Document:

ex10-3.htm

Exhibit 10.3

 

 

INTERNATIONAL GAME TECHNOLOGY

 

DIRECTORS’ COMPENSATION POLICY

AND SHARE OWNERSHIP GUIDELINES

 

Effective Date:  October 2, 2011

 

 

Directors of International Game Technology, a Nevada corporation (the “Company”), who are not employed by the Company or one of its subsidiaries (“non-employee directors”) are entitled to the compensation set forth below for their service as a member of the Board of Directors (the “Board”) of the Company. This policy is effective as of the first day of the Company’s fiscal year 2012 and supersedes all prior policies concerning compensation of the Company’s non-employee directors as to their service from and after that time.  The Board has the right to amend this policy from time to time.

 

	
Cash Compensation

	 	 	 
	
Annual Retainer

	 	$	150,000	 
	
Additional Chair Retainer

	 	$	50,000	 
	
Additional Committee Chair Retainers

	 	 	 	 
	
Audit Committee Chair

	 	$	40,000	 
	
Compensation Committee Chair

	 	$	30,000	 
	
Chairs of Other Standing Board Committees

	 	$	20,000	 
	  	 	 	 	 
	
Equity Compensation

	 	 	 	 
	
Annual Equity Award

	 	$	150,000	 
	
Additional Annual Equity for Chair

	 	$	50,000	 

 

Cash Compensation

 

Subject to the non-employee director’s execution of the acknowledgement attached hereto as Exhibit A, each non-employee director will be entitled to a cash retainer while serving on the Board in the amount set forth above (the “Annual Retainer”).  A non-employee director who serves as the Chair of the Board will be entitled to an additional cash retainer while serving in that position in the amount set forth above (the “Additional Chair Retainer”).  A non-employee director who serves as the Chair of the Audit Committee, the Compensation Committee or the Chair of another standing committee of the Board will be entitled to an additional cash retainer while serving in that position in the applicable amount set forth above (an “Additional Committee Chair Retainer”); provided, however, that if a non-employee director is serving as both the Chair of the Board and the Chair of a Board committee, the director will be entitled to the Additional Chair Retainer only and will not receive the Additional Committee Chair Retainer for that committee.

 

The amounts of the Annual Retainer, Additional Chair Retainer, and Additional Committee Chair Retainers reflected above are expressed as annualized amounts.  These retainers will be paid on a quarterly basis, at the beginning of each quarter.

 

  

1

  

 

Expense Reimbursement

 

All non-employee directors will be entitled to reimbursement from the Company for the following expenses incurred by them while on the Board:

 

	
  

	
·

	
reasonable travel (including airfare and ground transportation), lodging and meal expenses  in connection with (1) attendance at meetings of the Board and its committees, (2) regulatory licensing interviews, (3) director education programs, and (4) other Company business functions;

 

	
  

	
·

	
registration fees or tuition and reasonable related expenses to attend director education programs consistent with the Company’s continuing education policy set forth in the Corporate Governance Guidelines; and

 

	
  

	
·

	
expenses related to gaming license applications, including fees for the preparation of financial statements, postage, bank charges to produce copies of statements and cancelled checks, and other administrative fees.

 

Directors are encouraged to fly coach-class on commercial airlines if the travel time does not exceed three hours.  Reimbursement for non-commercial travel requires prior approval of the Chair of the Board (or, if the Chair is not a non-employee director at the relevant time, the Company’s lead non-employee director or the Nominating and Corporate Governance Committee of the Board).  The Company will make reimbursement to a non-employee director within a reasonable amount of time following submission by the non-employee director of reasonable written substantiation for the expenses, and (as required by applicable tax rules in the case of any taxable reimbursements) in no event later than the end of the year following the year in which the related expense was incurred.

 

Equity Awards

 

Annual Equity Awards for Board Members

 

On the date that is the later to occur of (i) the certification of election of a non-employee director to the Board or (ii) a non-employee director’s compliance with any applicable regulatory requirements related to election to the Board, such non-employee director in office after such later date will be granted, subject to execution of an award agreement as described below, an award of restricted stock units (“RSUs”).  The number of RSUs covered by each such award will be determined by dividing (1) the Annual Equity Award grant value set forth above by (2) the Closing Price as of the date of grant (rounded down to the nearest whole unit).  For purposes of this policy, “Closing Price” as of a particular date means the last/closing market prices (in regular trading on the principal exchange or market on which the Company’s common stock is then listed or admitted to trade) for a share of the Company’s common stock on the date in question (or on the immediately preceding trading day if that day is not a trading day).

 

In addition to the annual equity award grants described above, on the date that is the later to occur of (i) the certification of election of a non-employee director to the Board or (ii) a non-employee director’s compliance with any applicable regulatory requirements related to election to the Board, such non-employee director who is in office as the Chair of the Board after such later date will also be granted, subject to execution of an award agreement as described below, an award of RSUs determined by dividing the Additional Annual Equity for Chair value set forth above by the Closing Price as of that date (rounded down to the nearest whole unit).

 

Initial Equity Awards for New Board Members elected or appointed other than at an Annual Meeting of Shareholders

 

For each new non-employee director appointed or elected after the Effective Date, on the date that is the later to occur of (i) the certification of election of such non-employee director to the Board or (ii) such non-employee director’s compliance with any applicable regulatory requirements related to election to the Board, such new non-employee director will be granted, subject to execution of an award agreement as described below, an award of RSUs determined by dividing (1) a pro-rata portion of the Annual Equity Award value by (2) the Closing Price as of that date (rounded down to the nearest whole unit).  The pro-rata portion of the Annual Equity Award value for purposes of the applicable initial equity award will equal the Annual Equity Award value multiplied by a fraction (not greater than one), the numerator of which is 365 minus the number of calendar days that as of the particular grant date had elapsed since the Company’s last annual meeting of shareholders at which annual equity awards were granted by the Company to non-employee directors, and the denominator of which is 365.

 

  

2

  

 

For a non-employee director who first becomes Chair of the Board after the Effective Date, on the date that is the later to occur of (i) the certification of election of such non-employee director to the Board or (ii) such non-employee director’s compliance with any applicable regulatory requirements related to election to the Board, such non-employee director will be granted, subject to execution of an award agreement as described below, an award of RSUs determined by dividing (1) a pro-rata portion of the Additional Annual Equity for Chair value set forth above by (2) the Closing Price as of that date (rounded down to the nearest whole unit).  The pro-rata portion of the Additional Annual Equity for Chair value for purposes of this initial equity award will equal the Additional Annual Equity for Chair value multiplied by a fraction (not greater than one), the numerator of which is 365 minus the number of calendar days that as of the particular grant date had elapsed since the Company’s last annual meeting of shareholders at which annual equity awards were granted by the Company to non-employee directors, and the denominator of which is 365.

 

An employee or former employee of the Company or one of its subsidiaries who ceases or has ceased to be so employed and becomes a non-employee director will not be eligible for an initial equity award grant, but will be eligible for cash compensation and annual equity awards on the same basis as other non-employee directors.

