Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

Effective January 22, 2021, the board of directors of Highlands REIT, Inc. (the "Company") appointed Robert J. Lange to serve as Chief Operating Officer of the Company ("COO"). Mr. Lange will continue to serve as Executive Vice President, General Counsel and Secretary of the Company. In addition to his duties as General Counsel and Secretary, Mr. Lange's responsibilities have included and will continue to include a variety of operational functions, including strategic planning, non-core asset management, investor relations, certain human resources roles, as well as property insurance and corporate insurance.

Mr. Lange, 38, has served as Executive Vice President, General Counsel and Secretary of the Company since June 2016. Prior to joining the Company, Mr. Lange served as Vice President, Head Corporate Counsel and Assistant Secretary at InvenTrust, the Company's former parent company. In that capacity, he oversaw all aspects of InvenTrust's corporate legal affairs, including material transactions, governance, public company reporting and compliance, employee matters and executive compensation and benefits. Prior to joining InvenTrust in 2014, Mr. Lange practiced law at Skadden Arps Slate Meagher & Flom LLP, where he represented companies in mergers and acquisitions and advised clients on a broad variety of general corporate matters. Mr. Lange received a Bachelor of Business Administration degree, with distinction, from the University of Wisconsin - Madison and a Juris Doctor degree, with honors, from the University of Chicago.

In connection with his appointment as COO, Mr. Lange's annual base salary was increased to $450,000. Other than this base salary increase, no new compensatory arrangements were entered into with Mr. Lange as a result of his appointment.

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