Document:

EX-10.4

 Exhibit 10.4 

FORM OF EMPLOYEE AND DIRECTOR 

INCENTIVE RESTRICTED SHARE PLAN 

OF 
 INLAND RESIDENTIAL
PROPERTIES TRUST, INC. 
 SECTION 1. PURPOSES OF THE PLAN AND DEFINITIONS 

1.1 Purposes. The purposes of the Employee and Director Incentive Restricted Share Plan (this “Plan”) of Inland
Residential Properties Trust, Inc. (the “Company”) are to: 
 (1) provide incentives to selected
Eligible Persons (as defined below) chosen to receive share-based awards because of their ability to improve operations and increase profits of the Company; 

(2) encourage individuals to accept positions with or continue to provide services to the Company, the Business Manager and
Affiliates of the Company, as applicable; and 
 (3) increase the interest of Directors in the Company’s welfare through
their participation in the growth in value of the Company’s Shares. 
 To accomplish these purposes, this Plan provides a means whereby
Eligible Persons may receive Awards. 
 1.2 Definitions. For purposes of this Plan, the following terms have the following meanings:

 “Affiliate” has the meaning ascribed to such term in the Articles of Incorporation. 

“Applicable Laws” means the requirements relating to the administration of Awards under state
corporation laws, U.S. federal and state securities laws, the Code, any stock exchange or quotation system on which the Shares are listed or quoted and the applicable laws of any foreign country or jurisdiction where Awards are, or will be, granted
under this Plan. 
 “Articles of Incorporation” means the articles of incorporation of
the Company, as the same may be amended from time to time. 
 “Award” means any award of
Restricted Shares under this Plan. 
 “Award Agreement” means, with respect to each
Award, the written agreement executed by the Company and the Participant or other written document approved by the Board setting forth the terms and conditions of the Award. 

“Board” means the Board of Directors of the Company. 

“Business Combination” means the acquisition, disposition, mortgage, pledge, encumbrance, hypothecation
or exchange of all or substantially all of the assets of the Partnership (including the exercise or grant of any conversion, option, privilege, or subscription right or other right available in connection with any assets at any time held by the
Partnership) or the merger, consolidation or other combination of the Partnership with or into another general partnership, limited partnership, corporation, joint venture, trust, business trust, real estate investment trust, limited liability
company, limited liability partnership, cooperative or association. 
 “Business Management
Agreement” shall mean that agreement dated            , 2015, by and among the Company, the Business Manager and Inland Residential Operating Partnership, L.P.

 “Business Manager” means the Person or Persons, if any,
appointed, employed or contracted with by the Company to be responsible for directing or performing the day-to-day business affairs of the Company. The initial Business Manager is Inland Residential Business Manager & Advisor, Inc.

 “Code” means the Internal Revenue Code of 1986, as amended from time to time.

 “Company” means Inland Residential Properties Trust, Inc. 

“Director” means a person elected or appointed and serving as a member of the Board in accordance with
the Articles of Incorporation and the Maryland General Corporation Law. 
 “Director
Shares” has the meaning set forth in Section 6. 
 “Effective Date”
has the meaning set forth in Section 15. 
 “Eligible Person” has the meaning set
forth in Section 2. 
 “Fair Market Value” means with respect to Shares:

 (i) If the Shares are listed on any established stock exchange or a national market system, their Fair Market Value shall be the
closing sales price for the Shares, or the mean between the high bid and low asked prices if no sales were reported, as quoted on such system or exchange (or, if the Shares are listed on more than one exchange, then on the largest such exchange) for
the date the value is to be determined (or if there are no sales or bids for such date, then for the last preceding business day on which there were sales or bids), as reported in The Wall Street Journal. 

(ii) If the Shares are not listed, their Fair Market Value shall be: (A) the offering price, net of sales commissions and the dealer
manager fee, if the Shares are granted before the Company begins calculating the estimated value per share pursuant to the Prospectus, and (B) the estimated per share value of the Shares as determined in good faith by the Board once the Company
begins to estimate value per share pursuant to the Prospectus. 
 “Grant Date” has the meaning set forth in
Section 5.1(c). 
 “Investment” or “Investments” means any
investment or investments by the Partnership, directly or indirectly, in Properties, Loans or other Permitted Investments. 

“Investment Liquidity Event” means a liquidation or the sale of all or substantially all the Investments
(regardless of the form in which such sale shall occur, including through a merger or sale of stock or other interests in an entity, and regardless of whether such transaction is taxable or tax-free). For the avoidance of doubt, an Investment
Liquidity Event includes a Business Combination and a Transaction (including a merger in which the Company is the surviving entity). 

“Listing” means the listing of the shares of the Company’s common stock on a national securities
exchange. 
 “Loans” means mortgage loans and other types of debt financing investments
made by the Partnership, either directly or indirectly, including through ownership interests in a joint venture or other entity and including mezzanine loans, B-notes, bridge loans, convertible mortgages, wraparound mortgage loans, construction
mortgage loans, loans on leasehold interests, and participations in such loans. 
 “Non-Employee
Director” means a person who is a Director of the Company, but who is not also an employee or officer of the Company or the Business Manager. 

“Partnership” means Inland Residential Operating Partnership, L.P. and any successor of the
Partnership. 

  
 2 

 “Participant” means an Eligible Person who is granted an
Award. 
 “Permitted Investments” means all investments (other than Properties and
Loans) in which the Partnership acquires an interest, either directly or indirectly, including through ownership interests in a joint venture or other entity, pursuant to the certificate of limited partnership filed with the Secretary of State of
the State of Delaware, the limited partnership agreement of the Partnership and the investment objectives and policies adopted by the the Company, as general partner, from time to time, other than short-term investments acquired for purposes of cash
management, and that allow the Company, as general partner, to meet the requirements for qualification as a REIT under the Code and the final, temporary or proposed income tax regulations promulgated under the Code, as such regulations may be
amended from time to time (including corresponding provisions of succeeding regulations). 

“Person” means an individual, a corporation, partnership, trust, association, or any other entity.

 “Plan” means this Employee and Director Incentive Restricted Share Plan. 

