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Exhibit 1.3
Form of Warrant Purchase Agreement
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INLAND REAL ESTATE CORPORATION
27,625,000 Shares of Common Stock
$.01 Par Value
[FORM OF]
WARRANT PURCHASE AGREEMENT
_______________, 1998
This Warrant Purchase Agreement (the "Agreement") is made by and
between Inland Real Estate Corporation, a Maryland corporation (the "Company"),
and Inland Securities Corporation, an Illinois corporation (the
"Warrantholder").
The Company hereby agrees to issue and sell, and the Warrantholder
agrees to purchase, for the price of $.0008 per warrant, warrants as
hereinafter described (the "Soliciting Dealer Warrants") to purchase one share
of the Company's Common Stock, $.01 par value (the "Shares") for each 40 Shares
sold by the Dealer Manager and/or Soliciting Dealers, up to a maximum of
625,000 Soliciting Dealer Warrants. The price per Share at which the
Soliciting Dealer Warrants are exercisable and the number of Shares purchasable
per Soliciting Dealer Warrant are subject to adjustment pursuant to Section 8
hereof. The Soliciting Dealer Warrants are being purchased in connection with
a "best efforts" offering of 25,000,000 Shares (the "Offering"), pursuant to
that certain Dealer Manager Agreement (the "Dealer Manager Agreement"), dated
___________, 1998 between the Company and the Warrantholder as the Dealer
Manager and a representative of the Soliciting Dealers who may receive
warrants. Unless otherwise defined, capitalized terms used herein shall have
the same meaning as in the Registration Statement on Form S-11.
The issuance of the Soliciting Dealer Warrants shall occur quarterly
commencing 60 days after the date on which Shares are first sold pursuant to
the Offering and such issuances shall be subject to the terms and conditions
set forth in the Dealer Manager Agreement.
In consideration of the foregoing and for the purpose of defining the
terms and provisions of the Soliciting Dealer Warrants and the respective
rights and obligations thereunder, the Company and the Warrantholder, for value
received, hereby agree as follows:
1. FORM AND TRANSFERABILITY OF SOLICITING DEALER WARRANTS.
(a) REGISTRATION. The Soliciting Dealer Warrant(s) shall
be numbered and shall be registered on the books of the Company when issued.
(b) FORM OF SOLICITING DEALER WARRANTS. The text and form
of the Soliciting Dealer Warrant and of the Election to Purchase shall be
substantially as set forth in Exhibit "A" and Exhibit "B" respectively,
attached hereto and incorporated herein. The price per Share (the "Warrant
Price") and the number of Shares issuable upon exercise of the Soliciting
Dealer
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Warrants are subject to adjustment upon the occurrence of certain events, all
as hereinafter provided. The Soliciting Dealer Warrants shall be dated as of
the date of signature thereof by the Company either upon initial issuance or
upon division, exchange, substitution or transfer.
(c) TRANSFER. The Soliciting Dealer Warrants shall be
transferable only on the books of the Company maintained at its principal
office or that of its designated transfer agent, if designated, upon delivery
thereof duly endorsed by the Warrantholder or by its duly authorized attorney
or representative, or accompanied by proper evidence of succession, assignment
or authority to transfer. Upon any registration of transfer, the Company shall
execute and deliver a new Soliciting Dealer Warrant to the person entitled
thereto. Assignments or transfers shall be made pursuant to the form of
Assignment attached as Exhibit "C" hereto.
(d) LIMITATIONS ON TRANSFER OF SOLICITING DEALER WARRANT.
