Document:

exv10w2

 

Exhibit 10.2

SECOND AMENDMENT TO RESTRICTED STOCK AWARD AGREEMENT

     This Second Amendment to Restricted Stock Award Agreement (“Amendment”) is made as of December
30, 2007 by and between SUN COMMUNITIES, INC., a Maryland corporation (the “Company”), and JEFFREY
P. JORISSEN (“Employee”).

RECITALS:

     A. The Company and Employee entered into that certain Restricted Stock Award Agreement, dated
as of May 10, 2004, as amended (the “Award Agreement”), pursuant to which the Company issued
Employee 50,000 shares of the Company’s Common Stock.

     B. The Company and Employee desire to modify the Award Agreement in accordance with the terms
and conditions of this Amendment.

     NOW, THEREFORE, the parties agree as follows:

     1. All capitalized terms used but not otherwise defined herein shall have the meaning ascribed
to such terms in the Award Agreement.

     2. Section II(a) of the Award Agreement is hereby deleted in its entirety and replaced
with the following Section II(a):

     Subject to the restrictions and conditions set forth in the Plan, 12,500 of the Shares
(the “Time-Vesting Shares”) shall vest in full on May 10, 2007, provided that Employee is
employed by the Company on such date. Subject to the restrictions and conditions set forth
in the Plan, the remaining 37,500 Shares (the “Performance-Vesting Shares”) shall vest on
March 1, 2010 (provided that Employee is employed by the Company on such date) on the basis
of the compound annual growth rate of the Company’s funds from operations per weighted
average number of outstanding shares of Common Stock on a fully diluted basis (as
determined by reference to the Company’s audited financial statements) (the “Per Share
FFO”) for the period commencing January 1, 2005 and ending December 31, 2009 (the “CAGR”),
determined by comparing the Per Share FFO for the year ending December 31, 2009 to the Per
Share FFO for the year ending December 31, 2005, as follows:

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	At least 3% but	 	 	At least 4% but	 	 	 	 
	 	 	Less than	 	 	less	 	 	less	 	 	 	 
	CAGR	 	3%	 	 	than 4%	 	 	than 5%	 	 	At least 5%	 
	Percentage of
Performance-Vesting
Shares vesting on
March 1, 2010
	 	 	0	 	 	 	50%	 	 	 	75%	 	 	 	100%

 

 

Notwithstanding anything to the contrary herein, (a) the number of Performance-Vesting Shares subject to this Agreement may be decreased in the sole and absolute
discretion of the Compensation Committee of the Company at any time prior to March
1, 2010 by written notice to Employee; and (b) any Performance-Vesting Shares so
deducted from this Agreement may be awarded to other employees of the Company in the
sole and absolute discretion of the Compensation Committee of the Company. By way
of illustration, the Company, by action of its Compensation Committee prior to March
1, 2010, may elect to award all 37,500 Performance-Vesting Shares covered by this
Agreement to other employees of the Company, in which event Employee shall not be
entitled to, and shall not receive, any Performance-Vesting Shares.

     3. Except as otherwise modified herein, the Award Agreement shall remain in full force and
effect consistent with its terms.

     4. This Amendment may be executed by the parties in counterparts, each of which shall
constitute an original and both of which together shall constitute one and the same agreement.
Facsimile copies of signatures to this Amendment shall be deemed to be originals and may be relied
upon to the same extent as the originals.

     IN WITNESS WHEREOF, the Company and Employee have executed this Second Amendment to Restricted
Stock Award Agreement as of the date first above written.

	 	 	 	 	 	 	 
	 	 	COMPANY:
	 
	 	 	 	 	 	 
	 	 	SUN COMMUNITIES, INC., a Maryland
	 	 	corporation
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Gary A. Shiffman	 	 
	 

	 	 	 	 	 
	 

	 	 	 	Gary A. Shiffman, Chief Executive	 	 
	 

	 	 	 	Officer	 	 
	 
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	EMPLOYEE:
	 
	 	 	 	 	 	 
	 

	 	 	 	/s/ Jeffrey P. Jorissen	 	 
	 	 	 	 	 
	 

	 	 	 	JEFFREY P. JORISSEN	 	 

-2-exv10w3

 

Exhibit 10.3

FIRST AMENDMENT TO EMPLOYMENT AGREEMENT

     This First Amendment to Employment Agreement (“Amendment”) is made as of December 30, 2007 by
and between SUN COMMUNITIES, INC., a Maryland corporation (the “Company”), and BRIAN W. FANNON
(“Executive”).

