Exhibit 10.6
EMPLOYMENT AGREEMENT
THIS EMPLOYMENT AGREEMENT (the "Agreement") is entered into as of April 21,
2008, but shall be effective, nunc pro tunc, as of January 1, 2008, by and
between INLAND REAL ESTATE CORPORATION, a Maryland corporation (the "Company"),
and Kristi A. Rankin (the "Executive").
RECITALS:
A.
The Company is a real estate investment trust which owns, operates
and acquires neighborhood retail centers and community centers within an
approximate 400 mile radius of its headquarters in Oak Brook, Illinois (the
"Business").
B.
Executive has served as the Company's Senior Vice President of its
wholly owned subsidiary, Inland Commercial Property Management, Inc., pursuant
to an employment agreement, effective as of January 1, 2004, by and between the
Company and Executive and during her employment thereunder, Executive has
demonstrated certain unique and particular talents and abilities with regard to
the Business.
C.
The Company desires to continue to assure itself of the
availability of the talents and abilities of Executive, by entering into a new
employment agreement to become effective as of January 1, 2008.
D.
Executive desires to continue to be employed by the Company,
subject to the terms, conditions and covenants hereinafter set forth.
E.
As a condition for the Company to enter into this Agreement,
Executive has agreed to restrict her ability to enter into competition with the
Company.
NOW, THEREFORE, in consideration of the foregoing and the agreements, covenants
and conditions set forth herein, Executive and the Company hereby agree as
follows:
ARTICLE I
EMPLOYMENT
1.1
EMPLOYMENT.
(A)
THE COMPANY HEREBY EMPLOYS AND ENGAGES EXECUTIVE, AND EXECUTIVE
HEREBY ACCEPTS EMPLOYMENT, UPON THE TERMS AND CONDITIONS SET FORTH IN THIS
AGREEMENT.
EFFECTIVE AS OF JANUARY 1, 2008 (THE "EFFECTIVE DATE"), EXECUTIVE
SHALL SERVE AS SENIOR VICE PRESIDENT OF INLAND COMMERCIAL PROPERTY
MANAGEMENT, INC., THE COMPANY'S WHOLLY OWNED SUBSIDIARY, WITH DUTIES
COMMENSURATE WITH SUCH POSITION AND SUCH OTHER DUTIES AND RESPONSIBILITIES AS
ASSIGNED FROM TIME TO TIME BY THE COMPANY.
(B)
IN ADDITION, EXECUTIVE SHALL PROVIDE ADVICE, CONSULTATION AND
SERVICES TO ANY OTHER ENTITIES WHICH CONTROL, ARE CONTROLLED BY OR ARE UNDER
COMMON CONTROL WITH THE COMPANY NOW OR IN THE FUTURE (COLLECTIVELY,
"AFFILIATES"), AS MAY BE REQUESTED BY THE COMPANY.
1.2
ACTIVITIES AND DUTIES DURING EMPLOYMENT.
EXECUTIVE REPRESENTS AND
WARRANTS TO THE COMPANY THAT SHE IS FREE TO ENGAGE IN FULL-TIME EMPLOYMENT WITH
THE COMPANY, AND THAT SHE HAS NO PRIOR OR OTHER COMMITMENTS OR OBLIGATIONS OF
ANY KIND TO ANYONE ELSE WHICH WOULD HINDER OR INTERFERE WITH HER ACCEPTANCE OF
HER OBLIGATIONS UNDER THIS AGREEMENT, OR THE EXERCISE OF HER REASONABLE
COMMERCIAL EFFORTS AS AN EMPLOYEE OF THE COMPANY.
DURING THE EMPLOYMENT TERM
(AS DEFINED BELOW), EXECUTIVE AGREES:
(A)
TO FAITHFULLY SERVE AND FURTHER THE INTERESTS OF THE COMPANY IN
EVERY LAWFUL WAY, GIVING HONEST, DILIGENT, LOYAL AND COOPERATIVE SERVICE TO THE
COMPANY AND ITS AFFILIATES;
(B)
TO COMPLY WITH ALL REASONABLE RULES AND POLICIES WHICH ARE
CONSISTENT WITH THE TERMS OF THIS AGREEMENT AND WHICH, FROM TIME TO TIME, MAY BE
ADOPTED BY THE