The Soliciting Dealer Warrants shall not be sold, transferred, assigned,
exchanged or hypothecated (collectively a "Transfer") by the Warrantholder,
except to: (i) one or more persons, each of whom on the date of transfer is an
officer and director of the Warrantholder or an officer and director or partner
of a successor to the Warrantholder as provided in clause (iv) of this
Subsection (d); (ii) a partnership or partnerships, all of the partners of
which are a Warrantholder and one or more persons, each of whom on the date of
transfer is an officer (including an officer-director) of a Warrantholder or an
officer (including an officer-director) or partner of a successor to a
Warrantholder; (iii) broker-dealer firms which have executed, and are not then
in default of, a "Soliciting Dealers Agreement" entered into with the Dealer
Manager (the "Selling Group") and one or more persons, each of whom on the date
of transfer is an officer or partner of a member of the Selling Group or an
officer (including an officer-director) or partner of a successor to a member
of the Selling Group; provided that the Dealer Manager may not Transfer
Soliciting Dealer Warrants to members of the Selling Group in connection with
the sale of Shares to residents of the States of Minnesota, Nebraska, South
Carolina or Texas; (iv) a successor to a Warrantholder through merger or
consolidation; (v) a purchaser of all or substantially all of a Warrantholder's
assets; or (vi) stockholders of a Warrantholder or the stockholders or partners
of its transferee in the event of liquidation or dissolution of a Soliciting
Dealer; provided, however, that commencing one year from the date of issuance,
a Transfer may be made to a third party solely for the purpose of immediate
exercise of the Soliciting Dealer Warrant and sale of the underlying Shares by
such third party. The Soliciting Dealer Warrant may be divided or combined,
upon written request to the Company by the Warrantholder, into a certificate or
certificates representing the right to purchase the same aggregate number of
shares.
Unless the context indicates otherwise, the term "Warrantholder" shall
include any transferee of the Soliciting Dealer Warrant, and the term "Warrant"
shall include any and all Soliciting Dealer Warrants outstanding pursuant to
this Agreement, including those evidenced by a certificate or certificates
issued upon division, exchange, substitution or transfer pursuant to this
Agreement.
(e) EXCHANGE OR ASSIGNMENT OF SOLICITING DEALER WARRANT.
Any Soliciting Dealer Warrant certificate may be assigned or exchanged without
expense for another certificate or certificates entitling the Warrantholder to
purchase a like aggregate number of Shares as the certificate or certificates
surrendered then entitled such Warrantholder to purchase. Any Warrantholder
desiring to exchange a Soliciting Dealer Warrant certificate shall make a
request
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in writing delivered to the Company, and shall surrender, properly endorsed,
the certificate evidencing the Soliciting Dealer Warrant to be so assigned or
exchanged. Thereupon, the Company shall execute and deliver to the person
entitled thereto a new Soliciting Dealer Warrant certificate as so requested.
Any Warrantholder desiring to assign a Soliciting Dealer Warrant shall
make such request in writing delivered to the Company, and shall surrender,
properly endorsed, the certificate evidencing the Soliciting Dealer Warrant to
be so assigned, with an instrument of assignment duly executed accompanied by
proper evidence of assignment, succession or authority to transfer, and funds
sufficient to pay any transfer tax, whereupon the Company shall, without
charge, execute and deliver a new Soliciting Dealer Warrant certificate in the
name of the assignee named in such instrument of assignment and the original
Soliciting Dealer Warrant certificate shall promptly be canceled.
(f) Notwithstanding any provision in this Agreement to the
contrary, the Dealer Manager will not transfer and the Company will not issue
Soliciting Dealer Warrants to Soliciting Dealers registered in Minnesota,
Nebraska, South Carolina or Texas selling Shares to residents of Minnesota,
Nebraska, South Carolina or Texas, respectively.
2. TERMS AND EXERCISE OF SOLICITING DEALER WARRANTS.
(a) EXERCISE PERIOD. Subject to the terms of this
Agreement, the Warrantholder shall have the right to purchase one Share from
the Company at a price of $13.20 (120% of the offering price per Share) during
the time period beginning one year from the date the Soliciting Dealer Warrants
are issued and ending on ___________, 2003 (the "Exercise Period"), or if any
such date is a day on which banking institutions are authorized by law to
close, then on the next succeeding day which shall not be such a day, to
purchase from the Company up to the number of fully paid and nonassessable
Shares which the Warrantholder may at the time be entitled to purchase
pursuant to the Soliciting Dealer Warrant, a form of which is attached hereto
as Exhibit "A."
