Document:

EX-10.2

 Exhibit 10.2 

EMPLOYEE MATTERS AGREEMENT 
 BY
AND BETWEEN 
 INVENTRUST PROPERTIES CORP. 

AND 
 HIGHLANDS REIT, INC. 

DATED AS OF APRIL 28, 2016 

 EMPLOYEE MATTERS AGREEMENT 

This Employee Matters Agreement (the “Agreement”) is entered into as of April 28, 2016, by and between InvenTrust
Properties Corp., a Maryland corporation (“InvenTrust”), and Highlands REIT, Inc., a Maryland corporation (“Highlands”), each a “Party” and together, the “Parties.” 

RECITALS: 
 WHEREAS,
Highlands is and prior to the Distribution will be a wholly owned subsidiary of InvenTrust; 
 WHEREAS, the board of directors of InvenTrust
has determined that it is advisable and in the best interests of InvenTrust to establish Highlands as an independent company; 
 WHEREAS, to
effect this separation, the Parties have entered into that certain Separation and Distribution Agreement dated as of April 14, 2016 (as amended or otherwise modified from time to time, the “Separation Agreement”); and 

WHEREAS, pursuant to the Separation Agreement, InvenTrust and Highlands are entering into this Agreement for the purpose of allocating between
and among them certain assets, Liabilities and responsibilities with respect to certain (i) employees, (ii) compensation and benefit plans, programs and arrangements, and (iii) other employee-related matters. 

NOW, THEREFORE, in consideration of the foregoing premises, the mutual promises and covenants hereinafter set forth, and other good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties, intending to be legally bound, agree as follows: 

ARTICLE I 
 DEFINITIONS
AND INTERPRETATION 
 Section 1.1 Definitions. The following capitalized terms shall have the meanings set forth below when used in this
Agreement: 
 “Accrued PTO” means, with respect to an InvenTrust Employee or a Highlands Employee, such individual’s
accrued vacation, paid-time-off and sick time, if any. 
 “Affiliate” shall mean, with respect to any specified Person, any
other Person that directly, or indirectly through one or more intermediaries, controls, is controlled by, or is under common control with, the specified Person. For this purpose “control” of a Person means the possession, directly
or indirectly, of the power to direct or cause the direction of the management or policies of such Person, whether through ownership of voting securities, by contract or otherwise. Unless explicitly provided herein to the contrary, for purposes of
this Agreement, InvenTrust shall be deemed not to be an Affiliate of Highlands or any of its Subsidiaries, and Highlands shall be deemed not to be an Affiliate of InvenTrust or any of its Subsidiaries (other than Highlands and the Highlands
Subsidiaries). 

  
 1 

 “Agreement” shall have the meaning set forth in the preamble to this Agreement
and includes all Exhibits attached hereto or delivered pursuant hereto. 
 “Ancillary Agreements” shall have the meaning
provided in the Separation Agreement. 
 “Benefit Plan” shall mean any compensation and/or benefit plan, program,
arrangement, agreement or other commitment that is sponsored, maintained, entered into or contributed to by an entity or with respect to which such entity otherwise has any liability or obligation, whether fixed or contingent, including each such
(i) employment, consulting, noncompetition, nondisclosure, nonsolicitation, severance, termination, pension, retirement, supplemental retirement, excess benefit, profit sharing, bonus, incentive, sales incentive, commission, deferred
compensation, retention, transaction, change in control and similar plan, program, arrangement, agreement or other commitment, (ii) stock option, restricted stock, restricted stock unit, share unit, performance stock, stock appreciation, stock
purchase, deferred stock or other compensatory equity or equity-based plan, program, arrangement, agreement or other commitment, (iii) savings, life, health, disability, accident, medical, dental, vision, cafeteria, insurance, flexible
spending, adoption/dependent/employee assistance, tuition, vacation, relocation, paid-time-off, other fringe benefit and other employee compensation plan, program, arrangement, agreement or other commitment, including in each case, each
“employee benefit plan” as defined in Section 3(3) of ERISA and any trust, escrow, funding, insurance or other agreement related to any of the foregoing. 

“COBRA” shall mean the continuation coverage requirements for “group health plans” under Title X of the
Consolidated Omnibus Budget Reconciliation Act of 1985, as amended, and as codified in Code Section 4980B and Sections 601 through 608 of ERISA, together with all regulations promulgated thereunder. 

“Code” shall mean the Internal Revenue Code of 1986, as amended. 

“Distribution” shall have the meaning provided in the Separation Agreement. 

“Distribution Date” shall mean the date on which the Distribution occurs, such date to be determined by, or under the
authority of, the board of directors of InvenTrust, in its sole and absolute discretion. 
 “DOL” shall mean the U.S.
Department of Labor. 
 “Effective Time” shall have the meaning provided in the Separation Agreement. 

“ERISA” shall mean the Employee Retirement Income Security Act of 1974, as amended. 

“Exchange Act” shall mean the Securities Exchange Act of 1934, as amended. 

“Force Majeure” has the meaning set forth in Section 10.19. 

“Former InvenTrust Employee” shall mean any employee, consultant, director or other service provider who provides or provided
services primarily for the benefit of any InvenTrust Entity and who (A) terminates or has terminated his or her employment or other service 

  
 2 

 
relationship with any InvenTrust Entity at any time, including any such individual who terminated employment or service prior to the Effective Time, and (B) the Parties determine to be a
Former InvenTrust Employee. For the avoidance of doubt, any transfer of employment or other service relationship between the InvenTrust Entities and/or the Highlands Entities in connection with the Distribution shall not constitute a termination of
employment or other service relationship for purposes of this definition. To the extent such designation is not readily made, the Parties agree to negotiate in good faith to agree upon a designation as a Former InvenTrust Employee or a Former
Highlands Employee. 
 “Former Highlands Employee” shall mean any employee, consultant, director or other service provider
who provides or provided services primarily for the benefit of any Highlands Entity and who (A) terminates or has terminated his or her employment or other service relationship with any Highlands Entity or any InvenTrust Entity at any time,
including any such individual who terminated employment or service prior to the Effective Time, and (B) whom the Parties determine to be a Former Highlands Employee. For the avoidance of doubt, any transfer of employment or other service
relationship between InvenTrust Entities and/or Highlands Entities in connection with the Distribution shall not constitute a termination of employment or other service relationship for purposes of this definition. To the extent such designation is
not readily made, the Parties agree to negotiate in good faith to agree upon a designation as a Former InvenTrust Employee or a Former Highlands Employee. 

“Governmental Authority” shall mean any U.S. federal, state, local or non-U.S. court, government, department, commission,
board, bureau, agency, official or other regulatory, administrative or governmental authority. 
 “Highlands” shall have
the meaning provided in the preamble to this Agreement. 
 “Highlands 401(k) Plan” shall have the meaning provided in
Section 4.1. 
 “Highlands Benefit Plan” shall mean (A) each Benefit Plan (i) that is not an
InvenTrust Benefit Plan, (ii) which is sponsored, maintained, entered into or contributed to by any Highlands Entity, and (iii) under which more than one service provider is eligible to receive compensation and/or benefits, including the
Highlands 401(k) Plan, the Highlands Equity Plan, the Highlands Cafeteria Plan and the Highlands Health and Welfare Plans, and (B) each Benefit Plan set forth on Exhibit A hereto. 

“Highlands Cafeteria Plan” shall mean a “cafeteria plan” (within the meaning of Section 125 of the Code),
including any health flexible spending account or dependent care plan, maintained by any Highlands Entity. 
 “Highlands
Employee” shall mean each employee, consultant, director and other service provider who provides services primarily for the benefit of any Highlands Entity and who, following the Effective Time, remains employed by or in service with any
Highlands Entity, including any such active employees and any such employees on approved leaves of absence. 
 “Highlands
Entities” means Highlands and each Highlands Subsidiary (each, a “Highlands Entity”). 

  
 3 

 “Highlands Equity Plans” means the Highlands REIT, Inc. 2016 Incentive Award
Plan and any other stock option or equity incentive compensation plan or arrangement maintained by any Highlands Entity on or after the Distribution for the benefit of employees, consultants, directors and/or other service providers of any Highlands
Entity. 
 “Highlands Health and Welfare Plans” shall have the meaning provided in Section 5.1. 

“Highlands Individual Agreement” shall mean each Benefit Plan sponsored, maintained entered into or contributed to by any
Highlands Entity, in any case, under which no more than one service provider is eligible to receive compensation and/or benefits. 

“Highlands Participant” shall mean any individual who is or becomes (i) a Highlands Employee who is eligible to
participate in one or more Highlands Benefit Plan, (ii) a Former Highlands Employee who remains entitled to payments, benefits and/or participation under any Highlands Benefit Plan, or (iii) a beneficiary, dependent or alternate payee of
any of the foregoing, in each case, beginning on the first date that such individual qualifies as a Highlands Participant in accordance with any of the foregoing. 

“Highlands Subsidiaries” shall have such meaning as provided in the Separation Agreement. 

“HIPAA” shall mean the Health Insurance Portability and Accountability Act of 1996, as amended. 

“InvenTrust” shall have the meaning provided in the preamble to this Agreement. 

“InvenTrust 401(k) Plan” shall mean the InvenTrust Properties Corp. Savings Plan. 

“InvenTrust Benefit Plan” shall mean each Benefit Plan sponsored, maintained entered into or contributed to by any InvenTrust
Entity, in any case, under which more than one service provider is eligible to receive compensation and/or benefits. 
 “InvenTrust
Cash Incentive Plans” shall have the meaning provided in Section 6.1. 
 “InvenTrust Cafeteria Plan”
shall mean a “cafeteria plan” (within the meaning of Section 125 of the Code), including any health flexible spending account or dependent care plan, maintained by InvenTrust. 

“InvenTrust Employee” shall mean each employee, consultant, director and other service provider who provides services
primarily for the benefit of any InvenTrust Entity and who, following the Effective Time, remains employed by or in service with any InvenTrust Entity, including any such active employees and any such employees on approved leaves of absence. 

