Document:

EX-10.1

 Exhibit 10.1 

EMPLOYMENT AGREEMENT 

This Employment Agreement (this “Agreement”) is dated as of September 29, 2020 and is entered into by and between
International Marina Group I, LP a Texas limited partnership (the “Employment Entity”), and Baxter R. Underwood, a resident of the State of Texas (the “Executive”). 

WHEREAS, this Agreement is being entered into in connection with that certain Agreement and Plan of Merger among Safe Harbor Marinas
LLC (“Safe Harbor,” together with its affiliates, including the Employment Entity, the “Company”), Sun Communities, Inc. (“Parent”), Sun Communities Operating Limited Partnership
(“SCOLP”), and certain other parties, dated as of September 29, 2020 (the “Merger Agreement”). The effectiveness of this Agreement is conditioned upon the closing of the transactions (the “Closing”)
contemplated by the Merger Agreement within the allotted time provided therein; 
 WHEREAS, upon the Closing, the Company will be a
wholly-owned subsidiary of SCOLP but in any event will at all times during the term of this Agreement operate in accordance with the organizational structure attached as Exhibit A (the “Operating Structure”); 

WHEREAS, despite being a wholly-owned subsidiary of SCOLP, the Company will operate completely separately and independently from SCOLP;

 WHEREAS, in order to induce the Executive to enter into this Agreement, Gary A. Shiffman (“GS”) and Arthur
A. Weiss (“AW”), on behalf of Parent and SCOLP, represented to the Executive that the Company will operate completely separately and independently from SCOLP and that the Executive will have complete discretion and authority to
operate the Company, subject to the DOA (defined below) (collectively, the “Representations”); 
 WHEREAS, the
parties desire to document that the Company will operate completely separately and independently from SCOLP and that the Executive will have complete discretion and authority to operate the Company, subject to the DOA; and 

WHEREAS, the Employment Entity desires to retain the Executive and Executive desires, based on the material Representations and
reliance on the Representations, to be retained by the Employment Entity, in each case upon the terms and subject to the conditions set forth herein. 

NOW, THEREFORE, in consideration of the premises and the mutual agreements contained herein, the Employment Entity and the Executive
hereby agree as follows: 
 1. Employment. The Employment Entity hereby agrees to employ the Executive and the
Executive hereby agrees to be employed by the Employment Entity upon the terms and subject to the conditions contained in this Agreement for the period beginning on the Closing Date (as defined in the Merger Agreement) (the “Effective
Date”) and ending on March 31, 2026 (the “Initial Term”); provided, however, that commencing on March 31, 2026 and on each anniversary of such date thereafter (each, an “Extension Date”), the term
of Executive’s employment under this Agreement shall be automatically extended for an additional one (1) year period (each, a “Renewal Term”), unless the Employment Entity or the Executive provides the other at least
ninety (90) days prior written notice before the next Extension Date that the Initial Term or Renewal Term, as applicable, shall not be so extended (a “Non-Renewal Notice”). The period of
time between the Effective Date and the effective date of termination of this Agreement (the “Termination Date”) shall be referred to herein as the “Employment Period.” For the avoidance of doubt, this Agreement and
Executive’s employment shall be effective upon, and not be effective until, the Closing Date, and in the event that the Closing (as defined in the Merger Agreement) has not occurred and the Merger Agreement is terminated for any reason, this
Agreement shall automatically, and with no further action, become null and void ab initio. 
  

 2. Position and Duties. The Employment Entity shall employ the Executive
during the Employment Period as its Chief Executive Officer (“Title”). At all times during the Employment Period, the Executive shall have such responsibility and authority as is customarily given to executives with titles similar
to the Title, including the complete discretion and authority to operate the Company, subject to the DOA. The Executive shall report only to the SH Executive Committee (as hereinafter defined)) and all employees (through the Employment Entity) of
the Company shall report to the Executive. During the Employment Period, the Executive shall perform to the best of the Executive’s abilities the duties associated with the Executive’s position and shall devote the Executive’s full
business time, attention and effort to the affairs of the Company and shall use the Executive’s best efforts to promote the interests of the Company; provided, however, the Executive’s expenditure of a reasonable amount of time to the
Executive’s family, charitable and other community activities, or to the Executive’s own personal investments and projects, shall not be deemed a breach of this Agreement so long as the amount of time so devoted does not materially impair,
detract or adversely affect the performance of Executive’s duties to the Company under this Agreement. The SH Executive Committee has specifically delegated certain powers and authorities to the Executive in accordance with the terms of that
certain Delegation of Authority attached as Exhibit B (the “DOA”) and the SH Executive Committee will cooperate with the Executive to ensure that he is able to exercise such powers and authorities. 

For purposes of this Agreement, the term “SH Executive Committee” shall mean the committee formed by the Board of the Parent to oversee the
operation of the Company, subject to the DOA. Pursuant to the Charter of the SH Executive Committee attached as Exhibit C, the SH Executive Committee shall consist of three members (the “Members”), and each Member shall have
one vote. The Members of the SH Executive Committee shall initially be GS, AW and the Executive. The Executive shall have the right to appoint his successor, if any, on the SH Executive Committee. 

3. Compensation. 

(a) Base Salary. During the Employment Period, the Employment Entity shall pay to the Executive a base salary of $325,000.00 per annum
(“Base Salary”), payable in accordance with the Employment Entity’s standard payroll policy, but in no event less frequently than monthly. 

(b) Annual Bonus. The Employment Entity shall pay to the Executive an annual bonus (“Annual Bonus”) in an amount up to
100% of the Base Salary for each calendar year that the Executive is employed under this Agreement (“Bonus Year”), based on the attainment of certain goals and objectives determined by the SH Executive Committee at the beginning of
such Bonus Year. The payment of the Annual Bonus shall be made on or before March 15th of the calendar year following the Bonus Year. 
 (c)
Equity Compensation Program. Parent adopts the equity compensation program attached as Exhibit D (the “Equity Compensation Program”) to incentivize the Company’s employees. The Executive shall allocate Annual
Stock Award, as defined therein, issued under the Equity Compensation Program among the Company’s employees, including to the Executive, subject only to the terms and limitations set forth in the Equity Compensation Program. 

(d) Restricted Stock. Promptly after the Effective Date, Parent shall grant and issue to Executive 69,368 shares of the Parent’s
common stock (the “Shares”) pursuant to a restricted stock award agreement in substantially the form attached as Exhibit E (the “Restricted Stock Award Agreement”). The grant of the Shares is conditioned upon
the Executive’s execution of the standard Restricted Stock Award Agreement. 

 (e) Insurance. The Company shall provide to the Executive medical and hospitalization
insurance for himself, his spouse and eligible family members consistent with the Company’s standard policies. 
 (f) Benefit
Plans. The Executive, at his election, may participate, during his employment hereunder, in all retirement plans, 401(K) plans and other benefit plans of the Company generally available for which the Executive qualifies under the terms of such
plans (and nothing in this Agreement shall or shall be deemed to in any way affect the Executive’s right and benefits under any such plan except as expressly provided herein). Nothing contained in this Agreement shall be construed to create any
obligation on the part of the Company to establish any such plan or to maintain the existence of any such plan which may be in effect from time to time. 

(g) Annual Vacation. The Executive shall be entitled to vacation time consistent with the policies of the Company. 

(h) Expenses. The Company shall reimburse the Executive during the term of this Agreement for travel, entertainment and other expenses
as described in the policies of the Company. 
 4. Termination of Employment. The Employment Entity or the Executive
may terminate the Executive’s employment only pursuant to this Section 4. The Executive’s employment will terminate automatically upon the expiration of the Initial Term or Renewal Term, as applicable, if either party has elected not
to extend the Initial Term or Renewal Term in accordance with Section 1. Upon any termination of the Executive’s employment, the Company shall have no further obligations to the Executive under this Agreement, other than for payment of any
accrued but unpaid Base Salary, Annual Bonus, properly incurred but unreimbursed business expenses, and severance payments required under Section 4(f). Rights and benefits of the Executive under the benefit plans and programs of the Company
shall be determined in accordance with the provisions of such plans and programs. 
 (a) Death. The Executive’s employment will
terminate upon the Executive’s death. 
 (b) Disability. The Employment Entity may terminate the Executive’s employment by
reason of the Executive’s becoming subject to a Disability upon the Employment Entity providing thirty (30) days’ prior notice to Executive of its intention to terminate Executive’s employment due to his Disability. For purposes
of this Agreement, “Disability” means the Executive is unable to perform the essential functions of his position, with or without a reasonable accommodation, for a period of ninety (90) consecutive calendar days or one hundred
eighty (180) non-consecutive calendar days within any rolling twelve (12) month period. 

