Document:

EX-10.1

Exhibit 10.1

FIRST AMENDMENT TO THE

EMPLOYMENT AGREEMENT

          This AMENDMENT to the Employment Agreement (as defined below), effective January 1, 2009, is hereby
entered into as of the 31st day of December, 2008, by and between Lexington Corporate Properties
Trust, a Maryland real estate investment trust (the “Company”), and (the “Executive”):

          WHEREAS, the Company and the Executive entered into the Employment Agreement by and between the
Company and the Executive, effective as of May 4, 2006 (the “Employment Agreement”); and

          WHEREAS, the Company and Executive desire and agree to amend the provisions of the Employment
Agreement as provided below in order to reduce the risk of potential adverse tax consequences to
Executive under Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”).

          NOW, THEREFORE, in consideration of the foregoing and for other valuable consideration, the receipt
and sufficiency of which is hereby acknowledged, the undersigned parties agree to amend the
Employment Agreement, effective January 1, 2009, as follows:

	1.	 	Section 4(e) of the Employment Agreement is amended by inserting the following sentences at
the end of that section:
	 
	 	 	Expenses reimbursable under this paragraph shall be reimbursed within reasonable period of
time following Executive’s submission of the reimbursement request and any supporting
documentation reasonably requested by the Company and no later than the end of the calendar
year following the calendar year in which the expenses were incurred by Executive.
	 
	2.	 	Section 5(b)(ii) of the Employment is amended in its entirety as follows:
	 
	 	 	(ii)“Good Reason” shall mean the occurrence of any of the following conditions without the
Executive’s written consent, provided that Executive shall provide notice to the Company of
the existence of the condition within ninety (90) days of the initial existence of such
condition, upon the notice of which the Company shall have at least thirty (30) days within
which to cure such condition, and if the Company fails to cure the condition within such
cure period, the Executive must terminate employment within thirty (30) days following the
Company’s failure to cure: (A) a reduction of the Executive’s authority, duties and
responsibilities, or the assignment to the Executive of duties inconsistent with the
Executive’s position or positions with the Company, (B) a reduction in the Executive’s rate
of Base Salary; (C) a breach by the Company of any provision of this Agreement; or (D) the
Company’s requiring the Executive to be based at any office or location located more than
fifty (50) miles from the New York metropolitan area.

1

 

	3.	 	Section 5(b)(iv) of the Employment is amended in its entirety as follows:
	 
	 	 	(iv)“Change in Control” shall mean:
	 
	 	 	(A) The acquisition by any individual, entity or group (within the meaning of Section
13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1934, as amended (the “Exchange
Act”)) (a “Person”) of beneficial ownership (within the meaning of Rule 13d-3 promulgated
under the Exchange Act) (“Beneficial Ownership”) of 20% or more of either (i) the then
outstanding common shares of beneficial interest of the Company (the “Outstanding Company
Common Stock”) or (ii) the combined voting power of the then outstanding voting securities
of the Company entitled to vote generally in the election of trustees (the “Outstanding
Company Voting Securities”); provided, however, that for purposes of this subsection (A),
the following acquisitions shall not constitute a Change in Control: (1) any acquisition
directly from the Company, (2) any acquisition by the Company, (3) any acquisition by any
employee benefit plan (or related trust) sponsored or maintained by the Company or any
entity controlled by the Company or (4) any acquisition by any entity pursuant to a
transaction which complies with clauses (1), (2) and (3) of subsection (C) of this Section
5(b)(iv); or
	 
	 	 	(B) Individuals who, as of the date hereof, constitute the Board (the “Incumbent Board”)
cease for any reason to constitute at least a majority of the Board; provided, however, that
any individual becoming a trustee subsequent to the date hereof whose election, or
nomination for election by the Company’s shareholders, was approved by a vote of at least a
majority of the trustees then comprising the Incumbent Board shall be considered as though
such individual were a member of the Incumbent Board, but excluding, for this purpose, any
such individual whose initial assumption of office occurs as a result of an actual or
threatened election contest with respect to the election or removal of trustees or other
actual or threatened solicitation of proxies or consents by or on behalf of a Person other
than the Board; or
	 
	 	 	(C) Consummation of a reorganization, merger or consolidation or sale or other disposition
of all or substantially all of the assets of the Company (a “Business Combination”), in each
case, unless, following such Business Combination, (1) all or substantially all of the
Persons who had Beneficial Ownership, respectively, of the Outstanding Company Common Stock
and Outstanding Company Voting Securities immediately prior to such Business Combination
have Beneficial Ownership of more than 50%, respectively, of the then outstanding common
shares of beneficial interest and the combined voting power of the then outstanding voting
securities entitled to vote generally in the election of trustees, as the case may be, of
the entity resulting from such Business Combination (including, without limitation, an
entity which as a result of such transaction owns the Company or all or substantially all of
the Company’s assets either directly or through one or more subsidiaries) in substantially
the same proportions as their ownership, immediately prior to such Business Combination of
the Outstanding Company Common Stock and Outstanding Company Voting Securities, as the case
may be, (2) no Person (excluding any entity resulting from such Business Combination or any
employee benefit plan (or related trust) of the Company or such entity resulting from such
Business Combination) acquires Beneficial Ownership of 20% or more of, respectively, the
then outstanding shares of common stock of the entity resulting from such Business
Combination or the combined voting power of the then outstanding voting