“InvenTrust Entities” means InvenTrust and the Subsidiaries of InvenTrust other than Highlands and the Highlands Subsidiaries
(each, an “InvenTrust Entity”). 
 “InvenTrust Equity Plans” shall mean the Inland American Real Estate
Trust, Inc. 2014 Share Unit Plan, the InvenTrust Properties Corp. 2015 Incentive Award Plan and any other stock 

  
 4 

 
option or equity incentive compensation plan or arrangement maintained by any InvenTrust Entity on or prior to the Distribution Date for the benefit of employees, consultants, directors and/or
other service providers of any InvenTrust Entity. 
 “InvenTrust Health and Welfare Plans” shall mean, collectively, the
plans listed on Exhibit B hereto. 
 “InvenTrust Individual Agreement” shall mean each Benefit Plan sponsored,
maintained entered into or contributed to by any InvenTrust Entity, in any case, under which no more than one service provider is eligible to receive compensation and/or benefits. 

“InvenTrust Participant” shall mean any individual who, (i) prior to the Distribution Date, is eligible to participate
in one or more InvenTrust Benefit Plan and has not become a Highlands Participant, and (ii) following the Distribution Date, is (A) an InvenTrust Employee who is eligible to participate in one or more InvenTrust Benefit Plan, (B) a
Former InvenTrust Employee who remains entitled to payments, benefits and/or participation under any InvenTrust Benefit Plan, (C) a Former Highlands Employee who terminated employment or other service on or prior to the Distribution Date, to
the extent such individual remains entitled to payments, benefits and/or participation under any InvenTrust Benefit Plan, or (D) a beneficiary, dependent or alternate payee of any of the foregoing. For the avoidance of doubt, “InvenTrust
Participant” shall not include any individual who becomes a Highlands Participant (or any beneficiary, dependent or alternate payee thereof) once such individual becomes a Highlands Participant. 

“IRS” shall mean the Internal Revenue Service. 

“Law” shall mean any law, statute, ordinance, code, rule, regulation, order, writ, proclamation, judgment, injunction or
decree of any Governmental Authority. 
 “Liability” and “Liabilities” shall have such meanings as
provided in the Separation Agreement. 
 “Participating Company” shall mean, with respect to an InvenTrust Benefit Plan,
any InvenTrust Entity and, prior to the Distribution, each Highlands Entity, in each case, that is a participating employer in such InvenTrust Benefit Plan. 

“Party” or “Parties” shall have the meaning provided in the preamble to this Agreement. 

“PEO” shall have the meaning provided in Section 10.8. 

“Person” shall mean an individual, a partnership, a corporation, a limited liability company, an association, a joint stock
company, a trust, a joint venture, a union, an unincorporated organization or a governmental entity or any department, agency or political subdivision thereof. 

“RSU Award” shall mean any award of restricted stock units granted under the InvenTrust Properties Corp. 2015 Incentive Award
Plan. 
 “Separation Agreement” shall have the meaning provided in the recitals to this Agreement. 

  
 5 

 “Share Unit Award” shall mean any award of share units granted under the Inland
American Real Estate Trust, Inc. 2014 Share Unit Plan. 
 “Subsidiary” shall mean, with respect to any specified Person,
any corporation, partnership, limited liability company, joint venture or other organization, whether incorporated or unincorporated, of which at least a majority of the securities or interests having by the terms thereof ordinary voting power to
elect at least a majority of the board of directors or others performing similar functions with respect to such corporation or other organization is directly or indirectly owned or controlled by such specified Person or by any one or more of its
subsidiaries, or by such specified Person and one or more of its subsidiaries. 
 “Transactions” shall have such meaning as
provided in the Separation Agreement. 
 “Workers’ Comp Liabilities” shall have the meaning provided in
Section 5.6. 
 Section 1.2 References; Interpretation. References in this Agreement to any gender include references to all
genders, and references to the singular include references to the plural and vice versa. Unless the context otherwise requires, the words “include,” “includes” and “including” when used in this Agreement shall be deemed
to be followed by the phrase “without limitation.” Unless the context otherwise requires, references in this Agreement to Articles, Sections and Exhibits shall be deemed references to Articles and Sections of, and Exhibits to, this
Agreement. Unless the context otherwise requires, the words “hereof,” “hereby” and “herein” and words of similar meaning when used in this Agreement refer to this Agreement in its entirety and not to any particular
Article, Section or provision of this Agreement. 
 ARTICLE II 

GENERAL PRINCIPLES 
 Section 2.1
Post-Distribution Employment. Immediately after the Effective Time, by virtue of this Agreement and without further action by any Person, (a) each InvenTrust Employee shall continue to be employed or engaged at InvenTrust or such other
InvenTrust Entity as employs or engages such InvenTrust Employee as of immediately prior to the Effective Time, and (b) each Highlands Employee shall continue to be employed or engaged at Highlands or such other Highlands Entity as employs or
engages such Highlands Employee as of immediately prior to the Effective Time. The Parties shall cooperate to effectuate any transfers of employment contemplated by this Agreement, including transfers necessary to ensure that all InvenTrust
Employees are employed or engaged at an InvenTrust Entity and all Highlands Employees are employed or engaged at a Highlands Entity, in each case, as of immediately prior to the Effective Time. 

Section 2.2 No Termination/Severance; No Change in Control. No InvenTrust Employee or Highlands Employee shall (a) terminate employment or
service or be deemed to terminate employment or service solely by virtue of the consummation of the Distribution, any transfer of employment or other service relationship contemplated hereby, or any related transactions or events contemplated by the
Separation Agreement, this Agreement or any other Ancillary Agreement, or (b) become entitled to any severance, termination, separation or similar rights, payments or benefits, whether under any Benefit Plan or otherwise, in connection with any
of the 

  
 6 

 
foregoing. Except as otherwise expressly provided for in this Agreement, or in an InvenTrust Benefit Plan or Highlands Benefit Plan, neither the Distribution nor any other transaction(s)
contemplated by the Separation Agreement, this Agreement or any other Ancillary Agreement shall constitute or be deemed to constitute a “change in/of control” or any similar corporate transaction impacting the vesting or payment of any
amounts or benefits for purposes of any InvenTrust Benefit Plan or Highlands Benefit Plan. 
 Section 2.3 Termination of Highlands Participation in
InvenTrust Benefit Plans; Liability for Benefit Plans and Individual Agreements. 
 (a) Except as otherwise expressly provided for in
this Agreement or as otherwise expressly agreed to in writing between the Parties, effective as of the Effective Time, (i) Highlands and each other Highlands Entity shall cease to be a Participating Company in each InvenTrust Benefit Plan (to
the extent any such Highlands Entity was such a Participating Company as of immediately prior to the Distribution), and (ii) each Highlands Participant shall cease to participate in, be covered by, accrue benefits under or be eligible to
contribute to any InvenTrust Benefit Plan (to the extent any such Highlands Participant so participated in any InvenTrust Benefit Plan as of immediately prior to the Distribution), and, in each case, InvenTrust and Highlands shall take all necessary
action prior to the Effective Time to effectuate each such cessation. 
 (b) Effective as of the Effective Time, (A) InvenTrust and/or
the other InvenTrust Entities shall be solely liable for, and no Highlands Entity shall have any obligation or Liability under, any InvenTrust Benefit Plan or InvenTrust Individual Agreement, and (B) Highlands and/or the other Highlands
Entities shall be solely liable for, and no InvenTrust Entity shall have any obligation or Liability under, any Highlands Benefit Plan or any Highlands Individual Agreement. 

Section 2.4 Employment Law Liabilities. 

(a) Separate Employers. Subject to the provisions of ERISA and the Code, on and after the Distribution Date, each InvenTrust Entity
shall be a separate and independent employer from each Highlands Entity. 
 (b) Employment Litigation. Except as otherwise expressly
provided in this Agreement, (i) Highlands and/or the other Highlands Entities shall be solely liable for, and no InvenTrust Entity shall have any obligation or Liability with respect to, any employment-related claims and Liabilities regarding
Highlands Employees, prospective Highlands Employees and/or Former Highlands Employees relating to, arising out of, or resulting from the prospective employment or service, actual employment or service and/or termination of employment or service, in
any case, of such individual(s) with any InvenTrust Entity or Highlands Entity, whether the basis for such claims arose before, as of, or after the Effective Time, and (ii) InvenTrust and/or the other InvenTrust Entities shall be solely liable
for, and no Highlands Entity shall have any obligation or Liability with respect to, any employment-related claims and Liabilities regarding InvenTrust Employees, prospective InvenTrust Employees and/or Former InvenTrust Employees relating to,
arising out of, or resulting from the prospective employment or service, actual employment or service and/or termination of employment or service, in any case, of such individual(s) with any InvenTrust Entity or Highlands Entity, whether the basis
for such claims arose before, as of, or after the Effective Time. 

  
 7 

 Section 2.5 Service Recognition. 

(a) Pre-Distribution Service Credit. With respect to Highlands Participants, each Highlands Benefit Plan shall provide that all
service, all compensation and all other benefit-affecting determinations (including with respect to vesting) that, as of immediately prior to the Effective Time, were recognized under a corresponding InvenTrust Benefit Plan (or would have been
recognized under a corresponding InvenTrust Benefit Plan in which such Highlands Participant was eligible to participate immediately prior to the Effective Time, had such Highlands Participant actually participated in such corresponding InvenTrust
Benefit Plan) shall, as of immediately after the Effective Time or any subsequent effective date for such Highlands Benefit Plan, receive full recognition, credit and validity and be taken into account under such Highlands Benefit Plan to the same
extent as credit was (or would have been) recognized under such InvenTrust Benefit Plan, except (i) to the extent that duplication of benefits would result or (ii) for benefit accrual under any defined benefit pension plan. 

