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Exhibit 10.6 2014 Annual Cash Incentive Plan

Inland Real Estate Corporation 
2014 Annual Cash Incentive Plan

The purpose of this 2014 Annual Cash Incentive Plan (the “Bonus Plan”) of Inland Real Estate Corporation (the “Company”) is to focus the Company’s management on the achievement of certain Company, business unit and individual objectives and to provide for annual cash incentive opportunities that are subject to the achievement of such objectives in order to retain and incentivize the Company’s management team.  
		
	I.
	Administration

The Bonus Plan shall be administered by the Compensation Committee (the “Committee”) of the board of directors of the Company.  The Committee shall have exclusive authority to interpret, construe and administer the Bonus Plan, including but not limited to, the right to remedy or resolve possible ambiguities, inconsistences or omissions, by general rule or particular decisions.  Except as otherwise specifically provided in this Bonus Plan, the Committee shall have the sole and absolute discretion to approve all bonuses and determine payment amounts under the Bonus Plan.  All findings of fact, decisions, determinations and interpretations of the Committee as to all matters relating to, or arising under, the Bonus Plan shall be final, binding and conclusive on any eligible employee of the Company.  
		
	II.
	Eligibility

Eligibility under the Bonus Plan is limited to the senior executives of the Company designated by the Committee to participate in the Bonus Plan (“Participants”).  The initial Participants for 2014 and their total respective cash bonus opportunities (expressed as a percentage of the Participant’s base salary) for 2014 are set forth in the table below.  Any cash bonus amounts paid under the Bonus Plan in respect of performance below target will be paid in the sole discretion of the Committee.  The bonus opportunities for the 2015 and 2016 performance periods will be determined by the Committee and will be no less than the cash bonus opportunities for 2014.
	
			
	2014 Bonus Opportunities

	Participant (Title)
	Target
(% of Salary)
	Maximum
(% of Salary) 

	Mark Zalatoris (President & Chief Executive Officer)
	45%
	65%

	Brett Brown (EVP, Chief Financial Officer and Treasurer)
	40%
	60%

	D. Scott Carr (EVP and Chief Investment Officer)
	40%
	60%

	Beth Sprecher Brooks (SVP, General Counsel & Secretary)
	40%
	60%

	William Anderson (SVP, Transactions)
	40%
	60%

	XXXXXX
	XX%
	XX%

	XXXXXX
	XX%
	XX%

		
	III.
	2014 Performance Metrics

The following table sets forth the 2014 performance metrics and the weighting of each such performance metric for each Participant as a percentage of his or her total 2014 annual bonus opportunity.  The Committee, however, in its sole discretion, may modify or adjust the performance measures and their respective weightings for any plan year as determined by the Committee in good faith in the event of any extraordinary, unusual, nonrecurring or similar events (including, without limitation, a sale, acquisition or disposition, merger, consolidation, spin-off, combination, recapitalization, reorganization, or other similar transactions or events) or any change in applicable laws, regulations or accounting principles or standards expected to impact the Company and/or Business Unit results for that year.  
	
				
	2014 Performance Metrics – Weighting Percentages

	Participant
	Recurring FFO Performance
	Business Unit Performance
	Individual Performance Objectives

	Mark Zalatoris
	80%
	0%
	20%

	Brett Brown

	D. Scott Carr

	Beth Sprecher Brooks
	40%
	40%
	20%

	William Anderson

	XXXXXX

	XXXXXX

		
	A.
	FFO Performance Levels

Based upon the Company’s 2014 Recurring FFO per share (as defined below), the applicable weighting percentage of the 2014 performance metrics based on the Company’s Recurring  FFO performance will be paid in accordance with the following table and the provisions of this section.  For purposes of this Bonus Plan, “Recurring FFO” shall be the amount reported as Recurring Funds From Operations attributable to common stockholders, per weighted average common share (diluted) in the Company’s annual report on Form 10-K filed with the SEC for the fiscal year ending December 31, 2014.
	
			
	2014 Recurring FFO Performance Goals

	Participant
	Target
	Maximum

	All Participants
	$0.XX Per Share
	$0.XX Per Share and Above

For Recurring FFO achieved between target and maximum performance levels, bonus percentage payouts will not exceed the target payout levels, except as determined by the Committee in its sole discretion.  Any amounts paid in respect of performance below target will be paid in the sole discretion of the Committee.  
		
