First Amendment to Restricted Stock Award Agreement between Sun Communities, Inc. and Jeffrey P. Jorissen

Contract Categories: Human Resources › Compensation Agreements
Summary

Sun Communities, Inc. and employee Jeffrey P. Jorissen have amended their original Restricted Stock Award Agreement. The amendment changes the vesting schedule for 50,000 shares of company stock previously granted to Jorissen. Now, 12,500 shares will vest on May 10, 2007 if Jorissen remains employed, and the remaining 37,500 shares will vest on March 1, 2010 based on the company's financial performance from 2005 to 2009. All other terms of the original agreement remain unchanged.

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EX-10.32 7 k92013exv10w32.txt EX-10.32 EXHIBIT 10.32 FIRST AMENDMENT TO RESTRICTED STOCK AWARD AGREEMENT This First Amendment to Restricted Stock Award Agreement ("Amendment") is made as of February 21, 2005 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 (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 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, 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. Subject to the restrictions and conditions set forth in the Plan, the remaining 37,500 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 5% At least 6% At least 7% At least 8% Less than but less but less but less but less than CAGR 5% than 6% than 7% than 8% 9% At least 9% - ---- --------- ----------- ---------- ---------- ------------- ---------- No. of Performance- Vesting Shares vesting 0 17,500 27,500 32,500 35,000 37,500 on March 1, 2010
3. Except as otherwise modified herein, the Award Agreement shall remain in full force and effect consistent with its terms. IN WITNESS WHEREOF, the Company and Employee have executed this First 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. JORISSEN -2-