(b) METHOD OF EXERCISE. The Soliciting Dealer Warrant
shall be exercised by surrender to the Company, at its principal office in Oak
Brook, Illinois or at the office of the Company's stock transfer agent, if any,
or at such other address as the Company may designate by notice in writing to
the Warrantholder at the address of the Warrantholder appearing on the books of
the Company, of the certificate evidencing the Soliciting Dealer Warrant to be
exercised, together with the form of Election to Purchase, included as Exhibit
"B" hereto, duly completed and signed, and upon payment to the Company of the
Warrant Price (as determined in accordance with the provisions of Sections 7
and 8 hereof), for the number of Shares with respect to which such Soliciting
Dealer Warrant is then exercised together with all taxes applicable upon such
exercise. Payment of the aggregate Warrant Price shall be made in cash or by
certified check or cashier's check, payable to the order of the Company. A
Soliciting Dealer Warrant may not be exercised if the Shares to be issued upon
the exercise of the Soliciting Dealer Warrant have not been registered (or be
exempt from registration) in the state of residence of the holder of the
Soliciting Dealer Warrant or if a Prospectus required under the laws of such
state cannot be delivered to the buyer on behalf of the Company. In addition,
holders of Soliciting Dealer Warrants may not exercise the Soliciting Dealer
Warrant to the extent such exercise will cause
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them to exceed the ownership limits set forth in the Company's Second Articles
of Amendment and Restatement, as amended. If any Soliciting Dealer Warrant has
not been exercised by the end of the Exercise Period, it will terminate and
the Warrantholder will have no further rights thereunder.
(c) PARTIAL EXERCISE. The Soliciting Dealer Warrants
shall be exercisable, at the election of the Warrantholder, either in full or
from time to time in part and, in the event that the Soliciting Dealer Warrant
is exercised with respect to less than all of the Shares specified therein at
any time prior to the Termination Date, a new certificate evidencing the
remaining Soliciting Dealer Warrants shall be issued by the Company.
(d) SHARE ISSUANCE UPON EXERCISE. Upon such surrender of
the Soliciting Dealer Warrant certificate and payment of such Warrant Price,
the Company shall issue and cause to be delivered with all reasonable dispatch
to the Warrantholder in such name or name as the Warrantholder may designate in
writing, a certificate of certificates for the number of full Shares so
purchased upon the exercise of the Soliciting Dealer Warrant, together with
cash, as provided in Section 9 hereof, with respect to any fractional Shares
otherwise issuable upon such surrender. Such certificate or certificates shall
be deemed to have been issued and any person so designated to be named therein
shall be deemed to have become a holder of such Shares as of the close of
business on the date of the surrender of the Soliciting Dealer Warrant and
payment of the Warrant Price, as hereinafter defined, notwithstanding that the
certificates representing such Shares shall not actually have been delivered or
that the stock transfer books of the Company shall then be closed.
3. MUTILATED OR MISSING SOLICITING DEALER WARRANT.
In case the certificate or certificates evidencing the
Soliciting Dealer Warrant shall be mutilated, lost, stolen or destroyed, the
Company shall, at the request of the Warrantholder, issue and deliver in
exchange and substitution for and upon cancellation of the mutilated
certificate of certificates, or in lieu of and in substitution for the
certificate or certificates lost, stolen or destroyed, a new Soliciting Dealer
Warrant certificate or certificates of like tenor and date and representing an
equivalent right or interest, but only upon receipt of evidence satisfactory to
the Company of such loss, theft or destruction of such Soliciting Dealer
Warrant, and of reasonable bond of indemnity, if requested, also satisfactory
in form and amount and at the applicant's cost.
4. RESERVATION OF SHARES.
There has been reserved, and the Company shall at all times
keep reserved so long as the Soliciting Dealer Warrant remains outstanding, out
of its authorized Common Stock, such number of Shares as shall be subject to
purchase under the Soliciting Dealer Warrant.
