Document:

exv10w14

 

Exhibit 10.14

January 2, 2008

A. M. Castle & Co.

3400 North Wolf Road

Franklin Park, Illinois 60131

          Re:   Amendment No. 2 to Note Agreement

Ladies and Gentlemen:

     Reference is made to that certain Note Agreement dated as of November 17, 2005 (as amended by
Amendment No. 1 thereto dated September 5, 2006, the “Note Agreement”) between A.M. Castle & Co., a
Maryland corporation (the “Company”), and The Prudential Insurance Company of America and
Prudential Retirement Insurance and Annuity Company (collectively, the “Purchasers”). Capitalized
terms used herein and not otherwise defined herein shall have the meanings assigned to such terms
in the Note Agreement.

     The Company has requested certain amendments to the Note Agreement as set forth below and the
Purchasers are willing to agree to such amendments on the terms and conditions set for the herein.
Accordingly, and in accordance with the provisions of paragraph 11C of the Note Agreement, the
parties hereto agree as follows:

     SECTION 1. Amendment. From and after the Effective Date (as defined in Section 3
hereof), the Note Agreement is hereby amended as follows:

     1.1. Clauses (j) and (k) of paragraph 6D of the Note Agreement are amended and restated in
their entireties to read as follows:

     ”(j) (i) Liens attaching solely to the property and assets of the Canadian Subsidiary
to secure Debt of the Canadian Subsidiary and no other Debt, and (ii) Liens attaching solely
to the property and assets of U.K. Subsidiary and U.K. Subsidiary Guarantors to secure Debt
of U.K. Subsidiary and no other Debt;

     (k) Liens attaching solely to the property and assets of any Foreign Subsidiary (other
than Guarantors, the Canadian Subsidiary and the U.K. Subsidiary) securing Indebtedness for
borrowed money of any such Foreign Subsidiary of not more than U.S. $35,000,000 in the
aggregate at any time outstanding for all such Foreign Subsidiaries; and”

     1.2. Paragraph 6H of the Note Agreement is Amended in its entirety to read as follows:

 

 

A.M. Castle & Co.

January 2, 2008

Page 2

     “6H. Investments. The Company will not, and will not permit any Subsidiary to make or
hold any Investments, except:

     (a) Investments held by the Company and its Subsidiaries in the form of Cash
Equivalents;

     (b) Short-term Investments of Foreign Subsidiaries acquired by Foreign Subsidiaries in
the ordinary course of business and of a credit quality similar to Cash Equivalents;

     (c) advances to officers, directors and employees of the Company and its Subsidiaries
in an aggregate amount not to exceed $1,000,000 at any time outstanding, for travel,
entertainment, relocation and analogous ordinary business purposes;

     (d) (i) Investments by the Company and its Subsidiaries in their respective
Subsidiaries outstanding on the date hereof, (ii) additional Investments by Company and its
Subsidiaries in the Company, the Canadian Subsidiary, the U.K. Subsidiary, the U.K.
Subsidiary Guarantors and the Guarantors, (iii) additional Investments by Subsidiaries of
the Company that are not Guarantors in other Subsidiaries that are not Guarantors and (iv)
so long as no Default has occurred and is continuing or would result from such Investment,
additional Investments (other than Guaranties) by the Company and the Guarantors in
wholly-owned Subsidiaries that are not Guarantors in an aggregate amount invested from the
date hereof not to exceed $35,000,000;

     (e) Investments consisting of extensions of credit in the nature of accounts receivable
or notes receivable arising from the grant of trade credit in the ordinary course of
business, and Investments received in satisfaction or partial satisfaction thereof from
financially troubled account debtors to the extent reasonably necessary in order to prevent
or limit loss;

     (f) Guarantees by the Company or a Guarantor of the obligations, liabilities or
indebtedness of the Company, the Canadian Subsidiary, the U.K. Subsidiary or another
Guarantor;

     (g) the Guaranty Agreement, the Guarantee by the Company of the Canadian Obligations
(as defined in the Credit Agreement), the Guarantee by the Subsidiaries of the Bank Credit
Agreement Debt (as defined in the Intercreditor Agreement), and Guarantees by a U.K.
Subsidiary Guarantor of Debt of the U.K. Subsidiary;

     (h) Guarantees by any Foreign Subsidiary (other than the Canadian Subsidiary or the
U.K. Subsidiary) of the obligations, liabilities or indebtedness of any other Foreign
Subsidiary (other than the Canadian Subsidiary or the U.K. Subsidiary);

     (i) Guarantees by Company of the obligations, liabilities or indebtedness of any
Subsidiary (other than the Guarantors, the Canadian Subsidiary and the U.K. Subsidiary) not
exceeding $35,000,000 in the aggregate at any time outstanding;

 

 

A.M. Castle & Co.

