Document:

EX-10.4

Exhibit 10.4

	 	 	 
	 

	 	Lexington Realty Trust
	 

	 	TRADED: NYSE: LXP
	 

	 	One Penn Plaza, Suite 4015
	 

	 	New York NY 10119-4015

Contact at Lexington Realty Trust

T. Wilson Eglin, Chief Executive Officer

Investor or Media Inquiries

Phone: (212) 692-7200 E-mail: tweglin@lxp.com

 

FOR IMMEDIATE RELEASE

October 28, 2008

LEXINGTON REALTY TRUST ANNOUNCES

FORWARD PURCHASE BY LEXINGTON OF 3.5 MILLION OF ITS COMMON SHARES

AND ACQUISITION BY VORNADO REALTY TRUST AND WINTHROP REALTY TRUST

OF A TOTAL OF 11.5 MILLION LEXINGTON COMMON SHARES

New York, NY — October 28, 2008 — Lexington Realty Trust (NYSE:LXP) today announced that
Lexington agreed to the forward purchase of 3.5 million of its common shares, and an affiliate of
Vornado Realty Trust agreed to purchase 8.0 million common shares of Lexington and an affiliate of
Winthrop Realty Trust agreed to purchase 3.5 million common shares of Lexington, each for $5.60 per
share. The common shares were previously held by AP LXP Holdings LLC, an affiliate of Apollo Real
Estate Advisors III, L.P. The settlements of the purchases are expected to occur on or about
October 30, 2008.

In connection with the forward purchase, Lexington has prepaid 50% of the forward purchase price
and will make floating payments during the term of the forward purchase at LIBOR plus 250 basis
points per annum. The forward purchase contract is required to be settled no later than October
2011. Lexington may settle the contract by paying the balance of the purchase price and receiving
the underlying shares. Alternatively, under certain conditions Lexington may elect to net-settle
the contract either in cash or in shares.

In connection with the purchases, each of Vornado and Winthrop has arranged for interest-only
financing at 50% of the purchase price of the common shares purchased, which financing bears
interest at floating LIBOR plus 250 basis points per annum, matures in October 2011 and is secured
by the common shares purchased by the holder.

About Lexington Realty Trust

Lexington Realty Trust is a real estate investment trust that owns, invests in, and manages office,
industrial and retail properties net-leased to major corporations throughout the United States and
provides investment advisory and asset management services to investors in the net lease area.
Lexington shares are traded on the New York Stock Exchange under the symbol “LXP”. Additional
information about Lexington is available on-line at
http://www.lxp.com or by
contacting Lexington Realty Trust, Investor Relations, One Penn Plaza, Suite 4015, New York, New
York 10119-4015.

This release contains certain forward-looking statements which involve known and unknown risks,
uncertainties or other factors not under Lexington’s control which may cause actual results,
performance or achievements of Lexington to be materially different from the results, performance,
or other expectations implied by these forward-looking statements. Factors that could cause or
contribute to such differences include, but are not limited to, those discussed under the headings
“Management’s Discussion and Analysis of Financial Condition and Results of Operations” and

 

 

	 	 	 	 	 
	Lexington Realty Trust	 	Page 2 of 2

“Risk Factors” in Lexington’s most recent annual report on Form 10-K filed with the Securities and
Exchange Commission (“ SEC”) on February 29, 2008 and other periodic reports filed with the SEC,
including risks related to: (1) the receipt of trade confirmations and settlement of the trades
described above, and (2) the consummation of the financing described above. Lexington can provide
no assurances that the trades and financing described above will be consummated on the terms
described above or at all. Copies of the periodic reports Lexington files with the SEC are
available on Lexington’s website at www.lxp.com. Forward-looking statements, which are
based on certain assumptions and describe the Lexington’s future plans, strategies and
expectations, are generally identifiable by use of the words “believes,” “expects,” “intends,”
“anticipates,” “estimates,” “projects”, “is optimistic” or similar expressions. Lexington
undertakes no obligation to publicly release the results of any revisions to those forward-looking
statements which may be made to reflect events or circumstances after the occurrence of
unanticipated events. Accordingly, there is no assurance that Lexington’s expectations will be
realized.

