Document:

EX-10.1

 Exhibit 10.1 
  

 
  

 
 TRANSITION SERVICES AGREEMENT 

BY AND BETWEEN 

INVENTRUST PROPERTIES CORP. 

AND 
 HIGHLANDS REIT,
INC. 
 DATED AS OF
                        , 2016 
  

 
  

 

 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
		
	ARTICLE I SERVICES	  	 	1	  
			
	 Section 1.01
	  	General	  	 	1	  
	 Section 1.02
	  	Quality of Services	  	 	1	  
	 Section 1.03
	  	Duration of Services	  	 	2	  
	 Section 1.04
	  	Third Party Services	  	 	2	  
	 Section 1.05
	  	Responsible Personnel	  	 	3	  
	 Section 1.06
	  	Changes to Services	  	 	3	  
	 Section 1.07
	  	Amendments to Schedule A	  	 	3	  
		
	ARTICLE II COMPENSATION; BILLING	  	 	3	  
			
	 Section 2.01
	  	Service Fees	  	 	3	  
	 Section 2.02
	  	Expenses	  	 	3	  
	 Section 2.03
	  	Taxes	  	 	4	  
	 Section 2.04
	  	[Reserved]	  	 	4	  
	 Section 2.05
	  	Payment of Fees and Expenses	  	 	4	  
	 Section 2.06
	  	Payment Delay; Finance Charges	  	 	4	  
	 Section 2.07
	  	No Right to Set-Off	  	 	4	  
		
	ARTICLE III COOPERATION AND CONSENTS	  	 	4	  
			
	 Section 3.01
	  	General	  	 	4	  
	 Section 3.02
	  	Transition	  	 	5	  
	 Section 3.03
	  	Consents	  	 	5	  
		
	ARTICLE IV CONFIDENTIALITY	  	 	5	  
			
	 Section 4.01
	  	Recipient Confidential Information	  	 	5	  
	 Section 4.02
	  	Provider Confidential Information	  	 	6	  
	 Section 4.03
	  	Required Disclosure	  	 	7	  
	 Section 4.04
	  	Return or Destruction of Confidential Information	  	 	7	  
		
	ARTICLE V INTELLECTUAL PROPERTY	  	 	8	  
			
	 Section 5.01
	  	Recipient Intellectual Property	  	 	8	  
	 Section 5.02
	  	Provider Intellectual Property	  	 	8	  
		
	ARTICLE VI LIMITED LIABILITY AND INDEMNIFICATION	  	 	8	  
			
	 Section 6.01
	  	Consequential and Other Damages	  	 	8	  
	 Section 6.02
	  	Limitation of Liability	  	 	8	  
	 Section 6.03
	  	Obligation To Reperform; Liabilities	  	 	8	  
	 Section 6.04
	  	Release and Recipient Indemnity	  	 	9	  
	 Section 6.05
	  	Provider Indemnity	  	 	9	  
	 Section 6.06
	  	Indemnification Procedures	  	 	9	  
	 Section 6.07
	  	Liability for Payment Obligations	  	 	9	  
	 Section 6.08
	  	Exclusion of Other Remedies	  	 	9	  

							
	 	  	 	  	Page	 
		
	ARTICLE VII INDEPENDENT CONTRACTOR	  	 	9	  
		
	ARTICLE VIII COMPLIANCE WITH LAWS	  	 	10	  
		
	ARTICLE IX TERM AND TERMINATION	  	 	10	  
			
	 Section 9.01
	  	Term	  	 	10	  
	 Section 9.02
	  	Termination of this Agreement	  	 	10	  
	 Section 9.03
	  	Effect	  	 	11	  
		
	ARTICLE X DISPUTE RESOLUTION	  	 	11	  
			
	 Section 10.01
	  	Dispute Resolution	  	 	11	  
	 Section 10.02
	  	Waiver of Jury Trial	  	 	11	  
		
	ARTICLE XI MISCELLANEOUS	  	 	12	  
			
	 Section 11.01
	  	Further Assurances	  	 	12	  
	 Section 11.02
	  	Amendments and Waivers	  	 	12	  
	 Section 11.03
	  	Entire Agreement	  	 	12	  
	 Section 11.04
	  	Third Party Beneficiaries	  	 	12	  
	 Section 11.05
	  	Notices	  	 	12	  
	 Section 11.06
	  	Counterparts; Electronic Delivery	  	 	13	  
	 Section 11.07
	  	Severability	  	 	13	  
	 Section 11.08
	  	Assignability	  	 	13	  
	 Section 11.09
	  	Governing Law; Disputes	  	 	14	  
	 Section 11.10
	  	Disclaimer of Representations and Warranties	  	 	14	  
	 Section 11.11
	  	Force Majeure	  	 	15	  
	 Section 11.12
	  	Construction and Interpretation	  	 	16	  
	 Section 11.13
	  	Titles and Headings	  	 	16	  
	 Section 11.14
	  	Schedules	  	 	16	  
	 Section 11.15
	  	Specific Performance	  	 	16	  
	 Section 11.16
	  	Limited Liability	  	 	17	  
			
	SCHEDULE A	  		  			

  

  
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 TRANSITION SERVICES AGREEMENT 

This Transition Services Agreement (this “Agreement”) is entered into and effective as of
                    , 2016 (the “Effective Date”), by and between InvenTrust Properties Corp., a Maryland corporation
(“Provider”), and Highlands REIT, Inc., a Maryland corporation (“Recipient”). Provider and Recipient may each be referred to herein as a “Party,” and are collectively referred to as the
“Parties.” Capitalized terms used but not defined herein shall have the meanings given them in the Separation Agreement (defined below). 