(c) Cause. The Employment Entity may terminate the Executive’s employment under this Agreement immediately for “Cause.”
For purposes hereof, for “Cause” shall mean: (i) a willful and intentional breach of any material provision of this Agreement (including, without limitation, the Executive’s performance of his express duties pursuant to
Section 2 above) by the Executive; provided, however, that the administrative processes, procedures and methods described in the DOA and the other exhibits hereto shall not be deemed to be material provisions (and such breach will
only constitute Cause if it continues uncured for a period of twenty (20) days after the Executive’s receipt of written notice of such breach from the SH Executive Committee); (ii) the Executive’s conviction of intentional fraud,
embezzlement or theft, whether or not involving Company; (iii) the Executive’s intentional misappropriation of any material Company assets or property; or (iv) the Executive’s conviction or the entry of a plea of guilty or no
contest by the Executive with respect to any felony. 

 (d) Without Cause. The Employment Entity may terminate the Executive’s employment
without Cause on written notice to the Executive. 
 (e) Resignation by Executive with or without Good Reason. Executive may
terminate his employment with or without Good Reason (hereinafter defined) by giving the Employment Entity thirty (30) days advance notice in writing (inclusive of the twenty (20) day notice period provided below, in the case of a
termination for Good Reason). “Good Reason” means, without prior written consent from the Executive, which consent shall be in the Executive’s sole and absolute discretion, any of the following: (i) any reduction in the
Executive’s Base Salary or Annual Bonus; (ii) a change in Executive’s Title or a diminution in Executive’s duties, authorities, or responsibilities; (iii) any Material Change (as defined below); (iv) the Employment
Entity’s (or any affiliate’s, including but not limited to the Company’s) willful and intentional breach of any material provision of this Agreement; or (v) the requirement that the Executive either relocate his principal place
of employment to a location more than ten (10) miles from the Company’s headquarters’ location as of the date hereof or travel out-of-town more than an
average of six (6) nights per month during a three month period; provided, however, that such condition remains uncured for a period of twenty (20) days after the Employment Entity receives from Executive a reasonably
detailed notice setting forth the condition constituting Good Reason. 
 (f) Severance Benefits. In the event the Employment Entity
terminates the employment of Executive without Cause, the Executive resigns his employment for Good Reason or the Company sends a Non-Renewal Notice, then the Employment Entity shall pay to the Executive, in
addition to any amounts payable under this Section 4, severance payments in the form of continued Base Salary, at Executive’s Base Salary as then in effect, for an eighteen (18) month period following the Termination Date (the
“Severance Payments”). The Severance Payments will be made pursuant to the Employment Entity’s payroll payment schedule then in effect commencing on the Termination Date. Notwithstanding anything to the contrary in this
Section 4, the Employment Entity’s obligation to pay, and the Executive’s right to receive, the Severance Payments shall terminate upon the Executive’s breach of any provision of Section 8 hereof and the Executive’s
failure to cure such breach within the cure period provided in Section 8 hereof. In addition, the Executive shall promptly forfeit and immediately return to the Company any Severance Payments received from the Company upon the Executive’s
breach of any provision of Section 8 hereof and the Executive’s failure to cure such breach within the cure period provided in Section 8 hereof. 

(g) Requirement of Release. As a condition precedent to receiving any Severance Payments, Executive must execute (without revocation) a
commercially reasonable separation agreement in a form to be provided by the Company (the “Release”), such Release to include a general release of claims in favor of both the Company and the Executive. The Release must be effective
and irrevocable prior to the sixtieth (60th) day following the Executive’s last day of employment. 
 (h) Stock Awards; Lockup.
All vested restricted shares awarded to the Executive, including, without limitation, the vested Shares under the Restricted Stock Award Agreement and any vested Annual Stock Award allocated to the Executive, shall not be affected by the
Executive’s termination for Cause. In the event the Company terminates the employment of the Executive without Cause or the Company sends a Non-Renewal Notice, or if the Executive resigns his employment
for Good Reason and the Executive does not elect a Good Reason Opt Out (as defined below): (i) all unvested stock options and other unvested stock based compensation awarded to the Executive, including, without limitation, the unvested Shares under
the Restricted Stock Award Agreement and any unvested Annual Stock Award allocated to the Executive, shall become fully vested and immediately exercisable, and (ii) the Executive shall be relieved of all transfer restrictions imposed by that
certain lockup agreement executed by the Executive in connection with the Closing, including but not limited to any Shares granted under the Restricted Stock Award Agreement (the “Lockup Restrictions”). Notwithstanding anything to
the contrary herein, if the Executive breaches any provision of Section 8 hereof and fails to cure such breach within the 

 
cure period provided in Section 8 hereof, (x) all unvested shares of Parent common stock that vested as a result of Section 4(h)(i) (the “Accelerated Shares”)
shall not vest or if vested shall be automatically forfeited to Parent, (y) the Lockup Restrictions shall be automatically reinstated, and (z) the Executive shall promptly return to Parent any
after-tax gains resulting from the Executive’s sale of any Accelerated Shares or the Executive’s sale of any shares of Parent common stock awarded under the Restricted Stock Award Agreement during
the interim period during which the Lockup Restrictions were otherwise lifted. For the avoidance of doubt, the partnership units in SCOLP acquired by the Executive at the Closing in consideration for the rollover of his equity in the Company shall
not be subject to or bound by this Agreement. 
 (i)  Right to Decline Severance Payments. In the event that the Company terminates
the Executive’s employment without Cause, or the Executive resigns his employment for Good Reason or the Company sends a Non-Renewal Notice, the Executive, in his sole and absolute discretion, may decline
the Severance Payments by written notice to the Employment Entity on or before the thirtieth (30th) day after the Termination Date (a “Good Reason Opt Out”), in which event the
Employment Entity shall have no obligation to make the Severance Payments and Executive shall be relieved of the restrictions imposed by Section 8 of this Agreement and such Section 8 shall automatically and with no further action become
null and void and of no further force and effect. In addition, upon a Good Reason Opt Out: (i) no unvested stock options or other unvested stock based compensation awarded to Executive shall accelerate under Section 4(h), and
(ii) Executive shall not be relieved of any Lockup Restrictions that may otherwise be in place at the time. 
 (j) Definitions.
For purposes hereof, “Material Change” means: (i) any change, in form or practice (other than a Permissible Change (hereinafter defined)), to the Operating Structure; (ii) any change (other than a Permissible Change) to
the function, purpose, or Charter of the SH Executive Committee; (iii) Parent’s replacement of either GS or AW on the SH Executive Committee without the prior written consent of the Executive, provided that, if such replacement results
from either GS or AW no longer serving on the Board of Directors of Parent, such replacement shall not constitute a Material Change; (iv) a change to the DOA, in form or practice (other than a Permissible Change); (v) a change to the Equity
Compensation Program (other than a Permissible Change); (vi) in form or practice, any change to any of the Company’s name, brand, auditors or lawyers, without the prior written consent of the Executive; (vii) any change to the current
management, operations or policies of the Company without the Executive’s prior written consent; or (viii) without the prior written consent of the Executive, any attempt, in form or in practice, to subject the Executive, or the Employment
Entity’s employees or positions listed below the Company in the Operating Structure, to have reporting responsibility, responsibility or authority outside of those directly implied by the Operating Structure. 

For purposes hereof, “Permissible Change” means any change to the Operating Structure, the Charter of the SH Executive Committee, the DOA or
the Equity Compensation Program, as applicable, that is either (i) approved by the Executive, or (ii) required as a result of changes in applicable law; provided that, with respect to a change to the Equity Compensation Program, the
Executive shall approve such change unless he anticipates, in his sole and absolute discretion, a material negative impact to the Company’s future performance as a result of such proposed change. 

5. Compensation Upon Death or Disability. 

(a) In the event of termination of the Executive’s employment under this Agreement due to the Executive’s Disability or death,
(i) the Executive (or his successors and assigns in the event of his death) shall be entitled to any accrued and unpaid Base Salary, Annual Bonus and benefits through the Termination Date, prorated for the number of days actually employed in
the then current calendar year, which shall be paid by the Employment Entity to the Executive or his successors and assigns, as appropriate, 

 
within thirty (30) days of the Termination Date (or such later date as may be required in order to determine the amount of any Annual Bonus due to the Executive but in no event later than
March 15th of the calendar year following the calendar year that Executive’s employment is terminated), and (ii) the Employment Entity shall pay the Executive monthly an amount equal to one-twelfth
(1/12) of the Base Salary (at the rate that would otherwise have been payable under this Agreement) for a period of up to twenty four (24) months (the “Disability Payment”); provided, however, that payments so made to the
Executive shall be reduced by the sum of the amounts, if any, which: (i) were paid to the Executive at or prior to the time of any such payment under disability benefit plans of the Company and (ii) did not previously reduce the Base
Salary, Annual Bonus and other benefits due the Executive under Section 3 of this Agreement. Notwithstanding the foregoing, the Company or Employment Entity, as applicable, in its sole discretion, may elect to make the Disability Payment to the
Executive in one lump sum due within thirty (30) days of the Executive’s termination of employment. 
 (b) In the event of
termination of the Executive’s employment under this Agreement due to the Executive’s Disability, the Executive, in his sole and absolute discretion, may decline the Disability Payment by written notice to the Company prior to the payment
of any portion of the Disability Payment, in which event the Employment Entity shall have no obligation to make the Disability Payment and Executive shall be relieved of the restrictions imposed by Section 8 of this Agreement. Notwithstanding
anything in this Agreement to the contrary, in the event that the Executive declines the Disability Payment in accordance with this Section 5(b), Section 8 this Agreement shall become null and void and of no further force and effect. 