“Property” or “Properties” means any real property or properties transferred or
conveyed to the Partnership or any subsidiary of the Partnership, either directly or indirectly, and/or any real property or properties transferred or conveyed to a joint venture or partnership in which the Partnership is, directly or indirectly, a
co-venturer or partner. 
 “Prospectus” means the prospectus included in the
Company’s Registration Statement on Form S-11 (Commission File No. 333-199129), as amended or supplemented from time to time. 

“REIT” means a real estate investment trust as defined in Section 856 of the Code.

 “Restricted Period” has the meaning set forth in Section 5.1(e). 

“Restricted Shares” means an Award granted under Section 5.2. 

“Retainer” has the meaning set forth in Section 6.3. 

“Section 409A of the Code” means the nonqualified deferred compensation rules under Section 409A of
the Code and any applicable Treasury regulation or other official guidance promulgated thereunder. 

“Securities Act” means the Securities Act of 1933, as amended from time to time. 

“Shares” means shares of the Company’s Class A common stock, $0.001 par value per share.

 “Termination” means that a Participant has ceased, for any reason and with or without
cause, to be an employee, officer or Director of the Company, an employee or officer of the Business Manager or employee, officer or director of any Affiliate of the Company. However, the term “Termination” shall not include a transfer of
a Participant from the Company to the Business Manager or any Affiliate of the Company or the Business Manager or vice versa, or from any such Affiliate to another, in each case to another position that would be deemed an Eligible
Person under this Plan, or a leave of absence duly authorized by the Company unless the Board has provided otherwise. 

“Transaction” means a merger, consolidation or other combination of the Company with or into another
Person (other than a merger in which the Company is the surviving entity) or sale of all or substantially all of its assets, or any reclassification, or any recapitalization of outstanding common stock of the Company (other than a change in par
value, or from par value to no par value, or as a result of a subdivision or combination of common stock). 

  
 3 

 SECTION 2. ELIGIBLE PERSONS 

Every Eligible Person shall be eligible to receive Awards hereunder as determined by the Board in accordance with the terms and conditions of
this Plan. “Eligible Person” means any individual who, at or as of the Grant Date, is: 
 (a) an employee or officer of the Company
or any Affiliate of the Company; 
 (b) a Director of the Company; 

(c) a director of any Affiliate of the Company; or 

(d) an employee, officer or director of the Business Manager. 

SECTION 3. SHARES SUBJECT TO THIS PLAN 
 The
total number of Shares that may be issued pursuant to Awards shall not exceed 5.0% of the Company’s outstanding Shares on a fully diluted basis at any time and in any event will not exceed 438,404 Shares. The number of Shares reserved for
issuance under this Plan is subject to adjustment in accordance with the provisions for adjustment in Section 5.1. If any Shares awarded under this Plan are forfeited for any reason, the number of forfeited Shares shall again be
available for purposes of granting Awards under this Plan. 
 SECTION 4. ADMINISTRATION 

4.1 Administration. This Plan shall be administered by the Board. Any determinations made and actions taken by the Board with respect to
this Plan other than with respect to the granting and setting the terms and conditions of any Awards under this Plan, shall be made by a majority of its members. Other than for Awards granted to Non-Employee Directors under Section 6,
any determinations made and actions taken by the Board with respect to the granting and setting the terms and conditions of any of any Awards under this Plan shall require the approval of at least seventy-five percent (75%) of its members. 

4.2 Board’s Powers. Subject to the express provisions of this Plan, the Board shall have the authority, in its sole discretion:

 (a) to adopt, amend and rescind administrative and interpretive rules and regulations relating to this Plan; 

(b) to determine the Eligible Persons to whom, and the time or times at which, Awards shall be granted; 

(c) to determine the number of Shares that shall be the subject of each Award; 

(d) to determine the terms and provisions of each Award (which need not be identical) and, subject to Section 9, any amendments thereto,
including provisions defining or otherwise relating to: 
 (i) the extent to which the transferability of Shares issued or
transferred pursuant to any Award is restricted; 
 (ii) the effect of Termination on an Award; 

(iii) the effect of approved leaves of absence; and 

(iv) to construe the respective Award Agreements and this Plan. 

(e) to make determinations of the Fair Market Value of Shares; 

  
 4 

 (f) to waive any provision, condition or limitation set forth in an Award Agreement; 

(g) to delegate its duties under this Plan to such agents as it may appoint from time to time; and 

(h) to make all other determinations, perform all other acts and exercise all other powers and authority necessary or advisable for
administering this Plan, including the delegation of those ministerial acts and responsibilities as the Board deems appropriate. 
 The
Board may correct any defect, supply any omission or reconcile any inconsistency in this Plan, in any Award or in any Award Agreement in the manner and to the extent it deems necessary or desirable to implement this Plan, and the Board shall be the
sole and final judge of that necessity or desirability. The determinations of the Board on the matters referred to in this Section 4.2 shall be final and conclusive. 

4.3 Term of Plan. No Awards shall be granted under this Plan after 10 years from the Effective Date of this Plan. 

SECTION 5. CERTAIN TERMS AND CONDITIONS OF AWARDS 

5.1 All Awards. All Awards shall be subject to the following terms and conditions: 

(a) Changes in Capital Structure. If the number of outstanding Shares is increased by means of a share dividend payable in Shares, a
share split or other subdivision or by a reclassification of Shares, then, from and after the record date for such dividend, subdivision or reclassification, the number and class of Shares subject to this Plan shall be increased or adjusted, as
applicable, in proportion to such increase in outstanding Shares. If the number of outstanding Shares is decreased by means of a reverse share split or other combination or by a reclassification of Shares, then, from and after the record date for
such combination or reclassification, the number and class of Shares subject to this Plan shall be decreased or adjusted, as applicable, in proportion to such decrease in outstanding Shares. 