2

 

	 	 	securities of such
entity except to the extent that such ownership existed prior to the Business Combination
and (3) at least a majority of the members of the board of directors or board of trustees,
as the case may be, of the entity resulting from such Business Combination were members of
the Incumbent Board at the time of the execution of the
initial agreement with the successor or purchasing entity in respect of such Business
Combination, or of the action of the Board, providing for such Business Combination; or
	 
	4.	 	Section 6(a)(4)(iii) of the Employment Agreement is amended by replacing “30” with “60” and
replacing “the amount” with “a lump sum cash payment”.
	 
	4.	 	Section 6(a)(4)(iv) of the Employment Agreement is amended by inserting the following at the
beginning of the paragraph: “within 60 days of such termination of employment, a lump sum
cash payment of” and deleting “in cash,” from the second line of that paragraph.
	 
	5.	 	The last paragraph of Section 6(a) of the Employment Agreement is amended in is entirety as
follows:
	 
	 	 	Additionally, medical, dental, disability, life insurance and other employee welfare
benefits (the “Welfare Plans”) then provided to senior executives of the Company shall be
continued following the date of termination for a period of three (3) years and, if the
Executive is precluded from participating in any Welfare Plan by its terms or applicable law
during such period, the Company shall reimburse expenses actually incurred by the Executive
during such period to obtain similar Welfare Plan coverage, but only to the extent
Executive’s requested reimbursement of expenses for similar Welfare Plan coverage does not
exceed the Company’s premiums or contributions that the Company would otherwise pay under
the terms of this Agreement as of the date of the Executive’s termination, or date of
payment if later, to continue Executive’s participation in the underlying Welfare Plan for
the period the expenses were incurred by the Executive. Expenses reimbursable under this
paragraph shall be reimbursed within thirty (30) days following Executive’s submission to
the Company of the reimbursement request and supporting documentation reasonably requested
by the Company and in no event later than the end of the calendar year following the
calendar year in which the expenses were incurred by Executive. The expenses eligible for
reimbursement under this paragraph during any calendar year shall not affect the expenses
eligible for reimbursement under this paragraph in any other calendar year. Except in the
case of a termination within two years following a Change in Control or a Pre-Change in
Control Termination, as a condition of and upon receiving the Severance Pay under Section
6(a)(iii) and Section 6(a)(iv) and the vesting of awards and Welfare Plan benefits
continuation under Section 6(a), the Executive agrees to execute a release thereby releasing
the Company and its affiliates from any and all obligations and liabilities to the Executive
arising from or in connection with the Executive’s employment or termination of employment
with the Company and its affiliates and any disagreements with respect to such employment,
except that such release shall not apply with respect to any rights of the Executive to
indemnification under the Company’s Certificate of Incorporation or By-Laws or to any rights
of the Executive to indemnification or directors’ and officers’ liability insurance coverage
of the Company and its affiliates. If the Executive does not execute the release

3

 

	 	 	and the
release does not become irrevocable within 60 days of his termination of employment, the
Executive shall forfeit his right to the Severance Pay under Section 6(a)(iii) and Section
6(a)(iv) and the vesting of awards and Welfare Plan benefits continuation under Section
6(a).
	 
	6.	 	Section 6(b)(ii) of the Employment Agreement is amended by replacing “30” with “60” and
replacing “the amount” with “a lump sum cash payment”.
	 