(b) Post-Distribution Service Credit. Except to the extent required by applicable Law, (i) no InvenTrust Entity shall be obligated
to recognize any service of a Highlands Employee after the Effective Time for any purpose under any InvenTrust Benefit Plan, and (ii) no Highlands Entity shall be obligated to recognize any service of an InvenTrust Employee after the Effective
Time for any purpose under any Highlands Benefit Plan; provided, however, that nothing herein shall prohibit any InvenTrust Entity or any Highlands Entity from recognizing such service. 

ARTICLE III 
 EQUITY
PLANS 
 Section 3.1 Miscellaneous Terms. Neither the Distribution nor any transfer of employment between the InvenTrust Entities and the
Highlands Entities in connection with the Distribution shall, in and of itself, constitute a termination of employment or service for any InvenTrust Employee or any Highlands Employee for purposes of any Share Unit Award or RSU Award, as applicable,
held by such individual. 
 Section 3.2 No Accelerated Vesting. The Parties hereto acknowledge and agree that in no event shall the vesting of
any Share Unit Award or RSU Award, in any case, accelerate solely by reason of the transactions or events contemplated by the Separation Agreement, this Agreement or an Ancillary Agreement or any transfer of employment between the InvenTrust
Entities and the Highlands Entities. 
 Section 3.3 Liabilities under Equity Plans. InvenTrust (acting directly or through any InvenTrust
Entity) shall be responsible for any and all Liabilities and other obligations with respect to the InvenTrust Equity Plans and all awards granted thereunder, and neither Highlands nor any Highlands Entity shall have any Liability with respect
thereto. Highlands (acting directly or through any Highlands Entity) shall be responsible for any and all Liabilities and other obligations with respect to the Highlands Equity Plans and all awards granted thereunder, and neither InvenTrust nor any
InvenTrust Entity shall have any Liability with respect thereto. 

  
 8 

 ARTICLE IV 

TAX-QUALIFIED DEFINED CONTRIBUTION PLAN 

Section 4.1 InvenTrust 401(k) Plan; Highlands 401(k) Plan. The Parties acknowledge and agree that, as of the Distribution Date, Highlands or
another Highlands Entity has established or will establish a defined contribution plan and trust for the benefit of eligible Highlands Participants (the “Highlands 401(k) Plan”). Highlands shall be responsible for taking all
necessary, reasonable and appropriate action to maintain and administer the Highlands 401(k) Plan so that it is qualified under Section 401(a) of the Code and the related trust thereunder is exempt under Section 501(a) of the Code.
Following the Effective Time, Highlands (acting directly or through any Highlands Entity) shall be responsible for any and all Liabilities and other obligations with respect to the Highlands 401(k) Plan, and InvenTrust (acting directly or through
any InvenTrust Entity) shall be responsible for any and all Liabilities and other obligations with respect to the InvenTrust 401(k) Plan. 

Section 4.2 Direct Rollovers to Highlands 401(k) Plan. Highlands shall cause the Highlands 401(k) Plan to accept, if properly elected by a
Highlands Employee or eligible Former Highlands Employee, a direct rollover of all or a portion of such individual’s distribution from the InvenTrust 401(k) Plan (including plan loans) that constitutes an eligible rollover distribution pursuant
to Code Section 402(c)(4), and InvenTrust shall make distributions (including plan loans) under the InvenTrust 401(k) Plan to Highlands Employees and eligible Former Highlands Employees in accordance with the terms of such plan and the
applicable provisions of the Code. 
 Section 4.3 Cooperation. In connection with any plan distribution or direct rollover contemplated by this
Article IV, InvenTrust and Highlands (each acting directly or through any InvenTrust Entity or the Highlands Entity, as applicable) shall cooperate in taking all such actions as may be necessary and appropriate to cause such distribution or
direct rollover to take place as soon as practicable following the Distribution Date, subject to the terms and conditions of the Highlands 401(k) Plan and the InvenTrust 401(k) Plan and applicable law. 

ARTICLE V 
 HEALTH AND
WELFARE PLANS; WORKERS’ COMPENSATION 
 Section 5.1 Highlands Health and Welfare Plans. As of the Distribution Date, Highlands or one
or more Highlands Subsidiaries maintains or will establish, or is a participating employer in or will become a participating employer in, certain health and welfare plans for the benefit of eligible employees of the Highlands Entities and their
dependents and beneficiaries (the “Highlands Health and Welfare Plans”), each of which is anticipated to be in effect immediately following the Distribution. In addition, as of the Distribution Date, InvenTrust or one or more of the
InvenTrust Entities maintains each of the health and welfare plans set forth on Exhibit B hereto (the “InvenTrust Health and Welfare Plans”). 

Section 5.2 Cafeteria Plan. As soon as practicable following the Distribution Date and if and to the extent not effected prior to the Distribution
Date, InvenTrust (acting directly or through any other InvenTrust Entity) shall, in accordance with Revenue Ruling 2002-32, cause the portion of the InvenTrust Cafeteria Plan applicable to the Highlands Participants to be segregated into a separate
component and the account balances in such component to be transferred to the Highlands 

  
 9 

 
Cafeteria Plan, which will include any health flexible spending account and dependent care plan. The Highlands Cafeteria Plan shall reimburse InvenTrust or the InvenTrust Cafeteria Plan to the
extent amounts were paid by the InvenTrust Cafeteria Plan and not collected from the Highlands Cafeteria Plan and such amounts are subsequently collected by the Highlands Cafeteria Plan with respect to such Highlands Participant. 

Section 5.3 COBRA and HIPAA. 
 (a)
Highlands (acting directly or through any other Highlands Entity) and the Highlands Health and Welfare Plans shall be solely responsible for compliance with the health care continuation coverage requirements of COBRA with respect to all Highlands
Participants (and their respective dependents and beneficiaries), in each case, who experience a COBRA qualifying event on or after the first date on which such individual qualifies as a Highlands Participant. InvenTrust (acting directly or through
any other InvenTrust Entity) and the InvenTrust Health and Welfare Plans shall be solely responsible for compliance with the health care continuation coverage requirements of COBRA with respect to each individual who is an InvenTrust Participant (or
a dependent or beneficiary thereof) at the time such individual experiences a COBRA qualifying event, provided that Highlands shall reimburse InvenTrust to the extent of any Liability actually incurred by an InvenTrust Entity with respect thereto
relating to an InvenTrust Participant who is a Former Highlands Employee. Neither the consummation of the Distribution, any transfer of employment contemplated hereby, or any related transactions or events contemplated by the Separation Agreement,
this Agreement or any other Ancillary Agreement shall constitute a COBRA qualifying event for purposes of COBRA with respect to any InvenTrust Participant or any Highlands Participant (or any dependent or beneficiary thereof). 

(b) Highlands (acting directly or through any other Highlands Entity) shall be responsible for compliance with any certificate of creditable
coverage or other applicable requirements of HIPAA or Medicare applicable to the Highlands Health and Welfare Plans with respect to Highlands Participants. InvenTrust (acting directly or through any other InvenTrust Entity) shall be responsible for
compliance with any certificate of creditable coverage or other applicable requirements of HIPAA or Medicare applicable to the InvenTrust Health and Welfare Plans with respect to InvenTrust Participants. 

Section 5.4 InvenTrust to Provide Information. To the extent permitted by Law, InvenTrust or the relevant InvenTrust Health and Welfare Plan shall
provide to Highlands or the relevant Highlands Health and Welfare Plan (to the extent that relevant information is in InvenTrust’s possession) such data as may be necessary for Highlands to comply with its obligations hereunder, which may
include the names of Highlands Participants who were participants in or otherwise entitled to benefits under the InvenTrust Health and Welfare Plans prior to the Distribution, together with each such individual’s service credit under such
plans, information concerning each such individual’s current plan-year expenses incurred towards deductibles, out-of-pocket limits and co-payments, maximum benefit
payments, and any benefit usage towards plan limits thereunder. InvenTrust shall, as soon as practicable after requested, provide Highlands with such additional information that is in InvenTrust’s possession (and not already in the possession
of a Highlands Entity) as may be reasonably requested by Highlands and necessary to administer effectively any Highlands Health and Welfare Plan. InvenTrust and each Highlands Entity shall enter into such other agreements as are necessary to comply
with this Section 5.4, including, but not limited to, any agreements required by HIPAA. 

  
 10 

 Section 5.5 Liabilities. 

(a) Insured Benefits. With respect to employee welfare and fringe benefits that are provided through the purchase of insurance,
InvenTrust shall, with respect to Highlands Participants who participated in such InvenTrust Health and Welfare Plans, cause the InvenTrust Health and Welfare Plans to, through such insurance policies, pay and discharge all eligible claims of
Highlands Participants that are incurred prior to the termination of such Highlands Participants’ participation in the applicable InvenTrust Health and Welfare Plan, and Highlands shall cause the Highlands Health and Welfare Plans to, through
such insurance policies, pay and discharge all eligible claims of Highlands Participants that are incurred on or after enrollment of such Highlands Participants in the Highlands Health and Welfare Plans (it being understood that neither InvenTrust
Health and Welfare Plans nor Highlands Health and Welfare Plans shall be responsible for any claims that arise following the claimant’s termination of participation in the applicable InvenTrust Health and Welfare Plan if the claimant does not
validly enroll in an applicable Highlands Health and Welfare Plan). 
 (b) Short-Term and Long-Term Disability Benefits. For the
avoidance of doubt, with respect to any Highlands Employee who becomes entitled to receive long-term or short-term disability benefits prior to the Effective Time, such Highlands Employee shall be transferred to, and shall receive any long-term or
short-term disability benefits to which such Highlands Employee is entitled under, the Highlands Health and Welfare Plans as of the Effective Time in accordance with the terms of such plans. 

(c) Incurred Claim Definition. For purposes of this Article V, a claim or Liability shall generally be deemed to be incurred
(i) with respect to medical, dental, vision, and/or prescription drug benefits, on the date that the health services giving rise to such claim or Liability are rendered or performed and not when such claim is made; provided,
however that with respect to a period of continuous hospitalization, a claim is incurred upon the first date of such hospitalization and not on the date that such services are performed and (ii) with respect to life insurance, accidental
death and dismemberment and business travel accident insurance, upon the occurrence of the event giving rise to such claim or Liability. 

