Company: INRE
Filing Date: 2025-03-05
Form Type: 10-K
Source: 0000950170-25-033568
Chunk: 284

Company: Inland Real Estate Income Trust, Inc.
Filing Date: 2025-03-05
Form: 10-K
Item: Item 6
Chunk 284
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    150

(1)Represents 2,086 restricted shares granted on November 6, 2024 to each director. The number of restricted shares granted was calculated based on the estimated per share NAV as of December 31, 2023.

(2)Represents the value of distributions received during the year ended December 31, 2024 on all stock awards received through December 31, 2024.

Cash Compensation

Until June 1, 2024, we paid our independent directors an annual fee of $50,000 plus $2,000 for each in-person meeting or meeting of the board by video conference and $750 for each meeting of the board by telephone; we also paid our independent directors $1,400 for each in-person meeting or meeting by video conference of each committee of the board and $550 for each meeting of each committee of the board by telephone. We paid the chairperson of the nominating and corporate governance committee of our board an annual fee of $8,500 and the chairperson of the audit committee of our board an annual fee of $13,200. We paid the lead independent director an annual fee of $5,000.

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On May 7, 2024, the board elected to eliminate per-meeting fees and increase the annual retainer. Effective June 1, 2024, we pay our independent directors an annual fee of $90,000, the chairperson of the nominating and corporate governance committee of our board an annual fee of $15,000, the chairperson of the compensation committee of our board an annual fee of $15,000, the chairperson of the audit committee of our board an annual fee of $20,000 and the Lead Independent Director an annual fee of $20,000.

We reimburse all of our directors for any out-of-pocket expenses incurred by them in attending meetings. Each independent director may elect to receive payment of all or a portion of his or her fee in the form of unrestricted shares in lieu of cash pursuant to our employee and director restricted share plan (the “RSP”) and may elect to defer the receipt of all or a portion of his or her fee pursuant to our director deferred compensation plan (the “DDCP”). We do not compensate any director that also is an employee of the Business Manager or its affiliates.

Stock Compensation

On March 21, 2016 the board of directors approved the RSP, which