Document:

EX-4.1

 Exhibit 4.1 

REGISTRATION RIGHTS AGREEMENT 

This Registration Rights Agreement (“Agreement”) is entered into as of October 30, 2020 by and among Sun Communities,
Inc., a Maryland corporation (the “Company”), and the Holders (as defined herein). The Company and each Holder are sometimes referred to herein individually as a “Party” and together as the
“Parties”. Certain capitalized terms used herein shall have the meanings given to them in Section 1.01 below. 
 W I
T N E S S E T H: 
 WHEREAS, pursuant to the Merger Agreement, the Partnership has issued to each Holder that number of Series H
Preferred Units set forth opposite such Holder’s name on the attached Exhibit A. 
 WHEREAS, the Series H Preferred Units are
exchangeable for shares of Common Stock in accordance with the terms of the Partnership Agreement. 
 WHEREAS, in connection with the
transactions contemplated by the Merger Agreement, the Holders have requested that the Company provide for the registration under the Securities Act of the Registrable Shares, upon the terms and subject to the conditions set forth herein. 

NOW THEREFORE, in consideration of the promises, agreements and covenants hereinafter set forth and for other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, and intending to be legally bound, the Parties hereby agree as follows: 

ARTICLE I. 
 DEFINITIONS

 Section 1.01 Definitions. The following terms, as used herein, have the following meanings: 

“Affiliate” has the meaning set forth in Rule 501 of Regulation D promulgated under the Securities Act. 

“Agreement” has the meaning set forth in the preamble. 

“Commission” means the United States Securities and Exchange Commission, and any successor thereto. 

“Common Stock” means the Company’s common stock, $0.01 par value per share, and any securities of the Company into which
such shares are converted and for which such shares are exchanged and any common stock or other securities of the Company or any successor entity which may be issued or distributed in respect of the Common Stock by way of stock dividend or stock
split or other distribution, recapitalization, merger, conversion or reclassification. 
 “Company” has the meaning set
forth in the preamble. 

 “Effectiveness Period” has the meaning set forth in Section 3.01(a).

 “Exchange Act” means the Securities Exchange Act of 1934, as amended, and all rules and regulations promulgated
thereunder, as in effect from time to time. 
 “FINRA” means the Financial Industry Regulatory Authority. 

“Holders” means, collectively, those holders of Series H Preferred Units issued pursuant to the Merger Agreement that execute
and deliver a joinder to this Agreement in the form of Exhibit B hereto, and their successors and permitted assigns (subject to and in accordance with Section 5.08). 

“Indemnified Party” has the meaning set forth in Section 4.03. 

“Indemnifying Party” has the meaning set forth in Section 4.03. 

“Losses” has the meaning set forth in Section 4.01. 

“Majority Interest of the Holders” means the holders of at least a majority of the Registrable Shares (voting together on an as-converted basis). 
 “Merger Agreement” means the Agreement and Plan of Merger dated
September 29, 2020, by and among Safe Harbor Marinas, LLC, the Company, the Partnership, Sun SH LLC, and Safe Harbor Marinas II, LLC, individually and in its capacity as Seller Representative pursuant thereto. 

“Partnership” means Sun Communities Operating Limited Partnership, a Michigan limited partnership. 

“Partnership Agreement” means the Fourth Amended and Restated Limited Partnership Agreement of Sun Communities Operating
Limited Partnership dated January 31, 2019, as amended through the date hereof and as further amended or restated from time to time. 

“Person” means an individual, corporation, partnership, limited liability company, association, trust, joint venture,
unincorporated organization, other entity or group, or a government or governmental agency. 
 “Prospectus” means the
prospectus included in a Registration Statement (including a prospectus that includes any information previously omitted from a prospectus filed as part of an effective Registration Statement in reliance upon Rule 430A promulgated under the
Securities Act), as amended or supplemented by any prospectus supplement, with respect to the terms of the offering of any portion of the securities covered by a Registration Statement, and all other amendments and supplements to the Prospectus,
including post-effective amendments, and all material incorporated by reference or deemed to be incorporated by reference in such prospectus. 

“Registrable Shares” means any shares of Common Stock that are issued upon the exchange of the Series H Preferred Units in
accordance with the terms of the Partnership 

  
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Agreement and held at any time by the Holders; provided, however, that any such securities will cease to be Registrable Shares when such securities (i) shall have been disposed
of in accordance with a Registration Statement that has become effective under the Securities Act, (ii) shall have been distributed to the public pursuant to Rule 144 (or any successor provision) or any other exemption under the Securities Act,
(iii) are eligible for sale under Rule 144 without regard to the volume limitation contained in Rule 144(e), or (iv) shall have ceased to be outstanding. 

