<SEC-DOCUMENT>0001493152-23-001413.txt : 20230113
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<ACCEPTANCE-DATETIME>20230113160523
ACCESSION NUMBER:		0001493152-23-001413
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		17
CONFORMED PERIOD OF REPORT:	20230111
ITEM INFORMATION:		Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20230113
DATE AS OF CHANGE:		20230113

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			UMH PROPERTIES, INC.
		CENTRAL INDEX KEY:			0000752642
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				221890929
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-12690
		FILM NUMBER:		23528765

	BUSINESS ADDRESS:	
		STREET 1:		3499 ROUTE 9 N, SUITE 3-C
		STREET 2:		JUNIPER BUSINESS PLAZA
		CITY:			FREEHOLD
		STATE:			NJ
		ZIP:			07728
		BUSINESS PHONE:		7325779997

	MAIL ADDRESS:	
		STREET 1:		3499 ROUTE 9 N, SUITE 3-C
		STREET 2:		JUNIPER BUSINESS PLAZA
		CITY:			FREEHOLD
		STATE:			NJ
		ZIP:			07728

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	UNITED MOBILE HOMES INC
		DATE OF NAME CHANGE:	19920703
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 18pt"><b>UNITED
STATES</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 18pt"><b>SECURITIES
AND EXCHANGE COMMISSION</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 12pt"><b>Washington,
D.C. 20549</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline"></span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 18pt"><b>FORM
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b></b></span>&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>CURRENT
REPORT</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Pursuant
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"></span></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Exact
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_90D_edei--EntityInformationFormerLegalOrRegisteredName_c20230111__20230111_zZkv7sKW7Mnk"><ix:nonNumeric contextRef="From2023-01-11to2023-01-11" name="dei:EntityInformationFormerLegalOrRegisteredName">Not
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Former
name or former address, if changed since last report.)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Check
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under
any of the following provisions (see General Instruction A.2. below):</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90B_edei--PreCommencementIssuerTenderOffer_c20230111__20230111_zpXchJVsheWb"><ix:nonNumeric contextRef="From2023-01-11to2023-01-11" format="ixt:booleanfalse" name="dei:PreCommencementIssuerTenderOffer">&#9744;</ix:nonNumeric></span></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</span></td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Securities
registered pursuant to Section 12(b) of the Act:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 38%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title
    of each class</span></td>
    <td style="width: 2%">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 20%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trading
    Symbol(s)</span></td>
    <td style="width: 2%">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 38%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name
    of exchange on which registered</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    Stock, $.10 par value</ix:nonNumeric></span></span></td>
    <td>&#160;</td>
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    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90B_edei--SecurityExchangeName_c20230111__20230111__us-gaap--StatementClassOfStockAxis__custom--CommonStock.10ParValueMember_zGCEHuCNlKL7"><ix:nonNumeric contextRef="From2023-01-112023-01-11_custom_CommonStock.10ParValueMember" format="ixt-sec:exchnameen" name="dei:SecurityExchangeName">New
    York Stock Exchange</ix:nonNumeric></span></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90C_edei--Security12bTitle_c20230111__20230111__us-gaap--StatementClassOfStockAxis__custom--Sec6.375SeriesDCumulativeRedeemablePreferredStock.10ParValueMember_zOXz4t28DpJ9"><ix:nonNumeric contextRef="From2023-01-112023-01-11_custom_Sec6.375SeriesDCumulativeRedeemablePreferredStock.10ParValueMember" name="dei:Security12bTitle">6.375%
    Series D Cumulative Redeemable Preferred Stock, $.10 par value</ix:nonNumeric></span></span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90B_edei--TradingSymbol_c20230111__20230111__us-gaap--StatementClassOfStockAxis__custom--Sec6.375SeriesDCumulativeRedeemablePreferredStock.10ParValueMember_zhKNEGRtKYe4"><ix:nonNumeric contextRef="From2023-01-112023-01-11_custom_Sec6.375SeriesDCumulativeRedeemablePreferredStock.10ParValueMember" name="dei:TradingSymbol">UMH
    PRD</ix:nonNumeric></span></span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_900_edei--SecurityExchangeName_c20230111__20230111__us-gaap--StatementClassOfStockAxis__custom--Sec6.375SeriesDCumulativeRedeemablePreferredStock.10ParValueMember_zhu9XyvMYF18"><ix:nonNumeric contextRef="From2023-01-112023-01-11_custom_Sec6.375SeriesDCumulativeRedeemablePreferredStock.10ParValueMember" format="ixt-sec:exchnameen" name="dei:SecurityExchangeName">New
    York Stock Exchange</ix:nonNumeric></span></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span>&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&#167;230.405
of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (&#167;240.12b-2 of this chapter). Emerging growth company <span id="xdx_90F_edei--EntityEmergingGrowthCompany_c20230111__20230111_zy3l7GSwpTbi"><ix:nonNumeric contextRef="From2023-01-11to2023-01-11" format="ixt:booleanfalse" name="dei:EntityEmergingGrowthCompany">&#9744;</ix:nonNumeric></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. &#9744;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 0pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Item
                                            5.02</b></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Departure
                                            of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers;
                                            Compensatory Arrangements of Certain Officers.</b></span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Samuel
A. Landy Employment Agreement</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
January 11, 2023, UMH Properties, Inc. (the &#8220;Company&#8221;) entered into an Amended and Restated Employment Agreement (&#8220;Landy
Agreement&#8221;) with Samuel A. Landy, President and Chief Executive Officer, effective as of January 1, 2023. The Landy Agreement has
an initial term of three years and will be renewed automatically thereafter for additional successive one (1) year terms commencing on
the third anniversary and each subsequent anniversary of the Effective Date unless otherwise terminated pursuant to the terms of the
Landy Agreement. Pursuant to the terms of the Landy Agreement, Mr. Landy is entitled to receive an annual base salary of $766,000. Mr.
Landy&#8217;s base salary will be reviewed at least annually by the Compensation Committee of the Company&#8217;s Board of Directors
(the &#8220;Compensation Committee&#8221;) and may be increased (but not decreased) in its discretion. Mr. Landy shall also be eligible
to receive an annual cash bonus for any calendar year under the Landy Agreement with a target value equal to one hundred percent (100%)
of Mr. Landy&#8217;s base salary as in effect for the calendar year. Such annual cash bonus shall be based on a combination of corporate/financial
metrics and individual performance goals to be established by the Compensation Committee in consultation with Mr. Landy. For each year
during the term of the Landy Agreement, Mr. Landy will also be eligible to participate in and receive a long term equity compensation
award under the UMH Properties, Inc. Amended and Restated 2013 Incentive Award Plan or any successor stock or long term equity-based
incentive plan adopted by the Company. Long term equity awards may be provided to Mr. Landy in the form of stock options, restricted
stock units, performance-based restricted stock units, restricted stock, long-term incentive plan units, profits interests, and/or other
equity or equity-based types of award, as determined by the Compensation Committee in accordance with plan terms. Any such equity awards
shall be subject to performance-based and time-based vesting requirements as determined by the Compensation Committee. Performance-based
vesting requirements that the Compensation Committee may elect to utilize for this purpose may include, without limitation, criteria
relating to one or more of the following: normalized FFO per share growth, total shareholder return, same property occupancy increase,
NOI growth, sale increase, acquisitions, development of sites (including through any joint ventures), capital raising and ESG. Awarded
equity compensation may also be based in part upon the performance-based relative shareholder return of the Company as compared to the
MSCI US REIT Index. Equity award amounts shall be reviewed at least annually by the Compensation Committee and may be increased (but
not decreased) in its discretion. &#9;Under the Landy Agreement, if Mr. Landy&#8217;s employment is terminated (A) by the Company other
than for cause (as defined in the Landy Agreement), (B) by Mr. Landy for good reason (as defined in the Landy Agreement), (C) due to
non-renewal of the Landy Agreement by the Company at the end of the applicable term, or (D) due to Mr. Landy&#8217;s death or disability,
then Mr. Landy, in addition to receiving any accrued but unpaid compensation and any nonforfeitable benefits to which Mr. Landy is entitled
under benefit plans maintained by the Company as provided in the Landy Agreement, and subject to a customary release and separation agreement
being executed by Mr. Landy, will be entitled to receive any unpaid cash bonus payable for any completed prior year and an amount equal
to three (3) times (or, in the case of Mr. Landy&#8217;s termination due to death or Disability, one (1) times) the sum of (i) Mr. Landy&#8217;s
base salary as in effect for the calendar year in which the termination occurs plus (ii) the average of the annual cash bonus amounts
earned by Mr. Landy over the three (3) year period immediately preceding the year in which Mr. Landy&#8217;s termination occurs. Such
amounts described in (i) and (ii) shall be paid under the Landy Agreement in thirty-six (36) equal monthly installments (or twelve (12)
equal monthly installments in the event of termination due to Mr. Landy&#8217;s disability or death), except upon a termination at or
within twenty-four (24) months after a change of control of the Company. Further, any unvested stock options or time-based equity or
equity-based awards granted or issued to Mr. Landy prior to the date of termination shall vest ratably over the thirty-six (36) month
period immediately following the date of termination (or, in the case of Mr. Landy&#8217;s termination due to death or Disability, ratably
over the twelve (12) month period immediately following his termination due to death or Disability) as if Mr. Landy remained fully employed
for such period. The foregoing amounts, excluding accrued but unpaid compensation and any nonforfeitable benefits to which Mr. Landy
is entitled under benefit plans maintained by the Company as provided in the Landy Agreement, are collectively referred to herein as
the &#8220;Landy Termination Benefit&#8221;.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
Mr. Landy&#8217;s employment is terminated by the Company for cause or Mr. Landy terminates his employment without good reason, he shall
not be entitled to receive the Landy Termination Benefit and shall only receive accrued but unpaid compensation and any nonforfeitable
benefits to which Mr. Landy is entitled under benefit plans maintained by the Company as provided in the Landy Agreement through the
date of termination.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Landy Agreement also provides that in the event Mr. Landy&#8217;s employment is terminated at or within twenty-four (24) months following
the consummation of a change of control of the Company, either by the Company or its successor (including as a result of the Company&#8217;s
or its successor&#8217;s decision not to renew the Landy Agreement at the end of the applicable term), or due to Mr. Landy&#8217;s death
or disability, or by Mr. Landy for good reason, and Mr. Landy would otherwise be entitled to receive the Landy Termination Benefit described
above as a result of such termination of his employment, then Mr. Landy shall be entitled to receive a single lump payment of the Landy
Termination Benefit not later than sixty (60) days following the termination, provided that such a lump-sum payment would be permitted
by applicable provisions of the Internal Revenue Code.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Landy Agreement also entitles Mr. Landy (and, as applicable, his spouse and eligible dependents) to certain customary fringe benefits,
including vacation, life insurance and health benefits and the right to participate in the Company&#8217;s 401(k) retirement plan.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Anna
T. Chew Employment Agreement</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
January 11, 2023, the Company entered into an Amended and Restated Employment Agreement (&#8220;Chew Agreement&#8221;) with Anna T. Chew,
Executive Vice President and Chief Financial Officer, effective as of January 1, 2023. The Chew Agreement has an initial term of three
years and will be renewed automatically thereafter for additional successive one (1) year terms commencing on the third anniversary and
each subsequent anniversary of the Effective Date unless otherwise terminated pursuant to the terms of the Chew Agreement. Pursuant to
the terms of the Chew Agreement, Ms. Chew is entitled to receive an annual base salary of $591,000. Ms. Chew&#8217;s base salary will
be reviewed at least annually by the Compensation Committee and may be increased (but not decreased) in its discretion. Ms. Chew shall
also be eligible to receive an annual cash bonus for any calendar year under the Chew Agreement with a target value equal to one hundred
percent (100%) of Ms. Chew&#8217;s base salary as in effect for the calendar year. Such annual cash bonus shall be based on a combination
of corporate/financial metrics and individual performance goals to be established by the Compensation Committee in consultation with
Ms. Chew. For each year during the term of the Chew Agreement, Ms. Chew will also be eligible to participate in and receive a long term
equity compensation award under the UMH Properties, Inc. Amended and Restated 2013 Incentive Award Plan or any successor stock or long
term equity-based incentive plan adopted by the Company. Long term equity awards may be provided to Ms. Chew in the form of stock options,
restricted stock units, performance-based restricted stock units, restricted stock, long-term incentive plan units, profits interests,
and/or other equity or equity-based types of award, as determined by the Compensation Committee in accordance with plan terms. Any such
equity awards shall be subject to performance-based and time-based vesting requirements as determined by the Compensation Committee.
