Document:

Ex 10.7.5

EXHIBIT 10.7.5

TIER III POST- 65 RETIREE PROGRAM

Effective Date:  November 6, 2012

Tier III Post - 65 Retiree Program. The Tier III Post - 65 Retiree Program covers (i) CBL officers of the level of senior vice president or above, (ii) who retire after the effective date hereof, (iii) who have been employed by CBL and/or its affiliates or predecessors for a total of 40 or more years prior to their date of retirement, (iv) who are 65 years of age and older, (v) who are participating in the CBL group medical insurance plan on the date of such retirement, and (vi) who no longer have a “current employment status” with CBL (such employees/officers being referred to herein as “Tier III Retirees”).

For purposes of clarification, a Tier III Retiree includes the persons referenced above who have retired from active employment with CBL and (i) who may continue in any part-time capacity with CBL; (ii) who may continue to provide services to CBL under any consulting agreement or similar agreement; or (iii) who are not continuing to provide services to CBL in any capacity.

The Tier III Post - 65 Retiree Program benefits for a Tier III Retiree (and his/her spouse who is insured by CBL's health insurance plan on the date of the retirement of the Tier III Retiree) are that the Tier III Retiree and his/her covered spouse would be entitled to continue participation in the CBL group medical insurance plan (as such may be amended, revised or modified from time to time and as available to then-active employees of CBL) following his/her retirement but with the Tier III Retiree and his/her covered spouse having to pay the full cost for such coverage (i.e., equivalent to the then-prevailing COBRA rate) following the expiration of five (5) years from the date of the Tier III Retiree's retirement.  For the initial period of five (5) years from the date of the Tier III Retiree's retirement, the Tier III Retiree and his/her covered spouse will be entitled to continue to participate in the CBL group medical insurance plan at no cost to the Tier III Retiree and/or his/her covered spouse.

Any tax obligations imposed on the Tier III Retiree for this retirement benefit shall be the sole responsibility of the Tier III Retiree (and spouse if applicable).

CBL may terminate this Tier III Post - 65 Retiree Program as to Tier III Retirees and Tier III Grandfathered Executives, as defined below, at any time following the initial adoption hereof by providing at least 12-month's prior written notice to Tier III Retirees and their spouses if applicable and the Tier III Grandfathered Executives, as defined below.  

CBL may terminate this Tier III Post - 65 Retiree Program at any time following the initial adoption hereof for any reason on a prospective basis as to any CBL employee(s) who have not retired from CBL as of the date of such termination of the program; provided, however, any CBL employee who is also an officer of CBL of the level of senior vice president or above  who would have otherwise qualified as a Tier III Retiree if such employee/officer had retired from employment with CBL as of the date of such termination of the Tier III Post - 65 Retiree Program (the “Tier III Grandfathered Executives”) shall be grandfathered in and thus entitled to the Tier III Post - 65 Retiree Program benefits on the date of such employee's/officer's subsequent retirement.

By way of clarification, on any termination of the Tier III Post - 65 Retiree Program, such termination shall be as to either (i) all Tier III Retirees and their spouses if applicable (after applicable notice) and all Tier III Grandfathered Executives (after applicable notice) and all CBL employees who have not retired from CBL as of the date of such termination or (ii) all CBL employees who have not retired from CBL as of the date of such termination except for Tier III Grandfathered Executives.Exhibit4.1Formofcertificatecommonstock

[GRAPHIC OMITTED]
	
		
	COMMON STOCK
PAR VALUE $0.01

CERTIFICATE
NUMBER

	COMMON STOCK

THIS CERTIFICATE IS TRANSFERABLE IN
CANTON, MA AND NEW YORK, NY

SHARES

	 
	CUSIP 866674104
SEE REVERSE FOR CERTAIN DEFINITIONS

SUN COMMUNITIES, INC.
ORGANIZED UNDER THE LAWS OF THE STATE OF MARYLAND

THIS CERTIFIES THAT
IS THE OWNER OF
FULLY PAID AND NONASSESSABLE SHARES OF COMMON STOCK
OF THE PAR VALUE OF $0.01 PER SHARE OF

SUN COMMUNITIES, INC., TRANSFERABLE ON THE BOOKS OF THE CORPORATION BY THE HOLDER HEREOF IN PERSON OR BY DULY AUTHORIZED ATTORNEY UPON SURRENDER OF THIS CERTIFICATE PROPERLY ENDORSED.  THIS CERTIFICATE IS NOT VALID UNLESS COUNTERSIGNED BY THE TRANSFER AGENT AND REGISTERED BY THE REGISTRAR.
THIS CERTIFICATE AND THE SHARES OF STOCK REPRESENTED HEREBY ARE ISSUED AND SHALL BE HELD SUBJECT TO ALL OF THE PROVISIONS OF THE CHARTER OF THE CORPORATION, TO ALL OF WHICH THE HOLDER, BY ACCEPTANCE HEREOF, ASSENTS.  
WITNESS THE FACSIMILE SEAL OF THE CORPORATION AND THE FACSIMILE SIGNATURES OF ITS DULY AUTHORIZED OFFICERS.   
DATED        DD-MMM-YYYY
COUNTERSIGNED AND REGISTERED:    
		
