Document:

Exhibit 10.4

  

  

  

  
    MODINE MANUFACTURING COMPANY

    2020 INCENTIVE COMPENSATION PLAN

    RESTRICTED STOCK UNIT AWARD

    AWARD AGREEMENT

    

    

    We are pleased to inform you that you have been granted a Restricted Stock Unit Award subject to the terms and conditions of the Modine Manufacturing
      Company 2020 Incentive Compensation Plan (the “Plan”) and of this Award Agreement.  Unless otherwise defined herein, all terms used in this Award Agreement shall have the same meanings as set forth in the Plan.

     

    Full name of Grantee:

    

    

    	

          	Date of Award:	
            October 2, 2020

          

    

    

    Total number of

    Restricted Stock Units:

    

    

    1.  Restricted Stock Unit Award.  Pursuant to the Plan, you are hereby
      granted a Restricted Stock Unit Award (“Award”), subject to the terms and conditions of this Award Agreement and the Plan.  Accordingly, you are hereby granted the aggregate number of Restricted Stock Units (“RSUs”) set forth above, subject to the
      restrictions and conditions set forth in this Award Agreement.

    

    

    2.  Restricted Period.  Upon the expiration of the Restricted Period (as
      described in the chart below) applicable to the number of RSUs specified in the chart below, you shall receive one share of Common Stock for each RSU for which the Restricted Period has expired.  For purposes of this Award Agreement, the Restricted
      Period shall mean the period beginning on the date of this Award set forth above and ending as set forth below:

     

    	 	
            Number of RSUs that Vest

          	
            Restricted Period Expiration

          
	 	
            25% of the total number of RSUs

          	
            October 2, 2021

          
	 	
            25% of the total number of RSUs

          	
            October 2, 2022

          
	 	
            25% of the total number of RSUs

          	
            October 2, 2023

          
	 	
            25% of the total number of RSUs

          	
            October 2, 2024

          

    

    

    Except as otherwise provided in Section 8.02(f) or Section 12.02 of the Plan, in the event of your termination of employment with the Company or a Subsidiary for any reason
      (other than due to Disability (as defined below), death, or (with Committee approval) your retirement) prior to the expiration of the Restricted Period for any RSUs, you shall forfeit to the Company all RSUs for which the Restricted Period has not
      expired and the right to receive any Common Stock with respect to such RSUs.  If you separate from service with the Company or a Subsidiary due to Disability, death, or (with Committee approval) your retirement prior to the end of the Restricted
      Period for any RSUs, your Restricted Stock Unit Award shall vest in full.  For purposes of this Award Agreement, “Disability” shall mean “permanent and total disability” as defined in Section 22 (e)(3) of the Code.

    

    

    
      
        

    

    
    3.  Shareholder Status.  You shall not have any voting or other ownership
      rights in the Company arising from the grant of RSUs under this Agreement, unless and until such RSUs are settled pursuant to Section 4, below.  Further, you shall not be entitled to dividend equivalents during the period you hold RSUs.

     

    4.  Settlement and Delivery.  As soon as administratively practicable after
      the expiration of the Restricted Period, the Company shall ascribe to you (or, in the event of your death, your beneficiary) a share of Common Stock for each RSU that vests as a result of the expiration of the Restricted Period in a book entry on the
      records kept by the Company’s transfer agent or such other method of delivering shares of Common Stock subject to this Award, as determined by the Committee.

     

    5.  Transfer.  This Restricted Stock Unit Award shall not be assigned,
      alienated, pledged, attached, sold or otherwise transferred or encumbered by you other than in the event of your death.  Except for the designation of your beneficiary in the event of your death, the purported assignment, alienation, pledge,
      attachment, transfer or encumbrance of the Award or this Award Agreement shall be void and unenforceable against the Company.  This provision shall not prevent you from transferring the shares of Common Stock issued hereunder after the expiration of
      the Restricted Period.

    

    

    6.  No Obligation of Employment.  This Restricted Stock Unit Award shall
      not impose any obligation on the Company to continue your employment with the Company or any Subsidiary.

    

    

    7.  Controlling Provisions; Plan Controls. In the event of a conflict between the terms of this Award Agreement and any employment agreement or change in control agreement between you and the Company, this Award Agreement shall control.  
      This Award Agreement is qualified in its entirety by reference to the terms and conditions of the Plan under which it is granted, a copy of which you may request from the Company.  The Plan empowers the Committee to make interpretations, rules and
      regulations thereunder and, in general, provides that the determinations of such Committee with respect to the Plan shall be binding upon you.  The Plan is incorporated herein by reference.

    

    

    8.  Change in Control.  The vesting of the Award in the event of a Change
      in Control is governed by Section 12.02 of the Plan.  Involuntary termination of your employment by the Company would be termination of your employment by the Company without Cause or termination by you of your employment for Good Reason.  “Good
      Reason” means a material diminution in your base salary; material diminution in your annual target bonus opportunity; material diminution in your authority, duties or responsibilities; material diminution in authority, duties or responsibilities of
      the supervisor to whom you report; material diminution in the budget over which you retain authority; or material change in the geographic location at which you must perform services.