Performance-based vesting requirements that the Compensation Committee may elect to utilize for this purpose may include, without limitation,
criteria relating to one or more of the following: normalized FFO per share growth, total shareholder return, same property occupancy
increase, NOI growth, sale increase, acquisitions, development of sites (including through any joint ventures), capital raising and ESG.
Awarded equity compensation may also be based in part upon the performance-based relative shareholder return of the Company as compared
to the MSCI US REIT Index. Equity award amounts shall be reviewed at least annually by the Compensation Committee and may be increased
(but not decreased) in its discretion.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the Chew Agreement, if Ms. Chew&#8217;s employment is terminated (A) by the Company other than for cause (as defined in the Chew Agreement),
(B) by Ms. Chew for good reason (as defined in the Chew Agreement), (C) due to non-renewal of the Chew Agreement by the Company at the
end of the applicable term, or (D) due to Ms. Chew&#8217;s death or disability, then Ms. Chew, in addition to receiving any accrued but
unpaid compensation and any nonforfeitable benefits to which Ms. Chew is entitled under benefit plans maintained by the Company as provided
in the Chew Agreement, and subject to a customary release and separation agreement being executed by Ms. Chew, will be entitled to receive
any unpaid cash bonus payable for any completed prior year and an amount equal to three (3) times (or, in the case of Ms. Chew&#8217;s
termination due to death or Disability, one (1) times) the sum of (i) Ms. Chew&#8217;s base salary as in effect for the calendar year
in which the termination occurs plus (ii) the average of the annual cash bonus amounts earned by Ms. Chew over the three (3) year period
immediately preceding the year in which Ms. Chew&#8217;s termination occurs. Such amounts described in (i) and (ii) shall be paid under
the Chew Agreement in thirty-six (36) equal monthly installments (or twelve (12) equal monthly installments in the event of termination
due to Ms. Chew&#8217;s disability or death), except upon a termination at or within twenty-four (24) months after a change of control
of the Company. Further, any unvested stock options or time-based equity or equity-based awards granted or issued to Ms. Chew prior to
the date of termination shall vest ratably over the thirty-six (36) month period immediately following the date of termination (or, in
the case of Ms. Chew&#8217;s termination due to death or Disability, ratably over the twelve (12) month period immediately following
her termination due to death or Disability) as if Ms. Chew remained fully employed for such period. The foregoing amounts, excluding
accrued but unpaid compensation and any nonforfeitable benefits to which Ms. Chew is entitled under benefit plans maintained by the Company
as provided in the Chew Agreement, are collectively referred to herein as the &#8220;Chew Termination Benefit&#8221;.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
Ms. Chew&#8217;s employment is terminated by the Company for cause or Ms. Chew terminates her employment without good reason, she shall
not be entitled to receive the Chew Termination Benefit and shall only receive accrued but unpaid compensation and any nonforfeitable
benefits to which Ms. Chew is entitled under benefit plans maintained by the Company as provided in the Chew Agreement through the date
of termination.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Chew Agreement also provides that in the event Ms. Chew&#8217;s employment is terminated at or within twenty-four (24) months following
the consummation of a change of control of the Company, either by the Company or its successor (including as a result of the Company&#8217;s
or its successor&#8217;s decision not to renew the Chew Agreement at the end of the applicable term), or due to Ms. Chew&#8217;s death
or disability, or by Ms. Chew for good reason, and Ms. Chew would otherwise be entitled to receive the Chew Termination Benefit described
above as a result of such termination of her employment, then Ms. Chew shall be entitled to receive a single lump sum payment of the
Chew Termination Benefit not later than sixty (60) days following the termination, provided that such a lump-sum payment would be permitted
by applicable provisions of the Internal Revenue Code.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Chew Agreement also entitles Ms. Chew (and, as applicable, her spouse and eligible dependents) to certain customary fringe benefits,
including vacation, life insurance and health benefits and the right to participate in the Company&#8217;s 401(k) retirement plan.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Craig
Koster Employment Agreement</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
January 11, 2023, the Company entered into an Employment Agreement (&#8220;Koster Agreement&#8221;) with Craig Koster, Executive Vice
President, General Counsel and Secretary, effective as of January 1, 2023. The Koster Agreement has an initial term of three years and
will be renewed automatically thereafter for additional successive one (1) year terms commencing on the third anniversary and each subsequent
anniversary of the Effective Date unless otherwise terminated pursuant to the terms of the Koster Agreement. Pursuant to the terms of
the Koster Agreement, Mr. Koster is entitled to receive an annual base salary of $425,000. Mr. Koster&#8217;s base salary will be reviewed
at least annually by the Compensation Committee and may be increased (but not decreased) in its discretion. Mr. Koster shall also be
eligible to receive an annual cash bonus for any calendar year under the Koster Agreement with a target value equal to sixty percent
(60%) of Mr. Koster&#8217;s base salary as in effect for the calendar year. Such annual cash bonus shall be based on a combination of
corporate/financial metrics and individual performance goals to be established by the Compensation Committee in consultation with Mr.
Koster. For each year during the term of the Koster Agreement, Mr. Koster will also be eligible to participate in and receive a long
term equity compensation award under the UMH Properties, Inc. Amended and Restated 2013 Incentive Award Plan or any successor stock or
long term equity-based incentive plan adopted by the Company. Long term equity awards may be provided to Mr. Koster in the form of stock
options, restricted stock units, performance-based restricted stock units, restricted stock, long-term incentive plan units, profits
interests, and/or other equity or equity-based types of award, as determined by the Compensation Committee in accordance with plan terms.
Any such equity awards shall be subject to performance-based and time-based vesting requirements. Performance- based vesting requirements
that the Compensation Committee may elect to utilize for this purpose may include, without limitation, criteria relating to one or more
of the following: normalized FFO per share growth, total shareholder return, same property occupancy increase, NOI growth, sale increase,
acquisitions, development of sites (including through any joint ventures), capital raising and ESG. Awarded equity compensation may also
be based in part upon the performance-based relative shareholder return of the Company as compared to the MSCI US REIT Index. Equity
award amounts shall be reviewed at least annually by the Compensation Committee and may be increased (but not decreased) in its discretion.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the Koster Agreement, if Mr. Koster&#8217;s employment is terminated (A) by the Company other than for cause (as defined in the Koster
Agreement), (B) by Mr. Koster for good reason (as defined in the Koster Agreement), (C) due to non-renewal of the Koster Agreement by
the Company at the end of the applicable term, or (D) due to Mr. Koster&#8217;s death or disability, then Mr. Koster, in addition to
receiving any accrued but unpaid compensation and any nonforfeitable benefits to which Mr. Koster is entitled under benefit plans maintained
by the Company as provided in the Koster Agreement, and subject to a customary release and separation agreement being executed by Mr.