(c) Notwithstanding anything to the contrary in this Section 5, the Employment Entity’s obligation to pay, and the Executive’s
right to receive, any compensation under this Section 5 shall terminate upon the Executive’s breach of any provision of Section 8 hereof and such breach is not cured prior to the expiration of the cure period provided in
Section 8 hereof. In addition, the Executive shall promptly forfeit and immediately return to the Company any compensation received from the Company or Employment Entity under this Section 5 upon the Executive’s breach of any
provision of Section 8 hereof and such breach is not cured prior to the expiration of the cure period provided in Section 8 hereof. 

6. Effect of Change in Control. 

(a) The Company or Employment Entity, as applicable, or its successor shall pay the Executive the Change in Control Benefits (as defined
below) if there has been a Change in Control (as defined below) and any of the following events has occurred: (i) the Executive’s employment under this Agreement is terminated without Cause or the Executive terminates his employment with
Good Reason at any time within twenty-four (24) months after the Change in Control, (ii) upon a Change in Control under Section 6(g)(ii), the Company or Employment Entity, as applicable, or its successor does not expressly assume all
of the terms and conditions of this Agreement, (iii) there are less than twenty-four (24) months remaining under the term of this Agreement, or (iv) the successor fails to expressly assume this Agreement. 

(b) For purposes of this Agreement, the “Change in Control Benefits” shall mean the following benefits: 

(i) A cash payment equal to two and 99/100 (2.99) times the Base Salary in effect on the date of such Change in Control, payable within sixty
(60) days of the Change in Control or, in the event that the cessation of Executive’s employment hereunder triggers the Change in Control Benefits, payable within thirty (30) days after such cessation of employment; and 

(ii) Continued participation in all employee welfare plan benefits in which Executive is participating on the date of Executive’s
termination of employment, until the earlier of (i) one 

 
year following the Termination Date, or (ii) the date on which Executive becomes covered under any other group health plan. The continuation of group health plan coverage during this
extended period will run concurrently with COBRA coverage. Executive will promptly notify the Company upon commencement of participation in another employer’s group health plan. 

(c) Notwithstanding anything to the contrary herein, (i) in the event that the Executive’s employment under this Agreement is
terminated without Cause or the Executive terminates his employment with Good Reason within sixty (60) days prior to a Change in Control, such termination shall be deemed to have been made in connection with the Change in Control and the
Executive shall be entitled to the Change in Control Benefits; and (ii) in the event that the Executive’s employment under this Agreement is terminated by the Employment Entity or its successor without Cause after a Change in Control and
the Executive was not already entitled to the Change in Control Benefits under Section 6(a)(iii), the Employment Entity or its successor shall pay the Executive an amount equal to the difference between the Change in Control Benefits and the
amounts actually paid to the Executive under this Agreement after the Change in Control but prior to his termination. 
 (d) The Change in
Control Benefits are in addition to the acceleration of the vesting of, and the extension of the time for exercise of, stock options as a result of the Change in Control. 

(e) Notwithstanding anything to the contrary contained herein, in the event it shall be determined that any compensation payment or
distribution by the Company or Employment Entity, as applicable, to or for the benefit of the Executive would be subject to the excise tax imposed by Section 4999 of the Internal Revenue Code of 1986, as amended (the “Code”),
the Change in Control Benefits will be reduced to the extent necessary so that no excise tax will be imposed, but only if to do so would result in the Executive retaining a larger amount, on an after-tax
basis, taking into account the excise and income taxes imposed on all payments made to the Executive hereunder. 
 (f) The Company or
Employment Entity, as applicable, shall pay to the Executive all reasonable legal fees and expenses incurred by the Executive in obtaining or enforcing any right or benefit provided by this Section 6, but only to the extent that the Company or
Employment Entity, as applicable, is determined to be liable to the Executive for breach of this Section 6 as a part of a final judgment on the merits pursuant to binding arbitration. 

(g) For purposes of this Agreement, a “Change in Control” shall be deemed to have occurred: 

(i) if any person or group of persons acting together (other than (a) the Company, SCOLP or any person (I) who as of the date
hereof was a director or officer of Parent, or (II) whose shares of Common Stock of the Parent are treated as “beneficially owned” by any such director or officer, or (b) any institutional investor (filing reports under
Section 13(g) rather than 13(d) of the Securities Exchange Act of 1934, as amended, including any employee benefit plan or employee benefit trust sponsored by the Parent)), becomes a beneficial owner, directly or indirectly, of securities of
the Parent or the Company representing fifty percent (50%) or more of either the then-outstanding Common Stock of the Parent or the Company or the combined voting power of the Parent’s or the Company’s then-outstanding voting securities
(other than as a result of an acquisition of securities directly from the Parent or the Company); 
 (ii) if the Company or SCOLP sells all
or substantially all of its assets to any person (other than a wholly-owned subsidiary formed for the purpose of changing the corporate domicile); 

 (iii) if the Company or SCOLP merges or consolidates with another person as a result of which
the shareholders of the Parent or the Company immediately prior to such merger or consolidation would beneficially own (directly or indirectly), immediately after such merger or consolidation, securities of the surviving entity representing less
than fifty percent (50%) of the then outstanding voting securities of the surviving entity; or 
 (iv) if the new directors appointed to
the Board of Parent during any twelve-month period constitute a majority of the members of the Board of Parent, unless (I) the directors who were in office for at least twelve (12) months prior to such twelve-month period (the
“Incumbent Directors”) plus (II) the new directors who were recommended or appointed by a majority of the Incumbent Directors constitutes a majority of the members of the Board of Parent. 

For purposes of this Section 6(g), a “person” includes an individual, a partnership, a corporation, an association, an
unincorporated organization, a trust or any other entity. Notwithstanding anything to the contrary herein, the conversion of the Company from a limited liability company to a corporation to effectuate an initial public offering of shares of capital
stock of the Company (or its successor) shall not constitute a Change in Control. 
 7. Federal and State Withholding;
Section 409A. 
 (a) The Employment Entity shall deduct from the amounts payable to the Executive
pursuant to this Agreement the amount of all required federal, state and local withholding taxes in accordance with the Executive’s Form W-4 on file with the Employment Entity, and all applicable federal
employment taxes. 
 (b) Each payment of the severance shall be deemed a “separate payment” for purposes of Section 409A of
the Internal Revenue Code of 1986, as amended, and the regulations promulgated thereunder (“Section 409A”). Notwithstanding anything contained herein to the contrary, to the extent required to avoid accelerated
taxation or tax penalties under Section 409A, Executive shall not be considered to have terminated employment for purposes of this Agreement and no payments shall be due to Executive under this Agreement that are payable upon Executive’s
termination of employment until Executive would be considered to have incurred a “separation from service” from the Company or Employment Entity, as applicable, within the meaning of Section 409A. If the Executive is deemed on the
date of termination to be a “specified employee” within the meaning of that term under Section 409A(a)(2)(B), then with regard to any payment or the provision of any benefit that is considered deferred compensation under
Section 409A payable on account of a “separation from service,” such payment or benefit shall not be made or provided until the date which is the earlier of (i) the expiration of the six (6)-month period measured from the date of
such “separation from service” of the Executive, and (ii) the date of the Executive’s death, to the extent required under Section 409A. Upon the expiration of the foregoing delay period, all payments and benefits delayed
pursuant to this Section 7 (whether they would have otherwise been payable in a single sum or in installments in the absence of such delay) shall be paid or reimbursed to the Executive in a lump sum, and any remaining payments and benefits due
under this Agreement shall be paid or provided in accordance with the normal payment dates specified for them herein. 
 (c) The parties
intend that all payments and benefits under this Agreement comply with or be exempt from Section 409A and this Agreement shall be interpreted in a manner consistent with such intent. If either party determines, upon the reasonable opinion of
its tax counsel, that Section 409A will result in adverse tax consequences to the Executive as a result of this Agreement, then the Executive and Employment Entity shall renegotiate this Agreement in good faith in order to minimize or eliminate
such tax consequences and retain, to the maximum extent possible, the basic after-tax economics of this Agreement for the Executive. 