“Registration Statement” means the Company’s Registration Statement on Form S-3
(File No. 333-224179) filed with the SEC on April 6, 2018, or such other registration statement in the form required to register the resale of Registrable Shares under the Securities Act and other
applicable law, and including any Prospectus, amendments and supplements to each such registration statement or Prospectus, including pre- and post-effective amendments, all exhibits thereto, and all material
incorporated by reference or deemed to be incorporated by reference in such registration statement. 
 “Rule 144” means
Rule 144 (or any successor rule of similar effect) promulgated under the Securities Act. 
 “Securities Act” means the
Securities Act of 1933, as amended, and all rules and regulations promulgated thereunder, as in effect from time to time. 
 “Series
H Preferred Units” means those Series H Preferred OP Units representing preferred limited partnership interests in the Partnership that are issued to the Holders in connection with the Merger Agreement. The number of Series H Preferred
Units issued to each Holder is set forth on Exhibit A hereto. 
 “Underwriters” shall mean the underwriters, if any,
of the offering of Registrable Shares pursuant to an Underwritten Shelf Take-Down. 
 “Underwritten Shelf Take-Down” shall
have the meaning set forth in Section 2.02. 
 Section 1.02 Internal References. Unless the context indicates otherwise,
references to Articles, Sections and paragraphs shall refer to the corresponding articles, sections and paragraphs in this Agreement. 

ARTICLE II. 
 REGISTRATION
RIGHTS 
 Section 2.01 Registration. The Company will use its commercially reasonable efforts to prepare and file with the
Commission, not later than 60 days after the date of this Agreement, a Prospectus or supplement thereto under a Registration Statement relating to the resale by the Holders of the Registrable Shares. The Company shall be entitled to postpone (but
not more than twice in any 12-month period), for a reasonable period of time not in excess of 45 days, the filing or initial effectiveness of such Prospectus or supplement thereto, or suspend the use of the
Registration Statement (or a Prospectus thereunder), if the Company delivers to the Holders a certificate signed by both the Chief Executive Officer and Chief Financial Officer of 

  
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the Company certifying that, in the good faith judgment of the Board of Directors of the Company, such registration, offering or use would reasonably be expected to materially adversely affect or
materially interfere with any bona fide material financing of the Company or any material transaction under consideration by the Company or would require the disclosure of information that has not been, and is not otherwise required to be, disclosed
to the public, the premature disclosure of which would materially adversely affect the Company. Such certificate shall contain a statement of the reasons for such postponement or suspension and an approximation of the anticipated delay. 

Section 2.02 Underwritten Shelf Take-Down; Selection of Underwriters. Subject to the terms and conditions of this Agreement, the
Company shall conduct an underwritten resale of Registrable Shares (an “Underwritten Shelf Take-Down”) upon the written request of one or more Holders of Registrable Shares. In connection with any proposed Underwritten Shelf
Take-Down, each Holder participating in such Underwritten Shelf Take-Down agrees, in an effort to conduct any such Underwritten Shelf Take-Down in the most efficient and organized manner, to coordinate reasonably with the other Holders prior to
initiating any sales efforts and cooperate reasonably with the other Holders as to the terms of such Underwritten Shelf Take-Down, including, without limitation, the aggregate amount of Registrable Shares to be sold and the number of Registrable
Shares to be sold by each Holder in the Underwritten Shelf Take-Down. The sole or lead managing Underwriters and any additional investment bankers and managers to be used in connection with an Underwritten Shelf Take-Down shall be selected by the
Company, subject to the prior written consent of the Holders of a majority of the Registrable Shares participating in such Underwritten Shelf Take-Down, such consent to not be unreasonably withheld or delayed. Notwithstanding anything herein to the
contrary, in no event shall Holders be entitled to effect an Underwritten Shelf Take-Down (x) unless the aggregate gross proceeds expected to be received from the sale of Registrable Shares in such Underwritten Shelf Take-Down are at least
$50,000,000 and (y) on more than three (3) occasions. 
 Section 2.03 S-3
Eligibility. During the Effectiveness Period, the Company shall use its commercially reasonable efforts to remain a well-known seasoned issuer eligible to use an automatic shelf registration statement on
Form S-3. 
 Section 2.04 Underwritten Offerings. 

(a) Underwritten Shelf Take-Downs. If requested by the sole or lead managing Underwriter for any Underwritten Shelf
Take-Down, the Company shall enter into a customary underwriting agreement with the Underwriters for such offering, such agreement to be reasonably satisfactory in substance and form to the Company and to the Holders of a majority of the Registrable
Shares participating in such Underwritten Shelf Take-Down and to contain such representations and warranties by the Company and such other terms as are customary in agreements of that type, including, without limitation, indemnification and
contribution to the effect and to the extent provided in Section 4.01. 
 (b) Holders to be Party to Underwriting
Agreement. The Holders participating in an Underwritten Shelf Take-Down shall be party to the underwriting agreement between the Company and such Underwriters and may, at the option of the Holders of a majority of the Registrable Shares
participating in such Underwritten Shelf Take-Down, 