Koster, will be entitled to receive any unpaid cash bonus payable for any completed prior year and an amount equal to three (3) times
(or, in the case of Mr. Koster&#8217;s termination due to death or Disability, one (1) times) the sum of (i) Mr. Koster&#8217;s base
salary as in effect for the calendar year in which the termination occurs plus (ii) the average of the annual cash bonus amounts earned
by Mr. Koster over the three (3) year period immediately preceding the year in which Mr. Koster&#8217;s termination occurs. Such amounts
described in (i) and (ii) shall be paid under the Koster Agreement in thirty-six (36) equal monthly installments (or twelve (12) equal
monthly installments in the event of termination due to Mr. Koster&#8217;s disability or death), except upon a termination at or within
twenty-four (24) months after a change of control of the Company. Further, any unvested stock options or time-based equity or equity-based
awards granted or issued to Mr. Koster prior to the date of termination shall vest ratably over the thirty-six (36) month period immediately
following the date of termination (or, in the case of Mr. Koster&#8217;s termination due to death or Disability, ratably over the twelve
(12) month period immediately following his termination due to death or Disability) as if Mr. Koster remained fully employed for such
period. The foregoing amounts, excluding accrued but unpaid compensation and any nonforfeitable benefits to which Mr. Koster is entitled
under benefit plans maintained by the Company as provided in the Koster Agreement, are collectively referred to herein as the &#8220;Koster
Termination Benefit&#8221;.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
Mr. Koster&#8217;s employment is terminated by the Company for cause or Mr. Koster terminates his employment without good reason, he
shall not be entitled to receive the Koster Termination Benefit and shall only receive accrued but unpaid compensation and any nonforfeitable
benefits to which Mr. Koster is entitled under benefit plans maintained by the Company as provided in the Koster Agreement through the
date of termination.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Koster Agreement also provides that in the event Mr. Koster&#8217;s employment is terminated at or within twenty-four (24) months following
the consummation of a change of control of the Company, either by the Company or its successor (including as a result of the Company&#8217;s
or its successor&#8217;s decision not to renew the Koster Agreement at the end of the applicable term), or due to Mr. Koster&#8217;s
death or disability, or by Mr. Koster for good reason, and Mr. Koster would otherwise be entitled to receive the Termination Benefit
described above as a result of such termination of his employment, then Mr. Koster shall be entitled to receive a single lump sum payment
of the Termination Benefit not later than sixty (60) days following the termination, provided that such a lump-sum payment would be permitted
by applicable provisions of the Internal Revenue Code.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Koster Agreement also entitles Mr. Koster (and, as applicable, his spouse and eligible dependents) to certain customary fringe benefits,
including vacation, life insurance and health benefits and the right to participate in the Company&#8217;s 401(k) retirement plan.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Brett
Taft Employment Agreement</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
January 11, 2023, the Company entered into an Employment Agreement (&#8220;Taft Agreement&#8221;) with Brett Taft, Executive Vice President
and Chief Operating Officer, effective as of January 1, 2023. The Taft Agreement has an initial term of three years and will be renewed
automatically thereafter for additional successive one (1) year terms commencing on the third anniversary and each subsequent anniversary
of the Effective Date unless otherwise terminated pursuant to the terms of the Taft Agreement. Pursuant to the terms of the Taft Agreement,
Mr. Taft is entitled to receive an annual base salary of $390,000. Mr. Taft&#8217;s base salary will be reviewed at least annually by
the Compensation Committee and may be increased (but not decreased) in its discretion. Mr. Taft shall also be eligible to receive an
annual cash bonus for any calendar year under the Taft Agreement with a target value equal to sixty percent (60%) of Mr. Taft&#8217;s
base salary in effect for the calendar year. Such annual cash bonus shall be based on a combination of corporate/financial metrics and
individual performance goals to be established by the Compensation Committee in consultation with Mr. Taft. For each year during the
term of the Taft Agreement, Mr. Taft will also be eligible to participate in and receive a long term equity compensation award under
the UMH Properties, Inc. Amended and Restated 2013 Incentive Award Plan or any successor stock or long term equity-based incentive plan
adopted by the Company. Long term equity awards may be provided to Mr. Taft in the form of stock options, restricted stock units, performance-based
restricted stock units, restricted stock, long-term incentive plan units, profits interests, and/or other equity or equity-based types
of award, as determined by the Compensation Committee in accordance with plan terms. Any such equity awards shall be subject to performance-based
and time-based vesting requirements as determined by the Compensation Committee. Performance- based vesting requirements that the Compensation
Committee may elect to utilize for this purpose may include, without limitation, one or more of the following: normalized FFO per share
growth, total shareholder return, same property occupancy increase, NOI growth, sale increase, acquisitions, development of sites (including
through any joint ventures), capital raising and ESG. Awarded equity compensation may also be based in part upon the performance-based
relative shareholder return of the Company as compared to the MSCI US REIT Index. Equity award amounts shall be reviewed at least annually
by the Compensation Committee and may be increased (but not decreased) in its discretion. </span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the Taft Agreement, if Mr. Taft&#8217;s employment is terminated (A) by the Company other than for cause (as defined in the Taft Agreement),
(B) by Mr. Taft for good reason (as defined in the Taft Agreement), (C) due to non-renewal by the Company at the end of the applicable
term, or (D) due to Mr. Taft&#8217;s death or disability, then Mr. Taft, in addition to receiving any accrued but unpaid compensation
and any nonforfeitable benefits to which Mr. Taft is entitled under benefit plans maintained by the Company as provided in the Taft Agreement,
and subject to a customary release and separation agreement being executed by Mr. Taft, will be entitled to receive any unpaid cash bonus
payable for any completed prior year and an amount equal to three (3) times (or, in the case of Mr. Taft&#8217;s termination due to death
or Disability, one (1) times) the sum of (i) Mr. Taft&#8217;s base salary as in effect for the calendar year in which the termination
occurs plus (ii) the average of the annual cash bonus amounts earned by Mr. Taft over the three (3) year period immediately preceding
the year in which Mr. Taft&#8217;s termination occurs. Such amounts described in (i) and (ii) shall be paid under the Taft Agreement
in thirty-six (36) equal monthly installments (or twelve (12) equal monthly installments in the event of termination due to Mr. Taft&#8217;s
disability or death), except upon a termination at or within twenty-four (24) months after a change of control of the Company. Further,
any unvested stock options or time-based equity or equity-based awards granted or issued to Mr. Taft prior to the date of termination
shall vest ratably over the thirty-six (36) month period immediately following the date of termination (or, in the case of Mr. Taft&#8217;s
termination due to death or Disability, ratably over the twelve (12) month period immediately following his termination due to death
or Disability) as if Mr. Taft remained fully employed for such period. The foregoing amounts, excluding accrued but unpaid compensation
and any nonforfeitable incentive benefits to which Mr. Taft is entitled under benefit plans maintained by the Company as provided in
the Taft Agreement, are collectively referred to herein as the &#8220;Taft Termination Benefit&#8221;.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
Mr. Taft&#8217;s employment is terminated by the Company for cause or Mr. Taft terminates his employment without good reason, he shall
not be entitled to receive the Taft Termination Benefit and shall only receive accrued but unpaid compensation and any nonforfeitable
benefits to which Mr. Taft is entitled under benefit plans maintained by the Company as provided in the Taft Agreement through the date
of termination.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span>&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Taft Agreement also provides that in the event Mr. Taft&#8217;s employment is terminated at or within twenty-four (24) months following
the consummation of a change of control of the Company, either by the Company or its successor (including as a result of the Company&#8217;s
or its successor&#8217;s decision not to renew the Taft Agreement at the end of the applicable term), or due to Mr. Taft&#8217;s death
or disability, or by Mr. Taft for good reason, and Mr. Taft would otherwise be entitled to receive the Taft Termination Benefit described
above as a result of such termination of his employment, then Mr. Taft shall be entitled to receive a single lump sum payment of the
Termination Benefit not later than sixty (60) days following the termination, provided that such a lump-sum payment would be permitted
by applicable provisions of the Internal Revenue Code.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Taft Agreement also entitles Mr. Taft (and, as applicable, his spouse and eligible dependents) to certain customary fringe benefits,
including vacation, life insurance and health benefits and the right to participate in the Company&#8217;s 401(k) retirement plan.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.75in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Item 9.01</b></span></td><td style="text-align: justify"><b>Financial
                                            Statements and Exhibits.</b></td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40.8pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)
Exhibits.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span>&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
<td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&#160;</td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif">Exhibit<br />
                                            Number</td>
    <td style="padding-bottom: 1.5pt">&#160;</td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: justify">Description</td></tr>
                                                                                                                                      <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td>&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
                                                                                                                                      <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.1</span></td>
    <td style="width: 0.1in">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="ex10-1.htm">Amended and Restated Employment Agreement, dated January 11, 2023 (effective as of January 1, 2023), between UMH Properties Inc. and Samuel A. Landy</a></span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td>&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif"></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.2</span></td>
    <td>&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="ex10-2.htm">Amended and Restated Employment Agreement, dated January 11, 2023 (effective as of January 1, 2023), between UMH Properties Inc. and Anna T. Chew</a></span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td>&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif"></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.3</span></td>
    <td>&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="ex10-3.htm">Employment Agreement, dated January 11, 2023 (effective as of January 1, 2023), between UMH Properties, Inc. and Craig Koster</a></span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td>&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif"></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.4</span></td>
    <td>&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="ex10-4.htm">Employment Agreement, dated January 11, 2023 (effective as of January 1, 2023), between UMH Properties, Inc. and Brett Taft</a></span></td></tr><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td>&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
                                                                                <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">104</td>
    <td>&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Cover Page Interactive Data File (embedded within the Inline XBRL document)</td></tr>
                                                                                </table>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">SIGNATURE</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span>&#160;</p>

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    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>UMH
    Properties, Inc.</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 50%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date:
    January 13, 2023</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 5%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">By: </span></td>
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    Anna T. Chew</i></span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">
    Anna T. Chew</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Executive
    Vice President and Chief Financial Officer</span></p></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<TYPE>EX-10.1
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Exhibit 10.1</B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">UMH
PROPERTIES, INC.<BR>
AMENDED AND RESTATED EMPLOYMENT AGREEMENT<BR>
EXECUTED JANUARY 11, 2023<BR>
EFFECTIVE AS OF JANUARY 1, 2023</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 21%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">BY
    AND BETWEEN:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 79%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">UMH
    PROPERTIES, INC,</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
    Maryland Corporation (the &ldquo;Corporation&rdquo;)</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">AND:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Samuel
    A. Landy (&ldquo;Employee&rdquo;)</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">BACKGROUND</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WHEREAS,
Employee and the Corporation are parties to an Employment Agreement, effective January 1, 2018 (the &ldquo;Prior Employment Agreement&rdquo;);</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WHEREAS,
Employee and the Corporation now desire to amend and restate the Prior Employment Agreement in its entirety, effective as of January
1, 2023; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">NOW,
THEREFORE, in consideration of the mutual promises and covenants herein contained, the receipt and sufficiency of which are hereby acknowledged
by the parties hereto, the Corporation and Employee agree as follows (the &ldquo;Agreement&rdquo;):</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">TERMS</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. Term
