
certificates or documents as may be reasonable and necessary or appropriate for the formation, continuation, qualification and
operation of a limited partnership (or a partnership in which the limited partners have limited liability to the extent provided
by applicable law) in the State of Delaware and any other state, or the District of Columbia, in which the Partnership may elect
to do business or own property.

 

SECTION 7.3           Restrictions
on Authority

 

Without the consent of holders of a majority
of the outstanding Partnership Units held by the Special Limited Partners, the General Partner may not consent to the Partnership
participating in any merger, consolidation or other combination with or into another Person or sale of all or substantially all
of its assets.

 

SECTION 7.4           Reimbursement
of LXP

 

A.           Except
as provided in this Section 7.4 and elsewhere in this Agreement (including the provisions of Articles 5 and 6 regarding distributions,
payments and allocations to which it may be entitled), the General Partner shall not be compensated for its services as general
partner of the Partnership.

 

B.           LXP
and the General Partner shall be reimbursed on a monthly basis, or such other basis as LXP may determine in its sole and absolute
discretion, for all expenses LXP incurs relating to the ownership and operation of, or for the benefit of, the Partnership; provided
that the allocation of such reimbursement for all joint administrative expenses shall be based on the relative proportion that
the gross revenues of LXP and its consolidated Subsidiaries (other than the Partnership and its consolidated Subsidiaries) bears
to the gross revenues of the Partnership and its consolidated Subsidiaries (the “Allocation Percentage”). Such reimbursements
shall be in addition to any reimbursement to LXP or the General Partner as a result of indemnification pursuant to Section 7.6
hereof.

    	-25-

    	 

    

 

 

C.           LXP
shall also be reimbursed by the Partnership for the Allocation Percentage of all expenses LXP incurs relating to the reorganization
of LXP, the Partnership, the General Partner and the Limited Partner, and any other issuance of REIT Shares pursuant to Section
4.2 hereof.

 

D.           In
the event that LXP shall elect to purchase from stockholders REIT Shares pursuant to any stock repurchase program or for the purpose
of delivering such REIT Shares to satisfy an obligation under Section 8.4 of this Agreement, any dividend reinvestment program
adopted by LXP, any employee stock purchase plan adopted by LXP, or any other similar obligation or arrangement undertaken by LXP
in the future, the purchase price paid by LXP for such REIT Shares and any other expenses incurred by LXP in connection with such
purchase shall be considered expenses of the Partnership and shall be reimbursed to LXP to such extent, subject to the condition
that, if such REIT Shares are sold, the General Partner shall contribute to the Partnership, through the General or Limited Partner,
any proceeds received by the General Partner for such REIT Shares (provided that REIT Shares delivered to an Additional Limited
Partner in exchange for Partnership Units pursuant to Section 8.4 shall not be considered a sale of REIT Shares for such purpose).

 

SECTION 7.5           Outside
Activities of and Participation in Other Transactions by the General Partner and Initial Limited Partner

 

Without the consent of holders of a majority
of the outstanding Partnership Units held by the Special Limited Partners, LXP agrees that it will not (i) permit the General Partner
or the Initial Limited Partner to issue additional shares of capital stock, as applicable, of the General Partner or the Initial
Limited Partner (other than to LXP or a wholly-owned Subsidiary of LXP), (ii) assign, sell, pledge, hypothecate or otherwise transfer
any outstanding shares of capital stock in the General Partner or in the Initial Limited Partner (other than to LXP or a wholly-owned
Subsidiary of LXP), (iii) permit the General Partner or the Initial Limited Partner to incur any indebtedness (other than inter-company
indebtedness) or to engage in any business other than to hold and own the Partnership Interests in the Partnership or (iv) allow
or consent to any merger, consolidation or other combination of the General Partner or the Initial Limited Partner with or into
another Person (other than LXP or a wholly-owned Subsidiary of LXP) or the sale of all or substantially all of its assets. Notwithstanding
the foregoing, nothing contained herein shall limit the activities of LXP and its Subsidiaries (other than the General Partner
and the Initial Limited Partner) or shall prevent the General Partner from serving as a general partner in Lexington Tennessee
Holdings L.P. or any activities related thereto that would otherwise require the consent of the holders of a majority of the outstanding
Partnership Units held by the Special Limited Partners pursuant to this Section 7.5.

 

    	-26-

    	 

    

 

SECTION 7.6           Indemnification

 

A.           The
Partnership shall indemnify and hold harmless each Indemnitee from and against any and all losses, claims, damages, liabilities,
joint or several, expenses (including, without limitation, attorney's fees and other legal fees and expenses), judgments, fines,
settlements, and other amounts arising from any and all claims, demands, actions, suits or proceedings, civil, criminal, administrative
or investigative, that relate to the Mergers or to the operations of the Partnership as set forth in this Agreement in which such
Indemnitee may be involved, or is threatened to be involved, as a party or otherwise; provided that the Partnership shall not indemnify
an Indemnitee for such Indemnitee's breach of duty of loyalty to the Partnership or for acts or omissions not taken by the Indemnitee
in good faith or which involve intentional misconduct or a knowing violation of law or in which such Indemnitee received an improper
personal benefit. The General Partner is hereby authorized and empowered, on behalf of the Partnership, to enter into one or more
indemnity agreements consistent with the provisions of this Section 7.6 in favor of any Indemnitee having or potentially having
liability for any such indebtedness. It is the intention of this Section 7.6.A that the Partnership indemnify each Indemnitee to
the fullest extent permitted under the Act. The termination of any proceeding by judgment, order or settlement does not create
a presumption that the Indemnitee did not meet the requisite standard of conduct set forth in this Section 7.6.A. The termination
of any proceeding by conviction of an Indemnitee or upon a plea of nolo contendere or its equivalent by an Indemnitee, or an entry
of an order of probation against an Indemnitee prior to judgment, creates a rebuttable presumption that such Indemnitee acted in
a manner contrary to that specified in this Section 7.6.A with respect to the subject matter of such proceeding.

 

B.           Reasonable
expenses incurred by an Indemnitee who is a party to a proceeding may be paid or reimbursed by the Partnership in advance of the
final disposition of the proceeding upon receipt by the Partnership of (i) a written affirmation by the Indemnitee of the Indemnitee's
good faith belief that the standard of conduct necessary for indemnification by the Partnership as authorized in Section 7.6.A
has been met and (ii) a written undertaking by or on behalf of the Indemnitee to repay the amount if it shall ultimately be determined
that the standard of conduct has not been met.

 

C.           The
indemnification provided by this Section 7.6 shall be in addition to any other rights to which an Indemnitee or any other Person
may be entitled under any agreement, pursuant to any vote of the Partners, as a matter of law or otherwise.

 

D.           The
Partnership may, but shall not be obligated to, purchase and maintain insurance on behalf of any of the Indemnitees and such other
Persons as the General Partner shall determine against any liability that may be asserted against or expenses that may be incurred
by such Person in connection with the Partnership's activities, regardless of whether the Partnership would have the power to indemnify
such Person against such liability under the provisions of this Agreement.

 

E.           In
no event may an Indemnitee subject any of the Partners to personal liability by reason of the indemnification provisions set forth
in this Agreement.

 

F.           The
provisions of this Section 7.6 are for the benefit of the Indemnitees, their heirs, successors, assigns and administrators and
shall not be deemed to create any rights for the benefit of any other Persons. Any amendment, modification or repeal of this Section
7.6 or any provision hereof shall be prospective only and shall not in any way affect the limitations on the Partnership's liability
to any Indemnitee under this Section 7.6 as in effect immediately prior to such amendment, modification or repeal with respect
to claims arising from or relating to matters occurring, in whole or in part, prior to such amendment, modification or repeal,
regardless of when such claims may arise or be asserted.

 

    	-27-

    	 

    

 

ARTICLE
8

 

RIGHTS
AND OBLIGATIONS OF THE LIMITED PARTNERS

 

SECTION 8.1           Management
of Business

 

The Limited Partners and Assignees shall
not take part in the operation, management or control of the Partnership's business, transact any business in the Partnership's
name or have the power to sign documents for or otherwise bind the Partnership. The transaction of any such business by the General
Partner, any of its Affiliates or any officer, director, employee, partner, agent or trustee of the General Partner, the Partnership
or any of their Affiliates, in their capacity as such, shall not affect, impair or eliminate the limitations on the liability of
the Limited Partners or Assignees under this Agreement.

 

SECTION 8.2           Outside
Activities of Additional Limited Partners 

 

Neither the Partnership nor any Partners
shall have any rights by virtue of this Agreement in any business ventures of any Additional Limited Partner or Assignee. None
of the Additional Limited Partners nor any other Person shall have any rights by virtue of this Agreement or the partnership relationship
established hereby in any business ventures of any other Person (other than the General Partner and the Initial Limited Partner
to the extent expressly provided herein) and such Person shall have no obligation pursuant to this Agreement or otherwise to offer
any interest in any such business ventures to the Partnership, any Additional Limited Partner or any such other Person, even if
such opportunity is of a character which, if presented to the Partnership, any Additional Limited Partner, or such other Person,
could be taken by such Person.

 

SECTION 8.3           Return
of Capital

 

Except pursuant to the right of redemption
set forth in Section 8.4, no Partner shall be entitled to the withdrawal or return of his Capital Contribution, except to the extent
of distributions made pursuant to this Agreement or upon termination of the Partnership as provided herein.

 

SECTION 8.4           Redemption
Rights

 

A.           
Subject to Section 8.4.C, each Special Limited Partner shall have the right (the “Special Limited Partner Redemption Right”)
to require the Partnership to redeem on a Specified Redemption Date all or a portion of the Partnership Units held by such Special
Limited Partner for the Redemption Amount to be delivered by the Partnership. The Special Limited Partner Redemption Right shall
be exercised pursuant to a Notice of Redemption delivered to the General Partner and LXP by the Special Limited Partner who is
exercising the Special Limited Partner Redemption Right (the “Special Redeeming Partner”). A Special Limited Partner
may not exercise the Redemption Right for fewer than one thousand (1,000) Partnership Units or, if such Special Limited Partner
holds fewer than one thousand (1,000) Partnership Units, all of the Partnership Units held by such Special Limited Partner. The
Special Redeeming Partner shall have no right, with respect to any Partnership Units so redeemed, to receive any distributions
paid after the Specified Redemption Date. The Assignee of any Special Limited Partner may exercise the rights of such Special Limited
Partner pursuant to this Section 8.4, and such Special Limited Partner shall be deemed to have assigned such rights to such Assignee
and shall be bound by the exercise of such rights by such Special Limited Partner's Assignee. In connection with any exercise of
such rights by such Assignee on behalf of such Special Limited Partner, the Redemption Amount shall be delivered by the Partnership
directly to such Assignee and not to such Special Limited Partner.

 

    	-28-

    	 

    

 

B.           Subject
to Section 8.4.D, on any Specified Redemption Date, each Additional Limited Partner (other than a Special Limited Partner) shall
have the right (the “Additional Limited Partner Redemption Right”) to require the Partnership to redeem on such Specified
Redemption Date, the Partnership Units held by such Additional Limited Partner for the Redemption Amount to be delivered by the
Partnership; provided, however, that such Additional Redeeming Partner (as defined below) must redeem a number of Partnership Units
equal to at least the lesser of (i) 1,000 Partnership Units, or (ii) all of the Partnership Units held by such Partner. The Additional
Limited Partner Redemption Right shall be exercised pursuant to a Notice of Redemption delivered to the General Partner and LXP
by the Additional Limited Partner who is exercising the redemption right (the “Additional Redeeming Partner”). The
Additional Redeeming Partner shall have no right, with respect to any Partnership Units so redeemed, to receive any distributions
paid after the Specified Redemption Date. The Assignee of any Additional Limited Partner may exercise the rights of such Additional
Limited Partner pursuant to this Section 8.4.B, and such Additional Limited Partner shall be deemed to have assigned such rights
to such Assignee and shall be bound by the exercise of such rights by such Additional Limited Partner's Assignee. In connection
with any exercise of such rights by such Assignee on behalf of such Additional Limited Partner, the Redemption Amount or Cash Redemption
Amount, if applicable, shall be delivered by the Partnership directly to such Assignee and not to such Additional Limited Partner.

 

Notwithstanding any other provision herein,
the Partnership may deliver the Cash Redemption Amount, instead of the Redemption Amount, in connection with any Additional Limited
Partner Redemption Right by a Cash Redeeming Limited Partner.

 

C.           LXP
entered into a Guaranty Agreement with the Partnership, pursuant to which LXP guaranteed the obligations of the Partnership under
Section 8.4.A and arranged for the delivery, if the Partnership is unable, of the Redemption Amount on the Specified Redemption
Date, whereupon LXP or, if specified by LXP, the General Partner shall acquire the Partnership Units offered for redemption by
the Special Redeeming Partner and shall be treated for all purposes of this Agreement as the owner of such Partnership Units. Each
of the Special Redeeming Partner, LXP, the Partnership, and the General Partner shall treat the transaction between LXP and the
Special Redeeming Partner as a sale of the Special Redeeming Partner's Partnership Units to LXP or the General Partner, as the
case may be, for federal income tax purposes. Each Special Redeeming Partner agrees to execute such documents as LXP or the General
Partner may reasonably require in connection with the issuance of REIT Shares upon exercise of the Special Limited Partner Redemption
Right.

 

D.           LXP
entered into a Guaranty Agreement with the Partnership (and its successors), pursuant to which LXP guaranteed the obligations of
the Partnership under Section 8.4.B to pay the Redemption Amount or the Cash Redemption Amount, if applicable, on the Specified
Redemption Date, whereupon the Partnership shall acquire the Partnership Units offered for redemption by the Additional Redeeming
Partners. Each of the Additional Redeeming Partners, LXP, the Partnership, and the General Partner shall treat the transaction
between LXP and the Additional Redeeming Partner as a sale of the Additional Redeeming Partner's Partnership Units to LXP or the
General Partner, as the case may be, for federal income tax purposes. Each Additional Redeeming Partner agrees to execute such
documents as the Partnership may reasonably require in connection with the issuance of REIT Shares upon exercise of the Additional
Limited Partner Redemption Right.

 

    	-29-

    	 

    

 

E.           Following
the date that at least 50% of the Partnership Units held by the Special Limited Partners immediately following October 12, 1993
have been redeemed in accordance with the provisions of Section 8.4, LXP or the General Partner may require the remaining Special
Limited Partners to redeem their Partnership Units for the Redemption Amount to be delivered by the Partnership. The right of LXP
or the General Partner under this Section 8.4.E shall be exercised pursuant to a notice delivered to all remaining Special Limited
Partners. Such redemption shall be effective on the date specified in the notice, which date shall be at least 30 days after the
notice is sent to the Special Limited Partners.

 

At any time that (i) LXP shall be considering
a sale of all or substantially all of its assets, or a merger, consolidation, stock issuance, stock redemption or other similar
transaction that would result in a change in the beneficial ownership of LXP by 50% or more, or (ii) the Partnership shall be considering
a sale of all or substantially all of its assets or a merger, consolidation, or issuance or redemption of partnership interests
which would result in a change in the beneficial ownership of the Partnership’s capital or profits of 50% or more, then the
General Partner shall have the right to redeem the Partnership Units held by all, but not less than all, of the Additional Limited
Partners (other than the Special Limited Partners) for the Redemption Amount provided that such redemption is contingent upon the
completion of such transaction. In such event, the General Partner shall provide notice to the Limited Partners and such Limited
Partners shall be required to surrender their Partnership Units for cancellation. The rights of such Additional Limited Partners
shall be limited to the receipt of the Redemption Amount.

 

F.           Subject
to the limitations imposed by the Securities Act of 1933 and the rules and regulations promulgated thereunder and by the U.S. Securities
and Exchange Commission, the Partnership covenants to use its commercially reasonable efforts to cause the registration of any
REIT Shares issued in connection with a redemption in such a manner as is required so that the REIT Shares issued in connection
with such redemption are freely transferable. In connection with any REIT Shares delivered to any Additional Limited Partner upon
the redemption of Partnership Units held by such Additional Limited Partner, it is intended that such Additional Limited Partner
be able to resell publicly such REIT Shares pursuant to the provisions of Rule 144 under the Securities Act of 1933, but without
the need to comply with the holding period requirements of Rule 144(d). To the extent that counsel to LXP reasonably determines
that resales of any such REIT Shares cannot be made pursuant to the provisions of Rule 144, and without the need to comply with
the holding period requirements of Rule 144(d), LXP agrees, at its sole cost and expense, if requested by Special Limited Partners
representing a majority of the Partnership Units (including REIT Shares delivered upon exchange of such Partnership Units) held
by such Special Limited Partners, or by Additional Limited Partners representing a majority of the Partnership Units (including
REIT Shares delivered upon the exchange of such Partnership Units) held by such class of Additional Limited Partners, to include
REIT Shares that may be (or already have been) acquired by any Special Limited Partner or any Additional Limited Partner, as the
case may be, in an effective registration statement under the Securities Act of 1933; provided that LXP's obligations to include
such REIT Shares in such an effective registration statement shall be conditioned upon Special Limited Partners representing a
majority of the Partnership Units (including REIT Shares delivered upon exchange of such Partnership Units) held by such Special
Limited Partners or, where applicable, by Additional Limited Partners representing a majority of the Partnership Units (including
REIT Shares delivered upon the exchange of such Partnership Units) held by such class of Additional Limited Partners, agreeing
to be bound by a customary registration rights agreements to be prepared by LXP. In addition, any Additional Limited Partner whose
REIT Shares are included in such registration statement must also agree to be bound by the terms and provisions of a registration
rights agreement.