January 2, 2008

Page 3

     (j) the Transtar Acquisition;

     (k) Investments existing on the date hereof (other than those referred to in paragraph
6H(d)(i));

     (l) the purchase or other acquisition of all of the Equity Interests in, or all or
substantially all of the property of, any Person that, upon the consummation thereof, will
be wholly-owned directly by the Company or one or more of its Wholly-Owned Subsidiaries
(including as a result of a merger or consolidation); provided that, with respect to each
purchase or other acquisition made pursuant to this paragraph 6H(l):

     (i) [Intentionally Omitted];

     (ii) any such newly-created or acquired Subsidiary shall comply with the
requirements of paragraph 5K;

     (iii) the lines of business of the Person to be (or the property of which is to
be) so purchased or otherwise acquired shall be substantially the same lines of
business as one or more of the principal businesses of the Company and its
Subsidiaries in the ordinary course;

     (iv) the prior, effective consent or approval to such purchase shall have been
granted by the Board of Directors or equivalent governing body of the acquiree;

     (v) such purchase or other acquisition shall not include or result in any
contingent liabilities that could reasonably be expected to be material to the
business, financial condition, operations or prospects of the Company and its
Subsidiaries, taken as a whole (as determined in good faith by the board of
directors (or the persons performing similar functions) of the Company or such
Subsidiary if the board of directors is otherwise approving such transaction and, in
each other case, by a Responsible Officer);

     (vi) the total cash and noncash consideration (including the fair market value
of all Equity Interests issued or transferred to the sellers thereof (other than
Equity Interests of the Company), all indemnities, earnouts and other contingent
payment obligations to (with the amount thereof being determined by reference to the
amount reflected on the Company’s or the applicable Subsidiary’s balance sheet as of
the first date after the consummation of the applicable Investment), and the
aggregate amounts paid or to be paid under noncompete, consulting and other
affiliated agreements with, the sellers thereof and all assumptions of debt,
liabilities and other obligations in connection therewith) paid by or on behalf
of the Company and its Subsidiaries for any such purchase or other acquisition, when
aggregated with the total cash and noncash consideration paid by or on behalf of the
Company and its Subsidiaries for all other purchases and other acquisitions made by
the Company and its Subsidiaries pursuant to this paragraph

 

 

A.M. Castle & Co.

January 2, 2008

Page 4

6H(l) during the
immediately preceding 12 months, shall not exceed $75,000,000 (excluding the
consideration paid in connection with the Metals Acquisition);

     (vii) (A) immediately before and immediately after giving pro forma effect to
any such purchase or other acquisition, no Default or Event of Default shall have
occurred and be continuing and (B) immediately after giving effect to such purchase
or other acquisition, the Company and its Subsidiaries shall be in pro forma
compliance with all of the covenants set forth in paragraphs 6A, 6B and 6C, such
compliance to be determined on the basis of the financial information most recently
delivered to the holders of the Notes pursuant to paragraph 5F(a) or (b) as though
such purchase or other acquisition had been consummated as of the first day of the
fiscal period covered thereby; and

     (viii) the Company shall have delivered to each holder of the Notes at least
five Business Days (or, in the case of the Metals Acquisition, one Business Day)
prior to the date on which any such purchase or other acquisition is to be
consummated, (A) copies of the Borrowing Base Certificate delivered pursuant to
Section 7.08(n)(viii) of the Credit Agreement and (B) a certificate of a Responsible
Officer, in form and substance reasonably satisfactory to the Required Holder(s),
certifying that all of the requirements set forth in this paragraph 6H(l) have been
satisfied or will be satisfied on or prior to the consummation of such purchase or
other acquisition;

     (m) Investments in promissory notes issued as all or a portion of the purchase price
paid in connection with any Disposition permitted by paragraph 6F or any sale permitted by
paragraph 6G, not exceeding (i) $10,000,000 in aggregate principal amount at any time
outstanding with respect to Dispositions of the Company’s interests in joint ventures in
existence on September 5, 2006, or (ii) $1,000,000 with respect to any other such
Disposition or sale.

