Company: INRE
Filing Date: 2025-03-11
Form Type: SC 14D9
Source: 0001193125-25-051923
Chunk: 2

Company: Inland Real Estate Income Trust, Inc.
Filing Date: 2025-03-11
Form: SC 14D9
Chunk 2
---
 with Related Parties, to the Consolidated Financial Statements contained in “Part IV, Item 15. Exhibits and Financial Statement Schedules” in the Form 10-Kand (ii) “Compensation of Executive Officers,” “Stock Owned by Certain Beneficial Owners and Management,” and “Certain Relationships and Related Transactions, and Director Independence” in the Form 10-Kall of which is incorporated herein by reference. The Form 10-Khas been previously made available to all the stockholders, and the 1

Form 10-Kis available for free on the SEC’s website at www.sec.gov. On September 18, 2024, the Company announced that its board of directors has initiated a process to review strategic alternatives, including the sale of the Company. Subsequently, on October 28, 2024, the Company announced that the board had engaged a financial advisor to assist with this review. As part of this review, the Company, through the financial advisor, commenced an outreach to entities viewed as potential purchasers seeking offers for the entire Company. This process is continuing as of the date of this Schedule 14D-9but there is no assurance that a sale, merger or other transaction creating a liquidity event will result from the process or the price or value that may be agreed upon or result from any merger, sale or in any such transaction. The board may further reevaluate other alternatives or decide to suspend or terminate its review of strategic alternatives. A sale of the Company would likely result in termination of the Company’s agreements with its business manager and real estate manager. If the Fourth Amended and Restated Business Management Agreement between the Company and the business manager (the “Business Management Agreement”) is terminated prior to the term expiring on March 31, 2027, the business manager is entitled to be paid the amount of the base management fee for the remainder of the term of the agreement calculated in the calendar quarter in which the agreement is terminated. Likewise, the business manager, or its successor or designee, would also be entitled to an incentive fee the business manager would have been entitled under the agreement as if it had not been terminated on a pro rata basis. If the Business Management Agreement had been terminated as of December 31, 2024, for example, the Company would have been obligated to pay the business manager a termination fee of approximately $21 million representing the amount of the base fee due for the remaining term. The Company would not have been obligated to pay any incentive fees. The Business Management Agreement