 

    	-30-

    	 

    

 

G.           Notwithstanding
the provisions of Section 8.4.A, Section 8.4.B, Section 8.4.C and Section 8.4.D, a Subsequent Partner shall not be entitled to
exercise the Redemption Right pursuant to Section 8.4.A or Section 8.4.B if the delivery of REIT Shares to such Subsequent Partner
on the Specified Redemption Date would be prohibited under the Declaration of Trust and shall be subject in any event to the issuance
of REIT Shares being in compliance with all applicable Federal and State securities laws.

 

H.           Notwithstanding
any other provision of this Agreement, upon the occurrence of a Capital Event prior to a Specified Redemption Date, the proceeds
of which are distributed to the Partners, and ultimately proportionately to the shareholders of LXP, the Percentage Interest of
each Partner shall, from the date of such Capital Event, be equal to (i) the product of (a) such Partner's Percentage Interest
prior to such Capital Event and (b) the difference between (x) the fair market value of the assets of the Partnership and (y) any
amounts distributed to such Partner as a result of the Capital Event, divided by (ii) the fair market value of the assets of the
Partnership after such distribution. The General Partner shall adjust the number of Partnership Units owned by each Partner to
appropriately reflect the adjustments made by this Section 8.4.H.

 

Notwithstanding anything in this Section
or this Agreement to the contrary, the Partnership and LXP may, upon receipt of a timely Notice of Redemption from a Westport Limited
Partner and in their sole and absolute discretion, delay the redemption of a Westport Redeeming Partner’s Partnership Units
for a period of not more than thirty (30) days after the applicable Specified Redemption Date to comply with federal securities
laws.

 

ARTICLE
9

 

BOOKS,
RECORDS, ACCOUNTING AND REPORTS

 

SECTION 9.1           Records
and Accounting

 

The General Partner shall keep or cause
to be kept at the principal office of the Partnership those records and documents required to be maintained by the Act and other
books and records deemed by the General Partner to be appropriate with respect to the Partnership's business. The books of the
Partnership shall be maintained, for financial and tax reporting purposes, on an accrual basis in accordance with generally accepted
accounting principles as determined by the General Partner, or on such other basis as the General Partner determines to be necessary
or appropriate.

 

SECTION 9.2           Fiscal
Year

 

The fiscal year of the Partnership shall
be the calendar year.

 

    	-31-

    	 

    

 

ARTICLE
10

 

TAX
MATTERS

 

SECTION 10.1         Preparation
of Tax Returns

 

The General Partner shall arrange for the
preparation and timely filing of all returns of Partnership income, gains, deductions, losses and other items required of the Partnership
for federal and state income tax purposes and shall use all reasonable efforts to furnish, within two-hundred and ten (210) days
of the close of each taxable year, the tax information reasonably required by the Additional Limited Partners for federal and state
income tax reporting purposes.

 

SECTION 10.2         Tax
Elections

 

Except as otherwise provided herein, the
General Partner shall, in its sole and absolute discretion, determine whether to make any available election pursuant to the Code;
provided that the General Partner shall make the election under Section 754 of the Code in accordance with applicable Regulations
thereunder. The General Partner shall have the right to seek to revoke any such elections (including, without limitation, the election
under Section 754 of the Code) upon the General Partner's determination in its sole and absolute discretion that such revocation
is in the best interests of the Partners.

 

SECTION 10.3         Tax
Matters Partner

 

A.           The
General Partner shall be the “tax matters partner” of the Partnership for federal income tax purposes. The tax matters
partner is authorized but not required, to take any action on behalf of the Partners of the Partnership in connection with any
tax audit or judicial review proceeding to the extent permitted by law.

 

B.           The
taking of any action and the incurring of any expense by the tax matters partner in connection with any such audit or proceeding,
except to the extent required by law, is a matter in the sole and absolute discretion of the tax matters partner and the provisions
relating to indemnification of the General Partner set forth in Section 7.7 of this Agreement shall be fully applicable to the
tax matters partner in its capacity as such.

 

C.           Subject
to Section 7.4 hereof, the tax matters partner shall receive no compensation for its services. All third party costs and expenses
incurred by the tax matters partner in performing its duties as such (including legal and accounting fees and expenses) shall be
borne by the Partnership. Nothing herein shall be construed to restrict the Partnership from engaging an accounting firm to assist
the tax matters partner in discharging its duties hereunder, so long as the compensation paid by the Partnership for such services
is reasonable.

 

SECTION 10.4         Withholding

 

Each Additional Limited Partner hereby authorizes
the Partnership to withhold from or pay on behalf of or with respect to such Additional Limited Partner any amount of federal,
state, local, or foreign taxes that the General Partner determines that the Partnership is required to withhold or pay with respect
to any amount distributable or allocable to such Additional Limited Partner pursuant to this Agreement. Any amount paid on behalf
of or with respect to an Additional Limited Partner shall constitute a loan by the Partnership to such Additional Limited Partner
which loan shall be repaid by such Additional Limited Partner within fifteen (15) days after notice from the General Partner that
such payment must be made unless (i) the Partnership withholds such payment from a distribution which would otherwise be made to
such Additional Limited Partner or (ii) the General Partner determines, in its sole and absolute discretion, that such payment
may be satisfied out of the available funds of the Partnership which would, but for such payment, be distributed to Additional
Limited Partner. Any amounts withheld pursuant to the foregoing clauses (i) or (ii) shall be treated as having been distributed
to such Additional Limited Partner. Any amounts payable by a Limited Partner hereunder shall bear interest at the base rate on
corporate loans at large United States money center commercial banks, as published from time to time in The Wall Street Journal,
such interest to accrue from the date such amount is due (i.e., fifteen (15) days after demand) until such amount is paid in full.

 

    	-32-

    	 

    

 

ARTICLE
11

 

TRANSFERS
AND WITHDRAWALS

 

SECTION 11.1         Transfer

 

A.           
The term “transfer,” when used in this Article 11 with respect to a Partnership Unit, shall be deemed to refer to a
transaction by which a Partner purports to assign all or any part of its Partnership Interest to another Person, and includes a
sale, assignment, gift, pledge, encumbrance, hypothecation, mortgage, exchange or any other disposition by law or otherwise. The
term “transfer” when used in this Article 11 does not include any redemption of Partnership Units by an Additional
Limited Partner or acquisition of Partnership Units from an Additional Limited Partner by the General Partner pursuant to Section
8.4.

 

B.           No
Partnership Interest shall be transferred, in whole or in part, except in accordance with the terms and conditions set forth in
this Article 11. Any transfer or purported transfer of a Partnership Interest not made in accordance with this Article 11 shall
be null and void.

 

SECTION 11.2         Transfer
of Partnership Interests by the General Partner and the Initial Limited Partner

 

A.           The
General Partner may not transfer any of its General Partner Interest except to LXP or a wholly-owned Subsidiary thereof. The General
Partner may not withdraw as General Partner except in connection with the complete transfer of its Partnership Interest as permitted
hereunder.

 

B.           The
Initial Limited Partner may not transfer any of its Partnership Interests, except to LXP or a wholly-owned Subsidiary thereof.
The Initial Limited Partner may not withdraw as Initial Limited Partner except in connection with the complete transfer of its
Partnership Interest as permitted hereunder.

 

C.           If
LXP acquires any or all of the Partnership Interests of the General Partner or the Initial Limited Partner as permitted hereunder,
LXP agrees that it will not transfer any of its Partnership Interests, except to LXP or a wholly-owned Subsidiary thereof. LXP
may not withdraw as Partner except in connection with the complete transfer of any Partnership Interest as permitted hereunder.

 

D.           Any
transferee who acquires a Partnership Interest under this Section 11.2 may become a Substituted Additional Limited Partner, or
a successor General Partner upon such terms specified by the General Partner, including the delivery to the General Partner of
such documents or instruments, including powers of attorney, as may be required in the discretion of the General Partner in order
to effect such Person's admission as a Partner.

 

    	-33-

    	 

    

 

SECTION 11.3         Additional
Limited Partners' Rights to Transfer 

 

A.           Subject
to the provisions of Section 11.3.E, no Additional Limited Partner shall have the right to transfer all or any portion of its Partnership
Interest, or any of such Additional Limited Partner's rights as an Additional Limited Partner, without the prior written consent
of the General Partner, which consent may be given or withheld by the General Partner in its sole and absolute discretion. Any
purported transfer of a Partnership Interest by an Additional Limited Partner in violation of this Section 11.3.A, to the fullest
extent permitted by law, shall be void ab initio and shall not be given effect for any purpose by the Partnership.

 

B.           If
an Additional Limited Partner is subject to Incapacity, the executor, administrator, trustee, committee, guardian, conservator
or receiver of such Additional Limited Partner's estate shall have all the rights of such Additional Limited Partner, but no more
rights than those enjoyed by other Additional Limited Partners, for the purpose of settling or managing the estate and such power
as the Incapacitated Additional Limited Partner possessed to transfer all or any part of its interest in the Partnership. The Incapacity
of an Additional Limited Partner, in and of itself, shall not dissolve or terminate the Partnership.

 

C.           The
General Partner may prohibit any transfer otherwise permitted under Section 11.3.E by an Additional Limited Partner of his Partnership
Units (i) if, in the opinion of legal counsel to the Partnership, such transfer would require filing of a registration statement
under the Securities Act of 1933 or would otherwise violate any federal, state, or foreign securities laws or regulations applicable
to the Partnership or the Partnership Units or, (ii) if the transferring Additional Limited Partner, fails or is unable to obtain
and deliver to the Partnership, after request therefor is made by the General Partner, a legal opinion from counsel acceptable
to the General Partner, addressed to the Partnership and the General Partner, that such registration is not required in connection
with such transfer and that such transfer does not violate any federal, state or foreign securities laws or regulations applicable
to the Partnership or the Partnership Units.

 

D.           No
transfer by an Additional Limited Partner of its Partnership Units may be made to any Person if (i) in the opinion of legal counsel
for the Partnership, it would result in the Partnership being treated as an association taxable as a corporation or (ii) such transfer
is effectuated through an “established securities market” or a “secondary market (or the substantial equivalent
thereof)” within the meaning of Section 7704(b) of the Code.

 

E.           Notwithstanding
the provisions of Section 11.3.A (but subject to the provisions of Section 11.3.C and 11.3.D), an Additional Limited Partner may,
with or without the consent of the General Partner, transfer all or a portion of his Partnership Units to (i)(a) a member of his
Immediate Family, or a trust for the benefit of a member of his Immediate Family, (b) an organization that qualifies under Section
501(c)(3) of the Code and that is not a private foundation within the meaning of Section 509(a) of the Code or (c) in the case
of an Additional Limited Partner that is a partnership, a partner in the Additional Limited Partner in a distribution by that Additional
Limited Partner to its partners under the partnership agreement of such Additional Limited Partner or (ii) a lender as security
for a loan made to or guaranteed by the Additional Limited Partner, provided that in connection with any such transfer the lender
does not acquire greater rights with respect to the Partnership Units than those held by the transferring Additional Limited Partner.

 

SECTION 11.4         Substituted
Additional Limited Partners 

 

A.           No
Additional Limited Partner shall have the right to substitute a transferee in his place. The General Partner shall, however, have
the right to consent to the admission of a transferee of the interest of an Additional Limited Partner pursuant to this Section
11.4 as a Substituted Additional Limited Partner which consent may be given or withheld by the General Partner in its sole and
absolute discretion. The General Partner's failure or refusal to permit a transferee of any such interests to become a Substituted
Additional Limited Partner shall not give rise to any cause of action against the Partnership or any Partner.

 

    	-34-

    	 

    

 

B.           A
transferee who has been admitted as a Substituted Additional Limited Partner in accordance with this Article 11 shall have all
the rights and powers and be subject to all the restrictions and liabilities of the transferor Additional Limited Partner under
this Agreement.

 

C.           Upon
the admission of a Substituted Additional Limited Partner, the General Partner shall amend Exhibit A, where applicable, to reflect
the name, address, number of Partnership Units, and Percentage Interest of such Substituted Additional Limited Partner, and to
eliminate or adjust, if necessary, the name, address and interest of the predecessor of such Substituted Additional Limited Partner.

 

SECTION 11.5         Assignees

 

If the General Partner, in its sole and
absolute discretion, does not consent to the admission of any permitted transferee under Section 11.3 as a Substituted Additional
Limited Partner, as described in Section 11.4, such transferee shall be considered an Assignee for purposes of this Agreement.
An Assignee shall be deemed to have had assigned to it, and shall be entitled to receive, distributions from the Partnership and
the share of Net Income, Net Losses, Recapture Income, and any other items of income, gain, loss, deduction and credit of the Partnership
attributable to the Partnership Units assigned to such transferee, but shall not be deemed to be a holder of Partnership Units
for any other purpose under this Agreement, and shall not be entitled to vote such Partnership Units in any matter presented to
the Additional Limited Partners for a vote (such Partnership Units being deemed to have been voted on such matter in the same proportion
as all other Partnership Units held by the other Additional Limited Partners, where applicable, are voted). In the event any such
transferee desires to make a further assignment of any such Partnership Units, such transferee shall be subject to all the provisions
of this Article 11 to the same extent and in the same manner as any Additional Limited Partner desiring to make an assignment of
Partnership Units.

 

SECTION 11.6         General
Provisions

 

A.           No
Additional Limited Partner may withdraw from the Partnership other than as a result of a permitted transfer of all of such Additional
Limited Partner's Partnership Units in accordance with this Article 11 or pursuant to redemption of all of its Partnership Units
under Section 8.4.

 

B.           Any
Additional Limited Partner who shall transfer all of his Partnership Units in a transfer permitted pursuant to this Article 11
shall cease to be an Additional Limited Partner upon the admission of an Assignee of such Partnership Units as a Substituted Additional
Limited Partner. Similarly, any Additional Limited Partner who shall transfer all of his Partnership Units pursuant to a redemption
of all of his Partnership Units under Section 8.4 shall cease to be an Additional Limited Partner.

 

C.           Transfers
pursuant to this Article 11 may only be made on the first day of a fiscal quarter of the Partnership, unless the General Partner
otherwise agrees.

 

    	-35-

    	 

    

 

D.           If
any Partnership Unit is transferred or assigned in compliance with the provisions of this Article 11, or redeemed or transferred
pursuant to Section 8.4 on any day other than the first day of a Partnership Year, then Net Income, Net Losses, each item thereof
and all other items attributable to such Partnership Unit for such Partnership Year shall be allocated to the transferor Partner
or the Redeeming Partner, as the case may be, and, in the case of a transfer or assignment other than a redemption, to the transferee
Partner, by taking into account their varying interests during the Partnership Year in accordance with Section 706(d) of the Code,
using the interim closing of the books method. Solely for purposes of making such allocations, each of such items for the calendar
month in which a transfer or assignment occurs shall be allocated to the transferee Partner, and none of such items for the calendar
month in which a transfer or a redemption occurs shall be allocated to the transferor Partner or the Redeeming Partner, as the
case may be. All distributions of Operating Cash Flow attributable to such Partnership Unit with respect to which the Partnership
Record Date is before the date of such transfer, assignment or redemption shall be made to the transferor Partner or the Redeeming
Partner, as the case may be, and, in the case of a transfer or assignment other than a redemption, all distributions of Operating
Cash Flow thereafter attributable to such Partnership Unit shall be made to the transferee Partner.

 

ARTICLE
12

ADMISSION OF PARTNERS

 

SECTION 12.1         Admission
of Subsequent Partner 

 

No person shall be admitted as a Partner
except in accordance with the terms of this Agreement and upon obtaining the consent of the General Partner. Any prospective Partner
must submit to the General Partner (i) evidence of acceptance in form satisfactory to the General Partner of all of the terms and
conditions of this Agreement, and (ii) such other documents or instruments, including powers of attorney, as may be required in
the discretion of the General Partner in order to effect such Person's admission as a Partner.

 

A.           The
admission of any Person as a Subsequent Partner shall become effective on the date upon which the name of such Person is recorded
in the books and records of the Partnership, following the consent of the General Partner to such admission.

 

B.           If
any Subsequent Partner is admitted to the Partnership on any day other than the first day of a Partnership Year, then Net Income,
Net Losses, each item thereof and all other items allocable among Partners and Assignees for such Partnership Year shall be allocated
among such Subsequent Partner and all other Partners and Assignees by taking into account their varying interests during the Partnership
Year in accordance with Section 706(d) of the Code, using the interim closing of the books method. Solely for purposes of making
such allocations, each of such items for the calendar month in which an admission of any Subsequent Partner occurs shall be allocated
among all the Partners and Assignees including such Additional Limited Partner. All distributions of Operating Cash Flow with respect
to which the Partnership Record Date is before the date of such admission shall be made solely to Partners and Assignees other
than the Subsequent Partner, and all distributions of Operating Cash Flow thereafter shall be made to all the Partners and Assignees
including such Subsequent Partner.

 

SECTION 12.2         Amendment
of Agreement and Certificate of Limited Partnership

 

For the admission to the Partnership of
any Partner, the General Partner shall take all steps necessary and appropriate under the Act to amend the records of the Partnership
and, if necessary, to prepare as soon as practicable an amendment of this Agreement (including an amendment of Exhibit A) and,
if required by law, shall prepare and file an amendment to the Certificate.