 8. Restrictive Covenants. 

(a) Noncompetition; Non-Interference. During the Employment Period and, subject to
Section 4(i) and Section 5(b), for the eighteen (18) month period following the Termination Date (the “Restricted Period”), the Executive shall not, directly or indirectly through any other Person, engage in, enter
the employ of, render any services to, have any ownership interest in, nor participate in the financing, operation, management or control of, all or any portion of the marina business (collectively, the “Business”), anywhere in the
Restricted Territory. Nothing herein shall prohibit Executive from passively owning two percent (2%) of the outstanding stock of any publicly traded company engaged in the Business. During the Restricted Period, Executive shall not take any action
that is designed or intended to have the effect of causing any lessor, licensor, customer, supplier or other business associate of the Company to negatively alter its business relationship to the detriment of the Company after the date hereof as
such Person maintained with the Company prior to the date hereof. “Person” means an individual, partnership, corporation, limited liability company, association, joint stock company, trust, joint venture, unincorporated
organization, other business entity or any governmental, regulatory or administrative body, agency, commission or authority, any court or judicial authority, tribunal, any arbitrator or any other public authority, body or organization, whether
foreign, federal, state or local. As used in this Agreement, “Restricted Territory” means the continental United States of America and Canada. 

(b) Non-Solicitation of Employees. During the Restricted Period, Executive shall not, without
the Company’s consent, directly or indirectly, through any person, call upon or solicit for employment any person employed by the Company on the Termination Date or within six (6) months prior to the Termination Date. 

(c) Confidentiality. The Executive hereby acknowledges, confirms and agrees to comply with the confidentiality obligations under the
Safe Harbor Employee Handbook (Rev. 07/2020) and the Safe Harbor Code of Ethics & Business Conduct. Any material changes to the confidentiality obligations under the Safe Harbor Employee Handbook (Rev. 07/2020) and the Safe Harbor Code of
Ethics & Business Conduct shall require the prior written approval of the SH Executive Committee. 
 (d) Injunctive Relief with
Respect to Covenants. Executive acknowledges and agrees that the covenants and obligations of Executive with respect to noncompetition, nonsolicitation and confidentiality, as the case may be, set forth herein relate to special, unique and
extraordinary matters and that a violation or threatened violation of any of the terms of such covenants or obligations will cause the Company irreparable injury for which adequate remedies are not available at law. Therefore, Executive agrees, to
the fullest extent permitted by applicable law, that the Company shall be entitled to seek an injunction, restraining order or such other equitable relief (without the requirement to post bond) restraining such Executive from committing any
violation of the covenants or obligations contained in this Section 8. These injunctive remedies are cumulative and are in addition to any other rights and remedies the Company may have at law or in equity. 

(e) Unenforceable Restriction. It is expressly understood and agreed that although Executive and the Company consider the restrictions
contained in this Section 8 to be reasonable and necessary to protect the legitimate business interests of the Company, if a final determination is made by an arbitrator to whom the parties have assigned the matter or a court of competent
jurisdiction that any restriction contained in this Agreement is an unenforceable restriction against Executive, the provisions of this Agreement shall not be rendered void but shall be reformed to apply as to such maximum time and to such maximum
extent as such arbitrator or court may determine or indicate to be enforceable. Alternatively, if such arbitrator or court finds that any restriction contained in this Agreement is unenforceable, and such restriction cannot be reformed so as to make
it enforceable, such finding shall not affect the enforceability of any of the other restrictions contained herein. 

 (f) Defend Trade Secrets Act. Under the Defend Trade Secrets Act of 2016, the Company
hereby provides notice and Executive hereby acknowledges that Executive may not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that (i) is made (A) in confidence to a
federal, state, or local government official, either directly or indirectly, or to an attorney; and (B) is solely for the purpose of reporting or investigating a suspected violation of law; or (ii) is made in a complaint or other document
filed in a lawsuit or other proceeding, if such filing is made under seal. 
 (g) Replacement of Prior Restrictive Covenants. The
Parent and the Company agree and acknowledges that the restrictive covenants contained in this Section 8 are intended to amend and replace all previous restrictive covenants that are binding on the Executive and may have been assignable to the
Company, including but not limited to those restrictive covenants set forth in the Non-Competition, Non-Solicitation and
Non-Disclosure Agreement, dated as of January 14, 2016, by and between the Executive and Safe Harbor (the “Previous Restrictive Covenant Agreement”). The Company or Employment Entity, as
applicable, agrees and acknowledges that the Previous Restrictive Covenant Agreement is null and void and of no further force and effect. 

(h) Notice and Cure. In the event that the Company believes that the Executive has violated this Section 8, the Company shall
provide the Executive with written notice of such alleged breach and the Executive shall not be deemed to have breached this Section 8 if actions or conduct giving rise to the alleged breach (if capable of being cured) are fully remedied within
three (3) days of the Executive’s receipt of such notice. 
 9. Disputes. The parties agree that any and all
disputes, controversies or claims of any nature whatsoever relating to, or arising out of, this Agreement or Executive’s employment, whether in contract, tort, or otherwise (including, without limitation, claims of wrongful termination of
employment, claims under Title VII of the Civil Rights Act, the Fair Labor Standards Act, the Americans with Disabilities Act, the Age Discrimination in Employment Act, or comparable state or federal laws, and any other laws dealing with
employees’ rights and remedies), shall be settled by mandatory arbitration administered by the Judicial Arbitration & Mediation Services, Inc. pursuant to its Employment Arbitration Rules & Procedures (the
“Rules”) and the following provisions: (A) a single arbitrator (the “Arbitrator”), mutually agreeable to the Company and Executive, shall preside over the arbitration and shall make all decisions with respect
to the resolution of the dispute, controversy or claim between the parties; (B) in the event that the Company and Executive are unable to agree on an Arbitrator within fifteen (15) days after either party has filed for arbitration in
accordance with the Rules, they shall select a truly neutral arbitrator in accordance with the rules for the selection of neutral arbitrators, who shall be the “Arbitrator” for the purposes of this Section 9; (C) the place of
arbitration shall be Dallas, Texas unless mutually agreed otherwise; (D) judgment may be entered on any award rendered by the Arbitrator in any federal or state court having jurisdiction over the parties; (E) all fees and expenses of the
Arbitrator shall be subject to JAMS Employment Arbitration Rules & Procedures; (F) the decision of the Arbitrator shall govern and shall be conclusive and binding upon the parties; (G) the parties shall be entitled to reasonable
levels of discovery in accordance with the Federal Rules of Civil Procedure or as permitted by the Arbitrator; and (H) this provision shall be enforceable by specific performance and/or injunctive relief, and shall constitute a basis for
dismissal of any legal action brought in violation of the duty to arbitrate. The parties hereby acknowledge that it is their intent to expedite the resolution of any dispute, controversy or claim hereunder if the circumstances, dispute, controversy,
claim and schedules of the parties lend themselves to an expedited resolution and that the Arbitrator shall schedule the timing of discovery and of the hearing consistent with that intent. Notwithstanding anything to the contrary herein, nothing
contained in this Section shall be construed to preclude Company from obtaining injunctive or other equitable relief to secure specific performance or to otherwise prevent Executive’s breach of Section 8 of this Agreement. 

 10. Enforcement. The parties hereto agree that the Company and the Executive
would be damaged irreparably in the event that any provision of this Agreement were not performed in accordance with its terms or were otherwise breached and that money damages would be an inadequate remedy for any such nonperformance or breach.
Accordingly, the Company and its successors and permitted assigns shall be entitled, in addition to other rights and remedies existing in their favor, to an injunction or injunctions or other equitable relief from any court of competent jurisdiction
to prevent any breach or threatened breach of any of such provisions and to enforce such provisions specifically (without posting a bond or other security). 

11. Cooperation in Future Matters. Unless the Executive exercises a Good Reason Opt Out, the Executive hereby agrees
that, for a period of eighteen (18) months following his termination of employment for any reason whatsoever, he shall cooperate with the Company’s reasonable requests relating to matters that pertain to the Executive’s employment by
the Company, including, without limitation, providing information or limited consultation as to such matters, participating in legal proceedings, investigations or audits on behalf of the Company, or otherwise making himself reasonably available to
the Company for other related purposes. Any such cooperation shall be performed at scheduled times taking into consideration the Executive’s other commitments, and the Executive shall be compensated at a reasonable hourly or per diem rate to be
agreed upon by the parties to the extent such cooperation is required on more than an occasional and limited basis. The Executive shall not be required to perform such cooperation to the extent it conflicts with any requirements of exclusivity of
services for another employer or otherwise, nor in any manner that in the good faith belief of the Executive would conflict with his rights under or ability to enforce this Agreement. 

