Company: INRE
Filing Date: 2025-09-24
Form Type: DEF 14A
Source: 0001193125-25-214755
Chunk: 18

Company: Inland Real Estate Income Trust, Inc.
Filing Date: 2025-09-24
Form: DEF 14A
Chunk 18
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 matter of policy, we grant awards of restricted stock to the persons serving as independent directors on the day of our annual meeting. For example, each independent director serving on the board at the time last year’s annual meeting held on November 6, 2024 was completed was granted an award of restricted shares of common stock having a fair market value as of the date of grant equal to $40,000. For purposes of estimating fair market value, we used the Company’s per share NAV which was previously estimated by the board as of December 21, 2023. This NAV has not been updated since that time, represented a snapshot in time of value, was based on several assumptions and estimates, all of which will likely change over time. Restricted shares and restricted share units issued to independent directors pursuant to these grants vest over a three-year period following the respective date of grant in increments of 33-1/3% per annum, subject to their continued service as directors until each vesting date and become fully vested earlier upon a liquidity event or upon the termination of a director by reason of his or her death or disability. The total number of common shares

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granted under the RSP may not exceed 5.0% of our outstanding shares of common stock on a fully diluted basis at any time (adjusted to reflect any increase or decrease in the number of outstanding shares resulting from a stock split, stock dividend, reverse stock split or similar change in our capitalization). We may also grant other awards of restricted shares under terms that provide for vesting over a specified period or upon attaining pre-established performance objectives. These awards would typically be forfeited with respect to the unvested shares upon the termination of the recipient’s employment or service as a director for any reason other than death or disability or, if applicable, the termination of the business management agreement with the Business Manager. Restricted shares may not, in general, be sold or otherwise transferred until restrictions are removed and the shares vest. Holders of restricted shares have the right to vote the shares and receive distributions on the shares prior to the restrictions lapsing. As of December 31, 2024, there were 13,153 unvested restricted shares outstanding under the RSP. The following table sets forth information regarding securities authorized for issuance under the RSP as of December 31, 2024.

| Plan Category                 |     | Number of Securities to 
 be Issued Upon Exercise 
 of Outstanding          
 Options, Warrants