of Employment.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Corporation agrees to continue to employ Employee and Employee agrees to continue to be employed in the capacity of President and Chief
Executive Officer for a term of three (3) years, effective as of January 1, 2023 (the &ldquo;Effective Date&rdquo;) and terminating on
the three (3) year anniversary of the Effective Date; <U>provided, however</U>, that this Agreement will be renewed automatically thereafter
for additional successive one (1) year terms commencing on the third anniversary and each subsequent anniversary of the Effective Date
(each a &ldquo;Renewal Date&rdquo;) unless (i) the Corporation or Employee has delivered written notice of non-renewal to the other party
at least one-hundred twenty (120) days prior to the relevant Renewal Date or (ii) Employee&rsquo;s employment is earlier terminated in
accordance with the provisions of Section 11 of this Agreement. The period during which Employee is employed with the Corporation under
this Agreement, including all renewal periods, is referred to as the &ldquo;Term.&rdquo;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. Time
and Efforts.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Employee
shall diligently and conscientiously devote Employee&rsquo;s time and attention and use Employee&rsquo;s best efforts in the discharge
of Employee&rsquo;s duties as President and Chief Executive Officer of the Corporation. Notwithstanding the foregoing, Employee may continue
to serve on those boards of directors of which Employee is a member on the Effective Date. Employee may also serve on other boards of
directors and engage in religious, charitable or other community activities as long as (i) such service and activities do not materially
interfere or result in a conflict of interest with Employee&rsquo;s performance of Employee&rsquo;s duties to the Corporation and (ii)
if requested by the Board of Directors of the Corporation (the &ldquo;Board&rdquo;), Employee shall provide prior written notice to the
Board if Employee intends to become a member of the board of directors of any other for-profit business.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
connection with any meeting of the Corporation&rsquo;s stockholders at which Employee&rsquo;s seat on the Board is up for election, so
long as Employee remains employed by the Corporation, Employee shall be nominated by the Board for re-election at such meeting.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3. Board
of Directors</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Employee
should at all times discharge Employee&rsquo;s duties in consultation with and under the supervision of the Board and such duties and
Employee&rsquo;s authority shall be commensurate with Employee&rsquo;s title and position with the Corporation. In the performance of
Employee&rsquo;s duties, Employee shall make Employee&rsquo;s principal office the Corporation&rsquo;s headquarters (currently located
at 3499 Route 9 North in Freehold, New Jersey) or such other place as both the Board and Employee may from time to time agree.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4. Compensation.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Corporation shall pay to Employee, as compensation for Employee&rsquo;s services, a base salary at the annual rate equal to $766,000,
which shall be paid in such intervals as salaries are paid generally to other executive officers of the Corporation. Employee&rsquo;s
base salary shall be reviewed at least annually by the Compensation Committee of the Board (the &ldquo;Compensation Committee&rdquo;)
and may be increased (but not decreased) in its discretion.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5. Cash
Bonus Opportunity.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Employee&rsquo;s
annual target cash bonus for any calendar year under this Agreement shall be equal to 100 percent of Employee&rsquo;s base salary as
in effect for such calendar year. On each annual compensation determination date established by the Corporation during the Term in respect
of the Corporation&rsquo;s senior executive team, the Corporation shall review the performance of the Corporation and of Employee during
the prior year relative to such performance goals as may have been established by the Compensation Committee in connection with such
bonus year, and the Compensation Committee may provide Employee with additional compensation in the form of a cash bonus if the Compensation
Committee, in its discretion and with consideration of the target bonus and performance criteria described above, determines that Employee&rsquo;s
contribution to the Corporation warrants such annual bonus. Such bonus for any calendar year shall be paid in cash no later than March
15 of the calendar year following the bonus year. Except as otherwise provided in this Agreement, Employee must be actively employed
by the Corporation on the payment date and shall not have given or received notice of resignation or termination in order to receive
payment of the bonus. The bonus will be based on a combination of corporate/financial metrics and individual performance goals to be
established by the Compensation Committee in consultation with the Employee.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6. Equity
Compensation Opportunity.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
each calendar year during the Term, Employee will be eligible to participate in and receive a long term award under the Corporation&rsquo;s
Stock Plan (as defined below). The value of Employee&rsquo;s annual target equity compensation award under the Stock Plan, for each calendar
year for which such an award is made to Employee under this Agreement, shall be equal to an amount that is not less than $1,600,000.
Long term incentive awards may be provided in the form of stock options, restricted stock units (&ldquo;RSUs&rdquo;), performance-based
restricted stock units (&ldquo;PRSUs&rdquo;), restricted stock, long-term incentive plan (&ldquo;LTIP&rdquo;) units, profits interests,
and/or other equity or equity-based types of award, as determined by the Compensation Committee in accordance with the terms of the UMH
Properties, Inc. Amended and Restated 2013 Incentive Award Plan or any successor stock or long term equity-based incentive plan adopted
by the Corporation from time to time (the &ldquo;Stock Plan&rdquo;). Equity award amounts shall be reviewed at least annually by the
Compensation Committee and may be increased (but not decreased) in its discretion. Such awards will be pro-rated for any partial year
of employment. Such awards will be subject to time-based and performance-based vesting as determined by the Compensation Committee. The
terms and conditions of equity or equity-based grants to Employee in respect of any calendar year, including vesting and types of awards
(but not necessarily the amount of such awards), shall be no less favorable than the terms and conditions of equity grants provided to
other named executive officers of the Corporation, generally, in respect of such calendar year.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7. Expenses.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Corporation will reimburse Employee for reasonable and necessary expenses incurred by Employee in carrying out Employee&rsquo;s duties
under this Agreement. Employee shall present to the Corporation from time to time an itemized account of such expenses in such form as
may be required by the Corporation.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8. Vacation.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Employee
shall be entitled to take four (4) paid weeks&rsquo; vacation per year and the same holidays as provided for other members of the staff,
in each case consistent with the Corporation&rsquo;s policy governing vacation and holidays.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9. 401(k)
Plan.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Employee,
at Employee&rsquo;s option, may participate in the Corporation&rsquo;s 401(k) plan according to its terms.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10. Other
Employee Benefits.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a. Employee
(and, as applicable, Employee&rsquo;s spouse and eligible dependent(s)) shall be entitled during the term of this Agreement to participate
in any other qualified retirement, group health and medical insurance, and group life or other insurance benefit plans providing benefits
generally applicable to the employees of UMH Properties, Inc. and its subsidiaries as may be in effect from time to time, as such plans
may be modified from time to time, subject to eligibility and the express terms of all such plans. Employee shall also be eligible for
any executive-level benefit plans and programs as may be in effect from time to time, pursuant to the respective terms of such plans
and programs.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">b. Employee
agrees <FONT STYLE="background-color: white">to assist the Corporation in procuring key man insurance coverage for the benefit of the
Corporation by submitting to the usual and customary medical and other examinations to be conducted by such physicians as the Corporation
or insurance company may reasonably designate and by signing such applications and other written instruments as may be required by the
insurance companies to which application is made for such insurance coverage. The Corporation shall be responsible for all costs related
to the procurement of such coverage. Employee&rsquo;s failure to submit to such usual and customary medical and other examinations shall
be deemed a material breach of this Agreement.</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11. Termination</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a. <U>Termination
by the Corporation Other than for Cause; Termination by Employee for Good Reason; Termination Due to Non-Renewal by the Corporation;
or Termination Due to Employee&rsquo;s Death or Disability</U>. If (i) Employee&rsquo;s employment with the Corporation is terminated
(x) by the Corporation other than for &ldquo;Cause&rdquo; (as defined in Section 11(b)(1) of this Agreement), (y) by Employee for &ldquo;Good
Reason&rdquo; (as defined in Section 11(b)(2) of this Agreement), or (z) on a Renewal Date as a result of a decision by the Corporation
pursuant to Section 1 not to renew this Agreement, or (ii) Employee&rsquo;s employment with the Corporation terminates due to Employee&rsquo;s
death or Disability, Employee (or Employee&rsquo;s estate, if applicable) shall, in addition to receiving any Accrued but Unpaid Compensation
and the Nonforfeitable Incentive Benefits (as each such term is defined in Section 11(b)(1) of this Agreement), subject to a customary
release and separation agreement (which shall not include any non competition covenant) being executed, delivered and not revoked by
Employee within sixty (60) days following termination (other than a termination due to Employee&rsquo;s death), (A) be entitled to receive
(x) any unpaid cash bonus payable to Employee for any completed prior year pursuant to Section 5 of this Agreement, payable at the same
time bonus payments for such prior year are made to other executives of the Corporation, and (y) an amount (the &ldquo;Separation Amount&rdquo;)
equal to three (3) times (or, in the case of Employee&rsquo;s termination due to death or Disability, one (1) times) the sum of (i) Employee&rsquo;s
base salary as in effect for the calendar year in which the termination under this Section 11(a) occurs plus (ii) the average of the
annual cash bonus amounts earned by Employee over the three (3) year period immediately preceding the year in which Employee&rsquo;s
termination occurs, as calculated by the Corporation, such Separation Amount to be paid (except as provided in Section 12(b) of this
Agreement in the event of Employee&rsquo;s termination at the time of, or within twenty-four (24) months after, a Change of Control,
as defined in Section 12(a) of this Agreement) in thirty-six (36) consecutive and equal monthly installments (or, in the case of Employee&rsquo;s
termination due to death or Disability, in twelve (12) consecutive and equal monthly installments), with the first installment to be
paid in the month immediately following Employee&rsquo;s execution, delivery and non-revocation of the separation and release agreement
referred to above (or, in the case of termination due to Employee&rsquo;s death, with the first installment to be paid in the month immediately
following Employee&rsquo;s death) (clauses (x) and (y) being referred to collectively as the &ldquo;Termination Benefit&rdquo;) and (B)
vest in any unvested stock options or time-based equity or equity-based awards (e.g., RSUs, PRSUs, LTIP units, and/or profits interests,
as applicable) granted or issued to Employee prior to the date of termination ratably over the thirty-six (36) month period immediately
following the date of termination (or, in the case of Employee&rsquo;s termination due to death or Disability, ratably over the twelve
(12) month period immediately following Employee&rsquo;s termination due to death or Disability) as if Employee remained fully employed
for such period, and with any performance goals applicable to an award to be determined (i) as of the date of termination, if in the
good faith judgment of the Compensation Committee it is fair and reasonably practicable to measure the attainment of performance goals
as of the date of termination or (ii) if in the good faith judgment of the Compensation Committee it is not fair or reasonably practicable
to measure the attainment of performance goals as of the date of termination, based upon an assumption that the applicable performance
goals will be achieved at target within the relevant performance period, in each case with such performance goals to be adjusted by the
Compensation Committee in good faith to reflect any partial performance period. The amounts due under this Section 11(a) shall not be
reduced by any amounts paid to Employee under any policy or plan of insurance, including but not limited to unemployment, disability,
or life. For purposes of this Agreement, &ldquo;Disability&rdquo; shall mean Employee&rsquo;s inability to perform Employee&rsquo;s material
duties for any ninety (90) day consecutive period or for one hundred eighty (180) days in any three hundred sixty-five (365) day period
due to Employee&rsquo;s physical or mental impairment, as determined by an independent, licensed physician reasonably acceptable to both
Employee and the Corporation.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">b. <U>Termination
by the Corporation for Cause or Employee&rsquo;s Voluntary Termination Without Good Reason</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. If
Employee is terminated for Cause, Employee shall not be entitled to receive the Termination Benefit described in clause (A) of Section
11(a) or to vesting of any unvested stock options or time-based equity or equity-based awards as described in clause (B) of Section 11(a)
and the Corporation shall pay Employee only Employee&rsquo;s (i) accrued and unpaid base salary through the date of such termination
and (ii) accrued but unused vacation time for the then-elapsed portion of the year in which the termination occurs (together with any
accrued but unreimbursed business expenses, the &ldquo;Accrued but Unpaid Compensation&rdquo;). Any nonforfeitable benefits payable to
Employee under the terms of the Stock Plan, any nonqualified deferred compensation plan, incentive plan or other benefit plans maintained
by the Corporation (the &ldquo;Nonforfeitable Incentive Benefits&rdquo;) shall be payable in accordance with the terms of the applicable
plan and/or award agreement, and any nonvested benefits accrued thereunder shall be forfeited effective upon the date of termination.
