Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On
Among other things, the Form of Restricted Share Agreement contains the following key features:
•Generally. The Form of Restricted Share Agreement grants to an employee of the
Trust (the "RSA Participant") common shares of the Trust with a par value of
•Vesting Provisions. One-third of the granted restricted shares shall vest and
become fully vested on
•Rights as Shareholder. The RSA Participant shall have all rights of a shareholder with respect to the restricted shares for record dates occurring on or after the applicable date of the Form of Restricted Share Agreement and prior to the date of any such restricted shares are forfeited in accordance with the Form of Restricted Share Agreement.
Among other things, the Form of Nonvested Share Agreement contains the following key features:
•Generally. The Form of Nonvested Share Agreement grants to an employee of the
Trust (the "NSA Participant") common shares of the Trust with a par value of
•Vesting Provisions. The Performance Company Shares shall vest and become fully
vested after a pre-defined period (the "End Date"), only if and to the extent
(i) the NSA Participant remains in continuous service from the effective date
through the End Date (the "Performance Period"), and (ii) the Trust attains
during the Performance Period the applicable performance goals based on the
Trust's relative return compared to a specified index and a specified peer
group, to be determined by the Compensation Committee and set forth on Appendix
A to the actual Nonvested Share Agreement as determined by the Compensation
Committee within thirty (30) days following the End Date. Vesting shall occur
only pursuant to the performance conditions, as set forth in Appendix A to the
actual Nonvested Share Agreement and as determined by the Compensation Committee
in its sole and absolute discretion. The Performance Company Shares which do not
vest following the Performance Period shall immediately and without notice be
forfeited and the NSA Participant shall have no rights with respect to such
Performance Company Shares. One-third of the Restricted Shares shall vest and
become fully vested on
•Rights as Shareholder. The NSA Participant shall have all rights of a
shareholder with respect to the Nonvested Company Shares for record dates
occurring on or after the applicable date of the Form of Nonvested Share
Agreement and prior to the date any such Nonvested Company Shares are forfeited
in accordance with the Form of Nonvested Share Agreement, except that any and
all dividends or distributions with respect to the Nonvested Company Shares
declared prior to vesting (if any) at the expiration of the applicable
Performance Period shall be held by the
The foregoing descriptions of the Form of Restricted Share Agreement and Form of Nonvested Share Agreement are subject to and qualified in their entirety by reference to the full text of each of the Form of Restricted Share Agreement and Form of Nonvested Share Agreement, copies of which are attached hereto as Exhibits 10.1 and 10.2, respectively, and incorporated herein by reference.
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Item 9.01. Financial Statements and Exhibits. (d) Exhibits 10.1 Form of LXP Industrial Trust Restricted Share Agreement 10.2 Form of LXP Industrial Trust Nonvested Share Agreement 104 Cover Page Interactive Data File (embedded within the XBRL document)
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