 

    	-36-

    	 

    

 

ARTICLE
13

 

DISSOLUTION,
LIQUIDATION AND TERMINATION

 

SECTION 13.1         Dissolution

 

The Partnership shall not be dissolved by
the admission of Substituted Additional Limited Partners or Subsequent Partners or by the admission of a successor General Partner
in accordance with the terms of this Agreement. Upon the withdrawal of the General Partner, any successor General Partner shall
continue the business of the Partnership. The Partnership shall dissolve, and its affairs shall be wound up, upon the first to
occur of any of the following (“Liquidating Events”):

 

A.           the
expiration of its term as provided in Section 2.5 hereof;

 

B.           an
event of withdrawal of the General Partner, as defined in the Act, unless (i) at the time of such event there is at least one remaining
general partner of the Partnership who carries on the business of the Partnership (and each remaining general partner of the Partnership
is hereby authorized to carry on the business of the Partnership in such an event) or (ii) within ninety (90) days after such event,
all Partners agree in writing to continue the business of the Partnership and to the appointment, effective as of the date of such
event, of LXP as the general partner of the Partnership (and LXP agrees to become a general partner of the Partnership);

 

C.           entry
of a decree of judicial dissolution of the Partnership pursuant to the provision of the Act; or

 

D.           the
sale of all or substantially all of the assets and properties of the Partnership.

 

SECTION 13.2         Winding
Up

 

A.           Upon
the occurrence of a Liquidating Event, the Partnership shall continue solely for the purposes of winding up its affairs in an orderly
manner, liquidating its assets, and satisfying the claims of its creditors and Partners. No Partner shall take any action that
is inconsistent with, or not necessary to or appropriate for, the winding up of the Partnership's business and affairs. The General
Partner or, in the event there is no remaining General Partner, any Person elected by a majority in interest of the Limited Partners
(the General Partner or such other Person being referred to herein as the “Liquidator”) shall be responsible for overseeing
the winding up and dissolution of the Partnership and shall take full account of the Partnership's liabilities and property and
the Partnership property shall be liquidated as promptly as is consistent with obtaining the fair value thereof, and the proceeds
therefrom shall be applied and distributed in the following order:

 

(1)         First,
to the satisfaction of all of the Partnership's debts and liabilities, including all contingent, conditional or immature claims
and obligations to creditors other than the Partners (whether by payment or the making of reasonable provision for payment thereof);

 

(2)         Second,
to the payment and discharge of all of the Partnership's debts and liabilities to the General Partner;

 

    	-37-

    	 

    

 

(3)         Third,
to the payment and discharge of all of the Partnership's debts and liabilities to the other Partners;

 

(4)         The
balance if any, to the Partners in accordance with the positive Capital Account balances of the Partners, after giving effect to
all contributions, distributions, and allocations for all periods.

 

The General Partner shall not receive any
additional compensation for any services performed pursuant to this Article 13.

 

B.           Notwithstanding
the provisions of Section 13.2.A hereof which require liquidation of the assets of the Partnership, but subject to the order of
priorities set forth therein, if prior to or upon dissolution of the Partnership the Liquidator determines that an immediate sale
of part or all of the Partnership's assets would be impractical or would cause undue loss to the Partners, the Liquidator may,
in its sole and absolute discretion (subject to its obligation to gradually settle and close the Partnership's business under Section
17-803 of the Act), defer for a reasonable time the liquidation of any assets except those necessary to satisfy liabilities of
the Partnership (including to those Partners as creditors).

 

SECTION 13.3         Negative
Capital Accounts 

 

A.           Except
as provided in this Section 13.3, no Partner, general or limited, shall be liable to the Partnership or to any other Partner for
any negative balance outstanding in each such Partner's Capital Account, whether such negative Capital Account results from the
allocation of Net Losses, or other items of deduction and loss to such Partner or from distributions to such Partner.

 

B.           Subject
to Section 13.3.C, if any Special Limited Partner on the date of the “liquidation” of his respective interest in the
Partnership (within the meaning of Regulations Section 1.704-1(b)(2)(ii)(g)), including a redemption under Section 8.4, would,
following a hypothetical sale of Partnership assets and the liquidation of the Partnership, have a negative balance in his Capital
Account, then such Special Limited Partner shall contribute in cash to the capital of the Partnership the amount required to increase
his Capital Account as of such date to zero. Any such contribution required of such Special Limited Partner hereunder shall be
made on or before the later of (i) the end of the Partnership Year in which the interest of such Special Limited Partner is liquidated
or (ii) the ninetieth (90th) day following the date of such liquidation.

 

C.           After
the death of a Special Limited Partner, the executor of the estate of such Special Limited Partner may elect to reduce (or eliminate)
the deficit Capital Account restoration obligation of such Special Limited Partner. Pursuant to Section 13.3.B. such election may
be made by such executor by delivering to the General Partner within two hundred seventy (270) days of the death of such Special
Limited Partner a written notice setting forth the maximum deficit balance in his Capital Account that such executor agrees to
restore under Section 13.3.B, if any. If such executor does not make a timely election pursuant to this Section 13.3.C (whether
or not the balance in his Capital Account is negative at such time), then a Special Limited Partner's estate (and the beneficiaries
thereof who receive distribution of Partnership Units therefrom) shall be deemed to have a deficit Capital Account restoration
obligation as set forth pursuant to the terms of Section 13.3.B.

 

    	-38-

    	 

    

 

SECTION 13.4         Rights
of the Limited Partners 

 

Except as otherwise provided in this Agreement,
the Limited Partners shall look solely to the assets of the Partnership for the return of its Capital Contribution and shall have
no right or power to demand or receive property other than cash from the Partnership.

 

SECTION 13.5         Waiver
of Partition

 

Each Partner hereby waives any right to
partition of the Partnership property.

 

ARTICLE
14

 

AMENDMENT
OF PARTNERSHIP AGREEMENT

 

SECTION 14.1         Amendments

 

A.           This
Agreement may be amended with the consent of the General Partner, the Initial Limited Partner, and the Special Limited Partners
representing a majority of Partnership Units held by such Special Limited Partners, but such amendments shall not require the approval
of any Additional Limited Partners other than the Special Limited Partners.

 

B.           Notwithstanding
Section 14.1.A, the General Partner shall have the power, without the consent of any other Partner to amend this Agreement as may
be required to facilitate or implement any of the following purposes:

 

(1)         to
add to the obligations of the General Partner or surrender any right or power granted to the General Partner or any Affiliate of
the General Partner for the benefit of the Limited Partners;

 

(2)         to
reflect the admission, substitution, termination, or withdrawal of Partners in accordance with this Agreement;

 

(3)         to
set forth the designation, rights, powers, duties, and preferences of the holders of any additional Partnership Interests issued
pursuant to Section 4.2.A hereof;

 

(4)         to
reflect a change that is of an inconsequential nature and does not adversely affect the Limited Partners in any material respect,
or to cure any ambiguity, correct or supplement any provision in this Agreement not inconsistent with law or with other provisions,
or make other changes with respect to matters arising under this Agreement that will not be inconsistent with law or with the provisions
of this Agreement; and

 

(5)         to
satisfy any requirements, conditions, or guidelines contained in any order, directive, opinion, ruling, or regulation of a federal
or state agency or contained in federal or state law.

 

(6)         The
General Partner shall provide notice to the other Partners when any action under this Section 14.1.B is taken.

 

    	-39-

    	 

    

 

C.           Notwithstanding
Sections 14.1.A and 14.1.B hereof, this Agreement shall not be amended without the consent of each Partner adversely affected if
such amendment would (i) convert a Limited Partner's interest in the Partnership into a general partner interest, (ii) modify the
limited liability of a Limited Partner in a manner adverse to such Partner, (iii) alter or modify the Redemption Right and REIT
Shares Amount as set forth in Section 8.4 in a manner adverse to such Partner, or (iv) amend this Section 14.1.C. Further, no amendment
may alter the restrictions on the General Partner's authority set forth in Section 7.3 without the consent specified in that section.

 

ARTICLE
15

GENERAL PROVISIONS

 

SECTION 15.1         Addresses
and Notice

 

Any notice, demand, request or report required
or permitted to be given or made to a Partner or Assignee under this Agreement shall be in writing and shall be deemed given or
made when delivered in person or when sent by first class United States mail or by other means of written communication to the
Partner or Assignee at the address set forth in Exhibit A or such other address of which the Partner shall notify the General Partner
in writing.

 

SECTION 15.2         Titles
and Captions

 

All article or section titles or captions
in this Agreement are for convenience only. They shall not be deemed part of this Agreement and in no way define, limit, extend
or describe the scope or intent of any provisions hereof. Except as specifically provided otherwise, references to “Articles”
and “Sections” are to Articles and Sections of this Agreement.

 

SECTION 15.3         Pronouns
and Plurals

 

Whenever the context may require, any pronoun
used in this Agreement shall include the corresponding masculine, feminine or neuter forms, and the singular form of nouns, pronouns
and verbs shall include the plural and vice versa. Each reference herein to Partnership Units held by the General Partner, a Special
Limited Partner, the Initial Limited Partner or any other Additional Limited Partner shall be deemed to be a reference to Partnership
Units held by such Partner in its role as such.

 

SECTION 15.4         Further
Action

 

The parties shall execute and deliver all
documents, provide all information and take or refrain from taking action as may be necessary or appropriate to achieve the purposes
of this Agreement.

 

SECTION 15.5         Binding
Effect

 

This Agreement shall be binding upon and
inure to the benefit of the parties hereto and their heirs, executors, administrators, successors, legal representatives and permitted
assigns.

 

SECTION 15.6         Waiver

 

No failure by any party to insist upon the
strict performance of any covenant, duty, agreement or condition of this Agreement or to exercise any right or remedy consequent
upon a breach thereof shall constitute waiver or any such breach or any other covenant, duty, agreement or condition.

 

    	-40-

    	 

    

 

SECTION 15.7         Counterparts

 

This Agreement may be executed in counterparts,
all of which together shall constitute one agreement binding on all the parties hereto, notwithstanding that all such parties are
not signatories to the original or the same counterpart. Each party shall become bound by this Agreement immediately upon affirming
its signature hereto.

 

SECTION 15.8         Applicable
Law

 

This Agreement shall be construed and enforced
in accordance with and governed by the laws of the State of Delaware, without regard to the principles of conflicts of law.

 

SECTION 15.9         Invalidity
of Provisions

 

If any provision of this Agreement is or
becomes invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions
contained herein shall not be affected thereby.

 

SECTION 15.10         Entire
Agreement

 

This Agreement contains the entire understanding
and agreement among the Partners with respect to the subject matter hereof and supersedes and replaces the Prior Agreements including,
without limitation, any LP Supplement or other supplements thereto and any other prior written or oral understandings or agreements
among them with respect thereto. Each of the Partners hereby waives to the fullest extent permitted by law any breach of or noncompliance
with any covenant, duty, agreement or condition of the Prior Agreements, including, without limitation, any LP Supplement or other
supplements thereto.

 

SECTION 15.11         Certificate
of Designation

 

Notwithstanding the foregoing, to the extent
there is a conflict between the terms of the Certificate of Designation of Series C Preferred Operating Partnership Units or Limited
Partnership Interests of Lepercq Corporate Income Fund L.P. (“Certificate of Designation”) attached hereto as Annex
A and the terms of this Agreement, the terms of the Certificate of Designation shall control.

 

    	-41-

    	 

    

 

IN WITNESS WHEREOF, the parties hereto have
executed this Agreement under seal as of the date first written above.

 

	 	GENERAL PARTNER:
	 	Lex GP-1 Trust
	 	 	 
	 	By	 
	 	Name:	 
	 	Title:	 
	 	 	 
	 	LIMITED PARTNER:
	 	Lex LP-1 Trust
	 	 	 
	 	By	 
	 	Name:	 
	 	Title:	 
	 	 	 
	 	LEXINGTON REALTY TRUST
	 	 	 
	 	By	 
	 	Name:	 
	 	Title:	 
	 	 	 
	 	SERIES C PREFERRED UNITS HOLDER
	 	 	 
	 	By	 
	 	Name:	 
	 	Title:	 

 

[Signature
Page to Sixth Amended and Restated Partnership Agreement for LCIF]

 

    	 

    	 

    

 

	 	SPECIAL LIMITED PARTNERS 
	 	 
	 	By	 
	 	On behalf of the Special Limited 
	 	Partners set forth on Exhibit A 

 

[Signature
Page to Sixth Amended and Restated Partnership Agreement for LCIF]

 

    	 

    	 

    

 

EXHIBIT A

 

	PARTNERS’ CONTRIBUTIONS AND PARTNERSHIP INTERESTS
	Name and Address of Partner	Capital

Contribution	Partnership

Units	Percentage

Interest of

Class	Redemption

Exercise Date
	 

                                                                                [To be finalized upon receipt of Unit Letters of Transmittal]

 

    	A-1

    	 

    

 

ANNEX A 

 

CERTIFICATE OF DESIGNATION

 

OF

 

SERIES C PREFERRED

 

OPERATING PARTNERSHIP UNITS

 

OR LIMITED PARTNERSHIP INTERESTS

 

OF

 

LEPERCQ CORPORATE INCOME FUND L.P.

 

 

 

Series C Preferred Units

 

A series of 504,619
units of preferred Partnership Interests of LEPERCQ CORPORATE INCOME FUND L.P., a Delaware limited partnership (the “Partnership”),
shall be created and be designated “Series C Preferred Units” having the rights and preferences set forth herein.

 

WHEREAS, Lexington
Corporate Properties Trust, a Maryland statutory real estate investment trust (“LXP”), is the sole beneficial
owner of Lex GP-1 Trust, a Delaware statutory trust and the sole general partner of the Partnership (the “General Partner”);

 

WHEREAS, pursuant to
that certain Underwriting Agreement, dated as of December 2, 2004, by and among Bear, Stearns & Co. Inc. (the “Underwriter
“), on the one hand, and LXP, the Partnership, LCIF II and Net 3 Acquisition L.P., on the other, and as of the date hereof,
LXP has (i) completed the offer and sale (the “Offering”) to the Underwriter of 2,700,000 preferred shares of
beneficial interest, classified as 6.50% Series C Cumulative Convertible Preferred Stock, par value $0.0001 per share, of LXP (“Preferred
Shares”), and (ii) granted the Underwriter a 30-day option to purchase an additional 400,000 Preferred Shares, both pursuant
to a prospectus supplement dated December 3, 2004 and the accompanying base prospectus dated October 22, 2003;

 

WHEREAS, the Preferred
Shares carry a cumulative preferred dividend, liquidation preference and conversion right further described in the Articles Supplementary
of LXP, dated as of December 8, 2004 (the “Articles Supplementary”);

 

WHEREAS, pursuant to
the Prior Agreements (as defined in the Sixth Amended and Restated Agreement of Limited Partnership of the Partnership, dated and
effective as of December 30, 2013 (the “Partnership Agreement”)), LXP has contributed a portion
of the net proceeds of the Offering to the Partnership (including proceeds contributed to Lepercq Corporate Income Fund II L.P.,
which was merged into the Partnership, with the Partnership being the survivor and successor Partnership) in exchange for Series
C Preferred Units; and

 

WHEREAS, as required
by the Partnership Agreement, the Series C Preferred Units have designations, preferences and other rights such that the economic
interests are substantially similar to the designations, preferences and other rights of the Preferred Shares;

 

FIRST:  Pursuant
to the authority expressly vested in the General Partner of the Partnership by Section 4.2 of the Partnership Agreement, and in
accordance with Section 17-302 of the Delaware Revised Uniform Limited Partnership Act, the General Partner has adopted resolutions
designating the Series C Preferred Units and setting forth the terms of the Series C Preferred Units, including preferences, conversion
or other rights, voting powers, restrictions, limitations as to distributions, qualifications, or terms or conditions of redemption
and the price.

 

    	Annex A-1

    	 

    

 

SECOND:  The
terms of the Series C Preferred Units as set by the General Partner, including preferences, conversion or other rights, voting
powers, restrictions, limitations as to distributions, qualifications, or terms or conditions of redemption, are as follows:

 

Section 1.          Number
of Units and Designation.

 

The Series C Preferred
Units shall be a series of preferred Partnership Units designated as “Series C Preferred Units”, and the number of
units constituting such series shall be 2,675,785.

 

Section 2.          Definitions.

 

“Articles
Supplementary” shall have the meaning set forth in the Recitals hereto.

 

“Business
Day” shall mean any day other than a Saturday, Sunday or a day on which state or federally chartered banking institutions
in New York, New York are not required to be open.

 

“Cash Settlement
Average Period” shall have the meaning set forth in the Articles Supplementary.

 

“Closing Sale
Price” shall have the meaning set forth in the Articles Supplementary.

 

“Code”
shall mean the Internal Revenue Code of 1986, as amended.

 

“Common Partnership
Unit” shall mean a Partnership Unit that receives no preferential treatment.

 

“Common Stock”
shall mean the common shares of beneficial interest, par value $0.0001 per share, of LXP.

 

“Company Conversion
Option” shall have the meaning set forth in the Articles Supplementary.

 

“Company Conversion
Option Date” shall have the meaning set forth in the Articles Supplementary.

 

“Conversion
Amount” shall equal (x) the fraction with (i) a numerator consisting of the number of Series C Preferred Units outstanding
prior to the applicable conversion or repurchase, and (ii) a denominator consisting of the number of Preferred Shares outstanding
prior to such conversion or repurchase, multiplied by (y) the number of Preferred Shares to be converted or repurchased.