  
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require that any or all of the representations and warranties by, and the other agreements on the part of, the Company to and for the benefit of such Underwriters shall also be made to and for
the benefit of such Holders and that any or all of the conditions precedent to the obligations of such Underwriters under such underwriting agreement be conditions precedent to the obligations of such
Holders; provided, however, that the Company shall not be required to make any representations or warranties with respect to written information provided by such Holders for inclusion in the Registration Statement pursuant to
Section 3.01(r). No such Holder shall be required to make any representations or warranties to, or agreements with, the Company or the Underwriters other than representations, warranties or agreements regarding such Holder, such Holder’s
Registrable Shares and such Holder’s intended method of disposition. 
 (c) Participation in Underwritten
Registration. Notwithstanding anything herein to the contrary, no Holder may participate in any Underwritten Shelf Take-Down hereunder unless such Holder (i) agrees to sell its securities on the terms and conditions provided in any
underwriting agreement pertaining to such Underwritten Shelf Take-Down approved by the Persons entitled hereunder to approve such arrangement and (ii) accurately completes and executes in a timely manner all questionnaires, powers of attorney,
custody agreements, lock-up agreements, underwriting agreements and other documents reasonably required under the terms of such underwriting arrangements. 

Section 2.05 Additional Rights. 

(a) The Company may grant to Persons other than the Holders the right to request or require the Company to register any Common Stock, or any
securities convertible, exchangeable or exercisable for or into Common Stock (“Piggyback Registration Rights”), in connection with any Underwritten Shelf Take-Down; provided, however, that if the sole or lead managing
Underwriter of an Underwritten Shelf Take-Down advises the Company and the Holders in writing that in its reasonable and good faith opinion the number of shares of Common Stock proposed to be included in such registration, including all
Registrable Shares and all other shares of Common Stock proposed to be included in such underwritten offering, exceeds the number of shares of Common Stock which can be sold in such offering and/or that the number of shares of Common Stock proposed
to be included in any such registration would adversely affect the price per share of the Common Stock to be sold in such offering, the Company shall include in such registration (i) first, the shares of Common Stock
requested to be included therein by the Holders of Registrable Shares, allocated pro rata among all such holders on the basis of the number of Registrable Shares owned by each such holder or in such manner as they may otherwise agree; and
(ii) then, to the extent there is still excess availability, the shares of Common Stock requested to be included therein by holders of Common Stock other than Holders of Registrable Shares, allocated among such holders in such manner as they
may agree. 
 (b) In the event that the Company grants Piggyback Registration Rights to any Person other than the Holders in connection with
any public offering of Common Stock by the Company, the Company will also grant such Piggyback Registration Rights to the Holders of Registrable Shares subject to this Agreement. 

  
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 ARTICLE III. 

REGISTRATION PROCEDURES 

Section 3.01 Filings; Information. In connection with the registration of Registrable Shares pursuant to Section 2.01 hereof:

 (a) The Company will use its commercially reasonable efforts to cause the filed Registration Statement to become and
remain effective until all of Holders’ shares of Common Stock covered by the Registration Statement are no longer Registrable Shares (the “Effectiveness Period”). 

(b) The Company will furnish to the Holders draft copies of any Registration Statement or Prospectus or any amendments or
supplements thereto proposed to be filed after the date of this Agreement at least five (5) days prior to such filing. 

(c) The Company will notify the Holders, as soon as practicable after notice thereof is received by the Company, (i) when
the Registration Statement or any amendment thereto has been filed or becomes effective and the Prospectus or any amendment or supplement to the Prospectus has been filed, (ii) of any request by the Commission for amendments or supplements to
the Registration Statement or the Prospectus or for additional information, and (iii) of the receipt by the Company of any notification with respect to the suspension of the qualification of the Registrable Shares for offering or sale in any
jurisdiction or the initiation or threatening of any proceeding for such purpose. 
 (d) After the filing of the Registration
Statement, the Company will promptly notify the Holders of any stop order issued, or, to the Company’s knowledge, threatened to be issued, by the Commission and use its commercially reasonable efforts to prevent the entry of such stop order or
to remove it if entered. 
 (e) The Company will prepare and file with the Commission such amendments, post-effective
amendments and supplements to such Registration Statement and the Prospectus used in connection therewith as may be necessary to keep such Registration Statement effective for the Effectiveness Period, cause the Prospectus to be supplemented by any
required Prospectus supplement, and as so supplemented to be filed pursuant to Rule 424 under the Securities Act, and comply with the provisions of the Securities Act with respect to the disposition of all securities covered by such Registration
Statement (to the extent such compliance obligations fall on the Company) during such period in accordance with the intended methods of disposition by the Holders set forth in such Registration Statement. 

(f) The Company will furnish to each Holder and each Underwriter, if any, without charge, such number of conformed copies of
such Registration Statement, each amendment and supplement thereto, the Prospectus included in such Registration Statement (including each preliminary Prospectus) and any amendments or supplements thereto, as any such Holder or Underwriter may
reasonably request in order to facilitate the disposition of the Registrable Shares. 