	B.
	Business Unit Performance Levels

The applicable percentage of the bonus award based on 2014 Business Unit performance (if any) will be paid in accordance with the following tables and the provisions of this section.  Any amounts paid in respect of performance below target will be paid in the sole discretion of the Committee.

There are four metrics that measure Business Unit performance: (1) XXXXXX, (2) XXXXXX, (3) XXXXXX (4) specific departmental goals.  

To the extent that Business Unit performance goals are applicable to a particular Participant, each Business Unit performance metric is weighted equally.  Accordingly, each Business Unit performance metric below represents 25% of the total Business Unit target bonus opportunity for 2014.    

To the extent that there are multiple performance metrics applicable to a particular Business Unit performance goal, each performance metric is weighted equally.  For example, each of the “XXXXXX” and “XXXXXX” performance metrics below represents 12.5% (i.e., 1/2 of 25%) of the total Business Unit target bonus opportunity for 2014.

	
			
	2014 Business Unit Performance Goals

	Performance Metric
	Target
	Maximum

	XXXXXX
	XX%
	XX%

	XXXXXX
	XX%
	XX%

	XXXXXX
	XX%
Xx
	XX%
Xx

	XXXXXX
	See “2014 Departmental Goals” tables below

Achievement of specific departmental goals specified in the following tables, in each case, will be assessed by Mr. Zalatoris whose assessment will be subject to the review and approval of the Committee.  Each Departmental Goal performance metric described below shall have equal weighting (1/6 or 16-2/3%) in determining the “Specific Departmental Goals” portion of the overall Business Unit performance opportunity.
	
			
	2014 Departmental Goals

	Performance Metric
	Target
	Maximum

	XXXXXX
	$X
	$X

	XXXXXX
	$X
	$X

	XXXXXX
	X%
	X%

	XXXXXX
	X%
	X%

	XXXXXX
	XX%
	XX%

	XXXXXX
	$X
	$X

		
	C.
	Individual Objectives

Achievement of a Participant’s 2014 bonus opportunity which is attributable to Individual Performance shall be determined based on the Participant’s performance, as determined by (i) the Committee, with respect to the Company’s chief executive officer, and (ii) the Company’s chief executive officer, with respect to the Participants other than the Company’s chief executive officer.  Such determination shall be made in the sole discretion of the Committee or the chief executive officer, as the case may be, based on its or his subjective assessment of the Participant’s performance.  In making individual objective performance determinations, the Committee or the chief executive officer, as the case may be, may consider such quantitative and/or qualitative criteria, as it or he determine in its or his sole discretion.  
		
	IV.
	Determination; Payment

As soon as practicable following the end of the 2014 plan year, (a) the Committee, in its sole discretion, shall determine whether and to what extent the performance goals for 2014 have been attained and calculate the appropriate award, if any, for the Company’s chief executive officer based on the weight and level of achievement for all applicable 2014 performance metrics, and (b) Company’s chief executive officer, subject to the approval of the Committee except with respect to individual objectives, shall determine whether and to what extent the performance goals for 2014 have been attained and calculate the appropriate award, if any, for each other Participant based on the weight and level of achievement for all applicable 2014 performance metrics.    
2014 bonuses shall be paid in cash, less applicable taxes and withholdings, in a lump sum, to the Participants following the end of the 2014 plan but in no event later than March 31, 2015.  Except as otherwise provided in a Participant’s employment agreement, the Participant must be actively employed on December 31, 2014 in order to receive any bonus under the Bonus Plan for 2014.
		
