Document:

Executive Bonus Plan Summary

Exhibit 10.2

Executive Bonus Plan Summary

I.

Purpose

The purpose of the Executive Bonus Plan is to provide eligible executives with a financial incentive, encouraging them to perform in a manner, which will enable the Company to meet or exceed its financial objectives each fiscal year.

II.

Eligibility and Participation

The following executive positions are included in the Executive Bonus Plan:

Management Board

Buyers/Planners/Merchant Division Managers

Store Managers

Other key sales support managers may also be eligible for participation in the plan.  Participants  employed for the full fiscal year are eligible to participate in  the Plan for the entire fiscal year.  An executive newly hired or promoted into a plan-eligible position during a fiscal year for which a bonus is paid will have his/her bonus prorated from the date of hire or promotion to the close of the fiscal year.

For eligible executives terminating for reasons of disability or retirement, a prorated portion of the bonus will be paid.  Pro rations will be based on full months of service during the fiscal year.  For eligible executives terminating for reason of death, a full bonus will be paid.  Executives terminating for any other reason prior to the end of  a fiscal year will not be eligible to receive any portion of the bonus for that fiscal year.

III.

Company Performance Hurdle Requirements

In order for bonuses to be granted under the Plan, Company performance for a fiscal year must equal or exceed net income goals for the company as established by the Board of Directors’ Compensation Committee.  The particular bonus tiers will be determined by the Committee annually at the beginning of each fiscal year and communicated to participants as soon as determined.

IV.

Amount of Bonus

Assuming the tier requirement described in Section III is met or exceeded, participants will be granted a bonus based on a percentage of their base pay.  The earned percentage is based on their level (position) within the organization. 

V.

Payout Schedule

Bonus grants will be paid as soon as possible, following confirmation by the Compensation Committee that the required net income objectives have been met.

VI.

General Provision and Definitions

a.  The bonus payment will be subject to an executive's normal types of withholding taxes but such withholding will be at the minimum required rate.

b.  Whenever the term income appears it shall mean income after interest expense and taxes.

c.  Whenever the term base pay appears it refers to the rate of pay in effect on the last day of the fiscal year and before taxes and other deductions have been made and also prior to any contributions made under the Company's 401(k) plan.  In the event of termination due to retirement, death or disability the last day of the last full month worked shall replace the last day of the fiscal year.

d.  Whenever the term retirement appears it shall mean retirement under Kohl's Retirement Policy.

e.  In limited circumstances, the Chief Executive Officer, in consultation with the Compensation Committee, may approve limited exceptions to the terms of the Plan<PAGE>

                                 [FACE OF NOTE]

THIS NOTE IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER
REFERRED TO. UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"),
TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT AND
ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER
NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC AND ANY PAYMENT IS
MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC, ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

UNLESS AND UNTIL THIS CERTIFICATE IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN
CERTIFICATED FORM, THIS CERTIFICATE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY
DTC TO A NOMINEE THEREOF OR BY A NOMINEE THEREOF TO DTC OR ANOTHER NOMINEE OF
DTC OR BY DTC OR ANY SUCH NOMINEE TO A SUCCESSOR OF DTC OR A NOMINEE OF SUCH
SUCCESSOR.

REGISTERED                                                            REGISTERED

NO. 1                                                           PRINCIPAL AMOUNT

CUSIP NO. 53117C AJ 1                                               $300,000,000

                      LIBERTY PROPERTY LIMITED PARTNERSHIP

                          5.125% SENIOR NOTES DUE 2015

            Liberty Property Limited Partnership, a Pennsylvania limited
partnership (the "Issuer," which term includes any successor under the Indenture
hereinafter referred to), for value received, hereby promises to pay to Cede &
Co. or its registered assigns, the principal sum of 300,000,000 Dollars on March
2, 2015 (the "Maturity Date"), and to pay interest thereon from March 1, 2005
(or from the most recent interest payment date to which interest has been paid
or duly provided for), semi-annually in arrears on June 1 and December 1 of each
year (each, an "Interest Payment Date"), commencing on June 1, 2005, and on the
Maturity Date, at the rate of 5.125% per annum, until payment of said principal
sum has been made or duly provided for.

            The interest so payable and punctually paid or duly provided for on
any Interest Payment Date and on the Maturity Date will be paid to the Holder in
whose name this Note (or one or more predecessor Notes) is registered at the
close of business on the "Record Date" for such payment, which will be 15 days
(regardless of whether such day is a Business Day (as defined below)) prior to
such payment date or the Maturity Date, as the case may be. Any
<PAGE>
interest not so punctually paid or duly provided for shall forthwith cease to be
payable to the Holder on such record date, and shall be paid to the Holder in
whose name this Note (or one or more predecessor Notes) is registered at the
close of business on a subsequent record date for the payment of such defaulted
interest (which shall be not more than 15 days and not less than 10 days prior
to the date of the payment of such defaulted interest) established by notice
given by mail by or on behalf of the Issuer to the Holders of the Notes not less
than 10 days preceding such subsequent record date. Interest on this Note will
be computed on the basis of a 360-day year of twelve 30-day months.