  
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 (g) The Company will use its commercially reasonable efforts to qualify (or
exempt) the Registrable Shares for offer and sale under such other securities or blue sky laws of such jurisdictions in the United States as the Holders or Underwriter, if any, reasonably request; keep each such registration or qualification (or
exemption therefrom) effective during the Effectiveness Period; and do any and all other acts and things which may be reasonably necessary or advisable to enable each Holder to consummate the disposition of the Registrable Shares owned by such
Holder in such jurisdictions; provided that the Company will not be required to (i) qualify generally to do business in any jurisdiction where it would not otherwise be required to qualify but for this paragraph 3.01(g),
(ii) subject itself to taxation in any such jurisdiction or (iii) consent to general service of process in any such jurisdiction. 

(h) The Company will as promptly as practicable notify the Holders and the sole or lead managing Underwriter, if any, at any
time when a Prospectus relating to the sale of the Registrable Shares is required by law to be delivered under the Securities Act, of the occurrence of any event requiring the preparation of a supplement or amendment to such Prospectus so that, as
thereafter delivered to the purchasers of such Registrable Shares, such Prospectus will not contain an untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein,
in the light of the circumstances under which they were made, not misleading and promptly make available to the Holders and the sole or lead managing Underwriter, if any, any such supplement or amendment. Upon receipt of any notice of the occurrence
of any event of the kind described in the preceding sentence, the Holders will forthwith discontinue the offer and sale of Registrable Shares pursuant to the Registration Statement covering such Registrable Shares until receipt by the Holders of the
copies of such supplemented or amended Prospectus and, if so directed by the Company, the Holders will deliver to the Company all copies, other than permanent file copies then in the possession of Holders, of the most recent Prospectus covering such
Registrable Shares at the time of receipt of such notice. 
 (i) The Company shall use commercially reasonable efforts to
cause the Registrable Shares included in any Registration Statement to be (A) listed on each securities exchange, if any, on which similar securities issued by the Company are then listed or (B) authorized to be quoted and/or listed (to
the extent applicable) on the Nasdaq Global Market (or any other applicable Nasdaq market), if the Registrable Shares so qualify. 

(j) Provided that each Inspector executes a confidentiality agreement in form and substance reasonably acceptable to the
Company, the Company shall make available for inspection by the Holders, any sole or lead managing Underwriter participating in any disposition pursuant to such Registration Statement and any attorney, accountant or other agent retained by the
Holders, or any Underwriter (each, an “Inspector” and, collectively, the “Inspectors”), all financial and other records, pertinent corporate documents and properties of the Company and any subsidiaries thereof as
may be in existence at such 

  
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time as shall be necessary, in the opinion of the Holders’ and such Underwriters’ respective counsel, to enable them to exercise their due diligence responsibility and to conduct a
reasonable investigation within the meaning of the Securities Act, and cause the Company’s and any subsidiaries’ or officers, directors and employees, and the independent public accountants of the Company, to supply all information
reasonably requested by any such Inspectors in connection with such Registration Statement. 
 (k) The Company shall obtain
an opinion from its counsel and a “cold comfort” letter from its independent public accountants who have certified the Company’s financial statements included or incorporated by reference in such Registration Statement, in each case
dated the date of the Prospectus that is part of such Registration Statement (and if such registration involves an Underwritten Shelf Take-Down, dated the date of the closing under the underwriting agreement), in customary form and covering such
matters as are customarily covered by such opinions and “cold comfort” letters delivered to underwriters in underwritten public offerings, which opinion and letter shall be reasonably satisfactory to the sole or lead managing Underwriter,
if any, and to a Majority Interest of the Holders, and furnish to the Holders and to each Underwriter, if any, a copy of such opinion and letter addressed to the Holders (in the case of the opinion) and Underwriter (in the case of the opinion and
the “cold comfort” letter). 
 (l) The Company shall provide a CUSIP number, registrar and transfer agent for the
Registrable Shares included in any Registration Statement not later than the effective date of such Registration Statement. 

(m) The Company shall enter into and perform customary agreements (including, if applicable, an underwriting agreement in
customary form) and provide officers’ certificates and other customary closing documents. 
 (n) The Company
shall cooperate with the Holders and the sole or lead managing Underwriter, if any, to facilitate the timely preparation and delivery of certificates not bearing any restrictive legends representing the Registrable Shares to be sold, and cause
such Registrable Shares to be issued in such denominations and registered in such names in accordance with the underwriting agreement prior to any sale of Registrable Shares to the Underwriters or, if not an Underwritten Shelf Take-Down, in
accordance with the instructions of the Holders at least three (3) business days prior to any sale of Registrable Shares. 

(o) The Company shall take all reasonable actions to ensure that any Free Writing Prospectus (as defined in Rule 405 of
the Securities Act) utilized in connection with any registration hereunder complies in all material respects with the Securities Act, is filed in accordance with the Securities Act to the extent required thereby, is retained in accordance with the
Securities Act to the extent required thereby and, when taken together with the related prospectus, will not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in light of the
circumstances under which they were made, not misleading. 

  
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 (p) The Company and each Holder shall cooperate in connection with any
filings required to be made with FINRA. 
 (q) The Company shall, during the period when the Prospectus is required to be
delivered under the Securities Act, file all documents required to be filed with the Commission pursuant to the Exchange Act in accordance with the provisions of the Exchange Act and the rules and regulations promulgated thereunder. 