RECITALS:

     A. The Company and Executive entered into that certain Employment Agreement, dated as of
February 23, 2005, but effective as of January 1, 2005 (the “Employment Agreement”).

     B. The Company and Executive desire to modify the Employment Agreement in accordance with the
terms and conditions of this Amendment.

     NOW, THEREFORE, the parties agree as follows:

     1. All capitalized terms used but not otherwise defined herein shall have the meaning ascribed
to such terms in the Employment Agreement.

     2. Paragraph 4(e) of the Employment Agreement is hereby deleted in its entirety and
replaced with the following paragraph 4(e):

     Phantom Stock. In the event that the Executive is employed by the Company on
such dates, on each date that the Company pays a dividend on its common stock through May
10, 2007, the Company shall pay the Executive a cash bonus in an amount equal to the amount
of the dividend multiplied by the Time Units (as defined below). In the event that the
Executive is employed by the Company on May 10, 2007, the Company shall promptly thereafter
pay to Executive a cash bonus in an amount equal to the product of the Time Units and the
Fair Market Value (as such term is defined in the Company’s Second Amended and Restated 1993
Stock Option Plan) on May 10, 2007. In the event that the Executive is employed by the
Company through the initial term of this Agreement (i.e., until at least December 31, 2009),
the Company shall pay to Executive, no later than March 10, 2010, a cash bonus in an amount
equal to the product of the Performance Units (as defined below) and the Fair Market Value
on March 1, 2010. For purposes hereof, (i) “Time Units” means 6,250 (as such number may be
appropriately adjusted in the discretion of the Company to take into account any stock
dividend, stock split, combination or exchange of shares, or other similar event affecting
the capital structure of the Company); and (ii) “Performance Units” means a “specified
percentage” of 18,750 (as such number may be appropriately adjusted in the discretion of the
Company to take into account any stock dividend, stock split, combination or exchange of
shares, or other similar event affecting the capital structure of the Company) (the
“Targeted Performance-Based Shares”) determined on the basis of the compound annual growth
rate of the Company’s funds from operations per weighted average number of outstanding
shares of the Company’s common stock on a fully diluted basis (as

 

 

determined by reference to the Company’s audited financial statements) (the “Per Share
FFO”) for the period commencing January 1, 2005 and ending December 31, 2009 (“CAGR”),
determined by comparing the Per Share FFO for the year ending December 31, 2009 to the Per
Share FFO for the year ending December 31, 2005, as follows:

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	At least 3% but	 	 	At least 4% but	 	 	 	 
	CAGR	 	Less than 3%	 	 	less than 4%	 	 	less than 5%	 	 	At least 5%	 
	Specified Percentage
	 	 	0	 	 	 	50%	 	 	 	75%	 	 	 	100%

Notwithstanding anything to the contrary herein, (a) the number of Targeted
Performance-Based Shares subject to this Agreement may be decreased in the sole and absolute
discretion of the Compensation Committee of the Company at any time prior to March 1, 2010
by written notice to Executive; and (b) any Targeted Performance-Based Shares so deducted
from this Agreement may be awarded to other employees of the Company in the sole and
absolute discretion of the Compensation Committee of the Company. By way of illustration,
the Company, by action of its Compensation Committee prior to March 1, 2010, may elect to
award all 18,750 Targeted Performance-Based Shares covered by this Agreement to other
employees of the Company, in which event Executive shall not be entitled to, and shall not
receive, any bonus on the basis of Performance Units.

     3. Except as otherwise modified herein, the Employment Agreement shall remain in full force
and effect consistent with its terms.

     4. This Amendment may be executed by the parties in counterparts, each of which shall
constitute an original and both of which together shall constitute one and the same agreement.
Facsimile copies of signatures to this Amendment shall be deemed to be originals and may be relied
upon to the same extent as the originals.

     IN WITNESS WHEREOF, the Company and Executive have executed this First Amendment to Employment
Agreement as of the date first above written.