    

    

    9.  Forfeiture Under Recoupment Policy.  The Company shall have the power
      and the right to require you to forfeit and return the shares of Common Stock issued as a result of the vesting of any Award or any proceeds therefrom consistent with any recoupment policy maintained by the Company under applicable law, as such
      policy is amended from time to time.

    

    

    10.  Use of Words.  The use of words of the masculine gender in this Award
      Agreement is intended to include, wherever appropriate, the feminine or neuter gender and vice versa.

    

    

    11.  Successors.  This Award Agreement shall be binding upon and inure to
      the benefit of any successor or successors of the Company.

     

    

    
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    12.  Taxes.  The Company may require payment of or withhold any tax which
      it believes is required as a result of the Award and/or the issuance of Common Stock resulting from the vesting of the RSUs that are the subject of this Award, and the Company may defer making delivery with respect to shares issuable hereunder until
      arrangements satisfactory to the Company have been made with respect to such tax withholding obligations.

    

    

    13.  Personal Information.  Solium Capital LLC and Equiniti Trust Company
      assist the Company in the operation of the Plan and the administration of the Restricted Stock Unit Award granted pursuant to this Award Agreement.  If you choose to participate in the Plan, you acknowledge and consent to the Company sharing your
      name, email, and information regarding the grant of the Restricted Stock Unit Award under this Award Agreement with both Solium Capital LLC and Equiniti Trust Company.

    

    

    By your electronic agreement and the signature of the Company’s representative below, you and the Company agree that the Restricted Stock Unit Award
      awarded to you under this Award Agreement are subject to the terms and conditions of the Plan, a copy of which is available to you upon request.  As provided in the Plan, you hereby agree to accept as binding any decision of the Committee with
      respect to the interpretation of the Plan and this Award Agreement, or any other matters associated therewith.

    

    

    IN WITNESS WHEREOF, the Company has caused this Award Agreement to be executed as of October 2, 2020.

    

    

    	 	
            MODINE MANUFACTURING COMPANY

          
	 	 	 
	 	
            By:

          	
            /s/Michael B. Lucareli

          
	 	 	
            Michael B. Lucareli

          
	 	 	
            Interim President and Chief Executive Officer

          

    

    

    

    

    3Document

SIXTH AMENDMENT
TO THE
FOURTH AMENDED AND RESTATED AGREEMENT OF LIMITED PARTNERSHIP
OF
SUN COMMUNITIES OPERATING LIMITED PARTNERSHIP

    This Sixth Amendment to the Fourth Amended and Restated agreement of Limited Partnership of Sun Communities Operating Limited Partnership (this “Amendment”) is made and entered into on September 30, 2020 (“Effective Date”), by SUN COMMUNITIES, INC., a Maryland corporation (the “General Partner”), as the general partner and owner of more than 50% of the Common OP Units of SUN COMMUNITIES OPERATING LIMITED PARTNERSHIP, a Michigan limited partnership (the “Partnership”).

Recitals

A.    The Partnership entered into a Contribution Agreement, dated as of May 26, 2020, as amended (the “Contribution Agreement”), with Cima Del Mundo, LLC (“Owner”) and certain other parties with respect to the Partnership’s acquisition of Owner and its interest in certain real property located in Santa Barbara County, California and other assets.  

B.    Pursuant to the Contribution Agreement, Los Tres Duenos LLC (“Los Tres Duenos”) has contributed its interest in Owner (the “Contributed Interest”) to the Partnership in consideration for the issuance by the Partnership of Series G Preferred Units (defined below) and certain other consideration.

C.    The General Partner desires to amend that certain Fourth Amended and Restated Agreement of Limited Partnership of Sun Communities Operating Limited Partnership, dated as of January 31, 2019, as amended (the “Partnership Agreement”) as set forth herein. Any capitalized term used but not otherwise defined herein shall have the meaning ascribed to it in the Partnership Agreement.

    D.    Article 13 of the Partnership Agreement authorizes the General Partner, as the holder of more than 50% of the Common OP Units, to amend the Partnership Agreement.

Now, therefore, in consideration of the foregoing, of the mutual promises set forth herein, and of other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound, agree to continue the Partnership and amend the Partnership Agreement as follows:

1.    Admission of New Partner. As of the Effective Date, Los Tres Duenos has contributed the Contributed Interest to the Partnership in exchange for the issuance by the Partnership to Los Tres Duenos, in accordance with the Contribution Agreement.  All Series G Preferred Units issued to Los Tres Duenos have been duly issued and fully paid. Los Tres Duenos hereby agrees to be bound by and to perform the provisions of the Partnership Agreement, as amended. Without limiting the foregoing, Los Tres Duenos irrevocably appoints the General Partner and any corporate officer of the General Partner its attorney-in-fact, with full power of substitution, on its behalf and in its stead to execute, swear to and file an amendment to the Partnership’s Certificate of Limited Partnership. This power of attorney is coupled with an interest and shall be irrevocable. Los Tres Duenos is hereby admitted to the Partnership as a new Limited Partner. Exhibit A of the Partnership Agreement is hereby deleted in its entirety and is replaced with Exhibit A to this Amendment.