For purposes of this Agreement, &ldquo;Cause&rdquo; shall mean:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A.
Employee&rsquo;s conviction of, or plea of guilty or no contest to, a felony or any crime involving moral turpitude (or the procedural
equivalent of the foregoing);</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">B.
any public disparagement by Employee of the Corporation that results in material harm to the Corporation;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">C.
the willful engaging by Employee in conduct materially injurious to the Corporation, monetarily or otherwise; or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">D.
the intentional and willful failure of Employee to substantially perform Employee&rsquo;s duties under this Agreement as directed by
the Board (other than any such failure resulting from Employee&rsquo;s incapacity due to Disability or other medical issues) after a
demand for substantial performance is made by the Board.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
termination of employment shall not be deemed to be for Cause unless and until (x) there shall have been delivered to Employee a written
notice describing in reasonable detail the particulars giving rise to a termination for Cause and (y) solely upon the occurrence of an
event described in clause D of this Section 11(b)(1), no cure has occurred to the reasonable satisfaction of the Board by the thirtieth
(30<SUP>th</SUP>) day after such notice was given to Employee.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. If
Employee voluntarily terminates employment with the Corporation other than for Good Reason, Employee shall not be entitled to receive
the Termination Benefit described in clause (A) of Section 11(a) or to vesting of any unvested stock options or time-based equity or
equity-based awards as described in clause (B) of Section 11(a) and the Corporation shall pay Employee only the Accrued but Unpaid Compensation
and any Nonforfeitable Incentive Benefits shall be payable in accordance with the terms of the applicable plan and/or award agreement,
and any nonvested benefits accrued thereunder shall be forfeited effective upon the date of termination. For purposes of this Agreement,
&ldquo;Good Reason&rdquo; shall mean the occurrence of any of the following without Employee&rsquo;s prior written consent:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A.
the assignment of Employee to a position other than President and Chief Executive Officer of the Corporation during the Term;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">B.
a material diminution in Employee&rsquo;s total compensation opportunity, or material diminution in, reduction or adverse alteration
of, Employee&rsquo;s duties or responsibilities (including without limitation Employee ceasing to serve as President and Chief Executive
Officer of the ultimate parent entity of a publicly-traded company following a Change in Control as defined in Section 12 of this Agreement),
or the Corporation&rsquo;s assignment to Employee of duties, responsibilities or reporting requirements that are materially inconsistent
with Employee&rsquo;s positions;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">C.
a change of more than 25 miles in the geographic location of the primary office at which Employee must perform Employee&rsquo;s duties
as President and Chief Executive Officer of the Corporation;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">D.
Despite Employee&rsquo;s timely objection, the Board intentionally directs Employee to engage in unlawful conduct; or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">E.
a material breach by the Corporation of this Agreement;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">provided,
however, Employee must have notified the Corporation in writing within the first thirty (30) days following Employee&rsquo;s actual knowledge
that any of the foregoing events has occurred and, if such event is curable, the Corporation must have failed to cure such event within
thirty (30) days following its receipt of such notice from Employee; and provided further, Employee must have resigned for Good Reason
under Section 11(a) of this Agreement within ninety (90) days following the occurrence of the Good Reason event.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">c. <U>Certain
Post-Termination Payments Contingent Upon Release and Separation Agreement</U>. Notwithstanding the foregoing, any post-termination compensation
and benefits payable pursuant to Section 11(a) of this Agreement that are, by the terms of such Section 11(a), contingent upon Employee&rsquo;s
execution, delivery and non-revocation of a release and separation agreement, but which are scheduled to be paid prior to such release
and separation agreement becoming effective, shall be accumulated until the sixtieth (60th) day following the termination date and, subject
to such release and separation agreement becoming effective, shall be paid at the time the first such payment would become payable following
such sixtieth (60th) day, without interest thereon, unless earlier payment of such compensation and benefits would not violate Section
409A of the Code.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12. Change
of Control</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a. The
term &ldquo;Change of Control&rdquo; under this Agreement shall mean (i) a sale of substantially all of the assets of the Corporation,
not in the ordinary course, to an unaffiliated third party; (ii) the transfer, in one transaction or a series of transactions, to an
unaffiliated third party of outstanding shares of capital stock of the Corporation representing a majority of the then outstanding voting
capital stock of the Corporation; (iii) a majority of the members of the Board of Directors ceasing to be composed of individuals who
either were members of the Board immediately following the 2022 Annual Meeting of Shareholders of the Corporation, or whose election
to the Board was approved by a majority of such incumbent directors or their approved successors; (iv) a merger or consolidation of the
Corporation having the same effect as item (i), (ii) or (iii) above; or (v) any other event of a nature that would be required to be
reported as a change of control in item 5.01 of Form 8-K under the Securities Exchange Act of 1934, as amended (or any successor provision
thereto).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">b. In
the event a Change of Control occurs during the Term of this Agreement and Employee&rsquo;s employment with the Corporation is terminated
(i) by the Corporation (or its successor) other than for &ldquo;Cause&rdquo; (as defined in Section 11(b)(1) of this Agreement) at or
within twenty-four (24) months following the consummation of such Change of Control (including termination during such period as a result
of a decision by the Corporation pursuant to Section 1 not to renew this Agreement), (ii) due to Employee&rsquo;s death or Disability
within twenty-four (24) months following the consummation of such Change of Control, or (iii) by Employee due to &ldquo;Good Reason&rdquo;
at or within twenty-four (24) months following the consummation of such Change of Control, if Employee (or Employee&rsquo;s estate, if
applicable) would be entitled, pursuant to the terms of Section 11(a) of this Agreement, to receive the Termination Benefit as a result
of such termination, it is agreed that (A) the Termination Benefit shall be payable to Employee (or Employee&rsquo;s estate) in accordance
with the terms of Section 11(a), provided that if a lump sum payment of the Separation Amount described therein would not violate Section
409A of the Internal Revenue Code of 1986, as amended (the &ldquo;Code&rdquo;) because such Change of Control constitutes a permissible
payment event under Section 409A of the Code, such Separation Amount shall be paid in a single lump sum payment as soon as practicable,
and in any event within sixty (60) days following such termination, contingent (other than in the case of termination due to Employee&rsquo;s
death) upon the release and separation agreement referenced in Section 11(a) becoming effective, and (B) Employee shall immediately vest
in any unvested stock options or time-based equity or equity-based awards (e.g., RSUs, PRSUs, LTIP units, and/or profits interests, as
applicable) granted or issued to Employee prior to the date of termination (with any performance goals applicable to any such equity
or equity-based award to be determined in good faith in the manner provided in Section 11(a)). For the avoidance of doubt, should a termination
by the Corporation (or its successor) without Cause or by Employee for Good Reason, or due to a decision by the Corporation not to renew
this Agreement, or a termination due to Employee&rsquo;s death or Disability, occur later than twenty-four (24) months after consummation
of a Change of Control, any Termination Benefit will be paid as provided for under Section 11(a) (i.e., in installments).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">c. In
addition to any other compensation afforded herein, provided Employee is actively employed by the Corporation as of the consummation
of a Change of Control, Employee shall be entitled to participate in any transaction bonus plan or other similar arrangement(s) adopted
by the Corporation&rsquo;s Board of Directors in connection with such Change of Control that applies to the Corporation&rsquo;s executive
officers generally. For the avoidance of doubt, receipt of a transaction bonus under such a transaction bonus plan shall not prejudice
any other rights Employee may have under this Section 12 and nothing herein shall require the Corporation to adopt any such transaction
bonus plan or other arrangement(s).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">d. The
amounts due under this Section 12 shall not be reduced by any amounts paid to Employee under any policy or plan of insurance, including
but not limited to unemployment, disability, or life.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">e. Amounts
hereunder shall not be subject to mitigation or offset for other wages earned by Employee during any severance period.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">f. Notwithstanding
the foregoing, any post-termination compensation and benefits payable pursuant to Section 12(b) of this Agreement that are, by the terms
of such Section 12(b), contingent upon Employee&rsquo;s execution, delivery and non-revocation of a release and separation agreement,
but which are scheduled to be paid prior to such release and separation agreement becoming effective, shall be accumulated until the
sixtieth (60th) day following the termination date and, subject to such release and separation agreement becoming effective, shall be
paid at the time the first such payment would become payable following such sixtieth (60th) day, without interest thereon, unless earlier
payment of such compensation and benefits would not violate Section 409A of the Code.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">g. Notwithstanding
anything herein to the contrary, if Employee&rsquo;s employment is terminated and such termination entitles Employee (or his estate)
to receive the Separation Amount provided for in Section 11(a), and thereafter a Change of Control occurs during any installment period
for the payment of the Separation Amount, any unpaid installments will be accelerated and paid in a lump sum effective upon such Change
of Control to the extent such Change of Control constitutes a permissible payment event under, and such acceleration would not result
in a violation of, Section 409A of the Code.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13. Indemnification
and Attorneys&rsquo; Fees</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Corporation agrees to indemnify Employee from any and all lawsuits filed directly against Employee by a third party in Employee&rsquo;s
capacity as Employee and/or Director of the Corporation. The Corporation will pay all attorneys&rsquo; fees and costs to defend Employee
from any such lawsuits.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14. Notices.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
notices required or permitted to be given under this Agreement shall be given by certified mail, return receipt requested, to the parties