 

Award Agreements; Vesting and Payment of Equity Awards

 

Each annual and initial equity award granted to non-employee directors pursuant to this policy shall be evidenced by a written award agreement in substantially the form attached hereto as Exhibit B (or such other form as may be approved by the Board for use in evidencing such grants) and the grant of such equity awards shall be conditioned upon the non-employee director executing such agreement.  Annual equity awards granted to non-employee directors and initial equity awards granted to new non-employee directors under this policy will vest upon the first anniversary of the date of grant of the award.  In each case, vesting is contingent upon the non-employee director’s continued service on the Board through the applicable vesting date.  Each of these awards, to the extent then outstanding and unvested, will become fully vested in the event of the director’s death, disability or retirement (as such term is defined in the Company’s 2002 Stock Incentive Plan (the “Plan”)) or upon the occurrence of a change in control event (as such term is defined in the Plan).  Subject to any deferral election that may be made by the director, vested RSUs will generally be paid in shares of the Company’s common stock on a one-for-one basis promptly following the vesting date.

 

Election to Receive Equity Awards in Lieu of Cash Retainers

 

A non-employee director may elect, on a form and in a manner prescribed by the Company, to exchange the right to receive payment in cash of all or any portion of the director’s Annual Retainer, Additional Chair Retainer, and Additional Committee Chair Retainer (the “Deferred Retainer Fees”) for an award of RSUs under the Plan.  Such award will be granted on the first trading day of the calendar quarter for which the applicable Deferred Retainer Fees would have otherwise been paid, and the number of RSUs covered by such award will be determined by dividing (1) the dollar amount of the Deferred Retainer Fees for that quarter by (2) the Closing Price as of that date (rounded down to the nearest whole unit).  Such RSUs will be fully vested as of the date of grant and will generally be paid in shares of the Company’s common stock on a one-for-one basis upon the termination of the director’s service on the Board (or, if earlier and as permitted under applicable tax law, upon the occurrence of a change in control event).  Any such election to receive an equity award in lieu of cash retainers must be made prior to the December 31 that precedes the calendar year during which the Deferred Retainer Fees are earned by the non-employee director (or such earlier date as may be prescribed by the Company.  A newly appointed or elected non-employee director who has not previously been employed by the Company or one of its subsidiaries may make such an election to receive an equity award in lieu of cash retainers at any time within 30 days after the director’s initial election or appointment to the Board, and such election will be effective for the first quarter following the quarter in which the election is received by the Company.

 

  

3

  

 

Provisions Applicable to All Non-Employee Director Equity Awards

 

Each award of RSUs granted pursuant to this policy will be made under and subject to the terms and conditions of the Plan (including, without limitation, the adjustment provisions set forth in Section 6.2 of the Plan), or any successor equity compensation plan approved by the Company’s shareholders and in effect at the time of grant.  Notwithstanding any other provision herein or in the Plan, any such awards that would otherwise exceed any applicable share limit of the Plan shall be prorated within such limitation.  Any shares of the Company’s common stock issued pursuant to any such award will be charged against the applicable share limits of the Plan.  The Board may from time to time amend this policy without shareholder approval, subject to the limitations set forth in Section 6.6 of the Plan.  This policy does not limit the Board’s authority to make other, discretionary award grants to non-employee directors pursuant to the Plan.  The Board’s power and authority to construe and interpret the Plan and awards thereunder pursuant to Section 1.2(b) of the Plan shall extend to equity awards granted hereunder.  As provided in Section 1.2(c) of the Plan, any action taken by, or inaction of, the Board relating or pursuant to awards granted pursuant to this policy and within its authority or under applicable law shall be within the absolute discretion of the Board and shall be conclusive and binding upon all persons.

 

Share Ownership Guidelines

 

In order to further align the interests of the non-employee directors with the interests of the Company’s shareholders, non-employee directors are expected to hold, for as long as they remain on the Board following the applicable time set forth below, shares of the Company’s common stock that have a fair market value equal to at least three times the base Annual Retainer amount then in effect for non-employee directors.  For purposes of these guidelines, shares beneficially owned by a non-employee director will be taken into account, including shares owned by the director outright, shares held in trust for the benefit of the director or his or her family members, and vested RSUs the payment of which has been deferred; provided that shares subject to unvested RSUs and shares subject to outstanding stock options (whether or not vested) do not count toward meeting these guidelines.  A non-employee director is expected to satisfy these guidelines not later than four years after the later of (1) the date he or she first becomes a Board member, or (2) the date these guidelines were adopted.  If the guidelines change as a result of a change in the Annual Retainer, a non-employee director need not satisfy any increased level of ownership resulting from the change until one year after the change in Annual Retainer is effective.  If a director satisfies these guidelines and then a change in stock price causes the director’s level of stock ownership to fall below the guideline level of ownership, the director will be expected to again meet the guidelines within a year.  The Nominating and Corporate Governance Committee of the Board in its discretion may extend the period of time for attainment of such ownership levels.

 

  

4

  

 

EXHIBIT A

ACKNOWLEDGEMNT

  

5

  

 

EXHIBIT B

INTERNATIONAL GAME TECHNOLOGY

2002 STOCK INCENTIVE PLAN

DIRECTOR RESTRICTED STOCK UNIT AWARD AGREEMENT

6EXHIBIT 4.1 - 5.8.13

Exhibit 4.1

LEXINGTON REALTY TRUST,
Issuer,
CERTAIN SUBSIDIARIES OF LEXINGTON REALTY TRUST,
Subsidiary Guarantors,
and
U.S. BANK NATIONAL ASSOCIATION,
Trustee
NINTH SUPPLEMENTAL INDENTURE