2.    Lockup. Los Tres Duenos agrees that it will not, without the prior written consent of the Partnership, offer, sell, contract to sell, pledge, or otherwise dispose of, (or enter into any transaction which is 

designed to, or might reasonably be expected to, result in the disposition (whether by actual disposition or effective economic disposition due to cash settlement or otherwise) by Los Tres Duenos or any of its affiliates or any person in privity with Los Tres Duenos or any of its affiliates) directly or indirectly, including the filing (or participation in the filing) of a registration statement with the Securities and Exchange Commission in respect of, or establish or increase a put equivalent position or liquidate or decrease a call equivalent position within the meaning of Section 16 of the Securities Exchange Act of 1934, as amended, any Series G Units or any REIT Shares issued upon the exchange of Series G Units, or publicly announce an intention to effect any such transaction, until 18 months after the Effective Date. 

3.    Section 6.1(a)(iii) of the Partnership Agreement is hereby deleted in its entirety and replaced with the following:

“(iii)    Third, to the Partners, pro rata in proportion to the number of OP Units held by each such Partner as of the last day of the period for which such allocation is being made; provided, however, that the Profits allocated to any Preferred OP Units, Series A-1 Preferred Units, Series A-3 Preferred Units, Series A-4 Preferred Units, Series C Preferred Units, Series D Preferred Units, Series E Preferred Units, Series F Preferred Units, and Series G Preferred Units pursuant to this Section 6.1(a)(iii) for any calendar year shall not exceed the amount of Preferred Dividends, Series A-1 Priority Return, Series A-3 Priority Return, Series A-4 Priority Return, Series C Priority Return, Series D Priority Return, Series E Priority Return, Series F Priority Return, and Series G Priority Return respectively, thereon for that calendar year, and any such excess Profits remaining after the application of such limitation shall be allocated to the holders of the Common OP Units, pro rata.”

4.    Section 7.1(a) of the Partnership Agreement is hereby deleted in its entirety and replaced with the following:

“(a)    (a)    Distributions in respect of OP Units (other than Common OP Units) shall be made at the times, in the amounts and in the priority provided in this Agreement, including, without limitation, Sections 16.1, 18.3, 20.3, 21.3, 22.3, 23.3, 24.3, 25.3, and 26.3 of this Agreement.”

5.    Section 12.2(a) of the Partnership Agreement is hereby deleted in its entirety and replaced with the following:

“(a)    The Capital Accounts of the holders of the OP Units shall be adjusted to reflect the manner in which any unrealized income, gain, loss and deduction inherent in the Partnership’s property, which has not previously been reflected in the Partners’ Capital Accounts, would be allocated among the Partners if there were a taxable disposition of such property at fair market value on the date of distribution.  Any resulting increase in the Partners’ Capital Accounts shall be allocated, subject to Section 6.2: (i) first to the holders of the Preferred OP Units, Series A-1 Preferred Units and Series A-4 Preferred Units in proportions and amounts sufficient to bring their respective Capital Account balances up to the amount of the Issue Prices of their respective OP Units plus accrued and unpaid Preferred Dividends, Series A-1 Priority Return and Series A-4 Priority Return, as the case may be, thereon; (ii) second to the holders of the Series C Preferred Units in proportions and amounts sufficient to bring their respective Capital Account balances up to the amount of the Series C Issue Price plus accrued and unpaid Series C Priority Return thereon; (iii) third to the holders of the Series D Preferred Units in proportions and amounts sufficient to bring their respective Capital Account balances up to the amount of the Series D Issue Price plus accrued and unpaid Series D Priority Return thereon; (iv) fourth to the holders of the Series E Preferred Units in proportions and amounts sufficient to bring their respective Capital Account balances up to the amount of the Series E Issue Price plus accrued and unpaid Series E Priority Return thereon; (v) fifth to the holder of the Series F Preferred Units in proportions and amounts sufficient to bring their respective Capital Account balances up to the 
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amount of the Series F Issue Price plus accrued and unpaid Series F Priority Return thereon; (vi) sixth, to the holders of the Series G Preferred Units in proportions and amounts sufficient to bring their respective Capital Account balances up to the amount of the Series G Issue Price plus accrued and unpaid Series G Priority Return thereon; (vii) seventh to the holders of the Series A-3 Preferred Units in proportions and amounts sufficient to bring their respective Capital Account balances up to the amount of the Series A-3 Issue Price plus accrued and unpaid Series A-3 Priority Return thereon; and (viii) eighth (if any) to the Common OP Units.  Any resulting decrease in the Partners’ Capital Accounts shall be allocated, subject to Section 6.2: (i) first to the holders of Common OP Units, in proportions and amounts sufficient to reduce their respective capital account balances to zero; (ii) second, to the holders of Series A-3 Preferred Units, in proportions and amounts sufficient to reduce their respective capital account balances to zero; (iii) third, to the holders of Series G Preferred Units, in proportions and amounts sufficient to reduce their respective capital account balances to zero; (iv) fourth to the holders of Series F Preferred Units, in proportions and amounts sufficient to reduce their respective capital account balances to zero; (v) fifth to the holders of Series E Preferred Units, in proportions and amounts sufficient to reduce their respective capital account balances to zero; (vi) sixth to the holders of Series D Preferred Units, in proportions and amounts sufficient to reduce their respective capital account balances to zero; (vii) seventh, to the holders of Series C Preferred Units, in proportions and amounts sufficient to reduce their respective capital account balances to zero; (viii) eighth, to the holders of Preferred OP Units, Series A-1 Preferred Units and Series A-4 Preferred Units, in proportions and amounts sufficient to reduce their respective capital account balances to zero; and (ix) ninth, to the General Partner.”