     (n) Investments made after September 5, 2006 in joint ventures not exceeding
$30,000,000 in the aggregate at any time outstanding.”

     1.3. Paragraph 10 of the Note Agreement is amended by adding, or amending and restating, the
following definitions as follows:

     “Credit Agreement” shall mean the “Amended and Restated Credit Agreement”, dated as of
September 5, 2006, between the Company, the Canadian Subsidiary, the U.K. Subsidiary and the
Banks, as amended by the First Amendment to Credit Agreement,
dated January 2, 2008 (the “First Amendment to Credit Agreement") as further amended,
restated, supplemented or otherwise modified from time to time.

     ”Excluded Collateral” shall mean (i) any property (whether currently existing or
subsequently acquired) subject to a Lien permitted under paragraph 6D, to the extent the
agreement creating such Lien prohibits additional Liens on such property; (ii) cash

 

 

A.M. Castle & Co.

January 2, 2008

Page 5

sufficient to secure the Company’s or any of its Subsidiary’s obligations to pay its
workmen’s compensation benefits including obligations to any Person providing surety,
insurance, letters of credit or other credit support so long as such cash does not secure
any obligation for any other purpose; (iii) all properties and assets of the Canadian
Subsidiary and the Mexican Subsidiary and any successor holder of such assets; (iv) all
property purchased with proceeds of the note issued pursuant to the Loan Agreement, dated as
of November 1, 1994, between the Company and the City of Hammond, Indiana; (v) other
property with a de minimis fair market value, that individually or in the aggregate with all
other such property, is not material to the continued business operations of the Company or
the Subsidiary which owns such property and a security interest therein is not perfected by
filing a UCC financing statement; and (vi) any leasehold interest in any real property
leased by the Company or any Subsidiary the termination of which would not result in a
Material Adverse Effect.

     “Metals Acquisition” means the acquisition by the Company, through a
Wholly-Owned Subsidiary, of all of the Equity Interests of Metals UK Group Limited, Metals
Group Limited, Aerospace Metals Europe Limited, AMESA Limited, Metals UK Limited, K.K.S.
(Stainless Steel) Co. Limited, Metals Group, Inc., LOKS Plasma Services Limited, E. Harding
& Sons Limited and Aerospace Metals Europe SA.

     “U.K. Subsidiary” means A. M. Castle Metals UK, Limited.

     “U.K. Subsidiary Guarantor” means any Subsidiary of the U.K. Subsidiary that is
incorporated under the laws of England and Wales that Guaranties the obligations of the U.K.
Subsidiary under the Credit Agreement.

     SECTION 2. Representations and Warranties. The Company and each Guarantor represents
and warrants that (a) each representation and warranty set forth in paragraph 8 of the Note
Agreement and the other Transaction Documents to which it is a party, is true and correct as of the
date of execution and delivery of this letter by the Company or such Guarantor with the same effect
as if made on such date (except to the extent such representations and warranties expressly refer
to an earlier date, in which case they were true and correct as of such earlier date and except
that the representations and warranties contained in paragraph 8B of the Note Agreement shall be
deemed to refer to the most recent statements furnished pursuant to clauses (a) and (b),
respectively, of paragraph 5F of the Note Agreement); (b) both before and after giving effect to
the amendments set forth in Section 1 hereof, no Event of Default or Default exists or has occurred
and is continuing on the date hereof; and (c) both before and after giving effect to the amendments
set forth in Section 1 hereof and the consummation of the transactions
contemplated by the First Amendment to Credit Agreement, the amendment to the Trade Agreement
referred to below and Metals Purchase Agreement (as defined below), the Company, individually and
together with its Subsidiaries on a consolidated basis, is Solvent.