            The principal of this Note payable on the Maturity Date will be paid
against presentation and surrender of this Note at the corporate trust office of
the Trustee at 227 West Monroe Street, Chicago, Illinois 60606, in such coin or
currency of the United States of America as at the time of payment is legal
tender for payment of public or private debt.

            Interest payable on this Note on any Interest Payment Date and on
the Maturity Date, as the case may be, will be the amount of interest accrued
from and including the immediately preceding Interest Payment Date (or from and
including March 1, 2005, in the case of the initial Interest Payment Date) to
but excluding the applicable Interest Payment Date or the Maturity Date, as the
case may be. If any Interest Payment Date or the Maturity Date falls on a day
that is not a Business Day (as defined below), the required payment of interest
or principal or both, as the case may be, will be made on the next Business Day
with the same force and effect as if it were made on the date such payment was
due and no interest will accrue on the amount so payable for the period from and
after such Interest Payment Date or the Maturity Date, as the case may be.
"Business Day" means any day, other than a Saturday or a Sunday, that is neither
a legal holiday nor a day on which banking institutions in The City of New York
or Chicago are authorized or required by law, regulation or executive order to
close.

            Payments of principal and interest in respect of this Note will be
made by wire transfer of immediately available funds in such coin or currency of
the United States of America as at the time of payment is legal tender for the
payment of public and private debts.

            Reference is made to the further provisions of this Note set forth
on the reverse hereof. Such further provisions shall for all purposes have the
same effect as though fully set forth at this place.

            This Note shall not be entitled to the benefits of the Indenture
referred to on the reverse hereof or be valid or become obligatory for any
purpose until the certificate of authentication hereon shall have been signed by
the Trustee under such Indenture.
<PAGE>
            IN WITNESS WHEREOF, the Issuer has caused this instrument to be
signed manually or by facsimile by its authorized officers.

Dated: March 1, 2005

                              LIBERTY PROPERTY LIMITED PARTNERSHIP,
                                    as Issuer

                              By:   LIBERTY PROPERTY TRUST,
                                       as its sole General Partner

                              By: /s/ William P. Hankowsky
                                 _____________________________________________
                                    Name: William P. Hankowsky
                                    Title: Chairman, President and CEO

                              By: /s/ George J. Alburger, Jr.
                                 _____________________________________________
                                    Name: George J. Alburger, Jr.
                                    Title: Chief Financial Officer
<PAGE>
                     TRUSTEE'S CERTIFICATE OF AUTHENTICATION

            This is one of the Securities of the series designated herein
referred to in the within-mentioned Indenture.

                              J.P. MORGAN TRUST COMPANY,
                              NATIONAL ASSOCIATION
                                   as Trustee

                              By: /s/ Renee Johnson
                                 _____________________________________________
                                  Authorized Officer
<PAGE>
                                [REVERSE OF NOTE]

                      LIBERTY PROPERTY LIMITED PARTNERSHIP

                          5.125% SENIOR NOTES DUE 2015

            This security is one of a duly authorized issue of debentures,
notes, bonds, or other evidences of indebtedness of the Issuer (hereinafter
called the "Securities") of the series hereinafter specified, all issued or to
be issued under and pursuant to an Indenture dated as of October 24, 1997
(herein called the "Indenture"), duly executed and delivered by the Issuer to
J.P. Morgan Trust Company, National Association (as successor to the First
National Bank of Chicago), as Trustee (herein called the "Trustee," which term
includes any successor trustee under the Indenture with respect to the series of
Securities of which this Note is a part), to which Indenture and all indentures
supplemental thereto relating to this security reference is hereby made for a
description of the rights, limitations of rights, obligations, duties, and
immunities thereunder of the Trustee, the Issuer, and the Holders of the
Securities, and of the terms upon which the Securities are, and are to be,
authenticated and delivered. The Securities may be issued in one or more series,
which different series may be issued in various aggregate principal amounts, may
mature at different times, may bear interest (if any) at different rates, may be
subject to different redemption provisions (if any), and may otherwise vary as
provided in the Indenture or any indenture supplemental thereto. This security
is one of a series designated as the 5.125% Notes due 2015 of the Issuer.

            In case an Event of Default with respect to this security shall have
occurred and be continuing, the principal hereof and Make-Whole Amount, if any,
may be declared, and upon such declaration shall become, due and payable, in the
manner, with the effect, and subject to the conditions provided in the
Indenture.