	 	 	 	 	 	 	 
	 	 	COMPANY:
	 
	 	 	 	 	 	 
	 	 	SUN COMMUNITIES, INC., a Maryland
	 	 	corporation
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Gary A. Shiffman
	 	 
	 

	 	 	 	 	 
	 

	 	 	 	Gary A. Shiffman, Chief Executive	 	 
	 

	 	 	 	Officer	 	 
	 
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	EXECUTIVE:
	 
	 	 	 	 	 	 
	 

	 	 	 	/s/ Brian W. Fannon	 	 
	 	 	 	 	 
	 

	 	 	 	BRIAN W. FANNON	 	 

-2-EX-10.1 Amendment to the Community First, Inc.

 

Exhibit 10.1

AMENDMENT TO THE

COMMUNITY FIRST, INC. 2005 STOCK INCENTIVE PAN

EFFECTIVE JANUARY 1, 2008

     WHEREAS, Community First, Inc. (the “Company”) maintains the Community First, Inc. 2005 Stock
Incentive Plan (the “Plan”); and

     WHEREAS, pursuant to Section 10 of the Plan, the Board of Directors of the Company (the
“Board”) may amend the Plan; and

     WHEREAS, the Board desires to amend the Plan to revise the provisions in Section 3(d) of the
Plan to provide for adjustments of awards upon the occurrence of certain unusual or nonrecurring
events and the provisions in Section 5(d) of the Plan to add a “net-exercise option” to the payment
methods permitted upon the exercise of awards granted thereunder.

     NOW, THEREFORE, effective January 1, 2008, the Company hereby amends the Plan as follows:

     1. Section 3(d) of the Plan is deleted in its entirety and replaced with the following:

“(d) In the event that any unusual or non-recurring transactions, including an unusual or
non-recurring dividend or other distribution (whether in the form of an extraordinary cash
dividend, dividend of shares, other securities or other property), recapitalization, stock split,
reverse stock split, reorganization, merger, consolidation, split-up, spin-off, combination,
repurchase or exchange of shares or other securities of the Company, issuance of warrants or other
rights to purchase shares or other securities of the Company, or other similar corporate
transaction or event affects the shares, then the Committee shall in an equitable and proportionate
manner (and, as applicable, in such equitable and proportionate manner as is consistent with
Sections 422 and 409A of the Code and the regulations thereunder and with Section 162(m) of the
Code) either: (i) adjust any or all of (1) the aggregate number of shares or other securities of
the Company (or number and kind of other securities or property) with respect to which awards may
be granted under the Plan; (2) the number of shares or other securities of the Company (or number
and kind of other securities or property) subject to outstanding awards under the Plan, provided
that the number of shares subject to any award shall always be a whole number; (3) the grant or
exercise price with respect to any award under the Plan; and (4) the limits on the number of shares
that may be granted to participants under the Plan in any calendar year; (ii) provide for an
equivalent award in respect of securities of the surviving entity of any merger, consolidation or
other transaction or event having a similar effect; or (iii) make provision for a cash payment to
the holder of an outstanding award.”

     2. Section 5(d) of the Plan is deleted in its entirety and replaced with the
following:

“(d) Method of Exercise. Subject to whatever installment exercise restrictions apply under Section
5(c), Stock Options may be exercised in whole or in part at any time during the option period, by
giving written notice of exercise to the Company specifying the number of shares to be purchased.
The option price upon exercise of the Stock Option, together with any amounts

 

 

required to be withheld for income tax reporting, shall be payable to the Company in full, in the
Company’s discretion, either: (a) in cash or its equivalent (such equivalence being at the sole
discretion of the Committee); (b) by tendering previously acquired shares having an aggregate Fair
Market Value at the time of exercise equal to the total option price (provided that such shares
shall have been held for at least six months); or (c) by withholding from the optionee sufficient
shares, subject to the underlying award, having an aggregate Fair Market Value at the time of
exercise equal to the total option price; or (d) by any combination of (a), (b) or (c). No shares
of Common Stock shall be issued until full payment therefor has been made. An optionee shall
generally have the rights to dividends or other rights of a shareholder with respect to shares
subject to the Option when the optionee has given written notice of exercise, has paid in full for
such shares, and, if requested, has given the representation described in Section 12(a).”

     IN WITNESS WHEREOF, the Board has caused this Amendment to the Community First, Inc. 2005
Stock Incentive Plan to be executed by its duly authorized representative on this 1st day of January, 2008.

	 	 	 	 	 
	 	COMMUNITY FIRST, INC.

 	 
	 	By:  	/s/ Marc R. Lively         
 	 
	 	 	Name:  	Marc R. Lively	 
	 	 	Title:  	President and Chief Executive Officer

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