     SECTION 3. Conditions Precedent. This amendments in Section 1 of this letter shall
become effective on the date (the “Effective Date”) when each Purchaser shall have received
original counterparts or, if satisfactory to such Purchaser, certified or other copies of all of
the

 

 

A.M. Castle & Co.

January 2, 2008

Page 6

following, each duly executed and delivered by the party or parties thereto, in form and
substance satisfactory to such Purchaser, dated the date hereof unless otherwise indicated, and on
the Effective Date in full force and effect:

     (i) counterparts to this letter executed by the Company and each Guarantor;

     (ii) counterparts to a First Amendment to the Intercreditor Agreement executed by the
Collateral Agent, Bank of America, N.A., Northern Trust, the Company and the Guarantors;

     (iii) a favorable opinion of counsel and/or special counsel to the Company, and the
Company, by its execution hereof, hereby requests and authorizes such counsel and/or special
counsel to render such opinion and to allow each holder of the Notes to rely on such
opinion, and understands and agrees that each Purchaser receiving such an opinion will be
relying, and is hereby authorized to rely, on such opinion;

     (iv) a copy of the First Amendment to Credit Agreement and all instruments, documents
and agreements delivered at the closing of and making of any loans thereunder, certified by
an Officer’s Certificate, dated the Effective Date, as correct and complete;

     (v) a copy of and amendment to Trade Agreement and all instruments, documents and
agreements delivered at the closing thereof, certified by an Officer’s Certificate, dated
the Effective Date, as correct and complete;

     (vi) receipt by the Bank Agent of an executed undertaking from Addleshaw Goddard LLP
(“AG”) that obligates AG to transfer the sellers the purchase price for the acquisition
contemplated by, and in accordance with the terms of, that certain purchase agreement by and
among the Company or one of its Subsidiaries, as buyer, and Ian Griffiths and others, as
sellers (the “Metals Purchase Agreement"), and a copy of such undertaking shall have been
provided to each Purchaser; and

     (viii) such other certificates, documents and agreements as such Purchaser may
reasonably request.

     SECTION 4. Reference to and Effect on Note Agreement. Upon the effectiveness of the
amendments to the Note Agreement made in this letter, each reference to the Note Agreement in any
other document, instrument or agreement shall mean and be a reference to the Note
Agreement as modified by this letter. Except as specifically set forth in Section 1 hereof,
the Note Agreement shall remain in full force and effect and is hereby ratified and confirmed in
all respects. The Company and each Guarantor hereby represents and warrants that all necessary or
required consents to this letter have been obtained and are in full force and effect. Except as
specifically stated in this letter, the execution, delivery and effectiveness of this letter shall
not (a) amend the Note Agreement, any Note or any of the other Transaction Documents, (b) operate
as a waiver of any right, power or remedy of the holder of any Note, (c) constitute a waiver of, or
consent to any departure from, any provision of the Note Agreement, any Note or any of the

 

 

A.M. Castle & Co.

January 2, 2008

Page 7

other Transaction Documents at any time or (d) be construed as a course of dealing or other implication
that any holder of any Note has agreed to or is prepared to grant any consents or agree to any
amendments to the Note Agreement, any Note or any of the other Transaction Documents in the future,
whether or not under similar circumstances.

     SECTION 5. Expenses. The Company hereby confirms its obligations under the Note
Agreement, whether or not the transactions hereby contemplated are consummated, to pay, promptly
after request by the holders of the Notes, all reasonable out-of-pocket costs and expenses,
including attorneys’ fees and expenses, incurred by any holder of the Notes in connection with this
letter or the transactions contemplated hereby, in enforcing any rights under this letter, or in
responding to any subpoena or other legal process or informal investigative demand issued in
connection with this letter or the transactions contemplated hereby. The obligations of the
Company under this Section 5 shall survive transfer by any holder of a Note of any Note and payment
of any Note.

     SECTION 6. Reaffirmation. Each Guarantor hereby ratifies and reaffirms all of its
payment and performance obligations, contingent or otherwise, under the Guaranty Agreement to which
it is a party and each of the other Transaction Documents to which it is a party. Each Guarantor
hereby consents to the terms and conditions of this letter and reaffirms its obligations and
liabilities under or with respect to the Note Agreement as amended by this letter.