(b) Certain Corporate Transactions. In the event of any change in the capital structure or business of the Company by reason of any
recapitalization, reorganization, merger, consolidation, split-up, subdivision, combination, exchange of Shares or any similar change affecting the Company’s capital structure or business, then the aggregate number and kind of Shares which
thereafter may be issued under this Plan shall be appropriately adjusted consistent with such change in such manner as the Board may deem equitable to prevent substantial dilution or enlargement of the rights granted to, or available for,
Participants under this Plan, and any such adjustment determined by the Board in good faith shall be binding and conclusive on the Company and all Participants and employees and their respective heirs, executors, administrators, successors and
assigns. 
 (c) Grant Date. Each Award Agreement shall specify the date of issuance of the Award (the “Grant
Date”). 
 (d) Vesting. Each Award shall vest, and any restrictions thereunder shall lapse, as the case may be, at such
times and in such amounts as may be specified by the Board in the applicable Award Agreement. 
 (e) Nonassignability of Rights.
Awards shall not be transferable during the period or periods set by the Board (the “Restricted Period”) commencing on the Grant Date of such Award, as set forth in the applicable Award Agreement. 

(f) Termination from the Company, the Business Manager or any Affiliate of the Company or Termination of the Business Management
Agreement. The Board shall establish, in respect of each Award when granted, the effect of a Termination or, if applicable, the termination of the Business Management Agreement, on the rights and benefits thereunder and in so doing may, but need
not, make distinctions based upon the cause of termination (such as retirement, death, disability or other factors) or which party effected the termination (the employer, the employee or the Business Manager). 

  
 5 

 (g) Minimum Purchase Price. Notwithstanding any provision of this Plan to the contrary, if
authorized but previously unissued Shares are issued under this Plan, such Shares shall not be issued for a consideration which is less than as permitted under Applicable Laws, and in no event, shall such consideration be less than the par value per
Share multiplied by the number of Shares to be issued. 
 (h) Other Provisions. Each Award Agreement may contain such other terms,
provisions, legends and conditions not inconsistent with this Plan, as may be determined by the Board. 
 5.2 Restricted Shares.
Restricted Shares shall be subject to the following terms and conditions: 
 (a) Grant. The Board may grant one or more Awards of
Restricted Shares to any Participant. Each Award of Restricted Shares shall specify the number of Shares to be issued to the Participant, the Grant Date and the restrictions imposed on the Shares including the conditions of release or lapse of such
restrictions. Upon the issuance of Restricted Shares, the Participant may be required to furnish such additional documentation or other assurances as the Board may require to enforce the restrictions applicable thereto. 

(b) Restrictions. Except as specifically provided elsewhere in this Plan or the Award Agreement regarding Restricted Shares, Restricted
Shares may not be sold, assigned, transferred, pledged or otherwise disposed of or encumbered, either voluntarily or involuntarily, until the restrictions have lapsed and the rights to the Shares have vested. The Board may in its sole discretion
provide for the lapse of such restrictions in installments and may accelerate or waive such restrictions, in whole or in part, based on service, performance or such other factors or criteria as the Board may determine. 

(c) Rights as a Stockholder. Except as provided in this Section 5 and as otherwise determined by the Board, the Participant
shall have, with respect to Restricted Shares, all of the rights of a holder of Shares including, without limitation, the right to receive any dividends, the right to vote such shares and, subject to and conditioned upon the full vesting of shares
of the Restricted Shares, the right to tender such shares. The Board may, in its sole discretion, determine at the time of grant that the payment of dividends shall be deferred until, and conditioned upon, the expiration of the applicable
Restriction Period. 
 (d) Forfeiture of Restricted Shares. Except to the extent otherwise provided in the applicable Award Agreement,
upon a Participant’s Termination or, if applicable, the termination of the Business Management Agreement, the Participant shall automatically forfeit all Restricted Shares still subject to restriction. 

SECTION 6. DIRECTOR SHARES 
 6.1 Automatic
Grant. Without further action of the Board, each Non- Employee Director shall receive an Award of 54.80 Restricted Shares in February 2015 and 219.20 Restricted Shares thereafter on the date of each annual stockholders’ meeting.
Notwithstanding Section 5.1(c), each such date of receipt of Restricted Shares will be the Grant Date of such Award. 
 6.2
Vesting. Notwithstanding the provisions of Section 5.1(d), Awards of Restricted Shares issued to Non-Employee Directors pursuant to Section 6.1 shall vest over a three-year period following the Grant Date in increments
of 33-1/3% per annum. Notwithstanding the foregoing, 100% of any then unvested Restricted Shares issued to Non-Employee Directors pursuant to Section 6.1 shall become fully vested upon the Company’s consummation of a Listing or
an Investment Liquidity Event. 
 6.3 Election. The Company shall pay to each individual who is a Non-Employee Director an annual fee
in the amount set from time to time by the Board (the “Retainer”). Each Non-Employee Director shall be entitled to receive his or her Retainer exclusively in cash, exclusively in unrestricted Shares (“Director
Shares”) or any portion in cash and Director Shares. Each Non-Employee Director shall be given the opportunity, during the month in which the Non-Employee Director first becomes a Non-Employee Director, and during each December
thereafter, to elect among these choices for the balance of the calendar year (in the case of the election made during the month the Non-Employee Director first becomes a Non-Employee Director) and for the ensuing calendar year (in the case of a
subsequent election made during any December). If the Non-Employee Director chooses to receive 

  
 6 

 
at least some of his or her Retainer in Director Shares, the election shall also indicate the percentage of the Retainer to be paid in Director Shares. If a Non-Employee Director makes no
election during his or her first opportunity to make an election, the Non-Employee Director shall be assumed to have elected to receive his or her entire Retainer in cash. 

6.4 Issuance. The Company shall make the first issuance of Director Shares to electing Directors on the first business day following the
last day of the full calendar quarter following such election. Subsequent issuances of Director Shares shall be made on the first business day of each subsequent calendar quarter and shall be made to all persons who are Non-Employee Directors on that day except any Non-Employee Director whose Retainer is to be paid entirely in cash. The number of Shares issuable to those Non-Employee Directors on the relevant date indicated above
shall equal: 
 (% x R/4)/P, where: 

% = the percentage of the Non-Employee Director’s Retainer that the Non-Employee Director elected or is deemed to have elected to receive
in the form of Director Shares, expressed as a decimal; 
 R = the Non-Employee Director’s Retainer for the year during which the
issuance occurs; and 
 P = the Fair Market Value. 