(r) Upon the request of the Company, each Holder shall promptly furnish in writing to the Company such information regarding
such Holder, the plan of distribution of the Registrable Shares and other information as may be legally required in connection with such registration, and the Holders shall do so as promptly as reasonably practicable. 

Section 3.02 Registration Expenses. 

(a) Except as set forth in Section 3.02(b) below, the Company will pay all expenses incurred in connection with registering the
Registrable Shares hereunder, including (i) registration and filing fees with the Commission and FINRA with respect to registering the Registrable Shares, (ii) fees and expenses incurred in connection with the listing or quotation of the
Registrable Shares, (iii) fees and expenses of compliance with securities or blue sky laws (including reasonable fees and disbursements of counsel in connection with blue sky qualifications of the Registrable Shares), (iv) printing
expenses, (v) fees and expenses of counsel to the Company and independent certified public accountants for the Company (including fees and expenses associated with the special audits or the delivery of comfort letters), (vi) fees and
expenses of any additional experts retained by the Company in connection with such registration and (vii) reasonable fees and expenses of not more than one law firm (as selected by a Majority Interest of the Holders included in such
registration) incurred by the Holders in connection with such law firm’s review on behalf of the Holders of the Registration Statement and Prospectus under which the Registrable Shares are registered. 

(b) The Holders will pay (i) any and all fees and expenses of counsel to the Holders incurred in connection with registering and
reselling the Registrable Shares (for the avoidance of doubt, excluding the fees and expenses to be paid by the Company as specifically provided in Section 3.02(a)(vii) above) and (ii) any expenses of any Underwriters,
underwriting discounts or commissions or any broker’s fees or other similar selling fees attributable to the sale of Registrable Shares. 

Section 3.03 Lock-Up Agreements. Each Holder in an Underwritten Shelf Take-Down shall, if
requested (pursuant to a written notice) by the sole or lead managing Underwriter (pursuant to a lock-up agreement in a customary form requested by the sole or lead managing Underwriter), not effect any public
sale or distribution of any Registrable Shares (except as part of such underwritten offering) during the period commencing seven (7) days prior to and continuing for not more than 60 days (or such shorter period as the sole or lead managing
Underwriter may permit) after the date of the Prospectus (or Prospectus supplement if the offering is made pursuant to a “shelf” Registration Statement) pursuant to which such Underwritten Shelf Take-Down shall be made. 

  
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 ARTICLE IV. 

INDEMNIFICATION AND CONTRIBUTION 

Section 4.01 Indemnification by the Company. The Company agrees to indemnify and hold harmless, to the fullest extent permitted by
applicable law, each Holder and its Affiliates and their respective officers, directors, managers, partners, equityholders, members, employees, agents and representatives and each Person (if any) which controls a Holder within the meaning of either
Section 15 of the Securities Act or Section 20 of the Exchange Act, from and against any and all losses, claims, damages, liabilities, costs and expenses (including reasonable attorneys’ fees) (collectively, “Losses”)
caused by, arising out of, resulting from or related to any untrue statement or alleged untrue statement of a material fact contained in any Registration Statement, preliminary Prospectus or Prospectus relating to the Registrable Shares (as amended
or supplemented from time to time), or caused by any omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein, in the case of the Prospectus, in light of the
circumstances under which they were made, not misleading, except insofar as such Losses are caused by or contained in or based upon any information furnished in writing to the Company by or on behalf such Holder or any Underwriter expressly for use
therein (which was not subsequently corrected in writing prior to or concurrently with the sale of Registrable Shares to the Person asserting the Loss in sufficient time to permit the Company to amend or supplement the Registration Statement or such
Prospectus appropriately) or by the Holder’s failure to deliver a copy of the Registration Statement or Prospectus or any amendments or supplements thereto after the Company has furnished the Holder with copies of the same. Such indemnity shall
remain in full force and effect regardless of any investigation made by or on behalf of a Holder or any other Indemnified Party and shall survive the transfer of Registrable Shares by any such Holder in accordance with Section 5.08. 

Section 4.02 Indemnification by Holders. Each Holder, severally and not jointly, agrees to indemnify and hold harmless, to the
fullest extent permitted by applicable law, the Company and its Affiliates and their respective officers, directors, partners, stockholders, members, employees, agents and representatives and each Person (if any) which controls the Company within
the meaning of either Section 15 of the Securities Act or Section 20 of the Exchange Act, from and against any and all Losses caused by, arising out of, resulting from or related to any untrue statement or alleged untrue statement of a
material fact contained in any Registration Statement, preliminary Prospectus or Prospectus relating to the Registrable Shares (as amended or supplemented from time to time), or caused by any omission or alleged omission to state therein a material
fact required to be stated therein or necessary to make the statements therein, in the case of the Prospectus, in light of the circumstances under which they were made, not misleading, but only insofar as such Losses are caused by or contained in or
based upon any information furnished in writing to the Company by or on behalf of such Holder expressly for use therein (which was not subsequently corrected in writing prior to or concurrently with the sale of Registrable Shares to the Person
asserting the Loss in sufficient time to permit the Company to amend or supplement the Registration Statement or such Prospectus appropriately). 