12. Representations and Covenants of Employing Entity and Parent. The Employing Entity and Parent each represents to the
Executive that it has the requisite corporate power and authority to enter into this Agreement and will be bound by the provisions hereof. The Employing Entity and Parent further agree to cause all of their respective Affiliates (other than the
Executive) to comply with and not directly or indirectly cause such parties to breach this Agreement. 
 13. Survival.
Sections 4 through 21 of this Agreement shall survive and continue in full force and effect in accordance with their respective terms, notwithstanding any termination of the Employment Period. 

14. Notices. All notices, requests, demands, waivers and other communications required or permitted to be given under
this Agreement to any party hereunder shall be in writing and deemed given if addressed as provided below (or at such other address as the addressee shall have specified by notice actually received by the addressor) and if either (a) actually
delivered in fully legible form, to such address, (b) in the case of any nationally recognized overnight express mail service, one day shall have elapsed after the same shall have been deposited with such service, or (c) if by email, on
the day on which such email was sent. 
 If to the Employment Entity: 

Safe Harbor Marinas LLC 
 14785
Preston Road, 9th Floor 
 Dallas, Texas 75254 

Attn: Legal 
 Email:
notices@shmarinas.com 

 And to 

c/o Sun Communities, Inc. 
 27777
Franklin Road, Suite 200 
 Southfield, Michigan 48034 

Attn: Gary A. Shiffman 
 Email:
gshiffman@suncommunities.com 
 With a copy (which shall not constitute notice) to: 

Jaffe, Raitt, Heuer & Weiss, P.C. 

27777 Franklin Road, Suite 2500 

Southfield, Michigan 48034 
 Attn:
Jeffrey M. Weiss, Esq. 
 Email: jweiss@jaffelaw.com 

If to the Executive: 
 Baxter R.
Underwood at the address and email on file with the Employment Entity 
 With a copy (which shall not constitute notice) to: 

Bell Nunnally & Martin LLP 

2323 Ross Avenue, Suite 1900 

Dallas, Texas 75201 
 Attn:
Kristopher D. Hill, Esq. 
 Email: khill@bellnunnally.com 

15. Severability. Whenever possible, each provision of this Agreement shall be interpreted in such manner as to be
effective and valid under applicable law, but if any provision of this Agreement is held to be invalid, illegal or unenforceable in any respect under applicable law or rule in any jurisdiction, such invalidity, illegality or unenforceability shall
not affect the validity, legality or enforceability of any other provision of this Agreement or the validity, legality or enforceability of such provision in any other jurisdiction, but this Agreement shall be reformed, construed and enforced in
such jurisdiction as if such invalid, illegal or unenforceable provision had never been contained herein. 
 16. Entire
Agreement. This Agreement constitutes the entire agreement and understanding between the parties with respect to the subject matter hereof and supersedes and preempts any prior understandings, agreements or representations by or between the
parties, written or oral, which may have related in any manner to the subject matter hereof including, but not limited to any other understandings, agreements or representations between Executive and the Company or any subsidiary or affiliate of the
Company. 
 17. Successors and Assigns. This Agreement shall be enforceable by the Executive and the Executive’s
heirs, executors, administrators and legal representatives, and by the Company and its successors and assigns. 
 18. Governing
Law; Forum. This Agreement shall be governed by and construed and enforced in accordance with the internal laws of the State of Texas without regard to principles of conflict of laws. 

19. Amendment and Waiver. The provisions of this Agreement may be amended or waived only by the written agreement of the
Employment Entity, the Executive and Parent as an intended third-party beneficiary of this Agreement, and no course of conduct or failure or delay in enforcing the provisions of this Agreement shall affect the validity, binding effect or
enforceability of this Agreement. 

 20. Counterparts. This Agreement may be executed in multiple counterparts,
each of which shall be deemed to be an original and all of which together shall constitute one and the same instrument. 
 21.
Attorneys’ Fees. In the event that either party hereto brings an action, arbitration or other proceeding to enforce or interpret the terms and provisions of this Agreement, the prevailing party in that action, arbitration or
proceeding shall be entitled to have and recover from the non-prevailing party all such fees, costs and expenses (including, without limitation, all court costs and reasonable attorneys’ fees) as the
prevailing party may suffer or incur in the pursuit or defense of such action, arbitration or proceeding. 
 [Signature Page Follows]

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first written
above. 
  

			
	EMPLOYMENT ENTITY:
	
	 INTERNATIONAL MARINA GROUP I, LP,
 a
Texas limited partnership

 
			
		
	By:	 	 /s/ John Ray

 
			
	Name:	 	John Ray
	Title:	 	General Counsel

 
			
	
	EXECUTIVE:
	
	 /s/ Baxter R. Underwood

	BAXTER R. UNDERWOOD

 For purposes of Sections 3(c), 3(d), 4(h), 6, 12 and 19 only: 

SUN COMMUNITIES, INC. 
  

			
	By:	 	 /s/ Gary Shiffman

	Name:	 	Gary Shiffman
	Title:	 	Chief Executive Officer
	
	SAFE HARBOR MARINAS LLC

			
		
	By:	 	 /s/ John Ray

	Name:	 	John Ray
	Title:	 	General Counsel

 EXHIBIT D 

Equity Compensation Program 
 In
March of each calendar year during the term of the Employment Agreements, the SH Executive Committee will measure management’s equity incentive (the “Annual Stock Award”) by the product of: 

 

	 	a)	 50,000 shares of SUI common stock (“Threshold Stock Award”); and, 

 

	 	b)	 A percentage (“Stock Award Multiplier”), calculated as the sum of the: 

 

	 	i.	 Same Store Growth Multiplier Incentive Percentage 

 

	 	ii.	 Acquisitions Performance Multiplier Incentive Percentage 

 

	 	iii.	 Acquisitions Volume Multiplier Incentive Percentage 

Based on the following grid: 
  

											
	 Contributing Category
	  	Level	  	Performance Level	 	 	Incentive Percentage	 
	 Same Store Growth Multiplier
	  	Threshold	  	 	3 4.0% to < 5.0%	 	 	 	33 .3	% 
		  	Target	  	 	3 5.0% to < 6.0%	 	 	 	50 .0	% 
		  	Max	  	 	3 6.0%	 	 	 	66 .7	% 
	 Acquisitions Performance Multiplier
	  	Threshold	  	 	3 97% to < 99%	 	 	 	33 .3	% 
		  	Target	  	 	3 99% to < 102%	 	 	 	50 .0	% 
		  	Max	  	 	3 102%	 	 	 	66 .7	% 
	 Acquisitions Volume Multiplier
	  	Proportionate	  	3	 $150mm to < $500mm	 	 	 
	(Acquisitions $s /
$500mm)*(2/3)	
 
		  	Max	  	 	3 $500mm	 	 	 	66 .7	% 

 The Threshold Stock Award shall be adjusted each calendar year for stock splits, reverse stock splits and common stock
distributions occurring during the previous calendar year. 
 Shares of common stock distributed as part of the Annual Stock Award shall: 

 

	 	•	 	 vest ratably over a vesting period of three (3) years, and 

 

	 	•	 	 be distributed by the SH Executive Committee to management of Safe Harbor through Baxter R. Underwood and Gavin
T. McClintock in the same timely manner as for SUI management. 

 The Annual Stock Award will be distributed by BRU and GTM to management
of SHM broadly, with no more than 20% of such shares being distributed annually to BRU and GTM (together). 
 All shares issued under the Annual Stock Award
that have vested cannot be clawed back except in the event of “bad boy” acts regardless of whether or not the recipient remains continuously employed by SUI or its affiliates through Safe Harbor and its affiliates. For the avoidance of
doubt, except as otherwise provided in SUI’s 2015 Equity Incentive Plan, all unvested shares will be forfeited upon the termination of a recipient’s employment. 

For the purposes of calculating the above described Annual Stock Award, please note the following operative definitions: 

 

	 	•	 	 “NOI” means, for any period, for any marina or other business entity, the sum of the following (without
duplication and determined on a consistent basis with prior periods, including on a consistent basis with the financial statements of Safe Harbor and its subsidiaries prior to the closing of the merger between SCOLP and Safe Harbor):

	 	i.	 rents and other revenues received or earned in the ordinary course of business (including, without limitation,
revenue received or earned in respect of service and repair of marine vessels, cabin and boat rentals, brokerage and referral fees, commercial lease income, retail sales, fuel sales, restaurant sales, and other property related use fees or income)
from or in connection with such marina or other business entity (including proceeds of rent loss (but not in excess of the rent otherwise payable) or business interruption insurance but excluding pre-paid
rents and revenues and security deposits except to the extent applied in satisfaction of tenants’ obligations for rent), and below market leases, minus 

  

	 	ii.	 all costs of goods sold and other expenses paid (excluding interest expense, income taxes, depreciation and
amortization (for the avoidance of doubt including any capital expenditures, determined in accordance with GAAP (consistent with historical audited financials of Safe Harbor)), audit costs, software and technology costs, non-cash expenses and other corporate-level marketing, legal and professional fees, but including an appropriate accrual for expenses related to the ownership, operation or maintenance of such marina or other
business or entity during the relevant period (including but not limited to ground lease rent, property taxes, assessments and the like, insurance, utilities, payroll costs, maintenance, repair and landscaping expenses, local marketing expenses, and
general and other property-level administrative expenses (including property-level legal, accounting, advertising, marketing and other expenses incurred in connection with such marina or other business or entity, but specifically excluding general
corporate-level overhead expenses of Safe Harbor or any subsidiary and any property management fees))). Notwithstanding anything herein to the contrary, and for the avoidance of doubt, the NOI of any marina or other business or entity owned or
controlled (directly or indirectly) by Safe Harbor or any subsidiary shall be applied in all Equity Compensation Plan calculations solely as described in this Exhibit B including but not limited to the NOI of all taxable REIT subsidiaries formed for
Safe Harbor operations. (“TRS”). 