(d) Accrued Paid-Time-Off. On the Distribution Date (or such later date as may be permitted by applicable law), InvenTrust shall
(directly or through another InvenTrust Entity) pay to each Highlands Employee in a cash lump sum amount the full balance of such Highlands Employee’s Accrued PTO as of the Effective Time. Following the Effective Time, any paid-time-off
accruals in respect of post-Distribution services (if any) shall be made in accordance with the terms and conditions of the post-Distribution employer’s applicable policies and programs (except to the extent otherwise provided in an applicable
InvenTrust Individual Agreement or Highlands Individual Agreement). 
 Section 5.6 Workers’ Compensation Liabilities. All workers’
compensation Liabilities relating to, arising out of, or resulting from any claim by an InvenTrust Employee or Former InvenTrust Employee that results from an accident occurring, or from an occupational disease which becomes

  
 11 

 
manifest (collectively, “Workers’ Comp Liabilities”) before, as of or after the Effective Time, shall be retained by and be obligations of InvenTrust or its insurers. All
Workers’ Comp Liabilities relating to, arising out of, or resulting from any claim by a Highlands Employee or Former Highlands Employee that arises or manifests prior to the date on which such Highlands Employee or Former Highlands Employee was
covered by an applicable workers’ compensation insurance program maintained by a Highlands Entity shall be obligations of InvenTrust and its insurers, provided that Highlands shall reimburse InvenTrust to the extent of any such Workers’
Comp Liability actually incurred by an InvenTrust Entity. All Workers’ Comp Liabilities relating to, arising out of, or resulting from any claim by a Highlands Employee or Former Highlands Employee that arises or manifests on or after the date
on which such Highlands Employee or Former Highlands Employee was covered under a workers’ compensation insurance program maintained by a Highlands Entity shall be obligations of Highlands and its insurers. For purposes of this Agreement, a
compensable injury giving rise to a Workers’ Comp Liability shall be deemed to be sustained upon the occurrence of the event giving rise to eligibility for workers’ compensation benefits or at the time that an occupational disease becomes
manifest, as the case may be. Each InvenTrust Entity and each Highlands Entity shall cooperate with respect to any notification to appropriate Governmental Authorities of the effective time and the issuance of new, or the transfer of existing,
workers’ compensation insurance policies and claims handling contracts. 
 ARTICLE VI 

INCENTIVE COMPENSATION 
 Section 6.1
Highlands Cash Incentive Plans and Liabilities. Following the Effective Time, Highlands shall assume or retain, as applicable, responsibility for any and all payments, obligations and other Liabilities relating to any amounts that any
Highlands Employee has either earned (if not payable by its terms prior to the Effective Time) or become eligible to earn, in either case, as of the Effective Time under any cash incentive, annual performance bonus, commission and similar cash plan
or program maintained by InvenTrust in which one or more Highlands Employees is eligible to participate as of immediately prior to the Effective Time (the “InvenTrust Cash Incentive Plans”), and shall fully perform, pay and
discharge the foregoing if and when such payments, obligations and/or other Liabilities become due. InvenTrust shall have no Liability for any payments, obligations or other Liabilities relating to any Highlands Employee with respect to any
InvenTrust Cash Incentive Plan after the Effective Time. Following the Effective Time, the Highlands Entities shall be solely responsible for, and no InvenTrust Entities shall have any obligation or Liability with respect to, any and all payments,
obligations and other Liabilities under any cash incentive, annual performance bonus, commission and similar cash plan or program maintained by Highlands, and shall fully perform, pay and discharge the forgoing if and when such payments, obligations
and/or other Liabilities become due. 
 Section 6.2 InvenTrust Retention of Cash Incentive Liabilities. Following the Effective Time, the
InvenTrust Entities shall be solely liable for, and no Highlands Entity shall have any obligation or Liability with respect to, any and all payments, obligations and other Liabilities relating to any awards that any InvenTrust Employee has earned or
is eligible to earn under the InvenTrust Cash Incentive Plans and shall fully perform, pay and discharge the foregoing if and when such payments, obligations and/or other Liabilities become due. 

  
 12 

 ARTICLE VII 

SEVERANCE AND RETENTION PLANS 

Section 7.1 Highlands Severance and Retention Plans. As of the Effective Time, Highlands shall assume each of the InvenTrust Properties Corp.
Non-Core Business Change in Control Severance Plan and the InvenTrust Properties Corp. Non-Core Business Retention Bonus Plan (the “Severance and Retention Plans”), shall assume responsibility for any and all payments, obligations
and other Liabilities relating to any amounts payable thereunder, and shall fully perform, pay and discharge the foregoing if and when such payments, obligations and/or other Liabilities become due. As of the Effective Time, InvenTrust shall have no
Liability for any payments, obligations or other Liabilities with respect to the Severance and Retention Plans. 
 Section 7.2 InvenTrust Severance
and Retention Plans. Following the Effective Time, the InvenTrust Entities shall be solely liable for, and no Highlands Entity shall have any obligation or Liability with respect to, any and all payments, obligations and other Liabilities
relating to amounts payable to any InvenTrust Employee under any severance or retention plan that constitutes an InvenTrust Benefit Plan, and the InvenTrust Entities shall fully perform, pay and discharge the foregoing if and when such payments,
obligations and/or other Liabilities become due. 
 ARTICLE VIII 

PAYROLL REPORTING AND WITHHOLDING 

Section 8.1 Form W-2 Reporting. InvenTrust and Highlands shall, and shall cause the other InvenTrust Entities and the other Highlands Entities,
respectively, to take such action as may be reasonably necessary or appropriate in order to minimize Liabilities related to payroll taxes after the Effective Time. InvenTrust and Highlands shall, and shall cause the other InvenTrust Entities and the
other Highlands Entities to, respectively, each bear its responsibility for payroll tax obligations and for the proper reporting to the appropriate governmental authorities of compensation earned by their respective employees after the Effective
Time. 
 Section 8.2 Garnishments, Tax Levies, Child Support Orders, and Wage Assignments. With respect to garnishments, tax levies, child
support orders, and wage assignments in effect with InvenTrust (or any other InvenTrust Entity) as of the Distribution Date for any Highlands Employee or Former Highlands Employee, Highlands (and any other employing Highlands Entity), as
appropriate, shall honor such payroll deduction authorizations and shall continue to make payroll deductions and payments to the authorized payee, as specified by the court or governmental order which was on file with InvenTrust as of immediately
prior to the Distribution Date. InvenTrust shall, as soon as practicable after the Distribution Date, provide Highlands (and any other employing Highlands Entity), as appropriate, with such information in InvenTrust’s possession (and not
already in the possession of a Highlands Entity) as may be reasonably requested by the Highlands Entities and necessary for the Highlands Entities to make the payroll deductions and payments to the authorized payee as required by this
Section 8.2. 
 Section 8.3 Authorizations for Payroll Deductions. Unless otherwise prohibited by a Benefit Plan or by this
Agreement or another Ancillary Agreement or by applicable Law, Highlands and 

  
 13 

 
the other Highlands Entities, as appropriate, shall honor payroll deduction authorizations attributable to any Highlands Employee that are in effect with any InvenTrust Entity on the Distribution
Date relating to such Highlands Employee, and shall not require that such Highlands Employee submit a new authorization to the extent that the type of deduction by Highlands or any other Highlands Entity, as appropriate, does not differ from that
made by the InvenTrust Entity. Such deduction types include: pre-tax (in accordance with Section 125 of the Code) contributions to any Highlands Benefit Plan, including any voluntary benefit plan; scheduled loan repayments to any Highlands
Benefit Plan; and direct deposit of payroll, employee relocation loans, and other types of authorized company receivables usually collectible through payroll deductions. Each Party shall, as soon as practicable after the Distribution Date, provide
the other Party with such information in its possession as may be reasonably requested by the other Party and as necessary for that Party to honor the payroll deduction authorizations contemplated by this Section 8.3. 

ARTICLE IX 

INDEMNIFICATION 
 Section 9.1
General Indemnification. The indemnification rights and obligations of the Parties under this Agreement shall be governed by, and be subject to, the provisions of Article IX of the Separation Agreement, which provisions are hereby
incorporated by reference into this Agreement. 
 ARTICLE X 

GENERAL AND ADMINISTRATIVE 

Section 10.1 Business Associate Agreements. The Parties hereby agree to enter into any business associate agreements that may be required for the
sharing of any information pursuant to this Agreement to comply with the requirements of HIPAA. 
 Section 10.2 Reasonable Efforts/Cooperation.
Each Party shall use its commercially reasonable efforts to promptly take, or cause to be taken, all actions and to do, or cause to be done, all things necessary, proper or advisable under applicable Laws to consummate the transactions contemplated
by this Agreement, including adopting Benefit Plans and/or Benefit Plan amendments. Without limiting the generality of the foregoing, each of the Parties shall reasonably cooperate in all respects with regard to all matters relating to the
transactions contemplated by this Agreement for which the other Party seeks a determination letter or private letter ruling from the IRS, an advisory opinion from the DOL or any other filing, consent or approval with respect to or by a Governmental
Authority. 
 Section 10.3 Employer Rights. Except as expressly provided for in Article V, nothing in this Agreement shall
(a) prohibit any Highlands Entity from amending, modifying or terminating any Highlands Benefit Plan or Highlands Individual Agreement at any time, subject to the terms and conditions thereof, or (b) prohibit any InvenTrust Entity from
amending, modifying or terminating any InvenTrust Benefit Plan or any InvenTrust Individual Agreement at any time, subject to the terms and conditions thereof. In addition, nothing in this Agreement shall be interpreted as an amendment or other
modification of any Benefit Plan. 

