Document:

Exhibit 10.1 Lock-Up Agreement

August 4, 2004

Inland Real Estate Corporation

2901 Butterfield Road

Oak Brook, Illinois   60523

Attention:  General Counsel

Re:       Lock-Up Agreement

Ladies and Gentlemen:

On June 9, 2004, the common stock, $0.01 par value per share (the “Common Stock”), of Inland Real Estate Corporation, a Maryland corporation (the “Company”), began trading on the New York Stock Exchange (the “NYSE”).  In
consideration of the Company listing its Common Stock on the NYSE, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the undersigned understand and agree that, during the period beginning on the date hereof
and continuing to and including June 9, 2005, the undersigned will not offer, sell, contract to sell, pledge, grant any option to purchase, make any short sale or otherwise dispose of any shares of Common Stock, or any options or warrants to purchase any shares of
Common Stock, or any securities convertible into, exchangeable for or that represent the right to receive shares of Common Stock, whether now owned or hereinafter acquired, owned directly by the undersigned (including holding as a custodian) or with respect to which
the undersigned has beneficial ownership within the rules and regulations of the Securities and Exchange Commission (collectively, the “Undersigned’s Shares”).

The foregoing restriction is expressly agreed to preclude the undersigned from engaging in any hedging or other transaction that is designed to or that reasonably could be expected to lead to or result in a sale or disposition of the Undersigned’s Shares
even if the Undersigned’s Shares would be disposed of by someone other than the undersigned.  Such prohibited hedging or other transactions would include without limitation any short sale or any purchase, sale or grant of any right (including without
limitation any put or call option) with respect to any of the Undersigned’s Shares or with respect to any security that includes, relates to, or derives any significant part of its value from the Undersigned’s Shares.

Notwithstanding the foregoing, the undersigned may transfer the Undersigned’s Shares:

(i)         as a bona fide gift or gifts, provided that the donee or donees thereof agree to be bound in writing by the restrictions set forth herein;

(ii)        to any trust for the direct or indirect benefit of the undersigned or the immediate family of the undersigned, provided that the trustee of the trust agrees to be bound in writing by the restrictions set forth herein,
and provided further that any such transfer shall not involve a disposition for value;

(iii)       as a result of the enforcement against the undersigned of any pledge, security interest or lien existing on or arising prior to the date hereof; or

(iv)       with the prior written consent of the Company, as authorized by a resolution of its board of directors.

For purposes of this letter agreement, “immediate family” shall mean any relationship by blood, marriage or adoption, not more remote than first cousin.  In addition, notwithstanding the foregoing, if the undersigned is a corporation, the
corporation may transfer the Undersigned’s Shares to any wholly-owned subsidiary of such corporation; provided, however, that in any such case, it shall be a condition to the transfer that the transferee execute an agreement stating that the
transferee is receiving and holding the Undersigned’s Shares subject to the provisions of this letter agreement and there shall be no further transfer of such Common Stock except in accordance with this letter agreement; provided further, that any
such transfer shall not involve a disposition for value.  The undersigned represent and warrant that each of them now has, and, except as contemplated by clause (i), (ii), (iii) or (iv) above, for the duration of this letter agreement will have, good and valid
marketable title to the Undersigned’s Shares, free and clear of all liens, encumbrances, and claims whatsoever.  The undersigned also agree and consent to the entry of stop transfer instructions with the Company’s transfer agent and registrar against
the transfer of the Undersigned’s Shares except in compliance with the foregoing restrictions.

The undersigned understand and agree that the Company has relied upon this letter agreement in connection with the listing of the Common Stock on the NYSE.  The undersigned further understand that this letter agreement is irrevocable and shall be binding upon
the undersigned’s heirs, legal representatives, successors, and assigns.

   

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If you agree with the foregoing, please sign and return a copy of this letter agreement, which will constitute the agreement of the parties hereto with respect to the subject matter of this letter agreement.        

	
   

	
THE INLAND GROUP, INC., a Delaware corporation

	
   

	
INLAND MORTGAGE INVESTMENT CORPORATION, an Illinois corporation

	
   

	
   

	
   

	
   

	
   

	
By:

	
/s/ ALAN KREMIN

	
   

	
By:

	
/s/ RAYMOND PETERSON

	
   

	
Name:

	
Alan Kremin

	
   

	
Name:

	
Raymond Peterson

	
   

	
Title:

	
Treasurer

	
   

	
Title:

	
President

	
   

	
   

	
   

	
   

	
   

	
INLAND REAL ESTATE INVESTMENT CORPORATION, a Delaware corporation

	
   

	
PARTNERSHIP OWNERSHIP CORPORATION, a Delaware corporation

	
   

	
   

	
   

	
   

	
   

	
By:

	
/s/ BRENDA GUJRAL

	
   