Section 4.03 Conduct of Indemnification Proceedings. In case any claim or proceeding (including any governmental investigation)
shall be instituted or threatened involving 

  
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any Person in respect of which indemnity may be sought pursuant to Section 4.01 or Section 4.02, such Person (the “Indemnified Party”) shall promptly notify the Person
against which such indemnity may be sought (the “Indemnifying Party”) in writing (it being understood that the failure to give such notice shall not relieve any Indemnifying Party from any liability which it may have hereunder
except to the extent the Indemnifying Party is actually and materially prejudiced by such failure) and the Indemnifying Party, upon the request of the Indemnified Party, shall retain counsel reasonably satisfactory to such Indemnified Party to
represent such Indemnified Party and shall pay the fees and disbursements of such counsel related to such claim or proceeding. If the Indemnifying Party does not elect within 15 days after receipt of the notice required hereby to assume the defense
of any claim or proceeding, the Indemnified Party may assume such defense with counsel of its choice at the cost and expense of the Indemnifying Party. In any such claim or proceeding where the Indemnifying Party has assumed the defense, any
Indemnified Party shall have the right to retain its own counsel and participate in, but not control, the defense, but the fees and expenses of such counsel shall be at the expense of such Indemnified Party unless (i) the Indemnifying Party and
the Indemnified Party shall have mutually agreed to the retention of such counsel or (ii) the named parties to any such proceeding (including any impleaded parties) include both the Indemnified Party and the Indemnifying Party and, in the
written opinion of counsel for the Indemnified Party, representation of both parties by the same counsel would be inappropriate due to actual or potential conflicting interests between them, in which case the Indemnified Party may retain counsel of
its choice, which counsel shall be reasonably satisfactory to the Indemnifying Party, and such counsel may defend the Indemnified Party and its reasonable fees and expenses shall be paid by the Indemnifying Party. It is understood that the
Indemnifying Party shall not, in connection with any claim or proceeding or related proceedings, be liable for the reasonable fees and expenses of more than one separate firm of attorneys (in addition to any local counsel for each such jurisdiction)
at any time for all such Indemnified Parties, and that all such fees and expenses shall be reimbursed as they are incurred. In the case of any such separate firm for the Indemnified Parties, such firm shall be designated in writing by the
Indemnified Parties. The Indemnifying Party shall not settle any claim or proceeding without the written consent of the Indemnified Party (not to be unreasonably withheld), unless such settlement (x) requires no remedy, relief or penalty other
than the payment of money damages which is to be paid in full by the Indemnifying Party, (y) does not require any Indemnified Party to admit culpability or fault in any respect and (z) contains a full and complete release of the
Indemnified Party with respect to all matters arising from the facts giving rise to the underlying claim or proceeding. The Indemnifying Party shall not be liable for any settlement of any claim or proceeding effected without its written consent,
but if settled with such consent, or if there be a final judgment for the plaintiff, the Indemnifying Party shall indemnify and hold harmless such Indemnified Parties from and against any Loss (to the extent stated above) by reason of such
settlement or judgment. 
 Section 4.04 Contribution. If the indemnification provided for in this Article IV is unavailable to
an Indemnified Party in respect of any Losses in respect of which indemnity is to be provided hereunder, then each such Indemnifying Party, in lieu of indemnifying such Indemnified Party, shall to the fullest extent permitted by law contribute to
the amount paid or payable by such Indemnified Party as a result of such Losses in such proportion as is appropriate to reflect the relative fault of such party in connection with the statements or omissions that resulted in such Losses, as well as
any other relevant equitable considerations; provided, that the maximum amount of liability in respect of such contribution shall be limited, in the case of each 

  
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Holder, to an amount equal to the net proceeds (after underwriting fees, commissions or discounts) actually received by such Holder from the sale of Registrable Shares effected pursuant to
registration as provided hereunder. The relative fault of the Company and each Holder shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to
state a material fact relates to information supplied by such party and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. The Company and each Holder agree that it
would not be just and equitable if contribution pursuant to this Section 4.04 were determined by pro rata allocation or by any other method of allocation that does not take account of the equitable considerations referred to in the immediately
preceding paragraph. The amount paid or payable by an Indemnified Party as a result of the Losses referred to in the immediately preceding paragraph shall be deemed to include, subject to the limitations set forth above, any legal or other expenses
reasonably incurred by such Indemnified Party in connection with investigating or defending any such action or claim or proceeding. No Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act)
shall be entitled to contribution from any Person which was not guilty of such fraudulent misrepresentation. 
 ARTICLE V. 

