Document:

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Exhibit 10.2
                              EMPLOYMENT AGREEMENT

         THIS EMPLOYMENT AGREEMENT (the "Agreement") is made as of this 1st day
of July, 2000, by and between INLAND REAL ESTATE CORPORATION, a Maryland
corporation (the "Company"), and SAMUEL A. ORTICELLI (the "Executive").

                                    RECITALS:

         A. The Company is a real estate investment trust which owns, operates
and acquires neighborhood retail centers and community centers within a 400 mile
radius of its headquarters in Oak Brook, Illinois (the "Business").

         B. The Company, Inland Real Estate Investment Corporation, a Delaware
corporation ("IREIC"), Inland Real Estate Advisory Services, Inc., an Illinois
corporation ("IREAS"), The Inland Property Management Group, Inc., a Delaware
corporation ("TIPMG"), Inland Commercial Property Management, Inc., an Illinois
corporation ("ICPM") and The Inland Group, Inc. ("TIGI") have entered into that
certain Agreement and Plan of Merger, dated as of March 7, 2000 (the "Merger
Agreement"), pursuant to which IREAS and ICPM will each become a wholly-owned
subsidiary of the Company (the "Merger").

         C. Executive as an employee of an affiliate of TIGI has obtained
certain unique and particular talents and abilities with regard to the Business.

         D. The Company desires to employ Executive to assure itself of the
availability of his talents and abilities and Executive desires to be employed
by the Company, subject to the terms, conditions and covenants hereinafter set
forth.

         E. The Company and the Executive desire to terminate all presently
existing employment agreements, whether written or oral, and all other
agreements, if any, regarding his employment with TIGI, IREIC, TIPMG, IREAS and
ICPM or any of their affiliates, including but not limited to those to which the
Company would have succeeded following the Merger, and intend to have this
Agreement govern instead.

         F. As a condition of the Company employing Executive, Executive has
agreed to restrict his ability to enter into competition with the Company.

         NOW, THEREFORE, in consideration of the foregoing and the agreements,
covenants and conditions set forth herein, the Executive and the Company hereby
agree as follows:

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                                    ARTICLE I

                                   EMPLOYMENT

         1.1   Employment.

               (a) The Company hereby employs, engages and hires Executive, and
         Executive hereby accepts employment, upon the terms and conditions set
         forth in this Agreement. The Executive shall serve as General Counsel
         and Secretary, with duties commensurate with such position and such
         other duties and responsibilities as assigned from time to time by the
         Company.

               (b) In addition, the Executive shall provide advice, consultation
         and services to any other entities which control, are controlled by or
         are under common control with the Company now or in the future
         (together "Affiliates"), as may be requested by the Company.

         1.2   Activities and Duties During Employment. Executive represents and
warrants to the Company that he is free to accept employment with the Company,
and that he has no prior or other commitments or obligations of any kind to
anyone else which would hinder or interfere with his acceptance of his
obligations under this Agreement, or the exercise of his reasonable commercial
efforts as an employee of the Company. During the Employment Term (as defined
below), Executive agrees:

               (a) to faithfully serve and further the interests of the Company
         in every lawful way, giving honest, diligent, loyal and cooperative
         service to the Company and its Affiliates;

               (b) to comply with all reasonable rules and policies which are
         consistent with the terms of this Agreement and which, from time to
         time, may be adopted by the Company and/or its Affiliates; and

               (c) to devote all of his business time, attention and efforts to
         the faithful and diligent performance of his services to the Company
         and its Affiliates.

                                   ARTICLE II

                                      TERM

         2.1   Term. The term of employment under this Agreement shall commence
on the date of the Agreement and shall last for a period of one (1) year (the
"Initial Term"). Such term shall automatically be renewed for successive
one-year periods thereafter unless terminated by either party by written notice
not less than 30 days prior to the expiration of the then-current term. The term
of Executive's employment hereunder may also be terminated as provided in
Section 2.2 (the

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Initial Term, as it may be extended or terminated, is herein referred to as the
"Employment Term").

         2.2   Termination. The Employment Term and employment of Executive may
be terminated as follows:

               (a)  By the Company immediately for Cause (as hereinafter
         defined).

               (b)  By the Company immediately without Cause.

               (c)  Automatically, without the action of either party, upon the
         death of Executive.

               (d)  By either party upon a determination of Total Disability (as
         hereinafter defined) of the Executive.

               (e)  Voluntarily by the Executive.

         2.3   Definitions of "Cause" and "Total Disability".

               (a)  For the purpose of this Agreement, "CAUSE" shall mean (I)
         conduct amounting to fraud, embezzlement, or illegal misconduct in
         connection with Executive's duties under this Agreement and as an
         employee of the Company; (II) conduct that the Company reasonably
         believes has brought the Company into substantial public disgrace or
         disrepute; (III) failure to perform his duties hereunder as reasonably
         directed by the Company after providing written notice of such failure
         to the Executive and the Executive has failed to cure such
         non-performance within ten days of receiving such notice; (IV) gross
         negligence or willful misconduct with respect to the Company, its
         clients, its employees and its activities; or (V) any other material
         breach of this Agreement or any other agreement to which the Executive
         and the Company are a party or any material breach of any written
         policy adopted by the Company concerning conflicts of interest,
         standards of business conduct or fair employment practices and any
         other similar matter, provided that the Company has provided written
         notice of the breach to the Executive and Executive has failed to cure
         the breach within ten days of receiving such notice.

               (b)  The Executive shall be determined to have a Total Disability
         for purposes of this Agreement if he is unable by reason of accident or
         illness to substantially perform his employment duties, and is expected
         to be in such condition for periods totaling six (6) months (whether or
         not consecutive) during any period of twelve (12) months. The
         determination of whether a Total Disability has occurred shall be based
         on the determination of a physician mutually acceptable to the Company
         and the Executive. Nothing herein shall limit the Executive's right to
         receive any payments to which Executive may be entitled under any
         disability or employee benefit plan of the Company or under any
         disability or insurance policy or plan. During a period of Total
         Disability prior to

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               termination hereunder, Executive shall continue to receive his
               full compensation (including base salary) and benefits.

                                   ARTICLE III

                            COMPENSATION AND BENEFITS

         3.1   Compensation.

               (a)  During the Employment Term, the Company shall pay Executive
         such salary and benefits as shall be agreed upon each year between
         Executive and the Company. For the Initial Term, the Company shall pay
         Executive a base salary of One Hundred Eighty Thousand Dollars
         ($180,000.00) per year (the "Base Salary"). At the expiration of the
         Initial Term, and again at the expiration of each renewal of the
         Initial Term, the Company shall review Executive's Base Salary to
         determine an appropriate Base Salary to be effective at the beginning
         of the renewal of the Initial Term or any subsequent renewal.