 

“Conversion
Date” shall have the meaning set forth in the Articles Supplementary.

 

“Conversion
Notice” shall have the meaning set forth in the Articles Supplementary.

 

“Conversion
Price” shall mean, as of any day, a per Partnership Unit amount equal to the quotient of the liquidation preference amount
of a share of Series C Preferred Units on that day divided by the Conversion Rate (as adjusted pursuant to the Articles Supplementary)
on such day.

 

    	Annex A-2

    	 

    

 

“Conversion
Rate” shall have the meaning set forth in the Articles Supplementary.

 

“Conversion
Right” shall have the meaning set forth in the Articles Supplementary.

 

“Conversion
Value” shall mean an amount equal to the product of the applicable Conversion Rate (as adjusted pursuant to the Articles
Supplementary) multiplied by the arithmetic average of the Closing Sale Prices of the Common Stock during the Cash Settlement Average
Period.

 

“Converted
Series C Preferred Units” shall have the meaning set forth in Section 5(a)(1) hereof.

 

“Distribution
Payment Date” shall mean, with respect to each Distribution Period, the fifteenth day of February, May, August and November
of each year commencing on February 15, 2005.

 

“Distribution
Period” shall mean the respective periods commencing on and including January 1, April 1, July 1 and October 1 of each
year and ending on and including the day preceding the first day of the next succeeding Distribution Period (other than the initial
Distribution Period, which shall commence on the Original Issue Date and end on and include December 31, 2004).

 

“Distribution
Record Date” shall mean the date designated by the Board of Trustees of the LXP as the Dividend Record Date (as defined
in the Articles Supplementary) with respect to the Preferred Shares.

 

“Event”
shall have the meaning set forth in Section 9(b) hereof.

 

“General Partner”
shall have the meaning set forth in the Recitals hereto.

 

“LXP”
shall have the meaning set forth in the Recitals hereto.

 

“Offering”
shall have the meaning set forth in the Recitals hereto.

 

“Original
Issue Date” shall mean December 8, 2004.

 

“Partnership”
shall have the meaning set forth in the preamble hereto.

 

“Partnership
Agreement” shall have the meaning set forth in the Recitals hereto.

 

“Partnership
Unit” shall have the meaning set forth in Article FIRST of the Partnership Agreement.

 

“Preferred
Shares” shall have the meaning set forth in Recitals hereof. 

 

“Public Acquirer
Common Stock” shall have the meaning set forth in the Articles Supplementary.

 

“Repurchase
Date” shall have the meaning set forth in Section 6(a) hereof.

 

“Repurchase
Price” shall have the meaning set forth in Section 6(a) hereof.

 

    	Annex A-3

    	 

    

 

“Repurchase
Right” shall have the meaning set forth in Section 6(a) hereof.

 

“Repurchased
Series C Preferred Units” shall have the meaning set forth in Section 6(a) hereof.

 

“Series C
Preferred Units” shall have the meaning set forth in preamble hereof.

 

“Trading Day”
shall have the meaning set forth in the Articles Supplementary.

 

“Underwriter”
shall have the meaning set forth in the Recitals hereto.

 

Section 3.          Distributions.

 

(a)          Subject
to the preferential rights of the holders of any class or series of Partnership Units ranking senior to the Series C Preferred
Units as to distributions, the holders of the Series C Preferred Units shall be entitled to receive, when, as and if declared by
the General Partner, out of funds legally available for the payment of distributions, cumulative cash distributions at the rate
of 6.50% per annum of the $50.00 liquidation preference per Series C Preferred Unit (equivalent to the annual rate of $3.25 per
Series C Preferred Unit). Such distributions shall accrue and be cumulative from and including the Original Issue Date and shall
be payable quarterly in arrears on each Distribution Payment Date, commencing February 15, 2005 in respect of the quarterly distribution
periods ending on December 31, March 31, June 30, and September 30, respectively; provided, however, that if any Distribution Payment
Date is not a Business Day, then the distribution which would otherwise have been payable on such Distribution Payment Date may
be paid on the next succeeding Business Day with the same force and effect as if paid on such Distribution Payment Date, and no
interest or additional distributions or other sums shall accrue on the amount so payable from such Distribution Payment Date to
such next succeeding Business Day. The distribution payable on the Series C Preferred Units on February 15, 2005 shall be a pro
rata distribution from the Original Issue Date to December 31, 2004 in the amount of $0.2167 per Series C Preferred Unit. The amount
of any distribution payable on the Series C Preferred Units for each full Distribution Period shall be computed by dividing the
annual distribution by four (4). The amount of any distribution payable on the Series C Preferred Units for any partial Distribution
Period other than the initial Distribution Period shall be prorated and computed on the basis of a 360-day year consisting of twelve
30-day months. Distributions will be payable to holders of record as they appear in the Partnership's records at the close of business
on the applicable Distribution Record Date.

 

(b)          No
distributions on the Series C Preferred Units shall be declared by the General Partner or paid or set apart for payment by the
Partnership at such time as the terms and provisions of any agreement of the Partnership, including any agreement relating to its
indebtedness, prohibits such declaration, payment or setting apart for payment or provides that such declaration, payment or setting
apart for payment would constitute a breach thereof or a default thereunder, or if such declaration, or payment or setting apart
for payment shall be restricted or prohibited by law.

 

(c)          Notwithstanding
anything contained herein to the contrary, distributions on the Series C Preferred Units shall accrue whether or not the Partnership
has earnings, whether or not there are funds legally available for the payment of such distributions, and whether or not such distributions
are declared.

  

    	Annex A-4

    	 

    

 

(d)          Except
as provided in Section 3(e) below, unless full cumulative distributions on the Series C Preferred Units for all past distribution
periods and the then current distribution period shall have been or contemporaneously are declared and paid in cash or declared
and a sum sufficient for the payment thereof in cash is set apart for such payment, (i) no distributions, other than distributions
in Partnership Units ranking junior to the Series C Preferred Units as to distributions and upon liquidation, shall be declared
or paid or set apart for payment and no other distributions or distribution of cash or other property may be declared or made,
directly or indirectly, on or with respect to any other class or series of Partnership Units ranking, as to distributions, on a
parity with or junior to the Series C Preferred Units (other than pro rata distributions on other preferred Partnership Units ranking
on parity as to distributions with the Series C Preferred Units) for any period, nor (ii) shall any other class or series of Partnership
Units ranking, as to distributions or upon liquidation, on a parity with or junior to the Series C Preferred Units be redeemed,
purchased or otherwise acquired for any consideration (or any moneys be paid to or made available for a sinking fund for the redemption
of any such Partnership Units) by the Partnership (except by conversion into or exchange for other classes or series of Partnership
Units ranking junior to the Series C Preferred Units as to distributions and upon liquidation).

 

(e)          When
distributions are not paid in full (or a sum sufficient for such full payment is not so set apart) upon the Series C Preferred
Units and the Partnership Units ranking, as to distributions, on a parity with the Series C Preferred Units all distributions declared
upon the Series C Preferred Units and each such other class or series of Partnership Units ranking, as to distributions, on a parity
with the Series C Preferred Units shall be declared pro rata so that the amount of distributions declared per Series C Preferred
Unit and such other class or series of Partnership Units shall in all cases bear to each other the same ratio that accrued distributions
per Series C Preferred Unit and such other class or series of Partnership Units (which shall not include any accrual in respect
of unpaid distributions on such other class or series of Partnership Units for prior distribution periods if such other class or
series of Partnership Units does not have a cumulative distribution) bear to each other. No interest, or sum of money in lieu of
interest, shall be payable in respect of any distribution payment or payments on the Series C Preferred Units which may be in arrears.

 

(f)          Holders
of Series C Preferred Units shall not be entitled to any distribution, whether payable in cash, property or Partnership Units,
in excess of full cumulative distributions on the Series C Preferred Units as provided herein. Any distribution payment made on
the Series C Preferred Units shall first be credited against the earliest accrued but unpaid distributions due with respect to
such units which remains payable. Accrued but unpaid distributions on the Series C Preferred Units will accumulate as of the Distribution
Payment Date on which they first become payable.

 

Section 4.          Liquidation
Preference.

 

Upon any voluntary
or involuntary liquidation, dissolution or winding-up of the affairs of the Partnership, before any distribution or payment shall
be made to holders of any other class or series of Partnership Units of the Partnership ranking, as to liquidation rights, junior
to the Series C Preferred Units, the holders of Series C Preferred Units shall be entitled to be paid out of the assets of the
Partnership legally available for distribution to its partners a liquidation preference of $50.00 per unit, plus an amount equal
to any accrued and unpaid distributions to the date of payment (whether or not declared). In the event that, upon such voluntary
or involuntary liquidation, dissolution or winding-up, the available assets of the Partnership are insufficient to pay the amount
of the liquidating distributions on all outstanding Series C Preferred Units and the corresponding amounts payable on all other
classes or series of Partnership Units of the Partnership ranking, as to liquidation rights, on a parity with the Series C Preferred
Units in the distribution of assets, then the holders of the Series C Preferred Units and each such other class or series of Partnership
Units ranking, as to liquidation rights, on a parity with the Series C Preferred Units, including, without limitation, shall share
ratably in any such distribution of assets in proportion to the full liquidating distributions to which they would otherwise be
respectively entitled. Written notice of any such liquidation, dissolution or winding up of the Partnership, stating the payment
date or dates when, and the place or places where, the amounts distributable in such circumstances shall be payable, shall be given
by first class mail, postage pre-paid, not less than thirty (30) nor more than sixty (60) days prior to the payment date stated
therein, to each record holder of Series C Preferred Units at the respective addresses of such holders as the same shall appear
on Exhibit A hereto. After payment of the full amount of the liquidating distributions to which they are entitled, the holders
of Series C Preferred Units will have no right or claim to any of the remaining assets of the Partnership. The consolidation or
merger of the Partnership with or into any other partnership, corporation or entity, or the sale, lease, transfer or conveyance
of all or substantially all of the property or business of the Partnership, shall not be deemed to constitute a liquidation, dissolution
or winding-up of the affairs of the Partnership.

 

    	Annex A-5

    	 

    

 

Section 5.          Conversion.

 

(a)          General.

 

(1)         Subject
to the provisions of Section 5(b) below, on the date any Preferred Shares are converted, an amount of Series C Preferred Units
equal to the Conversion Amount (the “Converted Series C Preferred Units”) shall automatically convert into a
number of Common Partnership Units equal to the number of shares of Common Stock issued by LXP (or shares of Public Acquirer Common
Stock, if applicable) with respect to the Preferred Shares related to the Converted Series C Preferred Units.

 

(2)         In
connection with the conversion of any Series C Preferred Units, no fractional Common Partnership Units will be issued, but the
Partnership shall pay a cash adjustment in respect of any fractional interest in an amount equal to the fractional interest multiplied
by the Closing Sale Price on the Trading Day immediately prior to the corresponding Conversion Date or the Company Conversion Option
Date, as applicable. If more than one Series C Preferred Unit will be surrendered for conversion by the same holder at the same
time, the number of full Common Partnership Units will be computed on the basis of the total number of Series C Preferred Units
so surrendered.

 

(3)         A
holder of Series C Preferred Units is not entitled to any rights of a holder of Common Partnership Units until the Series C Preferred
Units held are converted into Common Partnership Units, and only to the extent the Series C Preferred Units are deemed to have
been converted to Common Partnership Units in accordance with this Section 5.

 

(4)         Each
conversion of Series C Preferred Units shall be deemed to have been made on the corresponding Conversion Date or Company Conversion
Option Date, as applicable, so that the rights of the holder thereof as to the Series C Preferred Units being converted as a result,
will cease except for the right to receive the Conversion Value per each converted Series C Preferred Unit, and, if applicable,
the person entitled to receive Common Partnership Units will be treated for all purposes as having become the record holder of
those Common Partnership Units at that time.

 

(b)          Settlement
Upon Conversion. The Partnership shall deliver the Conversion Value per each converted Series C Preferred Unit, in (i) Common
Partnership Units, cash or a combination of cash and Common Partnership Units, in accordance with LXP’s election with respect
to the Preferred Shares being converted.

 

    	Annex A-6

    	 

    

  

(c)          Payment
of Distributions.

 

(1)         Conversion
Right.

 

(i)          If
a Series C Preferred Unit is converted as a result of a Conversion Right, upon conversion, that Series C Preferred Unit shall cease
to cumulate distributions as of the end of the day immediately preceding the Conversion Date and the holder will not receive any
cash payment representing accrued and unpaid distributions of the Series C Preferred Unit, except in those limited circumstances
discussed in this Section 5(c). Except as provided herein, the Partnership shall make no payment for accrued and unpaid distributions,
whether or not in arrears, on a Series C Preferred Unit converted pursuant to a Conversion Right, or for distributions on Common
Partnership Units issued upon such conversion.

 

(ii)         If
the related Conversion Notice is received by LXP before the close of business on a Distribution Record Date, the holder shall not
be entitled to receive any portion of the distribution payable on such converted Series C Preferred Units on the corresponding
Distribution Payment Date.

 

(iii)        If
the related Conversion Notice is received by LXP after the Distribution Record Date but prior to the corresponding Distribution
Payment Date, the holder on the Distribution Record Date shall receive on that Distribution Payment Date accrued distributions
on those Series C Preferred Units, notwithstanding the conversion of those Series C Preferred Units prior to that Distribution
Payment Date, because the holder shall have been the holder of record on the corresponding Distribution Record Date. However, upon
conversion, the holder shall pay an amount equal to the distribution that has accrued and that will be paid on the related Distribution
Payment Date.

 

(iv)        A
holder of Series C Preferred Units on a Distribution Record Date whose Series C Preferred Units are converted into Common Partnership
Units on or after the corresponding Distribution Payment Date shall be entitled to receive the distribution payable on such Series
C Preferred Units on such Distribution Payment Date, and such holder need not include payment of the amount of such distribution
upon conversion.

 

(v)         If
the related Conversion Notice is received by LXP on or before the close of business on a Distribution Record Date or following
such Distribution Record Date but before the Distribution Payment Date therefore, and the settlement date for any Common Partnership
Units to be issued upon such conversion is after the close of business on the record date for the payment of distributions for
the corresponding period on such Common Partnership Units, such holder shall be entitled to receive such Common Partnership Unit
distributions upon the next payment date of distributions on the Common Partnership Units as if it were the holder of such Common
Partnership Units on such record date.

 

(2)         Company
Conversion Option.

 

(i)          In
the event a conversion occurs as a result of a Company Conversion Option, whether the Company Conversion Option Date is prior to,
on or after the Distribution Record Date for the current period, all unpaid distributions which are in arrears as of the Company
Conversion Option Date shall be payable to the holder of the converted Series C Preferred Units.

 

    	Annex A-7

    	 

    

 

(ii)         In
the event the Company Conversion Option occurs and the Company Conversion Option Date is a date that is prior to the close of business
on any Distribution Record Date, the holder shall not be entitled to receive any portion of the distribution payable for such period
on such converted Series C Preferred Units on the corresponding Distribution Payment Date.

 

(iii)        In
the event the Company Conversion Option occurs and the Company Conversion Option Date is a date that is on, or after the close
of business on, any Distribution Record Date and prior to the close of business on the corresponding Distribution Payment Date,
all distributions, including accrued and unpaid distributions, whether or not in arrears, with respect to the Series C Preferred
Units called for conversion on such date, shall be payable on such Distribution Payment Date to the record holder of such Series
C Preferred Units on such record date.

 

(d)          Maturity;
Sinking Fund. The Series C Preferred Units shall have no stated maturity and shall not be subject to any sinking fund or mandatory
redemption.

 

(e)          Effect
of Conversion. All Series C Preferred Units converted pursuant to this Section 5, repurchased pursuant to Section 6, or otherwise
converted or repurchased shall be authorized but unissued Series C Preferred Units until reclassified into another class or series
of Common Partnership Units.

 

Section 6.          Purchase
of Series C Preferred Units Upon a Fundamental Change.

 

(a)          In
the event a holder of Preferred Shares requires LXP to repurchase (the “Repurchase Right”) for
cash all or any part of such holder’s Preferred Shares, the Partnership shall repurchase, on the date LXP repurchases such
Preferred Shares (the “Repurchase Date”), an amount of Series C Preferred Units equal to the Conversion Amount
(the “Repurchased Series C Preferred Units”) at a per Series C Preferred Unit repurchase price equal to the
per Preferred Share repurchase price paid by LXP with respect to the Preferred Shares related to the Repurchased Series C Preferred
Units (the “Repurchase Price”).

 

(b)          If
the Partnership holds cash sufficient to pay the Repurchase Price of the Series C Preferred Units on the Trading Day following
the Repurchase Date, then:

 

(1)         the
Series C Preferred Units will cease to be outstanding and distributions (including additional distributions, if any) will cease
to accrue; and

 

(2)         all
other rights of the holder will terminate (other than the right to receive the Repurchase Price upon transfer of the Series C Preferred
Units).

 

Section 7.          Voting
Rights.

 

(a)          Holders
of the Series C Preferred Units shall not have any voting rights, except as provided by applicable law.

 

(b)          In
any matter in which the Series C Preferred Units may vote (as expressly provided herein or as may be required by law), each Series
C Preferred Unit shall be entitled to one vote per $25.00 of liquidation preference.