	7.	 	The last paragraph of Section 6(b) of the Employment Agreement is amended in is entirety as
follows:
	 
	 	 	Additionally, the group health plan then provided to senior executives of the Company shall
be continued following the date of termination for a period of two (2) years and, during
such period, if the Executive is precluded from participating in such group health plan by
its terms or applicable law at any time during such period, the Company shall reimburse
expenses actually incurred by the Executive during such period to obtain similar coverage,
but only to the extent Executive’s requested reimbursement of expenses for such similar
coverage does not exceed the Company’s premiums or contributions that the Company would
otherwise pay as of the date of the Executive’s termination to continue the Executive’s
participation in the group health plan for the period the expenses for similar coverage are
incurred by Executive. Expenses reimbursable under this paragraph shall be reimbursed
within thirty (30) days following Executive’s submission to the Company of the reimbursement
request and supporting documentation reasonably requested by the Company and in no event
later than the end of the calendar year following the calendar year in which the expenses
were incurred by Executive. The expenses eligible for reimbursement under this paragraph
during any calendar year shall not affect the expenses eligible for reimbursement under this
paragraph in any other calendar year. Notwithstanding the foregoing, the continuation
period for group health benefits under Section 4980B of the Internal Revenue Code of 1986,
as amended (the “Code”) by reason of the Executive’s termination of employment with the
Company shall be measured from his actual date of termination of employment. As a condition
of receiving the Severance Pay under Section 6(b)(ii) and the bonus payments under Section
6(b)(iii) and (iv), the Executive, or the representative of his estate if he has died,
agrees to execute a release thereby releasing the Company and its affiliates from any and
all obligations and liabilities to the Executive arising from or in connection with the
Executive’s employment or termination of employment with the Company and its affiliates and
any disagreements with respect to such employment, except that such release shall not apply
with respect to any rights of the Executive to indemnification under the Company’s
Certificate of Incorporation or By-Laws or to any rights of the Executive to indemnification
or directors’ and officers’ liability insurance coverage of the Company and its affiliates.
If the Executive or the representative of his estate does not execute the release and the
release does not become irrevocable within 60 days of his termination of employment or
death, the Executive or the estate shall forfeit the right to the Severance Pay and bonus
payments.

4

 

	8.  	 	Section 6(e) of the Employment Agreement is revised in its entirety as follows:

     (e) Notwithstanding anything in this Section 6 to the contrary, if any amounts or
benefits payable under this Agreement in the event of Executive’s termination of employment
constitute “nonqualified deferred compensation” within the meaning of Code Section 409A,
payment of such amounts and benefits shall commence when the Executive incurs a “separation
from service” within the meaning of Treasury Regulation 1.409A-1(h), without regard to any
of the optional provisions thereunder, from the Company and any entity that would be
considered a single employer with the Company under Code Section 414(b) or 414(c)
(“Separation from Service”). Such payments or benefits shall be provided in accordance with
the timing provisions of this Agreement by substituting the Agreement’s references to
“termination of employment” or “termination”
with Separation from Service. Notwithstanding the foregoing, if at the time of
Executive’s Separation from Service the Executive is a “specified employee” within the
meaning of Code Section 409A(a)(2)(B)(i), any amount or benefits that the constitutes
“nonqualified deferred compensation” within the meaning of Code Section 409A that becomes
payable to Executive on account of the Executive’s Separation from Service will not be paid
until after the earlier of (i) first business day of the seventh month following Executive’s
Separation from Service, or (ii) the date of the Executive’s death (the “409A Suspension
Period”). Within 14 calendar days after the end of the 409A Suspension Period, the Executive
shall be paid a cash lump sum payment equal to any payments (including interest on any such
payments, at an interest rate of not less than the prime interest rate, as published in the
Wall Street Journal, over the period such payment is restricted from being paid to the
Executive) and benefits that the Company would otherwise have been required to provide under
this Section 6 but for the imposition of the 409A Suspension Period delayed because of the
preceding sentence. Thereafter, the Executive shall receive any remaining payments and
benefits due under this Section 6 in accordance with the terms of this Section (as if there
had not been any Suspension Period beforehand). For the purposes of this Agreement, each
payment that is part of a series of installment payments shall treated be as a separate
payment for purposes of Code Section 409A.

	9.	 	Section 7(f) is amended by adding the following at the end of the paragraph:
	 
	 	 	Expenses reimbursable under this paragraph must be reimbursed within thirty (30) days
following Executive’s submission to the Company of the reimbursement request and supporting
documentation reasonably requested by the Company and in no event later than the end of the
calendar year following the calendar year in which the expenses were incurred by Executive.
	 
	10.	 	Section 8(a) is amended by adding the following after “or any person affiliated with the
Company or such person”: “and whether or not the Executive has terminated employment with the
Company”.
	 
	11.	 	Section 8(d) is amended in its entirety as follows:
	 
	 	 	The Company shall use its best efforts to cause the Tax Advisor to promptly deliver the
initial determination required hereunder within forty-five (45) days after the change in
ownership covered by Code Section 280G(b)(2). The Tax Reimbursement Payment, or

5

 

	 	 	any portion
thereof, payable by the Company shall be paid not later than the thirtieth (30th) day
following the determination by the Tax Advisor. The amount of such payment shall be subject
to later adjustment in accordance with the determination of the Tax Advisor as provided
herein. Notwithstanding the foregoing, in no event shall payment of the Tax Reimbursement
Payment occur later than the end of the calendar year following the calendar year in which
the Executive remits the remits the taxes to the U.S. Treasury Department.
	 