6.    The definition of “Common Stock Fair Market Value” set forth in Article 1 (Defined Terms) of the Partnership Agreement is hereby deleted in its entirety and replaced with the following:

“’Common Stock Fair Market Value” shall mean, with respect to any Series A-1 Exchange Date, Series A-3 Exchange Date, Series A-4 Exchange Date, Series C Exchange Date, Series D Exchange Date, Series E Exchange Date, Series F Exchange Date, or Series G Exchange Date, the average closing price of a REIT Share for the 10 consecutive trading days preceding such Series A-1 Exchange Date, Series A-3 Exchange Date, Series A-4 Exchange Date, Series C Exchange Date, Series D Exchange Date, Series E Exchange Date, Series F Exchange Date, or Series G Exchange Date on the principal national securities exchange on which the REIT Shares are listed or admitted to trading or, if not listed or admitted to trading on any national securities exchange, the average of the reported bid and asked prices during such 10 trading day period in the over the counter market as furnished by the National Quotation Bureau, Inc., or, if such firm is not then engaged in the business of reporting such prices, as furnished by any member of the National Association of Securities Dealers, Inc. selected by the General Partner or, if the REIT Shares or securities are not publicly traded, the Common Stock Fair Market Value for such day shall be the fair market value thereof determined jointly by the General Partner and the holder(s) of Series A-1 Preferred Units, Series A-3 Preferred Units, Series A-4 Preferred Units, Series C Preferred Units, Series D Preferred Units, Series E Preferred Units, Series F Preferred Units, or Series G Preferred Units that are exchanging such Series A-1 Preferred Units, Series A-3 Preferred Units, Series A-4 Preferred Units, Series C Preferred Units, Series D Preferred Units, Series E Preferred Units, Series F Preferred Units, or Series G Preferred Units for REIT Shares or Common OP Units; provided, however, that if such parties are unable to reach agreement within a reasonable period of time, the Common Stock Fair Market Value shall be determined in good faith by an independent investment banking firm selected jointly by the General Partner and such holder(s) of Series A-1 Preferred Units, Series A-3 Preferred Units, Series A-4 Preferred Units, Series C Preferred Units, Series D Preferred Units, Series E Preferred Units, Series F Preferred Units, or Series G Preferred Units, or, if that selection cannot be made within five days, by an independent investment banking firm selected by the American Arbitration Association in accordance with its rules.” 

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7.    The following new definitions are inserted in Article 1 (Defined Terms) of the Partnership Agreement so as to preserve alphabetical order:

“Series G Exchange Date” shall mean the date specified in a Series G Exchange Notice on which the holder of Series G Preferred Units proposes to exchange Series G Preferred Units for shares of the General Partner’s common stock; provided, however, that the proposed Series G Exchange Date (i) must be a Business Day, and (ii) may not be less than three Business Days, nor more than more than 15 Business Days, after the date such Series G Exchange Notice is delivered.  

“Series G Exchange Notice” shall mean a written notice delivered by a holder of Series G Preferred Units to the General Partner of such holder’s election to exchange Series G Preferred Units for shares of the General Partner’s common stock. Each Series G Exchange Notice must specify the number of Series G Preferred Units to be exchanged and the proposed Series G Exchange Date.

“Series G Issuance Date” shall mean September 30, 2020.

“Series G Preferred Partners” shall mean the holders of Series G Preferred Units set forth on Exhibit A hereto, as it may be amended from time to time, and their respective successors and permitted assigns.

“Series G Preferred Unit Distribution Period” shall mean the period from and including the Series G Issuance Date to, but excluding, the first Series G Preferred Unit Distribution Payment Date, and each subsequent period from and including a Series G Preferred Unit Distribution Payment Date to, but excluding, the next succeeding Series G Preferred Unit Distribution Payment Date.

“Series G Preferred Units” shall have the meaning set forth therefor in Section 26.2 hereof. 

“Series G Priority Return” shall have the meaning set forth therefor in Section 26.1 hereof.