            The Issuer may redeem this security at any time at the option of the
Issuer, in whole or from time to time in part, at a redemption price equal to
the sum of (i) the principal amount of this security being redeemed plus accrued
interest thereon to the Redemption Date and (ii) the Make-Whole Amount, if any,
with respect to this security. Notice of any optional redemption of any
Securities will be given to Holders at their addresses, as shown in the security
register for the Securities, not more than 60 nor less than 30 days prior to the
date fixed for redemption. The notice of redemption will specify, among other
items, the Redemption Price and the principal amount of the Securities held by
such Holder to be redeemed.

            The Indenture contains provisions permitting the Issuer and the
Trustee, with the consent of the Holders of not less than a majority of the
aggregate principal amount of the Securities at the time Outstanding of all
series to be affected (voting as one class), evidenced as provided in the
Indenture, to execute supplemental indentures adding any provisions to or
changing in any manner or eliminating any of the provisions of the Indenture or
of any supplemental indenture or modifying in any manner the rights of the
Holders of the Securities of each series; provided, however, that no such
supplemental indenture shall, without the consent of the Holder of each Security
so affected, (i) change the Stated Maturity of the principal of (or premium or
Make-Whole Amount, if any, on) or any installment of interest on, any such
Security, (ii) reduce the principal amount of, or the rate or amount of interest
on, or any premium
<PAGE>
payable on redemption of the Notes, or adversely affect any right of repayment
of the Holder of any Securities; (iii) change the place of payment, or the coin
or currency, for payment of principal or premium, if any, or interest on the
Securities; (iv) impair the right to institute suit for the enforcement of any
payment on or with respect to the Securities on or after the stated maturity of
any such Security; (v) reduce the above-stated percentage in principal amount of
outstanding Securities, the extent of whose Holders is necessary to modify or
amend the Indenture, for any waiver with respect to the Securities or to waive
compliance with certain provisions of the Indenture or certain defaults and
consequences thereunder or to reduce the quorum or voting requirements set forth
in the Indenture; or (vi) modify any of the foregoing provisions or any of the
provisions relating to the waiver of certain past defaults or certain covenants,
except to increase the required percentage to effect such action or to provide
that certain other provisions of the Indenture may not be modified or waived
without the consent of the Holder of each Security. It is also provided in the
Indenture that, with respect to certain defaults or Events of Default regarding
the Securities of any series, the Holders of a majority in aggregate principal
amount outstanding of the Securities of such series (or, in the case of certain
defaults or Events of Default, all series of Securities) may on behalf of the
Holders of all the Securities of such series (or all of the Securities, as the
case may be) waive any such past default or Event of Default and its
consequences, prior to any declaration accelerating the maturity of such
Securities, or, subject to certain conditions, may rescind a declaration of
acceleration and its consequences with respect to such Securities. Any such
consent or waiver by the Holder of this Security (unless revoked as provided in
the Indenture) shall be conclusive and binding upon such Holder and upon all
future Holders and owners of this Security and any Securities that may be issued
in exchange or substitution herefor, irrespective of whether or not any notation
thereof is made upon this security or such other securities.

            No reference herein to the Indenture and no provision of this
security or of the Indenture shall alter or impair the obligation of the Issuer,
which is absolute and unconditional, to pay the principal of and any Make-Whole
Amount and interest on this security in the manner, at the respective times, at
the rate and in the coin or currency herein prescribed.

            This security is issuable only in registered form without coupons in
denominations of $1,000 and integral multiples thereof. Securities may be
exchanged for a like aggregate principal amount of securities of this series of
other authorized denominations at the office or agency of the Issuer in The
Borough of Manhattan, The City of New York, in the manner and subject to the
limitations provided in the Indenture, but without the payment of any service
charge except for any tax or other governmental charge imposed in connection
therewith.

            Upon due presentment for registration of transfer of Securities at
the office or agency of the Issuer in The Borough of Manhattan, The City of New
York, one or more new Securities of the same series of authorized denominations
in an equal aggregate principal amount will be issued to the transferee in
exchange therefor, subject to the limitations provided in the Indenture, without
charge except for any tax or other governmental charge imposed in connection
therewith.

            The Issuer, the Trustee or any authorized agent of the Issuer or the
Trustee may deem and treat the Person in whose name this security is registered
as the absolute owner of this security (whether or not this security shall be
overdue and notwithstanding any notation of ownership or other writing hereon),
for the purpose of receiving payment of, or on account of,
<PAGE>
the principal hereof and Make-Whole Amount, if any, and subject to the
provisions on the face hereof, interest hereon, and for all other purposes, and
neither the Issuer nor the Trustee nor any authorized agent of the Issuer or the
Trustee shall be affected by any notice to the contrary.

            The Indenture and each Security shall be deemed to be a contract
under the laws of the State of New York, and for all purposes shall be construed
in accordance with the laws of such state, except as may otherwise be required
by mandatory provisions of law.

            Capitalized terms used herein which are not otherwise defined shall
have the respective meanings assigned to them in the Indenture and all
indentures supplemental thereto relating to this Security.

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