     SECTION 7. Collateral Documents. The Company and the Guarantors have heretofore
executed and delivered certain Collateral Documents and concurrently herewith are executing the
Collateral Document Amendments. The Company and the Guarantors hereby acknowledge and agree that
the Liens created and provided for by the Collateral Documents, as amended by the Collateral
Document Amendments, continue to secure, among other things, the obligations arising under the Note
Agreement as amended hereby; and the Collateral Documents, as amended by the Collateral Document
Amendments, and the rights and remedies of the holders of the Notes and Collateral Agent
thereunder, the obligations of the Company and the Guarantors thereunder, and the Liens created and
provided for thereunder remain in full force and effect and shall not be affected, impaired or
discharged hereby. Nothing herein contained shall in any manner affect or impair the priority of
the liens and security interests created and provided for by the Collateral Documents, as amended
by the Collateral Document Amendments, as to the indebtedness which would be secured thereby prior
to giving effect to this letter agreement.

     SECTION 8. Governing Law. THIS LETTER SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE
WITH THE INTERNAL LAWS OF THE STATE OF ILLINOIS, WITHOUT REGARD TO PRINCIPLES OF CONFLICT OF LAWS
OF SUCH STATE WHICH WOULD OTHERWISE CAUSE THIS LETTER TO BE CONSTRUED OR ENFORCED OTHER THAN IN
ACCORDANCE WITH THE LAWS OF THE STATE OF ILLINOIS.

     SECTION 9. Counterparts; Section Titles. This letter may be executed in any number of
counterparts and by different parties hereto in separate counterparts, each of which when so

 

 

A.M. Castle & Co.

January 2, 2008

Page 8

executed and delivered shall be deemed to be an original and all of which taken together shall
constitute but one and the same instrument. Delivery of an executed counterpart of a signature page
to this letter by facsimile shall be effective as delivery of a manually executed counterpart of
this letter. The section titles contained in this letter are and shall be without substance,
meaning or content of any kind whatsoever and are not a part of the agreement between the parties
hereto.

[signature page follows]

 

 

	 	 	 	 	 	 	 
	 	 	Very truly yours,
	 
	 	 	 	 	 	 
	 	 	THE PRUDENTIAL INSURANCE COMPANY
	 	 	OF AMERICA
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ G. Anthony Coletta	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Vice President	 	 
	 
	 	 	 	 	 	 
	 	 	PRUDENTIAL RETIREMENT INSURANCE
	 	 	AND ANNUITY COMPANY
	 
	 	 	 	 	 	 
	 

	 	By:
	 	Prudential Investment Management, Inc.,	 	 
	 

	 	 	 	as investment manager	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ G. Anthony Coletta	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Vice President	 	 

Agreed and Accepted:

	 	 	 	 	 
	A. M. CASTLE & CO.	 	 
	 
	 	 	 	 
	By:

	 	/s/ Lawrence A. Boik	 	 
	Name:

	 	 

Lawrence A. Boik
	 	 
	Title:

	 	 Vice President of Finance and Chief Financial Officer	 	 

 

 

	 	 	 	 	 	 	 
	 	 	GUARANTORS:
	 
	 	 	DATAMET, INC.
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Lawrence A. Boik	 	 
	 

	 	Name:
	 	 

Lawrence A. Boik
	 	 
	 

	 	Title:
	 	Vice President, Treasurer and Assistant	 	 
	 

	 	 	 	Secretary	 	 
	 
	 	 	 	 	 	 
	 	 	KEYSTONE TUBE COMPANY, LLC
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Lawrence A. Boik	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:
	 	Lawrence A. Boik	 	 
	 

	 	Title:
	 	Vice President	 	 
	 
	 	 	 	 	 	 
	 	 	TOTAL PLASTICS, INC.
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Lawrence A. Boik	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:
	 	Lawrence A. Boik	 	 
	 

	 	Title:
	 	Vice President	 	 
	 
	 	 	 	 	 	 
	 	 	PARAMONT MACHINE COMPANY, LLC
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Lawrence A. Boik	 	 
	 

	 	Name:
	 	 

Lawrence A. Boik
	 	 
	 

	 	Title:
	 	Vice President	 	 

 