RECITALS 
 WHEREAS,
Provider has previously been engaged in the business of acquiring, owning and operating a diversified portfolio of commercial real estate and created Recipient hold its portfolio of “non-core” assets; 

WHEREAS, the board of directors of Provider has determined that it is advisable and in the best interests of Provider to establish Recipient
as an independent public reporting company, and in furtherance thereof, to distribute to the stockholders of Provider, on a pro rata basis, 100% of the outstanding shares of common stock of Recipient (the “Separation”); 

WHEREAS, Provider and Recipient have entered into that certain Separation and Distribution Agreement, dated as of
                    , 2016 (the “Separation Agreement”), to carry out, effect, and consummate the Separation; and 

WHEREAS, pursuant to the Separation Agreement, the Parties have agreed that Provider shall provide (or cause to be provided) to Recipient and
its Subsidiaries, and Recipient and its Subsidiaries shall receive, certain services and other assistance on a transitional basis following the Separation and in accordance with the terms of, and subject to, the conditions set forth in this
Agreement. 
 NOW, THEREFORE, in consideration of the foregoing and mutual promises, covenants, agreements, representations and warranties
contained herein, and for other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the Parties, intending to be legally bound, hereby agree as follows: 

ARTICLE I 
 SERVICES 

Section 1.01 General. In accordance with the provisions hereof, Provider shall provide (or cause to be provided) to Recipient and its
Subsidiaries, and Recipient and its Subsidiaries shall receive, the services described on Schedule A attached hereto (each such service, a “Service” and, collectively, the “Services”). Schedule A may
be amended from time to time by written agreement of the Parties. 
 Section 1.02 Quality of Services. Provider shall perform (or
cause to be performed) the Services (i) in a workmanlike and professional manner, (ii) with the same degree of care as it exercises in performing its own functions of a like or similar nature, and, where applicable, in a

 
manner substantially consistent with the quantity and scope of the Services provided by Provider to Recipient and its Subsidiaries in the ordinary course prior to the Effective Time (except to
the extent otherwise provided herein) and (iii) in a timely manner in accordance with the provisions of this Agreement and consistent with historical practice (except to the extent otherwise provided herein), it being understood that nothing in this
Agreement will require Provider to favor Recipient and its Subsidiaries over the other business operations of Provider and its Subsidiaries.

Section 1.03 Duration of Services. Subject to the terms of this Agreement, Provider will provide (or cause to be provided) the Services
to Recipient and its Subsidiaries until the Termination Date (as defined below) or such other date determined pursuant to the following: 

(a) each Service shall terminate on the Initial Expiration Date for such Service set forth on Schedule A (as to each Service, the
“Initial Expiration Date”), unless extended or terminated pursuant to subsection (b) or (c) of this Section 1.03. 

(b) Recipient may terminate any Service prior to the Initial Expiration Date by giving Provider not less than thirty (30) days’ prior
written notice, or such less time as may be agreed upon by the Parties. 
 (c) Recipient may, to the extent set forth on Schedule A,
extend each Service in monthly increments until the Final Expiration Date set forth on Schedule A (as to each Service, the “Final Expiration Date”). Each Service will automatically extend each month until the applicable Final
Expiration Date unless Recipient has provided Provider a notice of termination not less than fifteen (15) days prior to the applicable expiration date for such Service at such time. 

Notwithstanding the foregoing, Recipient agrees that it shall use its commercially reasonable efforts in good faith to transition itself to a
stand-alone entity with respect to each Service as soon as reasonably practicable; and that, to the extent that Provider’s ability to provide a Service is dependent on the continuation of a related Service (and such dependence has been made
known to the other Party), then Provider’s obligation to provide such dependent Service shall terminate automatically with the termination of such related Service. 

Recipient may only terminate Services pursuant to Section 1.03(b) at month-end. To the extent there are any break-up costs (including
commitments made to, or in respect of, personnel or third parties due to the requirement to provide the Services, prepaid expenses related to the Services or costs related to terminating such commitments) reasonably incurred by Provider as a result
of any early termination of a Service by Recipient, Provider shall use its reasonable best efforts to mitigate such costs, and Recipient shall bear such costs and reimburse Provider in full for the same. 

Section 1.04 Third Party Services. Each Party acknowledges and agrees that certain Services may be provided by third parties designated
by Provider. To the extent so provided, Provider shall cause such third parties to provide such Services consistent with the manner contemplated by this Agreement; provided, however, if there is any change to the Services provided
as a result, including the level or cost thereof, Provider and Recipient shall negotiate in good faith to amend Schedule A as appropriate. 

  
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 Section 1.05 Responsible Personnel.