 

    	Annex A-8

    	 

    

 

Section 8.          Redemption.

 

Except as otherwise
set forth herein, the Series C Preferred Units shall not be redeemable by the Partnership.

 

Section 9.          Ranking.

 

(a)          In
respect of rights to the payment of distributions and the distribution of assets in the event of any liquidation, dissolution or
winding up of the affairs of the Partnership, the Series C Preferred Units shall rank (i) senior to any class or series of Partnership
Units of the Partnership other than any class or series referred to in clauses (ii) and (iii) of this sentence, (ii) on a parity
with any class or series of Partnership Units of the Partnership the terms of which specifically provide that such class or series
of Partnership Units ranks on a parity with the Series C Preferred Units as to the payment of distributions and the distribution
of assets in the event of any liquidation, dissolution or winding up of the Partnership, and (iii) junior to any class or series
of Partnership Units of the Partnership ranking senior to the Series C Preferred Units as to the payment of distributions and the
distribution of assets in the event of any liquidation, dissolution or winding up of the Partnership. For avoidance of doubt, any
debt of the Partnership which is convertible into or exchangeable for Partnership Units of the Partnership shall not constitute
a class or series of Partnership Units of the Partnership.

 

(b)          Unless
(x) no Series C Preferred Units remain outstanding or (y) the requisite holders of the Preferred Shares have approved similar actions
with respect to the Preferred Shares in accordance with the Articles Supplementary (in which event the Partnership may take similar
action with respect to the Series C Preferred Units), the Partnership shall not: (i) authorize or create, or increase the authorized
or issued amount of, any class or series of Partnership Units ranking senior to the Series C Preferred Units with respect to payment
of dividends or the distribution of assets upon liquidation, dissolution or winding-up of the affairs of the Partnership or reclassify
any authorized shares of Partnership Units into such Partnership Units, or create, authorize or issue any obligation or security
convertible into or evidencing the right to purchase any such Partnership Units; or (ii) amend, alter or repeal the provisions
of the Partnership Agreement or this Certificate of Designation, whether by merger, consolidation, transfer or conveyance of all
or substantially all of its assets or otherwise (an “Event”), so as to materially and adversely affect any right,
preference, or privilege of the Series C Preferred Units or the holders thereof; provided however, with respect to the occurrence
of any of the Events set forth in (ii) above, so long as the Series C Preferred Units remains outstanding with the terms thereof
materially unchanged, taking into account that, upon the occurrence of an Event, the Partnership may not be the surviving entity,
the occurrence of such Event shall not be deemed to materially and adversely affect such rights, preferences, privileges of holders
of Series C Preferred Units. The provisions of this Section 9(b) shall not, however, prohibit the Partnership from taking the following
actions: (A) any increase, decrease or issuance from time to time of any class or series of Partnership Units (including the Series
C Preferred Units), or (B) the creation or issuance from time to time of any additional classes or series of Partnership Units,
in each case referred to in clause (A) or (B) above ranking on a parity with or junior to the Series C Preferred Units with respect
to the payment of dividends and the distribution of assets upon liquidation, dissolution or winding up of the Partnership.

 

(c)          Notwithstanding
anything to the contrary in this Section 9, nothing herein shall prevent the Partnership from taking such action as may be necessary
or advisable in its sole discretion so as to avoid being treated as an association taxable as a corporation for federal tax purposes
or so as to avoid adversely affecting (for as long as LXP deems necessary) LXP’s ability to qualify as a REIT for federal
tax purposes.

 

    	Annex A-9

    	 

    

 

Section 10.         Exclusion
of Other Rights.

 

The Series C Preferred
Units shall not have any preferences, conversion or other rights, voting powers, restrictions, limitations as to distributions,
qualifications, or terms or conditions of redemption other than expressly set forth in the Partnership Agreement and this Certificate
of Designation.

 

Section 11.         Headings
of Subdivisions.

 

The headings of the
various subdivisions hereof are for convenience of reference only and shall not affect the interpretation of any of the provisions
hereof.

 

Section 12.         Severability
of Provisions.

 

If any preferences,
conversion or other rights, voting powers, restrictions, limitations as to distributions, qualifications, or terms or conditions
of conversion of the Series C Preferred Units set forth in the Partnership Agreement and this Certificate of Designation are invalid,
unlawful or incapable of being enforced by reason of any rule of law or public policy, all other preferences or other rights, voting
powers, restrictions, limitations as to distributions, qualifications or terms or conditions of conversion of Series C Preferred
Units set forth in the Partnership Agreement which can be given effect without the invalid, unlawful or unenforceable provision
thereof shall, nevertheless, remain in full force and effect and no preferences or other rights, voting powers, restrictions, limitations
as to distributions or other qualifications or terms or conditions of conversion of the Series C Preferred Units herein set forth
shall be deemed dependent upon any other provision thereof unless so expressed therein.

 

Section 13.         No
Preemptive Rights.

 

No holder of Series
C Preferred Units shall be entitled to any preemptive rights to subscribe for or acquire any Partnership Units of the Partnership
(whether now or hereafter authorized) or instruments of the Partnership convertible into or carrying a right to subscribe to or
acquire Partnership Units of the Partnership.

 

LEPERCQ CORPORATE INCOME FUND L.P.

 

	By: Lex GP-1 Trust, its General Partner	 
	 	 	 
	By:	/s/ T. Wilson Eglin 	 
	T. Wilson Eglin	 
	President	 

  

    	Annex A-10

    	 

    

 

EXHIBIT B

 

CAPITAL ACCOUNT MAINTENANCE

 

1)Capital Accounts of the Partners

 

A)          The Partnership shall maintain for
each Partner a separate Capital Account in accordance with the rules of Regulations Section 1.704-1(b)(2)(iv). Such Capital Account
shall be increased by (i) the amount of all Capital Contributions and any other deemed contributions made by such Partner to the
Partnership pursuant to this Agreement and (ii) all items of Partnership income and gain (including income and gain exempt from
tax) computed in accordance with Section 1.B hereof and allocated to such Partner pursuant to Section 6.1.A of the Agreement and
Exhibit C hereof, and decreased by (x) the amount of cash or Agreed Value of all actual and deemed distributions of cash
or property made to such Partner pursuant to this Agreement and (y) all items of Partnership deduction and loss computed in accordance
with Section 1.B hereof and allocated to such Partner pursuant to Section 6.1.B of the Agreement and Exhibit C hereof.

 

B)           For purposes of computing the amount
of any item of income, gain, deduction or loss to be reflected in the Partners' Capital Accounts, unless otherwise specified in
this Agreement, the determination, recognition and classification of any such item shall be the same as its determination, recognition
and classification for federal income tax purposes determined in accordance with Section 703(a) of the Code (for this purpose all
items of income, gain, loss or deduction required to be stated separately pursuant to Section 703(a)(1) of the Code shall be included
in taxable income or loss), with the following adjustments:

 

i)         Except
as otherwise provided in Regulation Section 1.704-1(b)(2)(iv)(m), the computation of all items of income, gain, loss and deduction
shall be made without regard to any election under Section 754 of the Code which may be made by the Partnership; provided
that the amounts of any adjustments to the adjusted bases of the assets of the Partnership made pursuant to Section 734
of the Code as a result of the distribution of property by the Partnership to a Partner (to the extent that such adjustments have
not previously been reflected in the Partners' Capital Accounts) shall be reflected in the Capital Accounts of the Partners in
the manner and subject to the limitations prescribed in Regulations Section 1.704-1(b)(2)(iv)(m)(4).

 

ii)        The
computation of all items of income, gain, loss and deduction shall be made without regard to the fact that items described in Sections
705(a)(1)(B) or 705(a)(2)(B) of the Code are not includable in gross income or are neither currently deductible nor capitalized
for federal income tax purposes.

 

iii)      Any
income, gain or loss attributable to the taxable disposition of any Partnership property shall be determined as if the adjusted
basis of such property as of such date of disposition were equal in amount to the Partnership's Carrying Value with respect to
such property as of such date.

 

iv)        In
lieu of the depreciation, amortization, and other cash recovery deductions taken into account in computing such taxable income
or loss, there shall be taken into account Depreciation for such fiscal year.

 

v)In the event the Carrying Value of any
Partnership Asset is adjusted pursuant to Section 1.D hereof, the amount of any such adjustment shall be taken into account as
gain or loss from the disposition of such asset.

 

    	B-1

    	 

    

 

vi)        Any
items specially allocated under Exhibit C hereof shall not be taken into account.

 

C)           Generally, a transferee (including
any Assignee) of a Partnership Unit shall succeed to a pro rata portion of the Capital Account of the transferor.

 

D)    i)    Consistent
with the provisions of Regulations Section 1.704-1(b)(2)(iv)(f), and as provided in Section 1.D.(ii), the Carrying Values of all
Partnership assets shall be adjusted upward or downward to reflect any Unrealized Gain or Unrealized Loss attributable to such
Partnership property, as of the times of the adjustments provided in Section 1.D.(ii) hereto, as if such Unrealized Gain or Unrealized
Loss had been recognized on an actual sale of each such property and allocated pursuant to Section 6.1 of the Agreement.

 

ii)        Such
adjustments shall be made as of the following times: (a) immediately prior to the acquisition of an additional interest in the
Partnership by any new or existing Partner in exchange for more than a de minimis Capital Contribution; (b) immediately prior to
the distribution by the Partnership to a Partner of more than a de minimis amount of property as consideration for an interest
in the Partnership; and (c) immediately prior to the liquidation of the Partnership within the meaning of Regulations Section 1.704-1(b)(2)(ii)(g);
provided that adjustments pursuant to clauses (a) and (b) above shall be made only if the General Partner determines
that such adjustments are necessary or appropriate to reflect the relative economic interests of the Partners in the Partnership.

 

iii)      In
accordance with Regulations Section 1.704-1(b)(2)(iv)(e) the Carrying Value of Partnership assets distributed in kind shall be
adjusted upward or downward to reflect any Unrealized Gain or Unrealized Loss attributable to such Partnership property, as of
the time any such asset is distributed.

 

iv)        In
determining Unrealized Gain or Unrealized Loss for purposes of this Exhibit B, the aggregate cash amount and fair market value
of all Partnership assets (including cash or cash equivalents) shall be determined by the General Partner using such reasonable
method of valuation as it may adopt, or in the case of a liquidating distribution pursuant to Article 13 of the Agreement, be determined
and allocated by the Liquidator using such reasonable methods of valuation as it may adopt. The General Partner, or the Liquidator,
as the case may be, shall allocate such aggregate value among the assets of the Partnership (in such manner as it determines in
its sole and absolute discretion to arrive at a fair market value for individual properties).

 

E)The provisions of this Agreement (including
this Exhibit B and the other Exhibits to this Agreement) relating to the maintenance of Capital Accounts are intended to
comply with Regulations Section 1.704-1(b), and shall be interpreted and applied in a manner consistent with such Regulations.
In the event the General Partner shall determine that it is prudent to modify the manner in which the Capital Accounts, or any
debits or credits thereto (including, without limitation, debits or credits relating to liabilities which are secured by contributed
or distributed property or which are assumed by the Partnership, the General Partner, or the Limited Partners), are computed in
order to comply with such Regulations, the General Partner may make such modification, provided that it is not likely to have a
material effect on the amounts distributable to any Person pursuant to Article 13 of the Agreement upon the dissolution of the
Partnership. The General Partner also shall (i) make any adjustments that are necessary or appropriate to maintain equality between
the Capital Accounts of the Partners and the amount of Partnership Capital reflected on the Partnership's balance sheet, as computed
for book purposes, in accordance with Regulations Section 1.704-1(b)(2)(iv)(q), and (ii) make any appropriate modifications in
the event unanticipated events might otherwise cause this Agreement not to comply with Regulations Section 1.704-1(b).

 

    	B-2

    	 

    

 

2)No Interest

 

No interest shall be paid by the Partnership
on Capital Contributions or on balances in Partners' Capital Accounts.

 

3)No Withdrawal

 

No Partner shall be entitled to withdraw
any part of his Capital Contributions or his Capital Account or to receive any distribution from the Partnership, except as provided
in this Agreement.

 

    	B-3

    	 

    

 

EXHIBIT C

 

SPECIAL ALLOCATION RULES

 

1)Special Allocation Rules

 

Notwithstanding any other provision of the
Agreement or this Exhibit C, the following special allocations shall be made in the following order:

 

A.           Minimum
Gain Chargeback. Notwithstanding the provisions of Section 6.1 of the Agreement or any other provisions of this Exhibit
C, if there is a net decrease in Partnership Minimum Gain during any Partnership Year, each Partner shall be specially allocated
items of Partnership income and gain for such year (and, if necessary, subsequent years) in an amount equal to such Partner's share
of the net decrease in Partnership Minimum Gain, as determined under Regulations Section 1.704-2(g). Allocations pursuant to the
previous sentence shall be made in proportion to the respective amounts required to be allocated to each Partner pursuant thereto.
The items to be so allocated shall be determined in accordance with Regulations Section 1.704-2(f)(6). This Section l.A is intended
to comply with the minimum gain chargeback requirements in Regulations Section 1.704-2(f) and for purposes of this Section l.A
only, each Partner's Adjusted Capital Account Deficit shall be determined prior to any other allocations pursuant to Section 6.1
of the Agreement with respect to such Partnership Year and without regard to any decrease in Partner Minimum Gain during such Partnership
Year.

 

B.           Partner
Minimum Gain Chargeback. Notwithstanding any other provision of Section 6.1 of the Agreement or any other provisions of this
Exhibit C (except Section l.A. hereof), if there is a net decrease in Partner Minimum Gain attributable to a Partner Nonrecourse
Debt during any Partnership Year, each Partner who has a share of the Partner Minimum Gain attributable to such Partner Nonrecourse
Debt, determined in accordance with Regulations Section 1.704-2(i)(5), shall be specially allocated items of Partnership income
and gain for such year (and, if necessary, subsequent years) in an amount equal to such Partner's share of the net decrease in
Partner Minimum Gain attributable to such Partner Nonrecourse Debt, determined in accordance with Regulations Section 1.704-2(i)(5).
Allocations pursuant to the previous sentence shall be made in proportion to the respective amounts required to be allocated to
each Partner pursuant thereto. The items to be so allocated shall be determined in accordance with Regulations Section 1.704-2(i)(4).
This Section 1.B is intended to comply with the minimum gain chargeback requirement in such Section of the Regulations and shall
be interpreted consistently therewith. Solely for the purposes of this Section 1.B, each Partner's Adjusted Capital Account Deficit
shall be determined prior to any other allocations pursuant to Section 6.1 of the Agreement or this Exhibit C with respect
to such Partnership Year, other than allocations-pursuant to Section 1.A hereof.

 

C.           Qualified
Income Offset. In the event any Partner unexpectedly receives any adjustments, allocations or distributions described in Regulations
Sections 1.704-1(b)(2)(ii)(d)(4), 1.704-1(b)(2)(ii)(d)(5), or 1.704-1(b)(2)(ii)(d)(6), and after giving effect to the allocations
required under Sections l.A and l.B hereof, such Partner has an Adjusted Capital Account Deficit, items of Partnership income and
gain shall be specifically allocated to such Partner in an amount and manner sufficient to eliminate, to the extent required by
the Regulations, its Adjusted Capital Account Deficit created by such adjustments, allocations or distributions as quickly as possible.

 

D.           Nonrecourse
Deductions. Nonrecourse Deductions for any Partnership Year shall be allocated to the Partners as if they were items of deduction
governed by Section 6.1 herein. If the General Partner determines in its good faith discretion that Nonrecourse Deductions for
any Partnership Year must be allocated in a different ratio to satisfy the safe harbor requirements of the Regulations promulgated
under Section 704(b) of the Code, the General Partner is authorized, upon notice to the Initial Limited Partner and the Limited
Partners, to revise the prescribed ratio for such Partnership Year to the numerically closest ratio which does satisfy such requirements.

 

    	C-1

    	 

    

  

E.           Partner
Nonrecourse Deductions. Any Partner Nonrecourse Deductions for any Partnership Year shall be specially allocated to the Partner
who bears the economic risk of loss with respect to the Partner Nonrecourse Debt to which such Partner Nonrecourse Deductions are
attributable in accordance with Regulations Section 1.704-2(i)(2).

 

F.           Code
Section 754 Adjustments. To the extent an adjustment to the adjusted tax basis of any Partnership asset pursuant to Section
734(b) or 743(b) of the Code is required, pursuant to Regulations Section 1.704-1(b)(2)(iv)(m) to be taken into account in determining
Capital Accounts, the amount of such adjustment to the Capital Accounts shall be treated as an item of gain (if the adjustment
increases the basis of the asset) or loss (if the adjustment decreases such basis), and such item of gain or loss shall be specially
allocated to the Partners in a manner consistent with the manner in which their Capital Accounts are required to be adjusted pursuant
to such Section of the Regulations.

 

2)Allocations for Tax Purposes

 

A.           Except
as otherwise provided in this Section 2, for federal income tax purposes, each item of income, gain, loss and deduction shall be
allocated among the Partners in the same manner as its correlative item of “book” income, gain, loss or deduction is
allocated pursuant to Section 6.1 of the Agreement and Section 1 of this Exhibit C.