8.    The following new Article 26 of the Partnership Agreement is inserted in the Partnership Agreement after Article 25 thereof:

ARTICLE 26.
SERIES G PREFERRED UNITS

Section 26.1    Definitions. The term “Series G Parity Preferred Units” shall mean any class or series of OP Units of the Partnership now or hereafter authorized, issued or outstanding and expressly designated by the Partnership to rank on parity with the Series G Preferred Units with respect to distributions and rights upon voluntary or involuntary liquidation, winding-up or dissolution of the Partnership.  The term “Series G Priority Return” shall mean an amount equal to the Series G Applicable Rate multiplied by the stated issue price of $100.00 (the “Series G Issue Price”) per Series G Preferred Unit per annum.  The term “Series G Applicable Rate” shall mean: 3.20% per annum (determined on the basis of a 365 day year).

Section 26.2    Designation and Number.  A series of OP Units in the Partnership designated as the Series G Preferred Units (the “Series G Preferred Units”) is hereby established. The number of Series G Preferred Units shall be 260,710. 

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Section 26.3     Distributions.

(a) Payment of Distributions.  
(i)Subject to the preferential rights of holders of any class or series of OP Units of the Partnership ranking senior to the Series G Preferred Units, the holders of Series G Preferred Units will be entitled to receive, when, as and if declared by the Partnership acting through the General Partner, out of the Partnership’s available cash, cumulative preferential cash distributions in an amount equal to the Series G Priority Return.
(ii)All distributions shall be cumulative, shall accrue from the date of issuance, and will be payable quarterly (such quarterly periods for purposes of payment and accrual will be the quarterly periods ending on the dates specified in this sentence) in arrears on March 31, June 30, September 30 and December 31 of each year (each a “Series G Preferred Unit Distribution Payment Date”), and will be computed on the basis of a 365-day year.  If any Series G Preferred Unit Distribution Payment Date is not a Business Day, then payment of the distribution to be made on such date will be made on the next succeeding day that is a Business Day (and without any interest or other payment in respect of any such delay).  The distributions payable on any Series G Preferred Unit Distribution Payment Date shall include distributions accrued to but not including such Series G Preferred Unit Distribution Payment Date. Distributions payable on any Series G Preferred Units shall be pro-rated for the quarter in which the Series G Preferred Units are first issued.

(b)Distributions Cumulative.  Notwithstanding the foregoing, distributions on the Series G Preferred Units will accrue and be cumulative from the Series G Issuance Date, whether or not the terms and provisions set forth in the last sentence of this Section 26.3(b) at any time prohibit the declaration, setting aside for payment or current payment of distributions, whether or not the Partnership has earnings, whether or not there are funds legally available for the payment of such distributions and whether or not such distributions are authorized.  No interest, or sum in lieu of interest, will be payable in respect of any distribution payment or payments on Series G Preferred Units which may be in arrears, and the holders of the Series G Preferred Units will not be entitled to any distributions, whether payable in cash, securities or other property, in excess of full cumulative distributions described above.  Any distribution payment made on the Series G Preferred Units will first be credited against the earliest accrued but unpaid distribution due with respect to the Series G Preferred Units.  No distributions on the Series G Preferred Units shall be authorized, declared, paid or set apart for payment by the Partnership at such time as the terms and provisions of any agreement of the Partnership, including any agreement relating to its indebtedness, directly or indirectly prohibit authorization, declaration, payment or setting apart for payment or provide that such authorization, declaration, payment or setting apart for payment would constitute a breach thereof or a default thereunder, or if such declaration, payment or setting apart for payment shall be restricted or prohibited by law.

(c)Priority as to Distributions.

(i)Except as provided in Section 26.3(c)(ii) below, unless full cumulative distributions for all past Series G Preferred Unit Distribution Periods on the Series G Preferred Units have been or contemporaneously are authorized and paid or authorized and a sum sufficient for the payment thereof is set apart for such payment, no distributions (other than in Common OP Units or any other class or series of OP Units ranking junior to the Series G Preferred Units as to distributions and as to the distribution of assets upon liquidation, dissolution and winding up of the 
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Partnership) shall be authorized or paid or set aside for payment nor shall any other distribution be authorized or made on Common OP Units or any other classes or series of OP Units ranking junior to or on parity with the Series G Preferred Units as to distributions or as to the distribution of assets upon liquidation, dissolution or winding up of the Partnership nor shall any Common OP Units or any other classes or series of OP Units ranking junior to or on parity with the Series G Preferred Units as to distributions or as to the distribution of assets upon liquidation, dissolution or winding up of the Partnership be redeemed, purchased or otherwise acquired for any consideration (or any amounts be paid to or made available for a sinking fund for the redemption of any such units) by the Partnership except: (1) by conversion into or exchange for Common OP Units or any other classes or series of OP Units ranking junior to the Series G Preferred Units as to distributions and as to the distribution of assets upon liquidation, dissolution and winding up of the Partnership, (2) by redemption, purchase or other acquisition of Common OP Units made for purposes of an incentive, benefit or share purchase plan for the General Partner, the Partnership or any of their respective subsidiaries, (3) for redemptions, purchases or other acquisitions of OP Units by the Partnership in connection with the General Partner’s purchase of its securities for the purpose of preserving the General Partner’s qualification as a REIT for federal income tax purposes, or (4) for any distributions by the Partnership corresponding to distributions by the General Partner required for it to maintain its status as a REIT for federal income tax purposes.  With respect to the Series G Preferred Units, all references in this Article 26 to “past Series G Preferred Unit Distribution Periods” shall mean, as of any date, Series G Preferred Unit Distribution Periods ending on or prior to such date, and with respect to any other class or series of OP Units ranking on a parity as to distributions with the Series G Preferred Units, all references in this Article 26 to “past distribution periods” (and all similar references) shall mean, as of any date, distribution periods with respect to such other class or series of OP Units ending on or prior to such date.