	V.
	Miscellaneous

Each member of the Committee shall be entitled to, in good faith, rely or act upon any report or other information furnished to him by any officer or other employee of Company or any of its affiliates, Company's independent certified public accountants or any executive compensation consultant, legal counsel or other professional retained by Company to assist in the administration of the Bonus Plan.  To the fullest extent permitted by applicable law, no member of the Committee, nor any officer or employee of Company acting on behalf of the Committee, shall be personally liable for any action, determination or interpretation taken or made in good faith with respect to the Bonus Plan, and all members of the Committee and any officer or employee of Company acting on its behalf shall, to the extent permitted by law and Company's corporate governance documents, be fully indemnified and protected by Company with respect to any such action, determination or interpretation.
The Committee may at any time alter, amend, suspend or terminate the Bonus Plan, including during the 2014 plan year.  No such amendment, suspension or termination shall adversely affect any amounts previously paid under the Plan to a Participant.  Neither the Company nor any affiliate has any obligation to continue the Bonus Plan or to offer an annual bonus plan in any future year.
Nothing in the Bonus Plan nor the payment of an incentive award hereunder shall confer upon any Participant the right to continue in the employment of Company or affect any right that Company may have to terminate the employment of (or to demote or to exclude from future payments under the Bonus Plan) any such Participant at any time for any reason.     
The obligations of the Company or any other affiliated entity under the Bonus Plan shall be binding upon any successor corporation or organization to all or substantially all of the business and/or assets of the Company or entity, as the case may be (whether direct or indirect, by purchase, merger, consolidation, reorganization or otherwise). 
No payment under the Bonus Plan, nor any other right or benefit under the Bonus Plan, shall be subject to alienation, sale, assignment, pledge, encumbrance, garnishment, execution or levy of any kind or charge, and any attempt to alienate, sell, assign, pledge, encumber and, to the extent permitted by applicable law, garnish, execute upon or levy upon the same, shall be void and shall not be recognized or given effect by Company.
The Bonus Plan shall be funded from the general assets of the Company as and when payments become due under the Bonus Plan.  Participants do not have any right or interest, whether vested or otherwise, in the Bonus Plan or in any amount payable under the Bonus Plan unless all of the terms, conditions and provisions of the Bonus Plan have been complied with.  Nothing contained in the Bonus Plan shall require the Company to segregate or earmark any cash, shares of stock or other property for payment of amounts under the Bonus Plan.
The Bonus Plan and all determinations made and actions taken thereunder shall be governed by the laws of the State of Illinois.
The Company shall have the right to make, or cause to be made, such provisions as it deems necessary or appropriate to satisfy any obligations it may have under law to withhold federal, state or local income or other taxes incurred by reason of payments pursuant to the Bonus Plan.  
Notwithstanding any provision of the Bonus Plan to the contrary, it is intended that the provisions of the Bonus Plan comply with or be exempt from Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), and all provisions of the Bonus Plan shall be construed and interpreted in a manner consistent with the requirements for avoiding taxes or penalties under Section 409A of the Code.  Any adjustments made pursuant to this Bonus Plan shall be determined in a manner consistent with Section 409A of the Code to the extent so required.Exhibit 10.7 2014-2016 Long Term Incentive Program

Inland Real Estate Corporation 
Long-Term Incentive Program (2014-2016)
The purpose of this 2014-2016 Long-Term Incentive Program (the “Program”) of Inland Real Estate Corporation (the “Company”) is to focus the Company’s management on the achievement of the long-term performance goals of the Company and to provide for the grant of equity compensation awards pursuant to the 2014 Inland Real Estate Corporation Equity Award Plan (as amended and/or restated, or its successor, the “Equity Plan”), to retain and incentivize the Company’s management.  The Program is a sub-program under the Equity Plan, subject to shareholder approval of the Equity Plan.
		
	I.
	Administration

The Program shall be administered by the Compensation Committee (the “Committee”) of the board of directors of the Company.  The Committee shall have exclusive authority to interpret, construe and administer the Program, including, but not limited to, the right to remedy or resolve possible ambiguities, inconsistences or omissions, by general rule or particular decisions.  The Committee shall approve all awards made under the Program.  All findings of fact, decisions, determinations and interpretations of the Committee as to all matters relating to, or arising under, the Program shall be final, binding and conclusive on any eligible employee of the Company.  
		
	II.
	Eligibility

Eligibility in the Program is limited to senior executives of the Company designated by the Committee to participate in the Program (“Participants”).  The Participants and their aggregate annual award opportunities (expressed in US Dollars) under the Program (the “Aggregate Award Opportunity”) for each of the 2014, 2015 and 2016 individual annual Performance Periods (as defined below) are set forth in the table below.  
	