 Equity compensation under the Equity Compensation Plan and other cash
bonuses associated with SH Executive Committee approved corporate incentive programs will be excluded from expenses for purposes of determining NOI. All intracompany revenues and expenses among any Safe Harbor entities that are eliminated in
consolidation shall be disregarded for purposes of determining NOI. 
  

	 	•	 	 “Same Store Growth” means, for any calendar year, for any marina or other business or entity that is
owned by Safe Harbor for all of the preceding calendar year, the NOI growth rate between such calendar year and the preceding calendar year on a comparable reporting basis (applying GAAP as applicable and adopting new FASB pronouncements from time
to time, such as ASC 842). For the avoidance of doubt, in determining Same Store NOI Growth, only properties included in the portfolio for the entire preceding calendar year will be included in the pool criteria. For example, a property purchased in
June 2020, would be included in the same store pool when measuring 2022 growth, given that it will be owned for full 2021 calendar year to calculate growth in 2022, but would not be included in the same store pool when measuring 2021 growth. For the
avoidance of doubt, for the purpose of calculating Same Store Growth, there will not be a charge for budgeted capital expenditures intended to drive NOI growth (“Growth Capex”), but such Growth Capex will be approved by the SH Executive
Committee in its sole discretion. 

	 	•	 	 “Acquisitions Performance” means, for any marina or other business or entity that is acquired by Safe
Harbor, the actual NOI for the period between the closing of such acquisition and the conclusion of the first full calendar year, divided by the SH Executive Committee approved underwritten NOI for the period between the closing of such acquisition
and the conclusion of the first full calendar year. For the avoidance of doubt, after any marina or other business or entity has been owned by Safe Harbor for at least one full calendar year, it will no longer be included in the Acquisitions
Performance category and will instead be included in the Same Store Growth category. Further, for bolt-on acquisitions where the financials are combined with an existing marina or other business or entity, it
will be assumed that the Acquisitions Performance is equal to 100%, and the bolt-on’s underwritten NOI will be deducted from the most recently completed calendar year’s NOI for purposes of
calculating Same Store Growth (to avoid duplication). 

  

	 	•	 	 “Acquisitions Volume” means, for any period, the average annualized aggregate gross purchase price for
the acquisition of any marina or other business or entity that is closed by Safe Harbor after the closing (without regard to the closings to occur for the delayed consent properties) of the merger between SCOLP and Safe Harbor, between the closing
of the merger between SCOLP and Safe Harbor and the end of the applicable period. For the avoidance of doubt, Acquisitions will include closing costs and budgeted capital expenditures for acquisitions (“Acquisition Capex”).

 Example Calculation 

 

																																																	
	 	  	  
 Date of

Acquisition
	 	  	  
 Acquisition

Value
	 	  	  

Year 0 Measurement Period
	 	  	  

Underwritten

Year 0 NOI
	 	  	  
 Year 0

Actual NOI
	 	  	  

Actual to U/W

Year 0 NOI

Comparison
	 	 	  

Year 1 Measurement Period
	 	  	  

Underwritten

Year 1 NOI
	 	  	  
 Year 1

Actual NOI
	 	  	  

Actual to U/W

Year 1 NOI

Comparison
	 
	 	  	 Start
	 	  	 End
	 	 	 Start
	 	  	 End
	 
	 Acquisition #1
	  	 	Feb-21	 	  	 	50.0	 	  	 	Feb-21	 	  	 	Dec-21	 	  	 	3.5	 	  	 	3.4	 	  	 	98.0	% 	 	 	Jan-22	 	  	 	Dec-22	 	  	 	3.5	 	  	 	3.6	 	  	 	101.0	% 
	 Acquisition #2
	  	 	Mar-21	 	  	 	40.0	 	  	 	Mar-20	 	  	 	Dec-21	 	  	 	2.6	 	  	 	2.7	 	  	 	104.0	% 	 	 	Jan-22	 	  	 	Dec-22	 	  	 	2.8	 	  	 	2.8	 	  	 	102.0	% 
	 Acquisition #3
	  	 	Aug-21	 	  	 	27.5	 	  	 	Aug-20	 	  	 	Dec-21	 	  	 	2.2	 	  	 	2.2	 	  	 	99.0	% 	 	 	Jan-22	 	  	 	Dec-22	 	  	 	2.2	 	  	 	2.2	 	  	 	100.0	% 
	 Acquisition #4
	  	 	Oct-21	 	  	 	75.0	 	  	 	Oct-20	 	  	 	Dec-21	 	  	 	5.6	 	  	 	5.7	 	  	 	101.0	% 	 	 	Jan-22	 	  	 	Dec-22	 	  	 	5.8	 	  	 	6.0	 	  	 	104.0	% 
	 Acquisition #5
	  	 	Nov-21	 	  	 	150.0	 	  	 	Nov-20	 	  	 	Dec-21	 	  	 	10.9	 	  	 	11.3	 	  	 	104.0	% 	 	 	Jan-22	 	  	 	Dec-22	 	  	 	11.6	 	  	 	12.0	 	  	 	103.0	% 
		  				  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	 	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 
		  				  	$	342.5	 	  				  				  	$	24.8	 	  	$	25.3	 	  	 	102.0	% 	 				  				  	$	25.9	 	  	$	26.6	 	  	 	102.6	% 

  

