Company: INRE
Filing Date: 2025-09-24
Form Type: DEF 14A
Source: 0001193125-25-214755
Chunk: 32

Company: Inland Real Estate Income Trust, Inc.
Filing Date: 2025-09-24
Form: DEF 14A
Chunk 32
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, the consummation of the liquidity event, as follows: (a) in the case of shares trading before consummation of the liquidity event, the value ascribed to the shares in the transaction giving rise to the liquidity event, multiplied by the number of those securities issued to our stockholders in respect of the transaction; and (b) in the case of shares which become listed concurrent with the closing of the transaction giving rise to the liquidity event, the average closing price over the period of 30 consecutive trading days during which the shares are eligible for trading, beginning on the 180th day after the applicable listing, multiplied by the number of those securities issued to our stockholders in respect of the transaction. In addition, any distribution of cash consideration received by our stockholders in connection with any liquidity event will be added to the market value determined in accordance with clause (1) or (2).

If the BMA is terminated prior to March 31, 2027 as a result of an “internalization” completed in accordance with the transition process set forth in the agreement, the Business Manager, or its successor or designee, will continue to be entitled to receive the subordinated incentive fee, on a prorated basis based on the duration of the Business Manager’s service to us equal to the product of: (1) the amount of the fee to which the Business Manager otherwise would have been entitled had the agreement not been terminated; and (2) the quotient of the number of days elapsed from the effective date of the agreement through the closing of the internalization, and the number of days elapsed from the effective date of the agreement through the date of the closing of the applicable triggering event. An internalization is a process by which we would become internally- or self-managed by, among other things, hiring our own employees.

As described further below, we also reimburse the Business Manager for certain expenses it incurs on our behalfand have agreed to indemnify the Business Manager and the Business Manager’s officers, directors, employees and agent to the fullest extent permitted by law.

For the year ended December 31, 2024, the Business Manager was entitled to a business management fee of approximately $9.0 million, all of which was paid. For the six months ended June 30, 2025, the Business Manager was entitled to a business management fee of approximately $4.5 million, all of which was paid.

The Real Estate Manager and its affiliates manage or oversee each of our real properties under an agreement