(a) [Reserved.] 
 (b) Provider
will have the right, in its reasonable discretion, to (i) designate which of its personnel will be involved in providing Services to Recipient, and (ii) remove and replace any such personnel, so long as there is no resulting increase in costs, or
decrease in the level of service for Recipient; provided, however, that Provider will use its commercially reasonable efforts to limit disruption of the provision of Services to Recipient in the transition of the Services to different
personnel. 
 (c) In the event that the provision of any Service by Provider requires the cooperation and services of applicable personnel
of Recipient, Recipient will make available to Provider such personnel as may be necessary for Provider to provide such Service. Recipient will have the right, in its reasonable discretion, to (i) designate which of its personnel it will make
available to Provider in connection with the receipt of such Service, and (ii) remove and replace any such personnel, so long as there is no resulting increase in costs to Provider in providing such Service or adverse effect on Provider’s
ability to provide such Service; provided, however, that Recipient will use its commercially reasonable efforts to limit disruption of the provision of services by Provider in the transition of such personnel. 

Section 1.06 Changes to Services. It is understood and agreed that Provider may from time to time modify, change or enhance the manner,
nature and quality of any Service provided to Recipient to the extent Provider is making a similar change in the performance of such Services for Provider and its Subsidiaries; provided, however, that any such modification, change or
enhancement will not reasonably be expected to materially negatively affect such Services. Provider shall furnish to Recipient substantially the same notice (in content and timing), if any, as Provider furnishes to its own organization with
respect to such modifications, changes or enhancements. 
 Section 1.07 Amendments to Schedule A. Each amendment to Schedule
A, as agreed to in writing by the Parties, shall be deemed part of this Agreement and any changes to the Services or other amendments set forth therein shall be subject to the terms and conditions of this Agreement. 

ARTICLE II 
 COMPENSATION; BILLING

 Section 2.01 Service Fees. In consideration for providing the Services, Provider will charge Recipient the fees indicated for each
Service listed on Schedule A (each, a “Service Fee” and collectively, the “Service Fees”). 

Section 2.02 Expenses. Except to the extent provided otherwise on Schedule A, in addition to the Service Fee, Provider shall
also be entitled to charge Recipient for any reasonable, documented, out-of-pocket costs and expenses incurred by Provider in providing the Services (“Expenses”). 

  
 3 

 Section 2.03 Taxes. In addition to any amounts otherwise payable by Recipient pursuant to
this Agreement, Recipient shall pay, be responsible, and promptly reimburse Provider, for any sales, use, value added, goods and services, excise, transfer, recording or similar taxes, including any interest, penalties or additional amounts imposed
with respect thereto, imposed with respect to, or in connection with, the provision of Services or payment of any Service Fees hereunder. 

Section 2.04 [Reserved]. 

Section 2.05 Payment of Fees and Expenses. Within thirty (30) days after the end of each calendar month, Provider shall send Recipient
an invoice for the Service Fees and, in reasonable detail, the Expenses due in connection with the Services provided to Recipient during the immediately preceding calendar month. Payments of invoices shall be made by check or wire transfer of
immediately available funds to one or more accounts specified in writing by Provider. Payment shall be made within thirty (30) days after the date of receipt of Provider’s invoice. 

Section 2.06 Payment Delay; Finance Charges. 

(a) If Recipient fails to make any material payment within thirty (30) days of the date such payment was due to Provider, Provider shall have
the right, at its sole option, upon ten (10) days’ prior written notice (such notice, a “Suspension Notice”), to suspend performance of any Services until payment has been received. 

(b) If Recipient fails to make any payment within sixty (60) days of the date such payment was due to Provider, a finance charge of two
percent (2%) per month, payable from the date of the invoice to the date such payment is received and levied upon the balance of any such payment, shall be due and payable to Provider. In addition, Recipient shall indemnify Provider for its costs,
including reasonable attorneys’ fees and disbursements, incurred to collect any unpaid amount. 
 (c) Recipient shall not be liable for
the payment of any finance charges pursuant to this Section 2.06, and Provider shall not be authorized to suspend performance pursuant to this Section 2.06, to the extent, but only to the extent, that Recipient is in good faith
disputing Service Fees or Expenses incurred under Sections 2.01 and 2.02. 
 Section 2.07 No Right to Set-Off.
Recipient shall pay the full amount of all Service Fees and Expenses and shall not set off, counterclaim or otherwise withhold any amount owed to Provider under this Agreement on account of any obligation owed by Provider to Recipient. 

ARTICLE III 
 COOPERATION AND
CONSENTS 
 Section 3.01 General. Each Party shall reasonably cooperate with and provide assistance to the other Party in carrying
out the provisions of this Agreement. Such cooperation shall include, but not be limited to, exchanging information, responding to inquiries, making adjustments and, subject to Section 3.03, obtaining all consents, licenses, sublicenses
or approvals necessary to permit each Party to perform its obligations hereunder; provided, however, that neither Party shall be required to disclose privileged information to the other Party. 

  
 4 

 Section 3.02 Transition. At the request of Recipient in contemplation of the termination
of any Services hereunder, in whole or in part, Provider shall cooperate with Recipient, at Recipient’s expense, in transitioning such Services to Recipient or to any third party service provider designated by Recipient. 