	12.	 	The following is added to the Agreement as new Section 10(l):
	 
		 	(g)  Compliance with Code Section 409A. This Agreement is intended to be exempt from
(or comply with) Code Section 409A, and the Company shall have complete discretion to
interpret and construe this Agreement and any associated documents in any manner that
establishes an exemption from (or otherwise conforms them to) the requirements of Code
Section 409A. If, for any reason including imprecision in drafting, the Agreement does not
accurately reflect its intended establishment of an exemption
from (or compliance with) Code Section 409A, as demonstrated by consistent interpretations
or other evidence of intent, the provision shall be considered ambiguous and shall be
interpreted by the Company in a fashion consistent herewith, as determined in the sole and
absolute discretion of the Company. Nevertheless, and notwithstanding any other provision
of this Agreement, neither the Company nor any of its employees, trustees, or their agents
shall have any obligation to mitigate, nor to hold the Executive harmless from, any or all
taxes (including any imposed under Code Section 409A) arising under this Agreement.

	13.	 	All Agreement references to section numbers and defined terms are amended to reflect the above
modifications.

     IN WITNESS WHEREOF, the parties hereto have executed this Amendment and such Amendment shall be
effective as of the date first above written.

	 	 	 	 	 
	 	LEXINGTON REALTY TRUST

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	EXECUTIVE
	 
	 	 	 
	 	 	 	 
	 	 	 	 

6EX-10.2

Exhibit
10.2

AMENDED AND RESTATED LEXINGTON RABBI TRUST

     This Amended and Restated Agreement, made as of December 31, 2008 (this “Trust Agreement”), by
and between Lexington Realty Trust (the “Company”) and Joseph S. Bonventre (the “Trustee”), amends
and restates, in its entirety, that certain Agreement dated January 26, 1999 (as amended to date,
the “Original Trust Agreement”), between the Company and John B. Vander Zwaag, the former trustee
under the Original Trust Agreement;

     WHEREAS, the Company established a trust (the “Trust”) pursuant to the Original Trust
Agreement and contributed to the Trust shares of beneficial interests of the Company classified as common stock (“Common Shares”) that have been and are held therein, subject to the
claims of the Company’s creditors in the event of the Company’s Insolvency, as herein defined,
until paid to Plan participants and their beneficiaries in such manner and at such times as
specified in the Plan;

     WHEREAS, it is the intention of the parties that this Trust shall constitute an unfunded
arrangement and shall not affect the status of the Plan as an unfunded plan maintained for the
purpose of providing deferred compensation for a select group of management or highly compensated
employees for purposes of Title I of the Employee Retirement Income Security Act of 1974;

     WHEREAS, Section 2(a) of and Exhibit 2 to the Original Trust Agreement provide that the Common Shares held by the
Trust will be distributed to the participants upon a change of control of the Company or a
participant’s retirement or termination of employment with the Company to the extent such shares
have vested pursuant to Section 1(a) of the Original Trust Agreement; and

     WHEREAS, the Parties desire to amend and restate the Original Trust Agreement in its entirety
to ensure that the Common Shares held by the Trust will be distributed upon a change of control of
the Company or the retirement or termination of a participant’s employment with the Company only
under circumstances that comply with Section 409A of the Internal Revenue Code of 1986, as amended
(the “Code”).

     NOW, THEREFORE, the parties do hereby continue the Trust and agree that the Trust shall be
comprised, held and disposed of as follows:

Section 1. Continuation of Trust.

     (a) The Company previously deposited with Trustee in trust 427,531 Common Shares in the amount for
each of the officers as listed in Exhibit 1, which are the principal of the Trust to be held and
administered by the Trustee as provided in this Trust Agreement. The Common Shares allocated to
each officer will vest beginning on the date such Common Shares are deposited or on the date or
dates designated by the Company.

     (b) The Trust hereby established shall be irrevocable.

 

 

     (c) The Trust is intended to be a grantor trust, of which the Company is the grantor, within
the meaning of subpart E, part I, subchapter J, chapter 1, subtitle A of the Internal Revenue Code
of 1986, as amended, and shall be construed accordingly.

     (d) The principal of the Trust, and any earnings thereon shall be held separate and apart from
other funds of the Company and shall be used exclusively for the uses and purposes of Plan
participants and general creditors as herein set forth. Plan participants and their
beneficiaries shall have no preferred claim on, or any beneficial ownership interest in, any
assets of the Trust. Any rights created under the Plan and this Trust Agreement shall be mere
unsecured contractual rights of Plan participants and their beneficiaries against the Company. Any
assets held by the Trust will be subject to the claims of the Company’s general creditors under
federal and state law in the event of Insolvency, as defined in Section 3(a) herein.

     (e) The Company, in its sole discretion, may at any time, or from time to time, make
additional deposits of Common Shares in trust with the Trustee to augment the principal to be held
and administered by the Trustee as provided in this Trust Agreement. Neither the Trustee nor any
Plan participant or beneficiary shall have the right to compel such additional deposits.

