Document:

Exhibit 10.6 - SUI Anti-Hedging Policy

Sun Communities, Inc.
Policy Prohibiting Hedging

The directors and executive officers of Sun Communities, Inc., a Maryland corporation (the “Company”), who are subject to the reporting provisions and trading restrictions of Section 16 of the Securities Exchange Act of 1934, as amended, may not trade in any interest or position relating to the future price of the Company’s securities, such as a put, call or short sale.

Effective as of July 14, 2014Exhibit 10.7 - SUI Clawback Policy

Sun Communities, Inc.
Executive Compensation "Clawback" Policy

If the Compensation Committee (the "Committee") of the Board of Directors (the "Board") of Sun Communities, Inc., a Maryland corporation (the "Company"), determines that an officer of the Company who is subject to Section 16(b) of the Securities Exchange Act of 1934 (an "Officer”) has engaged in fraud, willful misconduct or gross negligence that directly caused or otherwise directly contributed to the need for a material restatement of the Company's financial results in order to comply with federal securities laws, the Committee will review all "performance-based compensation" awarded to or earned by such Officer where the performance measurement period for such compensation includes any fiscal period(s) affected by the restatement.  For purposes hereof, "performance-based compensation" includes all annual incentives and long-term incentives with performance features based on the Company's financial performance, whether paid in cash or in equity, where the award or size of the award was contingent on such performance.

If the Committee determines, in its reasonable discretion, that any such performance-based compensation would not have been paid or would have been at a lower amount had it been based on the restated financial results, the Board or the Committee may within 12 months of such a restatement, to the extent permitted by applicable law, seek recoupment from such Officer of the portion of such performance-based compensation that is greater than that which would have been awarded or earned had such compensation been calculated on the basis of the restated financial results. Any such recoupment effort authorized by the Board or Committee shall be subject to the provisions of applicable compensation or employment agreements, including dispute resolution procedures. This policy shall be incorporated by reference into and shall apply to all performance-based compensation plans and awards granted on or after its adoption by the Committee.

For purposes of this policy, an act or omission will not be considered to constitute gross negligence or willful misconduct if the person in good faith relied upon the advice of the Company's external accountants or legal counsel.

This policy does not apply to restatements that the Board determines are required or permitted under generally accepted accounting principles in connection with the adoption or implementation of a new accounting standard or caused by the Company's decision to change its accounting practice as permitted by applicable law.

Effective as of July 14, 2014Exhibit 4.1

                                                                                                                                                          

	COMMON STOCK  		COMMON STOCK
	
 

	
 

	
 

	
PAR VALUE $0.01

	
 

	
THIS CERTIFICATE IS TRANSFERABLE IN

	
 

	
 

	
CANTON, MA, JERSEY CITY, NJ AND

	
 

	
 

	
COLLEGE STATION, TX.

 

	
Certificate Number

	
 

	
SHARES

	 		
	 		
CUSIP Y2685T115

GENCO SHIPPING & TRADING LIMITED

INCORPORATED UNDER THE LAWS OF THE REPUBLIC OF THE MARSHALL ISLANDS

 

THIS CERTIFIES THAT:

 

is the owner of

 

FULLY-PAID AND NON-ASSESSABLE SHARES OF THE PAR VALUE OF $.01 EACH OF THE COMMON STOCK OF

GENCO SHIPPING & TRADING LIMITED

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 and registered by the Transfer Agent and Registrar.

WITNESS the facsimile seal of the Corporation and the facsimile signature of its duly authorized officer.

Dated:

	
/s/ John C. Wobensmith

	
 

	
[SEAL]

	
SECRETARY

	
 

	
 

	
COUNTERSIGNED AND REGISTERED:

	
 

	
 

	
COMPUTERSHARE INC.