Dated as of May 6, 2013
6.00% Convertible Guaranteed Notes due 2030

NINTH SUPPLEMENTAL INDENTURE
THIS NINTH SUPPLEMENTAL INDENTURE (this “Ninth Supplemental Indenture”), is entered into as of May 6, 2013, among LEXINGTON REALTY TRUST, a Maryland real estate investment trust (the “Issuer”), CERTAIN SUBSIDIARIES OF THE ISSUER SIGNATORIES HERETO (including subsidiaries of the Issuer subsequently becoming guarantors, the “Subsidiary Guarantors” or the “Guarantors”) and U.S. BANK NATIONAL ASSOCIATION, a national banking association duly organized and existing under the laws of the United States, as Trustee hereunder (the “Trustee”), having its Corporate Trust Office at 100 Wall Street, Suite 1600, New York, New York 10005.
WHEREAS, the Issuer, the Guarantors and the Trustee entered into that certain Indenture dated as of January 29, 2007 (the “Original Indenture”), relating to the Issuer's unsecured debt securities authenticated and delivered under the Original Indenture;
WHEREAS, pursuant to Section 301 of the Original Indenture, the Issuer, the Subsidiary Guarantors and the Trustee established the terms of a series of Securities entitled the “5.45% Exchangeable Guaranteed Notes due 2027” of the Issuer in respect of which the Subsidiary Guarantors are guarantors (the “5.45% Notes”) pursuant to that First Supplemental Indenture dated as of January 29, 2007 among the Issuer, the Subsidiary Guarantors and the Trustee (the “First Supplemental Indenture”);
WHEREAS, pursuant to Section 2.02 of the First Supplemental Indenture and Section 303 of the Original Indenture, the Issuer, the Subsidiary Guarantors and the Trustee increased the aggregate principal amount of the 5.45% Notes by the issuance of Additional Notes pursuant to that Second Supplemental Indenture dated as of March 9, 2007 among the Issuer, the Subsidiary Guarantors and the Trustee (the “Second Supplemental Indenture”);
WHEREAS, pursuant to Section 901(9) of the Original Indenture, the Issuer, the Subsidiary Guarantors and the Trustee amended certain provisions of the Indenture to correct a provision in the Indenture which was defective or inconsistent with any other provision therein pursuant to that Third Supplemental Indenture dated as of June 19, 2007 among the Issuer, the Subsidiary Guarantors and the Trustee (the “Third Supplemental Indenture”);
WHEREAS, pursuant to Section 901(1) of the Original Indenture, the Issuer, the Subsidiary Guarantors and the Trustee amended certain provisions of the Indenture to evidence the succession of Lexington Realty Trust to The Lexington Master Limited Partnership and the assumption by Lexington Realty Trust of the covenants of the Issuer, therein and in the Securities pursuant to that Fourth Supplemental Indenture dated as of December 31, 2008 among the Issuer, the Subsidiary Guarantors and the Trustee (the “Fourth Supplemental Indenture”);
WHEREAS, the Issuer entered into that certain Credit Agreement, dated as of February 13, 2009 (the “Original Credit Agreement”), among the Issuer, Lepercq Corporate Income Fund L.P., Lepercq Corporate Income Fund II L.P., and Net 3 Acquisition L.P., jointly and severally as borrowers, KeyBank National Association, as agent, and each of the financial institutions initially a signatory thereto together with their assignees pursuant to Section 12.5 therein;

WHEREAS, pursuant to Sections 901(2) and 1405 of the Original Indenture, certain subsidiaries of the Issuer that became Lexington Credit Agreement Obligors in connection with the Original Credit Agreement became Subsidiary Guarantors pursuant to that Fifth Supplement Indenture dated as of June 9, 2009 among the Issuer, the Subsidiary Guarantors and the Trustee (the “Fifth Supplement Indenture”); 
WHEREAS, pursuant to Section 301 of the Original Indenture, the Issuer, the Subsidiary Guarantors and the Trustee established the terms of a series of Securities entitled the “6.00% Convertible Guaranteed Notes due 2030” of the Issuer in respect of which the Subsidiary Guarantors are guarantors (the “6.00% Notes”) pursuant to that Sixth Supplemental Indenture dated as of January 26, 2010 among the Issuer, the Subsidiary Guarantors and the Trustee (the “Sixth Supplement Indenture”); 
WHEREAS, the Issuer entered into that certain Amended and Restated Credit Agreement, dated as of January 13, 2012 (the “Amended and Restated Credit Agreement”), among the Issuer, Lepercq Corporate Income Fund L.P. (“LCIF”), and Lepercq Corporate Income Fund II L.P. (“LCIFII”), jointly and severally as borrowers, KeyBank National Association, as administrative agent (“KeyBank”), and each of the financial institutions initially a signatory thereto together with their assignees pursuant to Section 12.5 therein;
WHEREAS, on January 20, 2012, the Issuer repurchased all outstanding 5.45% Notes pursuant to a holder repurchase option and, as a result, the First Supplemental Indenture, the Second Supplemental Indenture and the Third Supplemental Indenture are of no further force and effect;
WHEREAS, pursuant to Sections 901(2) and 1405 of the Original Indenture, certain subsidiaries of the Issuer that became Lexington Credit Agreement Obligors in connection with the Amended and Restated Credit Agreement became Subsidiary Guarantors pursuant to that Seventh Supplement Indenture dated as of September 28, 2012 among the Issuer, the Subsidiary Guarantors and the Trustee (the “Seventh Supplement Indenture”); 
WHEREAS, the Issuer entered into that certain Second Amended and Restated Credit Agreement, dated as of February 12, 2013 (the “New Credit Agreement”), among the Issuer, LCIF, and LCIFII, jointly and severally as borrowers, KeyBank, as administrative agent, and each of the financial institutions initially a signatory thereto together with their assignees pursuant to Section 12.5 therein;
WHEREAS, the Issuer has delivered an Officers' Certificate to the Trustee designating the New Credit Agreement as the Lexington Credit Agreement under the Indenture;
WHEREAS, pursuant to Sections 901(2) and 1405 of the Original Indenture, certain subsidiaries of the Issuer that became Lexington Credit Agreement Obligors in connection with the New Credit Agreement became Subsidiary Guarantors pursuant to that Eighth Supplement Indenture dated as of February 13, 2013 among the Issuer, the Subsidiary Guarantors and the Trustee (the “Eighth Supplement Indenture”; and, together with the Original Indenture, the Fourth Supplement Indenture, the Fifth Supplement Indenture, the Sixth Supplement Indenture and the Seventh Supplement Indenture, the “Indenture”); 

WHEREAS, in connection with the New Credit Agreement and as of the date first set forth above, (1) the Subsidiaries of the Issuer listed on Exhibit A hereto, which were previously Subsidiary Guarantors, are no longer Lexington Credit Agreement Obligors (the “Released Subsidiary Guarantors”), (2) the Subsidiary Guarantors listed on Exhibit B hereto continue to be Lexington Credit Agreement Obligors (the “Existing Subsidiary Guarantors”), and (3) the Subsidiaries of the Issuer listed on Exhibit C hereto, which were not previously Subsidiary Guarantors, are now Lexington Credit Agreement Obligors (the “New Subsidiary Guarantors”);
WHEREAS, pursuant to Section 1404 of the Indenture, the Issuer has delivered an Officers' Certificate to the Trustee informing the Trustee of the termination of all of the obligations under the Lexington Credit Agreement of the Released Subsidiary Guarantors, which released such former Subsidiary Guarantors from all of their obligations under the Indenture and its Guarantee and such Guarantee has terminated;
WHEREAS, Section 1405 of the Indenture requires any Subsidiary of the Issuer that is organized in the United States, any of the States or the District of Columbia and that was not a Lexington Credit Agreement Obligor and becomes a Lexington Credit Agreement Obligor, the Issuer shall arrange for such Subsidiary to execute and deliver to the Trustee, a supplemental indenture pursuant to which such Subsidiary Guarantor shall fully, unconditionally and irrevocably guarantee, as primary obligor and not merely as surety, to each Holder of the Securities and the Trustee the full and punctual payment when due, whether at maturity, by acceleration, by redemption or otherwise, of the Obligations; and
WHEREAS, the Issuer, the Subsidiary Guarantors and the Trustee have duly authorized the execution and delivery of this instrument to amend the Indenture as set forth herein and have done all things necessary to make this instrument a valid agreement of the parties hereto, in accordance with its terms.
NOW, THEREFORE, in consideration of the premises and the covenants and agreements contained herein, and for other good and valuable consideration the receipt of which is hereby acknowledged, and for the equal and proportionate benefit of the Holders of the Notes, the Issuer, the Subsidiary Guarantors and the Trustee agree as follows:
ARTICLE ONE
DEFINITIONS
Section 1.1Definitions.  Capitalized terms used in this instrument and not otherwise defined herein shall have the meanings assigned to such terms in the Indenture.
ARTICLE TWO
NEW SUBSIDIARY GUARANTORS
Section 2.1    New Subsidiary Guarantors.  The New Subsidiary Guarantors fully, unconditionally and irrevocably guarantee, as primary obligor and not merely as surety, to each Holder of the Securities and the Trustee the full and punctual payment when due, whether at maturity, by acceleration, by redemption or otherwise, of the Obligations in accordance with the Indenture.