5. LEGEND ON SOLICITING DEALER WARRANT SHARES.
Each certificate for Shares initially issued upon exercise of
the Soliciting Dealer Warrant, unless at the time of exercise such Shares are
registered with the Securities and
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Exchange Commission (the "Commission"), under the Securities Act of 1933, as
amended (the "Act"), shall bear the following legend:
NO SALE, TRANSFER, PLEDGE OR OTHER DISPOSITION OF THESE SHARES SHALL
BE MADE EXCEPT PURSUANT TO REGISTRATION UNDER THE SECURITIES ACT OF
1933, AS AMENDED, OR PURSUANT TO AN OPINION OF COUNSEL SATISFACTORY TO
THE COMPANY THAT REGISTRATION IS NOT REQUIRED.
Any certificate issued at any time in exchange or substitution for any
certificate bearing such legend (except a new certificate issued upon
completion of a public distribution pursuant to a registration statement under
the Act of the securities represented thereby) shall also bear the above legend
unless, in the opinion of such counsel as shall be reasonably approved by the
Company, the securities represented thereby need no longer be subject to such
restrictions.
6. PAYMENT OF TAXES.
The Company shall pay all documentary stamp taxes, if any,
attributable to the initial issuance of the Shares; provided, however, that the
Company shall not be required to pay any tax or taxes which may be payable with
respect to any secondary transfer of the Soliciting Dealer Warrant or the
Shares.
7. WARRANT PRICE.
The price per Share at which Shares shall be purchasable on the
exercise of the Soliciting Dealer Warrant shall be $13.20 (the "Warrant
Price").
8. ADJUSTMENT OF WARRANT PRICE AND NUMBER OF SHARES.
The number and kind of securities purchasable upon the exercise of the
Soliciting Dealer Warrant and the Warrant Price shall be subject to adjustment
from time to time upon the happening of certain events, as follows:
(a) In case the Company shall: (i) pay a dividend in Common
Stock or make a distribution in Common Stock; (ii) subdivide its outstanding
Common Stock; (iii) combine its outstanding Common Stock into a smaller number
of shares of Common Stock, or (iv) issue by reclassification of its Common
Stock other securities of the Company, the number and kind of securities
purchasable upon the exercise of the Soliciting Dealer Warrant immediately
prior thereto shall be adjusted so that the Warrantholder shall be entitled to
receive the number and kind of securities of the Company which it would have
owned or would have been entitled to receive after the happening of any of the
events described above had the Soliciting Dealer Warrant been exercised
immediately prior to the happening of such event or any record date with
respect thereto. Any adjustment made pursuant to this Subsection (a) shall
become effective on the effective date of such event retroactive to the record
date, if any, for such event.
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(b) No adjustment in the number of securities purchasable
hereunder shall be required unless such adjustment would require an increase or
decrease of at least one percent (1%) in the number of securities (calculated
to the nearest full Share thereof) then purchasable upon the exercise of the
Soliciting Dealer Warrant or, if the Soliciting Dealer Warrant is not then
exercisable, the number of securities purchasable upon the exercise of the
Soliciting Dealer Warrant on the first date thereafter that the Soliciting
Dealer Warrant becomes exercisable; provided, however, that any adjustment
which by reason of this Subsection (b) is not required to be made immediately
shall be carried forward and taken into account in any subsequent adjustment.
(c) Whenever the number of Shares purchasable upon the
exercise of the Soliciting Dealer Warrant is adjusted as herein provided, the
Warrant Price shall be adjusted by multiplying such Warrant Price immediately
prior to such adjustment by a fraction, of which the numerator shall be the
number of Shares purchasable upon the exercise of the Soliciting Dealer Warrant
immediately prior to such adjustment, and of which the denominator shall be the
number of Shares so purchasable immediately thereafter.
(d) For the purpose of this Section 8, the term "Common
Stock" shall mean: (i) the class of stock designated as the Common Stock of
the Company at the date of this Agreement; or (ii) any other class of stock
resulting from successive changes or reclassification of such Common Stock
consisting solely of changes in par value, or from par value to no par value,
or from no par value to par value. In the event that at any time, as a result
of an adjustment made pursuant to this Section 8, the Warrantholder shall
become entitled to purchase any shares of the Company other than Common Stock,
thereafter the number of such other shares so purchasable upon the exercise of
the Soliciting Dealer Warrant and the Warrant Price shall be subject to
adjustment from time to time in a manner and on terms as nearly equivalent as
practicable to the provisions with respect to the Shares contained in this
Section 8.