               (b)  The Company may, in addition to Executive's Base Salary, pay
         Executive an annual bonus as determined by the Company. The bonus will
         be determined by the Company in its sole discretion and may be based
         upon, among other things, Executive's achievement of performance
         objectives to be established by the Company.

         3.2   Payment. All compensation shall be payable in intervals in
accordance with the general payroll payment practice of the Company; except that
any payment relating to the termination of the Executive shall be paid as a lump
sum payment within 15 days of such termination; provided, however, the Accrued
Bonus portion (if any) of any payment relating to the termination of the
Executive shall be paid within 15 days from the date the Accrued Bonus is
calculated by the Company. The compensation shall be subject to such
withholdings and deductions by the Company as are required by law.

         3.3   Business Expenses.

               (a)  Reimbursement . The Company shall reimburse the Executive
         for all ordinary and necessary business expenses incurred by him in
         connection with the performance of his duties hereunder. The
         reimbursement of business expenses will be governed by the policies for
         the Company.

               (b)  Accounting. The Executive shall provide the Company with an
         accounting of his expenses, which accounting shall clearly reflect
         which expenses were incurred for proper business purposes in accordance
         with the policies adopted by the Company and/or its Affiliates, and as
         such are reimbursable by the Company. The Executive shall provide the
         Company with such other supporting documentation and other
         substantiation of reimbursable expenses as will conform to Internal
         Revenue Service or other requirements.

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               All such reimbursements shall be payable by the Company to the
               Executive within a reasonable time after receipt by the Company
               of appropriate documentation therefor.

         3.4   Other Benefits. Executive shall be entitled to participate in any
retirement, pension, profit-sharing or other similar plans of the Company which
may now or hereafter be in effect and for which executive employees of the
Company are eligible to participate. Company agrees that the benefits to be
accrued to Executive in such plans will be at least at the same level as in
effect for employees of TIGI and its affiliates at the time of the execution of
this Agreement. In the event the Employment Term is terminated by the Company
without Cause, or in the event of a "Change in Ownership" (as defined herein) of
the Company, any benefits required to be provided by the terms of any
Company-sponsored benefit plans or programs, including stock option plans, which
Executive has earned or been awarded but to which Executive has not become fully
vested at the time of such termination or Change in Ownership, shall be deemed
to be fully vested in the Executive immediately prior to the time of such
termination or Change in Ownership. "Change in Ownership" shall mean (X) the
approval by the Company's stockholders of (A) a merger or consolidation of the
Company with an unaffiliated third party where the Company is not the surviving
entity, or (B) the sale of substantially all of the assets of the Company, or
(Y) the acquisition of not less than twenty five percent (25%) of the equity
voting securities of the Company by a person, or group of persons acting in
concert, not affiliated with TIGI.

         3.5   Compensation Upon Termination. If Executive's employment
hereunder is terminated in accordance with the provisions of Article II, the
Company will be obligated to provide compensation and benefits, in lieu of any
severance under any severance plan that the Company may then have in effect, and
subject to setoff for any amounts owed by the Executive to the Company or any
affiliate of the Company under any contract, agreement, advance, failure to
return Company property or loan document, to Executive as follows:

               (a)  Upon Termination for Death or Total Disability. If
         Executive's employment hereunder is terminated by reason of his death
         or Total Disability, within 15 days of the date of termination, the
         Company will provide to Executive (or his estate or beneficiaries):

                    (i)   any Base Salary that has been accrued but not paid as
               of the date of termination (the "Accrued Base Salary");

                    (ii)  an amount equal to the Base Salary Executive would
               have earned for the remaining portion of the then-current
               Employment Term as if the termination had not occurred plus an
               additional six months at the then-current level of Base Salary
               (the "Severance Salary");

                    (iii) any compensation for unused vacation days accrued as
               of the termination date in an amount equal to his Base Salary
               multiplied by a fraction, the numerator of which is the number of
               accrued unused vacation days and the denominator of which is 360
               (the "Accrued Vacation Payment");

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                    (iv)  reimbursement for expenses incurred by him prior to
               the date of termination that are subject to reimbursement
               pursuant to this Agreement (the "Accrued Reimbursable Expenses");

                    (v)   any accrued and vested benefits required to be
               provided by the terms of any company-sponsored benefit plans or
               programs (the "Accrued Benefits"), together with any benefits
               required to be paid or provided in the event of Executive's death
               or Total Disability under applicable law; and

                    (vi)  the pro-rated portion of any bonus that has accrued
               but not been paid as of the date of termination (the "Accrued
               Bonus").

               (b)  Upon Termination by Company for Cause or by Executive. If
         Executive's employment is terminated by the Company for Cause or if
         Executive voluntarily terminates his employment with the Company,
         within 15 days of the date of termination, the Company will:

                    (i)   pay Executive the Accrued Base Salary;

                    (ii)  pay Executive the Accrued Vacation Payment;

                    (iii) pay Executive the Accrued Reimbursable Expenses;

                    (iv)  pay Executive the Accrued Benefits, together with any
               benefits required to be paid or provided under applicable law;
               and

                    (v)   pay Executive the Accrued Bonus.

               (c)  Upon Termination by the Company Without Cause. If
         Executive's employment is terminated by the Company without Cause, the
         Company will:

                    (i)   pay Executive the Accrued Base Salary;

                    (ii)  pay Executive the Severance Salary;

                    (iii) pay Executive the Accrued Vacation Payment;

                    (iv)  pay Executive the Accrued Reimbursable Expenses;

                    (v)   pay Executive the Accrued Benefits, together with any
               benefits required to be paid or provided under applicable law;
               and

                    (vi)   pay Executive the Accrued Bonus.

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         3.6   Expiration of Term. Upon the expiration of the Employment Term
because either the Company or the Executive elects not to extend the Employment
Term, the Executive shall be entitled to receive his Accrued Base Salary,
Accrued Vacation Payment, Accrued Reimbursable Expenses, Accrued Benefits and
Accrued Bonus. Additionally, provided that within 60 days after the expiration
of the Employment Term (unless waived by the Company in its sole discretion)
(the "Waiting Period") the Executive does not become an employee of TIGI or any
affiliate of TIGI, then as soon as practicable, but in no case later than 15
days following the end of the Waiting Period, the Company shall pay to the
Executive Severance Salary calculated as if the Executive's employment was
terminated without cause immediately prior to the expiration of the Employment
Term.