  
 14 

 Section 10.4 Effect on Employment. Without limiting any other provision of this Agreement, none of
the Distribution or any actions taken in furtherance of the Distribution, whether under the Separation Agreement, this Agreement, any other Ancillary Agreement or otherwise, in any case, shall in and of itself cause any employee to be deemed to have
incurred a termination of employment or service or, except as expressly provided in this Agreement, to entitle such individual to any payments or benefits under any Benefit Plan or otherwise. Furthermore, nothing in this Agreement is intended to or
shall confer upon any InvenTrust Employee, Former InvenTrust Employee, Highlands Employee or Former Highlands Employee any right to continued employment or service, or any recall or similar rights to an individual on layoff or any type of approved
leave. 
 Section 10.5 Consent Of Third Parties. If any provision of this Agreement is dependent on the consent or action of any third party,
the Parties hereto shall use their commercially reasonable efforts to obtain such consent or cause such action. If such consent is withheld or such action is not taken, the Parties hereto shall use their commercially reasonable efforts to implement
the applicable provisions of this Agreement to the fullest extent practicable. If any provision of this Agreement cannot be implemented due to the failure of such third party to consent or take action, the Parties hereto shall negotiate in good
faith to implement the provision in a mutually satisfactory alternative manner. 
 Section 10.6 Beneficiary Designation/Release Of Information/Right
To Reimbursement. Without limiting any other provision hereof, to the extent permitted by applicable Law and except as otherwise provided for in this Agreement, all beneficiary designations, authorizations for the release of information and
rights to reimbursement made by or relating to Highlands Participants under InvenTrust Benefit Plans and in effect immediately prior to the Effective Time shall be transferred to and be in full force and effect under the corresponding Highlands
Benefit Plans until such beneficiary designations, authorizations or rights are replaced or revoked by, or no longer apply to, the relevant Highlands Participant. 

Section 10.7 Compliance. As of the Distribution Date, Highlands (acting directly or through any Highlands Entity) shall be solely responsible for
compliance under ERISA with respect to each Highlands Benefit Plan. 
 Section 10.8 Engagement of Professional Employer Organization. The
Parties agree that for purposes of satisfying Highlands’ responsibilities and obligations with respect to any Highlands Benefit Plan under the Separation Agreement, this Agreement, any other Ancillary Agreement or otherwise, Highlands may, in
its sole discretion, engage a professional employer organization or similar organization (a “PEO”). In the event that Highlands engages a PEO, Highlands may be in a co-employment relationship with the PEO, and to that extent some or
all of the Highlands Employees may be in a separate employment relationship with each of Highlands and the PEO (which may be considered such Highland Employee’s employer of record for such purposes). Accordingly, the Parties acknowledge and
agree that certain of Highlands’ responsibilities or obligations under the Separation Agreement, this Agreement, any other Ancillary Agreement or otherwise may be satisfied by the provision of services, employee benefit plans or benefits by the
PEO and its affiliates; provided, however, that all obligations and Liabilities with respect thereto shall ultimately be obligations and Liabilities of Highlands, and not of InvenTrust or any other InvenTrust Entity. 

  
 15 

 ARTICLE XI 

MISCELLANEOUS 
 Section 11.1
Non-Occurrence of Distribution. Notwithstanding anything in this Agreement to the contrary, if the Separation Agreement is terminated prior to the Effective Time, all actions and events that are, under this Agreement, to be taken or occur
effective prior to, as of or following the Effective Time, or otherwise in connection with the Separation, shall not be taken or occur, except to the extent otherwise determined by InvenTrust. 

Section 11.2 Section 409A. Notwithstanding anything in this Agreement to the contrary, with respect to any compensation or benefits that may
be subject to Section 409A of the Code and related Department of Treasury guidance thereunder, the Parties agree to negotiate in good faith regarding any treatment that differs from that otherwise provided herein to the extent necessary or
appropriate to (a) exempt such compensation and benefits from Section 409A of the Code, (b) comply with the requirements of Section 409A of the Code, and/or (c) otherwise avoid the imposition of tax under Section 409A
of the Code; provided, however, that this Section 11.2 does not create an obligation on the part of either Party to adopt any amendment, policy or procedure, to take any other action or to indemnify any Person for any
failure to do any of the foregoing. 
 Section 11.3 Entire Agreement. This Agreement and the Exhibits referenced herein and attached hereto, as
well as the Separation Agreement and any other agreements and documents referred to herein or therein, constitute the entire agreement between the Parties with respect to the subject matter hereof, and supersede all previous agreements,
negotiations, discussions, understandings, writings, commitments and conversations between the Parties with respect to such subject matter. No agreements or understandings exist between the Parties with respect to the subject matter hereof other
than those set forth or referred to herein. 
 Section 11.4 Counterparts; Electronic Delivery. This Agreement may be executed in one or more
counterparts, each of which, when so executed and delivered or transmitted by facsimile, e-mail or other electronic means, shall be deemed to be an original, and all of which taken together shall constitute but one and the same instrument. Execution
and delivery of this Agreement or any other documents pursuant to this Agreement by facsimile or other electronic means shall be deemed to be, and shall have the same legal effect as, execution by an original signature and delivery in person. 

Section 11.5 Survival of Agreements. Except as otherwise expressly contemplated by this Agreement, all covenants and agreements of the Parties
contained in this Agreement shall survive the Effective Time and remain in full force and effect in accordance with their applicable terms. 

Section 11.6 Notices. All notices, demands and other communications required to be given to a Party hereunder shall be in writing and shall be
personally delivered, sent by a nationally recognized overnight courier, or mailed by registered or certified mail (postage prepaid, return receipt requested) to such Party at the relevant street address set forth below (or at such other street
address as such Party may designate from time to time by written notice in accordance with this provision): 
 To InvenTrust: 

  
 16 

 InvenTrust Properties Corp. 

2809 Butterfield Road 
 Oak Brook,
Illinois 60523 
 Attention: Chief Executive Officer 

To Highlands: 
 Highlands REIT,
Inc. 
 332 S. Michigan Avenue, Ninth Floor 

Chicago, Illinois 60604 

Attention: Chief Executive Officer 

Notice by courier or certified or registered mail shall be effective on the date it is officially recorded as delivered to the intended
recipient by return receipt or similar acknowledgment. All notices and communications delivered in person shall be deemed to have been delivered to and received by the addressee, and shall be effective, on the date of personal delivery. 

(a) Waivers. Any term or provision of this Agreement may be waived, or the time for its performance may be extended, by the Party or
the Parties entitled to the benefit thereof. Any such waiver shall be validly and sufficiently given for the purposes of this Agreement if, as to any Party, it is executed by a writing signed by an authorized representative of such Party. Waiver by
any Party of any default by the other Party of any provision of this Agreement shall not be construed to be a waiver by the waiving Party of any subsequent or other default, nor shall it in any way affect the validity of this Agreement or prejudice
the rights of the other Party, thereafter, to enforce each and every such provision. No failure or delay by any Party in exercising any right, power or privilege hereunder shall operate as a waiver thereof, nor shall any single or partial exercise
thereof preclude any other or further exercise thereof, or the exercise of any other right, power or privilege. The rights and remedies hereunder are cumulative and not exclusive of any rights or remedies that either Party would otherwise have. 

Section 11.7 Amendments. Subject to the terms of Sections 11.9, this Agreement may not be amended except by an agreement in writing signed
by both Parties. 
 Section 11.8 Assignment; Binding Effect. This Agreement shall be binding upon and inure to the benefit of the Parties and
their successors and permitted assigns; provided, however, that the rights and obligations of each Party under this Agreement shall not be assignable, in whole or in part, directly or indirectly, whether by operation of law or
otherwise, by such Party without the prior written consent of the other Party and any attempt to assign any rights or obligations under this Agreement without such consent shall be null and void. Notwithstanding the foregoing, no consent shall be
required for the assignment of a Party’s rights and obligations under this Agreement in whole in connection with a change of control of a Party so long as the resulting, surviving or transferee Person assumes all of the obligations of the
relevant Party thereto by operation of Law or pursuant to an agreement in form and substance reasonably satisfactory to the other Party. 

Section 11.9 Termination. Upon written notice, this Agreement may be terminated at any time prior to the Effective Time by and in the sole
discretion of InvenTrust without the approval of any other Party. In the event of such termination, neither Party shall have any Liability any kind to the other Party. 

  
 17 

 Section 11.10 Performance. Each of InvenTrust with respect to the InvenTrust Entities and Highlands
with respect to the Highlands Entities shall cause to be performed, and hereby guarantees the performance of, and all actions, agreements and obligations set forth in this Agreement by such Persons. 

Section 11.11 No Third-Party Beneficiaries. Except as otherwise expressly provided in this Agreement, this Agreement is for the sole benefit of
the Parties and their successors and assigns, and nothing herein, express or implied, is intended to or shall confer upon any other Person or entity any legal or equitable right, benefit or remedy of any nature whatsoever, under or by reason of this
Agreement. Without limiting the generality of the foregoing, in no event shall any InvenTrust Employee, Former InvenTrust Employee, InvenTrust Participant, Highlands Employee, Former Highlands Employee or Highlands Participant (or any dependent,
beneficiary or alternate payee of any of the foregoing) have any third-party rights under this Agreement. 
 Section 11.12 Title and Headings.
Titles and headings to Sections and Articles are inserted for the convenience of reference only and are not intended to be a part of or to affect the meaning or interpretation of this Agreement. 