(e) Whenever the number of Shares and/or securities
purchasable upon the exercise of the Soliciting Dealer Warrant or the Warrant
Price is adjusted as herein provided, the Company shall cause to be promptly
mailed to the Warrantholder by first class mail, postage prepaid, notice of
such adjustment setting forth the number of Shares and/or securities
purchasable upon the exercise of the Soliciting Dealer Warrant or the Warrant
Price after such adjustment, a brief statement of the facts requiring such
adjustment and the computation by which such adjustment was made.
(f) In case of any reclassification, capital
reclassification, capital reorganization or other change in the outstanding
shares of Common Stock of the Company (other than a change in par value, or
from par value to no par value, or from no par value to par value, or as a
result of an issuance of Common Stock by way of dividend or other distribution,
or of a subdivision or combination of the Common Stock), or in case of any
consolidation or merger of the Company with or into another corporation or
entity (other than a merger with a subsidiary in which merger the Company is
the continuing corporation and which does not result in any reclassification,
capital reorganization or other change in the outstanding shares of Common
Stock of the Company) as a result of which the holders of the Company's Common
Stock become holders of other shares of securities of the Company or of another
corporation or entity, or such holders receive cash or other assets, or in case
of any sale or conveyance to another corporation of the
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property, assets or business of the Company as an entirety or substantially as
an entirety, the Company or such successor or purchasing corporation, as the
case may be, shall execute with the Warrantholder an agreement that the
Warrantholder shall have the right thereafter upon payment for the Warrant
Price in effect immediately prior to such action to purchase upon the exercise
of the Soliciting Dealer Warrant the kind and number of securities and property
which it would have owned or have been entitled to have received after the
happening of such reclassification, capital reorganization, change in the
outstanding shares of shares of Common Stock of the Company, consolidation,
merger, sale or conveyance had the Soliciting Dealer Warrant been exercised
immediately prior to such action.
The agreement referred to in this Subsection (f) shall provide for
adjustments which shall be as nearly equivalent as may be practicable to the
adjustments provided for in this Section 8. The provisions of this Subsection
(f) shall similarly apply to successive reclassification, capital
reorganizations, changes in the outstanding shares of Common Stock of the
Company, consolidations, mergers, sales or conveyances.
(g) Except as provided in this Section 8, no adjustment
with respect to any dividends shall be made during the term of the Soliciting
Dealer Warrant or upon the exercise of the Soliciting Dealer Warrant.
(h) No adjustments shall be made in connection with the
public sale and issuance of the Shares pursuant to the Dealer Manager Agreement
or the sale or issuance of Shares upon the exercise of the Soliciting Dealer
Warrant.
(i) Irrespective of any adjustments in the Warrant Price
or the number or kind of securities purchasable upon the exercise of the
Soliciting Dealer Warrant, the Soliciting Dealer Warrant certificate or
certificates theretofore or thereafter issued may continue to express the same
price or number or kind of securities stated in the Soliciting Dealer Warrant
initially issuable pursuant to this Agreement.
9. FRACTIONAL INTEREST.
The Company shall not be required to issue fractional Shares or
securities upon the exercise of the Soliciting Dealer Warrant. If any such
fractional Share would, except for the provisions of this Section 9, be
issuable upon the exercise of the Soliciting Dealer Warrant (or specified
portion thereof), the Company may, at its election, pay an amount in cash equal
to the then current market price multiplied by such fraction. For purposes of
this Agreement, the term "current market price" shall mean: (a) if the Shares
are traded in the over-the-counter market and not on the Nasdaq National Market
("NNM") or on any national securities exchange, the average between the per
share closing bid and asked prices of the Shares for the 30 consecutive trading
days immediately preceding the date in questions, as reported by the NNM or an
equivalent generally accepted reporting service; or (b) if the Shares are
traded on the NNM or on a national securities exchange, the average for the 30
consecutive trading days immediately preceding the date in question of the
daily per share closing prices of the Shares on the NNM or on the principal
national stock exchange on which it is listed, as the case may be. The closing
price referred to in clause (b) above shall be the last reported sales price
or, in case no such reported sale takes place on such day, the average of the
reported closing bid and asked prices on the
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NNM or on the principal national securities exchange on which the Shares are
then listed, as the case may be. If the Shares are not publicly traded, then
the "current market price" shall mean $11 for the first three years following
the termination of the Offering.