Source: Lexington Realty TrustEX-10.1

EXHIBIT 10.2 

FORM OF RETENTION PLAN AGREEMENT 

TO:       <Employee Name>

DATE: July 15, 2008

 

Dear <Employee Name>:

Thank you for your dedicated service and commitment to Vion Pharmaceuticals, Inc. (the “Company”).
As you are aware the next six to twelve months are critical to the Company, as we continue to
finalize our approval strategy for Cloretazine®. In order to encourage your continued dedication
and focus during this time, we have made certain enhancements to your 2008 bonus opportunity and
your 2009 severance protections, as summarized below.

2008 Bonus Changes. Your 2008 bonus will no longer be contingent upon the Company’s filing an NDA
on a certain date. However, our objective continues to be to file the NDA as soon as possible. You will have an
enhanced 2008 bonus opportunity of $                    . The bonus will be payable in three installments,
according to the following schedule, subject only to your continuous employment with the Company
through the applicable bonus payment date:

	 	 	 
	Bonus Payment Date:	 	Amount:
	September 30, 2008

	 	$___ (20% of your bonus)
	November 30, 2008

	 	$___ (30% of your bonus)
	January 31, 2009

	 	$___ (50% of your bonus)

If your employment with the Company terminates before a bonus payment date, you will not be
eligible to receive any remaining bonus payments.

2009 Severance Changes. If, during 2008 or 2009, your employment with the Company is terminated by
the Company without “cause” (as defined below) or following a Change of Control of the Company, you
shall be entitled to receive a lump sum payment of $                     (equivalent to ___% of your base
salary). Such payment shall be in lieu of any other severance arrangement you currently have with
the Company. If you have an existing change-of-control severance agreement with the Company which
entitles you to benefits and payment of a greater amount, you shall be entitled to receive such
greater amount and benefits instead.

As used in the foregoing paragraph:

“Cause” shall mean (a) your failure to perform in any material respect (i) the duties of your
position, including special projects and assignments, after notice and a reasonable opportunity
to correct performance; (ii) in accordance with the Company’s policies and procedures ; (b) your
commission of a crime which has a material impact on your ability to perform the duties of your
position; (c) your gross negligence or willful misconduct in the commission of your duties for
the Company, all as determined by the Company’s Board of Directors in its discretion.

 

 

A “Change of Control” shall be deemed to have occurred if:

          (a) any “person”, as such term is used in Sections 13(d) and 14(d) of the Securities
and Exchange Act of 1934, as amended (the “Exchange Act”) (other than the Company, any
trustee or other fiduciary holding securities under an employee benefit plan of the Company,
or any corporation owned directly or indirectly, by the stockholders of the Company in
substantially the same proportions as their ownership of stock of the Company), is or
becomes the “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act), directly
or indirectly, of securities of the Company representing 30 percent or more of the combined
voting power of the Company’s then outstanding securities;

          (b) during any period of two consecutive years, individuals who at the beginning of
such period constitute the Board, and any new director (other than a director designated by
a person who has entered into an agreement with the Company to effect a transaction
described in clause (a), (c) or (d) of this subsection) whose election by the Board or
nomination for election by the company’s stockholders was approved by a vote of at least
two-thirds (2/3) of the directors then still in office who either were directors at the
beginning of the period or whose election or nomination for election was previously so
approved, cease for any reason to constitute at least a majority thereof;

          (c) the stockholders of the Company approve a merger or consolidation of the Company
with any other corporation, other than (I) a merger or consolidation which would result in
the voting securities of the Company outstanding immediately prior thereto continuing to
represent (either by remaining outstanding or by being converted into voting securities of
the surviving entity) more than 70 percent of the combined voting power of the voting
securities of the Company or such surviving entity outstanding immediately after such merger
or consolidation or (II) a merger or consolidation effected to implement a recapitalization
of the Company (or similar transaction)in which no “person” (as herein above defined)
acquires more than 30 percent of the combined voting power of the Company’s then outstanding
securities; or

          (d) the stockholders of the Company approve a plan of complete liquidation of the
Company or an agreement for the sale or disposition by the Company of all or substantially
all of the Company’s assets.

Miscellaneous. All bonus and severance payments are subject to applicable tax withholding. This
letter does not guarantee or imply any right to continued employment for any period and does not
constitute an employment contract.

We value your efforts and look forward to your continued contribution.

	 	 	 	 	 
	 	Very truly yours,

 	 
	 	/s/ Alan Kessman
 	 
	 	Alan Kessman	 
	 	Chief Executive Officer 	 
	 

cc: Personnel File

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