Section 11.13 Exhibits. The Exhibits attached hereto are incorporated herein by reference and shall be construed with and as an integral part of
this Agreement to the same extent as if the same had been set forth verbatim herein. 
 Section 11.14 Governing Law. This Agreement, and the
legal relations between the Parties hereto, shall be governed by and construed in accordance with the laws of the State of Delaware, without regard to the conflict of laws rules thereof, to the extent such rules would require the application of the
law of another jurisdiction. 
 Section 11.15 Dispute Resolution. The provisions of Sections 10.1 – 10.5 of the Separation
Agreement shall apply, mutatis mutandis, to all disputes, controversies or claims (whether arising in contract, tort or otherwise) that may arise out of or relate to, or arise under or in connection with this Agreement or the transactions
contemplated hereby. 
 Section 11.16 Waiver of Jury Trial. EACH PARTY IRREVOCABLY AND ABSOLUTELY WAIVES THE RIGHT TO A TRIAL BY JURY IN ANY
SUIT, ACTION OR PROCEEDING BROUGHT BY A PARTY TO COMPEL THE DISPUTE RESOLUTION PROCEDURES PROVIDED IN SECTION 11.15 OF THIS AGREEMENT AND ARTICLE X OF THE SEPARATION AGREEMENT AND THE ENFORCEMENT OF ANY AWARDS OR DECISION OBTAINED FROM SUCH
ARBITRATION PROCEEDING, AND AGREES TO TAKE ANY AND ALL ACTION NECESSARY OR APPROPRIATE TO EFFECT SUCH WAIVER. 
 Section 11.17 Specific
Performance. Subject to the provisions of Sections 10.1 – 10.5 of the Separation Agreement, from and after the Distribution, in the event of any actual or threatened default in, or breach of, any of the terms, conditions and
provisions of this Agreement, the Parties agree that the Party to this Agreement who is or is to be thereby aggrieved shall have the right to 

  
 18 

 
seek specific performance and injunctive or other equitable relief of its rights under this Agreement, in addition to any and all other rights and remedies at Law or in equity, and all such
rights and remedies shall be cumulative. The Parties agree that, from and after the Distribution, the remedies at Law for any breach or threatened breach of this Agreement, including monetary damages, may be inadequate compensation for any loss,
that any defense in any action for specific performance that a remedy at Law would be adequate is hereby waived, and that any requirements for the securing or posting of any bond with such remedy are hereby waived. 

Section 11.18 Severability. If any term or other provision of this Agreement or the Exhibits attached hereto or thereto is determined by a
nonappealable decision by a court, administrative agency or arbitrator to be invalid, illegal or incapable of being enforced by any rule of law or public policy, all other conditions and provisions of this Agreement shall nevertheless remain in full
force and effect so long as the economic or legal substance of the Transactions is not affected in any manner materially adverse to either Party. Upon such determination that any term or other provision is invalid, illegal or incapable of being
enforced, the court, administrative agency or arbitrator shall interpret this Agreement so as to affect the original intent of the Parties as closely as possible in an acceptable manner to the end that the Transactions are fulfilled to the fullest
extent possible. If any sentence in this Agreement is so broad as to be unenforceable, the provision shall be interpreted to be only as broad as is enforceable. 

Section 11.19 Force Majeure. Neither Party (nor any Person acting on its behalf) shall have any liability or responsibility for failure to fulfill
any obligation (other than a payment obligation) under this Agreement so long as, and to the extent to which, the fulfillment of such obligation is prevented, frustrated, hindered or delayed as a consequence of circumstances of Force Majeure;
provided that such Party (or such Person) shall have exercised commercially reasonable efforts to minimize the effect of Force Majeure on its obligations. In the event of an occurrence of a Force Majeure, the Party whose performance is affected
thereby shall give notice of suspension as soon as reasonably practicable to the other stating the date and extent of such suspension and the cause thereof, and such Party shall resume the performance of such obligations as soon as reasonably
practicable after the removal of such cause. For purposes of this Agreement “Force Majeure” means with respect to a Party, an event beyond the control of such Party (or any Person acting on its behalf), which by its nature could not
have been reasonably foreseen by such Party (or such Person), or, if it could have been reasonably foreseen, was unavoidable, and includes acts of God, storms, floods, riots, fires, sabotage, civil commotion or civil unrest, interference by civil or
military authorities, acts of war (declared or undeclared) or armed hostilities or other national or international calamity or one or more acts of terrorism or failure of energy sources or distribution facilities. Notwithstanding the foregoing, the
receipt by a Party of an unsolicited takeover offer or other acquisition proposal, even if unforeseen or unavoidable, and such Party’s response thereto shall not be deemed an event of Force Majeure. 

Section 11.20 Construction. This Agreement shall be construed as if jointly drafted by the Parties and no rule of construction strict
interpretation shall be applied against either Party. The Parties represent that this Agreement is entered into with full consideration of any and all rights which the Parties may have. The Parties have conducted such investigations they thought
appropriate, and have consulted with such advisors as they deemed appropriate regarding this Agreement and their rights and asserted rights in connection therewith. The Parties are not relying upon any representations or statements made by the other
Party, or such other Party’s employees, agents, 

  
 19 

 
representatives or attorneys, regarding this Agreement, except to the extent such representations are expressly set forth or incorporated in this Agreement. The Parties are not relying upon a
legal duty, if one exists, on the part of the other Party (or such other Party’s employees, agents, representatives or attorneys) to disclose any information in connection with the execution of this Agreement or their preparation, it being
expressly understood that neither Party shall ever assert any failure to disclose information on the part of the other Party as a ground for challenging this Agreement. 

Section 11.21 Limited Liability. Notwithstanding any other provision of this Agreement, no individual who is a shareholder, director, employee,
officer, agent or representative of InvenTrust or Highlands, in such individual’s capacity as such, shall have any liability in respect of or relating to the covenants or obligations of InvenTrust or Highlands, as applicable, under this
Agreement and, to the fullest extent legally permissible, each of InvenTrust, for itself and the InvenTrust Entities, and Highlands for itself and the Highlands Entities, and in each case, for their respective shareholders, directors, employees and
officers, waives and agrees not to seek to assert or enforce any such liability that any such Person otherwise might have pursuant to applicable law. 

[Signature Page Follows] 

  
 20 

 IN WITNESS WHEREOF, the Parties have caused this Agreement to be executed by their respective
officers as of the date first set forth above. 
  

			
	INVENTRUST PROPERTIES CORP.
		
	By: 	 	 /s/ Scott W. Wilton

		 	Name: Scott W. Wilton
		 	Title: Executive Vice President — General Counsel and Secretary
	
	HIGHLANDS REIT, INC.
		
	By:	 	 /s/ Richard Vance

		 	Name: Richard Vance
		 	Title: President and Chief Executive OfficerEX-4.5

 Exhibit 4.5 

WARRANTS 2015 - REGULATIONS 
  

	1.	DEFINITIONS 

 The terms listed below have the following meanings: 

 

			
	Acceptance Form	  	the form that must be completed and signed by the Selected Participant for acceptance or refusal of the Warrants being offered to him/her, and (in the case of acceptance) that contains authorisation for registration in the warrant
register of the Company of the transfer by the Company to him/her of ownership of the Warrants accepted by the Warrant Holder;
		
	Affiliated Company	  	a company affiliated with the Company within the meaning of Article 11 of the Belgian Companies Code;
		
	Authorised Representative of the Board of Directors	  	the person to whom the Board of Directors of the Company has granted the power to perform all operations which are necessary or useful in connection with the Offer and to achieve the issuance of warrants;
		
	Beneficiary	  	the person indicated by the Warrant Holder, in accordance with Article 4.7.2 to exercise the Warrant Holder’s rights attached to the Warrants after the Warrant Holder’s death;
		
	Board of Directors	  	the board of directors of the Company;
		
	Company	  	Materialise NV, with registered office at 15 Technologielaan, 3001 Leuven, and with enterprise number VAT BE 0441.131.254 (Leuven Legal Entities Register);
		
	Consultant Agreement	  	an agreement, other than a Directorship or Employment Agreement, under which services are provided to the Company or an Affiliated Company;
		
	Date of the Offer	  	the date on which the Authorised Representative of the Board of Directors offers the Warrants to the Selected Participants in accordance with the second paragraph of Article 4.3.1;
		
	Directorship	  	Term of office as director of the Company or an Affiliated Company;
		
	Employment Agreement	  	the agreement in the sense of the Belgian Employment Contracts Act of 3 July 1978 (or an agreement under any law other than Belgian law which corresponds with the content hereof) under which a person performs services in
subordination to the Company or an Affiliated Company;

			
	End of Employment Agreement, the Consultant Agreement, the Collaboration or the Directorship	  	the effective date upon which the termination, for whatever reason, of the Employment Agreement or the Consultant Agreement between the relevant Selected Participant and the Company or any Affiliated Company or the Selected
Participant’s Directorship within the Company or any Affiliated Company shall take effect, with the exception of a termination that shall be accompanied by simultaneous employment in the context of a (possibly new) Employment Agreement with the
Company or any Affiliated Company or by a (potentially new) appointment as a director of the Company or an Affiliated Company;
		
	Exercise Period	  	the period or periods during which the Warrant Holder may exercise the Warrants granted to him, in accordance with Article 4.6, to acquire ordinary shares of the Company;
		
	Exercise Price	  	the price for obtaining one ordinary share in the Company upon exercising a Warrant, as defined herein;
		
	Offer	  	the offer of the Warrants about which the Selected Participant shall be notified in accordance with Article 4.3.1 of this report;
		
	Plan	  	the present warrant plan, as amended from time to time and supplemented in accordance with its provisions;
		
	Securities	  	shares, bonds and other securities, whether or not representing the capital, and which grant voting rights or not, as well as securities granting the right to subscribe to or to acquire securities or to convert into
securities;
		
	Selected Participant	  	 the person to whom Warrants shall be offered by the Authorised Representative of the Board of Directors.

 
 Under the Plan, the Selected Participants are the persons who, at the time of the Offer,
are linked to the Company or an Affiliated Company through an Employment Agreement or, directly or indirectly by a management company, a Consultant Agreement or, directly or indirectly by a management company, a Directorship and to whom Warrants
shall be offered by the Authorised Representative of the Board of Directors;

		
	Shareholders’ Meeting	  	the shareholders’ meeting of the Company;
		
	Transfer	  	the selling, offering for sale, forward selling, pledging of Securities or the granting of a usufruct or any other right thereon

  
 - 2 - 

			
		  	 or allowing options to buy or sell Securities or access thereto in a different way, or the conclusion of any swap or any other agreement that
causes in whole or in part the transfer of the economic benefits of ownership of Securities, irrespective of whether such transfer shall be made for payment or not, by way of general legal succession or in any other manner and whether such
transaction shall be processed by means of delivery of securities, in cash or by some other method;
  

all derivative terms such as Transferable and Transferability will be understood in the same way;

		
	Warrant	  	a warrant issued by the Company that entitles the Selected Participant to subscribe to one ordinary share in accordance with the Plan and the Acceptance Form;
		
	Warrant Holder	  	the person registered in the Company’s Warrant Register as the holder of one or more Warrants.