10. NO RIGHTS AS STOCKHOLDER; NOTICES OF WARRANTHOLDER.
Nothing contained in this Agreement or in the Soliciting Dealer
Warrant shall be construed as conferring upon the Warrantholder or its
transferee any rights as a stockholder of the Company, either at law or in
equity, including the right to vote, receive dividends, consent or notices as a
stockholder with respect to any meeting of stockholders for the election of
directors of the Company or for any other matter.
11. REGISTRATION OF SOLICITING DEALER WARRANTS AND SHARES
PURCHASABLE THEREUNDER.
The Soliciting Dealer Warrants and the Shares purchasable thereunder
are being registered as part of the Offering. At the same time, the Company
also is registering certain Soliciting Dealer Warrants (and the Shares
purchasable thereunder) which were to be but have not been issued to the
Warrantholder in connection with Shares sold in the Prior Offerings. The
Company undertakes to make additional filings with the Commission to the extent
required to keep the Shares issuable pursuant to the Soliciting Dealer Warrants
referenced in this Section 11 registered through _____________, 2003.
12. INDEMNIFICATION.
In the event of the filing of any registration statement with respect
to the Soliciting Dealer Warrants or the Shares pursuant to Section 11 above,
the Company and the Warrantholder (and/or selling Warrantholder or such holder
of Shares, as the case may be), shall agree to indemnify and hold harmless the
other to the same extent and in the same manner as provided in the Dealer
Manager Agreement.
13. CONTRIBUTION.
In order to provide for just and equitable contribution under the Act
in any case in which: (a) the Warrantholder or any holder of Shares makes a
claim for indemnification pursuant to Section 12 hereof, but it is judicially
determined (by the entry of a final judgment or decree by a court of competent
jurisdiction and the expiration of time to appeal or the denial of the last
right to appeal) that such indemnification may not be enforced in such case
notwithstanding the fact that the express provisions of Section 12 hereof
provide for indemnification in such case; or (b) contribution under the Act may
be required on the part of the Warrantholder or any holder of Shares, the
Company and the Warrantholder, or such holder of Shares, shall agree to
contribute to the aggregate losses, claims, damages or liabilities to which
they may be subject (which shall, for all purposes of this Agreement,
including, but not limited to, all costs of defense and investigation and all
attorneys' fees), in either such case (after contribution from others) on the
basis of relative fault as well as any other relevant equitable considerations
in the same manner as provided by the parties in the Dealer Manager Agreement.
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14. NOTICES.
Any notice given pursuant to this Agreement by the Company or by the
Warrantholder shall be in writing and shall be deemed to have been duly given
if delivered or mailed by certified mail, return receipt requested:
(a) If to the Warrantholder, addressed to:
Inland Securities Corporation
0000 Xxxxxxxxxxx Xxxx
Xxx Xxxxx, Xxxxxxxx 00000
(b) If to the Company, addressed to:
Inland Real Estate Corporation
0000 Xxxxxxxxxxx Xxxx
Xxx Xxxxx, Xxxxxxxx 00000
Each party hereto may, from time to time, change the address to which
notices to it are to be delivered or mailed hereunder by notice in accordance
herewith to the other party.
15. PARTIES IN INTEREST.
Nothing in this Agreement shall be construed to give to any person or
corporation other than the Company, the Warrantholder and, to the extent
expressed, any holder of Shares, any person controlling the Company or the
Warrantholder or any holder of Shares, directors of the Company, nominees for
directors (if any) named in the Prospectus, or officers of the Company who have
signed the registration statement, any legal or equitable right, remedy or
claim under this Agreement, and this Agreement shall be for the sole an
exclusive benefit of the aforementioned parties.