Section 2. Payments to Plan Participants and Their Beneficiaries.

     (a) The Company shall deliver to the Trustee a schedule (the “Payment Schedule”) that
indicates the amounts payable in respect of each Plan participant (and his or her beneficiaries),
that provides a formula or other instructions acceptable to Trustee for determining the amounts so
payable, the form in which such amount is to be paid (as provided for or available under the Plan),
and the time for payment of such amounts, provided that all Common Shares held by the Trust shall
be distributed immediately to the Plan participants upon a Change of Control of the Company. Such
Payment Schedule shall be attached to this Trust Agreement as “Exhibit 2.” Except as otherwise
provided herein, Trustee shall make distributions to the Plan participants and their beneficiaries
only in accordance with such Payment Schedule and shall distribute to the Company any amounts
required for the withholding of federal, state or local taxes on such distributions to Plan
participants. The Trustee shall make provision for the reporting and withholding of any federal,
state or local taxes that may be required to be withheld with respect to the payment of benefits
pursuant to the terms of the Plan and shall distribute amounts withheld to the appropriate taxing
authorities or determine that such amounts have been reported, withheld and paid by the Company.

     (b) The entitlement of a Plan participant or his or her beneficiaries to benefits under the
Plan shall be determined by the Company or such party as it shall designate under the Plan, and any
claim for such benefits shall be considered and reviewed under the procedures set out in the Plan.

     (c) The Company may make distributions  directly to Plan participants or their
beneficiaries as they become due under the terms of the Plan. The Company shall notify Trustee of
its decision to make distributions directly prior to the time amounts are due to participants or
their beneficiaries. In addition, if the principal of the Trust, and any earnings thereon, are not
sufficient to make distributions in accordance with the terms of the Plan, the Company shall make
the balance of such distribution as it falls due. Trustee shall notify the Company where principal
and earnings are not sufficient.

 

 

Section 3. Trustee Responsibility Regarding Payment to Trust Beneficiary When Company is Insolvent.

     (a) The Trustee shall cease distributions of benefits to Plan participants and their
beneficiaries if the Company is Insolvent. The Company shall be considered “Insolvent” for
purposes of this Trust Agreement if (i) the Company is unable to pay its debts as they become
due, (ii) the Company is subject to a pending proceeding as a debtor under the United States
Bankruptcy Code, or (iii) the Company is determined to be insolvent by the applicable federal
and/or state regulatory agency.

     (b) At all times during the continuance of this Trust, as provided in Section 1(d) hereof, the
principal and earnings of the Trust shall be subject to claims of general creditors of the Company
under federal and state law as set forth below.

          (i) The Board of Trustees and the Chief Executive Officer of the Company shall have the duty
to inform the Trustee in writing of the Company’s Insolvency. If a person claiming to be a
creditor of the Company alleges in writing to the Trustee that the Company has become Insolvent,
Trustee shall determine whether the Company is Insolvent and, pending such determination, Trustee
shall discontinue payment of benefits to Plan participants or beneficiaries.

          (ii) Unless the Trustee has actual knowledge of the Company’s Insolvency, or has received
notice from the Company or a person claiming to be a creditor alleging that the Company is
Insolvent, the Trustee shall have no duty to inquire whether the Company is Insolvent. The Trustee
may in all events rely on such evidence concerning the Company’s solvency as may be furnished to
the Trustee and provides the Trustee with a reasonable basis for making a determination concerning
the Company’s solvency.

          (iii) If at any time the Trustee has determined that the Company is Insolvent, the Trustee
shall discontinue payments to Plan participants or their beneficiaries and shall hold the assets of
the Trust for the distributions of the Company’s general creditors. Nothing in this Trust
Agreement shall in any way diminish any rights of Plan participants or their beneficiaries to
pursue their rights as general creditors of the Company with respect to benefits due under the Plan
or otherwise.

          (iv) The Trustee shall resume the distribution of benefits to Plan participants or their
beneficiaries in accordance with Section 2 of this Trust Agreement only after the Trustee has
determined that the Company is not Insolvent (or is no longer Insolvent).

          (v) Provided that there are sufficient assets, if the Trustee discontinues the distribution of
benefits from the Trust pursuant to Section 3(b) hereof and subsequently resumes such payments, the
first payment following such discontinuance shall include the aggregate amount of all distributions
due to Plan participants or their beneficiaries under the terms of the Plan for the period of such
discontinuance, less the aggregate amount of any distributions made to Plan participants or their
beneficiaries by the Company in lieu of distributions provided for hereunder during any such period
of discontinuance.

 

 

Section 4. Payments to Company.

     Except as provided in Section 3 hereof, after the Trust has become irrevocable, the Company
shall have no right or power to direct Trustee to return to the Company or to divert to others any
of the Trust assets before all distributions of benefits have been made to Plan participants and
their beneficiaries pursuant to the terms of the Plan.