Section 3.03 Consents. Provider will take commercially reasonable efforts to obtain, and to keep and maintain in effect, any third
party licenses and consents necessary to provide the Services (the “Consents”). The costs relating to obtaining any such licenses or Consents obtained solely for the benefit of Recipient shall be borne by Recipient; provided,
however, that Provider shall not incur any such costs that are not contemplated by Schedule A or consistent with historical practice of the Parties without the prior written consent of Recipient. If any such Consent is not
obtained or maintained despite using commercially reasonable efforts to do so, Provider shall promptly notify Recipient in writing, and (i) Provider shall not be obligated under this Agreement to provide Recipient access to or use of any third party
software or services requiring such Consents or to provide any Services dependent upon such Consents until such Consents are obtained or maintained, and (ii) the Parties will reasonably cooperate with one another to achieve a reasonable alternative
arrangement with respect thereto as necessary. 
 ARTICLE IV 

CONFIDENTIALITY 
 Section 4.01
Recipient Confidential Information. From and after the Effective Date, subject to Section 4.03, and except as contemplated by or otherwise provided for under this Agreement or the Separation Agreement, Provider shall not, and shall
cause its Affiliates and its own and its Affiliates’ officers, directors, employees, and other agents and representatives, including attorneys, agents, customers, suppliers, contractors, consultants and other representatives or third parties
providing Services pursuant to this Agreement (collectively, “Representatives”), to not, directly or indirectly, disclose, reveal, divulge or communicate to any Person, other than to Recipient and its Affiliates (collectively, the
“Recipient Group”) and their respective Representatives, and to Provider and its Affiliates (collectively, the “Provider Group”) and their respective Representatives who reasonably need to know such information in
connection with the provision of Services under this Agreement and who are informed of their obligation to hold such information confidential to the same extent as is applicable to the Parties and in respect of whose failure to comply with such
obligations, Recipient will be responsible, or use or otherwise exploit for its own benefit or for the benefit of any third party (other than members of the Recipient Group), any Recipient Confidential Information (as defined below). 

For the purposes of this Agreement, “Group” shall mean the Provider Group or the Recipient Group, as the context requires. If
any disclosures are made by members of the Recipient Group to members of the Provider Group in connection with the provision of Services under this Agreement, then the Recipient Confidential Information so disclosed shall be used by the Provider
Group only as required to perform the Services or, if applicable, to the extent permitted by the Separation Agreement. Provider shall use the same degree of care to prevent and restrain the unauthorized use or disclosure of the Recipient
Confidential Information by any 

  
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member of the Provider Group or its Representatives as it uses for its own confidential information of a like nature, but in no event less than a reasonable standard of care. For purposes of
this Agreement, any information, material or documents relating to the businesses currently or formerly conducted, or proposed to be conducted, by the Recipient Group that is furnished to, or in possession of, any member of the Provider Group, in
each case in connection with the Services provided under this Agreement and irrespective of the form of communication, and all notes, analyses, compilations, forecasts, data, translations, studies, memoranda or other documents prepared by members of
the Provider Group, that contain, or otherwise reflect, such information, material or documents is hereinafter referred to as “Recipient Confidential Information.” Recipient Confidential Information does not include, and there shall
be no obligation hereunder, with respect to information that (i) is or becomes generally available to the public, other than as a result of a disclosure by a member of the Provider Group or its Representatives not otherwise permissible hereunder,
(ii) Provider can demonstrate was or became available to the Provider Group from a source other than the Recipient Group or its Representatives, or (iii) is developed independently by the Provider Group without reference to the Recipient
Confidential Information; provided, however, that, in the case of clause (ii), the source of such information was not known by Provider to be bound by a confidentiality or non-disclosure
agreement with, or other contractual, legal or fiduciary obligation of confidentiality to, any member of the Recipient Group with respect to such information. 

Section 4.02 Provider Confidential Information. From and after the Effective Date, subject to Section 4.03, and except as
contemplated by or otherwise provided for under this Agreement or the Separation Agreement, Recipient shall not, and shall cause the members of the Recipient Group and their respective Representatives to not, directly or indirectly, disclose,
reveal, divulge or communicate to any Person other than members of the Provider Group and its Representatives, or members of the Recipient Group and its Representatives, who reasonably need to know such information in connection with the receipt of
Services under this Agreement and who are informed of their obligation to hold such information confidential to the same extent as is applicable to the Parties and in respect of whose failure to comply with such obligations, Provider will be
responsible, or use or otherwise exploit for its own benefit or for the benefit of any third party (other than members of the Provider Group), any Provider Confidential Information (as defined below). If any disclosures are made by members of
the Provider Group to members of the Recipient Group in connection with the provision of Services under this Agreement, then the Provider Confidential Information (as defined below) so disclosed shall be used by the Recipient Group only as required
to receive the Services or, if applicable, to the extent permitted by the Separation Agreement. Recipient shall use the same degree of care to prevent and restrain the unauthorized use or disclosure of the Provider Confidential Information by
any member of the Recipient Group or its Representatives as it uses for its own confidential information of a like nature, but in no event less than a reasonable standard of care. 

For purposes of this Agreement, any information, material or documents relating to the businesses currently or formerly conducted, or proposed
to be conducted, by the Provider Group that is furnished to, or in possession of, any member of the Recipient Group, in each case in connection with the Services provided under this Agreement and irrespective of the form of communication, and all
notes, analyses, compilations, forecasts, data, translations, studies, memoranda or other documents prepared by members of the Recipient Group, that contain, or otherwise reflect, such information, material or documents, is hereinafter referred to
as “Provider  

  
 6 

 
Confidential Information,” and, together with the Recipient Confidential Information, “Confidential Information.” Provider Confidential Information does not include,
and there shall be no obligation hereunder with respect to, information that (i) is or becomes generally available to the public, other than as a result of a disclosure by any member of the Recipient Group or its Representatives not otherwise
permissible hereunder, (ii) Recipient can demonstrate was or became available to the Recipient Group from a source other than the Provider Group or its Representatives, or (iii) is developed independently by the Recipient Group without reference to
the Provider Confidential Information; provided, however, that, in the case of clause (ii), the source of such information was not known by Recipient to be bound by a confidentiality or non-disclosure agreement with, or other
contractual, legal or fiduciary obligation of confidentiality to, any member of the Provider Group with respect to such information. 