MISCELLANEOUS 

Section 5.01 Participation in Registrations. No Holder may participate in any resale of Registrable Shares contemplated hereunder
unless such Holder (a) completes and executes all questionnaires, powers of attorney, custody arrangements, indemnities and other documents reasonably required under the terms of this Agreement, (b) furnishes in writing to the Company such
information regarding such Holder, the plan of distribution of the Registrable Shares and other information as the Company may from time to time reasonably request or as may be legally required in connection with such registration and (c) sells
or otherwise transfers its securities in accordance with the plan of distribution described in the Prospectus covering such sale and delivers a current Prospectus in connection therewith in accordance with the requirements of the Securities Act;
provided, however, that no such Holder shall be required to make any representations or warranties in connection with any such registration other than representations and warranties as to (i) such Holder’s ownership of its
Registrable Shares to be sold or transferred free and clear of all liens, claims and encumbrances, (ii) such Holder’s power and authority to effect such transfer and (iii) such matters pertaining to compliance with securities laws as
may be reasonably requested. 
 Section 5.02 Compliance. The Company covenants that, during the Effectiveness Period, it will
file any reports required to be filed by it under the Securities Act and the Exchange Act in accordance with the provisions of the Securities Act and the Exchange Act and the rules and regulations promulgated thereunder. Upon the request of any
Holder, the Company will deliver to such Holder a written statement as to whether it has complied with such reporting requirements. 

Section 5.03 Termination. The registration rights granted under this Agreement will terminate at such time as there shall no
longer be any Registrable Shares. 

  
 12 

 Section 5.04 Amendments, Waivers, Etc. Any provision of this Agreement may be
amended and the observance thereof may be waived (either generally or in a particular instance and either retroactively or prospectively) only by the written consent of a Majority Interest of the Holders. Any such amendment or waiver shall be
binding on all Holders and their respective legal representatives, successors and permitted assigns. 
 Section 5.05
Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original and all of which together shall constitute one and the same instrument. Copies (whether photostatic, facsimile or otherwise)
of this Agreement may be made and relied upon to the same extent as an original. 
 Section 5.06 Entire Agreement. This
Agreement (together with the exhibits hereto) constitutes the entire agreement of the parties hereto with respect to the subject matter hereof and supersedes all prior agreements and undertakings, both written and oral, among the parties with
respect to the subject matter hereof. There is no statement, promise, agreement or obligation in existence which may conflict with the terms of this Agreement or which may modify, enlarge or invalidate this Agreement or any provision hereof. None of
the prior and/or contemporaneous negotiations, preliminary drafts, or prior versions of this Agreement leading up to its execution and not set forth herein shall be used by any of the parties to construe or affect the validity of this Agreement.

 Section 5.07 Controlling Law; Jurisdiction and Venue. This Agreement shall be governed by, interpreted under, and
construed and enforced in accordance with, the law of the State of Delaware, not taking into account any rules of conflicts laws that would cause the application of the laws of any other jurisdiction. Each of the parties irrevocably agrees that any
legal action or proceeding arising out of or relating to this Agreement brought by any other Party or its successors or assigns shall be brought and determined in the Court of Chancery of the State of Delaware or, if such court lacks subject matter
jurisdiction, any state or federal court in the State of Delaware, and each of the parties hereby irrevocably submits to the exclusive jurisdiction of the aforesaid courts for itself and with respect to its property, generally and unconditionally,
with regard to any such action or proceeding arising out of or relating to this Agreement or the transactions contemplated hereby. Each of the parties agrees not to commence any action, suit or proceeding relating thereto except in the courts
described above in Delaware, other than actions in any court of competent jurisdiction to enforce any judgment, decree or award rendered by any such court in Delaware as described herein. Each of the parties further agrees that notice as provided
herein shall constitute sufficient service of process and the parties further waive any argument that such service is insufficient. Each of the parties hereby irrevocably and unconditionally waives, and agrees not to assert, by way of motion or as a
defense, counterclaim or otherwise, in any action or proceeding arising out of or relating to this Agreement or the transactions contemplated hereby, (a) any claim that it is not personally subject to the jurisdiction of the courts in Delaware
as described herein for any reason, (b) that it or its property is exempt or immune from jurisdiction of any such court or from any legal process commenced in such courts (whether through service of notice, attachment prior to judgment,
attachment in aid of execution of judgment, execution of judgment or otherwise) and (c) that (i) the suit, action or proceeding in any such court is brought in an inconvenient forum, (ii) the venue of such suit, action or proceeding is
improper or (iii) this Agreement, or the subject matter hereof, may not be enforced in or by such courts. 

  
 13 

 Section 5.08 Assignment of Registration Rights. Each Holder of Registrable
Shares may assign all or any part of its rights under this Agreement to any Person to which such Holder sells, transfers or assigns (i) any of its Series H Preferred Units, or (ii) Registrable Shares after such Series H Preferred Units are
exchanged into Registrable Shares, in each case provided that (x) such sale, transfer or assignment is permitted under the terms of Company’s charter and the Partnership Agreement, as applicable, any lockup agreements and all other
documents and agreements applicable to such securities, and (y) such Person agrees in writing to be bound by the provisions of this Agreement by executing and delivering a joinder agreement in the form of Exhibit B hereto. In the event
that the Holder shall assign its rights pursuant to this Agreement in connection with the transfer of less than all its Registrable Shares, including any Registrable Shares issued upon conversion or exchange of its Series H Preferred Units, the
Holder shall also retain its rights with respect to its remaining Registrable Shares, including any Registrable Shares issued upon conversion or exchange of such Series H Preferred Units. 