			
	Aggregate Annual Award Opportunities

	Participant (Title)
	Target
	Maximum

	Mark Zalatoris (President & Chief Executive Officer)
	$400,000
	$600,000

	Brett Brown (EVP, Chief Financial Officer & Treasurer)
	$200,000
	$300,000

	D. Scott Carr (EVP, Chief Investment Officer)
	$200,000
	$300,000

	Beth Sprecher Brooks (SVP, General Counsel & Secretary)
	$100,000
	$150,000

	William Anderson (SVP, Transactions)
	$100,000
	$150,000

	XXXXXXXXXXXX
	XXXXX
	XXXXX

	XXXXXXXXXXXX
	XXXXX
	XXXXX

		
	III.
	Performance Metrics and Goals

Each of the metrics for all of the Performance Periods of the 2014-2016 Program shall be based on total shareholder return (TSR), as defined below.  For purposes of this Program, the term “Performance Period” shall mean each of fiscal years 2014, 2015 and 2016 individually or the full three year period including each of the fiscal years 2014, 2015 and 2016, as applicable.
For purposes of the Program, “TSR” for any period shall mean the sum of (1) the change in the applicable company’s common stock price during the applicable period (as expressed as a percentage), plus (2) the dividend yield paid during such applicable period (as expressed as a percentage by dividing dividends paid during the applicable period by such company’s common stock price at the beginning of the applicable period).  
Fifty percent (50%) of the Aggregate Award Opportunity under the Program for each of the 2014-2016 individual Performance Periods shall be based on Absolute TSR and the other fifty percent (50%) of the Aggregate Award Opportunity under the Program for 2014-2016 shall be based on Relative TSR, in each case, as defined and described below.  
Notwithstanding anything elsewhere in this Program, no Participant will be entitled to an award if the Company’s TSR for the applicable Performance Period is negative.  
The Committee may, in its sole discretion, modify or adjust the performance metrics and their weightings as determined by the Committee in good faith in the event of any extraordinary, unusual, nonrecurring or similar events during the course of the Program (including, without limitation, a sale, acquisition or disposition, merger, consolidation, spin-off, combination, recapitalization, reorganization, or other similar transactions or events) or any change in applicable laws, regulations or accounting principles or standards impacting the applicable company and/or business unit results.
		
	A.
	Absolute TSR

With respect to the Absolute TSR portion of the Aggregate Award Opportunity, performance will be based on the Company’s TSR for each of the individual twelve-month Performance Periods ending December 31, 2014, 2015 and 2016 (“Absolute TSR”).  
The target level of Absolute TSR for each such Performance Period will be 11% and the high level of Absolute TSR for each such Performance Period will be 14%.
		
	B.
	Relative TSR

With respect to the Relative TSR portion of the Aggregate Award Opportunity, performance will be based on the Company’s TSR relative to that of the specified REITs listed below (the “Retail REIT Peer Group”) for the full three-year Performance Period ending December, 31, 2016 (“Relative TSR”).  
	
		
	Retail REIT Peer Group

	RPT   Ramco Gershenson
	KIM   Kimco

	CDR   Cedar Realty Trust
	AKR   Acadia Realty Trust

	KRG   Kite Realty
	REG   Regency Centers

	ROIC   Retail Opportunity Investments
	DDR   Developers Diversified

	BFS   Saul Centers
	FRT   Federal

	RPAI   Retail Properties of America
	UBA   Urstadt Biddle

	EQY   Equity One
	EXL   Excel Trust

	WRI   Weingarten Realty Investors
	 

The target level of Relative TSR performance for the full three-year Performance Period ending December, 31, 2016 will be deemed to have been met if the Company’s Relative TSR for such three-year Performance Period is not less than the median Relative TSR for the Retail REIT Peer Group and the high level of Relative TSR performance for such full three-year Performance Period will be deemed to have been achieved if the Company’s Relative TSR for such three-year Performance Period is not less than 130% of the median Relative TSR for the Retail REIT Peer Group.
		
	IV.
	Determination of the Achievement of Company TSR Performance Goals

As soon as practicable following the end of each of the individual twelve-month Performance Periods ending December 31, 2014, 2015 and 2016 during the Program, the Committee, in its sole discretion, shall determine whether and to what extent the Absolute TSR performance goal has been attained and determine and certify the award, if any, to which each Participant is entitled under the Program for such Performance Period.  
As soon as practicable following the end of the three-year Performance Period ending December 31, 2016 during the Program, the Committee, in its sole discretion, shall also determine whether and to what extent the Relative TSR performance goal has been attained and determine and certify the award, if any, to which each Participant is entitled under the Program for such Performance Period.  
In the event of actual performance below the target level, awards under the 2014-2016 Program attributable to Absolute TSR and/or Relative TSR, as the case may be will be made only in the sole discretion of the Committee.
		