Section 4.03 Required Disclosure. Notwithstanding anything to the contrary in Sections 4.01 and 4.02, in the event that
any demand or request for disclosure of Confidential Information is made by judicial or administrative process or by other requirements of Law, the Party requested to disclose Confidential Information concerning a member of the other Group shall (to
the extent not prohibited by judicial or administrative process or by other requirements of Law) promptly notify such member of the other Group of the existence of such request or demand and, to the extent commercially practicable, shall provide
such member of the other Group thirty (30) days (or such lesser period as is commercially practicable) to seek an appropriate protective order or other remedy, which the Parties will, at the expense of the requesting Party, cooperate in obtaining.
In the event that such appropriate protective order or other remedy is not obtained, the Party that is required to disclose Confidential Information about a member of the Group shall furnish, or cause to be furnished, only that portion of the
Confidential Information that is legally required to be disclosed and shall use commercially reasonable efforts to ensure that confidential treatment is accorded such information. 

Section 4.04 Return or Destruction of Confidential Information. Upon the written request of a Party or a member of its Group, except as
contemplated by or otherwise provided for under the Separation Agreement, the other Party shall take, and shall cause the applicable members of its Group to take, reasonable steps to promptly (a) deliver to the requesting Person all original copies
of Confidential Information (whether written or electronic) concerning the requesting Person or any member of its Group that is in the possession of the other Party or any member of its Group and (b) if specifically requested by the requesting
Person, destroy any copies of such Confidential Information (including any extracts therefrom), unless such delivery or destruction would violate any Law; provided, however, that if Recipient requests that Provider return or destroy
Confidential Information concerning Recipient or any member of the Recipient Group, then Provider shall not be required to continue providing any Services to the extent Provider’s ability to provide such Services is negatively impacted by its
failure to no longer have possession of such Confidential Information. Upon the written request of the requesting Person, the other Party shall, or shall cause another member of its Group to cause, its duly authorized officers to certify in writing
to the requesting party that the requirements of the preceding sentence have been satisfied in full. 

  
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 ARTICLE V 

INTELLECTUAL PROPERTY 
 Section
5.01 Recipient Intellectual Property. Except as otherwise agreed by the Parties, all data, software, or other property or assets owned or created by Recipient, including, without limitation, derivative works thereof, and new data or software
created by Recipient at Recipient’s expense, in connection with its receipt of Services and all intellectual property rights therein (the “Recipient Property”), shall remain the sole and exclusive property and responsibility of
Recipient. Provider shall not acquire any rights in any Recipient Property pursuant to this Agreement. 
 Section 5.02 Provider
Intellectual Property. Except as otherwise agreed by the Parties, all data, software or other property or assets owned or created by Provider, including, without limitation, derivative works thereof, and new data or software created by Provider
at Provider’s expense, in connection with the provision of Services and all intellectual property rights therein (the “Provider Property”), shall be the sole and exclusive property and responsibility of Provider. Recipient
shall not acquire any rights in any Provider Property pursuant to this Agreement. 
 ARTICLE VI 

LIMITED LIABILITY AND INDEMNIFICATION 

Section 6.01 Consequential and Other Damages. Notwithstanding anything to the contrary contained in the Separation Agreement or this
Agreement, no member of either Group or their Representatives shall be liable to any member of the other Group or its Representatives, whether in contract, tort (including negligence and strict liability) or otherwise, at law or equity, for any
special, indirect, incidental, punitive or consequential damages whatsoever (including lost profits or damages calculated on multiples of earnings approaches), which in any way arise out of, relate to or are a consequence of, the performance or
nonperformance of any Services under this Agreement, including with respect to business interruptions or claims of customers. 
 Section
6.02 Limitation of Liability. Subject to any obligations to reperform any Services as set forth in Section 6.03, the maximum amount of the Losses of each member of the Provider Group and its Representatives, collectively, under this
Agreement for any act or failure to act in connection herewith (including the performance or breach of this Agreement), or from the sale, delivery, provision or use of any Services provided under or contemplated by this Agreement, whether in
contract, tort (including negligence and strict liability) or otherwise, shall not exceed the total aggregate Service Fees (excluding any Expenses or other third-party costs) actually paid to Provider by Recipient pursuant to this Agreement. 

Section 6.03 Obligation To Reperform; Liabilities. In the event of any breach of this Agreement by any member of the
Provider Group (or any third parties providing Services under this Agreement) with respect to the provision of any Services (with respect to which the Provider can reasonably be expected to reperform in a commercially reasonable manner), the
Provider shall (a) promptly correct or cause to be corrected in all material respects such error, defect or breach or reperform in all material respects such Services at the request of Recipient and at the sole cost and expense of the Provider and
(b) subject to the limitations set forth in Sections 6.01 and 6.02, reimburse Recipient for Liabilities attributable to such breach by such member of the 

  
 8 

 
Provider Group (or any third parties providing Services under this Agreement). The remedy set forth in this Section 6.03 shall be the sole and exclusive remedy of Recipient for any such
breach of this Agreement. Any request for reperformance in accordance with this Section 6.03 by Recipient must be in writing and specify in reasonable detail the particular breach, and such request must be made no more than one (1) month from
the date such breach occurred. 
 Section 6.04 Release and Recipient Indemnity. Subject to Section 6.01, Recipient, on behalf
of itself and its Affiliates, Representatives or other Persons using such Services, hereby releases each member of the Provider Group and its Representatives (each, a “Provider Indemnified Party”), and Recipient hereby agrees to
indemnify, defend and hold harmless each such Provider Indemnified Party from and against any and all Losses arising from, relating to or in connection with the use of any Services by Recipient or any of its Affiliates, Representatives or other
Persons using such Services, except to the extent such Losses arise out of, relate to or are a consequence of Provider’s recklessness or willful misconduct. 

