Document:

THIRD AMENDMENT TO RESTRICTED STOCK AWARD AGREEMENT

 

This Third Amendment to Restricted Stock Award Agreement (this “Third Amendment”) is made as of March 17, 2008 by and between SUN COMMUNITIES, INC., a Maryland corporation (the “Company”), and JEFFREY P. JORISSEN (“Employee”).

 

RECITALS:

 

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

 

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

 

NOW, THEREFORE, the parties agree as follows:

 

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

 

2.            The opening paragraph of the Award Agreement is hereby deleted in its entirety and replaced with the following opening paragraph:

 

“Sun Communities, Inc., a Maryland corporation (the “Company”), upon the recommendation of the Company's Board of Directors (the “Board”) and pursuant to that certain Amended and Restated 1993 Stock Option Plan adopted by the Company's Board of Directors (the “Plan”) and approved by its shareholders, and in consideration of the services to be rendered to the Company or its subsidiaries by  Jeffrey P. Jorissen (“Employee”), hereby grants and issues, as of May 10, 2004  (the “Date of Grant”), to Employee twelve thousand five hundred (12,500) shares of the Company's Common Stock, par value $0.01 per share (the “Shares”), subject to the terms and conditions contained in this Restricted Stock Award Agreement (the “Agreement”) and subject to all the terms and conditions of the Plan, which are incorporated by reference
herein.  Employee agrees to the provisions set forth herein and in the Plan and acknowledges that each such provision is a material condition of the Company’s agreement to issue the Shares to him.  All capitalized terms used but not otherwise defined in this Agreement shall have the meanings ascribed to such terms in the Plan.”

 

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

 

“Subject to the restrictions and conditions set forth in the Plan, 12,500 of the Shares (the “Time-Vesting Shares”) shall vest in full on May 10, 2007, provided that Employee is employed by the Company on such date.”

 

 

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

 

“Intentionally omitted.”

 

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

 

“(d)  Notwithstanding anything to the contrary herein, upon the death or Disability of Employee, all unvested Time-Vesting Shares shall immediately become fully vested and not forfeitable.  Notwithstanding anything to the contrary herein, upon the occurrence of a Change of Control Event, all unvested Shares shall immediately become fully vested and not forfeitable.”

 

6.            Section IV of the Award Agreement is hereby deleted in its entirety and replaced with the following Section IV:

 

“Notwithstanding Section 9.06 of the Plan to the contrary, Employee shall be entitled to all of the rights of a stockholder with respect to the Time-Vesting Shares, including the right to vote such Time-Vesting Shares and to receive dividends and other distributions payable with respect to such Time-Vesting Shares from and after the Date of Grant; provided that any securities or other property (but not cash) received in any such distribution with respect to any Time-Vesting Shares that are still subject to the restrictions of Section II and III of this Agreement shall be subject to all of the restrictions in this Agreement with respect to such Time-Vesting Shares.”

 

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

 

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

 

 

[Signatures on the following page]

 

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

 

 

	
             
 	
             
 	
            COMPANY:
 
	
             
 	
             
 	
            SUN COMMUNITIES, INC.,
 a Maryland corporation

 
 
	
             
 	
             
 	
            By:
 	
            
 /s/ Gary A. Shiffman
 
	
             
 	
             
 	
             
 	
            Gary A. Shiffman, Chief Executive Officer
 

 

 

	
             
 	
             
 	
            EMPLOYEE:
 
	
             
 	
             
 	
             
 
	
             
 	
             
 	
             
 	
            
 /s/ Jeffrey P. Jorissen
 
	
             
 	
             
 	
             
 	
            JEFFREY P. JORISSENSECOND AMENDMENT TO EMPLOYMENT AGREEMENT

 

This Second Amendment to Employment Agreement (this “Second Amendment”) is made as of March 17, 2008 by and between SUN COMMUNITIES, INC., a Maryland corporation (the “Company”), and BRIAN W. FANNON (“Executive”).

 

RECITALS:

 

A.    The Company and Executive entered into that certain Employment Agreement, dated as of February 23, 2005, but effective as of January 1, 2005, as amended by that certain First Amendment to Employment Agreement, dated as of December 30, 2007 (the “Employment Agreement”).

 

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

 

NOW, THEREFORE, the parties agree as follows:

 

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

 

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

 

“Phantom Stock. In the event that the Executive is employed by the Company on such dates, on each date that the Company pays a dividend on its common stock through May 10, 2007, the Company shall pay the Executive a cash bonus in an amount equal to the amount of the dividend multiplied by the Time Units (as defined below). In the event that the Executive is employed by the Company on May 10, 2007, the Company shall promptly thereafter pay to Executive a cash bonus in an amount equal to the product of the Time Units and the Fair Market Value (as such term is defined in the Company’s Second Amended and Restated 1993 Stock Option Plan) on May 10, 2007.  For purposes hereof, “Time Units” means 6,250 (as such number may be appropriately adjusted in the discretion of the Company to take into account any stock dividend, stock split,
combination or exchange of shares, or other similar event affecting the capital structure of the Company).” 