SECTION 7. SECURITIES LAWS 
 Nothing in this Plan
or in any Award or Award Agreement shall require the Company to issue any Shares with respect to any Award if, in the opinion of counsel for the Company, that issuance could constitute a violation of any Applicable Laws. As a condition to the grant
of any Award, the Company may require the Participant (or, in the event of the Participant’s death, the Participant’s legal representatives, heirs, legatees or distributees) to provide written representations concerning the
Participant’s (or such other person’s) intentions with regard to the retention or disposition of the Shares covered by the Award and written covenants as to the manner of disposal of such Shares as may be necessary or useful to ensure that
the grant or disposition thereof will not violate the Securities Act, any other law or any rule of any applicable securities exchange or securities association then in effect. The Company shall not be required to register any Shares under the
Securities Act or register or qualify any Shares under any state or other securities laws. 
 SECTION 8. EMPLOYMENT OR OTHER RELATIONSHIP 

Nothing in this Plan or any Award shall in any way interfere with or limit the right of the Company, the Business Manager or any Affiliate of
the Company to terminate any Participant’s employment or status as an officer or director at any time, as applicable, nor confer upon any Participant any right to continue in the service of, the Company, the Business Manager or any Affiliate of
the Company. Nothing in this Plan shall interfere with the Company’s ability to terminate the Business Management Agreement in accordance with its terms. 

SECTION 9. AMENDMENT, SUSPENSION AND TERMINATION OF THIS PLAN 

The Board may at any time amend, suspend or discontinue this Plan, provided that such amendment, suspension or discontinuance meets the
requirements of Applicable Laws, including without limitation, any applicable requirements for stockholder approval. Notwithstanding the above, an amendment, suspension or discontinuation shall not be made if it would impair the rights of any
Participant under any Award previously granted, without the Participant’s consent, except to conform this Plan and Awards granted to the requirements of Applicable Laws. The provisions of this Plan relating to Awards for Non-Employee Directors
may not be amended more than once each six months. The Board may amend the terms of any Award theretofore granted, prospectively or retroactively, but, subject to Sections 5.1(a) and 5.1(b) or as otherwise specifically provided herein, no such
amendment or other action by the Board shall adversely impair the rights of any Participant without the Participant’s consent. Notwithstanding any provision of the Plan to the contrary, if the Board determines that any Award may be subject to
Section 409A of the Code, the Board may adopt such amendment to the Plan and the applicable Award 

  
 7 

 
Agreement or adopt other policies and procedures (including amendments, policies and procedures with retroactive effect), or take any other actions that the Board determines are necessary or
appropriate, without the consent of the Participant, to (a) exempt the Award from Section 409A of the Code and/or preserve the intended tax treatment of the benefits provided with respect to the Award, or (b) comply with the
requirements of Section 409A of the Code. 
 SECTION 10. LIABILITY AND INDEMNIFICATION OF THE BOARD 

No person constituting, or member of the group constituting, the Board shall be liable for any act or omission on such person’s part,
including but not limited to the exercise of any power or discretion given to such member under this Plan, except for those acts or omissions resulting from such member’s gross negligence or willful misconduct. The Company shall indemnify each
present and future person constituting, or member of the group constituting, the Board against, and each person or member of the group constituting the Board shall be entitled without further act on his or her part to indemnity from the Company for,
all expenses (including the amount of judgments and the amount of approved settlements made with a view to the curtailment of costs of litigation) reasonably incurred by such person in connection with or arising out of any action, suit or proceeding
to the fullest extent permitted by law and by the Articles of Incorporation and Bylaws of the Company. 
 SECTION 11. SEVERABILITY 

If any provision of this Plan is held to be illegal or invalid for any reason, that illegality or invalidity shall not affect the remaining
portions of this Plan, but such provision shall be fully severable and this Plan shall be construed and enforced as if the illegal or invalid provision had never been included in this Plan. Such an illegal or invalid provision shall be replaced by a
revised provision that most nearly comports to the substance of the illegal or invalid provision. If any of the terms or provisions of this Plan or any Award Agreement conflict with the requirements of Applicable Laws, those conflicting terms or
provisions shall be deemed inoperative to the extent they conflict with Applicable Law. 
 SECTION 12. SECTION 409A OF THE CODE 

Awards granted under the Plan are intended to be exempt from Section 409A of the Code. To the extent that the Plan or an Award is not
exempt from the requirements of Section 409A of the Code, the Plan and such Award is intended to comply with the requirements of Section 409A of the Code and, in each case, the Plan and Awards shall be limited, construed and interpreted in
accordance with such intent. Notwithstanding the foregoing, in no event whatsoever shall the Company be liable for any additional tax, interest or penalty that may be imposed on a Participant by Section 409A of the Code or any damages for
failing to comply with Section 409A of the Code. 
 SECTION 13. WITHHOLDING 

The Company shall have the right to deduct from any payment to be made to a Participant, or to otherwise require, prior to the issuance or
delivery of any Shares or the payment of any cash hereunder, payment by the Participant of, any federal, state or local taxes required by law to be withheld. Upon the vesting of Restricted Shares, or upon making an election under Section 83(b)
of the Code, a Participant shall pay all required withholding to the Company. The Board may permit any such statutory withholding obligation with regard to any Participant to be satisfied by reducing the number of Shares otherwise deliverable or by
delivering Shares already owned. 
 SECTION 14. GOVERNING LAW 

This Plan shall be governed and construed in accordance with the laws of the State of Maryland (regardless of the law that might otherwise
govern under applicable principles of conflict of laws). 
 SECTION 15. EFFECTIVE DATE AND PROCEDURAL HISTORY 

This Plan was adopted by the Board on            , 2015 (the
“Effective Date”), and was subsequently approved by the holders of the Company’s voting shares of common stock on            , 2015. 