         3.7   Cessation of Rights and Obligations: Survival of Certain
Provisions. On the date of expiration or earlier termination of the Employment
Term for any reason, all of the respective rights, duties, obligations and
covenants of the parties, as set forth herein, shall, except as specifically
provided herein to the contrary, cease and become of no further force or effect
as of the date of said termination, and shall only survive as expressly provided
for herein.

                                   ARTICLE IV

                    CONFIDENTIALITY AND NON-COMPETE AGREEMENT

         4.1   Non-Disclosure of Confidential Information. Executive hereby
acknowledges and agrees that the duties and services to be performed by
Executive under this Agreement are special and unique and that as a result of
his employment by the Company hereunder and his former employment with TIGI,
that Executive has developed over time and will acquire, develop and use
information of a special and unique nature and value that is not generally known
to the public or to the Company's industry, including but not limited to,
certain records, secrets, documentation, software programs, price lists, ledgers
and general information, employee records, mailing lists, client lists, client
profiles, prospective customer or client lists, accounts receivable and payable
ledgers, financial and other records of the Company or its Affiliates,
information regarding its clients or principles, and other similar matters (all
such information being hereinafter referred to as "CONFIDENTIAL INFORMATION").
Executive further acknowledges and agrees that the Confidential Information is
of great value to the Company and that the restrictions and agreements contained
in this Agreement are reasonably necessary to protect the Confidential
Information and the goodwill of the Company and the Affiliates, including that
attributable to products and services sold to clients of TIGI. Accordingly,
Executive hereby agrees that:

               (a)  Executive will not, during the Employment Term or at any
               time thereafter, directly or indirectly, except in connection
               with Executive's performance of his duties under this Agreement,
               or as otherwise authorized by the Company for the benefit of the
               Company or any Affiliate, divulge to any person, firm,
               corporation, limited liability company, or organization, other
               than the Company or any affiliated entity (hereinafter referred
               to as

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               "THIRD PARTIES"), or use or cause or authorize any Third Parties
               to use, the Confidential Information, except as required by law;
               and

               (b)  Upon the termination of the Employment Term for any reason
         whatsoever, Executive shall deliver or cause to be delivered to the
         Company any and all Confidential Information, including drawings,
         notebooks, keys, data and other documents and materials belonging to
         the Company or its Affiliates which is in his possession or under his
         control relating to the Company or its Affiliates, regardless of the
         medium upon which it is stored, and will deliver to the Company upon
         such termination of employment any other property of the Company or its
         Affiliates which is in his possession or under his control.

         4.2   Non-Solicitation and Covenant Not to Compete.

               (a)  General. Executive acknowledges that the covenants set forth
         in this Section 4.2 are reasonable in scope and essential to the
         preservation of the business and the goodwill of the Company, and are
         consideration for the amounts to be paid to the Executive hereunder.
         Executive also acknowledges that the enforcement of the covenant set
         forth in this Section 4.2 will not preclude Executive from being
         gainfully employed in such manner and to the extent as to provide a
         standard of living for himself, the members of his family and the
         others dependent upon him of at least the level to which he and they
         have become accustomed and may expect. In addition, Executive
         acknowledges that the Company and its Affiliates have obtained an
         advantage over their competitors as a result of the Merger that is
         characterized by relationships with clients, principals and other
         contacts which is reflected in the purchase price for the Merger.

               (b)  Covenant. Executive hereby covenants and agrees that, during
         the term of his employment hereunder and during a period of six months
         following the voluntary termination of his employment hereunder (which
         shall not be deemed to include a termination resulting from the
         expiration of the Initial Term or any subsequent renewal) or the
         termination of Executive's employment hereunder for Cause (the
         "Covenant Period"), Executive shall not, directly or indirectly: (i)
         alone, together or in association with others, either as a principal,
         agent, owner, shareholder, officer, director, partner, employee,
         lender, investor or in any other capacity, engage in, have any
         financial interest in or be in any way connected or affiliated with, or
         render advice or services to, any business engaged in the Business or
         any new businesses or lines of business which the Company may enter
         prior to the termination of Executive's employment under this Agreement
         in the greater metropolitan area of Chicago, Illinois, and any suburb
         thereof, other than as an employee of TIGI, of an affiliate of TIGI or
         otherwise on behalf of the Company as an employee thereof or such other
         business as may be permitted by the Company in writing, or as set forth
         on Exhibit A attached to this Agreement; (ii) divert, take away,
         solicit, interfere with or attempt to divert, take away, solicit, or
         interfere with any present or prospective customer, except on behalf of
         the Company as an employee thereof; (iii) solicit, induce, influence or
         attempt to solicit, induce or influence any employee or agent of the
         Company to leave his employment or engagement

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         with the Company; or offer employment or engagement to or employ or
         engage any such employee of the Company, or assist or attempt to
         assist any such employee of the Company in seeking other employment;
         or (iv) in any manner slander, libel, or by other means take action
         which is or intended, or could reasonably be expected, to be
         detrimental to the Company or an Affiliate or their respective
         employees or operations. As used in this Section 4.2, the term
         "Company" shall mean the Company or an Affiliate. As used herein,
         "customer" and "prospective customer" shall include: (i) any tenant or
         any other person or entity with whom the Company is negotiating for
         the leasing of real property from the Company or an Affiliate at the
         time of the termination of Executive's employment or during the six
         month period immediately prior to such termination; or (ii) any owner
         of real property the purchase or sale of which is being negotiated by
         the Company at the time of the termination of Executive's employment
         or during the six month period immediately prior to such termination.
         The restrictions imposed by subparagraph 4.2(b) hereof shall not apply
         to the ownership of one percent (1%) or less of all of the outstanding
         securities of any entity whose securities are listed on a national
         securities exchange.

         4.3   Remedies.

               (a)  Injunctive Relief. Executive expressly acknowledges and
         agrees that the business of the Company is highly competitive and that
         a violation of any of the provisions of Sections 4.1 or 4.2 would cause
         immediate and irreparable harm, loss and damage to the Company or an
         Affiliate not adequately compensable by a monetary award. Executive
         further acknowledges and agrees that the time periods and territorial
         areas provided for herein are the minimum necessary to adequately
         protect the business of the Company, the enjoyment of the Confidential
         Information and the goodwill of the Company. Without limiting any of
         the other remedies available to the Company at law or in equity, or the
         Company's right or ability to collect money damages, Executive agrees
         that any actual or threatened violation of any of the provisions of
         Sections 4.1 or 4.2 may be immediately restrained or enjoined by any
         court of competent jurisdiction, and that a temporary restraining order
         or emergency, preliminary or final injunction may be issued in any
         court of competent jurisdiction, upon twenty-four (24) hour notice and
         without bond. Notwithstanding anything to the contrary contained in
         this Agreement, the provisions of this Section shall survive the
         termination of the Employment Term.

