LXP Industrial Trust filed SEC Form 8-K: Leadership Update, Financial Statements and Exhibits
$LXP
Real Estate Investment Trusts
Real Estate
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 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): March 1, 2025
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Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Effective March 1, 2025, Nathan Brunner, age 42, was appointed by the Board of Trustees of LXP Industrial Trust (the “Trust”) as the Trust’s Executive Vice President, Chief Financial Officer and Treasurer. As previously announced, Mr. Brunner replaces Beth Boulerice, who will remain in an advisory role as an Executive Vice President of the Trust. Mr. Brunner joined the Trust in September 2024 and served as Executive Vice President of Capital Markets. Prior to joining the Trust, Mr. Brunner spent approximately 14 years as an investment banker at J.P. Morgan, where he most recently served as Managing Director in the firm’s Real Estate Investment Banking group.
Mr. Brunner and the Trust previously entered into a Letter Agreement, dated May 24, 2024, a copy of which is filed as Exhibit 10.1 to this Current Report on Form 8-K, pursuant to which Mr. Brunner’s current annual base salary is $500,000. Mr. Brunner received a $250,000 cash bonus and a 150,000 nonvested common share award upon joining the Trust in September 2024. The nonvested share award vests ratably in three tranches on: (1) the anniversary of the grant date, (2) January 1, 2026 and (3) January 1, 2027. Mr. Brunner was guaranteed an annual cash incentive of $485,000 and was awarded an annual cash incentive of $504,804, of which $402,954 was paid in January 2025 and $101,850 is expected to be paid in March 2025. Mr. Brunner entered into the Trust’s form of Executive Severance Policy Agreement under the Trust’s Executive Severance Plan (filed as Exhibit 10.9 to the Trust’s Annual Report on Form 10-K filed February 13, 2025), which provides for severance benefits similar to the Trust’s other named executive officers.
Mr. Brunner has no family relationships with any trustee, director, executive officer or person nominated or chosen to become a trustee, director or executive officer of the Trust or the Partnership. Mr. Brunner is not a party to any transaction required to be disclosed pursuant to Item 404(a) of Regulation S-K.
Item 9.01. Financial Statements and Exhibits.
| (d) | Exhibits | |||||||||||||
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| LXP Industrial Trust | |||||||||||
| Date: | March 3, 2025 | By: | /s/ Joseph S. Bonventre | ||||||||
| Joseph S. Bonventre | |||||||||||
| Secretary | |||||||||||