Section 5. Investment Authority.

     In the management and control of the Trust created herein, Trustee, in its sole judgment and
discretion, may do and have done with respect to the Trust estate, all things which, in the
judgment and discretion of Trustee, may seem necessary, desirable and proper to promote, protect
and conserve the interests of the Trust estate, in like manner as if Trustee were entitled to said
property beneficially, and every determination of Trustee in the construction of the powers
conferred upon Trustee or in any manner committed to the discretion of Trustee, or with respect to
which Trustee may be empowered to act hereunder, whether made upon a question formally or actually
raised or implied in relation of the premises, shall be binding upon all persons interested in the
Trust and shall not be objected to or questioned on any grounds whatsoever. In order to state the
definitive powers herein vested in Trustee, Trustee shall have and may in its judgment and
discretion, and except as specifically hereinafter provided, without notice to anyone or order of
court, exercise, among others, the following powers, to be broadly construed with reference to each
trust estate and each share thereof:

     (a) To invest only in Common Shares to the extent permitted by law. All rights associated
with Common Shares held by the Trust shall be exercised by Trustee, and shall in no event be
exercisable by or rest with Plan participants.

     (b) To determine whether any property coming into its hands shall be treated as a part of the
principal of the Trust estate or a part of the earnings therefrom and to apportion between such
principal and earnings any loss or expenditure in connection with said Trust estate as to it may
seem just and equitable.

     (c) Except as otherwise provided herein, to make distributions hereunder, and to determine the
identity of persons entitled to take hereunder.

     (d) To vote in person or by proxy upon all Common Shares held by it, to assent to the
consolidation, merger, dissolution or reorganization of any such corporation, to pay all
assessments, expenses and sums of money as it may deem expedient for the protection of the interest
of the Trust estate as the holder of such Common Shares, and generally, to exercise, in respect to
all Common Shares held by it, the same rights and powers as are or may be exercised by persons
owning similar property in their own right.

     (e) To institute and defend any and all suits or legal proceedings relating to the said Trust
estate in any court, and to employ counsel and to compromise or submit to arbitration all matters
of dispute in which said Trust estate may be involved, as, in its judgment may be necessary or
proper.

 

 

     (f) At any time or from time to time, to advance money for the benefit of the Trust estate
from his funds for any purpose or purposes of the Trust, and will receive reimbursement himself
from the Company for the money advanced.

     (g) To execute and deliver any and all contracts, conveyances, transfers or other instruments,
and to do any acts necessary or desirable in the execution of the powers herein vested in it.

     (h) In the event that more than one Trustee is then serving, any Trustee shall have the power
to perform ministerial acts on behalf of the Trust created herein, but the majority decision
of Trustees then-serving shall be necessary for the performance of any discretionary acts by
Trustees. Ministerial acts shall include by way of illustration but not limitation, the power to
sign negotiable instruments, and other documents. Discretionary acts shall include by way of
illustration but not limitation, decisions as to the form of investments, and the like.

     (i) In the event that more than one (1) Trustee is then serving, in case of disagreement
between the Trustees so that no decision is reached, the matter shall be submitted to arbitration
in accordance with the rules of the American Arbitration Association.

     (j) All rights associated with assets of the Trusts shall be exercised by Trustee or the
person designated by Trustee, and shall in no event be exercisable by or rest with plan
participants.

Section 6. Disposition of Earnings.

     During the term of this Trust, all earnings received by the Trust, net of expenses and taxes,
shall be returned to the Company and distributed to the participants that elect to currently
receive such distributions, or shall be invested in additional Common Shares by those who elect to
have their share of the earnings reinvested.

Section 7. Accounting by Trustee.

     The Trustee shall keep accurate and detailed records of all investments, receipts,
disbursements, and all other transactions required to be made, including such specific records as
shall be agreed upon in writing between the Company and the Trustee. Such records shall include
the Common Shares held by the Trust for each Plan participant.

Section 8. Responsibility of Trustee.

     (a) The Trustee shall act with the care, skill, prudence and diligence under the circumstances
then prevailing that a prudent person acting in like capacity and familiar with such matters would
use in the conduct of an enterprise of a like character and with like aims, provided, however, that
the Trustee shall incur no liability to any person for any action taken pursuant to a direction,
request or approval given by the Company which is contemplated by, and in conformity with, the
terms of this Trust and is given in writing by the Company. In the event of a dispute between the
Company and a party, the Trustee may apply to a court of competent jurisdiction to resolve the
dispute.

 

 

     (b) If the Trustee undertakes or defends any litigation arising in connection with this Trust,
the Company agrees to indemnify the Trustee against the Trustee’s costs, expenses and liabilities
(including, without limitation, attorneys’ fees and expenses) relating thereto and to be primarily
liable for such payments. If the Company does not pay such cost, expenses and liabilities in a
reasonably timely manner, the Trustee may obtain payment from the Trust.