ARTICLE THREE
MISCELLANEOUS

Section 3.1    Relation to Original Indenture.  This Ninth Supplemental Indenture supplements the Indenture, and shall be a part and subject to all the terms thereof.  Except as supplemented hereby, all of the terms, provisions and conditions of the Indenture, and the Securities issued thereunder shall continue in full force and effect.

Section 3.2    Concerning the Trustee.  The Trustee shall not be responsible for any recital herein (other than as they appear and as they apply to the Trustee) as such recitals shall be taken as statements of the Issuer and the Subsidiary Guarantors, or the validity of the execution by the Issuer or the Subsidiary Guarantors of this Ninth Supplemental Indenture.  The Trustee makes no representations as to the validity or sufficiency of this instrument.

Section 3.3    Effect of Headings.  The Article and Section headings herein are for convenience of reference only and shall not affect the construction hereof.

Section 3.4    Counterparts.  This instrument may be executed in counterparts, each of which shall be deemed an original, but all of which shall together constitute one and the same instrument.

Section 3.5    Governing Law.  This instrument shall be governed by and construed in accordance with the laws of the State of New York.

[signature pages follow]

IN WITNESS WHEREOF, the parties hereto have caused this Ninth Supplemental Indenture to be duly executed as of the day and year first above written.
ISSUER:
	
			
	LEXINGTON REALTY TRUST, a Maryland real estate investment trust, as Issuer of the Notes

	By:
	/s/ Joseph S. Bonventre

	 
	Name:  Joseph S. Bonventre

	 
	Title:  Executive Vice President

EXISTING SUBSIDARY GUARANTORS:
LEPERCQ CORPORATE INCOME FUND L.P.,
a Delaware limited partnership, as a Subsidiary Guarantor
		
	By:
	Lex GP-1 Trust, its general partner, a Delaware statutory trust

	
		
	By:
	/s/ Joseph S. Bonventre

	 
	Name:  Joseph S. Bonventre

	 
	Title:  Vice President

LEPERCQ CORPORATE INCOME FUND II L.P.,
a Delaware limited partnership, as a Subsidiary Guarantor
		
	By:
	Lex GP-1 Trust, its general partner, a Delaware statutory trust

	
		
	By:
	/s/ Joseph S. Bonventre

	 
	Name:  Joseph S. Bonventre

	 
	Title:  Vice President

Lex GP-1 TRUST, a Delaware statutory trust,
as a Subsidiary Guarantor
	
		
	By:
	/s/ Joseph S. Bonventre

	 
	Name:  Joseph S. Bonventre

	 
	Title:  Vice President

LEX LP-1 TRUST, a Delaware statutory trust,
as a Subsidiary Guarantor
	
		
	By:
	/s/ Joseph S. Bonventre

	 
	Name:  Joseph S. Bonventre

	 
	Title:  Vice President

LEXINGTON REALTY ADVISORS, INC., a Delaware corporation, as a Subsidiary Guarantor
	
		
	By:
	/s/ Joseph S. Bonventre

	 
	Name:  Joseph S. Bonventre

	 
	Title:  Vice President

LSAC OPERATING PARTNERSHIP L.P., a Delaware limited partnership, as a Subsidiary Guarantor
		
	By:
	LSAC General Partner LLC, a Delaware limited liability company, its general partner

		
	By:
	LRA Manager Corp., a Delaware corporation, its manager

	
		
	By:
	/s/ Joseph S. Bonventre

	Name:  Joseph S. Bonventre

	Title:  Vice President

MLP UNIT PLEDGE L.P., a Delaware limited partnership, as a Subsidiary Guarantor
By: MLP Unit Pledge GP LLC, a Delaware limited liability company, its general partner
By:  LRA Manager Corp., a Delaware corporation, its manager
	
		
	By:
	/s/ Joseph S. Bonventre

	Name:  Joseph S. Bonventre

	Title:  Vice President

PHOENIX HOTEL ASSOCIATES LIMITED PARTNERSHIP, an Delaware limited partnership, as a Subsidiary Guarantor
By: Lepercq Corporate Income Fund II L.P., a Delaware limited partnership, its general partner
		
	By:
	Lex GP-1 Trust, its general partner, a Delaware statutory trust

	
		
	By:
	/s/ Joseph S. Bonventre

	Name:  Joseph S. Bonventre

	Title:  Vice President

LEXINGTON/LION VENTURE L.P., a Delaware limited partnership, as a Subsidiary Guarantor
By: LXP GP LLC, a Delaware limited liability company, its general partner
By:  LRA Manager Corp., a Delaware corporation, its manager
	
		
	By:
	/s/ Joseph S. Bonventre

	Name:  Joseph S. Bonventre

	Title:  Vice President

LRA MANAGER CORP. a Delaware corporation, as a Subsidiary Guarantor
	
		
	By:
	/s/ Joseph S. Bonventre

	Name:  Joseph S. Bonventre

	Title:  Vice President

Lexington Tennessee Holdings L.P., a Delaware limited partnership, as a Subsidiary Guarantor
		
	By: 
	Lex GP-1 Trust, its general partner, a Delaware statutory trust

	
		
	By:
	/s/ Joseph S. Bonventre

	Name:  Joseph S. Bonventre

	Title:  Vice President

Lex Chillicothe GP LLC 
Lexington Lakewood Manager LLC 
Lexington Millington Manager LLC 
Lexington Columbus GP LLC 
Lex Shreveport GP LLC 
Lex St. Joseph GP LLC 
Lexington Acquiport Company LLC 
Acquiport Winchester Manager LLC 
Acquiport 600 Manager LLC 
Acquiport 550 Manager LLC 
Lexington Waxahachie Manager LLC 
Lexington Acquiport Sierra LLC 
Lexington Southfield LLC 
Lexington TNI Westlake Manager LLC 
Lexington Bristol GP LLC 
Lexington Dulles Manager LLC 
Lexington Tampa GP LLC 
Lexington Bulverde Manager LLC 
Lexington Shelby GP LLC 
Lexington Olive Branch Manager LLC 
Lexington Florence Manager LLC 
Lexington Toy Trustee LLC 
Lexington Wallingford Manager LLC 
Lexington High Point Manager LLC 
Lex-Property Holdings LLC 
Lex GP Holding LLC 
Lex Westerville GP LLC 
Lexington Duncan Manager LLC 
Lexington Mlp Westerville Manager LLC 
LXP GP, LLC 
NK-ODW/Columbus Property Manager LLC 
NK-Lumberton Property Manager LLC 
NK-Cinn Hamilton Property Manager LLC 
Newkirk Gersant GP LLC
Lex Phoenix GP LLC 