	A.
	Absolute TSR Awards

Based on the level of TSR for each individual Performance Period, a Participant shall be granted a number of shares of restricted stock equal to the quotient of (A) the product of (i) one-half (1/2) and (ii) the Aggregate Award Opportunity for the Participant that corresponds to the actual level of achievement (i.e., target or high) of the Absolute TSR goals for such individual Performance Period (the “Annual Absolute TSR Award”), divided by (B) the average of the high and low prices of a share of Common Stock on the date of grant.  
		
	B.
	Relative TSR Awards

Based on the Company’s Relative TSR for the full three-year Performance Period, a Participant shall be granted a number of shares of restricted stock equal to the quotient of (A) the product of (i) one-half (1/2) and (ii) the Aggregate Award Opportunity for the Participant that corresponds to the actual level of achievement (target or high) of the Relative TSR goals during the Program, divided by (B) the average of the high and low prices of a share of Common Stock on the date of grant.
		
	V.
	Grant and Vesting of Restricted Stock Awards

Awards shall be granted in shares of restricted stock in accordance with, pursuant to and subject to the terms and conditions of the Equity Plan and pursuant to a written restricted stock award agreement.  
Except as otherwise provided in a Participant’s award agreement or employment agreement, the Participant must have been employed by the Company as of the end of the applicable Performance Period in order to receive any grant of an Award under the Program for that Performance Period (or those Performance Periods, as applicable).
With respect to Absolute TSR performance metrics under the Program, restricted stock awards shall be granted no later than March 31 of the year following the applicable fiscal end for each Performance Period based the level of Absolute TSR performance was determined by the Committee.  Except as otherwise provided in a Participant’s award agreement or employment agreement, Awards of restricted stock granted under the Program based on Absolute TSR will vest over a period of three (3) years in equal installments of one-third (1/3rd) of the shares subject to the Award on each of the first three anniversaries of the date of grant, in each case, subject to the Participant’s continued employment through the applicable vesting date.  
With respect to Relative TSR performance metrics under the Program, restricted stock awards shall be granted no later than March 31 of the year following the applicable fiscal end for each Performance Period based the level of Relative TSR performance was determined by the Committee.  Except as otherwise provided in a Participant’s award agreement or employment agreement, Awards of restricted stock granted under the Program based on Relative TSR will vest in installments as follows: one-third (1/3rd) of the shares subject to the Award shall be vested on the date of grant, and an additional one-third (1/3rd) of the shares subject to the Award shall become vested on each of December 31, 2017 and December 31, 2018, in each case, subject to the Participant’s continued employment through the applicable vesting date.  
Notwithstanding the foregoing, except as otherwise provided in the Participant’s employment agreement or award agreement, all outstanding Awards under the Program shall be fully and completely vested upon a Change in Control (subject to the Participant’s continued employment through the closing of the Change in Control) or termination of the Participant’s employment due to his or her death or Disability, by the Company without Cause or by the Participant for Good Reason.  For these purposes, the terms “Change in Control,” “Disability, “Cause” and “Good Reason” shall have the meanings given to such terms in the Participant’s employment agreement or, if not defined therein, the Participant’s award agreement or, if not defined therein, the Equity Plan.
		
	VI.
	Miscellaneous

The Program is (and Awards granted hereunder are) subject to all of the provisions of the Equity Plan, together with all of the rules and determinations from time to time issued by the Committee and by the Board pursuant to the Equity Plan; provided, however, that in the event of a conflict between any provision of the Equity Plan and the Program, the provisions of the Program shall control but only to the extent such conflict is permitted under the Equity Plan.  
Notwithstanding any provision of the Program to the contrary, it is intended that the provisions of the Program comply with or be exempt from Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), and all provisions of the Program shall be construed and interpreted in a manner consistent with the requirements for avoiding taxes or penalties under Section 409A of the Code.  Any adjustments made pursuant to this Program shall be determined in a manner consistent with Section 409A of the Code to the extent so required.

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