               (b)  Enforcement. It is the desire of the parties that the
         provisions of Sections 4.1 or 4.2 be enforced to the fullest extent
         permissible under the laws and public policies in each jurisdiction in
         which enforcement might be sought. Accordingly, if any particular
         portion of Sections 4.1 or 4.2 shall ever be adjudicated as invalid or
         unenforceable, or if the application thereof to any party or
         circumstance shall be adjudicated to be prohibited by or invalidated by
         such laws or public policies, such section or sections shall be: (i)
         deemed amended to delete therefrom such portions so adjudicated; or
         (ii) modified as determined appropriate by such a court, such deletions
         or modifications to apply only with respect to the

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         operation of such section or sections in the particular jurisdictions
         so adjudicating on the parties and under the circumstances as to which
         so adjudicated.

                                    ARTICLE V

                                  MISCELLANEOUS

         5.1   Notices. All notices or other communications required or
permitted hereunder shall be in writing and shall be deemed given, delivered and
received: (a) when delivered, if delivered personally, (b) four days after
mailing, when sent by registered or certified mail, return receipt requested and
postage prepaid, (c) one business day after delivery to a private courier
service, when delivered to a private courier service providing documented
overnight service, and (d) on the date of delivery if delivered by telecopy,
receipt confirmed, provided that a confirmation copy is sent on the next
business day by first class mail, postage prepaid, in each case addressed as
follows:

         To Executive at his home address.

         To Company at:    Inland Real Estate Corporation
                           2901 Butterfield Road
                           Oak Brook, Illinois  60523
                           Attn: Norbert Treonis

         With a copy to:   Shefsky & Froelich Ltd.
                           444 North Michigan Avenue
                           Suite 2500
                           Chicago, Illinois  60611
                           Attn:   Michael J. Choate
                           Telephone:  (312) 836-4066
                           Facsimile:  (312) 527-5921

Any party may change its address for purposes of this paragraph by giving the
other party written notice of the new address in the manner set forth above.

         5.2   Entire Agreement; Amendments, Etc. This Agreement contains the
entire agreement and understanding of the parties hereto, and supersedes all
prior agreements and understandings relating to the subject matter thereof. No
modification, amendment, waiver or alteration of this Agreement or any provision
or term hereof shall in any event be effective unless the same shall be in
writing, executed by both parties hereto, and any waiver so given shall be
effective only in the specific instance and for the specific purpose for which
given.

         5.3   Benefit. This Agreement shall be binding upon, and inure to the
benefit of, and shall be enforceable by, the heirs, successors and legal
representatives of Executive and the successors,

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assignees and transferees of the Company and its current or future Affiliates.
This Agreement or any right or interest hereunder may not be assigned by
Executive.

         5.4   No Waiver. No failure or delay on the part of any party hereto in
exercising any right, power or remedy hereunder or pursuant hereto shall operate
as a waiver thereof; nor shall any single or partial exercise of any such right,
power or remedy preclude any other or further exercise thereof or the exercise
of any other right, power or remedy hereunder or pursuant thereto.

         5.5   Severability. Wherever possible, each provision of this Agreement
shall be interpreted in such manner as to be effective and valid under
applicable law but, if any provision of this Agreement shall be prohibited by or
invalid under applicable law, such provision shall be ineffective to the extent
of such prohibition or invalidity, without invalidating the remainder of such
provision or the remaining provisions of this Agreement. If any part of any
covenant or other provision in this Agreement is determined by a court of law to
be overly broad thereby making the covenant unenforceable, the parties hereto
agree, and it is their desire, that the court shall substitute a judicially
enforceable limitation in its place, and that as so modified the covenant shall
be binding upon the parties as if originally set forth herein.

         5.6   Compliance and Headings. The headings in this Agreement are
intended to be for convenience and reference only, and shall not define or limit
the scope, extent or intent or otherwise affect the meaning of any portion
hereof.

         5.7   Governing Law. The parties agree that this Agreement shall be
governed by, interpreted and construed in accordance with the laws of the State
of Illinois, and the parties agree that any suit, action or proceeding with
respect to this Agreement shall be brought in the state courts in Chicago,
Illinois or in the U.S. District Court for the Northern District of Illinois.
The parties hereto hereby accept the exclusive jurisdiction of those courts for
the purpose of any such suit, action or proceeding. Venue for any such action,
in addition to any other venue permitted by statute, will be in Chicago,
Illinois.

         5.8   Counterparts. This Agreement may be executed in one or more
counterparts, each of which will be deemed an original and all of which together
will constitute one and the same instrument.

         5.9   No Presumption Against Drafter. Each of the parties hereto has
jointly participated in the negotiation and drafting of this Agreement. In the
event an ambiguity or a question of intent or interpretation arises, this
Agreement shall be construed as if drafted jointly by each of the parties hereto
and no presumptions or burdens of proof shall arise favoring any party by virtue
of the authorship of any provisions of this Agreement.

         5.10  Enforcement. In the event either of the parties to this Agreement
shall bring an action against the other party with respect to the enforcement or
breach of any provision of this Agreement, the prevailing party in such action
shall recover from the non-prevailing party the costs

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incurred by the prevailing party with respect to such action including court
costs and reasonable attorneys' fees.

         5.11  Recitals. The Recitals set forth above are hereby incorporated in
and made a part of this Agreement by this reference.

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         IN WITNESS WHEREOF, each of the parties hereto has caused this
Agreement to be executed and delivered as of the day and year first above
written.

                             INLAND REAL ESTATE CORPORATION,
                             a Maryland corporation

                             By:          /s/ Norbert Treonis
                                      --------------------------------------
                             Name:            Norbert Treonis
                                      --------------------------------------
                             Its:     President and Chief Executive Officer
                                      --------------------------------------

                             EXECUTIVE

                                  /s/ Samuel A. Orticelli
                             --------------------------------------
                                      SAMUEL A. ORTICELLI

                                       13<PAGE>   1
Exhibit 10.3

                              EMPLOYMENT AGREEMENT

     THIS EMPLOYMENT AGREEMENT (the "Agreement") is made as of this 1st day of
July, 2000, by and between INLAND REAL ESTATE CORPORATION, a Maryland
corporation (the "Company"), and MARK E. ZALATORIS (the "Executive").