16. SUCCESSORS.
All the covenants and provisions of this Agreement by or for the
benefit of the parties listed in Section 15 above shall bind and inure to the
benefit of their respective executors, administrators, successors and assigns
hereunder; provided, however, that the rights of the Warrantholder or holder of
Shares shall be assignable only to those persons and entities specified in
Section 1, Subsection (d) hereof, in which event such assignee shall be bound
by each of the terms and conditions of this Agreement.
17. MERGER OR CONSOLIDATION OF THE COMPANY.
The Company shall not merge or consolidate with or into any other
corporation or sell all or substantially all of its property to another
corporation, unless it complies with the provisions of Section 8, Subsection
(f).
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18. SURVIVAL OF REPRESENTATIONS AND WARRANTIES.
All statements contained in any schedule, exhibit, certificate or
other instrument delivered by or on behalf of the parties hereto, or in
connection with the transactions contemplated by this Agreement, shall be
deemed to be representations and warranties hereunder. Notwithstanding any
investigations made by or on behalf of the parties to this Agreement, all
representations, warranties and agreements made by the parties to this
Agreement or pursuant hereto shall survive.
19. CHOICE OF LAW.
This Agreement and the rights of the parties hereunder shall be
governed by and construed in accordance with the laws of the State of Illinois,
including all matters of construction, validity, performance and enforcement,
and without giving effect to the principles of conflict of laws.
20. JURISDICTION.
The parties submit to the jurisdiction of the Courts of the State of
Illinois or a Federal Court empaneled in the State of Illinois for the
resolution of all legal disputes arising under the terms of this Agreement.
21. ENTIRE AGREEMENT.
Except as provided herein, this Agreement, including exhibits,
contains the entire agreement of the parties, and supersedes all existing
negotiations, representations or agreements and all other oral, written or
other communications between them concerning the subject matter of this
Agreement.
22. SEVERABILITY.
If any provision of this Agreement is unenforceable, invalid or
violates applicable law, such provision shall be deemed stricken and shall not
affect the enforceability of any other provisions of this Agreement.
23. CAPTIONS.
The captions in this Agreement are inserted only as a matter of
convenience and for reference and shall not be deemed to define, limit, enlarge
or describe the scope of this Agreement or the relationship of the parties, and
shall not affect this Agreement or the construction of any provisions herein.
24. COUNTERPARTS.
This Agreement may be executed in one or more counterparts, each of
which shall be deemed an original, but all of which shall together constitute
one and the same instrument.
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IN WITNESS WHEREOF, the parties have caused this Agreement to be duly
executed as of the date first above written.
INLAND REAL ESTATE CORPORATION,
a Maryland corporation
By:
--------------------------------
--------------------------------
Name and Title
INLAND SECURITIES CORPORATION,
an Illinois corporation
By:
--------------------------------
--------------------------------
Name and Title
Inland Securities Corporation,
an Illinois corporation
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EXHIBIT A
INLAND REAL ESTATE CORPORATION
SOLICITING DEALER WARRANT NO. ______
NO SALE, TRANSFER, PLEDGE OR OTHER DISPOSITION OF THIS WARRANT
OR THE SHARES PURCHASABLE HEREUNDER SHALL BE MADE EXCEPT
PURSUANT TO REGISTRATION UNDER THE SECURITIES ACT OF 1933 AS
AMENDED, OR PURSUANT TO AN OPINION OF COUNSEL SATISFACTORY TO
THE ISSUER THAT REGISTRATION IS NOT REQUIRED. TRANSFER OF
THIS WARRANT IS ALSO RESTRICTED BY THAT CERTAIN WARRANT
PURCHASE AGREEMENT DATED AS OF ___________ , 1998 A COPY OF
WHICH IS AVAILABLE FROM THE ISSUER.
WARRANT TO PURCHASE ________________ SHARES OF COMMON STOCK OF
INLAND REAL ESTATE CORPORATION
Exercisable commencing on ___________, 199__
Void after 5:00 P.M. Central Standard Time on _____________,
2003 (the "Exercise Closing Date").