Each, a Delaware limited liability company, as Subsidiary Guarantors

By: LRA Manager Corp., their Manager
	
		
	By:
	/s/ Joseph S. Bonventre

	 
	Name:  Joseph S. Bonventre

	 
	Title:  Vice President

Newkirk Jacway GP LLC
Newkirk Liroc GP LLC 
Newkirk Avrem GP LLC 
Newkirk Walando GP LLC 
Lexington Allen Manager LLC 
Lex Rock Hill GP LLC 
Lexington Lion Cary GP LLC 
Lexington Lion Plymouth GP LLC 
Lexington Collierville Manager LLC 
Lexington Louisville Manager LLC 
Lexington Lake Forest Manager LLC 
Lexington Centennial Manager LLC 
Newkirk MLP Unit LLC 
MLP Unit Pledge GP LLC 
LSAC General Partner LLC 
LSAC Crossville Manager LLC 
Lex Jessup GP LLC 
Newkirk Clifmar GP LLC 
Newkirk Salistown GP LLC 
Newkirk Dalhill GP LLC 
Newkirk Carolion GP LLC 
Newkirk Superwest GP LLC 
Newkirk Elway GP LLC 
Newkirk Johab GP LLC 
Newkirk Washtex GP LLC 
Newkirk Basot GP LLC 
Newkirk Lanmar GP LLC 
Newkirk JLE Way GP LLC 
Newkirk Altenn GP LLC 
Lexington Durham LLC 

Each, a Delaware limited liability company, as Subsidiary Guarantors
By: LRA Manager Corp., their Manager
	
		
	By:
	/s/ Joseph S. Bonventre

	 
	Name:  Joseph S. Bonventre

	 
	Title:  Vice President

Lex Missouri City GP LLC 
Lex Opelika GP LLC 
Lex Valdosta GP LLC 
Lexington American Way LLC 
Lexington Antioch Manager LLC 
Lexington Hampton LLC 
LSAC Oklahoma City Manager LLC 
LSAC Woodlands Manager LLC 
LMLP GP LLC 
Newkirk Croydon GP LLC 
Newkirk Denport GP LLC 
Newkirk Skoob GP LLC 
Newkirk Spokmont GP LLC 
NLSAF Mcdonough Manager LLC 
Triple Net Investment Company LLC 
Xel Florence GP LLC 
Acquiport Temperance LLC 
Acquiport Milford LLC 
Lexington Marshall LLC 
Lexington Palm Beach LLC 
Lexington OC LLC
Net 1 Phoenix L.L.C. 
Lexington Canton LLC 
Net 2 Hampton LLC 
Net 1 Henderson LLC 
Savannah Waterfront Hotel LLC
Lexington Fort Mill Manager LLC 
Acquiport Laurens LLC 
LSAC Eau Claire Manager LLC 
NLSAF Marshall GP LLC 
Lexington Minneapolis LLC 
Net 2 Cox LLC 
Lexington Livonia L.L.C. 

Each, a Delaware limited liability company, as Subsidiary Guarantors
By: LRA Manager Corp., their Manager
	
		
	By:
	/s/ Joseph S. Bonventre

	 
	Name:  Joseph S. Bonventre

	 
	Title:  Vice President

Lexington Glendale Manager LLC 
Lexington TNI Des Moines Manager LLC 
Lexington Foxboro I LLC 
Newkirk Elport GP LLC 
Newkirk Syrcar GP LLC 
NLSAF Jacksonville GP LLC 
Newkirk Bluff GP LLC 
Lex-Eastgar GP LLC 
LSAC Pascagoula Manager LLC 
NLSAF Tampa GP LLC 
Lex Eugene GP LLC

Each, a Delaware limited liability company, as Subsidiary Guarantors
By: LRA Manager Corp., their Manager
	
		
	By:
	/s/ Joseph S. Bonventre

	 
	Name:  Joseph S. Bonventre

	 
	Title:  Vice President

Lex Chillicothe L.P. 
By: Lex Chillicothe GP LLC, its general partner

Lexington Lakewood L.P. 
		
	By:
	Lexington Lakewood Manager LLC, its general partner 

Lexington Millington L.P. 
		
	By:
	Lexington Millington Manager LLC, its general partner 

Lexington Columbus L.P. 
By: Lexington Columbus GP LLC, its general partner 

Each, a Delaware limited partnership, as Subsidiary Guarantors
		
	By:
	LRA Manager Corp., Manager of the general partners

	
		
	By:
	/s/ Joseph S. Bonventre

	 
	Name:  Joseph S. Bonventre

	 
	Title:  Vice President

Lex Shreveport L.P. 
		
	By:
	Lex Shreveport GP LLC, its general partner 

Lex St. Joseph L.P. 
By: Lex St. Joseph GP LLC, its general partner 
Lexington Waxahachie L.P. 
By:  Lexington Waxahachie Manager LLC, its general partner 

Lexington Acquiport Colinas L.P. 
		
	By:
	Lexington Acquiport Sierra LLC, its general partner

Federal Southfield Limited Partnership 
By: Lexington Southfield LLC, its general partner

Lexington TNI Westlake L.P. 
		
	By:
	Lexington TNI Westlake Manager LLC, its general partner 

Lexington Bristol L.P. 
		
	By:
	Lexington Bristol GP LLC, its general partner 

Lexington Tampa L.P. 
		
	By:
	Lexington Tampa GP LLC, its general partner 

Lexington Bulverde L.P. 
		
	By:
	Lexington Bulverde Manager LLC, its general partner 

Lexington Shelby L.P. 
		
	By:
	Lexington Shelby GP LLC, its general partner 

Each, a Delaware limited partnership, as Subsidiary Guarantors
		
	By:
	LRA Manager Corp., Manager of the general partners

	
		
	By:
	/s/ Joseph S. Bonventre

	 
	Name:  Joseph S. Bonventre

	 
	Title:  Vice President

Lexington Toy Lynwood L.P. 
Lexington Toy Clackamas L.P. 
Lexington Toy Tulsa L.P. 
		
	Each By:
	Lexington Toys Trustee LLC, its general partner 

Lex Westerville L.P. 
By: Lex Westerville GP LLC, its general partner 

Lexington Duncan L.P. 
		
	By:
	Lexington Duncan Manager LLC, its general partner 

Lexington MLP Westerville L.P. 
By:  Lexington MLP Westerville Manager LLC, its general partner 

Newkirk Gersant L.P. 
		
	By:
	Newkirk Gersant GP LLC, its general partner 

Newkirk Jacway L.P. 
		