at the following addresses or such other addresses as either may designate in writing to the other party:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 15%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Corporation:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 77%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">UMH
    PROPERTIES, INC.</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Juniper
    Business Plaza</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3499
    Route 9N, Suite 3-C</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Freehold,
    NJ 07728</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Employee:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Samuel
    A. Landy</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ADDRESS
    ON FILE</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3.05pt; text-align: justify; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">15. Governing
Law.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
Agreement shall be construed and governed in accordance with the laws of the State of New Jersey, without regard to conflict of law principles.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">16. Entire
Contract.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
Agreement constitutes the entire understanding and agreement between the Corporation and Employee with regard to Employee&rsquo;s employment
with the Corporation from and after the Effective Date and, as of the Effective Date, supersedes all prior discussions, understandings
and agreements with respect thereto, including, without limitation, the Prior Employment Agreement (it being understood and agreed by
the parties that the Prior Employment Agreement shall remain in effect in accordance with its terms with respect to the period preceding
the Effective Date and that, from and after the Effective Date, this Agreement amends and restates, and completely and entirely replaces
and supersedes, the Prior Employment Agreement). There are no other agreements, conditions or representations, oral or written, express
or implied, with regard thereto. This Agreement may be amended only in writing signed by both parties hereto.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">17. Modification
and Waiver</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No
provision of this Agreement may be modified, waived or discharged unless such waiver, modification or discharge is agreed to in writing
and signed by Employee and such officer as may be specifically designated by the Board of Directors of the Corporation. No waiver by
either party hereto at any time of any breach by the other party hereof, or compliance with, any condition or provision of this Agreement
to be performed by such other party shall be deemed a waiver of similar or dissimilar provisions or conditions at the same or at any
prior or subsequent time.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">18. Successors.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
Agreement shall be binding on and inure to the benefit of the Corporation and any successor to any of its businesses or assets. This
Agreement shall be binding on and inure to the benefit of and be enforceable by Employee&rsquo;s personal and legal representatives,
executors, administrators, successors, heirs, distributees, devisees and legatees. In the event that a third party succeeds to all or
substantially all of the Corporation&rsquo;s business and assets (whether directly or indirectly and whether by purchase, merger, consolidation,
liquidation or otherwise), such successor shall assume this Agreement in writing and expressly agree to perform this Agreement in the
same manner and to the same extent as the Corporation would be required to perform it in the absence of a succession. For all purposes
under this Agreement, the term &ldquo;Corporation&rdquo; shall include any successor to the Corporation&rsquo;s business and assets that
executes and delivers the assumption described in the immediately preceding sentence or that becomes bound by this Agreement by operation
of law.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">19. Severability</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
invalidity or unenforceability of any provision of this Agreement, whether in whole or in part, shall not in any way affect the validity
and/or enforceability of any other provisions herein contained. Any invalid or unenforceable provision shall be deemed severable to the
extent of any such invalidity of unenforceability.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">20. Headings</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Headings
used in this Agreement are for convenience only and shall not be used to interpret its provisions.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">21. Certain
Possible Changes to Distributions; Code Section 409A.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notwithstanding
any provisions of this Agreement to the contrary, the commencement of payments payable with respect to a termination of employment that
are nonqualified deferred compensation subject to Section 409A of the Code shall be delayed by six months after termination, if (i) at
the applicable time, the Corporation or any entity in its controlled group has any stock which is publicly traded on an established securities
market, (ii) Employee is a &ldquo;specified employee&rdquo; under Section 409A of the Code, and (iii) in the view of the Corporation
such delay is necessary or advisable to avoid the imposition of the 20% tax under Section 409A of the Code (taking into account any applicable
regulations and other formal guidance provided by the Internal Revenue Service). Any amounts delayed under the foregoing sentence shall
be paid with the first permissible installment on the first day of the seventh month following such termination or earlier upon Employee&rsquo;s
death. Notwithstanding any other provision of this Agreement to the contrary, and in addition to (and not in substitution for) the two
preceding sentences, the Board retains the power and discretion to revise, amend, modify, reform, administer, interpret or construe this
Agreement at any time in whole or in part, to the extent it deems necessary or advisable to enable Employee to avoid any acceleration
of taxation (or the imposition of any additional tax or interest payments on delayed payments of tax) under Section 409A of the Code
(taking into account any applicable regulations and other formal guidance provided by the Internal Revenue Service). Anything in this
Agreement or otherwise to the contrary notwithstanding, the tax treatment of any benefits provided pursuant to this Agreement is not
warranted or guaranteed. Neither the Corporation or any subsidiary or affiliated entity nor their respective directors, officers, employees
(other than Employee) or advisers shall be held liable for any taxes, interest, penalties or other monetary amounts owed by Employee
as a result of the Agreement failing to be exempt from or to comply with Section 409A of the Code. Each payment payable under this Agreement
is intended to constitute and, to the maximum extent permitted by law, shall constitute, a separate payment in a series of separate payments
for purposes of Section 409A of the Code. To the extent that any reimbursements under this Agreement are subject to Section 409A of the
Code, (A) any such reimbursements payable to Employee shall be paid to Employee no later than December 31 of the year following the year
in which the expense was incurred, provided that Employee submits Employee&rsquo;s reimbursement request promptly following the date
the expense is incurred, (B) the amount of expenses reimbursed in one year shall not affect the amount eligible for reimbursement in
any subsequent year, other than medical expenses referred to in Section 105(b) of the Code, and (C) Employee&rsquo;s right to reimbursement
will not be subject to liquidation or exchange for another benefit. To the extent a release and separation agreement is required hereunder
as a condition of Employee&rsquo;s receipt of post-termination compensation and Employee&rsquo;s review, execution and period of possible
revocation of such release and separation agreement spans two calendar years, then (subject to the actual execution, delivery and nonrevocation
of such release and separation agreement) such release and separation agreement will be deemed effective in the second calendar year
for purposes of Section 409A of the Code.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">22. Clawback.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
amounts payable under this Agreement will be subject to any clawback policy of the Corporation, as in effect from time to time, to which
employees of the Corporation are subject, implemented to comply with applicable laws, including any clawback policy adopted to comply
with the Dodd-Frank Wall Street Reform and Consumer Protection Act and any rules or regulations promulgated thereunder, as set forth
in such clawback policy.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23. Parachute
Payments.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a. It
is the objective of this Agreement to maximize Employee&rsquo;s net after-tax benefit if payments or benefits provided under this Agreement
are subject to excise tax under Section 4999 of the Code. Notwithstanding any other provisions of this Agreement, in the event that any
payment or benefit by the Corporation or otherwise to or for the benefit of Employee, whether paid or payable or distributed or distributable
pursuant to the terms of this Agreement or otherwise (all such payments and benefits being hereinafter referred to as the &ldquo;Total
Payments&rdquo;), would be subject (in whole or in part) to the excise tax imposed by Section 4999 of the Code (the &ldquo;Excise Tax&rdquo;),
then the Total Payments shall be reduced to the extent necessary so that no portion of the Total Payments shall be subject to the Excise
Tax, but only if (i) the net amount of such Total Payments, as so reduced (and after subtracting the net amount of federal, state and
local income and employment taxes on such reduced Total Payments and after taking into account the phase out of itemized deductions and
personal exemptions attributable to such reduced Total Payments), is greater than or equal to (ii) the net amount of such Total Payments
without such reduction (but after subtracting the net amount of federal, state and local income and employment taxes on such Total Payments
and the amount of the Excise Tax to which Employee would be subject in respect of such unreduced Total Payments and after taking into
account the phase out of itemized deductions and personal exemptions attributable to such unreduced Total Payments).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">b. The
Total Payments shall be reduced by the Corporation in the following order: (i) reduction of any cash severance-related payments otherwise
payable to Employee that are exempt from Section 409A of the Code, (ii) reduction of any other cash payments or benefits otherwise payable
to Employee that are exempt from Section 409A of the Code, but excluding any payments attributable to the acceleration of vesting or
payments with respect to any equity award with respect to the Corporation&rsquo;s common stock that is exempt from Section 409A of the
Code, (iii) reduction of any other payments or benefits otherwise payable to Employee on a pro-rata basis or such other manner that complies
with Section 409A of the Code, but excluding any payments attributable to the acceleration of vesting and payments with respect to any
equity award with respect to the Corporation&rsquo;s common stock that are exempt from Section 409A of the Code, and (iv) reduction of
any payments attributable to the acceleration of vesting or payments with respect to any other equity award with respect to the Corporation&rsquo;s
common stock that are exempt from Section 409A of the Code.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">c. All
determinations regarding the application of this Section 23 shall be made by an accounting firm with experience in performing calculations
regarding the applicability of Section 280G of the Code and the Excise Tax reasonably selected in good faith by the Corporation (&ldquo;Independent
Advisors&rdquo;), a copy of which report and all worksheets and background materials relating thereto shall be provided to Employee.