     (c) The Trustee may consult with legal counsel (who may also be counsel for the Company
generally) with respect to any of its duties or obligations hereunder.

     (d) The Trustee may hire agents, accountants, actuaries, investment advisors, financial
consultants or other professionals to assist it in performing any of its duties or obligations
hereunder.

     (e) The Trustee shall have, without exclusion, all powers conferred on Trustees by applicable
law, unless expressly provided otherwise herein.

     (f) Notwithstanding any powers granted to the Trustee pursuant to this Trust Agreement or to
applicable law, Trustee shall not have any power that could give this Trust the objective of
carrying on a business and dividing the gains therefrom, within the meaning of Section 301.7701-2
of the Procedure and Administrative Regulations promulgated pursuant to the Code.

Section 9. Compensation and Expenses of the Trustee.

     The Company shall pay all administrative and Trustee’s fees and expenses. If not so paid, the
fees and expenses shall be paid from the Trust.

Section 10. Resignation and Removal of Trustee.

     (a) Trustee may resign at any time by written notice to the Company, which shall be effective
30 days after receipt of such notice unless the Company and Trustee agree otherwise.

     (b) Trustee may be removed by the Company on 30 days notice or upon shorter notice accepted by
Trustee.

     (c) Upon resignation or removal of Trustee and appointment of a successor Trustee, all assets
shall subsequently be transferred to the successor Trustee. The transfer shall be completed within
30 business days after receipt of notice of resignation, removal or transfer, unless the Company
extends the time limit.

     (d) If Trustee resigns or is removed, a successor shall be appointed, in accordance with
Section 11 hereof, by the effective date of resignation or removal under paragraphs (a) or (b) of
this Section. If no such appointment has been made, Trustee may apply to a court of competent
jurisdiction for appointment of a successor or for instructions. All expenses of Trustee in
connection with the proceeding shall be allowed as administrative expenses of the Trust.

 

 

Section 11. Appointment of Successor.

     (a) If Trustee resigns or is removed in accordance with Section 10(a) or (b) hereof, Company
may appoint any third party, such as a bank trust department, other party that may be granted
corporate trustee powers under state law, or an officer of the Company as a successor to replace
Trustee upon resignation or removal. The appointment shall be effective when accepted in writing
by the new Trustee, who shall have all of the rights and powers of the former Trustee, including
ownership rights in the Trust assets. The former Trustee shall execute any instrument necessary or
reasonably requested by Company or the successor Trustee to evidence the transfer.

     (b) The Successor Trustee need not examine the records and acts of any prior Trustee. The
successor Trustee shall not be responsible for and the Company shall indemnify and defend the
successor Trustee from any claim or liability resulting from any action or inaction of any prior
Trustee or from any other past event, or any condition existing at the time it becomes successor
Trustee.

Section 12. Amendment or Termination.

     (a) This Trust Agreement may be amended by a written instrument executed by Trustee and the
Company. Notwithstanding the foregoing, no such amendment shall conflict with the terms of the
Plan or shall make the Trust revocable.

     (b) The Trust shall not terminate until the date on which Plan participants and their
beneficiaries are no longer entitled to benefits pursuant to the terms of the Plan. Upon
termination of the Trust any assets remaining in the Trust shall be returned to the Company.

     (c) Upon written approval of participants or beneficiaries entitled to payment of benefits
pursuant to the terms of the Plan, the Company may terminate this Trust prior to the time all
benefit payments under the Plan have been made. All assets in the Trust at termination shall be
returned to the Company.

Section 13. Miscellaneous.

     (a) Any provision of this Trust Agreement prohibited by law shall be ineffective to the extent
of any such prohibition, without invalidating the remaining provisions hereof.

     (b) Benefits payable to Plan participants and their beneficiaries under this Trust Agreement
may not be anticipated, assigned (either at law or in equity), alienated, pledged, encumbered or
subjected to attachment, garnishment, levy, execution or other legal or equitable process.

     (c) This Trust Agreement shall be governed by and construed in accordance with the laws of the
State of New York.

     (d) For purposes of this Trust Agreement, “Change in Control” shall mean the occurrence of a
“change in the ownership,” a “change in the effective control” or a “change in the ownership of a
substantial portion of the assets” of the Company, as determined in accordance with this Section
13(d).

 

 

          (i) A “change in the ownership” of the Company shall occur on the date on which any one
person, or more than one person acting as a group, acquires ownership of shares of the Company
that, together with shares held by such person or group, constitutes more than 50% of the total
fair market value or total voting power of the shares of the Company, as determined in accordance
with Treas. Reg. §1.409A-3(i)(5)(v). If a person or group is considered either to own more than
50% of the total fair market value or total voting power of the shares of the Company, or to have
effective control of the Company within the meaning of Section 13(d)(ii), and such person or group
acquires additional shares of the Company, the acquisition of additional shares by such person or
group shall not be considered to cause a “change in the ownership” of the Company.