Section 6.05 Provider Indemnity. Subject to Section 6.01, Provider hereby agrees to indemnify, defend and hold harmless each
member of the Recipient Group and its Representatives (each a “Recipient Indemnified Party”), from and against any and all Losses arising from, relating to or in connection with the sale, delivery, provision or use of any Services
provided under or contemplated by this Agreement to the extent that such Losses arise out of, relate to or are a consequence of Provider’s recklessness or willful misconduct. 

Section 6.06 Indemnification Procedures. The provisions of Section 9.4 of the Separation Agreement shall govern claims for
indemnification under this Agreement. 
 Section 6.07 Liability for Payment Obligations. Nothing in this Article VI shall be
deemed to eliminate or limit, in any respect, Recipient’s express obligation to pay the Service Fees, Expenses and other amounts in accordance with this Agreement. 

Section 6.08 Exclusion of Other Remedies. Except for the provisions of Section 2.06(b), Sections 6.03, 6.04,
6.05 and 6.06 of this Agreement shall be the sole and exclusive remedies of the Provider Indemnified Parties and the Recipient Indemnified Parties, as applicable, for any Losses arising pursuant to this Agreement. 

ARTICLE VII 
 INDEPENDENT
CONTRACTOR 
 In performing the Services hereunder, each Group shall operate as, and have the status of, an independent contractor. No
Party’s employees shall be considered employees or agents of the other Party, nor shall the employees of either Party be eligible or entitled to any benefits, perquisites, or privileges given or extended to any of the other Party’s
employees. Nothing contained in this Agreement shall be deemed or construed to create a joint venture or partnership between the Parties. No Party shall have any power or authority to bind or commit any other Party. 

  
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 ARTICLE VIII 

COMPLIANCE WITH LAWS 
 In the
performance of its duties and obligations under this Agreement, each Party shall comply with all applicable laws. The Parties shall cooperate fully in obtaining and maintaining in effect all permits and licenses that may be required for the
performance of the Services. 
 ARTICLE IX 

TERM AND TERMINATION 
 Section
9.01 Term.
 (a) The term of this Agreement shall commence on the Effective Date and end on December 31, 2016 (the
“Termination Date”), or such earlier date, if any, upon which this Agreement is terminated in accordance with Section 9.02. 

Section 9.02 Termination of this Agreement. This Agreement may be terminated:

(a) by the written agreement of the Parties; 

(b) by Provider in the event that it delivers a Suspension Notice to Recipient and suspends delivery of a Service in accordance with
Section 2.06(a), and such Suspension Notice is not satisfied within thirty (30) days of the date of delivery of such Suspension Notice; 

(c) by either Party upon a material breach (other than non-payment of Service Fees or Expenses) by the other Party that is not cured (or
reperformed in accordance with Section 6.03) within thirty (30) days after delivery of written notice of such breach from the non-breaching Party; 

(d) by either Party in the event that the other Party shall (i) file a petition in bankruptcy, (ii) become or be declared insolvent, or become
the subject of any proceedings (not dismissed within sixty (60) calendar days) related to its liquidation, insolvency or the appointment of a receiver, (iii) make an assignment on behalf of all or substantially all of its creditors, (iv) take any
corporate action for its winding up or dissolution; 
 (e) by either Party, upon a Change in Control (as defined below) of the other Party.
For the purposes of this Agreement, “Change in Control” shall mean, with respect to a Party, the occurrence after the Effective Time of any of the following: (i) the sale, conveyance or disposition, in one or a series of related
transactions, of all or substantially all of the assets of such Party and its Group (taken as a whole) to a third party that is not a member of such Party’s Group prior to such transaction or the first of such related transactions; (ii) the
consolidation, merger or other business combination of a Party with or into any other Person, immediately following which the then-current shareholders of the Party, as such, fail to own, in the aggregate, at least majority voting power of the
surviving Party in such consolidation, merger or business combination, or of its ultimate publicly held parent; (iii) a transaction or series of transactions in which any Person or “group” (as the term “group” is used in Sections
13(d) and 14(d) of the United States Securities Exchange Act of 1934, as amended, together with the rules and regulations promulgated thereunder) acquires majority voting power of such Party (other than a

  
 10 

 
reincorporation or similar corporate transaction in which each of such Party’s shareholders owns, immediately thereafter, interests in the new parent company in substantially the same
percentage as such shareholder owned in such Party immediately prior to such transaction); or (iv) a majority of the board of directors of such Party ceases to consist of individuals who have become directors as a result of being nominated or
elected by a majority of such Party’s directors; 
 (f) by either Party if all of the Services have been terminated early in accordance
with Section 1.03(b); or 
 (g) by Recipient by giving Provider not less than thirty (30) days’ prior written
notice. 
 Section 9.03 Effect. In the event of termination of this Agreement in its entirety pursuant to this
Article IX, or upon the Termination Date, this Agreement shall cease to have further force or effect, and neither Party shall have any liability to the other Party with respect to this Agreement; provided that: 