For purposes of determining whether and the extent to which the Total Payments will be subject to the Excise Tax, (i) no portion of the
Total Payments the receipt or enjoyment of which Employee shall have waived at such time and in such manner as not to constitute a &ldquo;payment&rdquo;
within the meaning of Section 280G(b) of the Code shall be taken into account; (ii) no portion of the Total Payments shall be taken into
account which, in the opinion of the Independent Advisors, does not constitute a &ldquo;parachute payment&rdquo; within the meaning of
Section 280G(b)(2) of the Code (including by reason of Section 280G(b)(4)(A) of the Code) and, in calculating the Excise Tax, no portion
of such Total Payments shall be taken into account which, in the opinion of Independent Advisors, constitutes reasonable compensation
for services actually rendered, within the meaning of Section 280G(b)(4)(B) of the Code, in excess of the &ldquo;base amount&rdquo; (as
defined in Section 280G(b)(3) of the Code) allocable to such reasonable compensation; and (iii) the value of any non-cash benefit or
any deferred payment or benefit included in the Total Payments shall be determined by the Independent Advisors in accordance with the
principles of Sections 280G(d)(3) and (4) of the Code. The costs of obtaining such determination and all related fees and expenses (including
related fees and expenses incurred in any later audit) shall be borne solely by the Corporation.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">24. Counterparts.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute
one and the same instrument. Signatures delivered by facsimile, .PDF, or email, or affixed electronically, shall be deemed effective
for all purposes.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>IN
WITNESS WHEREOF, Corporation has by its appropriate officers signed and affixed its seal and Employee has signed and sealed this Agreement.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">UMH
    PROPERTIES, INC.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 3%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 46%"><P STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
                                            William Mitchell</FONT></P></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 5%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dated:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 44%"><P STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1/11/23</FONT></P></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chairman</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Compensation
    Committee</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">EMPLOYEE</FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 3%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 46%"><P STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
                                            Samuel A. Landy</FONT></P></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 5%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dated:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 44%"><P STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1/11/23</FONT></P></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Samuel
    A. Landy</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

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<DOCUMENT>
<TYPE>EX-10.2
<SEQUENCE>3
<FILENAME>ex10-2.htm
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Exhibit 10.2</B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">UMH
PROPERTIES, INC.<BR>
AMENDED AND RESTATED EMPLOYMENT AGREEMENT<BR>
EXECUTED JANUARY 11, 2023<BR>
EFFECTIVE AS OF JANUARY 1, 2023</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 21%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">BY
    AND BETWEEN:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 79%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">UMH
    PROPERTIES, INC,</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
    Maryland Corporation (the &ldquo;Corporation&rdquo;)</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">AND:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Anna
    Chew (&ldquo;Employee&rdquo;)</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">BACKGROUND</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WHEREAS,
Employee and the Corporation are parties to an Employment Agreement, effective January 1, 2018 (the &ldquo;Prior Employment Agreement&rdquo;);</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WHEREAS,
Employee and the Corporation now desire to amend and restate the Prior Employment Agreement in its entirety, effective as of January
1, 2023; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">NOW,
THEREFORE, in consideration of the mutual promises and covenants herein contained, the receipt and sufficiency of which are hereby acknowledged
by the parties hereto, the Corporation and Employee agree as follows (the &ldquo;Agreement&rdquo;):</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">TERMS</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. Term
of Employment.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Corporation agrees to continue to employ Employee and Employee agrees to continue to be employed in the capacity of Executive Vice President,
Chief Financial Officer and Treasurer for a term of three (3) years, effective as of January 1, 2023 (the &ldquo;Effective Date&rdquo;)
and terminating on the three (3) year anniversary of the Effective Date; <U>provided, however</U>, that this Agreement will be renewed
automatically thereafter for additional successive one (1) year terms commencing on the third anniversary and each subsequent anniversary
of the Effective Date (each a &ldquo;Renewal Date&rdquo;) unless (i) the Corporation or Employee has delivered written notice of non-renewal
to the other party at least one-hundred twenty (120) days prior to the relevant Renewal Date or (ii) Employee&rsquo;s employment is earlier
terminated in accordance with the provisions of Section 11 of this Agreement. The period during which Employee is employed with the Corporation
under this Agreement, including all renewal periods, is referred to as the &ldquo;Term.&rdquo;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. Time
and Efforts.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Employee
shall diligently and conscientiously devote Employee&rsquo;s time and attention and use Employee&rsquo;s best efforts in the discharge
of Employee&rsquo;s duties as Executive Vice President, Chief Financial Officer and Treasurer of the Corporation. Notwithstanding the
foregoing, Employee may continue to serve on those boards of directors of which Employee is a member on the Effective Date. Employee
may also serve on other boards of directors and engage in religious, charitable or other community activities as long as (i) such service
and activities do not materially interfere or result in a conflict of interest with Employee&rsquo;s performance of Employee&rsquo;s
duties to the Corporation and (ii) if requested by the Board of Directors of the Corporation (the &ldquo;Board&rdquo;), Employee shall
provide prior written notice to the Board if Employee intends to become a member of the board of directors of any other for-profit business.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
connection with any meeting of the Corporation&rsquo;s stockholders at which Employee&rsquo;s seat on the Board is up for election, so
long as Employee remains employed by the Corporation, Employee shall be nominated by the Board for re-election at such meeting.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3. Board
of Directors</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Employee
should at all times discharge Employee&rsquo;s duties in consultation with and under the supervision of the Board and such duties and
Employee&rsquo;s authority shall be commensurate with Employee&rsquo;s title and position with the Corporation. In the performance of
Employee&rsquo;s duties, Employee shall make Employee&rsquo;s principal office the Corporation&rsquo;s headquarters (currently located
at 3499 Route 9 North in Freehold, New Jersey) or such other place as both the Board and Employee may from time to time agree.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4. Compensation.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Corporation shall pay to Employee, as compensation for Employee&rsquo;s services, a base salary at the annual rate equal to $591,000,
which shall be paid in such intervals as salaries are paid generally to other executive officers of the Corporation. Employee&rsquo;s
base salary shall be reviewed at least annually by the Compensation Committee of the Board (the &ldquo;Compensation Committee&rdquo;)
and may be increased (but not decreased) in its discretion (taking into account the recommendation of the Corporation&rsquo;s President
and Chief Executive Officer).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5. Cash
Bonus Opportunity.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Employee&rsquo;s
annual target cash bonus for any calendar year under this Agreement shall be equal to 100 percent of Employee&rsquo;s base salary as
in effect for such calendar year. On each annual compensation determination date established by the Corporation during the Term in respect
of the Corporation&rsquo;s senior executive team, the Corporation shall review the performance of the Corporation and of Employee during
the prior year relative to such performance goals as may have been established by the Compensation Committee in connection with such
bonus year, and the Compensation Committee may provide Employee with additional compensation in the form of a cash bonus if the Compensation
Committee, in its discretion (taking into account the recommendation of the Corporation&rsquo;s President and Chief Executive Officer)
and with consideration of the target bonus and performance criteria described above, determines that Employee&rsquo;s contribution to
the Corporation warrants such annual bonus. Such bonus for any calendar year shall be paid in cash no later than March 15 of the calendar
year following the bonus year. Except as otherwise provided in this Agreement, Employee must be actively employed by the Corporation
on the payment date and shall not have given or received notice of resignation or termination in order to receive payment of the bonus.
The bonus will be based on a combination of corporate/financial metrics and individual performance goals to be established by the Compensation
Committee in consultation with the Employee.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6. Equity
Compensation Opportunity.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
each calendar year during the Term, Employee will be eligible to participate in and receive a long term award under the Corporation&rsquo;s
Stock Plan (as defined below). The value of Employee&rsquo;s annual target equity compensation award under the Stock Plan, for each calendar
year for which such an award is made to Employee under this Agreement, shall be equal to an amount that is not less than $1,250,000.
Long term incentive awards may be provided in the form of stock options, restricted stock units (&ldquo;RSUs&rdquo;), performance-based
restricted stock units (&ldquo;PRSUs&rdquo;), restricted stock, long-term incentive plan (&ldquo;LTIP&rdquo;) units, profits interests,
and/or other equity or equity-based types of award, as determined by the Compensation Committee in accordance with the terms of the UMH
Properties, Inc. Amended and Restated 2013 Incentive Award Plan or any successor stock or long term equity-based incentive plan adopted
by the Corporation from time to time (the &ldquo;Stock Plan&rdquo;). Equity award amounts shall be reviewed at least annually by the
Compensation Committee and may be increased (but not decreased) in its discretion (taking into account the recommendation of the Corporation&rsquo;s
President and Chief Executive Officer). Such awards will be pro-rated for any partial year of employment. Such awards will be subject
to time-based and performance-based vesting as determined by the Compensation Committee.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7. Expenses.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Corporation will reimburse Employee for reasonable and necessary expenses incurred by Employee in carrying out Employee&rsquo;s duties
under this Agreement. Employee shall present to the Corporation from time to time an itemized account of such expenses in such form as
may be required by the Corporation.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8. Vacation.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Employee
shall be entitled to take four (4) paid weeks&rsquo; vacation per year and the same holidays as provided for other members of the staff,
in each case consistent with the Corporation&rsquo;s policy governing vacation and holidays.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9. 401(k)
Plan.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Employee,
at Employee&rsquo;s option, may participate in the Corporation&rsquo;s 401(k) plan according to its terms.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10. Other
Employee Benefits.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a. Employee
(and, as applicable, Employee&rsquo;s spouse and eligible dependent(s)) shall be entitled during the term of this Agreement to participate
in any other qualified retirement, group health and medical insurance, and group life or other insurance benefit plans providing benefits
generally applicable to the employees of UMH Properties, Inc. and its subsidiaries as may be in effect from time to time, as such plans
may be modified from time to time, subject to eligibility and the express terms of all such plans. Employee shall also be eligible for
any executive-level benefit plans and programs as may be in effect from time to time, pursuant to the respective terms of such plans
and programs.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">b. Employee
agrees <FONT STYLE="background-color: white">to assist the Corporation in procuring key man insurance coverage for the benefit of the