	
 

	
 

	
TRANSFER AGENT AND REGISTRAR

		
 

	
 

	
  

	
 

	
 

	
 

	
 

	
BY 

	
 

	
 

	
 

	
 

	
 

	
 

	
AUTHORIZED SIGNATURE

	
 

	
 

GENCO SHIPPING & TRADING LIMITED

THE COMPANY WILL FURNISH WITHOUT CHARGE TO EACH SHAREHOLDER WHO SO REQUESTS, A SUMMARY OF THE POWERS, DESIGNATIONS, PREFERENCES AND RELATIVE, PARTICIPATING, OPTIONAL OR OTHER SPECIAL RIGHTS OF EACH CLASS OF STOCK OF THE COMPANY AND THE QUALIFICATIONS, LIMITATIONS, OR RESTRICTIONS OF SUCH PREFERENCES AND RIGHTS, AND THE VARIATIONS IN RIGHTS, PREFERENCES AND LIMITATIONS DETERMINED FOR EACH SERIES, WHICH ARE FIXED BY THE ARTICLES OF INCORPORATION OF THE COMPANY, AS AMENDED, AND THE RESOLUTIONS OF THE BOARD OF DIRECTORS OF THE COMPANY, AND THE AUTHORITY OF THE BOARD OF DIRECTORS TO DETERMINE VARIATIONS FOR FUTURE SERIES.  SUCH REQUEST MAY BE MADE TO THE OFFICE OF THE SECRETARY OF THE COMPANY OR TO THE TRANSFER AGENT.  THE BOARD OF DIRECTORS MAY REQUIRE THE OWNER OF A LOST OR DESTROYED STOCK CERTIICATE, OR HIS LEGAL REPRESENTATIVES, TO GIVE THE COMPANY A BOND TO INDEMNIFY IT AND ITS TRANSFER AGENTS AND REGISTRARS AGAINST ANY CLAIM THAT MAY BE MADE AGAINST THEM ON ACCOUNT OF THE ALLEGED LOSS OR DESTRUCTION OF ANY SUCH CERTIFICATE.

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

	
-

	
tenants-in-common

	
 

	
TEN ENT

	
-

	
as tenants by the entireties

	
 

	
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 TRAN MIN ACT  —

	
 

	
Custodian

	
 

	
 

	
(Cust)

	
 

	
(Minor)

	
 

	
under, Uniform Transfers to Minors Act

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
State

	
 

Additional abbreviations may also be used though not in the above list.

For Value Received,                          hereby sell, assign and transfer unto

PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE

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

	
 

	
Shares of the common stock represented

	
by the within Certificate, and do hereby irrevocably constitute and appoint

	
 

	
 

	
Attorney to transfer

	
the said stock on the books of the within-named Corporation with full power of substitution in the premises.

	
Dated

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

NOTICE: the signature(s) 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 SIGNATURE(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, PURSUANT TO S.E.C. RULE 17Ad-15.

THE IRS REQUIRES THAT WE REPORT THE COST BASIS OF CERTAIN SHARES ACQUIRED AFTER JANUARY 1, 2011.  IF YOUR SHARES WERE COVERED BY THE LEGISLATION AND YOU HAVE SOLD OR TRANSFERRED THE SHARES AND REQUESTED A SPECIFIC COST BASIS CALCULATION METHOD, WE HAVE PROCESSED AS REQUIRED.  IF YOU DID NOT SPECIFY A COST BASIS CALCULATION METHOD, WE HAVE DEFAUTLED TO THE FIRST IN, FIRST OUT (FIFO) METHOD.  PLEASE VISIT OUR WEBSITE OR CONSULT YOUR TAX ADVISOR IF YOU NEED ADDITIONAL INFORMATION ABOUT COST BASIS.