  

	2.	TRANCHES; SUB-WARRANT PLANS; ADDITIONAL CONDITIONS; AMENDMENTS 

 The Board of Directors or one or more
representatives appointed thereto by it can decide, at any time, for all or part of the Warrants: 
  

	 	•	 	to create several tranches within this Plan, 

  

	 	•	 	to impose additional conditions or restrictions on the Offer or the right to exercise before or upon the Offer; 

  

	 	•	 	to adopt and implement sub-warrant plans that supplement this Plan. Sub-warrant plans may even contain special and deviating provisions to ensure that the sub-warrant plan agrees with the provisions prevailing in the
jurisdiction in question; and 

  

	 	•	 	to amend this Plan. 

 The amendment or supplement to the Plan, however, may not limit the rights under a
granted Warrant without the agreement of the Warrant Holder in question. 
  

	3.	ISSUE PRICE AND EXERCISE PRICE OF THE WARRANTS 

 The Warrants shall be offered for free. 

Each Warrant entitles the holder to subscribe to one ordinary share, under the conditions described in this Plan. 

The Exercise Price of the Warrants shall be determined by the Board of Directors or one or more representatives appointed by it on the Date of the Offer
taking into account all applicable statutory provisions. 
 In the light of Articles 598 and 606 of the Belgian Companies Code, the Exercise Price shall be
at least equal to (i) the established intrinsic value of the shares on the date of issuance of the 

  
 - 3 - 

 
Warrants and that, in the absence of unanimous agreement among the shareholders, is established based on a report drawn up by the statutory auditor; (ii) the intrinsic value of the shares of the
Company at the time of the Offer as established by the Board of Directors or one or more representatives appointed thereto by it; and (iii) the par value of the existing shares on the date of this report and the date of the Offer. 

The Exercise Price will be booked as capital at an amount equal to the par value of the ordinary shares at the time of the issuance of ordinary shares as a
result of the exercise of the Warrant in question. The amount by which the par value would be exceeded shall be booked as an issuance premium, which shall constitute the third-party guarantee in the same manner as the capital and which shall be
booked to a blocked reserve account, which can only be reduced or written off by a resolution of the shareholders’ meeting of the Company in accordance with the rules for amending the articles of association. 

 

	4.	ISSUANCE AND EXERCISE CONDITIONS OF THE WARRANTS 

  

	4.1.	Number of ordinary shares 

 Each Warrant entitles the Warrant Holder to subscribe to one (1)
ordinary share. 
  

	4.2.	Eligible persons  

 The Warrants shall be offered to the Selected Participants, it being
understood that the Warrants will mainly be offered to persons that at the time of the Offer are linked to the Company or an Affiliated Company through an Employment Agreement. Within the limits set out in the preceding sentence, the Board of
Directors or one or more representatives appointed for this purpose by the Board of Directors shall decide who the Selected Participants are and what the Exercise Price and the other issuance and exercise conditions of the Warrants are in accordance
with the provisions of this Plan. 
 Offers under this Plan need not be the same for each Selected Participant. 

The Company shall apply the appropriate tax and special tax treatment resulting from acceptance of the Warrants by the Selected Participants who accept the
Offer and to which the Belgian Act of 26 March 1999 applies. 
  

	4.3.	Offer, acceptance, granting and vesting of the Warrants 

  

	4.3.1.	Offer of Warrants to the Selected Participants 

 The Selected Participants will be informed by the
Authorised Representative of the Board of Directors of the Offer. 
 A form will be made available to the Selected Participants, which mentions the number
of Warrants, the Exercise Price, as well as the other issuance and exercise conditions of these Warrants. An Acceptance Form shall be enclosed to the notice. 

  
 - 4 - 

	4.3.2.	Acceptance Period 

 Each Selected Participant has the option to accept or reject the Offer. Acceptance
must take place in writing by ticking the option acceptance, indicating the number of accepted Warrants on the appropriate Acceptance Form. The Acceptance Form must be completed and signed prior to the date stated therein and returned by the
Selected Participant to the Company. If the Selected Participant has not accepted the Warrants in writing through the Acceptance Form by the date specified in the Acceptance Form (subject to extension of the acceptance period by the Board of
Directors or one or more authorised representatives of the Board of Directors), he/she is deemed to have irrevocably refused the Offer and no acceptance of Warrants will be possible afterwards. 

Acceptance may cover all or part of the Warrants offered. To be clear, it is explicitly stated that no partial Warrants will be issued. 

Notwithstanding the above, the Offer and the acceptance of the Warrants may also be included in a specific warrant agreement or inserted into another
agreement signed by the Company and the Selected Participant. 
 Expressly or tacitly refused Warrants may still be offered to the same or other Selected
Participants. 
  

	4.3.3.	Granting of the Warrants 

 After the expiry of the aforementioned acceptance period, the Authorised
Representative of the Board of Directors will, within a reasonable period, proceed with registration of the Warrant Holders in the warrant register of the Company, specifying the number of Warrants accepted by the Selected Participants in accordance
with the provisions of this Plan (the “Granting”). 
  

	4.3.4.	Vesting of the Warrants 

 Prior to or at the time of the Offer, the Board of Directors or one or more
representatives authorised for such by it may decide whether, and when and to what degree, the offered Warrants are vested by the Selected Participant. 

Unless otherwise decided by the Board of Directors or one or more representatives authorised for such, prior to or at the time of the Offer, Warrants granted
to a Selected Participant are vested only after a period of five years, in the following way: 
  

	 	•	 	the first tranche of 10% of the total number of the Warrants granted to the Selected Participant (in accordance with Article 4.3.3) on the second anniversary of the Granting; 

 

	 	•	 	the second tranche of 20% of the total number of the Warrants granted to the Selected Participant (in accordance with Article 4.3.3) on the third anniversary of the Granting; 

 

	 	•	 	the third tranche of 30% of the total number of the Warrants granted to the Selected Participant (in accordance with Article 4.3.3) on the fourth anniversary of the Granting; and 

  
 - 5 - 

	 	•	 	the final tranche of 40% of the total number of the Warrants granted to the Selected Participant (in accordance with Article 4.3.3) on the fifth anniversary of the Granting, 

in each case subject to the condition that this person is still bound by an Employment Agreement or a Consultant Agreement with the Company or an Affiliated
Company, or by a Directorship on the relevant vesting date (unless otherwise determined by the Board of Directors or one or more representatives authorised for such by the Board of Directors for all or part of the Warrants). 

However, even after the Offer of the Warrants, the Board of Directors, or one or more representatives appointed for such by the Board of Directors, may adapt
the vesting conditions for all or part of the Warrants, provided that the rights of the Warrant Holder are not restricted without the approval of the Warrant Holder. Thus, the Board of Directors, or one or more representatives authorised for such by
it, can for example allow that all or part of the Warrants that are not vested at the time of the End of the Employment Agreement, the Consultant Agreement or Directorship may nevertheless become vested. 

Vesting always refers to entire Warrants. If the respective annual percentage of the total number of Warrants granted to the Selected Participant is not an
integer, this number is rounded down, and each year one additional Warrant is additionally vested as soon as the sum of the hitherto neglected fractions equals one (in other words, this additional Warrant represents the sum of the fraction(s) of a
Warrant that was/were neglected in the vesting of the previous tranche/tranches). 
  

	4.4.	Nominative nature 

 The Warrants are in registered form and shall be registered in the register of
Warrant Holders to be kept at the registered office of the Company. 
  

	4.5.	Term of the Warrant  

 The term of the Warrants under the Plan shall end ten years after the
decision to issue the Warrants. 
  

	4.6.	Exercise Periods 

 Unless otherwise decided by the Board of Directors or one or more
representatives authorised for such by it, for all or part of the Warrants prior to or at the time of the Offer, and without prejudice to Articles 4.3.4, 4.7 and 4.8, the Warrants may only be exercised, in compliance with Article 4.11, from their
vesting in accordance with Article 4.3.4 and only during (i) a four-week period following the announcement of the results of the second and the fourth quarter (each an “Exercise Period”), or (ii) if no quarterly results are
published, during the months of March and September of each year (each an “Exercise Period”). The Board of Directors or one or more representatives authorised for such by it may provide for additional Exercise Periods. 

  
 - 6 - 

 The Warrant Holder shall be free not to exercise all or part of any vested Warrants in the course of an Exercise
Period and to postpone the exercise of the unexercised Warrants to a later Exercise Period, subject to the exceptions and limitations contained in Articles 4.7 and 4.8. 

The (still) exercisable Warrants which are not exercised at the time of the conclusion of the last Exercise Period during the term specified in Article 4.5,
shall automatically lapse and shall be without value. 
  

	4.7.	Exercisability of the Warrants: exceptions and limitations 

  

	4.7.1.	End of the Employment Agreement, the Consultant Agreement or the Directorship 

 At the End of the
Employment Agreement, the Consultant Agreement or the Directorship of the Selected Participant who is also Warrant Holder, and unless otherwise decided by the Board of Directors or one or more representatives authorised for such by it for all or
part of the Warrants prior to the End of the Employment Agreement, Consultant Agreement or the Directorship: 
  

	 	(i)	Warrants of the relevant Selected Participant that are not vested at that time in accordance with Article 4.3.4 automatically expire, and they are of no value; and 

 

	 	(ii)	the Warrants vested at that time may be exercised during the following or second Exercise Period. The Warrants of the Selected Participant in question that are not exercised during this Exercise Period, cannot, contrary
to Article 4.6, second paragraph, be transferred to a later Exercise Period and will, after expiry of the Exercise Period, immediately and automatically expire and become of no value. 