 

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

 

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

 

[Signatures on the following page]

 

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

 

	
             
 	
             
 	
            COMPANY:
 
	
             
 	
             
 	
            SUN COMMUNITIES, INC.,
 a Maryland corporation

 
 
	
             
 	
             
 	
            By:
 	
            
 /s/ Gary A. Shiffman
 
	
             
 	
             
 	
             
 	
            Gary A. Shiffman, Chief Executive Officer
 

 

 

	
             
 	
             
 	
            EXECUTIVE:
 
	
             
 	
             
 	
             
 
	
             
 	
             
 	
             
 	
            
 /s/ Brian W. Fannon
 
	
             
 	
             
 	
             
 	
            BRIAN W. FANNONex101to8k03581_03192008.htm

    Exhibit 10.1

     

    
      LEASE
RENEWAL AND EXTENSION AGREEMENT

      701
U.S. 1, INC.

      (LEASE
TO AmCOMP)

       

      THIS Lease Renewal and
Extension Agreement is made and entered into effective as of  March 1,
2008 by and between 701 U.S. 1, Inc., a Florida corporation (hereinafter called
“LESSOR”) whose address for purposes hereof is 701 U.S. Highway One, Suite 402,
North Palm Beach, FL 33408 and AmCOMP Preferred Insurance Company, a Florida
corporation (hereinafter called “LESSEE”).  LESSEE’s address for
purposes hereof is 701 U.S. Highway One, Suite 100, North Palm Beach, FL 33408
or such other address as may be specified in writing by LESSEE.

       

      RECITALS

       

      
        	
                 
      

              	
                A.

              	
                LESSOR
      and LESSEE have previously entered into that certain Standard Office
      Building Lease with respect to Suites 200-01, 303, 304, 306, 308 and 400
      of the Building described in the Standard Office Building Lease, a copy of
      which is attached hereto as Exhibit A (hereinafter
    “Lease”).

              

      

       

      
        	
                 
      

              	
                B.

              	
                LESSOR
      and LESSEE wish to renew and extend the terms and provisions of the Lease
      in accordance with the terms and provisions of this Lease Renewal and
      Extension Agreement.

              

      

       

      NOW THEREFORE, for good and
valuable consideration, the receipt, sufficiency and adequacy of which is hereby
conclusively acknowledged by all parties and, further, in consideration of the
renewal and extension of the Lease, the parties hereby agree as
follows:

       

      
        	
                 
      

              	
                1.

              	
                The
      above Recitals are incorporated into the terms and provisions of this
      Lease Renewal and Extension
Agreement.

              

      

       

      
        	
                 
      

              	
                2.

              	
                The
      initial term of the Lease shall be deemed to have been five (5) years and
      two (2) months, ending February 29, 2008, with no CPI or tax and insurance
      adjustments being made for January or February 2008 (the rental amounts
      for January and February 2008 shall be the same as for December
      2007).

              

      

       

      
        	
                 
      

              	
                3.

              	
                The
      LESSEE shall be deemed to have properly and effectively exercised the
      option to renew under paragraph 48 of the Lease, with the term of the five
      (5) year renewal period commencing on March 1, 2008 and ending February
      28, 2013.  For 2008 and thereafter, the “anniversary date” of
      the Lease shall be deemed to be March 1 of each year for purposes of
      future CPI adjustments pursuant to paragraph 5(A) of the
      Lease.  The base year for calculation of “Insurance and Tax
      Increases” under paragraph 5(B) of the Lease shall continue to be deemed
      to be 2001, i.e., the word “present” as used in 5(B) shall be deemed to
      mean those taxes and insurance rates in effect for the base year
      2001.

              

      

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      
        	
                 
      

              	
                4.

              	
                For
      avoidance of doubt, the LESSOR and LESSEE hereby agree that the Base
      Annual Rental for the first twelve (12) months of the Lease, as hereby
      renewed and extended, and as adjusted for CPI, shall be the sum of
      $28,148.63 per month ($337,783.56 per year) until the next annual CPI
      adjustment to be made as of the next anniversary date in accordance with
      the terms and provisions of 5(A) of the Lease.  Moreover, for
      the further avoidance of doubt, the LESSOR and the LESSEE hereby agree
      that as of March 1, 2008, the additional rent payable as a result of
      Insurance and Tax Increases pursuant to 5(B) of the Lease shall be the sum
      of $4,089.00 per month ($49,068.00 per year) until the next adjustment
      which is due under 5(B) of the Lease.  Any further adjustments
      of such Real Property Tax and Insurance Premium amounts shall be made in
      accordance with paragraph 5(B) of the Lease with 2001 continuing as the
      base year for any such adjustments.  Any decrease in Insurance
      Premiums and Real Property Taxes from the prior year’s amounts shall
      result in a proportionate decrease in the additional rent for Real
      Property Taxes and/or Insurance Premiums as compared to the prior
      year.  Sales tax due to the State of Florida on all rental sums
      due under the Lease shall also continue to be due and payable as set forth
      in the Lease at Paragraph 3.