IF YOU DO NOT KEEP IN CONTACT WITH US OR DO NOT HAVE ANY ACTIVITY IN YOUR ACCOUNT FOR THE TIME PERIODS SPECIFIED BY STATE LAW, YOUR PROPERTY COULD BECOME SUBJECT TO STATE UNCLAIMED PROPERTY LAWS AND TRANSFERRED TO THE APPROPRIATE STATE.Exhibit 4.2

 

	WARRANT		WARRANT
	
 

	
 

	
 

	
PAR VALUE $0.01

	
 

	
THIS CERTIFICATE IS TRANSFERABLE IN

	
 

	
 

	
CANTON, MA, JERSEY CITY, NJ AND

	
 

	
 

	
COLLEGE STATION, TX.

 

THE SECURITIES REPRESENTED BY THIS WARRANT CERTIFICATE (INCLUDING THE SECURITIES ISSUABLE UPON EXERCISE OF THE WARRANT) ARE SUBJECT TO ADDITIONAL AGREEMENTS SET FORTH IN THE WARRANT AGREEMENT DATED AS OF JULY 9, 2014 BY AND BETWEEN THE COMPANY AND THE WARRANT AGENT (THE “WARRANT AGREEMENT”).

 

	
Certificate 

Number

	
 

	
WARRANTS

	 		
	 		
CUSIP Y2685T123

 

GENCO SHIPPING & TRADING LIMITED

INCORPORATED UNDER THE LAWS OF THE REPUBLIC OF THE MARSHALL ISLANDS

 

THIS CERTIFIES THAT:

 

IS THE OWNER OF

 

WARRANTS TO PURCHASE COMMON STOCK OF

GENCO SHIPPING & TRADING LIMITED

transferable on the books of the Corporation by the holder hereof in person or by duly authorized attorney upon surrender of the certificate properly endorsed.  Each Warrant entitles the holder and its registered assigns (collectively, the “Registered Holder”) to purchase by cashless exercise from Genco Shipping & Trading Limited, a Marshall Islands corporation (the “Company”), subject to the terms and conditions hereof, at any time before 5:00 p.m., New York time, on July 9, 2021, one fully paid and non-assessable share of Common Stock of the Company at the Exercise Price (as defined in the Warrant Agreement).  The Exercise Price and the number and kinds of shares purchaseable hereunder are subject to adjustment from time to time as provided in Article V of the Warrant Agreement.  The initial Exercise Price shall be $20.99.

This certificate is not valid unless countersigned and registered by the Warrant Agent.

 

Witness the facsimile seal of the Corporation and the facsimile signature of its duly authorized officers.

	
/s/ Robert Gerald Buchanan

	
 

	
[SEAL]

	
AUTHORIZED OFFICER

	
 

	
 

 

Attest:

 

	
/s/ John C. Wobensmith 

	
 

	
 

	
Secretary

	
 

	
 

Dated:

	
COUNTERSIGNED AND REGISTERED:

	
 

	
 

	
COMPUTERSHARE INC.

	
 

	
 

	
WARRANT AGENT

	
 

	
 

	
 

	
 

	
 

	
BY

	  	
 

	
 

	
AUTHORIZED SIGNATURE

	
 

	
 

The Warrants evidenced by this Warrant Certificate are part of a duly authorized issue of warrants to purchase 3,938,298 shares of Common Stock issued pursuant to the Warrant Agreement, dated as of July 9, 2014 between Genco Shipping and Trading Limited and Computershare Inc (the “Warrant Agent” and the agreement, the “Warrant Agreement”) a copy of which may be inspected at the office of the Warrant Agent designated for such purpose.  The Warrant Agreement is incorporated by reference in and made a part of this instrument and is hereby referred to for a description of the rights, limitation of rights, obligations, duties and immunities thereunder of the Warrant Agent, the Company and the Registered Holders of the Warrants.  All capitalized terms used in this Warrant Certificate but not defined that are defined in the Warrant Agreement shall have the meanings assigned to them therein.

