EXHIBIT 10.11
EMPLOYMENT AGREEMENT
THIS EMPLOYMENT AGREEMENT (the "Agreement") is made as of the 1st day of
January, 2004, by and between INLAND REAL ESTATE CORPORATION, a Maryland
corporation (the "Company" or sometimes referred to herein as "IREC"), and
WILLIAM W. ANDERSON (the "Executive").
RECITALS:
A.
The Company is Inland Real Estate Corporation, a real estate
investment trust which owns, operates and acquires neighborhood retail centers
and community centers within approximately a 400 mile radius of its headquarters
in Oak Brook, Illinois (the "Business").
B.
Executive has served as the Company's Vice President since July
2000.
While serving as an employee, Executive has demonstrated certain unique
and particular talents and abilities with regard to the Company's Business.
C.
The Company is desirous of assuring itself of the availability of
the talents and abilities of Executive, by entering into a written employment
agreement with Executive on the terms and conditions contained herein.
D.
Executive is desirous of continuing to provide services to the
Company on the terms and conditions herein.
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 EXECUTIVE, AND EXECUTIVE HEREBY ACCEPTS
EMPLOYMENT, UPON THE TERMS AND CONDITIONS SET FORTH IN THIS AGREEMENT.
EFFECTIVE AS OF JANUARY 1, 2004 (THE "EFFECTIVE DATE"), EXECUTIVE SHALL SERVE
AS THE COMPANY'S VICE PRESIDENT, WITH DUTIES COMMENSURATE WITH THE 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 CONTROLLED BY THE COMPANY, OR ITS AFFILIATES
(INDIVIDUALLY AN "AFFILIATE" COLLECTIVELY THE "AFFILIATES"), AS MAY BE REQUESTED
BY THE COMPANY FROM TIME TO TIME.
1.2
ACTIVITIES AND DUTIES DURING EMPLOYMENT.
EXECUTIVE REPRESENTS AND
WARRANTS TO THE COMPANY THAT HE IS FREE TO ENTER INTO THIS AGREEMENT WITH THE
COMPANY AND TO PERFORM HIS OBLIGATIONS HEREUNDER.
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 LEGAL RULES AND POLICIES WHICH THE COMPANY
AND/OR THE AFFILIATES HAS OR HAVE ADOPTED OR MAY ADOPT FROM TIME TO TIME; AND
(C)
TO DEVOTE ALL OF HIS BUSINESS TIME, ATTENTION AND EFFORTS TO THE
FAITHFUL AND DILIGENT PERFORMANCE OF HIS SERVICES TO THE COMPANY AND THE
AFFILIATES.
ARTICLE II
TERM
2.1
TERM/RENEWAL.
THE TERM OF EMPLOYMENT UNDER THIS AGREEMENT SHALL
COMMENCE ON THE EFFECTIVE DATE AND SHALL LAST FOR A PERIOD OF TWO (2) YEARS (THE
"INITIAL TERM").
THIS AGREEMENT MAY BE RENEWED FOR CONSECUTIVE ONE-YEAR TERMS
SOLELY BY WRITTEN NOTICE OF THE COMPANY NOT LESS THAN TWENTY (20) DAYS PRIOR TO
THE EXPIRATION OF THE THEN CURRENT TERM.
THE TERM OF EXECUTIVE'S EMPLOYMENT
HEREUNDER MAY ALSO BE TERMINATED AS PROVIDED IN SECTION 2.2 (THE INITIAL TERM,
AS IT MAY BE EXTENDED OR TERMINATED, IS HEREIN REFERRED