(a) termination or expiration of this Agreement for any reason shall not release a Party from any liability or obligation, including the
requirement to pay Service Fees or Expenses, that already has accrued as of the effective date of such termination or expiration, and shall not constitute a waiver or release of, or otherwise be deemed to adversely affect, any rights, remedies or
claims which a Party may have hereunder at law, equity or otherwise or which may arise out of or in connection with such termination or expiration; 

(b) as promptly as practicable, following termination of this Agreement in its entirety or with respect to any Service to the extent
applicable, and the payment by Recipient of all amounts owing hereunder, Provider shall return all reasonably available material, inventory and other property of Recipient held by Provider, and shall deliver copies of all of Recipient’s records
maintained by Provider with regard to the Services in Provider’s standard format and media. Provider shall deliver such property and records to such location or locations, as reasonably requested by Recipient. Arrangements for shipping,
including the cost of freight and insurance, and the reasonable cost of packing incurred by Provider shall be borne by Recipient; and 
 (c)
Articles IV, V, VI, VII, X and XI, and this Section 9.03, shall survive any termination or expiration of this Agreement and remain in full force and effect. 

ARTICLE X 
 DISPUTE RESOLUTION 

Section 10.01 Dispute Resolution. The provisions of Sections 10.1 – 10.3 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 10.02 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 

  
 11 

 
PROCEDURES PROVIDED IN THIS ARTICLE X 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. 
 ARTICLE XI 

MISCELLANEOUS 
 Section 11.01
Further Assurances. From time to time, each Party agrees to execute and deliver such additional documents, and will provide such additional information and assistance as either Party may reasonably require to carry out the terms of this
Agreement.
 Section 11.02 Amendments and Waivers. 

(a) No provision of this Agreement, including Schedule A, may be amended except by an agreement in writing signed by both Parties. 

(b) 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 11.03 Entire Agreement. This Agreement and Schedule A hereto, as well as any other agreements and documents referred to
herein (including the Separation Agreement and the agreements contemplated thereby, to the extent applicable), 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 11.04 Third Party Beneficiaries. Except for the indemnification
provisions in Article VI, 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. 
 Section 11.05 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 

  
 12 

 
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): 
 If to Provider, to: 

InvenTrust Properties Corp. 

2809 Butterfield Road 
 Oak Brook,
Illinois 60523 
 Attention: Secretary and General Counsel 

If to Recipient, to: 
 Highlands
REIT, Inc. 
 332 S Michigan Ave, Ninth Floor 

Chicago, Illinois 60604 

Attention: President and 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.

Section 11.06 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 11.07 Severability. If any term or other provision of this Agreement or the Schedules 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 contemplated hereby 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
contemplated hereby 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 11.08 Assignability. This Agreement shall be binding upon and inure to the benefit of the Parties, and their respective
successors and permitted assigns; provided, however, 

  
 13 

 
that, except as provided in Section 1.04 and other provisions herein allowing Provider to delegate its obligations hereunder to third parties, no Party may assign, delegate or transfer (by
operation of law or otherwise) its respective rights, or delegate its respective obligations, under this Agreement without the express prior written consent of the other Party. Notwithstanding the foregoing, either Party may assign its rights
and obligations under this Agreement to (i) any member of such Party’s Group; provided, however, that each Party shall at all times remain liable for the performance of its obligations under this Agreement by any such Group
member, or (ii), subject to Provider’s right to terminate this Agreement pursuant to Section 9.01(e) hereof, any successor by merger, consolidation, reorganization, recapitalization, acquisition or person acquiring all or substantially
all of the assets of such Party pursuant to a Change of Control, provided, however, that such successor shall assume all obligations of such under this Agreement. Any attempted assignment or delegation in violation of this
Section 11.08 shall be null and void. 
 Section 11.09 Governing Law; Disputes. 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 Maryland, without regard to the conflict of laws rules thereof, to the extent such rules would require the application of the
law of another jurisdiction. Except as provided in and subject to Article X, each Party (a) irrevocably and unconditionally agrees that it will not commence any action, litigation or proceeding of any kind whatsoever against any other Party
in any way arising from or relating to an Agreement Dispute, in any forum other than the Circuit Court for Baltimore City, Maryland, or, if that Court does not have subject matter jurisdiction, the United States District Court for the District of
Maryland, Baltimore Division, and any appellate court from any thereof, (b) irrevocably and unconditionally submits to the exclusive jurisdiction of such courts and (c) waives and agrees not to assert any defense challenging the personal
jurisdiction of such courts, the venue of such courts, or the convenience of such forum. 
 Section 11.10 Disclaimer of Representations
and Warranties.
 (a) It is understood and agreed that the employees of Provider and the other members of the Provider Group performing
the Services are not professional providers to third parties of the types of services included in the Services and that some or all of the Provider Group employees performing Services may have other responsibilities and may not be dedicated
full-time to performing Services hereunder. EXCEPT FOR THE REPRESENTATIONS, WARRANTIES AND COVENANTS EXPRESSLY MADE IN THIS AGREEMENT, PROVIDER HAS NOT MADE, AND DOES NOT HEREBY MAKE, ANY EXPRESS OR IMPLIED REPRESENTATIONS, WARRANTIES OR
COVENANTS, STATUTORY OR OTHERWISE, OF ANY NATURE, INCLUDING WITH RESPECT TO THE WARRANTIES OF MERCHANTABILITY, NON-INFRINGEMENT, QUALITY, QUANTITY, SUITABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE. ALL OTHER REPRESENTATIONS, WARRANTIES,
AND COVENANTS, EXPRESS OR IMPLIED, STATUTORY, COMMON LAW OR OTHERWISE, OF ANY NATURE, INCLUDING WITH RESPECT TO THE WARRANTIES OF MERCHANTABILITY, QUALITY, QUANTITY, SUITABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE ARE HEREBY DISCLAIMED. 