  
 8EX-10.5

 Exhibit 10.5 

LICENSE AGREEMENT 

This License Agreement (“Agreement”), by and between The Inland Real Estate Group, Inc., an Illinois corporation with its principal
place of business at 2901 Butterfield Road, Oak Brook, Illinois 60523 (“Licensor”), and Inland Residential Properties Trust, Inc., a Maryland corporation, with its principal place of business at 2901 Butterfield Road, Oak Brook, Illinois
60523 (“Licensee”), is effective as of December 19, 2013. 
 WITNESSETH: 

WHEREAS, Licensor, through its business and that of its predecessor-in-interest, has adopted and used or caused to be used in United
States commerce in connection with certain services in the field of real estate the mark INLAND in various formats, including the design mark depicted in Exhibit A, which is registered in the United States Patent and Trademark Office
(“USPTO”) as U.S. Registration No. 1,408,898 (the “Logo”) and the trade name “Inland” which is registered in the USPTO as U.S. Registration No. 2,786,134 (the “Trade Name”, and the Logo and the Trade
Name shall sometimes be referred to collectively as the “Trademarks”); and 
 WHEREAS, Licensee desires to use the
Trademarks in connection with the business it is engaged in, as more fully described below; and 
 WHEREAS, Licensor is willing to
grant to Licensee a non-exclusive, non-transferable, revocable, royalty-free right to use the Trademarks subject to, and Licensee is willing to use the Trademarks in accordance with all of the terms and conditions set forth herein. 

NOW, THEREFORE, in exchange for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and in
consideration of the mutual covenants set forth herein, the parties agree as follows: 
  

	 	I.	GRANT OF LICENSE 

 A. Licensor grants to Licensee a non-exclusive, revocable,
non-transferable, royalty-free right to use the Trademarks solely in connection with the following services: any business activities conducted by Licensee so long as Licensee elects to be treated as a “real estate investment trust” under
Section 856 the Internal Revenue Code of 1986, as amended, and such business as is consistent with and limited to the description of the business of Licensee contained in the prospectus forming a part of the Registration Statement on Form S-11
(No. 333-199129), as amended, filed by Licensee with the Securities and Exchange Commission pursuant to the Securities Act of 1933, as amended (the “Services”). Use of the Trademarks by Licensee shall comply with the terms and conditions
of this Agreement. 
 B. Licensor hereby reserves any and all rights not expressly and explicitly granted in this Agreement, including, but
not limited to, Licensor’s sole right to authorize or license use of the Trademarks or any other trademarks, designs, domain names, trade names, 

  
 1 

 
names or designations which are the same, similar to or incorporate any of the Trademarks, to any third party for any use whatsoever. Without limiting the rights reserved in the first sentence of
this paragraph, Licensor hereby reserves any and all rights to use, authorize use or license use of the Trademarks or any other trademarks, designs, domain names, trade names, names or designations which are the same, similar to or incorporate any
of the Trademarks in any geographic territory and in any language. 
  

	 	II.	OWNERSHIP OF THE TRADEMARKS 

 A. Licensee recognizes the great value of the
goodwill associated with the Trademarks and (i) acknowledges that Licensor owns exclusive right, title and interest in and to the Trademarks, and any and all goodwill pertaining thereto (including, without limitation, any trademark applications
and/or registrations therefor); (ii) agrees that it will do nothing inconsistent with such ownership including, but not limited to, directly or indirectly challenging the validity of, or otherwise impairing, any intellectual property rights of
Licensor in and to the Trademarks, or Licensor’s ownership thereof, nor may it assist others in doing so, and (iii) agrees that all use of the Trademarks by Licensee shall inure solely to the benefit of Licensor. Licensee agrees that
nothing in this Agreement shall give Licensee any right, title or interest in the Trademarks other than the right to use the Trademarks in accordance with this Agreement. Licensee agrees not to seek registration of the Trademarks, or any trademarks,
designs, domain names, trade names, names or designations similar thereto or which are any abbreviation thereof, with any domestic or foreign governmental or quasi-governmental authority or as part of an Internet domain name. The provisions of this
paragraph shall survive the expiration or termination of this Agreement. 
 B. Licensor may file trademark applications to protect the
Trademarks, but Licensor is not required to do so, nor is Licensor required to renew or maintain registrations for the Trademarks. Licensee agrees to assist Licensor, at Licensor’s request, in the procurement and maintenance of any protection
of Licensor’s rights in the Trademarks including, without limitation, in the prosecution of trademark applications for the Trademarks in Licensor’s name. 
  

	 	III.	USE OF THE TRADEMARKS 

 A. In connection with its permitted use of the Trademarks,
Licensee shall not in any manner represent that it has any ownership interest in the Trademarks, and Licensee specifically acknowledges that its permitted use of the Trademarks shall not create in the Licensee any right, title or interest in the
Trademarks. 
 B. Without detracting from the generality of the foregoing, it is agreed and understood by Licensee that Licensee does not
have permission to: (i) sublicense the Trademarks; (ii) transfer, sell or assign any right granted by this Agreement; or (iii) modify the Trademarks in any manner whatsoever. Licensee further acknowledges and agrees that it does not
have the right to use the Trademarks in connection with products and services other than as expressly permitted herein. 

  
 2 

 Licensor does agree, however, that Licensee may use the name “Inland” in the names of single purpose
limited liability companies or other entities holding title to real estate as long as Licensee owns or controls said entities. 
 C.
Licensee acknowledges the importance to Licensor of its reputation and goodwill and to the public of maintaining high, uniform standards of quality in the services provided in connection with the Trademarks. Licensee therefore agrees to maintain a
high standard of quality in connection with the Services and its use of the Trademarks in connection therewith commensurate with or better than the high standard maintained by Licensor in connection with its business prior to the effective date, and
agrees to perform the Services so as not to impair Licensor’s reputation or goodwill in connection with the Trademarks. To ensure Licensor the ability to protect the goodwill associated with the Trademarks and the validity and integrity of the
Trademarks, and to prevent any deception to the public, Licensee shall operate its business in accordance with the standards and requirements of quality, which from time to time are prescribed by Licensor, and shall use the Trademarks in a manner
consistent with any format prescribed by Licensor for any and all media, including without limitation all signage, marketing materials, press releases and on the Internet. Regardless of the medium, the Logo shall always comply with the Inland Logo
Identification Standards which are attached hereto as Exhibit B and may be amended from time to time by Licensor in its sole discretion and with the Standard Usage Guidelines prescribed by Licensor from time to time. If there are any modifications
in the Standard Usage Guidelines or the Inland Logo Identification Standards, they will be delivered to Licensee in writing. Licensee agrees that such standards shall include but not be limited to strict compliance with all applicable statutes,
laws, ordinances, rules, regulations and orders of public authorities in effect from time to time and that such laws shall include but not be limited to fair housing laws, antitrust laws, licensing laws, environmental laws, securities laws and
consumer laws. Licensee further agrees that such standards shall include the obligation to conduct its business in accordance with the highest ethical standards applicable in its industry. In the event of any failure by Licensee to operate its
business in accordance with the standards and requirements set forth herein or as prescribed by Licensor from time to time, or in the event that Licensee engages in any conduct or failure to act that in the sole judgment of Licensor adversely
impacts on the name, reputation, goodwill or business of Licensor and/or its affiliates, such conduct or failure to act shall constitute a material breach of this Agreement. If such material breach has not been cured within thirty (30) days
following receipt of notice from Licensor, this Agreement shall immediately terminate without any additional written notice. 
 D. To
determine whether Licensee is complying with this Agreement, Licensor shall have the right to periodically monitor Licensee’s use of the Trademarks. Upon request by Licensor, Licensee shall provide Licensor with representative samples of each
such use prior to the time the Trademarks are published, including but not limited to the use on all signage, marketing materials, press releases and on the Internet. If Licensor determines that Licensee is using the Trademarks improperly, and/or in
a way that does not meet the standards referred to in Section III. C, or requirements set forth herein and/or to which Licensor may require adherence to from time to time, Licensor shall notify Licensee, and Licensee shall remedy the improper use
within thirty (30) days following receipt of such notice from Licensor. 