 

B.           In
an attempt to eliminate Book-Tax Disparities attributable to a Contributed Property or Adjusted Property, items of income, gain,
loss and deduction shall be allocated for federal income tax purposes among the Partners as follows:

 

i)         (1)         In
the case of a Contributed Property, such items attributable thereto shall be allocated among the Partners consistent with the principles
of Section 704(c) of the Code that takes into account the variation between the 704(c) Value of such property and its adjusted
basis at the time of contribution; and

 

(2)         any
item of Residual Gain or Residual Loss attributable to a Contributed Property shall be allocated among the Partners in the same
manner as its correlative item of “book” gain or loss is allocated pursuant to Section 6.1 of the Agreement and Section
1 of this Exhibit C.

 

ii)        (1)         In
the case of an Adjusted Property, such items shall

 

(a) first, be allocated among the
Partners in a manner consistent with the principles of Section 704(c) of the Code to take into account the Unrealized Gain or Unrealized
Loss attributable to such property and the allocations thereof pursuant to Exhibit B and

 

(b) second, in the event such property
was originally a Contributed Property, be allocated among the Partners in a manner consistent with Section 2.B(i)(1) of this Exhibit
C; and

 

(c)          any
item of Residual Gain or Residual Loss attributable to an Adjusted Property shall be allocated among the Partners in the same manner
as its correlative item of “book” gain or loss is allocated pursuant to Section 6.1 of the Agreement and Section 1
of this Exhibit C.

 

    	C-2

    	 

    

 

iii)      All
other items of income, gain, loss and deduction shall be allocated among the Partners in the same manner as their correlative item
of “book” gain or loss is allocated pursuant to Section 6.1 of the Agreement and Section 1 of this Exhibit
C.

 

C.           To
the extent Regulations promulgated pursuant to 704(c) of the Code permit a partnership to utilize creative methods to eliminate
the disparities between the value of property and its adjusted basis (including, without limitation, the implementation of curative
allocations), the General Partner shall have the authority to elect the method used by the Partnership and such election shall
be binding on the Partners.

 

Without limiting the foregoing, the General
Partner shall take all steps (including, without limitation, implementing curative allocations) that it determines are necessary
or appropriate to ensure that the amount of taxable gain required to be recognized by the General Partner upon a disposition by
the Partnership of any Contributed Property or Adjusted Property does not exceed the sum of (i) the gain that would be recognized
by the General Partner if such property had an adjusted tax basis at the time of disposition equal to the 704(c) Value of such
property plus (ii) the deductions for depreciation, amortization or other cost recovery actually allowed to the General Partner
with respect to such property for federal income tax purposes (after giving effect to the “ceiling rule”).

 

D.           Notwithstanding
the foregoing, except as otherwise set forth in this Section 2.D of Exhibit C, items of income or gain may be specially allocated
to certain limited partners pursuant to Section 6.1.A of the Agreement.

 

Income and gain recognized on a sale by
the Partnership of a 704(c) asset may be allocated first to the Additional Limited Partners that contributed the interests in such
asset to the Partnership, in an amount necessary to eliminate the Book-Tax Disparity or applicable variation between 704(c) Value
and tax basis with respect to such 704(c) property. Except as otherwise provided pursuant to the terms of an applicable LP Supplement,
the Partnership may make a curative allocation of income and gain in the taxable year of the Partnership in which an Additional
Limited Partner exercises its Redemption Right set forth in Section 8.4.B of the Agreement, or in any other taxable year in which
such Additional Limited Partner's interest in the Partnership is liquidated. Such curative allocation of income and gain shall
provide that items of Partnership taxable income or gain will be allocated to such Additional Limited Partner, and items of Partnership
book income or gain will be allocated to Partners other than such Additional Limited Partners, to the extent necessary to eliminate
any remaining variation between 704(c) Value and tax basis if applicable with respect to such Additional Limited Partner immediately
prior to the exercise of the Redemption Right.

 

    	C-3

    	 

    

 

EXHIBIT D

 

NOTICE OF REDEMPTION

 

The undersigned [●] Limited Partner
hereby irrevocably (i) redeems ___________ Partnership Units in Lepercq Corporate Income Fund L.P. in accordance with the terms
of the Agreement of Limited Partnership of Lepercq Corporate Income Fund L.P., as amended, and the [●] Limited Partner Redemption
Right referred to therein, (ii) surrenders such Partnership Units and all right, title and interest therein, (iii) certifies under
the penalty of perjury that it is not a foreign person as defined by Section 1445 of the Code and that it is not a disregarded
entity (or, in the alternative, if it is a disregarded entity, the beneficial owner is not a foreign person as defined by Section
1445 of the Code), (iv) has validly executed and attached IRS Form W-9 (or successor form) and certifies that the information on
such form is true, complete and accurate, and (v) directs that the Redemption Amount deliverable upon exercise of the [●]
Limited Partner Redemption Right be delivered to the address and placed in the name(s) and at the address(es) specified below.
The undersigned hereby represents, warrants, certifies and agrees (a) that the undersigned has good, marketable and unencumbered
title to such Partnership Units, free and clear of the rights or interests of any other person or entity, (b) that the undersigned
has the full right, power and authority to redeem and surrender such Partnership Units as provided herein, (c) that the undersigned
has obtained the consent or approval of all persons or entities, if any, having the right to consent to or approve such redemption
and surrender, (d) that if the undersigned is acquiring REIT Shares, the undersigned is doing so with the understanding that such
REIT Shares may only be resold or distributed pursuant to a registration statement under the Securities Act of 1933 or in a transaction
exempt from the registration requirements of such Act and (e) that Lexington Realty Trust may refuse to transfer such REIT Shares
as to which evidence satisfactory to it of such registration or exemption is not provided to it.

 

	Dated: _____________	 
	 	 
	Name of [●] Limited Partner:
	 	 
	 	 
	 	(Signature of [●] Limited Partner)
	 	 
	 	 
	 	(Signature of Beneficial Owner, if applicable)
	 	 
	 	 
	 	(Street Address)
	 	 
	 	 
	 	(City)  (State)  (Zip Code)

 

    	EXHIBIT A-1

    	 

    

  

	 	Signature Guaranteed by:
	 	 
	 	 

  

If REIT Shares are issued, issue them to:

 

Please insert social security or identifying number:

 

Name:

 

    	EXHIBIT A-2

    	 

    

  

  

Exhibit
B

 

CASH CONSIDERATION

LETTER OF TRANSMITTAL

in connection with the merger by and between
Lepercq Corporate Income Fund L.P. and

Lepercq Corporate Income Fund II L.P.

 

 

 

Delivery Instructions:

 

By Mail, Overnight Delivery, Fax or Email:

Lepercq Corporate Income Fund L.P.

Lexington Realty Trust

One Penn Plaza

Suite 4015

New York, NY 10119-4015

Fax No: (212) 594-6600

Email:LCIF@lxp.com

 

This entire Letter of Transmittal should be completed, signed
and delivered to Lepercq Corporate Income Fund L.P. (“LCIF”) and Lexington Realty Trust to receive payment of
the cash consideration in connection with the merger of Lepercq Corporate Income Fund II L.P. (“LCIF II”) with
and into LCIF. Failure to complete all information and sign and deliver this Letter of Transmittal other than as set forth herein
will not constitute a valid delivery. You must sign this Letter of Transmittal where indicated below. Capitalized terms used, but
not defined herein, have the meanings assigned to such terms in the Agreement and Plan of Merger (the “Merger Agreement”),
dated as of December 23, 2013, by and between LCIF and LCIF II.

 

Please contact Mona Manucum on (212) 692-7221 or at LCIF@lxp.com
with any questions regarding this Letter of Transmittal.

 

	SCHEDULE OF OWNERSHIP OF LCIF II UNITS
	
        DESCRIPTION OF LCIF II UNITS

        (Attach separate signed list if necessary)

	Name(s) and Address(es) of Registered Holder(s)	Number of LCIF II Units 
	 	 
	 
	 
	 
	 
	Total: 	 

 

	SCHEDULE OF INSTRUCTIONS FOR PAYMENT TO REGISTERED HOLDER(S)
	 
	PLEASE SIGN BELOW
	 

 

    	EXHIBIT B-1

    	 

    

 

	 
	Name(s) of Registered Holder: 
	___________________________________________________________________
	(Please Print)
	 
	Capacity (full title):___________________________________________________________________
	 
	Tax Identification or Social Security No.___________________________________________________________
	 
	Owner(s): _______________________________ID: _________________________________
	(If registered holder is a disregarded entity for federal income tax purposes, please list name of beneficial owner and tax identification number).
	 
	Please check appropriate box for Registered Holder (or if applicable, the beneficial owner):
	 ̈ Individual/Sole Proprietor  ̈ C Corporation       ̈ S Corporation  ̈ Partnership  ̈ Trust/Estate
	 ̈ Limited Liability Company. Enter tax classification (C Corporation: enter C; S Corporation: S; Partnership: P): _____
	 ̈ Other: ________________________
	 
	Address: 	 	 
	 	(Street)	 (Apt.)
	 	 	 	 
	 	(City)	(State)	(Zip Code)
	 
	Area Code and Telephone No.:		 
	 
	 
	 	 	 	 	 	 	 

 Tax Matters

 

The undersigned hereby represents that,
in the event the undersigned receives Cash Consideration in the Merger, the undersigned consents to the treatment of the transaction
as a taxable sale of its LCIF II Units to LCIF. Holders are urged to consult their own tax advisors regarding the federal income
tax considerations related to the Merger, as well as tax considerations under any applicable state, local and foreign tax laws.

 

The undersigned hereby acknowledges and
agrees that LCIF, LCIF II and Lex GP-1 will comply with the requirements of any withholding and reporting obligations that may
apply to amounts received by Holders of LCIF II Units, and that the amount that you receive will be reduced by withholding
of applicable taxes if any.

 

    	EXHIBIT B-2

    	 

    

 

To inform LCIF and LCIF II that withholding
of tax is not required in connection with the Merger, the undersigned hereby certifies the following:

 

a.           The
registered holder of LCIF II Units (or in the case of a holder that is a disregarded entity as defined in Treasury Regulation Section
1.1445-2(b)(2)(iii), the owner of such disregarded entity that is not itself disregarded) (the “Transferor”)
is not a nonresident alien, foreign corporation, foreign partnership, foreign trust, or foreign estate (as those terms are defined
in the Internal Revenue Code of 1986, as amended (the “Code”), and the Treasury Regulations thereunder).

 

b.           The
Transferor is not a disregarded entity as defined in Treasury Regulation Section 1.1445-2(b)(2)(iii).

 

c.           The
Transferor’s true and correct U.S. taxpayer identification number and address are set forth above.

 

The undersigned understands that this certification
may be disclosed to the Internal Revenue Service (IRS) by LCIF and LCIF II and that any false statement contained herein could
be punished by fine, imprisonment, or both.

 

Under penalties of perjury, the undersigned
declares that the undersigned has examined this tax certification and to the best of the undersigned’s knowledge and belief
it is true, correct and complete, and the undersigned further declares that the undersigned has the authority to sign this document
on behalf of Transferor.

 

Under penalties of perjury, the undersigned
further certifies that (1) the Transferor is a U.S. person (including a U.S. resident alien) and (2) the Transferor is not subject
to backup withholding because (a) the Transferor is exempt from backup withholding, (b) has not been notified by the IRS that the
Transferor is subject to backup withholding as a result of a failure to report all interest or dividends or (c) the IRS has notified
the Transferor that the Transferor is no longer subject to backup withholding. (Certification Instructions—You must cross
out item (2) above if you have been notified by the IRS that you are subject to backup withholding because you have failed to report
all interest and dividends on your tax return.)

 

	 	 
	 	(Signature(s) of Owner(s))

 

Dated:_______________, 201_

(Must be signed by registered holder(s) and, if applicable,
beneficial owner(s). If signature is by a trustee, executor, administrator, guardian, attorney-in-fact, officer of a corporation
or other person acting in a fiduciary or representative capacity, please set forth full title.)

 

    	EXHIBIT B-3

    	 

    

 

Exhibit
C

 

UNIT CONSIDERATION

LETTER OF TRANSMITTAL

in connection with the merger by and between
Lepercq Corporate Income Fund L.P. and

Lepercq Corporate Income Fund II L.P.

 

 

 

Delivery Instructions:

 

By Mail, Overnight Delivery, Fax or Email:

Lepercq Corporate Income Fund L.P.

Lexington Realty Trust

One Penn Plaza

Suite 4015

New York, NY 10119-4015

Fax No: (212) 594-6600

Email:LCIF@lxp.com

 

This entire Letter of Transmittal should be completed, signed
and delivered to Lepercq Corporate Income Fund L.P. (“LCIF”) and Lexington Realty Trust to receive payment of
the merger consideration in connection with the merger of Lepercq Corporate Income Fund II L.P. (“LCIF II”)
with and into LCIF. Failure to complete all information and sign and deliver this Letter of Transmittal other than as set forth
herein will not constitute a valid delivery. You must sign this Letter of Transmittal where indicated below. Capitalized terms
used, but not defined herein, have the meanings assigned to such terms in the Agreement and Plan of Merger (the “Merger
Agreement”), dated as of December 23, 2013, by and between LCIF and LCIF II.

 

	SCHEDULE OF OWNERSHIP OF LCIF II UNITS
	
        DESCRIPTION OF LCIF II UNITS

        (Attach separate signed list if necessary)

	Name(s) and Address(es) of Registered Holder(s)	Number of LCIF II Units 
	 	 
	 
	 
	 
	 
	Total: 	 

 

	SCHEDULE OF INSTRUCTIONS FOR PAYMENT TO REGISTERED HOLDER(S)
	 
	PLEASE SIGN BELOW
	 

 

    	EXHIBIT C-1

    	 

    

 

	 
	Name(s) of Registered Owner: 
	___________________________________________________________________
	(Please Print)
	 
	Capacity (full title):___________________________________________________________________
	 
	Tax Identification or Social Security No.___________________________________________________
	Owner(s): _______________________________ID: ________________________________________
	(If registered holder is a disregarded entity for federal income tax purposes, please list name of beneficial owner and tax identification number).
	·Please check appropriate box for Registered Holder (or if applicable, the beneficial owner):
	 ̈ Individual/Sole Proprietor  ̈ C Corporation       ̈ S Corporation  ̈ Partnership  ̈ Trust/Estate
	 ̈ Limited Liability Company. Enter tax classification (C Corporation: enter C; S Corporation: S; Partnership: P): _____
	 ̈ Other: ________________________
	 
	Address: 	 	 
	 	(Street)	 (Apt.)
	 	 	 	 
	 	(City)	(State)	(Zip Code)
	 
	Area Code and Telephone No.:		 
	 
	 
	 	 	 	 	 	 	 

 

    	EXHIBIT C-2

    	 

    

 

Ladies and Gentlemen:

 

The undersigned acknowledges
and understands that the LCIF Units to be issued as Unit Consideration will not be registered under the U.S. Securities Act of
1933, as amended (the “Securities Act”), and will constitute “restricted securities” within the
meaning of the Securities Act, and will be offered and issued pursuant to an exemption from the registration requirements of the
Securities Act. The LCIF Units to be issued as Unit Consideration may not be offered or resold unless registered under the Securities
Act, or subject to an exemption therefrom. Accordingly, the LCIF Units will only be issued to a Holder of LCIF II Units who is
an Accredited Investor (within the meaning of Section 501(a) of the Securities Act) who certifies that it is an Accredited Investor
to LCIF and LXP by delivering this Unit Consideration LT on or prior to February 1, 2014.

 

In furtherance of the
foregoing, the undersigned represents, warrants and agrees with LCIF and LXP as follows (and the undersigned agrees to notify LCIF
and LXP in writing immediately if any changes in the information set forth herein occur):

 

Section 1.          The
undersigned is an “accredited investor” as defined in Rule 501(a) of Regulation D, promulgated by the Securities
and Exchange Commission (the “SEC”) under the Securities Act (“Regulation D”), for
the reasons specified below.

 

(a)          Initial:
     _____ The undersigned is a bank as defined in section 3(a)(2) of the Securities Act, or
a savings and loan association or other institution as defined in section 3(a)(5)(A) of the Securities Act whether acting in its
individual or fiduciary capacity; a broker or dealer registered pursuant to section 15 of the Securities Exchange Act of 1934;
an insurance company as defined in section 2(a)(13) of the Securities Act; an investment company registered under the Investment
Company Act of 1940 or a business development company as defined in section 2(a)(48) of that Act; a Small Business Investment Company
licensed by the U.S. Small Business Administration under section 301(c) or (d) of the Small Business Investment Act of 1958; a
plan established and maintained by a state, its political subdivisions, or any agency or instrumentality of a state or its political
subdivisions, for the benefit of its employees, if such plan has total assets in excess of $5,000,000; an employee benefit plan
within the meaning of the Employee Retirement Income Security Act of 1974 if the investment decision is made by a plan fiduciary,
as defined in section 3(21) of such act, which is either a bank, savings and loan association, insurance company, or registered
investment adviser, or if the employee benefit plan has total assets in excess of $5,000,000 or, if a self-directed plan, with
investment decisions made solely by persons that are accredited investors.

 

(b)          Initial:
     _____ The undersigned is a private business development company as defined in section 202(a)(22)
of the Investment Advisers Act of 1940.

 

(c)          Initial:
     _____ The undersigned is an organization described in section 501(c)(3) of the Internal
Revenue Code, corporation, Massachusetts or similar business trust, or partnership, not formed for the specific purpose of acquiring
the LCIF Units, with total assets in excess of $5,000,000.