                                    RECITALS:

     A. The Company is a real estate investment trust which owns, operates and
acquires neighborhood retail centers and community centers within a 400 mile
radius of its headquarters in Oak Brook, Illinois (the "Business").

     B. The Company, Inland Real Estate Investment Corporation, a Delaware
corporation ("IREIC"), Inland Real Estate Advisory Services, Inc., an Illinois
corporation ("IREAS"), The Inland Property Management Group, Inc., a Delaware
corporation ("TIPMG"), Inland Commercial Property Management, Inc., an Illinois
corporation ("ICPM") and The Inland Group, Inc. ("TIGI") have entered into that
certain Agreement and Plan of Merger, dated as of March 7, 2000 (the "Merger
Agreement"), pursuant to which IREAS and ICPM will each become a wholly-owned
subsidiary of the Company (the "Merger").

     C. Executive as an employee of an affiliate of TIGI has obtained certain
unique and particular talents and abilities with regard to the Business.

     D. The Company desires to employ Executive to assure itself of the
availability of his talents and abilities and Executive desires to be employed
by the Company, subject to the terms, conditions and covenants hereinafter set
forth.

     E. The Company and the Executive desire to terminate all presently existing
employment agreements, whether written or oral, and all other agreements, if
any, regarding his employment with TIGI, IREIC, TIPMG, IREAS and ICPM or any of
their affiliates, including but not limited to those to which the Company would
have succeeded following the Merger, and intend to have this Agreement govern
instead.

     F. As a condition of the Company employing Executive, Executive has agreed
to restrict his ability to enter into competition with the Company.

     NOW, THEREFORE, in consideration of the foregoing and the agreements,
covenants and conditions set forth herein, the Executive and the Company hereby
agree as follows:

<PAGE>   2
                                    ARTICLE I

                                   EMPLOYMENT

     1.1  Employment.

          (a) The Company hereby employs, engages and hires Executive, and
     Executive hereby accepts employment, upon the terms and conditions set
     forth in this Agreement. The Executive shall serve as Chief Financial
     Officer and Treasurer, with duties commensurate with such position and such
     other duties and responsibilities as assigned from time to time by the
     Company.

          (b) In addition, the Executive shall provide advice, consultation and
     services to any other entities which control, are controlled by or are
     under common control with the Company now or in the future (together
     "Affiliates"), as may be requested by the Company.

     1.2  Activities and Duties During Employment. Executive represents and
warrants to the Company that he is free to accept employment with the Company,
and that he has no prior or other commitments or obligations of any kind to
anyone else which would hinder or interfere with his acceptance of his
obligations under this Agreement, or the exercise of his reasonable commercial
efforts as an employee of the Company. During the Employment Term (as defined
below), Executive agrees:

          (a) to faithfully serve and further the interests of the Company in
     every lawful way, giving honest, diligent, loyal and cooperative service to
     the Company and its Affiliates;

          (b) to comply with all reasonable rules and policies which are
     consistent with the terms of this Agreement and which, from time to time,
     may be adopted by the Company and/or its Affiliates; and

          (c) to devote all of his business time, attention and efforts to the
     faithful and diligent performance of his services to the Company and its
     Affiliates.

                                   ARTICLE II

                                      TERM

     2.1  Term. The term of employment under this Agreement shall commence on
the date of the Agreement and shall last for a period of one (1) year (the
"Initial Term"). Such term shall automatically be renewed for successive
one-year periods thereafter unless terminated by either party by written notice
not less than 30 days prior to the expiration of the then-current term. The term
of Executive's employment hereunder may also be terminated as provided in
Section 2.2 (the

                                        2
<PAGE>   3

Initial Term, as it may be extended or terminated, is herein referred to as the
"Employment Term").

     2.2  Termination. The Employment Term and employment of Executive may be
terminated as follows:

          (a) By the Company immediately for Cause (as hereinafter defined).

          (b) By the Company immediately without Cause.

          (c) Automatically, without the action of either party, upon the death
     of Executive.

          (d) By either party upon a determination of Total Disability (as
     hereinafter defined) of the Executive.

          (e) Voluntarily by the Executive.

     2.3  Definitions of "Cause" and "Total Disability".

          (a) For the purpose of this Agreement, "CAUSE" shall mean (I) conduct
     amounting to fraud, embezzlement, or illegal misconduct in connection with
     Executive's duties under this Agreement and as an employee of the Company;
     (II) conduct that the Company reasonably believes has brought the Company
     into substantial public disgrace or disrepute; (III) failure to perform his
     duties hereunder as reasonably directed by the Company after providing
     written notice of such failure to the Executive and the Executive has
     failed to cure such non-performance within ten days of receiving such
     notice; (IV) gross negligence or willful misconduct with respect to the
     Company, its clients, its employees and its activities; or (V) any other
     material breach of this Agreement or any other agreement to which the
     Executive and the Company are a party or any material breach of any written
     policy adopted by the Company concerning conflicts of interest, standards
     of business conduct or fair employment practices and any other similar
     matter, provided that the Company has provided written notice of the breach
     to the Executive and Executive has failed to cure the breach within ten
     days of receiving such notice.

          (b) The Executive shall be determined to have a Total Disability for
     purposes of this Agreement if he is unable by reason of accident or illness
     to substantially perform his employment duties, and is expected to be in
     such condition for periods totaling six (6) months (whether or not
     consecutive) during any period of twelve (12) months. The determination of
     whether a Total Disability has occurred shall be based on the determination
     of a physician mutually acceptable to the Company and the Executive.
     Nothing herein shall limit the Executive's right to receive any payments to
     which Executive may be entitled under any disability or employee benefit
     plan of the Company or under any disability or insurance policy or plan.
     During a period of Total Disability prior to

                                        3
<PAGE>   4

     termination hereunder, Executive shall continue to receive his full
     compensation (including base salary) and benefits.

                                  ARTICLE III

                            COMPENSATION AND BENEFITS

     3.1  Compensation.

          (a) During the Employment Term, the Company shall pay Executive such
     salary and benefits as shall be agreed upon each year between Executive and
     the Company. For the Initial Term, the Company shall pay Executive a base
     salary of One Hundred Twenty-Five Thousand Dollars ($125,000.00) per year
     (the "Base Salary"). At the expiration of the Initial Term, and again at
     the expiration of each renewal of the Initial Term, the Company shall
     review Executive's Base Salary to determine an appropriate Base Salary to
     be effective at the beginning of the renewal of the Initial Term or any
     subsequent renewal.