  
 3 

 In addition, if Licensor determines that Licensee is engaging in conduct or activities that dilute or damage the
value of the goodwill associated with the Trademarks, in each case, Licensor shall provide notice of the conduct or activities to Licensee, and Licensee shall immediately cease the conduct or activities and take all actions requested by Licensor to
mitigate or remedy any dilution or damage. Use of the Trademarks in connection with an infringement of any of Licensor’s or a third party’s rights, including but not limited to rights under trademark, patent, trade secret or copyright
laws, shall constitute a material breach of this Agreement. If such material breach has not been cured within thirty (30) days following receipt of notice from Licensor, this Agreement shall be terminated. 

E. Licensee shall ensure that trademark, service mark, and any and all other proprietary rights notices that are appropriate to protect the
Trademarks are conspicuously placed on all items bearing any of the Trademarks used by Licensee in accordance with the Standard Usage Guidelines. In the event that Licensee learns of or has reason to believe that a third party is infringing or
threatens to infringe the Trademarks (the “Infringement”), it shall immediately notify Licensor, and Licensor may take such steps as it believes appropriate (in its sole discretion) to terminate or otherwise address the Infringement.
Licensee agrees to cooperate with Licensor and to provide support to Licensor in such efforts. If Licensee chooses to appoint counsel on its own, it shall be at Licensee’s sole expense. Licensee shall not take any action to prosecute or settle
any such Infringement without Licensor’s written consent. 
  

	 	IV.	LEGEND; DISCLAIMER 

 Upon Licensor’s request, Licensee shall include
(i) a trademark legend satisfactory to Licensor in accordance with the Standard Usage Guidelines indicating that the Trademarks are owned by Licensor and are being used under license and/or (ii) a disclaimer that Licensee and not Licensor
has produced the materials and is responsible for the content thereof whenever any of the Trademarks may be used, including but not limited to on signage, marketing materials, letterhead, business cards, flags, checks, documents, promotional items,
press releases or on the Internet. Further, Licensee agrees to display a trademark registration symbol (i.e., “®”) immediately after the Trademarks at least once in any piece of
printed or visual material in which they appear (and generally in its first appearance in such material), normally alongside the Trademarks. If the Trademarks appear in any printed or visual material (other than letterhead, envelopes, or business
cards) in which another trademark, design, domain name, trade name, name or designation not belonging to Licensor also appears, the words “A registered mark of The Inland Real Estate Group, Inc.” (or such other legend as may be designated
by Licensor) shall appear along with the registration symbol next to the Trademarks. 
  

	 	V.	TERMS AND TERMINATION 

 A. The initial term (the “Initial Term”) of this
Agreement shall commence as of the Effective Date and, unless terminated earlier as provided below, automatically shall expire and terminate on the fifth (5th) anniversary of the Effective
Date (as may be renewed and extended as hereinafter provided, the “Expiration Date”). Notwithstanding the foregoing, the 

  
 4 

 
term of this Agreement automatically shall be renewed and extended for consecutive five (5) year periods after the initial Expiration Date (each of which periods (i) shall commence as
of the day immediately succeeding the then scheduled Expiration Date, and (ii) hereinafter shall be referred to herein as a “Renewal Term”), unless either party hereto elects not to renew and extend the term of this Agreement by
delivering notice of such election to the other on or before the ninetieth (90th) day preceding the then scheduled expiration of the Initial Term or applicable Renewal Term, as the case may
be. 
 B. Notwithstanding Section V. A., Licensor may terminate this Agreement at its sole discretion with or without cause upon thirty
(30) days prior written notice, and Licensee may terminate this Agreement at its sole discretion with or without cause upon thirty (30) days prior written notice. 

C. Notwithstanding Section V. A. and V. B., if Licensee makes any assignment of assets or business for the benefit of creditors, if a trustee
or receiver is appointed to administer or conduct Licensee’s business or affairs, if Licensee is adjudged in any legal proceeding to be either a voluntary or involuntary bankrupt, if Licensee fails to comply with any provision of this
Agreement, or if Licensee changes its name in whole or in part, Licensor may terminate this Agreement immediately without notice. 
 D. Upon
the termination or expiration of this Agreement, the License granted hereunder shall immediately and automatically terminate, and Licensee agrees to immediately discontinue any and all use of the Trademarks and to deliver up to Licensor, or its duly
authorized representatives, all signage, marketing materials, letterhead, business cards, flags, checks, documents promotional items, press releases, Internet usage and any and all other papers or materials upon which the Trademarks appear, and
furthermore will at no time adopt or use, without Licensor’s prior written consent, any word, phrase, colors, symbol, logos, marks or other designations which are similar to or likely to be confusing with any of the Trademarks. 