(ii)When full cumulative distributions for all past Series G Preferred Unit Distribution Periods are not paid in full (or a sum sufficient for such full payment is not set apart) upon the Series G Preferred Units and when full cumulative distributions for all past distribution periods are not paid in full (or a sum sufficient for such full payment is not set apart) upon the units of any other Series G Parity Preferred Units ranking on a parity as to distributions with the Series G Preferred Units, then all distributions authorized on the Series G Preferred Units and any other outstanding classes or series of Series G Parity Preferred Units ranking on a parity as to distributions with the Series G Preferred Units shall be declared pro rata so that the amount of distributions authorized per unit on the Series G Preferred Units and such other classes or series of Series G Parity Preferred Units ranking on a parity as to distributions with the Series G Preferred Units shall in all cases bear to each other the same ratio that accumulated and unpaid distributions per unit on the Series G Preferred Units and such other classes or series of Series G Parity Preferred Units ranking on a parity as to distributions with the Series G Preferred Units (which, in the case of any such other classes or series of Series G Parity Preferred Units ranking on a parity as to distributions with the Series G Preferred Units, shall not include any accumulation in respect of unpaid distributions for past distribution periods if such other Series G Parity Preferred Units ranking on a parity as to distributions with the Series G Preferred Units does not have a cumulative distribution) bear to each other.

    Section 26.4      Liquidation Proceeds.

(a)Distributions. Upon any voluntary or involuntary liquidation, dissolution or winding-up of the Partnership, before any payment or distribution of the assets of the Partnership (whether capital or surplus) shall be made to or set apart for the holders of Common OP Units or any other classes or series of 
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OP Units ranking junior to the Series G Preferred Units as to distributions or as to the distribution of assets upon liquidation, dissolution or winding up of the Partnership, the holders of Series G Preferred Units shall be entitled to receive an amount per Series G Preferred Unit equal to the Series G Issue Price plus any accrued but unpaid Series G Priority Return thereon (whether or not authorized or declared) to the date of payment in accordance with Article 12. If, upon any liquidation, dissolution or winding up of the Partnership, the assets of the Partnership, or proceeds thereof, distributable among the holders of Series G Preferred Units shall be insufficient to pay the full preferential amount set forth in Article 12 and liquidating payments on any Series G Parity Preferred Units, as to the distribution of assets on any liquidation, dissolution or winding up of the Partnership, then such assets, or the proceeds thereof, shall be distributed among the holders of Series G Preferred Units and any such other Series G Parity Preferred Units ratably in accordance with the respective amounts that would be payable on such Series G Preferred Units and any such Series G Parity Preferred Units if all amounts payable thereon were paid in full.

(b)Notice. Written notice of any voluntary or involuntary liquidation, dissolution or winding-up of the Partnership, stating the payment date or dates when, and the place or places where, the amounts distributable in such circumstances shall be payable, shall be given by (i) fax or email and (ii) by first class mail, postage pre-paid, not less than thirty (30) and not more than sixty (60) days prior to the payment date stated therein, to each record holder of the Series G Preferred Units at the respective addresses of such holders as the same shall appear on the transfer records of the Partnership.

(c)No Further Rights. After payment of the full amount of the liquidating distributions to which it is entitled, the holders of Series G Preferred Units will have no right or claim to any of the remaining assets of the Partnership.

(d)Consolidation, Merger or Certain Other Transactions.  The voluntary sale, conveyance, lease, exchange or transfer (for cash, shares of stock, securities or other consideration) of all or substantially all of the property or assets of the Partnership to, or the consolidation or merger or other business combination of the Partnership with or into, any corporation, trust or other entity (or of any corporation, trust or other entity with or into the Partnership) shall not be deemed to constitute a liquidation, dissolution or winding-up of the Partnership.

Section 26.5      Ranking

     The Series G Preferred Units rank, with respect to rights to the payment of distributions and the distribution of assets in the event of any voluntary or involuntary liquidation, dissolution or winding up of the Partnership, (i) senior to all Common OP Units, Series A-3 Preferred Units and all other OP Units other than OP Units referred to in clauses (ii) and (iii) of this sentence; (ii) on a parity with all Series G Parity Preferred Units and (iii) junior to all Preferred OP Units, Series A-1 Preferred Units, Series A-4 Preferred Units, Series C Preferred Units, Series D Preferred Units, Series E Preferred Units, Series F Preferred Units, and all other OP Units (now existing or hereafter arising) the terms of which specifically provide that such OP Units rank senior to the Series G Preferred Units with respect to rights to the payment of distributions and the distribution of assets in the event of any liquidation, dissolution and winding up of the Partnership.  