          (b) The Company may, in addition to Executive's Base Salary, pay
     Executive an annual bonus as determined by the Company. The bonus will be
     determined by the Company in its sole discretion and may be based upon,
     among other things, Executive's achievement of performance objectives to be
     established by the Company.

     3.2  Payment. All compensation shall be payable in intervals in accordance
with the general payroll payment practice of the Company; except that any
payment relating to the termination of the Executive shall be paid as a lump sum
payment within 15 days of such termination; provided, however, the Accrued Bonus
portion (if any) of any payment relating to the termination of the Executive
shall be paid within 15 days from the date the Accrued Bonus is calculated by
the Company. The compensation shall be subject to such withholdings and
deductions by the Company as are required by law.

     3.3  Business Expenses.

          (a) Reimbursement. The Company shall reimburse the Executive for all
     ordinary and necessary business expenses incurred by him in connection with
     the performance of his duties hereunder. The reimbursement of business
     expenses will be governed by the policies for the Company.

          (b) Accounting. The Executive shall provide the Company with an
     accounting of his expenses, which accounting shall clearly reflect which
     expenses were incurred for proper business purposes in accordance with the
     policies adopted by the Company and/or its Affiliates, and as such are
     reimbursable by the Company. The Executive shall provide the Company with
     such other supporting documentation and other substantiation of
     reimbursable expenses as will conform to Internal Revenue Service or other
     requirements.

                                        4
<PAGE>   5

     All such reimbursements shall be payable by the Company to the Executive
     within a reasonable time after receipt by the Company of appropriate
     documentation therefor.

     3.4  Other Benefits. Executive shall be entitled to participate in any
retirement, pension, profit-sharing or other similar plans of the Company which
may now or hereafter be in effect and for which executive employees of the
Company are eligible to participate. Company agrees that the benefits to be
accrued to Executive in such plans will be at least at the same level as in
effect for employees of TIGI and its affiliates at the time of the execution of
this Agreement. In the event the Employment Term is terminated by the Company
without Cause, or in the event of a "Change in Ownership" (as defined herein) of
the Company, any benefits required to be provided by the terms of any
Company-sponsored benefit plans or programs, including stock option plans, which
Executive has earned or been awarded but to which Executive has not become fully
vested at the time of such termination or Change in Ownership, shall be deemed
to be fully vested in the Executive immediately prior to the time of such
termination or Change in Ownership. "Change in Ownership" shall mean (X) the
approval by the Company's stockholders of (A) a merger or consolidation of the
Company with an unaffiliated third party where the Company is not the surviving
entity, or (B) the sale of substantially all of the assets of the Company, or
(Y) the acquisition of not less than twenty five percent (25%) of the equity
voting securities of the Company by a person, or group of persons acting in
concert, not affiliated with TIGI.

     3.5  Compensation Upon Termination. If Executive's employment hereunder is
terminated in accordance with the provisions of Article II, the Company will be
obligated to provide compensation and benefits, in lieu of any severance under
any severance plan that the Company may then have in effect, and subject to
setoff for any amounts owed by the Executive to the Company or any affiliate of
the Company under any contract, agreement, advance, failure to return Company
property or loan document, to Executive as follows:

          (a) Upon Termination for Death or Total Disability. If Executive's
     employment hereunder is terminated by reason of his death or Total
     Disability, within 15 days of the date of termination, the Company will
     provide to Executive (or his estate or beneficiaries):

               (i) any Base Salary that has been accrued but not paid as of the
          date of termination (the "Accrued Base Salary");

               (ii) an amount equal to the Base Salary Executive would have
          earned for the remaining portion of the then-current Employment Term
          as if the termination had not occurred plus an additional six months
          at the then-current level of Base Salary (the "Severance Salary");

               (iii) any compensation for unused vacation days accrued as of the
          termination date in an amount equal to his Base Salary multiplied by a
          fraction, the numerator of which is the number of accrued unused
          vacation days and the denominator of which is 360 (the "Accrued
          Vacation Payment");

                                        5
<PAGE>   6
               (iv) reimbursement for expenses incurred by him prior to the date
          of termination that are subject to reimbursement pursuant to this
          Agreement (the "Accrued Reimbursable Expenses");

               (v) any accrued and vested benefits required to be provided by
          the terms of any company-sponsored benefit plans or programs (the
          "Accrued Benefits"), together with any benefits required to be paid or
          provided in the event of Executive's death or Total Disability under
          applicable law; and

               (vi) the pro-rated portion of any bonus that has accrued but not
          been paid as of the date of termination (the "Accrued Bonus").

          (b) Upon Termination by Company for Cause or by Executive. If
     Executive's employment is terminated by the Company for Cause or if
     Executive voluntarily terminates his employment with the Company, within 15
     days of the date of termination, the Company will:

               (i) pay Executive the Accrued Base Salary;

               (ii) pay Executive the Accrued Vacation Payment;

               (iii) pay Executive the Accrued Reimbursable Expenses;

               (iv) pay Executive the Accrued Benefits, together with any
          benefits required to be paid or provided under applicable law; and

               (v) pay Executive the Accrued Bonus.

          (c) Upon Termination by the Company Without Cause. If Executive's
     employment is terminated by the Company without Cause, the Company will:

               (i) pay Executive the Accrued Base Salary;

               (ii) pay Executive the Severance Salary;

               (iii) pay Executive the Accrued Vacation Payment;

               (iv) pay Executive the Accrued Reimbursable Expenses;

               (v) pay Executive the Accrued Benefits, together with any
          benefits required to be paid or provided under applicable law; and

               (vi) pay Executive the Accrued Bonus.

                                        6

<PAGE>   7

     3.6  Expiration of Term. Upon the expiration of the Employment Term because
either the Company or the Executive elects not to extend the Employment Term,
the Executive shall be entitled to receive his Accrued Base Salary, Accrued
Vacation Payment, Accrued Reimbursable Expenses, Accrued Benefits and Accrued
Bonus. Additionally, provided that within 60 days after the expiration of the
Employment Term (unless waived by the Company in its sole discretion) (the
"Waiting Period") the Executive does not become an employee of TIGI or any
affiliate of TIGI, then as soon as practicable, but in no case later than 15
days following the end of the Waiting Period, the Company shall pay to the
Executive Severance Salary calculated as if the Executive's employment was
terminated without cause immediately prior to the expiration of the Employment
Term.