 

(d)          Initial:
     _____ The undersigned is a director, executive officer, or general partner of LCIF or Lex
GP-1;

 

(e)          Initial:
     _____ The undersigned is a natural person whose individual net worth, or joint net worth
with the undersigned’s spouse, exceeds $1,000,000.1

 

 

 

		1	For purposes of calculating net worth under this (e): (A) the person's primary residence shall not be included as an asset;
(B) indebtedness that is secured by the person's primary residence, up to the estimated fair market value of the primary residence
at the time of the Merger, shall not be included as a liability (except that if the amount of such indebtedness outstanding at
the time of the Merger exceeds the amount outstanding 60 days before such time, other than as a result of the acquisition of the
primary residence, the amount of such excess shall be included as a liability); and (C) indebtedness that is secured by the person's
primary residence in excess of the estimated fair market value of the primary residence at the time of the Merger shall be included
as a liability.

 

    	EXHIBIT C-3

    	 

    

 

(f)          Initial:
     _____  The undersigned is a natural person whose individual income for each of the two
most recent years is in excess of $200,000, or whose joint income with the undersigned’s spouse was in excess of
$300,000 for each of the two most recent years, and in either case, the undersigned has a reasonable expectation of reaching
the same income level in the current year.

 

(g)          Initial:
     _____  The undersigned is a trust, with total assets in excess of $5,000,000, not formed
for the specific purpose of acquiring LCIF Units, whose acquisition is directed by a sophisticated person as described in Rule
506(b)(2)(ii) under the Securities Act.

 

(h)          Initial:
     _____  The undersigned is an entity in which all of the equity owners are entities
described in (a) through (g) above.

 

Section 2.          The
LCIF Units to be issued to the undersigned as part of the Unit Consideration pursuant to the Merger and the Merger Agreement will
be acquired for investment for the undersigned’s own account, and not as a nominee or agent, and not with a view to distribution
of any part thereof, and the undersigned has no present intention of selling, granting any participation in, or otherwise distributing
the same. The undersigned does not have any contract, undertaking, agreement or arrangement with any person to sell, transfer or
grant participation to such person or to any other person, with respect to any of the LCIF Units to be received pursuant to the
Merger and the Merger Agreement.

 

Section 3.       The
undersigned understands that the LCIF Units to be issued to the undersigned as part of the Unit Consideration pursuant to the Merger
and the Merger Agreement have not been registered under the Securities Act, or any other federal or state securities laws, and
are being issued to the undersigned in connection with the Merger and Merger Agreement pursuant to an exemption or exemptions from
the registration requirements of the Securities Act and state securities laws and the reliance on such exemptions by LCIF and LXP
is predicated on in part on the accuracy and completeness of the representations and warranties of the undersigned contained herein.

 

Section 4.       
The undersigned understands that the LCIF Units to be issued to the undersigned as part of the Unit Consideration pursuant to
the Merger and the Merger Agreement will constitute “restricted securities” within the meaning of Rule 144 promulgated
under the Securities Act and may not be offered or sold within the United States or to, or for the account or benefit of U.S.
Persons within the meaning of Regulation S promulgated under the Securities Act, except in accordance with Regulation S or pursuant
to a duly available exemption from the registration requirements of the Securities Act. The undersigned understands that LCIF
has no obligation or intention to register the LCIF Units under the Securities Act. The undersigned understands that LCIF makes
no representation as to the availability of Rule 144 or any other exemption under the Securities Act for the reoffer, resale,
pledge or transfer of the LCIF Units.

 

    	EXHIBIT C-4

    	 

    

 

Tax Matters

 

Holders are urged to consult their own tax
advisors regarding the federal income tax considerations related to the Merger, as well as tax considerations under any applicable
state, local and foreign tax laws.

 

The undersigned hereby acknowledges and
agrees that LCIF, LCIF II and Lex GP-1 will comply with the requirements of any withholding and reporting obligations that may
apply to amounts received by Holders of LCIF II Units, and that the amount that you receive will be reduced by withholding
of applicable taxes if any.

 

To inform LCIF and LCIF II that withholding
of tax is not required in connection with the Merger, the undersigned hereby certifies the following:

 

a.           The
registered holder of LCIF II Units (or in the case of a holder that is a disregarded entity as defined in Treasury Regulation Section
1.1445-2(b)(2)(iii), the owner of such disregarded entity that is not itself disregarded) (the “Transferor”)
is not a nonresident alien, foreign corporation, foreign partnership, foreign trust, or foreign estate (as those terms are defined
in the Internal Revenue Code of 1986, as amended (the “Code”), and the Treasury Regulations thereunder).

 

b.           The
Transferor is not a disregarded entity as defined in Treasury Regulation Section 1.1445-2(b)(2)(iii).

 

c.           The
Transferor’s true and correct U.S. taxpayer identification number and address are set forth above.

 

The undersigned understands that this certification
may be disclosed to the Internal Revenue Service (IRS) by LCIF and LCIF II and that any false statement contained herein could
be punished by fine, imprisonment, or both.

 

Under penalties of perjury, the undersigned
declares that the undersigned has examined this tax certification and to the best of the undersigned’s knowledge and belief
it is true, correct and complete and the undersigned further declares that the undersigned has the authority to sign this document
on behalf of Transferor.

 

Under penalties of perjury, the undersigned
further certifies that (1) the Transferor is a U.S. person (including a U.S. resident alien) and (2) the Transferor is not subject
to backup withholding because (a) the Transferor is exempt from backup withholding, (b) has not been notified by the IRS that the
Transferor is subject to backup withholding as a result of a failure to report all interest or dividends or (c) the IRS has notified
the Transferor that the Transferor is no longer subject to backup withholding. (Certification Instructions—You must cross
out item (2) above if you have been notified by the IRS that you are subject to backup withholding because you have failed to report
all interest and dividends on your tax return.)

 

    	EXHIBIT C-5

    	 

    

 

Receipt and Acceptance

of

Notice, Disclosure Package, Merger
Agreement

and

A&R LCIF Partnership Agreement

 

The undersigned acknowledges receipt of
the Notice of Merger and A&R LCIF Partnership Agreement, and copies of the Disclosure Package, Merger Agreement and A&R
LCIF Partnership Agreement, and is fully aware of the contents of the Merger Agreement and the A&R LCIF Partnership Agreement.
The undersigned hereby consents to the Merger and the A&R LCIF Agreement, agrees to be bound by the terms of the A&R LCIF
Partnership Agreement as a Limited Partner thereof and holding the Limited Partnership Units of the specified type of Limited Partner
received as Unit Consideration in the Merger pursuant to the terms of the Merger Agreement and the A&R LCIF Partnership Agreement
and hereby acknowledges and agrees that the A&R LCIF Partnership Agreement amends, restates and supersedes the Prior Agreements
(as defined in the A&R LCIF Partnership Agreement) in its entirety and shall govern the rights and obligations of the undersigned
as a Limited Partner in LCIF from and after the effective time. By signing below, the undersigned’s signature shall also
constitute a signature of the A&R LCIF Partnership Agreement and may be affixed by the General Partner of LCIF to the A&R
LCIF Partnership Agreement as if the undersigned had signed the A&R LCIF Partnership Agreement directly.

 

The undersigned has examined the contents
of the certifications contained in this Unit Consideration LT and, by executing the certifications contained in this Unit Consideration
LT, confirms that the representations, warranties and agreements contained herein are true, correct, and complete.

 

	 	 
	 	(Signature(s) of Owner(s))

Dated:_______________, 201_

 

(Must be signed by registered holder(s) and, if applicable,
beneficial owner(s). If signature is by a trustee, executor, administrator, guardian, attorney-in-fact, officer of a corporation
or other person acting in a fiduciary or representative capacity, please set forth full title.)

 

    	EXHIBIT C-6a50774399ex4_1.htm

Exhibit 4.1

INCREMENTAL AMENDMENT

 

INCREMENTAL AMENDMENT, dated as of December 24, 2013 (this “Incremental Amendment”), to the Third Amended and Restated Revolving Credit Agreement, dated as of June 16, 2011 (as amended by Amendment No. 1 thereto, dated as of August 14, 2013, the “Credit Agreement”), among Revlon Consumer Products Corporation, a Delaware corporation (the “Company”), and the other Subsidiaries party thereto, as borrowers, Citicorp USA, Inc., as Administrative Agent and Collateral Agent (as each such term is defined in the Credit Agreement), and each lender from time to time party thereto (collectively, the “Lenders” and individually, a “Lender”) and the issuing lenders from time to time party thereto.  Capitalized terms used herein (including in the recitals hereto) and not otherwise defined herein shall have the meanings assigned to such terms in the Credit Agreement.  The rules of construction specified in Section 1.2 of the Credit Agreement also apply to this Incremental Amendment.

 

RECITALS:

 

WHEREAS, the Company has hereby notified the Administrative Agent that it is requesting a Facility Increase in an aggregate principal amount of $35 million (the “Facility Increase”) for general corporate purposes;

 

WHEREAS, pursuant to Sections 3.1(b) and 3.1(c) of the Credit Agreement, the Company may establish such Facility Increase by, among other things, entering into this Incremental Amendment pursuant to the terms and conditions of the Credit Agreement with each Lender agreeing to provide such additional Multi-Currency Commitments (the “Incremental Commitments”) (each such Lender agreeing to provide its portion of the Incremental Commitments by signing this Incremental Amendment on the date hereof, an “Incremental Lender” and, collectively, the “Incremental Lenders”); and

 

WHEREAS, (i) the Incremental Lenders have indicated their willingness to make available to the Company the Incremental Commitments, on a several basis, in an amount equal to such Incremental Lender’s Incremental Commitment set forth on Schedule I hereto and (ii) the applicable Lenders have indicated their willingness to amend or waive certain provisions of the Credit Agreement effective as of the Facility Increase Date (as defined below), in each case, on the terms and subject to the conditions set forth herein.

 

NOW, THEREFORE, in consideration of the premises and agreements, provisions and covenants herein contained, the parties hereto agree as follows:

 

1.           Incremental Commitments.  On the terms contained in the Credit Agreement and in this Incremental Amendment and subject to the conditions contained in this Incremental Amendment, each Incremental Lender severally agrees to make the Incremental Commitments available to the Company in an amount equal to such Incremental Lender’s Incremental Commitment set forth on Schedule I hereto.

 

2.           Terms Generally.  The Incremental Commitments shall have identical terms as the Multi-Currency Commitments and shall otherwise be subject to the provisions, including any provisions restricting the rights, or regarding the obligations, of the Loan Parties or any provisions regarding the rights of the Lenders, of the Credit Agreement and the other Loan Documents.  Each reference to a “Multi-Currency Commitment” or “Multi-Currency Commitments” in the Credit Agreement shall be deemed to include the Incremental Commitments and all other related terms will have correlative meanings mutatis mutandis.  For the avoidance of doubt and notwithstanding anything in this Incremental Amendment to the contrary, the Incremental Commitments shall be considered an increase in the Multi-Currency Commitments under the Credit Agreement and shall not be considered a separate tranche of Indebtedness under the Credit Agreement.  For the further avoidance of doubt, the joinder of the Domestic Subsidiaries acquired in connection with the Colomer Acquisition as Subsidiary Guarantors shall not be a condition to the availability of the Incremental Commitments.

 

  

1

  

 

3.           Certain Defined Terms.  Certain defined terms used in this Incremental Amendment shall have the following meanings:

 

“Additional Subsidiary Guarantors” means any Domestic Subsidiaries acquired in connection with the Colomer Acquisition that become party to the Guaranty and to the Pledge and Security Agreement as Subsidiary Guarantors pursuant to the documents listed on Schedule II hereto, in each case, in form and substance reasonably satisfactory to the Administrative Agent.

 

“Diligence Deadline” means March 31, 2014 unless the Administrative Agent agrees in its sole discretion to extend such deadline; provided, that the Administrative Agent shall not be permitted to extend such deadline any later than April 15, 2014.

 

4.           Waiver of Certain Borrowing Base Terms.  From and after the date on which any Domestic Subsidiaries acquired in connection with the Colomer Acquisition become Additional Subsidiary Guarantors until the earlier of (x) the Diligence Deadline and (y) reasonably satisfactory completion of the Required Diligence (as defined below), for purposes of determining the Borrowing Base attributable to such Additional Subsidiary Guarantors, the following will be included in the Borrowing Base:

 

(a)           75% of the GAAP gross book value of any Accounts of such Additional Subsidiary Guarantors; and

 

(b)           50% of the GAAP gross book value of any Inventory of such Additional Subsidiary Guarantors.

 

Following the reasonably satisfactory completion of the Required Diligence, the Accounts and Inventory of the Additional Subsidiary Guarantors shall be subject to the eligibility criteria set forth in the Credit Agreement and the Borrowing Base attributable to the Additional Subsidiary Guarantors shall be determined in accordance with the definition of “Borrowing Base” (including any Eligible Equipment or Eligible Real Property of the Additional Subsidiary Guarantors, to the extent applicable).  If the Required Diligence is not satisfactorily completed prior to the Diligence Deadline, the Accounts and Inventory of the Additional Subsidiary Guarantors shall be deemed ineligible until the reasonably satisfactory completion of the Required Diligence.  The Administrative Agent and Collateral Agent hereby agree to use commercially reasonable efforts to complete the Required Diligence on or prior to the Diligence Deadline.

 

5.           Waiver of Section 3.1(b) Notice Period and Facility Increase Limit.  The Lenders that are party hereto hereby (a) waive the requirement set forth in Section 3.1(b) of the Credit Agreement that the Lenders be provided with ten (10) days prior notice of any proposed Facility Increase (as defined in the Credit Agreement) and (b) agree that the Incremental Commitments made available hereunder shall not be included when determining compliance with the $100 million limitation on Facility Increases set forth in Section 3.1(b) of the Credit Agreement and the entire aggregate principal amount of $100 million available for Facility Increases shall remain available to the Company.

 

  

2

  

 

6.           Incremental Upfront Fees.  The Company agrees to pay to the Administrative Agent (for the account of each Incremental Lender based on its pro rata portion of the Incremental Commitments) on the Facility Increase Date an upfront fee equal to 0.25% of the Incremental Commitments.

 

7.           Conditions to Effectiveness.  This Incremental Amendment shall become effective as of the first date (the “Facility Increase Date”) on which all of the following conditions have been satisfied or waived by the Incremental Lenders holding a majority of the Incremental Commitments (other than, for the avoidance of doubt, any amendment or waiver set forth in Section 4, the effectiveness of which shall be determined in accordance with the proviso in clause (a) below):

 

(a)           Incremental Amendment. The Administrative Agent (or its counsel) shall have received from the Company, the Incremental Lenders and the Administrative Agent, either (x) counterparts of this Incremental Amendment signed on behalf of such parties or (y) written evidence reasonably satisfactory to the Administrative Agent (which may include facsimile or other electronic transmissions of signed signature pages) that such parties have signed counterparts of this Incremental Amendment; provided that any amendment or waiver set forth in Sections 4 and 5 above shall not become effective unless and until the Administrative Agent (or its counsel) shall also have received the items referenced in clause (x) or (y) of this clause (a), as applicable, from the Supermajority Multi-Currency Lenders and the Required Lenders, respectively.

 

(b)           Reaffirmation Agreement.  Each of the existing Guarantors shall have entered into a reaffirmation agreement, consistent with that delivered in connection with Amendment No. 1 referred to in the introductory paragraph hereof or otherwise in form and substance reasonably satisfactory to the Administrative Agent.

 

(c)           Corporate Proceedings.  The Administrative Agent shall have received (i) certified copies of the charter and by-laws (or analogous organizational documents) of the Company and each existing Guarantor and (ii) the resolutions (or analogous authorizations), in form and substance reasonably satisfactory to the Administrative Agent, of the Board of Directors of the Company and each existing Guarantor, authorizing in each case the execution, delivery and performance of this Incremental Amendment and the other Loan Documents to which the Company or such Guarantor is a party, in each case certified by the Secretary or an Assistant Secretary of the Company or such Guarantor as of the Facility Increase Date and each such certificate shall state that the resolutions thereby certified have not been amended, modified, revoked or rescinded as of the date of such certificate.

 

(d)           Incumbency Certificates.  The Administrative Agent shall have received a certificate of the Secretary or an Assistant Secretary (or analogous officer) of the Company and each existing Guarantor, dated as of the Facility Increase Date, as to the incumbency and signature of the officers of the Company and such Guarantor executing each of this Incremental Amendment and each other Loan Document to which the Company and such Guarantor is a party, and any certificate or other documents to be delivered by it pursuant thereto, together with evidence of the incumbency of such Secretary or Assistant Secretary (or analogous officer) as the case may be.

 

(e)           Legal Opinions.  The Administrative Agent shall have received executed legal opinions of (i) Paul, Weiss, Rifkind, Wharton & Garrison LLP, as counsel to the Company, and (ii) the Executive Vice President and General Counsel of the Company, in each case, in form and substance reasonably satisfactory to the Administrative Agent and consistent with those delivered in connection with the Credit Agreement.  Each of the counsel delivering the foregoing legal opinions is expressly instructed to deliver its opinion for the benefit of each of the Administrative Agent, the Collateral Agent and each Incremental Lender.