																																																																																									
	 2021
Calculation
	 	 	 2022
Calculation
	 	 	 2023
Calculation
	 
	 	  	  
 Date of

Acquisition
	 	  	  
 Acquisition

Value
	 	  	  

Measurement Period
	 	  	  

Underwritten

Period NOI
	 	  	  
 Period

Actual NOI
	 	  	  

Actual to U/W

Period NOI

Comparison
	 	 	  

Acquisition
Value
	 	  	  

Measurement Period
	 	  	  

Underwritten

Period NOI
	 	  	  
 Period

Actual NOI
	 	  	  

Actual to U/W

Period NOI

Comparison
	 	 	  
 Acquisition

Value
	 	  	  

Measurement Period
	 	  	  

Underwritten

Period NOI
	 	  	  
 Period

Actual NOI
	 	  	  

Actual to U/W

Period NOI

Comparison
	 	 	  

FY 2022

Actual NOI
	 	  	  

FY 2021

Actual NOI
	 	  	  
 Same Store

Growth NOI

Comparison
	 
	 	  	 Start
	 	  	 End
	 	  	 Start
	 	  	 End
	 	  	 Start
	 	  	 End
	 
	 Acquisition #1
	  	 	Feb-21	 	  	$	75.0	 	  	 	Feb-21	 	  	 	Dec-21	 	  	$	4.5	 	  	$	4.4	 	  	 	99.0	% 	 	$	0.0	 	  	 	Jan-22	 	  	 	Dec-22	 	  	$	4.8	 	  	$	5.0	 	  	 	103.0	% 	 	$	0.0	 	  	 	N/A	 	  	 	N/A	 	  	$	0.0	 	  	$	0.0	 	  	 	0.0	% 	 	$	5.2	 	  	$	5.0	 	  	 	5.0	% 
	 Acquisition #2
	  	 	Mar-21	 	  	 	75.0	 	  	 	Mar-21	 	  	 	Dec-21	 	  	 	4.7	 	  	 	4.8	 	  	 	102.5	% 	 	 	0.0	 	  	 	Jan-22	 	  	 	Dec-22	 	  	 	5.8	 	  	 	5.8	 	  	 	101.0	% 	 	 	0.0	 	  	 	N/A	 	  	 	N/A	 	  	 	0.0	 	  	 	0.0	 	  	 	0.0	% 	 	 	6.0	 	  	 	5.8	 	  	 	3.0	% 
	 Acquisition #3
	  	 	Aug-21	 	  	 	150.0	 	  	 	Aug-21	 	  	 	Dec-21	 	  	 	4.4	 	  	 	4.6	 	  	 	104.5	% 	 	 	0.0	 	  	 	Jan-22	 	  	 	Dec-22	 	  	 	11.0	 	  	 	11.4	 	  	 	104.0	% 	 	 	0.0	 	  	 	N/A	 	  	 	N/A	 	  	 	0.0	 	  	 	0.0	 	  	 	0.0	% 	 	 	12.2	 	  	 	11.4	 	  	 	7.0	% 
	 Acquisition #4
	  	 	Oct-21	 	  	 	50.0	 	  	 	Oct-21	 	  	 	Dec-21	 	  	 	1.1	 	  	 	1.1	 	  	 	98.0	% 	 	 	0.0	 	  	 	Jan-22	 	  	 	Dec-22	 	  	 	4.4	 	  	 	4.4	 	  	 	100.0	% 	 	 	0.0	 	  	 	N/A	 	  	 	N/A	 	  	 	0.0	 	  	 	0.0	 	  	 	0.0	% 	 	 	4.5	 	  	 	4.4	 	  	 	2.5	% 
	 Acquisition #5
	  	 	Feb-22	 	  	 	0.0	 	  	 	N/A	 	  	 	N/A	 	  	 	0.0	 	  	 	0.0	 	  	 	0.0	% 	 	 	80.0	 	  	 	Feb-22	 	  	 	Dec-22	 	  	 	6.2	 	  	 	6.2	 	  	 	101.0	% 	 	 	0.0	 	  	 	Jan-23	 	  	 	Dec-23	 	  	 	6.8	 	  	 	7.0	 	  	 	102.0	% 	 	 	0.0	 	  	 	0.0	 	  	 	0.0	% 
	 Acquisition #6
	  	 	Feb-22	 	  	 	0.0	 	  	 	N/A	 	  	 	N/A	 	  	 	0.0	 	  	 	0.0	 	  	 	0.0	% 	 	 	20.0	 	  	 	Feb-22	 	  	 	Dec-22	 	  	 	1.7	 	  	 	1.6	 	  	 	98.0	% 	 	 	0.0	 	  	 	Jan-23	 	  	 	Dec-23	 	  	 	1.8	 	  	 	1.8	 	  	 	100.0	% 	 	 	0.0	 	  	 	0.0	 	  	 	0.0	% 
	 Acquisition #7
	  	 	Apr-22	 	  	 	0.0	 	  	 	N/A	 	  	 	N/A	 	  	 	0.0	 	  	 	0.0	 	  	 	0.0	% 	 	 	125.0	 	  	 	Apr-22	 	  	 	Dec-22	 	  	 	7.9	 	  	 	7.9	 	  	 	100.5	% 	 	 	0.0	 	  	 	Jan-23	 	  	 	Dec-23	 	  	 	8.6	 	  	 	8.5	 	  	 	99.0	% 	 	 	0.0	 	  	 	0.0	 	  	 	0.0	% 
		  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	 	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	 	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	 	  
	  
	 	  	  
	  
	 	  	  
	  
	 
		  				  	$	350.0	 	  				  				  	$	14.7	 	  	$	14.9	 	  	 	101.7	% 	 	$	225.0	 	  				  				  	$	41.7	 	  	$	42.4	 	  	 	101.7	% 	 	$	0.0	 	  				  				  	$	17.2	 	  	$	17.3	 	  	 	100.3	% 	 	$	27.9	 	  	$	26.6	 	  	 	5.0	%EX-10.2

 Exhibit 10.2 

SEVENTH AMENDMENT 
 TO
THE 
 FOURTH AMENDED AND RESTATED AGREEMENT OF LIMITED PARTNERSHIP 

OF 
 SUN COMMUNITIES
OPERATING LIMITED PARTNERSHIP 
 THIS SEVENTH 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
            , 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 an Agreement and Plan of Merger, dated September 29, 2020 (the
“Merger Agreement”) with the General Partner, Sun SH LLC, a Delaware limited liability company and wholly-owned subsidiary of the Partnership (“Merger Sub”), Safe Harbor Marinas,
LLC, a Delaware limited liability company (“Safe Harbor”), the Seller Representative identified therein, in its capacity as the representative of the Security Holders (as defined in the Merger Agreement), and Safe Harbor
Marinas II, LLC, a Delaware limited liability company. 
 B.    Pursuant to the Merger Agreement, effective as of the
Effective Time (as defined in the Merger Agreement), Merger Sub has merged with and into Safe Harbor (the “Merger”) with Safe Harbor continuing as the surviving limited liability company of the Merger and as a wholly-owned
subsidiary of the Partnership. Certain holders of Safe Harbor’s securities have elected (the “Electing Security Holders”) to receive a portion of the consideration owed to them under the Merger Agreement in the form of
the Partnership’s issuance of Common OP Units and Series H Preferred Units (defined below). 
 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 Partners. As of the Effective Date, the
Merger has been consummated and Safe Harbor has become a wholly owned subsidiary of the Partnership in exchange for, in addition to other consideration contemplated under the Merger Agreement, the issuance by the Partnership to the Electing Security
Holders of                      Common OP Units and
                     Series H Preferred Units. All Common OP Units and Series H Preferred Units issued to the Electing Security Holders have been
duly issued and fully paid. The Electing Security Holders, by execution of a separate joinder to the Partnership Agreement, have each agreed to be bound by all of the terms and conditions of the Partnership Agreement, as amended by this Amendment.
Each of the Electing Security Holders 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.    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, Series G Preferred Units, and Series H 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, Series G Priority Return, and Series H 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.” 
 3.    Section 7.1(a) of the Partnership Agreement is hereby
deleted in its entirety and replaced with the following: 
 “(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, 26.3, and 27.3 of this Agreement.” 

4.    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 holders of the Series F Preferred Units in proportions and amounts sufficient to bring their respective Capital Account balances up to the 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 H Preferred Units in proportions and amounts sufficient to bring their respective Capital Account balances up to the amount of the Series H Issue Price plus
accrued and unpaid Series H Priority Return thereon; (viii) eighth, 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 (ix) ninth (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 

  
 2 

 
respective capital account balances to zero; (iii) third, to the holders of Series H Preferred Units, in proportions and amounts sufficient to reduce their respective capital account
balances to zero; (iv) fourth, to the holders of Series G Preferred Units, in proportions and amounts sufficient to reduce their respective capital account balances to zero, (v) fifth, to the holders of Series F Preferred Units, in
proportions and amounts sufficient to reduce their respective capital account balances to zero; (vi) sixth, to the holders of Series E Preferred Units, in proportions and amounts sufficient to reduce their respective capital account balances to
zero; (vii) seventh, to the holders of Series D Preferred Units, in proportions and amounts sufficient to reduce their respective capital account balances to zero; (viii) eighth, to the holders of Series C Preferred Units, in proportions
and amounts sufficient to reduce their respective capital account balances to zero; (ix) ninth, 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 (x) tenth, to the General Partner.” 

5.    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, Series G Exchange Date, or Series H 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, Series G Exchange Date, or Series H 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, Series G Preferred Units, or Series H 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, Series G Preferred Units, or Series H 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, Series G Preferred Units, or Series H 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.” 

  
 3 

 6.    The following new definitions are inserted in Article 1
(Defined Terms) of the Partnership Agreement so as to preserve alphabetical order: 
 “Series H Exchange
Date” shall mean the date specified in a Series H Exchange Notice on which the holder of Series H Preferred Units proposes to exchange Series H Preferred Units for shares of the General Partner’s common stock; provided, however, that
the proposed Series H 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 H Exchange Notice is delivered. 

“Series H Exchange Notice” shall mean a written notice delivered by a holder of Series H Preferred Units to
the General Partner of such holder’s election to exchange Series H Preferred Units for shares of the General Partner’s common stock. Each Series H Exchange Notice must specify the number of Series H Preferred Units to be exchanged and the
proposed Series H Exchange Date. 
 “Series H Issuance Date” shall mean October
            , 2020. 
 “Series H Preferred
Partners” shall mean the holders of Series H 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 H Preferred Unit Distribution Period” shall mean the period from and including the Series H Issuance
Date to, but excluding, the first Series H Preferred Unit Distribution Payment Date, and each subsequent period from and including a Series H Preferred Unit Distribution Payment Date to, but excluding, the next succeeding Series H Preferred Unit
Distribution Payment Date. 
 “Series H Preferred Units” shall have the meaning set forth therefor in
Section 27.2 hereof. 
 “Series H Priority Return” shall have the meaning set forth therefor in
Section 27.1 hereof. 
 7.    The following new Article 27 of the Partnership Agreement is inserted in the
Partnership Agreement after Article 26 thereof: 
 ARTICLE 27. 

SERIES H PREFERRED UNITS 

Section 27.1    Definitions. The term “Series H
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 H Preferred
Units with respect to distributions and rights upon voluntary or involuntary liquidation, winding-up or dissolution of the Partnership. The term “Series H Priority Return” shall mean an
amount equal to the Series H Applicable Rate multiplied by the stated issue price of $100.00 (the “Series H Issue Price”) per Series H Preferred Unit per annum. The term “Series H Applicable
Rate” shall mean: 3.00% per annum (determined on the basis of a 365 day year). 