     3.7  Cessation of Rights and Obligations: Survival of Certain Provisions.
On the date of expiration or earlier termination of the Employment Term for any
reason, all of the respective rights, duties, obligations and covenants of the
parties, as set forth herein, shall, except as specifically provided herein to
the contrary, cease and become of no further force or effect as of the date of
said termination, and shall only survive as expressly provided for herein.

                                   ARTICLE IV

                    CONFIDENTIALITY AND NON-COMPETE AGREEMENT

     4.1  Non-Disclosure of Confidential Information. Executive hereby
acknowledges and agrees that the duties and services to be performed by
Executive under this Agreement are special and unique and that as a result of
his employment by the Company hereunder and his former employment with TIGI,
that Executive has developed over time and will acquire, develop and use
information of a special and unique nature and value that is not generally known
to the public or to the Company's industry, including but not limited to,
certain records, secrets, documentation, software programs, price lists, ledgers
and general information, employee records, mailing lists, client lists, client
profiles, prospective customer or client lists, accounts receivable and payable
ledgers, financial and other records of the Company or its Affiliates,
information regarding its clients or principles, and other similar matters (all
such information being hereinafter referred to as "CONFIDENTIAL INFORMATION").
Executive further acknowledges and agrees that the Confidential Information is
of great value to the Company and that the restrictions and agreements contained
in this Agreement are reasonably necessary to protect the Confidential
Information and the goodwill of the Company and the Affiliates, including that
attributable to products and services sold to clients of TIGI. Accordingly,
Executive hereby agrees that:

          (a) Executive will not, during the Employment Term or at any time
     thereafter, directly or indirectly, except in connection with Executive's
     performance of his duties under this Agreement, or as otherwise authorized
     by the Company for the benefit of the Company or any Affiliate, divulge to
     any person, firm, corporation, limited liability company, or organization,
     other than the Company or any affiliated entity (hereinafter referred to as

                                        7
<PAGE>   8
     "THIRD PARTIES"), or use or cause or authorize any Third Parties to use,
     the Confidential Information, except as required by law; and

          (b) Upon the termination of the Employment Term for any reason
     whatsoever, Executive shall deliver or cause to be delivered to the Company
     any and all Confidential Information, including drawings, notebooks, keys,
     data and other documents and materials belonging to the Company or its
     Affiliates which is in his possession or under his control relating to the
     Company or its Affiliates, regardless of the medium upon which it is
     stored, and will deliver to the Company upon such termination of employment
     any other property of the Company or its Affiliates which is in his
     possession or under his control.

     4.2  Non-Solicitation and Covenant Not to Compete.

          (a) General. Executive acknowledges that the covenants set forth in
     this Section 4.2 are reasonable in scope and essential to the preservation
     of the business and the goodwill of the Company, and are consideration for
     the amounts to be paid to the Executive hereunder. Executive also
     acknowledges that the enforcement of the covenant set forth in this Section
     4.2 will not preclude Executive from being gainfully employed in such
     manner and to the extent as to provide a standard of living for himself,
     the members of his family and the others dependent upon him of at least the
     level to which he and they have become accustomed and may expect. In
     addition, Executive acknowledges that the Company and its Affiliates have
     obtained an advantage over their competitors as a result of the Merger that
     is characterized by relationships with clients, principals and other
     contacts which is reflected in the purchase price for the Merger.

          (b) Covenant. Executive hereby covenants and agrees that, during the
     term of his employment hereunder and during a period of six months
     following the voluntary termination of his employment hereunder (which
     shall not be deemed to include a termination resulting from the expiration
     of the Initial Term or any subsequent renewal) or the termination of
     Executive's employment hereunder for Cause (the "Covenant Period"),
     Executive shall not, directly or indirectly: (i) alone, together or in
     association with others, either as a principal, agent, owner, shareholder,
     officer, director, partner, employee, lender, investor or in any other
     capacity, engage in, have any financial interest in or be in any way
     connected or affiliated with, or render advice or services to, any business
     engaged in the Business or any new businesses or lines of business which
     the Company may enter prior to the termination of Executive's employment
     under this Agreement in the greater metropolitan area of Chicago, Illinois,
     and any suburb thereof, other than as an employee of TIGI, of an affiliate
     of TIGI or otherwise on behalf of the Company as an employee thereof or
     such other business as may be permitted by the Company in writing, or as
     set forth on Exhibit A attached to this Agreement; (ii) divert, take away,
     solicit, interfere with or attempt to divert, take away, solicit, or
     interfere with any present or prospective customer, except on behalf of the
     Company as an employee thereof; (iii) solicit, induce, influence or attempt
     to solicit, induce or influence any employee or agent of the Company to
     leave his employment or engagement

                                        8
<PAGE>   9
     with the Company; or offer employment or engagement to or employ or engage
     any such employee of the Company, or assist or attempt to assist any such
     employee of the Company in seeking other employment; or (iv) in any manner
     slander, libel, or by other means take action which is or intended, or
     could reasonably be expected, to be detrimental to the Company or an
     Affiliate or their respective employees or operations. As used in this
     Section 4.2, the term "Company" shall mean the Company or an Affiliate. As
     used herein, "customer" and "prospective customer" shall include: (i) any
     tenant or any other person or entity with whom the Company is negotiating
     for the leasing of real property from the Company or an Affiliate at the
     time of the termination of Executive's employment or during the six month
     period immediately prior to such termination; or (ii) any owner of real
     property the purchase or sale of which is being negotiated by the Company
     at the time of the termination of Executive's employment or during the six
     month period immediately prior to such termination. The restrictions
     imposed by subparagraph 4.2(b) hereof shall not apply to the ownership of
     one percent (1%) or less of all of the outstanding securities of any entity
     whose securities are listed on a national securities exchange.

     4.3  Remedies.

          (a) Injunctive Relief. Executive expressly acknowledges and agrees
     that the business of the Company is highly competitive and that a violation
     of any of the provisions of Sections 4.1 or 4.2 would cause immediate and
     irreparable harm, loss and damage to the Company or an Affiliate not
     adequately compensable by a monetary award. Executive further acknowledges
     and agrees that the time periods and territorial areas provided for herein
     are the minimum necessary to adequately protect the business of the
     Company, the enjoyment of the Confidential Information and the goodwill of
     the Company. Without limiting any of the other remedies available to the
     Company at law or in equity, or the Company's right or ability to collect
     money damages, Executive agrees that any actual or threatened violation of
     any of the provisions of Sections 4.1 or 4.2 may be immediately restrained
     or enjoined by any court of competent jurisdiction, and that a temporary
     restraining order or emergency, preliminary or final injunction may be
     issued in any court of competent jurisdiction, upon twenty-four (24) hour
     notice and without bond. Notwithstanding anything to the contrary contained
     in this Agreement, the provisions of this Section shall survive the
     termination of the Employment Term.