 

  

3

  

 

(f)           Fees and Expenses.  The Administrative Agent shall have received or shall concurrently receive, for the accounts of the Incremental Lenders and the Agents, as applicable, the fees set forth in Section 6 above and all fees and expenses owing hereunder or in connection herewith to the Administrative Agent to the extent provided in the Credit Agreement and to the extent that such fees and expenses have been presented to the Company for payment at least two (2) Business Days prior to the Facility Increase Date (which amounts may, at the Company’s election, be offset against the proceeds of a Revolving Credit Loan on the Facility Increase Date).

 

(g)           USA Patriot Act.  Each of the Incremental Lenders shall have received prior to the Facility Increase Date (to the extent reasonably requested from the Company on a timely basis prior to the Facility Increase Date), all documentation and other information required by the applicable Governmental Authorities under applicable “know your customer” and anti-money laundering rules and regulations, including, without limitation, the Patriot Act.

 

(h)           Request for Borrowing.  With respect to any Loan requested on the Facility Increase Date, the Administrative Agent shall have received a duly executed Notice of Borrowing.

 

(i)           Representations and Warranties.  Each of the representations and warranties made by each party to each Loan Document in or pursuant to the Credit Agreement, this Incremental Amendment or any other Loan Document, or contained in any certificate or financial statement (other than estimates and projections which are (x) identified as such and (y) contained in any financial statement) furnished at any time under or in connection with the Credit Agreement, this Incremental Amendment or any other Loan Document shall be true and correct in all material respects on and as of the Facility Increase Date as if made on and as of the Facility Increase Date (except to the extent that such representations and warranties relate to a particular date, in which case such representations and warranties shall be true and correct in all material respects on and as of such date), both before and after giving effect to any Loan and to all other extensions of credit to be made on the Facility Increase Date and the use of the proceeds thereof.

 

(j)           No Default.  No Event of Default and no Default shall have occurred and be continuing on the Facility Increase Date, before and after giving effect to the extensions of credit requested to be made on the Facility Increase Date.

 

(k)           Borrowing Base.  The Company shall have delivered the Borrowing Base Certificate most recently required to be delivered by Section 10.17 of the Credit Agreement.  After giving effect to the Loans requested to be made on the Facility Increase Date and the use of proceeds thereof, the Aggregate Outstanding Multi-Currency Extensions of Credit shall not exceed the Maximum Availability at such time.

 

8.           Post-Closing Covenants.

 

(a)           Mortgage Documents.  The Company shall provide to the Administrative Agent, no later than ninety (90) days (or such longer period as the Administrative Agent may agree) after the Facility Increase Date:

 

  

4

  

 

(i)           mortgage amendments (the “Mortgage Amendments”), as may be reasonably required by the Administrative Agent, each in form and substance reasonably satisfactory to the Administrative Agent, with respect to the Mortgaged Property, to the extent necessary to ensure that such Mortgaged Property shall be subject to a valid and enforceable Lien (having the priority set forth in the Intercreditor Agreement) in favor of the Collateral Agent (subject only to Liens permitted under Section 11.3 of the Credit Agreement) securing the Secured Obligations (including those related to the Incremental Commitments), each duly executed and delivered by an authorized officer of each party thereto and in form suitable for filing and recording in all filing or recording offices that the Administrative Agent may deem reasonably necessary or desirable;

 

(ii)           if Mortgage Amendments are required under clause (i) above, (A) date-down and modification endorsements to the title insurance policies or, where such date-down or modification endorsements are not available to insure the Mortgage Amendments set forth in clause (i) above, new title insurance policies with respect to the Mortgaged Property, each in form and substance reasonably satisfactory to the Administrative Agent which insure that such mortgages, as amended, continue to create valid and enforceable liens (having the priority set forth in the Intercreditor Agreement) subject to Section 11.3 of the Credit Agreement, (B) evidence reasonably satisfactory to the Administrative Agent that all certificates and affidavits reasonably required by the Administrative Agent and relating to the Company, the Mortgaged Property, such Mortgage Amendments and/or title endorsements (or if applicable, new title policies) have been delivered and (C) an opinion of counsel in each state in which any such Mortgage Amendment is to be recorded, in form and substance reasonably satisfactory to the Administrative Agent; and

 

(iii)           evidence that all fees, costs and expenses in connection with the preparation, execution, filing and recordation of the Mortgage Amendments, including, without limitation, reasonable attorneys’ fees, filing and recording fees, title insurance company coordination fees and premiums, documentary stamp, mortgage and intangible taxes and title search charges and other charges incurred in connection with the recordation of the Mortgage Amendments, have been paid in accordance with Section 14.5 of the Credit Agreement.

 

(b)           Additional Subsidiary Guarantors.

 

(i)           On or prior to the Diligence Deadline, the Company shall furnish to the Administrative Agent any information that the Administrative Agent or the Collateral Agent may reasonably request regarding the Additional Subsidiary Guarantors and their respective Accounts and Inventory.  The Administrative Agent or the Collateral Agent may, at the Company’s sole cost and expense, take such actions as specified in Section 10.17 of the Credit Agreement in relation to the Additional Subsidiary Guarantors (except with respect to the Real Property owned by the Additional Subsidiary Guarantors unless (x) the Company at its election requests the Administrative Agent to include such Real Property in the Borrowing Base or (y) a Mortgage is required pursuant to Section 10.15 of the Credit Agreement) in a manner and through any medium that the Administrative Agent or the Collateral Agent considers reasonably advisable (the “Required Diligence”) and the Company shall furnish all such assistance and information as the Administrative Agent may require in connection with the Required Diligence.  For the avoidance of doubt, the parties hereto agree that the limitation on (i) Appraisals, investigations and reviews set forth in Section 10.17(b) of the Credit Agreement and (ii) verifications and reports set forth in Section 10.17(d) of the Credit Agreement, shall not apply to the Required Diligence on a one-time basis.  Notwithstanding the foregoing, the only consequence of the Required Diligence not being completed prior to the Diligence Deadline is as set forth in Section 4 hereof;

 

  

5

  

 

(ii)           The Company shall provide to the Administrative Agent, no later than sixty (60) days (or such longer period as the Administrative Agent may agree) following the date that any Domestic Subsidiary acquired in connection with the Colomer Acquisition becomes an Additional Subsidiary Guarantor, (A) all certificated Stock owned by such Additional Subsidiary Guarantor required to be pledged pursuant to the provisions of the Credit Agreement and the other Loan Documents, (B) an executed Deposit Account Control Agreement for each Deposit Account held by such Additional Subsidiary Guarantor required to be subject to a Deposit Account Control Agreement pursuant to the provisions of the Credit Agreement and the other Loan Documents and (C) an executed Securities Account Control Agreement for each Securities Account held by such Additional Subsidiary Guarantor required to be subject to a Securities Account Control Agreement pursuant to the provisions of the Credit Agreement and the other Loan Documents.

 

9.           Representations and Warranties.  By its execution of this Incremental Amendment, the Company hereby certifies that:

 

(a)           The Company is duly organized, validly existing and (to the extent applicable under the laws of the jurisdiction of its organization) in good standing under the laws of the jurisdiction of its incorporation, has the corporate (or other requisite legal) power to own its assets and to transact the business in which it is presently engaged, and is (to the extent applicable under the laws of the relevant jurisdiction) duly qualified as a foreign corporation and (to the extent applicable under the laws of the relevant jurisdiction) in good standing under the laws of each jurisdiction where its ownership or lease of property or the conduct of its business requires such qualification and where all such failures to so qualify and be in good standing would, in the aggregate, be reasonably likely to have a Material Adverse Effect.

 

(b)           The Company has the corporate power, authority and legal right to execute, deliver and perform this Incremental Amendment and the other Loan Documents to which it is a party and to borrow hereunder, and it has taken as of the Facility Increase Date all necessary corporate action to authorize the execution, delivery and performance of this Incremental Amendment and the other Loan Documents to which it is a party and to authorize its borrowings on the terms and conditions of this Incremental Amendment.

 

(c)           No consent of any other Person (including, without limitation, stockholders or creditors of the Company or of any Parent of the Company), and no consent, license, permit, approval or authorization of, exemption by, or registration, filing or declaration with, any Governmental Authority is required in connection with the execution, delivery, performance, validity or enforceability of this Incremental Amendment and the other Loan Documents to which any Loan Party is a party by or against such Loan Party, except for (i) filing of the Mortgages, (ii) any filings required under the UCC, (iii) any filings required to be made with the U.S. Patent and Trademark Office and the U.S. Copyright Office, (iv) any filings, notices, consents, licenses, permits, approvals, authorizations, registrations or declarations required under the laws of jurisdictions other than the United States or any political subdivision thereof in connection with the pledge of stock of Foreign Subsidiaries or any assets located in, or created under, the laws of any such jurisdiction or political subdivision and (v) any consents, licenses, permits, approvals or authorizations, exemptions, registrations, filings or declarations that have already been obtained and remain in full force and effect.

 

  

6

  

 

(d)           This Incremental Amendment has been, and the other Loan Documents to which it is a party will be, executed and delivered by a duly authorized officer of each Loan Party.  This Incremental Amendment constitutes, and the other Loan Documents to which it is a party, when executed and delivered by it and the other parties thereto, will constitute, the legal, valid and binding obligations of each Loan Party, enforceable against it in accordance with their respective terms except as enforceability may be limited by bankruptcy, insolvency, moratorium, reorganization or other similar laws affecting creditors’ rights generally and except as enforceability may be limited by general principles of equity.

 

10.           Acknowledgments.  The Company (on behalf of itself and each Loan Party) hereby expressly acknowledges the terms of this Incremental Amendment and reaffirms, as of the date hereof, (i) the covenants and agreements contained in each Loan Document to which it is a party, including, in each case, such covenants and agreements as in effect immediately after giving effect to this Incremental Amendment and the transactions contemplated hereby and (ii) its guarantee of the Secured Obligations (including, without limitation, the Incremental Commitments) under the Guaranty and its grant of Liens on the Collateral to secure the Secured Obligations (including, without limitation, with respect to the Incremental Commitments) pursuant to the Security Documents.  This Amendment shall constitute a “Loan Document” for all purposes of the Credit Agreement and the other Loan Documents.

 

11.           Amendment, Modification and Waiver.  Except as expressly provided in Section 7 above with respect to waivers of conditions to effectiveness, this Incremental Amendment may not be amended, modified or waived except in accordance with Section 14.1 of the Credit Agreement.

 

12.           Liens Unimpaired.  After giving effect to this Incremental Amendment, and subject to the satisfaction of the covenant in Section 8(a) above, neither the modification of the Credit Agreement effected pursuant to this Incremental Amendment nor the execution, delivery, performance or effectiveness of this Incremental Amendment impairs the validity, effectiveness or priority of the Liens granted pursuant to any Loan Document, and such Liens continue unimpaired with the same priority to secure repayment of all Secured Obligations, whether heretofore or hereafter incurred.

 

13.           Effect of Amendment.  Except as expressly set forth herein, this Incremental Amendment shall not by implication or otherwise limit, impair, constitute a waiver of, or otherwise affect the rights and remedies of, the Administrative Agent, the Collateral Agent, the Lenders or any Agent Affiliate under the Credit Agreement or any other Loan Document, and shall not alter, modify, amend or in any way affect any of the terms, conditions, obligations, covenants or agreements contained in the Credit Agreement or any other Loan Document, all of which are ratified and affirmed in all respects and shall continue in full force and effect.  Nothing herein shall be deemed to establish a precedent for purposes of interpreting the provisions of the Credit Agreement or entitle any Loan Party to a consent to, or a waiver, amendment, modification or other change of, any of the terms, conditions, obligations, covenants or agreements contained in the Credit Agreement or any other Loan Document in similar or different circumstances.  This Incremental Amendment shall apply to and be effective only with respect to the provisions of the Credit Agreement and the other Loan Documents specifically referred to herein.

 

  

7

  

 

14.           Governing Law.  THIS INCREMENTAL AMENDMENT SHALL BE GOVERNED BY, AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.  The provisions of Sections 14.7, 14.10, 14.11, 14.13, 14.14, 14.17 and 14.18 of the Credit Agreement shall apply to this Incremental Amendment to the same extent as if fully set forth herein.

 

15.           Counterparts.  This Incremental Amendment may be executed by one or more of the parties to this Incremental Amendment on any number of separate counterparts and all of such counterparts taken together shall be deemed to constitute one and the same instrument.  Delivery of an executed signature page of this Agreement by facsimile or other electronic transmission or by posting on the Approved Electronic Platform shall be as effective as delivery of a manually executed counterpart hereof.

 

16.           Reallocation.  On the Facility Increase Date, each Incremental Lender shall purchase and assume from each existing Multi-Currency Lender having Revolving Credit Loans and participations in Letters of Credit outstanding on such Facility Increase Date, without recourse or warranty, an undivided interest and participation, to the extent of such Incremental Lender’s Commitment Percentage of the Multi-Currency Commitments (after giving effect to the Incremental Commitments), in the aggregate outstanding Revolving Credit Loans and participations in Letters of Credit, so as to ensure that, on the Facility Increase Date after giving effect to the Incremental Commitments, each Multi-Currency Lender is owed only its Commitment Percentage of the Revolving Credit Loans and participations in Letters of Credit outstanding on such Facility Increase Date.

 

17.           Headings.  The headings of this Incremental Amendment are for purposes of reference only and shall not limit or otherwise affect the meaning hereof.

 

[Signature Pages Follow]

 

  

8

  

 

IN WITNESS WHEREOF, each of the undersigned has caused its duly authorized officer to execute and deliver this Incremental Amendment as of the date first written above.

 

	 	
CITICORP USA, INC., as Administrative Agent and 

Collateral Agent

	 
	 	 	 	 
	
 

	
By: 

	/s/ Michael Smolow	 
	 	 	Name: Michael Smolow	 
	 	 	Title:   Director	 

 

  

  

  

 

	 	
REVLON CONSUMER

PRODUCTS CORPORATION

	 
	 	 	 	 
	
 

	
By: 

	/s/ Michael T. Sheehan	 
	 	 	Name: Michael T. Sheehan	 
	 	 	Title:   Senior Vice President, Deputy General	 
	 	 	
            Counsel & Secretary

	 

 

  

  

  

 

	 	
CITIBANK, N.A., as an Incremental Lender and as an 

Issuing Lender

	 
	 	 	 	 
	
 

	
By: 

	/s/ Michael Smolow	 
	 	 	Name:  Michael Smolow	 
	 	 	Title:    Director	 

 

  

  

  

 

	 	
JPMORGAN CHASE BANK, N.A., as an Incremental 

Lender

	 
	 	 	 	 
	
 

	
By: 

	/s/ Donna DiForio	 
	 	 	Name: Donna DiForio	 
	 	 	Title:   Authorized Officer	 

 

  

  

  

 

	 	
BANK OF AMERICA, N.A., as an Incremental

Lender

	 
	 	 	 	 
	
 

	
By: 

	/s/ Robert Scalzitti	 
	 	 	Name: Robert Scalzitti	 
	 	 	Title:   Senior Vice President	 

 

  

  

  

 

	 	
CREDIT SUISSE AG, CAYMAN ISLANDS

BRANCH, as an Incremental Lender

	 
	 	 	 	 
	
 

	
By: 

	/s/ Vipul Dhadda	 
	 	 	Name: Vipul Dhadda	 
	 	 	Title:   Authorized Signatory	 

 

 

 

	
 

	
By: 

	/s/ Sally Reyes	 
	 	 	Name: Sally Reyes	 
	 	 	Title:  Authorized Signatory	 

 

  

  

  

 

	 	
WELLS FARGO CAPITAL FINANCE, LLC, as an

Incremental Lender

	 
	 	 	 	 
	
 

	
By: 

	/s/ Reza Sabahi	 
	 	 	Name:  Reza Sabahi	 
	 	 	Title:    Duly Authorized Signer	 

 

  

  

  

 

Schedule I

 

	
Incremental Lender

 

	
Incremental Commitment

	
Citibank, N.A.

 

	
$10,000,000

	
Wells Fargo Capital Finance, LLC

 

	
$8,750,000

	
JPMorgan Chase Bank, N.A.

 

	
$6,250,000

	
Bank of America, N.A.

 

	
$6,250,000

	
Credit Suisse AG, Cayman Islands Branch

 

	
$3,750,000

	
Total

	
$35,000,000

 

  

  

  

 

Schedule II

	
1.

	
Joinder Agreement to the Pledge and Security Agreement;

	
2.

	
Guaranty Supplement;

	
3.

	
Pledge Amendment relating to the pledge of issued and outstanding Stock and Stock Equivalents of the Additional Subsidiary Guarantors;

	
4.

	
Patent Security Supplement, if applicable;

	
5.

	
Trademark Security Supplement, if applicable;

	
6.

	
Certificate of such Additional Subsidiary Guarantors attaching (i) copies of the Charter and by-laws (or analogous organizational documents) of such Additional Subsidiary Guarantors, (ii) resolutions (or analogous authorization) of the Boards of Directors of such Additional Subsidiary Guarantors, (iii) certificates of good standing from the jurisdiction of organization of such Additional Subsidiary Guarantors, and (iv) certifying as to incumbency and signature of officers of such Additional Subsidiary Guarantors executing each Loan Document;

	
7.

	
Legal opinion of Paul, Weiss, Rifkind, Wharton & Garrison LLP, as counsel to the Additional Subsidiary Guarantors;

	
8.

	
Legal opinion of the Executive Vice President and General Counsel of the Company; and

	
9.

	
Legal opinion of California local counsel to the Additional Subsidiary Guarantors incorporated in California.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00224-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00224-of-00352.parquet"}]]