	
By:

	
/s/ ULANA HORALEWSKYJ

	
   

	
Name:

	
Brenda Gujral

	
   

	
Name:

	
Ulana Horalewskyj

	
   

	
Title:

	
President

	
   

	
Title:

	
President

	
   

	
   

	
   

	
   

	
   

	
DANIEL L. GOODWIN, an individual

	
   

	
G. JOSEPH COSENZA, an individual

	
   

	
   

	
   

	
   

	
   

	
By:

	
/s/ DANIEL L. GOODWIN

	
   

	
By:

	
/s/ G. JOSEPH COSENZA

	
   

	
Name:

	
Daniel L. Goodwin

	
   

	
Name:

	
G. Joseph Cosenza

	
   

	
   

	
   

	
   

	
   

	
ROBERT D. PARKS, an individual

	
   

	
   

	
   

	
   

	
   

	
   

	
   

	
By:

	
/s/ ROBERT D. PARKS

	
   

	
   

	
   

	
Name:

	
Robert D. Parks

	
   

	
   

	
   

	
   

	
   

	
   

	
   

	
   

	
   

	
   

	
   

	
   

	
   

	
   

	
   

	
   

	
   

	
   

	
ACKNOWLEDGED AND AGREED as of the date first above written:

	
   

	
   

	
   

	
   

	
   

	
   

	
INLAND REAL ESTATE CORPORATION, a Delaware corporation

	
   

	
   

	
   

	
   

	
   

	
By:

	
/s/ MARK E. ZALATORIS

	
   

	
   

	
Name:

	
Mark E. Zalatoris

	
   

	
   

	
Title:

	
Chief Operating OfficerExhibit 10.2 Termination of Put Agreement

August 2, 2004

Inland Real Estate Corporation

2901 Butterfield Road

Oak Brook, IL 60523

Attn: David J. Kayner, General Counsel

Re: Termination and release of that certain Put Agreement dated September 4, 2003 (“Put Agreement”) made by Inland Real Estate Corporation (“IREC”) in favor of Fleet National Bank, as administrative agent under that certain $35 Million
Revolving Line of Credit entered into between Inland Real Estate Investment Corporation, Fleet National Bank, as administrative agent (“Fleet”) and the other lenders a party thereto (the “Lenders”), dated September 4, 2003 (“Credit
Agreement”).

Dear Mr. Kayner:

Bank of America, N. A. (“BofA”) is successor in interest to Fleet under the Credit Agreement as Administrative Agent and as the sole Lender thereunder. The Credit Agreement shall, immediately following the effectiveness hereof, be amended and restated by
the parties thereto and the Put Agreement will no longer be required in connection with the Credit Agreement. 

This letter serves to state and confirm: (i) that no Put Conditions, as defined in the Put Agreement, were met prior to or as of the date of this termination and release, (ii) that neither Fleet nor BofA at any time exercised any of their rights under the Put
Agreement and that no Put Notice, as defined in the Put Agreement, was issued or given to IREC and (iii) the provisions of Section 6, Termination, of the Put Agreement notwithstanding, the Put Agreement is hereby fully and finally terminated and of no further force
or effect and IREC is fully and completely released and discharged from all liability thereunder to Fleet, BofA, the Lenders and all of their respective predecessors, successors and assigns.

BofA further represents and warrants that (a) BofA is, as of the date of the effectiveness hereof, the Administrative Agent and sole Lender under the Credit Agreement, (b) this letter is hereby executed by it both in its capacity as Administrative Agent and as the
sole Lender and (c) this letter is, as a result of the execution hereof by the Administrative Agent and each of the Lenders under the Credit Agreement, effective in fully and finally releasing and terminating the Put Agreement.

BofA understands and acknowledges that this letter, the statements herein made and the termination of the Put Agreement and the release of IREC from all liability under the Put Agreement herein given, may be relied upon by IREC, its successors and assigns, its
auditors, investors, lenders and governmental and regulatory authorities, including without limitation, the Securities and Exchange Commission and the New York Stock Exchange, and that the content of and copies of this letter may be disclosed and released to
IREC”s auditors, investors, lenders and governmental and regulatory authorities, including without limitation, the Securities and Exchange Commission and the New York Stock Exchange, as IREC in its judgment deems necessary or desirable.

   

This letter and the release and termination of the Put Agreement shall be effective upon BofA’s execution, delivery and release hereof to IREC; provided, that such delivery and release may be effected through the electronic delivery of an executed version
hereof.

Cordially,

BANK OF AMERICA, N.A., both in its capacity as

 Administrative Agent and in its capacity as the sole

 Lender under the Credit Agreement

	
                      /s/ SUSAN VERCAUTEREN

	
   

	
By:                Susan Vercauteren

	
Title: Senior Vice President

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