          (b) Enforcement. It is the desire of the parties that the provisions
     of Sections 4.1 or 4.2 be enforced to the fullest extent permissible under
     the laws and public policies in each jurisdiction in which enforcement
     might be sought. Accordingly, if any particular portion of Sections 4.1 or
     4.2 shall ever be adjudicated as invalid or unenforceable, or if the
     application thereof to any party or circumstance shall be adjudicated to be
     prohibited by or invalidated by such laws or public policies, such section
     or sections shall be: (i) deemed amended to delete therefrom such portions
     so adjudicated; or (ii) modified as determined appropriate by such a court,
     such deletions or modifications to apply only with respect to the

                                        9
<PAGE>   10

     operation of such section or sections in the particular jurisdictions so
     adjudicating on the parties and under the circumstances as to which so
     adjudicated.

                                    ARTICLE V

                                  MISCELLANEOUS

     5.1  Notices. All notices or other communications required or permitted
hereunder shall be in writing and shall be deemed given, delivered and received:
(a) when delivered, if delivered personally, (b) four days after mailing, when
sent by registered or certified mail, return receipt requested and postage
prepaid, (c) one business day after delivery to a private courier service, when
delivered to a private courier service providing documented overnight service,
and (d) on the date of delivery if delivered by telecopy, receipt confirmed,
provided that a confirmation copy is sent on the next business day by first
class mail, postage prepaid, in each case addressed as follows:

     To Executive at his home address.

     To Company at:     Inland Real Estate Corporation
                        2901 Butterfield Road
                        Oak Brook, Illinois 60523
                        Attn: Samuel A. Orticelli

     With a copy to:    Shefsky & Froelich Ltd.
                        444 North Michigan Avenue
                        Suite 2500
                        Chicago, Illinois  60611
                        Attn:   Michael J. Choate
                        Telephone:  (312) 836-4066
                        Facsimile:  (312) 527-5921

Any party may change its address for purposes of this paragraph by giving the
other party written notice of the new address in the manner set forth above.

     5.2  Entire Agreement; Amendments, Etc. This Agreement contains the entire
agreement and understanding of the parties hereto, and supersedes all prior
agreements and understandings relating to the subject matter thereof. No
modification, amendment, waiver or alteration of this Agreement or any provision
or term hereof shall in any event be effective unless the same shall be in
writing, executed by both parties hereto, and any waiver so given shall be
effective only in the specific instance and for the specific purpose for which
given.

     5.3  Benefit. This Agreement shall be binding upon, and inure to the
benefit of, and shall be enforceable by, the heirs, successors and legal
representatives of Executive and the successors,

                                       10
<PAGE>   11

assignees and transferees of the Company and its current or future Affiliates.
This Agreement or any right or interest hereunder may not be assigned by
Executive.

     5.4  No Waiver. No failure or delay on the part of any party hereto in
exercising any right, power or remedy hereunder or pursuant hereto shall operate
as a waiver thereof; nor shall any single or partial exercise of any such right,
power or remedy preclude any other or further exercise thereof or the exercise
of any other right, power or remedy hereunder or pursuant thereto.

     5.5  Severability. Wherever possible, each provision of this Agreement
shall be interpreted in such manner as to be effective and valid under
applicable law but, if any provision of this Agreement shall be prohibited by or
invalid under applicable law, such provision shall be ineffective to the extent
of such prohibition or invalidity, without invalidating the remainder of such
provision or the remaining provisions of this Agreement. If any part of any
covenant or other provision in this Agreement is determined by a court of law to
be overly broad thereby making the covenant unenforceable, the parties hereto
agree, and it is their desire, that the court shall substitute a judicially
enforceable limitation in its place, and that as so modified the covenant shall
be binding upon the parties as if originally set forth herein.

     5.6  Compliance and Headings. The headings in this Agreement are intended
to be for convenience and reference only, and shall not define or limit the
scope, extent or intent or otherwise affect the meaning of any portion hereof.

     5.7  Governing Law. The parties agree that this Agreement shall be governed
by, interpreted and construed in accordance with the laws of the State of
Illinois, and the parties agree that any suit, action or proceeding with respect
to this Agreement shall be brought in the state courts in Chicago, Illinois or
in the U.S. District Court for the Northern District of Illinois. The parties
hereto hereby accept the exclusive jurisdiction of those courts for the purpose
of any such suit, action or proceeding. Venue for any such action, in addition
to any other venue permitted by statute, will be in Chicago, Illinois.

     5.8  Counterparts. This Agreement may be executed in one or more
counterparts, each of which will be deemed an original and all of which together
will constitute one and the same instrument.

     5.9  No Presumption Against Drafter. Each of the parties hereto has jointly
participated in the negotiation and drafting of this Agreement. In the event an
ambiguity or a question of intent or interpretation arises, this Agreement shall
be construed as if drafted jointly by each of the parties hereto and no
presumptions or burdens of proof shall arise favoring any party by virtue of the
authorship of any provisions of this Agreement.

     5.10 Enforcement. In the event either of the parties to this Agreement
shall bring an action against the other party with respect to the enforcement or
breach of any provision of this Agreement, the prevailing party in such action
shall recover from the non-prevailing party the costs

                                       11
<PAGE>   12

incurred by the prevailing party with respect to such action including court
costs and reasonable attorneys' fees.

     5.11 Recitals. The Recitals set forth above are hereby incorporated in and
made a part of this Agreement by this reference.

                                       12

<PAGE>   13
     IN WITNESS WHEREOF, each of the parties hereto has caused this Agreement to
be executed and delivered as of the day and year first above written.

                                INLAND REAL ESTATE CORPORATION,
                                a Maryland corporation

                                By:         /s/ Norbert Treonis
                                         ---------------------------------------
                                Name:       Norbert Treonis
                                         ---------------------------------------
                                Its:     President and Chief Executive Officer
                                         ---------------------------------------

                                EXECUTIVE

                                    /s/ Mark E. Zalatoris
                                ------------------------------------------------
                                MARK E. ZALATORIS

                                       13

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