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) May 17, 2007

 

 

 

 

(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

 

___         Written communications pursuant to Rule 425 under the Securities Act (17 CFT|R 230.425)

 

___         Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

___         Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

___         Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

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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.

 

On May 17, 2007, we announced that John B. Vander Zwaag will step down from his position as our Executive Vice President and Head of Portfolio Management, effective May 31, 2007. The press release issued by us in connection with this announcement is attached hereto as Exhibit 99.1.

 

Pursuant to a Separation and General Release, we will pay Mr. Vander Zwaag approximately $3.6 million. In addition, we will accelerate the vesting on restricted shares previously granted to Mr. Vander Zwaag, and the lockup and clawback agreement with respect to his vested common shares will terminate upon his departure. The aggregate expense relating to the departure will be approximately $4.8 million.

 

The Separation and General Release provides for a mutual release of claims each party may have against the other, if any.

 

The foregoing description of the Separation and General Release is qualified in its entirety by reference to the Separation and General Release attached as Exhibit 99.2 to this Current Report on Form 8-K.

 

 

 

 

 

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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.

 

Lexington Realty Trust

 

 

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Exhibit Index