	______________________________      [SEAL OMITTED]
	COMPUTERSHARE TRUST COMPANY, N.A.,

Chief Executive Officer and President            TRANSFER AGENT AND REGISTRAR,

_______________________________             BY: _____________________________________
Executive Vice President, Secretary,                 AUTHORIZED SIGNATURE
Treasurer and Chief Financial Officer

SUN COMMUNITIES, INC.
The securities represented by this certificate are subject to restrictions on transfer for the purpose of the Corporation’s maintenance of its status as a real estate investment trust under the Internal Revenue Code of 1986, as amended.  Except as otherwise provided pursuant to the charter of the Corporation, no Person may Beneficially Own shares of Common Stock and/or Preferred Stock in excess of nine and eight-tenths percent (9.8%) (or such greater percentage as may be determined by the Board of Directors of the Corporation) of the number or value of the outstanding Equity Stock of the Corporation (unless such Person is an Exempt Holder).  Any Person who attempts or proposes to Beneficially Own shares of Common Stock and/or Preferred Stock in excess of the above limitations must notify the Corporation in writing at least fifteen (15) days prior to such proposed or attempted Transfer.  All capitalized terms in this legend have the meanings defined in the charter of the Corporation, a copy of which, including the restrictions on transfer, will be sent without charge to each stockholder who so requests.  If the restrictions on transfer are violated, the securities represented hereby will be designated and treated as shares of Excess Stock which will be held in trust by the Corporation.  
The Corporation has the authority to issue more than one class of stock.  The Corporation will furnish without charge to any stockholder upon request a full statement of the: (1) designations and any preferences, conversion and other rights, voting powers, restrictions, limitations as to dividends, qualifications and terms or conditions of redemption, in any, of each class of stock which the Corporation is authorized to issue, (2) relative rights and preferences between shares of each series of preferred stock to the extent they have been set; and (3) authority of the Board of Directors to set relative rights and preferences of any subsequent series of preferred stock.  Inquiries should be made to the Corporation’s secretary at the Corporation’s principal office.
This certificate also evidences and entitles the holder hereof to certain Rights as set forth in the Rights Agreement between Sun Communities, Inc. and Computershare Trust Company, N.A. (the “Rights Agreement”), the terms of which are hereby incorporated herein by reference and a copy of which is on file at the principal executive offices of Sun Communities, Inc.  Under certain circumstances, as set forth in the Rights Agreement, such Rights will be evidenced by separate certificates and will no longer be evidenced by this certificate.  Sun Communities, Inc. will mail to the holder of this certificate a copy of the Rights Agreement as in effect on the date of mailing without charge within five Business Days after receipt of a written request therefor.  Under certain circumstances as forth in the Rights Agreement, Rights beneficially owned by an Acquiring Person may become null and void.  The Rights shall not be exercisable, and shall be void so long as held, by a holder in any jurisdiction where the requisite qualification, if any, to the issuance to such holder, or the exercise by such holder, of the Rights in such jurisdiction shall not have been obtained or be obtainable.  

The following abbreviations, when used in the inscription on the face of this certificate, shall be construed as though they were written out in full according to applicable laws or regulations:
	
		
	TEN COM - as tenants in common
TEN ENT - as tenants by the entirety
JT TEN - as joint tenants with right
of survivorship and not as tenants in common
	UNIF GIFT MIN ACT _____________Custodian____________________
                                                   (Cust)                                                       (Minor)
                               Under Uniform Gifts to Minors Act ______________
                                                                                                        (State)
UNIF TRF MIN ACT _____________Custodian (until age ____________)
                                               (Cust)                                       
                     _____________under Uniform Transfers to Minors Act_____
                                 (Minor)                                                                                                (State)

    
Additional abbreviations may also be used though not in the above list.
FOR VALUE RECEIVED, hereby sells, assigns and transfers unto _______________________________________

PLEASE INSERT SOCIAL SECURITY OR OTHER 
IDENTIFYING NUMBER OF ASSIGNEE    ____________________________________

_____________________________________________________________________________________________
(PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS, INCLUDING ZIP CODE AND ASSIGNEE)

_____________________________________________________________________________________________

_____________________________________________________________________________________________

_______________________________________________________________________________________ Shares
of the stock represented by the within Certificate, and do hereby irrevocably constitute and appoint

_____________________________________________________________________________________ Attorney
to transfer the said stock on the book of the within named Corporation with full power of substitution in the premises. 
	
		
	

Dated_________________20____________________

Signature: ___________________________________

Signature: ___________________________________
NOTICE: THE SIGNATURE TO THIS ASSIGNMENT MUST CORRESPOND WITH THE NAME AS WRITTEN UPON THE FACE OF THE CERTIFICATE IN EVERY PARTICULAR, WITHOUT ALTERATION OR ENLARGEMENT OR ANY CHANGE WHATEVER.

	Signature(s) Guaranteed: Medallion Guarantee Stamp
THE SIGNATURES(S) SHOULD BE GUARANTEED BY AN ELIGIBLE GUARANTOR INSTITUTION (BANKS, STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS AND CREDIT UNIONS WITH MEMBERSHIP IN AN APPROVED SIGNATURE GUARANTEE MEDALLION PROGRAM), PURUANT TO S.E.C. RULE 17Ad-15.

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