	By:
	Newkirk Jacway GP LLC, its general partner 

Newkirk Liroc L.P. 
		
	By:
	Newkirk Liroc GP LLC, its general partner 

Newkirk Avrem L.P. 
		
	By:
	Newkirk Avrem GP LLC, its general partner 

Newkirk Walando L.P. 
		
	By:
	Newkirk Walando GP LLC, its general partner 

Lex Pheonix L.P.
		
	By:
	Lex Phoenix GP LLC, its general partner

Each, a Delaware limited partnership, as Subsidiary Guarantors
		
	By:
	LRA Manager Corp., Manager of the general partners

	
		
	By:
	/s/ Joseph S. Bonventre

	 
	Name:  Joseph S. Bonventre

	 
	Title:  Vice President

Lexington Allen L.P. 
		
	By:
	Lexington Allen Manager LLC, its general partner 

Lex Rock Hill L.P. 
		
	By:
	Lex Rock Hill GP LLC, its general partner 

Lexington Lion Cary L.P. 
		
	By:
	Lexington Lion Cary GP LLC, its general partner 

Lexington Lion Plymouth L.P. 
		
	By:
	Lexington Lion Plymouth GP LLC, its general partner 

Lexington Collierville L.P. 
		
	By:
	Lexington Collierville Manager LLC, its general partner 

Lexington Louisville L.P. 
		
	By: 
	Lexington Louisville Manager LLC, its general partner 

Lexington Lake Forest L.P. 
		
	By:
	Lexington Lake Forest Manager LLC, its general partner 

LSAC Crossville L.P. 
		
	By:
	LSAC Crossville Manager LLC, its general partner 

Lex Jessup L.P. 
By: Lex Jessup GP LLC, its general partner 

Each, a Delaware limited partnership, as Subsidiary Guarantors
		
	By:
	LRA Manager Corp., Manager of the general partners

	
		
	By:
	/s/ Joseph S. Bonventre

	 
	Name:  Joseph S. Bonventre

	 
	Title:  Vice President

Newkirk Clifmar L.P. 
By: Newkirk Clifmar GP LLC, its general partner 

Newkirk Salistown L.P. 
By: Newkirk Salistown GP LLC, its general partner 

Newkirk Dalhill L.P. 
By: Newkirk Dalhill GP LLC, its general partner 

Newkirk Carolion L.P. 
By: Newkirk Carolion GP LLC, its general partner 

Newkirk Superwest L.P. 
By: Newkirk Superwest GP LLC, its general partner 

Newkirk Elway L.P. 
By: Newkirk Elway GP LLC, its general partner
Newkirk Johab L.P. 
By: Newkirk Johab GP LLC, its general partner 

Newkirk Washtex L.P. 
By: Newkirk Washtex GP LLC, its general partner 

Newkirk Basot L.P. 
By: Newkirk Basot GP LLC, its general partner 

Newkirk Lanmar L.P. 
By: Newkirk Lanmar GP LLC, its general partner 

Newkirk JLE Way L.P. 
By: Newkirk JLE Way GP LLC, its general partner 

Each, a Delaware limited partnership, as Subsidiary Guarantors
By: LRA Manager Corp., Manager of the general partners
	
		
	By:
	/s/ Joseph S. Bonventre

	 
	Name:  Joseph S. Bonventre

	 
	Title:  Vice President

Newkirk Altenn L.P. 
		
	By:
	Newkirk Altenn GP LLC, its general partner 

LSAC Eau Clarie L.P. 
		
	By:
	LSAC Eau Claire Manager LLC, its general partner 

NLSAF Marshall L.P. 
By: NLSAF Marshall GP LLC, its general partner 

Lexington TNI Des Moines L.P. 
		
	By:
	Lexington TNI Des Moines Manager LLC, its general partner 

Newkirk Elport L.P. 
		
	By:
	Newkirk Elport GP LLC, its general partner 

Newkirk Syrcar L.P. 
		
	By:
	Newkirk Syrcar GP LLC, its general partner 

NLSAF Jacksonville L.P. 
		
	By:
	NLSAF Jacksonville GP LLC, its general partner 

Newkirk Bluff L.P. 
		
	By:
	Newkirk Bluff GP LLC, its general partner 

Lex-Eastgar L.P. 
		
	By:
	Lex-Eastgar GP LLC, its general partner 

LSAC Pascagoula L.P. 
		
	By:
	LSAC Pascagoula Manager LLC, its general partner 

NLSAF Tampa L.P. 
		
	By:
	NLSAF Tampa GP LLC, its general partner 

Each, a Delaware limited partnership, as Subsidiary Guarantors
By: LRA Manager Corp., Manager of the general partners
	
		
	By:
	/s/ Joseph S. Bonventre

	 
	Name:  Joseph S. Bonventre

	 
	Title:  Vice President

Lexington Durham Limited Partnership 
		
	By:
	Lexington Durham LLC, its sole general partner 

Lex Eugene L.P. 
		
	By:
	Lex Eugene GP LLC, its general partner 

Lex Missouri City L.P. 
		
	By:
	Lex Missouri City GP LLC, its general partner 

Lex Opelika L.P. 
		
	By:
	Lex Opelika GP LLC, its general partner 

Lex Valdosta L.P. 
		
	By:
	Lex Valdosta GP LLC, its general partner 

LSAC Oklahoma City L.P. 
		
	By:
	LSAC Oklahoma City Manager LLC, its general partner 

LSAC Woodlands L.P. 
		
	By:
	LSAC Woodlands Manager LLC, its general partner 

Newkirk Croydon L.P. 
		
	By:
	Newkirk Croydon GP LLC, its general partner 

Newkirk Denport L.P. 
		
	By:
	Newkirk Denport GP LLC, its general partner 

Newkirk Skoob L.P. 
		
	By:
	Newkirk Skoob GP LLC, its general partner 

Each, a Delaware limited partnership, as Subsidiary Guarantors
		
	By:
	LRA Manager Corp., Manager of the general partners

	
		
	By:
	/s/ Joseph S. Bonventre

	 
	Name:  Joseph S. Bonventre

	 
	Title:  Vice President

Newkirk Spokmont L.P. 
		
	By:
	Newkirk Spokmont GP LLC, its general partner 

NLSAF Mcdonough L.P. 
		
	By:
	NLSAF McDonough Manager LLC, its general partner 

Xel Florence L.P. 
		
	By:
	Xel Florence GP LLC, its general partner 

Net Lease Strategic Assets Fund L.P. 
		