Section 26.6    Voting Rights.  

    Holders of the Series G Preferred Units will not have any voting rights or right to consent to any matter requiring the consent or approval of the Limited Partners.
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Section 26.7    Transfer Restrictions.  

    The Series G Preferred Units shall be subject to the provisions of Article 11 of the Agreement; provided that the General Partner hereby consents to the Transfer of Series G Preferred Units to any partner, member or other beneficial owner of any holder of Series G Preferred Units, subject to compliance with Section 11.3 of the Agreement.

Section 26.8    Exchange Rights.  

(a)    Series G Preferred Units.  Each holder of Series G Preferred Units shall be entitled to exchange Series G Preferred Units for REIT Shares, at such holder’s option, on the following terms and subject to the following conditions:

    (i)    At any time after the Series G Issuance Date, each holder of Series G Preferred Units at its option may exchange each of its Series G Preferred Units for that number of REIT Shares equal to the quotient obtained by dividing the Series G Issue Price by $155.00; provided, however, that no Series G Preferred Units may be exchanged on any proposed Series G Exchange Date pursuant to this Section 26.8 unless at least 1,000 Series G Preferred Units, in the aggregate, are exchanged by one or more holders thereof on such Series G Exchange Date pursuant to Series G Exchange Notices.  Each holder of Series G Preferred Units that has delivered a Series G Exchange Notice to the General Partner may rescind such Series G Exchange Notice by delivering written notice of such rescission to the General Partner prior to the Series G Exchange Date specified in the applicable Series G Exchange Notice.

    (ii)    The exchange rate is subject to adjustment upon subdivisions, stock splits, stock dividends, combinations and reclassification of REIT Shares.  The adjustment to the exchange rate will be determined by the General Partner such that each Series G Preferred Unit will thereafter be exchangeable into the kind and amount of shares of common or other capital stock which would have been received if the exchange had occurred immediately prior to the record date for such subdivision, stock split, stock dividend, combination or reclassification of the REIT Shares.

    (iii)    In case the General Partner shall be a party to any transaction (including, without limitation, a merger, consolidation, statutory share exchange, tender offer for all or substantially all of the General Partner's capital stock or sale of all or substantially all of the General Partner's assets), in each case as a result of which the REIT Shares will be converted into the right to receive shares of capital stock, other securities or other property (including cash or any combination thereof), each Series G Preferred Unit will thereafter be convertible or exchangeable into the kind and amount of shares of capital stock and other securities and property receivable (including cash or any combination thereof) upon the consummation of such transaction by a holder of that number of REIT Shares or fraction thereof into which one Series G Preferred Unit was convertible or exchangeable immediately prior to such transaction.

    (iv)    Limitations on Exchange.  Notwithstanding anything to the contrary in this Section 26.8(a):  
(A)    Upon tender of any Series G Preferred Units to the General Partner for REIT Shares pursuant to this Section, instead of issuing the requisite number of REIT Shares to the exchanging holder of Series G Preferred Units, the Partnership may elect to 
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make a cash payment to the exchanging holder of Series G Preferred Units in an amount equal to the product of (i) the Common Stock Fair Market Value determined as of the Series G Exchange Date and (ii) the number of REIT Shares that would have been otherwise issued to the exchanging holder of Series G Preferred Units, for any reason or no reason, including to the extent necessary to prevent the recipient from violating the Ownership Limitations of Section 2 of Article VII of the Charter, or corresponding provisions of any amendment or restatement thereof;

(B)    A holder of Series G Preferred Units will not have the right to exchange Series G Preferred Units for REIT Shares if (1) in the opinion of counsel for the General Partner, the General Partner would no longer qualify or its status would be seriously compromised as a REIT under the Code as a result of such exchange; or (2) such exchange would, in the opinion of counsel for the General Partner, constitute or be likely to constitute a violation of applicable securities laws; and 

(C)    The General Partner shall not be required to issue fractions of REIT Shares upon exchange of Series G Preferred Units. If any fraction of a REIT Share would be issuable upon exchange of Series G Preferred Units, the General Partner shall, in lieu of delivering such fraction of a REIT Share, make a cash payment to the exchanging holder of Series G Preferred Units in an amount equal to the same fraction of the Common Stock Fair Market Value determined as of the Series G Exchange Date.
.
(v)    Reservation of REIT Shares.  The General Partner shall at all times reserve and keep available a sufficient number of authorized but unissued REIT Shares to permit the exchange of all of the outstanding Series G Preferred Units pursuant to this Section 26.8.

(b)    Procedure for Exchange.

    (i)    Any exchange described in Section 26.8(a) above shall be exercised pursuant to a delivery of a Series G Exchange Notice to the General Partner by the holder who is exercising such exchange right, by (A) fax or email and (B) by certified mail postage prepaid.  The Series G Exchange Notice and certificates, if any, representing such Series G Preferred Units to be exchanged shall be delivered to the office of the General Partner maintained for such purpose.  Currently, such office is:

Sun Communities, Inc.
27777 Franklin Road, Suite 200
Southfield, Michigan 48034
Attn: Chief Executive Officer
Fax: (248) 208-2645
Email: gshiffman@suncommunities.com

    (ii)    Any exchange hereunder shall be effective as of the close of business on the Series G Exchange Date.  The holders of the exchanged Series G Preferred Units shall be deemed to have surrendered the same to the General Partner, and the General Partner shall be deemed to have issued the corresponding number of REIT Shares at the close of business on the Series G Exchange Date.