E. If Licensor terminates this Agreement pursuant to this Section V, then Licensor shall provide Licensee with a reasonable opportunity to
transition from its then existing use of the Trademarks to any other trademarks, logos or trade names as Licensee deems appropriate, as long as those trademarks, logos and trade names do not infringe upon the Trademarks. In no event shall the
transition period be more than thirty (30) days from the date of termination of this Agreement (the Transition Period”). During the Transition Period: 

(a) Licensee agrees that it will not initiate any new use or expand its existing use of the Trademarks; and 

(b) Licensor agrees not to pursue any claims of infringement against Licensee for its continued use of the Trademarks, provided that Licensee
(and any sublicensee) are otherwise in compliance with the surviving terms of this Agreement. 

  
 5 

	 	VI.	OBLIGATIONS ON TERMINATION 

 Any termination of this Agreement shall not impair
any other accrued rights or remedies of either Licensor or Licensee. Upon termination of this Agreement, Licensee shall immediately cease and desist from using any and all of the Trademarks, in accordance with the terms set forth herein. Licensee
acknowledges and agrees that no indemnities or compensation of any kind shall be due to Licensee as a result of the termination or expiration of this Agreement. In particular, Licensee waives any claim it may have or acquire against Licensor for any
expenses incurred by it in preparing for and operating under this Agreement including, but not limited to, the engagement of any employees or contractors, the rental, purchase, furnishing or remodeling of any facilities and/or the rental, purchase
or other acquisition of equipment. Nothing herein shall be construed to relieve Licensee of any obligations with respect to activities undertaken in connection with Licensee’s operation and performance under this Agreement prior to the date of
such expiration or termination including, but not limited to, Licensee’s defense and indemnity obligations, and such obligations shall survive any such termination or expiration. Notwithstanding the above, the provisions of Articles IB, II, IV,
V, VI, VII, VIII, IX, X, XI, XII, XIII, XIV, XVI, and XX shall survive any termination of this Agreement. 
  

	 	VII.	REPRESENTATIONS, WARRANTIES AND COVENANTS OF LICENSEE 

 A Licensee has requisite
corporate power and authority to execute and deliver this Agreement and to perform its obligations hereunder. The execution and delivery by Licensee of this Agreement has been duly authorized by all necessary corporate actions on the part of the
Licensee. This Agreement has been duly and validly executed and delivered by Licensee and, assuming the due authorization, execution and delivery hereof by Licensor, constitutes or will constitute, as applicable, a legal, valid and binding
obligation of Licensee, enforceable against Licensee in accordance with its terms, except as enforcement may be limited by: 
 (i)
bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting or relating to enforcement of creditors’ rights generally; and 

(ii) general equitable principles. 

B. Licensee represents and warrants to Licensor that the licenses granted by this Agreement do not and shall not result in a breach of or
constitute a default or violation under any agreement to which Licensee is subject or by which Licensee is bound. 
 C. Licensee shall
immediately notify Licensor if Licensee becomes aware of any event, circumstance, transaction or occurrence that would make any of the representations or warranties of Licensee contained in this Agreement not true in any respect. 

D. Licensee shall immediately deliver to Licensor any and all written notices and/or written communications delivered to or received from:

 (i) any person or entity challenging or questioning the validity, ownership, use, enforceability, registerability or licensing of any of
the Trademarks; 

  
 6 

 (ii) any person or entity challenging or questioning the validity of this Agreement or the
licenses and rights granted under and pursuant to this Agreement; or 
 (iii) any governmental authority in regards to the validity,
ownership, use, enforceability, registerability and/or licensing of any of the Trademarks. 
 E. Licensee shall not take any actions that
would reasonably be expected to affect the registered status or ownership, or create confusion regarding the ownership, of the Trademarks by Licensor. 

F. Licensee shall use its best efforts, and shall cooperate with Licensor, to correct any market confusion related to the use of the
Trademarks and any other marks licensed by Licensor to other affiliates of Licensor. 
  

	 	VIII.	REPRESENTATIONS, WARRANTIES AND COVENANTS OF LICENSOR 

 A. Licensor
has the requisite corporate power and authority to execute and deliver this Agreement and to perform its obligations hereunder. The execution and delivery by Licensor of this Agreement has been duly authorized by all necessary corporate actions on
the part of the Licensor. This Agreement has been duly and validly executed and delivered by Licensor and, assuming the due authorization, execution and delivery hereof by Licensee, constitutes or will constitute, as applicable, a legal, valid and
binding obligation of Licensor, enforceable against Licensor in accordance with its terms, except as enforcement may be limited by: 
 (i)
bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting or relating to enforcement of creditors’ rights generally; and 

(ii) general equitable principles. 

B. Except as set forth above, Licensor makes no representations or warranties, either express or implied, arising by law or otherwise
including, but not limited to, implied warranties of non-infringement of third-party rights by the Trademarks or fitness for a particular purpose. In no event will Licensor have any obligation or liability resulting from tort, or loss of revenue or
profit, or for incidental or consequential damages. 

  
 7 

	 	IX.	CONFIDENTIAL INFORMATION AND DISCLOSURE 

 Unless required by law or a regulatory
agency, and except to assert its rights hereunder or for disclosure to its own employees, attorneys, financial advisors on a “need to know” basis, both parties agree not to disclose the terms of this Agreement or matters relating thereto
without the prior written consent of the other party which consent shall not be unreasonably withheld. 
  

	 	X.	INDEMNIFICATION 

 Licensee agrees to indemnify, defend and hold Licensor and its
officers, directors, employees and agents, its parent, affiliates, partially or wholly-owned subsidiaries, successors and assigns harmless from and against any and all liability, losses, damages, claims, liens, expenses or causes of action,
including, but not limited to, legal fees and expenses that may be incurred by Licensor, arising directly or indirectly out of or in connection with Licensee’s use of the Trademarks or any act or omission to act by Licensee relating to this
Agreement, including but not limited to Licensee’s use of the Trademarks and/or content on Licensee’s website(s) linked to, presented in conjunction with or relating to the Trademarks. Licensor shall provide Licensee with prompt written
notice of any claim for which indemnification is sought and shall have the right to participate in the defense of any such claim. 
  

	 	XI.	BINDING EFFECT 

 This Agreement shall be binding upon, and inure to the benefit
of, the successors and assigns, if any, of each party hereto. 
  

