Unassociated Document
SECURITIES
AND EXCHANGE COMMISSION
Washington,
DC 20549
FORM
8-K
Current
Report Pursuant
to
Section 13 or 15(d) of the
Securities
Exchange Act of 1934
Date of
report (Date of earliest event reported): January 15, 2010
LEXINGTON REALTY TRUST
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(Exact
Name of Registrant as Specified in Its Charter)
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Maryland
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1-12386
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13-3717318
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(State
or Other Jurisdiction
of
Incorporation)
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(Commission
File Number)
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(IRS
Employer Identification
Number)
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One Penn Plaza, Suite 4015, New York, New
York
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10119-4015
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(Address
of Principal Executive Offices)
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(Zip
Code)
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(212)
692-7200
(Registrant's
Telephone Number, Including Area Code)
(Former
Name or Former Address, if Changed Since Last Report)
Check the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligations of the registrant under any of the following
provisions
o Written communications
pursuant to Rule 425 under the Securities Act (17 CFT|R 230.425)
o Soliciting material
pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
o Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
Item
5.02. Departure of Directors or Certain Officers;
Election of Directors; Appointment of Certain Officers; Compensatory
Arrangements of Certain Officers.
Employment
Agreements
On
January 15, 2010, Lexington Realty Trust (the "Trust") entered into separate
Employment Agreements (each an "Employment Agreement" and collectively, the
"Employment Agreements") with each of E. Robert Roskind, the Trust’s Chairman,
T. Wilson Eglin, the Trust’s Chief Executive Officer, President and Chief
Operating Officer, Richard J. Rouse, the Trust’s Vice Chairman and Chief
Investment Officer, and Patrick Carroll, the Trust’s Executive Vice President,
Chief Financial Officer and Treasurer (collectively, the
"Executives").
The
Employment Agreements have a two year term, do not automatically renew and
provide for severance payments upon the occurrence of (i) a termination of
employment by the Trust without cause (as defined in the Employment Agreements),
(ii) a termination of employment by the Executive with good reason (as defined
in the Employment Agreements) or (iii) a termination of employment either (x) by
the Trust without cause or (y) by the Executive with good reason, in each case
within 12 months of a change in control (as defined in the Employment
Agreement). Severance pay includes (i) two and one half (2.5) times
the sum of base salary and the average of the last two annual cash incentive
awards granted for T. Wilson Eglin and (ii) two (2) times the sum of base salary
and the average of the last two annual cash incentive awards granted for the
other Executives.
Attached
as Exhibit 10.1 to this Current Report on Form 8-K is a copy of the form of
Employment Agreements. The description of the Employment Agreement
does not purport to be complete and is qualified in their entirety by reference
to the copy attached as an exhibit.
Item
8.01. Other Events.
Attached
as Exhibit 99.1 to this Current Report on Form 8-K is the Trust’s January 8,
2010 press release regarding activity during the fourth quarter of
2009. The Trust is in the process of evaluating the impact of those
activities on its financial statements and operations and expects that certain
of the dispositions described in the press release and other events will result
in non-cash impairment charges similar to the types taken during the first three
quarters of 2009. The Trust has not yet determined the amount of the
impairment charges as it is still in the midst of its normal process of
assessing its results for the year-end; however, the Trust believes that the
impairment charges could be material in amount.
The
information furnished pursuant to this “Item 8.01 Other Events,” including
Exhibit 99.1, shall not be deemed to be “filed” for the purposes of Section 18
of the Securities Exchange Act of 1934, as amended, or otherwise subject to the
liabilities under that section and shall not be deemed to be incorporated by
reference into any of our filings under the Securities Act of 1933, as amended,
or the Exchange Act, regardless of any general incorporation language in such
filing.
Item
9.01. Financial Statements and Exhibits.
(d)
Exhibits
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10.1
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Form
of Employment Agreements with each of E. Robert Roskind, T. Wilson Eglin,
Richard J. Rouse and Patrick
Carroll
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99.1
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Press
Release issued January 8, 2010
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SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, each registrant has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
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Lexington Realty
Trust |
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Date:
January 20, 2010
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By:
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/s/
T. Wilson Eglin |
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T.
Wilson Eglin |
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Chief
Executive Officer |
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Exhibit
Index
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10.1
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Form
of Employment Agreements with each of E. Robert Roskind, T. Wilson Eglin,
Richard J. Rouse and Patrick
Carroll
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99.1
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Press
Release issued January 8, 2010
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