Section 5.09 Specific Performance. The Parties agree that irreparable damage would occur in the event that any of the provisions
of this Agreement were not performed in accordance with its specific terms or was otherwise breached. It is accordingly agreed that the Parties shall be entitled to an injunction or injunctions to prevent breaches of this Agreement and to enforce
specifically the terms and provisions hereof in any court of competent jurisdiction, this being in addition to any other remedy to which they are entitled at law or in equity. Additionally, each Party irrevocably waives any defenses based on
adequacy of any other remedy, whether at law or in equity, that might be asserted as a bar to the remedy of specific performance of any of the terms or provisions hereof or injunctive relief in any action brought therefor. 

Section 5.10 Severability. If any provision of this Agreement becomes or is declared by a court of competent jurisdiction
to be illegal, unenforceable, or void, portions of such provision, or such provision in its entirety, to the extent necessary, shall be severed from this Agreement and the balance of this Agreement shall be enforceable in accordance with its terms;
provided, that upon any such declaration by a court of competent jurisdiction, the Parties shall negotiate in good faith to modify this Agreement so as to effect the original intent of the parties as closely as possible to the fullest extent
permitted by applicable law in an acceptable manner to the end that the transactions contemplated hereby are fulfilled to the greatest extent possible. 

Section 5.11 Notices. All notices, requests, claims, demands, waivers and other communications hereunder shall be in writing and
shall be duly given if (a) delivered personally, (b) mailed, certified or registered mail with postage prepaid, (c) sent by next-day or overnight mail or delivery or (d) sent by fax or
email. All notices hereunder shall be delivered to the respective parties at the following addresses (or at such other address for a Party as shall be specified in a notice given in accordance with this Section 5.11): 

If to a Holder, to such address as such Holder designates in the signature page to the joinder to this Agreement executed by such Holder. 

  
 14 

 If to the Company: 

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

Attention: Gary A. Shiffman 

Facsimile: (248) 208-2645 

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 

Attention: Arthur A. Weiss 

Facsimile: (248) 351-3082 

Email: aweiss@jaffelaw.com 
 All such
notices, requests, claims, demands, waivers and other communications shall be deemed to have been given when received (x) if by personal delivery, on the day of such delivery, if on a business day and delivered prior to 5:00 p.m., otherwise on
the business day following such delivery, (y) if by mail, next-day or overnight mail or delivery, on the day delivered, if on a business day and delivered prior to 5:00 p.m., otherwise on the business day
following such delivery and (z) if by fax or email, on the business day on which such fax or email was received, if prior to 5:00 p.m., otherwise on the business day following such receipt. 

Section 5.12 Review and Legal Representation. By executing a joinder to this Agreement, each Holder acknowledges and agrees that
(i) he, she or it carefully reviewed the terms of this Agreement and has determined that the terms of this Agreement are fair and reasonable to him, her or it, and (ii) he, she or it was advised to, and was given ample opportunity to, seek
advice from legal counsel of his, her or its choosing with respect to the terms, duties and obligations of this Agreement. This Agreement shall not be construed for or against any party. 

Section 5.13 Benefit and Construction. The covenants, agreements and undertakings of each of the Parties hereto are made solely
for the benefit of, and may be relied on only by, the other Parties hereto, their transferees and assigns, and are not made for the benefit of, nor may they be relied upon, by any other Person whatsoever. This Agreement shall not be construed more
strictly against one Party than against any other Party, merely by virtue of the fact that it may have been prepared by counsel for one of the Parties, it being recognized that each of the Parties has contributed substantially and materially to the
preparation of this Agreement. 
 [Signature Page Follows] 

  
 15 

 IN WITNESS WHEREOF, the Parties have executed this Registration Rights Agreement as of the
date first written above. 
  

			
	 COMPANY:

	
	 Sun Communities, Inc.

		
	By:	 	/s/ Gary A. Shiffman
	Name: Gary A. Shiffman
	Title: Chief Executive OfficerEX-10.1

 Exhibit 10.1 

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 October 30, 2020 (“Effective
Date”), by SUN COMMUNITIES, INC., a Maryland corporation (the “General Partner”), as the general partner and owner of more than 50% of the Common OP Units of SUN COMMUNITIES OPERATING LIMITED PARTNERSHIP, a
Michigan limited partnership (the “Partnership”). 
 RECITALS 

A. The Partnership entered into 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 55,403 Common OP Units and 581,407 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.” 

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

  
 3 

 “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 30, 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 581,407. 

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 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. 

  
 4 

 (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. 

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: 

  
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 (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. 

  
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 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. 

[The remainder of this page intentionally left blank] 

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

			
	GENERAL PARTNER:
	
	Sun Communities, Inc., a Maryland corporation
		
	By:	 	/s/ Gary A. Shiffman
	Name:	 	Gary A. Shiffman
	Title:	 	Chief Executive Officer

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