	By:
	LMLP GP LLC, its general partner

Each, a Delaware limited partnership, as Subsidiary Guarantors
		
	By:
	LRA Manager Corp., Manager of the general partners

	
		
	By:
	/s/ Joseph S. Bonventre

	 
	Name:  Joseph S. Bonventre

	 
	Title:  Vice President

Acquiport Winchester LLC 
		
	By:
	Acquiport Winchester Manager LLC, its sole member 

Acquiport Lake Mary 600 LLC 
		
	By:
	Acquiport 600 Manager LLC, its sole member 

Acquiport Lake Mary 550 LLC 
		
	By:
	Acquiport 550 Manager LLC, its sole member 

Each, a Delaware limited liability company, as Subsidiary Guarantors
		
	By:
	LRA Manager Corp., Manager of the general partners

	
		
	By:
	/s/ Joseph S. Bonventre

	 
	Name:  Joseph S. Bonventre

	 
	Title:  Vice President

Lexington Dulles LLC 
		
	By:
	Lexington Dulles Manager LLC, its sole member 

Lexington Olive Branch LLC 
		
	By: 
	Lexington Olive Branch Manager LLC, its sole member 

Lexington Florence LLC 
		
	By:
	Lexington Florence Manager LLC, its sole member 

Lexington Wallingford LLC 
		
	By:
	Lexington Wallingford Manager LLC, its sole member 

Lexington High Point LLC 
		
	By:
	Lexington High Point Manager LLC, its sole member 

Lexington Fort Mill LLC 
		
	By:
	Lexington Fort Mill Manager LLC, its sole member 

NK-ODW/Columbus Property LLC 
By:  NK-ODW/Columbus Property Manager LLC, its sole member 

NK-Lumberton Property LLC 
		
	By:
	NK-Lumberton Property Manager LLC, its sole member 

NK-Cinn Hamilton Property LLC 
By: NK-CINN Hamilton Property Manager LLC, its sole member

Each, a Delaware limited liability company, as Subsidiary Guarantors
		
	By:
	LRA Manager Corp., Manager of the general partners

	
		
	By:
	/s/ Joseph S. Bonventre

	 
	Name:  Joseph S. Bonventre

	 
	Title:  Vice President

Lexington Centennial LLC 
		
	By:
	Lexington Centennial Manager LLC, its general partner 

Lexington Glendale LLC 
		
	By:
	Lexington Glendale Manager LLC, its sole member 

Lexington Antioch LLC 
		
	By:
	Lexington Antioch Manager LLC, its sole member

Each, a Delaware limited liability company, as Subsidiary Guarantors
By: LRA Manager Corp., Manager of the general partners
	
		
	By:
	/s/ Joseph S. Bonventre

	 
	Name:  Joseph S. Bonventre

	 
	Title:  Vice President

NEW SUBSIDIARY GUARANTORS:
Acquiport Brea Manager LLC
Lexington TNI Irving Manager LLC
Lexington Gears Manager LLC
Lexington Tempe Manager LLC
Lexington Memphis (JVF) Manager LLC
Lexington Las Vegas (VEGPOW) Manager LLC
Lexington Columbus (Jackson Street) Manager LLC
Lex Houston GP LLC
Lexington Knoxville Manager LLC
Lexington Foxboro II LLC

Each, a Delaware limited liability company, as New Guarantors

By:  LRA Manager Corp., a Delaware corporation, their manager
	
		
	By:
	/s/ Joseph S. Bonventre

	 
	Name:  Joseph S. Bonventre

	 
	Title:  Vice President

Acquiport Brea L.P.
By:  Acquiport Brea Manager LLC, its general partner

Lexington TNI Irving L.P.
By:  Lexington TNI Irving Manager LLC, its general partner

Lexington Gears L.P.
By:  Lexington Gears Manager LLC, its general partner

Lexington Tempe L.P.
		
	By:
	Lexington Tempe Manager LLC, its general partner

Lex Houston L.P.
		
	By:
	Lex Houston GP LLC, its general partner

Lexington Columbus (Jackson Street) L.P.
		
	By:
	Lexington Columbus (Jackson Street)  Manager LLC, its general partner

Lexington Las Vegas (VEGPOW) L.P.
		
	By:
	Lexington Las Vegas (VEGPOW) Manager LLC, its general partner

Lexington Memphis (JVF) L.P.
		
	By:
	Lexington Memphis (JVF) Manager LLC, its general partner

Each, a Delaware limited partnership, as New Guarantors
    
		
	By:
	LRA Manager Corp., a Delaware corporation, manager of the general partners

    
	
		
	By:
	/s/ Joseph S. Bonventre

	 
	Name:  Joseph S. Bonventre

	 
	Title:  Vice President

Lexington Knoxville LLC, a Delaware limited liability company, as a New Guarantor
By:  Lexington Knoxville Manager LLC, its member

		
	By:
	LRA Manager Corp., a Delaware corporation, manager of the member

    
	
		
	By:
	/s/ Joseph S. Bonventre

	 
	Name:  Joseph S. Bonventre

	 
	Title:  Vice President

TRUSTEE:

U.S. BANK NATIONAL ASSOCIATION,
as Trustee
	
		
	By:
	/s/ William G. Keenan

	 
	Name: William G. Keenan

	 
	Title:  Vice President

Exhibit A

Released Subsidiary Guarantors

	
	
	Lexington Spartanburg LLC

	Lexington Honolulu L.P.

	Lexington Honolulu Manager LLC

Exhibit B

Existing Subsidiary Guarantors

	
	
	Lepercq Corporate Income Fund L.P.

	Lepercq Corporate Income Fund II L.P.

	Lex GP-1 Trust

	Lex LP-1 Trust

	Lexington Olive Branch Manager LLC

	Lexington Realty Advisors, Inc.

	Lexington Southfield LLC

	Lexington Waxahachie Manager LLC

	Lex GP Holding LLC

	Lexington Collierville Manager LLC

	Lexington Duncan Manager LLC

	Lexington Florence Manager LLC

	Lexington Fort Street Trustee LLC

	Lexington Honolulu Manager LLC

	Lexington MLP Westerville Manager LLC

	Lexington Toy Trustee LLC

	Lex-Property Holdings LLC

	LSAC Crossville Manager LLC

	LSAC General Partner LLC

	LSAC Operating Partnership L.P.

	MLP Unit Pledge GP LLC

	MLP Unit Pledge L.P.

	Newkirk Altenn GP LLC

	Newkirk Avrem GP LLC

	Newkirk Basot GP LLC

	Newkirk Carolion GP LLC

	Newkirk Clifmar GP LLC

	Newkirk Dahill GP LLC

	Newkirk Elway GP LLC

	Newkirk Gersant GP LLC

	Newkirk Jacaway GP LLC

	Newkirk JLE WAY GP LLC

	Newkirk Johab GP LLC

	Newkirk Lanmar GP LLC

	Newkirk Liroc GP LLC

	Newkirk MLP Unit LLC

	Newkirk Salistown GP LLC

	Newkirk Sunway GP LLC

	
	
	Newkirk Superwest GP LLC

	Newkirk Walando GP LLC

	Newkirk Washtex GP LLC

	NK-Cinn Hamilton Property Manager LLC

	Lexington Acquiport Company, LLC

	Acquiport 550 Manager LLC

	Acquiport 600 Manager LLC

	Acquiport Winchester Manager LLC

	Lexington Columbus GP LLC

	Lexington Millington Manager LLC

	Lexington Lakewood Manager LLC

	Lex Chillicothe GP LLC

	Lexington Durham LLC (formerly Lexington Durham, Inc.)