(b) Without limiting the generality of any other provision hereof, it is not the intent of any member of the Provider Group (or their
Affiliates) to render professional advice or 

  
 14 

 
opinions, whether with regard to tax, legal, treasury, finance, intellectual property, employment or other matters; Recipient shall not rely on any Service provided by (or caused to be provided
by) Provider for such professional advice or opinions; and notwithstanding Recipient’s receipt of any proposal, recommendation or suggestion in any way relating to tax, legal, treasury, finance, intellectual property, employment or any other
subject matter, Recipient shall seek all third-party professional advice and opinions as it may desire or need; and, with respect to any software or documentation provided in connection with the Services, Recipient shall use such software and
documentation internally and for their intended purpose only, shall not distribute, publish, transfer, sublicense or in any manner make such software or documentation available to other organizations or persons, and shall not act as a service bureau
or consultant in connection with such software. 
 (c) A material inducement to the provision of Services is the limitation of liability,
damages and recourse set forth herein and the release and indemnity provided by Recipient. 
 Section 11.11 Force Majeure.

(a) 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
(i) such Party (or such Person) shall have exercised commercially reasonable efforts to minimize the effect of Force Majeure on its obligations, and (ii) the nature, quality and standard of care that Provider shall provide in delivering a
Service after a Force Majeure shall again comply with Section 1.02. 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. 

(b) During the period of a Force Majeure impacting Provider, Recipient shall be entitled to seek an alternative service provider with respect
to such Service(s) (and shall be relieved of the obligation to pay Service Fees for such Service(s) throughout the duration of such Force Majeure) and shall be entitled to permanently terminate such Service(s) if a Force Majeure shall
continue to exist for more than sixty (60) consecutive days, it being understood that Recipient shall provide advance notice of such termination to Provider. 

(c) 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. 

  
 15 

 Section 11.12 Construction and Interpretation. 

(a) This Agreement shall be construed as if jointly drafted by the Parties and no rule of construction or 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 relied upon their own knowledge and judgment. 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, 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. 

(b) If there is any conflict between the provisions of this Agreement and the Separation Agreement, the provisions of this Agreement shall
control (but only with respect to the subject matter hereof) unless explicitly stated otherwise herein. If there is any conflict between the provisions of the main body of this Agreement and any Schedule to this Agreement, the provisions of the
main body of this Agreement shall control unless explicitly stated otherwise herein. 
 (c) 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 and Sections shall be deemed references to Articles and Sections of 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. 
 Section 11.13 Titles 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 11.14 Schedules. The Schedules 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 11.15 Specific
Performance. Subject to the provisions of Article X, from and after the Distribution, in the event of any actual or threatened default in, or breach of, any of the 

  
 16 

 
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 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
11.16 Limited Liability. Notwithstanding any other provision of this Agreement, no individual person performing the Services or other individual who is a shareholder, director, employee, officer, agent or representative of Provider or
Recipient, in such individual’s capacity as such, shall have any liability in respect of or relating to the covenants or obligations of Provider or Recipient, as applicable, under this Agreement or in respect of any certificate delivered with
respect hereto or thereto and, to the fullest extent legally permissible, each of Provider or Recipient, for itself and its respective Subsidiaries and its and 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. 
 [SIGNATURES APPEAR
ON THE FOLLOWING PAGE] 

  
 17 

 IN WITNESS WHEREOF, the Parties hereto have caused this Agreement to be executed by their duly
authorized officers or representatives as of the date first written above. 
  

			
	INVENTRUST PROPERTIES CORP.
		
	By:	 	  

		 	Name:
		 	Title:
	
	HIGHLANDS REIT, INC.
		
	By:	 	  

		 	Name:
		 	Title:

 Schedule A 

(See Attached)EX-10.2

 Exhibit 10.2 

EMPLOYEE MATTERS AGREEMENT 
 BY
AND BETWEEN 
 INVENTRUST PROPERTIES CORP. 

AND 
 HIGHLANDS REIT, INC. 

DATED AS OF [ ● ], 2016 

 EMPLOYEE MATTERS AGREEMENT 

This Employee Matters Agreement (the “Agreement”) is entered into as of [ ● ], 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 [ ● ], 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. 

  
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 “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 

  
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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. 

  
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 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. 

  
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 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 

  
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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. 

  
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 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

  
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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. 

  
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 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. 

  
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 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. 

  
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 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: 	 	  

		 	Name:
		 	Title:
	
	HIGHLANDS REIT, INC.
		
	By:	 	  

		 	Name:
		 	Title:

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