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(c)    Payment of Series G Priority Return.  On the Series G Preferred Unit Distribution Payment Date next following the Series G Exchange Date, the holders of Series G Preferred Units, which exchanged on such date shall be entitled to Series G Priority Return in an amount equal to a prorated portion of the Series G Priority Return based on the number of days elapsed from the prior Series G Preferred Unit Distribution Payment Date through, but not including, the Series G Exchange Date, less (ii) the amount of the distribution or dividend, if any, paid on the securities into which the Series G Preferred Units were exchanged for the quarterly period in which the Series G Exchange Date occurred.

Section 26.9    Redemption Rights.  

(a)Mandatory Redemption. Subject to the limitations in this Section 26.9, upon or at any
    time after the earlier of:

            (i)    The fifth anniversary of the Series G Issuance Date; or

            (ii)    If the holder of such Series G Preferred Units is a natural person, the Partnership’s receipt of the notice of the death of such holder of Series G Preferred Units, 

each holder of Series G Preferred Units may require redemption of, and the Partnership shall redeem, for cash, at a redemption price per unit equal to the Series G Issue Price plus any accrued but unpaid Series G Priority Return (the “Series G Redemption Price”), all, or a portion, but not less than 1,000 Series G Preferred Units at any one time, of the Series G Preferred Units held by such holder upon not less than sixty (60) days’ prior written notice to the Partnership.

(b)Procedures for Redemption.

            (i)    Notice of redemption must be: (A) faxed; and (B) mailed by such holder of Series G Preferred Units, by certified mail, postage prepaid, to the Partnership so that notice is received by the Partnership within the periods set forth herein and in accordance with the provisions hereof. Any such notice shall be irrevocable.

            (ii)    The Partnership will pay such Series G Redemption Price to such holder of Series G Preferred Units upon surrender of the Series G Preferred Units by such holder of Series G Preferred Units at the place designated by the Partnership. Unless the Partnership and such holder of Series G Preferred Units agree otherwise, the Partnership will pay the Redemption Price in the same manner that the most recent distribution of Series G Priority Return was delivered to such holder of Series G Preferred Units. On and after the date of redemption, distributions will cease to accumulate on such holder’s Series G Preferred Units, unless the Partnership defaults in the payment of the Series G Redemption Price. If any date fixed for redemption of such holder’s Series G Preferred Units is not a Business Day, then payment of the Series G Redemption Price payable on such date will be made on the next succeeding day that is a Business Day (and without any interest or other payment in respect of any such delay) except that, if such Business Day falls in the next calendar year, such payment will be made on the immediately preceding Business Day, in each case with the same force and effect as if made on such date fixed for redemption. If payment of the Series G Redemption Price is improperly withheld or refused and not paid by the Partnership, distributions on such holder’s Series G Preferred Units will continue to accumulate from the original redemption date to the date of payment, in which case the actual payment date 
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will be considered the date fixed for redemption for purposes of calculating the Series G Redemption Price.

Section 26.10    No Sinking Fund.  

    No sinking fund shall be established for the retirement or redemption of Series G Preferred Units.

Section 26.11    Status of Reacquired Units.  

    All Series G Preferred Units which shall have been issued and reacquired in any manner by the Partnership shall be deemed cancelled and no longer outstanding.

9.    Governing Law.  This Amendment shall be interpreted and enforced according to the laws of the State of Michigan.

10.    Full Force and Effect.  Except as amended by the provisions hereof, the Partnership Agreement shall remain in full force and effect in accordance with its terms and is hereby ratified, confirmed and reaffirmed by the undersigned for all purposes and in all respects.

11.    Successors/Assigns.  This Amendment shall be binding upon and shall inure to the benefit of the Partnership, the Partners and their respective legal representatives, successors and assigns.

12.    Copies.  Reproductions (photographic, facsimile or otherwise) of this Amendment may be made and relied upon to the same extent as though such reproduction was an original.

13.    Number and Gender. Where necessary or appropriate to the construction of this Agreement, the singular and plural number, and the masculine, feminine and neuter gender shall be interchangeable.

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In witness whereof, the undersigned has executed this Amendment as of the Effective Date.

GENERAL PARTNER:
                        
                        Sun Communities, Inc., a Maryland corporation    

                        By: /s/ Karen J. Dearing            
                        Name: Karen J. Dearing
                        Title:   Executive Vice President, Chief Financial Officer, 
    Secretary and Treasurer

    LOS TRES DUENOS:
    
    Los Tres Duenos LLC, a California limited liability company
    
By: Coastal Construction Co., a California corporation, its sole member
    
    By: /s/ Roger Himovitz                                        
    Name: Roger Himovitz    
    Title: President

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