 

	 	 	 	 	 	 	 
	 	 	ADVANCED FABRICATING
	 	 	TECHNOLOGY, LLC
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ Lawrence A. Boik
 

Lawrence A. Boik
	 	 
	 

	 	Title:
	 	Vice President	 	 
	 
	 	 	 	 	 	 
	 	 	OLIVER STEEL PLATE CO.
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Lawrence A. Boik	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:
	 	Lawrence A. Boik	 	 
	 

	 	Title:
	 	Treasurer	 	 
	 
	 	 	 	 	 	 
	 	 	TRANSTAR INVENTORY CORP.
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Lawrence A. Boik	 	 
	 

	 	Name:
	 	 

Lawrence A. Boik
	 	 
	 

	 	Title:
	 	Vice President	 	 
	 
	 	 	 	 	 	 
	 	 	TRANSTAR METALS CORP.
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Lawrence A. Boik	 	 
	 

	 	Name:
	 	 

Lawrence A. Boik
	 	 
	 

	 	Title:
	 	Vice President	 	 
	 
	 	 	 	 	 	 
	 	 	TRANSTAR MARINE CORP.
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Lawrence A. Boik	 	 
	 

	 	Name:
	 	 

Lawrence A. Boik
	 	 
	 

	 	Title:
	 	Vice Presidentexv10w1

 

Exhibit 10.1

SECOND AMENDMENT TO RESTRICTED STOCK AWARD AGREEMENT

     This Second Amendment to Restricted Stock Award Agreement (“Amendment”) is made as of December
30, 2007 by and between SUN COMMUNITIES, INC., a Maryland corporation (the “Company”), and GARY A.
SHIFFMAN (“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 75,000 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 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. 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, 18,750 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. Subject to the restrictions and conditions set forth
in the Plan, the remaining 56,250 Shares (the “Performance-Vesting Shares”) shall vest on
March 1, 2010 (provided that Employee is employed by the Company on such date) on the basis
of the compound annual growth rate of the Company’s funds from operations per weighted
average number of outstanding shares of Common Stock on a fully diluted basis (as
determined by reference to the Company’s audited financial statements) (the “Per Share
FFO”) for the period commencing January 1, 2005 and ending December 31, 2009 (the “CAGR”),
determined by comparing the Per Share FFO for the year ending December 31, 2009 to the Per
Share FFO for the year ending December 31, 2005, as follows:

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	At least 3% but	 	At least 4% but	 	 
	 	 	Less than	 	less	 	less	 	 
	CAGR	 	3%	 	than 4%	 	than 5%	 	At least 5%
	Percentage of
Performance-Vesting
Shares vesting on
March 1, 2010

	 	 	0	 	 	 	50	%	 	 	75	%	 	 	100	%

 

 

Notwithstanding anything to the contrary herein, (a) the number of
Performance-Vesting Shares subject to this Agreement may be decreased in the sole
and absolute discretion of the Compensation Committee of the Company at any time
prior to March 1, 2010 by written notice to Employee; and (b) any
Performance-Vesting Shares so deducted from this Agreement may be awarded to other
employees of the Company in the sole and absolute discretion of the Compensation
Committee of the Company. By way of illustration, the Company, by action of its
Compensation Committee prior to March 1, 2010, may elect to award all 56,250
Performance-Vesting Shares covered by this Agreement to other employees of the
Company, in which event Employee shall not be entitled to, and shall not receive,
any Performance-Vesting Shares.

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

     4. This 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.

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

	 	 	 	 	 	 	 
	 	 	COMPANY:
	 
	 	 	 	 	 	 
	 	 	SUN COMMUNITIES, INC., a Maryland
	 	 	corporation
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Jeffrey P. Jorissen
	 	 
	 

	 	 	 	 	 
	 

	 	 	 	Jeffrey P. Jorissen, Chief Financial	 	 
	 

	 	 	 	Officer	 	 
	 
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	EMPLOYEE:
	 
	 	 	 	 	 	 
	 

	 	 	 	/s/ Gary A. Shiffman	 	 
	 	 	 	 	 
	 	 	GARY A. SHIFFMAN	 	 

-2-

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00134-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00134-of-00352.parquet"}]]