	Lexington Acquiport Sierra LLC

	Lexington TNI Westlake Manager LLC

	Phoenix Hotel Associates Limited Partnership

	Lexington Bristol GP LLC

	Lexington Dulles Manager LLC

	Lexington Tampa GP LLC

	Lexington Bulverde Manager LLC

	Lexington Shelby GP LLC

	LXP GP LLC

	Lexington/Lion Venture L.P.

	Lex Westerville GP LLC

	Lexington High Point Manager LLC

	Lexington Wallingford Manager LLC

	Lexington Lake Forest Manager LLC

	Lexington Louisville Manager LLC

	NK-ODW/Columbus Property Manager LLC

	NK-Lumberton Property Manager LLC

	Lexington Allen Manager LLC

	Lex Rock Hill GP LLC

	Lexington Lion Cary GP LLC

	Lexington Centennial Manager LLC

	Lexington Lion Plymouth GP LLC

	Lex Jessup GP LLC

	Lex Shreveport GP LLC

	Lex St. Joseph GP LLC

	LRA Manager Corp.

	Lexington Tennessee Holdings L.P.

	Acquiport Temperance LLC

	
	
	Acquiport Milford LLC

	Lexington Marshall LLC

	Lexington Palm Beach LLC

	Lexington OC LLC

	Net 1 Phoenix L.L.C.

	Lexington Canton LLC

	Net 2 Hampton LLC

	Net 1 Henderson LLC

	Savannah Waterfront Hotel LLC

	Lexington Fort Mill LLC

	Lexington Fort Mill Manager LLC

	Acquiport Laurens LLC

	LSAC Eau Clarie L.P.

	LSAC Eau Claire Manager LLC

	NLSAF Marshall L.P.

	NLSAF Marshall GP LLC

	Lexington Minneapolis LLC

	Net 2 Cox LLC

	Lexington Livonia L.L.C.

	Lexington Glendale LLC

	Lexington Glendale Manager LLC

	Lexington TNI Des Moines L.P.

	Lexington TNI Des Moines Manager LLC

	Lexington Foxboro I LLC

	Newkirk Elport L.P.

	Newkirk Elport GP LLC

	Newkirk Syrcar L.P.

	Newkirk Syrcar GP LLC

	NLSAF Jacksonville L.P.

	NLSAF Jacksonville GP LLC

	Newkirk Bluff L.P.

	Newkirk Bluff GP LLC

	Lex-Eastgar L.P.

	Lex-Eastgar GP LLC

	LSAC Pascagoula L.P.

	LSAC Pascagoula Manager LLC

	NLSAF Tampa L.P.

	NLSAF Tampa GP LLC

	Lex Eugene L.P.

	Lex Eugene GP LLC

	Lex Missouri City L.P.

	
	
	Lex Missouri City GP LLC

	Lex Opelika L.P.

	Lex Opelika GP LLC

	Lex Valdosta L.P.

	Lex Valdosta GP LLC

	Lexington American Way LLC

	Lexington Antioch LLC

	Lexington Antioch Manager LLC

	Lexington Hampton LLC

	LSAC Oklahoma City L.P.

	LSAC Oklahoma City Manager LLC

	LSAC Woodlands L.P.

	LSAC Woodlands Manager LLC

	Net Lease Strategic Assets Fund L.P.

	LMLP GP LLC

	Newkirk Croydon L.P.

	Newkirk Croydon GP LLC

	Newkirk Denport L.P.

	Newkirk Denport GP LLC

	Newkirk Skoob L.P.

	Newkirk Skoob GP LLC

	Newkirk Spokmont L.P.

	Newkirk Spokmont GP LLC

	NLSAF McDonough L.P.

	NLSAF McDonough Manager LLC

	Triple Net Investment Company LLC

	Xel Florence L.P.

	Xel Florence GP LLC

	Lex Chillicothe L.P.

	Lexington Lakewood L.P.

	Lexington Millington L.P.

	Lexington Columbus L.P.

	Lex Shreveport L.P.

	Lex St. Joseph L.P.

	Acquiport Winchester LLC

	Acquiport Lake Mary 600 LLC

	Acquiport Lake Mary 550 LLC

	Lexington Waxahachie L.P.

	Lexington Acquiport Colinas L.P.

	Federal Southfield Limited Partnership

	Lexington TNI Westlake L.P.

	
	
	Lexington Bristol L.P.

	Lexington Dulles LLC

	Lexington Tampa L.P.

	Lexington Bulverde L.P.

	Lexington Shelby L.P.

	Lexington Olive Branch LLC

	Lexington Florence LLC

	Lexington Honolulu L.P.

	Lexington Toy Lynwood L.P.

	Lexington Toy Clackamas L.P.

	Lexington Toy Tulsa L.P.

	Lexington Wallingford LLC

	Lexington High Point LLC

	Lex Westerville L.P.

	Lexington Duncan L.P.

	Lexington MLP Westerville L.P.

	NK-ODW/Columbus Property LLC

	NK-Lumberton Property LLC

	NK-CINN Hamilton Property LLC

	Newkirk Gersant L.P.

	Newkirk Jacway L.P.

	Newkirk Liroc L.P.

	Newkirk Avrem L.P.

	Newkirk Walando L.P.

	Lexington Allen L.P.

	Lex Rock Hill L.P.

	Lexington Lion Cary L.P.

	Lexington Lion Plymouth L.P.

	Lexington Collierville L.P.

	Lexington Louisville L.P.

	Lexington Lake Forest L.P.

	Lexington Centennial LLC

	LSAC Crossville L.P.

	Lex Jessup L.P.

	Newkirk Clifmar L.P.

	Newkirk Salistown L.P.

	Newkirk Dalhill L.P.

	Newkirk Carolion L.P.

	Newkirk Superwest L.P.

	Newkirk Elway L.P.

	Newkirk Johab L.P.

	
	
	Newkirk Washtex L.P.

	Newkirk Basot L.P.

	Newkirk Lanmar L.P.

	Newkirk JLE Way L.P.

	Newkirk Altenn L.P.

	Lexington Durham Limited Partnership

	Lex Phoenix L.P.

	Lex Phoenix GP LLC

Exhibit C

New Subsidiary Guarantors

Acquiport Brea Manager LLC
Acquiport Brea L.P.
Lexington TNI Irving Manager LLC
Lexington TNI Irving L.P.
Lexington Gears Manager LLC
Lexington Gears L.P.
Lexington Tempe Manager LLC
Lexington Tempe L.P.
Lexington Memphis (JVF) Manager LLC
Lexington Memphis (JVF) L.P.
Lexington Las Vegas (VEGPOW) Manager LLC
Lexington Las Vegas (VEGPOW) L.P.
Lexington Columbus (Jackson Street) Manager LLC
Lexington Columbus (Jackson Street) L.P.
Lex Houston GP LLC
Lex Houston L.P.
Lexington Knoxville Manager LLC
Lexington Knoxville LLC
Lexington Foxboro II LLC

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