	 	XII.	GOVERNING LAW; JURISDICTION 

 This Agreement shall be subject to and governed by
the laws of the State of Illinois and the United States of America, including, but not limited to, the Lanham Act (15 U.S.C. § 1051 et seq.), without regard to principles of choice of law. The parties each agree that all disputes arising
hereunder shall be tried in the federal and state courts located in Cook or DuPage County, State of Illinois, and each party hereby agrees to submit to the exclusive jurisdiction of such courts. 

 

	 	XIII.	COSTS AND ATTORNEYS’ FEES 

 As consideration for Licensor granting the
license to Licensee, in the event of any litigation or arbitration or settlement thereof between the parties hereto with respect to this Agreement, Licensor shall be entitled to payment by Licensee of all its attorneys’ fees and other costs and
expenses incurred in resolving such dispute in addition to such other relief to which Licensor may be entitled in law or equity. 

  
 8 

	 	XIV.	WAIVER 

 Either party’s failure to exercise any right under this Agreement
shall not constitute a waiver of any other terms or conditions of this Agreement with respect to any other or subsequent breach, nor a waiver by such party of its right at any time thereafter to require exact and strict compliance with the terms of
this Agreement. 
  

	 	XV.	INDEPENDENT CONTRACTORS 

 The parties acknowledge and agree that they are dealing
with each other hereunder as independent contractors. Nothing contained in the Agreement shall be interpreted as constituting either party the joint venturer or partner of the other party or as conferring upon either party the power or authority to
bind the other party in any transaction with third parties. 
  

	 	XVI.	EQUITABLE RELIEF 

 Licensee recognizes and acknowledges that a breach by Licensee
of this Agreement will cause Licensor irreparable damage which cannot be readily remedied in monetary damages in an action at law, and may, in addition thereto, constitute an infringement of the Trademarks. In the event of any default or breach by
Licensee, Licensor shall be entitled to immediate injunctive relief to prevent such irreparable harm, loss or dilution in addition to any other remedies available. Nothing herein shall limit Licensor’s right to seek monetary damages with
respect to a breach. 
  

	 	XVII.	ENTIRE AGREEMENT 

 This Agreement, including the exhibits and attachments hereto,
each of which is hereto incorporated by reference herein, constitutes the entire agreement between the parties and contains all of the terms and conditions of the agreement between the parties with respect to the subject matter hereof. This
Agreement supersedes any and all other agreements, whether oral or written, between the parties hereto with respect to the subject matter hereof. No change or modification of this Agreement shall be valid unless the same shall be in writing and
signed by the parties hereto. 
  

	 	XVIII.	SEVERABILITY 

 If any provisions of this Agreement, or the application of any such
provisions to parties hereto, shall be held by a court of competent jurisdiction to be unlawful or unenforceable, the remaining provisions of this Agreement shall nevertheless be valid, enforceable and shall remain in full force and effect, and
shall not be affected, impaired or invalidated in any manner. 

  
 9 

	 	XIX.	HEADINGS 

 The headings in this Agreement are inserted for convenience only and
are not to be considered in the interpretation or construction of the provisions hereof. 
  

	 	XX.	NOTICES 

 All notices, requests or demands to be given under this Agreement from
one party to the other (collectively, “Notices”) shall be in writing and shall be given by personal delivery or by overnight courier service for next Business Day delivery (or Saturday delivery, if desired) at the other party’s
address set forth below. Notices given by personal delivery (i.e. by the sending party or a messenger) shall be deemed given on the date of delivery and Notices given by overnight courier shall be deemed given upon deposit with the overnight courier
service. If any party’s address is a business, receipt by a receptionist, or by any person in the employ of such party, shall be deemed actual receipt by the party of Notices. The term, Business Day, means any day other than Saturday, Sunday or
any other day on which state banks are required or are authorized to be closed in Chicago, Illinois. Notices may be issued by an attorney for a party and in such case such Notices shall be deemed given by such party. The parties’ addresses are
as follows: 
  

			
	LICENSOR:	  	LICENSEE:
	The Inland Real Estate Group, Inc.	  	Inland Residential Properties Trust, Inc.
	2901 Butterfield Road	  	2901 Butterfield Road
	Oak Brook, Illinois 60523	  	Oak Brook, Illinois 60523
	Attn: Robert H. Baum, General Counsel	  	Attn: President

 A party’s addresses for notice may be changed from time to time by notice given to the other party in the
manner herein provided for giving notice. 
  

	 	XXI.	FURTHER ASSURANCE 

 Each party to this Agreement agrees to execute and deliver any
and all documents, and to perform any and all further acts, that may be reasonably necessary to carry out the provisions of this Agreement and the transactions contemplated hereby. 

 

	 	XXII.	COUNTERPARTS 

 This Agreement may be executed in any number of counterparts, each
of which shall be deemed to be an original and all of which together shall be deemed to be one and the same instrument. 

  
 10 

	 	XXIII.	SURVIVAL 

 Notwithstanding any provisions to the contrary herein, the provisions
of Articles IB, II, IV, V, VI, VII, VIII, IX, X, XI, XII, XIII, XIV, XVI, and XX will survive any termination of this Agreement. 
  

	 	XXIV.	ASSIGNMENT 

 Licensor may, in its sole discretion, assign this Agreement to
another person or entity. Licensee shall not be entitled to assign this Agreement. 
  

	 	XXV.	TERRITORY 

 The territory covered by this Agreement shall be the United States
only. 

  
 11 

 WHEREAS, the parties have caused this Agreement to be duly executed as of the date set forth
above. 
  

									
	THE INLAND REAL ESTATE GROUP, INC., an Illinois corporation	 		 	INLAND RESIDENTIAL PROPERTIES TRUST, INC., a Maryland corporation
					
	By:	 	 /s/ Janet R. Heintz
	 		 	By:	 	 /s/ Mitchell A. Sabshon

	Name:	 	Janet R. Heintz	 		 	Name:	 	Mitchell A. Sabshon
	Title:	 	Senior Vice President	 		 	Title:	 	President and Chief Executive Officer

  
 12 

 EXHIBIT A 

THE LOGO 

  
 13

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00240-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00240-of-00352.parquet"}]]