              

      

       

      
        	
                 
      

              	
                5.

              	
                Paragraph
      48 of the Lease, i.e., “Option to Renew” is hereby amended by stating that
      the LESSEE shall have an additional option to extend the Lease for an
      additional five (5) year term under the terms and provisions of paragraph
      48 provided that the LESSEE shall notify LESSOR in writing of the exercise
      of such option to extend on or before six (6) months before the expiration
      of the term of the Lease, as extended hereunder, i.e., February 28,
      2013.

              

      

       

      
        	
                 
      

              	
                6.

              	
                LESSEE
      (as well as LESSEE’s successors and assigns) shall continue to be
      authorized to further assign and sublease LESSEE’s rights and obligations
      under the Lease subject to LESSOR’s consent to such assignment or
      sublease, which consent shall not be
      unreasonably withheld by LESSOR.  Moreover, LESSOR hereby
      acknowledges and agrees that LESSEE’s parent company, AmCOMP Incorporated
      has entered into a Merger Agreement whereby AmCOMP Incorporated will be
      acquired by Employers Holdings, Inc., or its subsidiary.  The
      transaction(s) contemplated in said Merger Agreement shall not be deemed
      to require LESSOR’s approval or consent so long as LESSEE, or any parent,
      subsidiary or affiliated corporation shall remain as the LESSEE under the
      Lease.

              

      

       

      
        	
                 
      

              	
                7.

              	
                All
      remaining terms and provisions of the Lease not amended herein or
      inconsistent herewith are hereby ratified and reaffirmed as remaining in
      full force and effect with regard to the five (5) year extension set forth
      in this Lease Renewal and Extension
Agreement.

              

      

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      IN WITNESS WHEREOF, the
Parties hereto have signed, and delivered this Renewal Agreement at Palm Beach
County, Florida on the day and year first above written.

       

      
        	
                WITNESSES:

              	 
      	
                LESSEE:

              
	 
      	 
      	
                AmCOMP
      PREFERRED INSURANCE COMPANY, A Florida corporation

              
	 
      	 
      	 
      
	 
      	 
      	 
      

      

      
        	
                
                  /s/
      George E. Harris

                

              	 
      	
                By:

              	
                
                  /s/
      Fred Lowe

                

              
	
                Print
      Name: George E. Harris

              	 
      	 
      	
                Title:
      Chairman

              
	 
      	 
      	 
      
	 
      	 
      	 
      

      

      
        	
                
                  /s/
      Mary T. Baldo

                

              	 
      	
                Date:

              	
                
                  3/18/08

                

              
	
                Print
      Name: Mary T. Baldo

              	 
      	 
      

      

      

       

      STATE OF
FLORIDA                           )

      SS

      COUNTY OF
PALM
BEACH              )

       

      The
foregoing instrument was acknowledged before me this 18th day of
March, 2008 by Fred Lowe as Chairman of AmCOMP PREFERRED INSURANCE COMPANY, a
Florida Corporation, who is personally known to me (or who produced personally
known as identification).

       

      
        	
                
                  /s/
      Mary T. Baldo

                

              
	 
      
	
                Notary
      Public, State of Florida at Large

                Print
      Name:

                Date
      Commission Expires:

                Commission
      Number:

                SEAL

              

      

      

      [NOTARY
SEAL]

       

      
        	
                WITNESSES:

              	 
      	
                LESSOR:

              
	 
      	 
      	
                701
      U.S. 1, INC., A Florida corporation

              
	 
      	 
      	 
      

      

      
        	
                
                  /s/
      Sandra Puleio

                

              	 
      	
                By:

              	
                
                  /s/
      John W. Gary

                

              
	
                Print
      Name: Sandra Puleio

              	 
      	 
      	
                Title:
      President

              
	 
      	 
      	 
      
	 
      	 
      	 
      

      

      
        	
                
                  /s/
      May I. Tucholski

                

              	 
      	
                Date:

              	
                
                  3/18/08

                

              
	
                Print
      Name: May I. Tucholski

              	 
      	 
      

      

       

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      
 

      STATE OF
FLORIDA                              )

      SS

      COUNTY OF
PALM
BEACH                 )

       

      The
foregoing instrument was acknowledged before me this 18th day of
March, 2008 by John W. Gary, III as president of 701 U.S. 1, INC., a Florida
Corporation, who is personally known to me.

       

      
        	
                
                  /s/
      Venerina R. Boratko

                

              
	 
      
	
                Notary
      Public, State of Florida at Large

                Print
      Name:

                Date
      Commission Expires:

                Commission
      Number:

                SEAL

              

      

      

      [NOTARY
SEAL]

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