Section 27.2    Designation and Number. A series of OP Units in the
Partnership designated as the Series H Preferred Units (the “Series H Preferred Units”) is hereby established. The number of Series H Preferred Units shall be
                    . 

Section 27.3     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 H Preferred Units, the holders of Series H Preferred Units 

  
 4 

 
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 H 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 H Preferred Unit Distribution Payment Date”), and will be computed on the basis of a 365-day year. If
any Series H 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 H Preferred Unit Distribution Payment Date shall include distributions accrued to but not including such Series H Preferred Unit Distribution Payment Date. Distributions payable on
any Series H Preferred Units shall be pro-rated for the quarter in which the Series H Preferred Units are first issued. 

(b)    Distributions Cumulative. Notwithstanding the foregoing, distributions on the Series H
Preferred Units will accrue and be cumulative from the Series H Issuance Date, whether or not the terms and provisions set forth in the last sentence of this Section 27.3(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 H Preferred Units which may be in arrears, and the holders of the Series H 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 H Preferred Units will first be credited against the earliest accrued but unpaid distribution due with respect to
the Series H Preferred Units. No distributions on the Series H 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 27.3(c)(ii) below, unless full cumulative distributions for all
past Series H Preferred Unit Distribution Periods on the Series H 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 H Preferred Units as to distributions and as to the distribution of assets upon liquidation, dissolution and winding up of the 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 H 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 H 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 

  
 5 

 
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 H 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 H Preferred Units, all references in this Article 27 to “past Series H Preferred Unit Distribution Periods” shall mean, as of any date, Series H 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 H Preferred Units, all references in this Article 27 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 H Preferred Unit Distribution Periods are
not paid in full (or a sum sufficient for such full payment is not set apart) upon the Series H 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 H Parity Preferred Units ranking on a parity as to distributions with the Series H Preferred Units, then all distributions authorized on the Series H Preferred Units and any other outstanding
classes or series of Series H Parity Preferred Units ranking on a parity as to distributions with the Series H Preferred Units shall be declared pro rata so that the amount of distributions authorized per unit on the Series H Preferred Units and
such other classes or series of Series H Parity Preferred Units ranking on a parity as to distributions with the Series H Preferred Units shall in all cases bear to each other the same ratio that accumulated and unpaid distributions per unit on the
Series H Preferred Units and such other classes or series of Series H Parity Preferred Units ranking on a parity as to distributions with the Series H Preferred Units (which, in the case of any such other classes or series of Series H Parity
Preferred Units ranking on a parity as to distributions with the Series H Preferred Units, shall not include any accumulation in respect of unpaid distributions for past distribution periods if such other Series H Parity Preferred Units ranking on a
parity as to distributions with the Series H Preferred Units does not have a cumulative distribution) bear to each other. 

Section 27.4      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 OP Units ranking junior to the Series H 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 H Preferred Units shall be entitled to
receive an amount per Series H Preferred Unit equal to the Series H Issue Price plus any accrued but unpaid Series H 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 H Preferred Units shall be insufficient to pay the full preferential amount set forth in Article
12 and liquidating payments on any Series H 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 H Preferred Units and any such other Series H Parity Preferred Units ratably in accordance with the respective amounts that would be payable on such Series H Preferred Units and any such Series H Parity Preferred Units if all amounts
payable thereon were paid in full. 

  
 6 

 (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 H 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 H 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 27.5      Ranking 

The Series H 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 H 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, Series G 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 H 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 27.6    Voting Rights. 

Holders of the Series H Preferred Units will not have any voting rights or right to consent to any matter requiring the consent
or approval of the Limited Partners. 
 Section 27.7    Transfer
Restrictions. 
 The Series H 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 H Preferred Units to any partner, member or other beneficial owner of any holder of Series H Preferred Units, subject to compliance with Section 11.3 of the Agreement.

  
 7 

 Section 27.8    Exchange
Rights. 
 (a)    Series H Preferred Units. Each holder of Series H Preferred Units shall
be entitled to exchange Series H 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 H Issuance Date, subject to the terms of any lock-up agreement to which a holder is a party, each holder of Series H Preferred Units at its option may exchange each of its Series H Preferred Units for that number of REIT Shares equal to the quotient obtained
by dividing the Series H Issue Price by $164.00; provided, however, that no Series H Preferred Units may be exchanged on any proposed Series H Exchange Date pursuant to this Section 27.8 unless at least 1,000 Series H Preferred Units, in the
aggregate, are exchanged by one or more holders thereof on such Series H Exchange Date pursuant to Series H Exchange Notices. Each holder of Series H Preferred Units that has delivered a Series H Exchange Notice to the General Partner may rescind
such Series H Exchange Notice by delivering written notice of such rescission to the General Partner prior to the Series H Exchange Date specified in the applicable Series H 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 H 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 H 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 H Preferred Unit was convertible or exchangeable immediately prior to such transaction. 

(iv)    Limitations on Exchange. Notwithstanding anything to the contrary in this
Section 27.8(a): 
 (A)    Upon tender of any Series H 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 H Preferred Units, the Partnership may elect to make a cash payment to the exchanging holder of Series H Preferred Units
in an amount equal to the product of (i) the Common Stock Fair Market Value determined as of the Series H Exchange Date and (ii) the number of REIT Shares that would have been otherwise issued to the exchanging holder of Series H 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 H Preferred Units will not have the right to exchange Series H
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 

  
 8 

 (C)    The General Partner shall not be required to
issue fractions of REIT Shares upon exchange of Series H Preferred Units. If any fraction of a REIT Share would be issuable upon exchange of Series H 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 H Preferred Units in an amount equal to the same fraction of the Common Stock Fair Market Value determined as of the Series H 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 H Preferred Units pursuant to this Section 27.8. 

(b)    Procedure for Exchange. 

(i)    Any exchange described in Section 27.8(a) above shall be exercised pursuant to a delivery of a
Series H 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 H Exchange Notice and certificates, if any, representing such
Series H 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 H Exchange
Date. The holders of the exchanged Series H 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 H Exchange Date. 
 (c)    Payment of Series H Priority Return. On the Series H
Preferred Unit Distribution Payment Date next following the Series H Exchange Date, the holders of Series H Preferred Units, which exchanged on such date shall be entitled to Series H Priority Return in an amount equal to a prorated portion of the
Series H Priority Return based on the number of days elapsed from the prior Series H Preferred Unit Distribution Payment Date through, but not including, the Series H Exchange Date, less (ii) the amount of the distribution or dividend, if any,
paid on the securities into which the Series H Preferred Units were exchanged for the quarterly period in which the Series H Exchange Date occurred. 

Section 27.9    Redemption Rights. 

 

	 	(a)	 Mandatory Redemption. Subject to the limitations in this Section 27.9, upon or at any time after
the earlier of: 

  

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

 

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

  
 9 

 such holder of Series H Preferred Units may require redemption of, and the
Partnership shall redeem, for cash, at a redemption price per unit equal to the Series H Issue Price plus any accrued but unpaid Series H Priority Return (the “Series H Redemption Price”), all, or a portion, but not less than 1,000
Series H Preferred Units at any one time, of the Series H 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 H
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 H Redemption Price to such holder of Series H Preferred Units
upon surrender of the Series H Preferred Units by such holder of Series H Preferred Units at the place designated by the Partnership. Unless the Partnership and such holder of Series H Preferred Units agree otherwise, the Partnership will pay the
Redemption Price in the same manner that the most recent distribution of Series H Priority Return was delivered to such holder of Series H Preferred Units. On and after the date of redemption, distributions will cease to accumulate on such
holder’s Series H Preferred Units, unless the Partnership defaults in the payment of the Series H Redemption Price. If any date fixed for redemption of such holder’s Series H Preferred Units is not a Business Day, then payment of the
Series H 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 H Redemption Price is improperly withheld or refused and not paid
by the Partnership, distributions on such holder’s Series H Preferred Units will continue to accumulate from the original redemption date to the date of payment, in which case the actual payment date will be considered the date fixed for
redemption for purposes of calculating the Series H Redemption Price. 

Section 27.10    No Sinking Fund. 

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

Section 27.11    Status of Reacquired Units. 

All Series H Preferred Units which shall have been issued and reacquired in any manner by the Partnership shall be deemed
cancelled and no longer outstanding. 
 8.    Governing Law. This Amendment shall be interpreted and enforced
according to the laws of the State of Michigan. 
 9.    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. 

10.    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. 

  
 10 

 11.    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. 

12.    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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blank] 

  
 11 

 IN WITNESS WHEREOF, the
undersigned has executed this Amendment as of the Effective Date. 
  

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

	Name:	 	  

	Title:

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00314-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00314-of-00352.parquet"}]]