THIS CERTIFIES that, for value received, _________________________
(the "Warrantholder"), or registered assigns, is entitled, subject to the terms
and conditions set forth in this Warrant (the "Warrant"), to purchase from
Inland Real Estate Corporation, a Maryland corporation (the "Company"),
________ fully paid and nonassessable Shares of common stock (the "Shares") of
the Company at any time during the period commencing on ___________, 199__ and
continuing up to 5:00 P.M. central standard time on __________, 2003 at $13.20
per Share, and is subject to all the terms thereof, including the limitations
on transferability as set forth in that certain Warrant Purchase Agreement
between Inland Securities Corporation and the Company dated ___________, 1998.
THIS WARRANT may be exercised by the holder thereof, in whole or in
part, by the presentation and surrender of this Warrant with the form of
Election to Purchase duly executed, with signature(s) guaranteed, at the
principal office of the Company (or at such other address as the Company may
designate by notice to the holder hereof at the address of such holder
appearing on the books of the Company), and upon payment to the Company of the
purchase price in cash or by certified check or bank cashier's check. The
Shares so purchased shall be deemed to be issued to the holder hereof as the
record owner of such Shares as of the close of business on the date on which
this Warrant shall have been surrendered and payment made for such Shares. The
Shares so purchased shall be registered to the holder (and, if requested,
certificates issued) promptly after this Warrant shall have been so exercised
and unless this Warrant has expired or has been exercised, in full, a new
Warrant identical in form, but representing the number of Shares with respect
to which this Warrant shall not have been exercised, shall also be issued to
the holder hereof.
14
NOTHING CONTAINED herein shall be construed to confer upon the holder
of this Warrant, as such, any of the rights of a Stockholder of the Company.
Inland Real Estate Corporation,
a Maryland corporation
By:
--------------------------------
--------------------------------
Name and Title
2
15
EXHIBIT B
INLAND REAL ESTATE CORPORATION
ELECTION TO PURCHASE
SOLICITING DEALER WARRANT
Inland Real Estate Corporation
0000 Xxxxxxxxxxx Xxxx
Xxx Xxxxx, Xxxxxxxx 00000
The undersigned hereby irrevocably elects to exercise the right of
purchase represented by the attached warrant (the "Warrant"), to purchase
thereunder ____ shares of the common stock of Inland Real Estate Corporation
(the "Shares") provided for therein and hereby tenders $_________ ($13.20 per
Share) in payment of the actual exercise price thereof, and requests that the
Shares be issued in the name of
--------------------------------------------------------------------------------
(Please Print Name, Address and SSN or EIN of Stockholder below)
--------------------------------------------------------------------------------
and, if said number of Shares shall not be the total possible number of Shares
purchasable hereunder, that a new Warrant certificate for the balance of the
Shares purchasable under the attached Warrant certificate be registered in the
name of the undersigned Warrantholder or his assignee as indicated below and
delivered at the address state below:
Dated: ____________________
Name of Warrantholder or Assignee:
---------------------------------------------
(Please Print)
Address:
-----------------------------------------------------------------------
Signature:
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16
EXHIBIT C
INLAND REAL ESTATE CORPORATION
SOLICITING DEALER WARRANT
ASSIGNMENT
(To be signed only upon assignment of the Warrant)
FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto:
--------------------------------------------------------------------------------
(Please Print Name, Address and SSN or EIN of Assignee Below)
--------------------------------------------------------------------------------
the attached Participating Dealer Warrant No. ____, to purchase ________ shares
of common stock of Inland Real Estate Corporation (the "Company"), hereby
irrevocably constituting and appointing the Company and/or its transfer agent as
its attorney to transfer said Warrant on the books of the Company, with full
power of substitution.
Dated: ____________
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Signature of Registered Holder
Signature Guaranteed:
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Note: The above signature must correspond with the
name as written upon the face of the attached Warrant
certificate in every particular respect, without
alteration, enlargement or any change whatever,
unless this Warrant has been duly assigned.