          (ii) A “change in the effective control” of the Company shall occur on either of the following
dates:

               (A) The date on which any one person, or more than one person acting as a group, acquires (or
has acquired during the 12-month period ending on the date of the most recent acquisition by such
person or persons) ownership of shares of the Company possessing 30% or more of the total voting
power of the shares of the Company, as determined in accordance with Treas. Reg.
§1.409A-3(i)(5)(vi). If a person or group is considered to possess 30% or more of the total voting
power of the shares of the Company, and such person or group acquires additional shares of the
Company, the acquisition of additional shares by such person or group shall not be considered to
cause a “change in the effective control” of the Company; or

               (B) The date on which a majority of the members of the Company’s board of trustees is
replaced during any 12-month period by trustees whose appointment or election is not endorsed by a
majority of the members of the Company’s board of trustees before the date of the appointment or
election, as determined in accordance with Treas. Reg. §1.409A-3(i)(5)(vi).

          (iii) A “change in the ownership of a substantial portion of the assets” of the Company shall
occur on the date on which any one person, or more than one person acting as a group, acquires (or
has acquired during the 12-month period ending on the date of the most recent acquisition by such
person or persons) assets from the Company that have a total gross fair market value equal to or
more than 40% of the total gross fair market value of all of the assets of the Company immediately
before such acquisition or acquisitions, as determined in accordance with Treas. Reg.
§1.409A-3(i)(5)(vii). A transfer of assets shall not be treated as a “change in the ownership of a
substantial portion of the assets” when such transfer is made to an entity that is controlled by
the shareholders of the Company, as determined in accordance with Treas. Reg.
§1.409A-3(i)(5)(vii)(B).

Section 14. Effective Date.

     The effective date of the Original Agreement shall be January 26, 1999. The effective date of
this Trust Agreement shall be January 1, 2008.

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

 

 

	 	 	 	 	 	 	 	 	 
	 	 	 	 	LEXINGTON REALTY TRUST	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	By:	 	/s/ Patrick Carroll	 	 
	 

	 	 	 	 	 	 

Name: Patrick Carroll
	 	 
	 

	 	 	 	 	 	Title: Chief Financial Officer	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	 	 	/s/ Joseph S. Bonventre	 	 
	 	 	 	 	Joseph S. Bonventre, Trustee	 	 
	 
	 	 	 	 	 	 	 	 
	Acknowledged:
	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	/s/ E. Robert Roskind	 	 	 	 	 	 	 	 
	 

E. Robert Roskind

	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	/s/ Richard J. Rouse	 	 	 	 	 	 	 	 
	 

Richard J. Rouse

	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	/s/ T. Wilson Elgin	 	 	 	 	 	 	 	 
	 

T. Wilson Elgin

	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	/s/ Paul R. Wood	 	 	 	 	 	 	 	 
	 

Paul R. Wood

	 	 	 	 	 	 	 	 

 

 

EXHIBIT 1

	 	 	 	 	 
	Participant	 	Number of Shares
	E. Robert Roskind
	 	 	167,843	 
	Richard J. Rouse
	 	 	123,225	 
	T. Wilson Eglin
	 	 	130,863	 
	Paul R. Wood
	 	 	5,600	 

 

 

EXHIBIT 2-PAYMENT SCHEDULE

	 	 	 
	Participant

	 	Payment Schedule
	E. Robert Roskind

	 	Distribute dividends quarterly
	Richard J. Rouse

	 	Distribute dividends quarterly
	T. Wilson Eglin

	 	Distribute dividends quarterly
	Paul R. Wood

	 	Distribute dividends quarterly

In all cases, the Common Shares held by the Trust shall be distributed to each participant within
30 days of the earlier of a Change in Control or the Plan participant’s “separation from service”
within the meaning of Treasury Regulation 1.409A-1(h), without regard to any of the optional
provisions thereunder, from the Company and any entity that would be considered a single employer
with the Company under Code Section 414(b) or 414(c) (“Separation from Service”). Notwithstanding
the foregoing, if at the time of the Plan participant’s Separation from Service the Plan
participant is a “specified employee” within the meaning of Code Section 409A(a)(2)(B)(i), any
shares will not be distributed until after the earlier of (i) first business day of the seventh
month following Plan participant’s Separation from Service, or (ii) the date of the Plan
participant’s death (the “409A Suspension Period”). Within 14 calendar days after the end of the
409A Suspension Period, the Company shall deliver to the Plan participant any shares that the
Company would otherwise have been required to distribute under this Agreement but for the
imposition of the 409A Suspension Period.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00151-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00151-of-00352.parquet"}]]