The Company shall not be required to issue fractions of Common Stock or any certificates that evidence fractional Common Stock.  No warrants may be sold, exchanged or otherwise transferred in violation of the Securities Act or state securities laws.  The Warrants represented by this Warrant Certificate do not entitle the registered holder to any of the rights of a stockholder of the Company.  The Company and Warrant Agent may deem and treat the Registered Holder hereof as the absolute owner of this Warrant Certificate (notwithstanding any notation of ownership or other writing hereon made by anyone) for the purpose of any exercise hereof and for all other purposes, and neither the company nor the Warrant Agent shall be affected by any notice to the contrary.

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

	
-

	
tenants-in-common

	
 

	
TEN ENT

	
-

	
as tenants by the entireties

	
 

	
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 TRAN MIN ACT  —

	
 

	
Custodian (until age        )

	
 

	
 

	
(Cust)

	
 

	
(Minor)

	
 

	
under, Uniform Transfers to Minors Act

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
State

	
 

Additional abbreviations may also be used though not in the above list.

 

FORM OF ASSIGNMENT

For Value Received,                          hereby sells, assign and transfers the Warrants to purchase shares of Genco Shipping & Trading Limited represented by this Warrant Certificate to

SOCIAL SECURITY OR OTHER TAXPAYER IDENTICIATION NUMBER

(PLEASE PRINT NAME AND ADDRESS)

 

and does hereby irrevocably constitute and appoint                         attorney, to transfer said Warrants on the Warrant Register maintained for the purpose of registration thereof, with full power of substitution in the premises.

	
Dated:                   , 20

	
Signature:

	
 

	
 

	
 

	
Name:

	
 

	
 

	
 

	
 

	

NOTE: The above signature and should correspond exactly with the name of the holder as it appears on the face of the certificate, in every particular without alteration or enlargement, or any change whatever.  The signature of the holder must be guaranteed.

EXERCISE FORM

The undersigned Registered Holder of this Warrant Certificate hereby irrevocably elects to exercise                        Warrants for the purchase of            shares of Common Stock, pursuant to the cashless exercise provisions of Section 4.3(a) of the Warrant Agreement (the total number of shares of Common Stock for which the Warrants represented hereby are being exercised before withholding for the Exercise of Price), and requests that the net number of shares of Common Stock issuable upon exercise be registered as follows:

SOCIAL SECURITY OR OTHER TAXPAYER IDENTICIATION NUMBER

(PLEASE PRINT NAME AND ADDRESS)

If Such Warrants shall not constitute all of the Warrants represented hereby, the undersigned requests that a new Warrant Certificate of like tenor and date for the balance of the Warrants represented hereby be issued and delivered as follows:

SOCIAL SECURITY OR OTHER TAXPAYER IDENTICIATION NUMBER

Print Name and address

	
Dated:                   , 20

	
Signature:

	
 

	
 

	
 

	
Name:

	
 

	
 

	
 

NOTE: The above signature and should correspond exactly with the name of the holder as it appears on the face of the certificate, in every particular without alteration or enlargement, or any change whatsoever.

NOTE:  If the Common Stock, or a new Warrant Certificate representing any portion of the Warrants not exercised, is to be registered in a name other than that in which this Warrant Certificate is registered, the signature of the holder hereof must be guaranteed.

	
Signature(s) Guaranteed: Medallion Guarantee Stamp

	
 

	
 

	
 

	
 

	
 

THE SIGNATURE(S) MUST 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), PURSUANT TO S.E.C. RULE 17Ad-15.

The IRS requires that we report the cost basis of certain shares acquired after January 1, 2011.  If your shares were covered by the legislation and you have sold or transferred the shares and requested a specific cost basis calculation method, we have processed as requested.  If you did not specify a cost basis calculation method, we have defaulted to the first in, first out (FIFO) method.  Please visit our website or consult your tax advisor if you need additional information about cost basis.

If you do not keep in contact with us or do not have any activity in your account for the time periods specified by state law, your property could become subject to state unclaimed property laws and transferred to the appropriate state.

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