 

	4.7.2.	Death 

 If a Warrant Holder dies while a Warrant has not been exercised and is or may become exercisable
according to the issuance and exercise conditions, all vested unexercised Warrants held by the Warrant Holder shall be transferred to the Warrant Holder’s Beneficiary and such vested Warrants may be exercised by the Beneficiary at the time and
according to the procedures stipulated in this Plan. The Warrants of the relevant Warrant Holder which had not yet been vested at the time of its death in accordance with Article 4.3.4 shall automatically expire with no value. 

A Warrant Holder may only designate his/her husband/wife and/or one or more other legal heirs as his/her Beneficiary. 

The designation, as well as the revocation and re-designation, of a Beneficiary must be made in writing. 

In the absence of any valid designation under the two preceding paragraphs, the persons who are the Warrant Holder’s legal heirs under the applicable law
of inheritance shall be deemed to be the Beneficiary. If there are several heirs, the heirs acting jointly or, where appropriate, a person designated by all heirs acting jointly, shall be deemed to be the Beneficiary. 

  
 - 7 - 

	4.7.3.	Retirement pension 

 At the End of the Employment Agreement or the Directorship of the Selected
Participant who is also Warrant Holder, the Selected Participant shall, as a result of his legal retirement or of his reaching retirement age, retain his vested Warrants and may exercise such Warrants without prejudice as to the time and according
to the procedures stipulated in the issuance and exercise conditions. The Warrants held by the Warrant Holder in question which, at the time his retirement have not vested in accordance with Article 4.3.4, shall automatically expire with no value,
unless the Board of Directors or one or more of its authorised representatives, prior to the End of the Employment Agreement, Consultant Agreement or the Directorship, has decided otherwise for all or part of the Warrants. 

 

	4.8.	Acceleration of the exercise of the Warrants  

 Unless the Board of Directors or one or more
representatives authorised for such by it decides otherwise for all or part of the Warrants, in the following circumstances the Warrant Holder is entitled to the accelerated exercise of his or her Warrants, regardless of whether the Warrants are
already vested in accordance Article 4.3.4, during the usual Exercise Periods or any other Exercise Period that the Board of Directors may decide, in compliance with the formalities specified in this Plan and taking into account the possible tax
consequences related to the accelerated exercise: 
 (i) liquidation of the Company; 

(ii) the sale of all or substantially all of the assets of the Company; 

(iii) change of control of the Company. 
 The tax consequences
of an accelerated exercise shall be borne by the relevant Warrant Holder. 
 The Company shall notify the Warrant Holders in writing if any of the events
listed above occur and concerning possible additional Exercise Periods decided upon by the Board of Directors. 
 If the Warrant Holder, in the event of (i)
or (ii) occurring, as mentioned above, does not wish to accelerate the exercise of these Warrants, such Warrants shall automatically expire and shall be void, unless otherwise decided by the Board of Directors or one or more representatives
authorised for such by it, for all or a part of the Warrants granted under this Plan. 
  

	4.9.	Non-Transferability of the Warrants 

 The Warrants are not Transferable except in the event of the
death of a Warrant Holder, in which case the Warrants held by the Warrant Holder at the time of death shall be transferred to the Beneficiary in accordance with the terms of Article 4.7.2. However, the Board of Directors or one or more
representatives authorised for such by it may allow exceptions to this non-Transferability for all or a part of the Warrants granted under this Plan. 
 The
possible tax consequences of a transfer pursuant to an obligation laid down in the articles of association shall be borne by the Warrant Holder. 

  
 - 8 - 

	4.10.	Ordinary shares to which a Warrant entitles possession 

  

	4.10.1.	Ordinary shares; dividend 

 Each Warrant entitles the holder to subscribe to one ordinary share of the
Company. 
 The ordinary shares to be issued upon the exercise of the Warrants shall entitle the holder to dividends as from the beginning of the financial
year in which the Warrants are exercised or, if the Warrants are exercised at a time when the annual shareholders’ meeting has not yet resolved on the allocation of the result of the previous financial year, from the start of the financial year
preceding the financial year in which the Warrants are exercised. 
  

	4.10.2.	Exercise procedure; issuance of shares; share register; ADSs or other securities 

 The Company shall only
be obliged to issue the ordinary shares for the benefit of the Warrant Holder as a result of the exercise of the Warrants, if the requirements set out in Article 4.11 are fulfilled. No fractions of ordinary shares shall be issued upon the exercise
of a Warrant. 
 In the event of the exercise of the Warrants, the ordinary shares shall be issued as soon as reasonably possible, taking into account the
mandatory administrative and corporate formalities, after the end of the exercise period in question in accordance with Article 591 of the Belgian Companies Code. 

After the issuance of ordinary shares pursuant to the exercise of Warrants, the Board of Directors shall ensure that the new ordinary shares are registered in
the share register of the Company in the name of the subscriber. 
 The subscriber may then, if the subscriber so wishes, take the necessary steps for
inclusion in the listing of the new ordinary shares in the form of ADSs or other securities. All direct costs and taxes in this regard must be borne by the shareholder concerned. The Company shall provide reasonable assistance in transferring the
shares into ADSs or other (relevant) securities. 
  

	4.11.	Exercise procedure 

 An exercisable Warrant shall only be validly exercised if the Board of
Directors, by the last day of the relevant Exercise Period, receives the following: 
  

	 	(i)	a letter (sent by registered letter or by personal delivery, in each case with confirmation of receipt), sent to the registered office of the Company and addressed to the Board of Directors stating that Warrants are
being exercised. The letter shall expressly mention the number of Warrants to be exercised and be signed by the Warrant Holder (or his or her rightful claimants); and 

 

	 	(ii)	full payment for the ordinary shares subscribed for pursuant to the exercise of the Warrants, by wire transfer to an account held by the Company, the account number of which shall be notified by the Company; and

  

	 	(iii)	if the Warrants are exercised by a person or persons other than the Selected Participant, appropriate proof of the right of such person or persons to exercise the Warrant; and 

  
 - 9 - 

	 	(iv)	statements and documents that the Board of Directors deems necessary or desirable to comply with applicable legal or regulatory requirements, and which the Board of Directors requires to be submitted. 

The Board of Directors or one or more representatives authorised for such by it shall have the power to change the above procedure at its own discretion
and/or to allow deviations thereto for all or a part of the Warrants granted under this Plan. 
 Regardless of the time within the Exercise Period that the
above steps have been taken, the Warrants shall be deemed to have been exercised on the last day of the Exercise Period. 
  

	4.12.	Costs and taxes 

 Stamp duties, brokerage fees and other similar duties, taxes and social security
contributions levied as a result of the Offer, the Granting, the exercise and the Transfer of Warrants, and the acquisition and sale of ordinary shares and ADSs, shall be borne by the Warrant Holders. 

 

	4.13.	Changes to the capital structure of the Company - reservation of rights 

 Notwithstanding Article
501 of the Belgian Companies Code and without prejudice to the statutory exceptions, the Company may take any decisions it deems necessary with respect to its capital, its articles of association or its management, including, but not limited to, a
capital decrease with or without distribution to shareholders, a capital increase by incorporation of reserves whereby new shares are or are not created, a capital increase by contributions in kind, a capital increase by cash contribution whereby
the preferential subscription right of the existing shareholders may or may not be restricted or cancelled, an issue of profit certificates, convertible bonds, preferential shares, bonds cum warrants, ordinary bonds or naked warrants, an
amendment to the articles of association regarding the appropriation of profit or the liquidation proceeds or other rights attached to the ordinary shares, a share split, a distribution of share dividends, a dissolution of the Company, a merger, a
split or a contribution or a transfer of an universality or of a business division, whether or not accompanied by the exchange of shares. The Company may make such resolutions even if they (could) lead to a reduction of the benefits granted by the
terms of issuance of the Warrants and the law to the Warrant Holders, unless those resolutions would have as their sole purpose such reduction. 
 In the
event of a merger or split, the Board of Directors shall make all reasonable efforts to ensure that the Warrants outstanding at the date of such transaction shall be replaced by warrants in the merged company or the split companies in accordance
with the exchange ratio applied to the ordinary shares of the Company existing at that time. 
  

	4.14.	Exercise of the Warrants in accordance with the law 

 If the Warrant Holder exercises Warrants
under Article 501 of the Belgian Companies Code, the resulting ordinary shares thus acquired shall not be transferable as long as the Warrants would not have been otherwise (i.e. abstraction of such exercise) exercisable in accordance with the
issuance and exercise conditions. The possible tax consequences of such exercise shall be borne by the Warrant Holder. 

  
 - 10 - 

 Article 501 of the Belgian Companies Code stipulates that “in case of increase of the registered capital by
contribution in cash, the warrant holders may exercise their warrants, notwithstanding any contrary provision in the articles of association or the terms of issuance, and possibly participate in the new issuance as a shareholder, insofar as the old
shareholders have this right.” 
  

	5.	MISCELLANEOUS 

  

	5.1.	Authorised Representative of the Board of Directors 

 The Board of Directors may remove the
Authorised Representative of the Board of Directors at any time and appoint a new Authorised Representative of the Board of Directors. The Authorised Representative of the Board of Directors may resign at any time by written notice to the Board of
Directors. 
  

	5.2.	Applicable law 

 This Plan, the Warrants and the issuance and exercise conditions of the Warrants
are governed by Belgian law. 
  

	5.3.	Jurisdiction 

 The Courts and Tribunals of the district of the registered office of the Company
shall have exclusive jurisdiction over any disputes regarding this Plan, the Warrants or the issuance and exercise conditions thereof. 
  

	5.4.	Notices 

 Any notice to the Warrant Holder shall be made by registered letter to the address
mentioned in the register of warrant holders or by written notice with acknowledgement of receipt. 
 Any notice to the Company, the Board of Directors or
its authorised representative shall only be valid if made by registered letter with acknowledgement of receipt to the address of the registered office of the Company or by written notice with acknowledgement of receipt. 

Any notice shall be deemed to have arrived three business days after the postmark of the registered letter. Changes of address must be notified in accordance
with this provision. 
 * * * 

  
 - 11 -

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00257-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00257-of-00352.parquet"}]]