Corporation by submitting to the usual and customary medical and other examinations to be conducted by such physicians as the Corporation
or insurance company may reasonably designate and by signing such applications and other written instruments as may be required by the
insurance companies to which application is made for such insurance coverage. The Corporation shall be responsible for all costs related
to the procurement of such coverage. Employee&rsquo;s failure to submit to such usual and customary medical and other examinations shall
be deemed a material breach of this Agreement.</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11. Termination</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a. <U>Termination
by the Corporation Other than for Cause; Termination by Employee for Good Reason; Termination Due to Non-Renewal by the Corporation;
or Termination Due to Employee&rsquo;s Death or Disability</U>. If (i) Employee&rsquo;s employment with the Corporation is terminated
(x) by the Corporation other than for &ldquo;Cause&rdquo; (as defined in Section 11(b)(1) of this Agreement), (y) by Employee for &ldquo;Good
Reason&rdquo; (as defined in Section 11(b)(2) of this Agreement), or (z) on a Renewal Date as a result of a decision by the Corporation
pursuant to Section 1 not to renew this Agreement, or (ii) Employee&rsquo;s employment with the Corporation terminates due to Employee&rsquo;s
death or Disability, Employee (or Employee&rsquo;s estate, if applicable) shall, in addition to receiving any Accrued but Unpaid Compensation
and the Nonforfeitable Incentive Benefits (as each such term is defined in Section 11(b)(1) of this Agreement), subject to a customary
release and separation agreement (which shall not include any non-competition covenant) being executed, delivered and not revoked by
Employee within sixty (60) days following termination (other than a termination due to Employee&rsquo;s death), (A) be entitled to receive
(x) any unpaid cash bonus payable to Employee for any completed prior year pursuant to Section 5 of this Agreement, payable at the same
time bonus payments for such prior year are made to other executives of the Corporation, and (y) an amount (the &ldquo;Separation Amount&rdquo;)
equal to three (3) times (or, in the case of Employee&rsquo;s termination due to death or Disability, one (1) times) the sum of (i) Employee&rsquo;s
base salary as in effect for the calendar year in which the termination under this Section 11(a) occurs plus (ii) the average of the
annual cash bonus amounts earned by Employee over the three (3) year period immediately preceding the year in which Employee&rsquo;s
termination occurs, as calculated by the Corporation, such Separation Amount to be paid (except as provided in Section 12(b) of this
Agreement in the event of Employee&rsquo;s termination at the time of, or within twenty-four (24) months after, a Change of Control,
as defined in Section 12(a) of this Agreement) in thirty-six (36) consecutive and equal monthly installments (or, in the case of Employee&rsquo;s
termination due to death or Disability, in twelve (12) consecutive and equal monthly installments), with the first installment to be
paid in the month immediately following Employee&rsquo;s execution, delivery and non-revocation of the separation and release agreement
referred to above (or, in the case of termination due to Employee&rsquo;s death, with the first installment to be paid in the month immediately
following Employee&rsquo;s death) (clauses (x) and (y) being referred to collectively as the &ldquo;Termination Benefit&rdquo;) and (B)
vest in any unvested stock options or time-based equity or equity-based awards (e.g., RSUs, PRSUs, LTIP units, and/or profits interests,
as applicable) granted or issued to Employee prior to the date of termination ratably over the thirty-six (36) month period immediately
following the date of termination (or, in the case of Employee&rsquo;s termination due to death or Disability, ratably over the twelve
(12) month period immediately following Employee&rsquo;s termination due to death or Disability) as if Employee remained fully employed
for such period, and with any performance goals applicable to an award to be determined (i) as of the date of termination, if in the
good faith judgment of the Compensation Committee it is fair and reasonably practicable to measure the attainment of performance goals
as of the date of termination or (ii) if in the good faith judgment of the Compensation Committee it is not fair or reasonably practicable
to measure the attainment of performance goals as of the date of termination, based upon an assumption that the applicable performance
goals will be achieved at target within the relevant performance period, in each case with such performance goals to be adjusted by the
Compensation Committee in good faith to reflect any partial performance period. The amounts due under this Section 11(a) shall not be
reduced by any amounts paid to Employee under any policy or plan of insurance, including but not limited to unemployment, disability,
or life. For purposes of this Agreement, &ldquo;Disability&rdquo; shall mean Employee&rsquo;s inability to perform Employee&rsquo;s material
duties for any ninety (90) day consecutive period or for one hundred eighty (180) days in any three hundred sixty-five (365) day period
due to Employee&rsquo;s physical or mental impairment, as determined by an independent, licensed physician reasonably acceptable to both
Employee and the Corporation.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">b. <U>Termination
by the Corporation for Cause or Employee&rsquo;s Voluntary Termination Without Good Reason</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. If
Employee is terminated for Cause, Employee shall not be entitled to receive the Termination Benefit described in clause (A) of Section
11(a) or to vesting of any unvested stock options or time-based equity or equity-based awards as described in clause (B) of Section 11(a)
and the Corporation shall pay Employee only Employee&rsquo;s (i) accrued and unpaid base salary through the date of such termination
and (ii) accrued but unused vacation time for the then-elapsed portion of the year in which the termination occurs (together with any
accrued but unreimbursed business expenses, the &ldquo;Accrued but Unpaid Compensation&rdquo;). Any nonforfeitable benefits payable to
Employee under the terms of the Stock Plan, any nonqualified deferred compensation plan, incentive plan or other benefit plans maintained
by the Corporation (the &ldquo;Nonforfeitable Incentive Benefits&rdquo;) shall be payable in accordance with the terms of the applicable
plan and/or award agreement, and any nonvested benefits accrued thereunder shall be forfeited effective upon the date of termination.
For purposes of this Agreement, &ldquo;Cause&rdquo; shall mean:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A.
Employee&rsquo;s conviction of, or plea of guilty or no contest to, a felony or any crime involving moral turpitude (or the procedural
equivalent of the foregoing);</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">B.
any public disparagement by Employee of the Corporation that results in material harm to the Corporation;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">C.
the willful engaging by Employee in conduct materially injurious to the Corporation, monetarily or otherwise; or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">D.
the intentional and willful failure of Employee to substantially perform Employee&rsquo;s duties under this Agreement as directed by
the Board (other than any such failure resulting from Employee&rsquo;s incapacity due to Disability or other medical issues) after a
demand for substantial performance is made by the Board.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
termination of employment shall not be deemed to be for Cause unless and until (x) there shall have been delivered to Employee a written
notice describing in reasonable detail the particulars giving rise to a termination for Cause and (y) solely upon the occurrence of an
event described in clause D of this Section 11(b)(1), no cure has occurred to the reasonable satisfaction of the Board by the thirtieth
(30<SUP>th</SUP>) day after such notice was given to Employee.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. If
Employee voluntarily terminates employment with the Corporation other than for Good Reason, Employee shall not be entitled to receive
the Termination Benefit described in clause (A) of Section 11(a) or to vesting of any unvested stock options or time-based equity or
equity-based awards as described in clause (B) of Section 11(a) and the Corporation shall pay Employee only the Accrued but Unpaid Compensation
and any Nonforfeitable Incentive Benefits shall be payable in accordance with the terms of the applicable plan and/or award agreement,
and any nonvested benefits accrued thereunder shall be forfeited effective upon the date of termination. For purposes of this Agreement,
&ldquo;Good Reason&rdquo; shall mean the occurrence of any of the following without Employee&rsquo;s prior written consent:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A.
the assignment of Employee to a position other than Executive Vice President, Chief Financial Officer and Treasurer of the Corporation
during the Term;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">B.
a material diminution in Employee&rsquo;s total compensation opportunity, or material diminution in, reduction or adverse alteration
of, Employee&rsquo;s duties or responsibilities (including without limitation Employee ceasing to serve as Executive Vice President,
Chief Financial Officer and Treasurer of the ultimate parent entity of a publicly-traded company following a Change in Control as defined
in Section 12 of this Agreement), or the Corporation&rsquo;s assignment to Employee of duties, responsibilities or reporting requirements
that are materially inconsistent with Employee&rsquo;s positions;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">C.
a change of more than 25 miles in the geographic location of the primary office at which Employee must perform Employee&rsquo;s duties
as Executive Vice President, Chief Financial Officer and Treasurer of the Corporation;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">D.
Despite Employee&rsquo;s timely objection, the Board or the Corporation&rsquo;s Chief Executive Officer/President intentionally directs
Employee to engage in unlawful conduct; or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">E.
a material breach by the Corporation of this Agreement;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">provided,
however, Employee must have notified the Corporation in writing within the first thirty (30) days following Employee&rsquo;s actual knowledge
that any of the foregoing events has occurred and, if such event is curable, the Corporation must have failed to cure such event within
thirty (30) days following its receipt of such notice from Employee; and provided further, Employee must have resigned for Good Reason
under Section 11(a) of this Agreement within ninety (90) days following the occurrence of the Good Reason event.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">c. <U>Certain
Post-Termination Payments Contingent Upon Release and Separation Agreement</U>. Notwithstanding the foregoing, any post-termination compensation
and benefits payable pursuant to Section 11(a) of this Agreement that are, by the terms of such Section 11(a), contingent upon Employee&rsquo;s
execution, delivery and non-revocation of a release and separation agreement, but which are scheduled to be paid prior to such release
and separation agreement becoming effective, shall be accumulated until the sixtieth (60th) day following the termination date and, subject
to such release and separation agreement becoming effective, shall be paid at the time the first such payment would become payable following
such sixtieth (60th) day, without interest thereon, unless earlier payment of such compensation and benefits would not violate Section
409A of the Code.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12. Change
of Control</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a. The
term &ldquo;Change of Control&rdquo; under this Agreement shall mean (i) a sale of substantially all of the assets of the Corporation,
not in the ordinary course, to an unaffiliated third party; (ii) the transfer, in one transaction or a series of transactions, to an
unaffiliated third party of outstanding shares of capital stock of the Corporation representing a majority of the then outstanding voting
capital stock of the Corporation; (iii) a majority of the members of the Board of Directors ceasing to be composed of individuals who
either were members of the Board immediately following the 2022 Annual Meeting of Shareholders of the Corporation, or whose election
to the Board was approved by a majority of such incumbent directors or their approved successors; (iv) a merger or consolidation of the
Corporation having the same effect as item (i), (ii) or (iii) above; or (v) any other event of a nature that would be required to be
reported as a change of control in item 5.01 of Form 8-K under the Securities Exchange Act of 1934, as amended (or any successor provision
thereto).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">b. In
the event a Change of Control occurs during the Term of this Agreement and Employee&rsquo;s employment with the Corporation is terminated
(i) by the Corporation (or its successor) other than for &ldquo;Cause&rdquo; (as defined in Section 11(b)(1) of this Agreement) at or
within twenty-four (24) months following the consummation of such Change of Control (including termination during such period as a result
of a decision by the Corporation pursuant to Section 1 not to renew this Agreement), (ii) due to Employee&rsquo;s death or Disability
within twenty-four (24) months following the consummation of such Change of Control, or (iii) by Employee due to &ldquo;Good Reason&rdquo;
at or within twenty-four (24) months following the consummation of such Change of Control, if Employee (or Employee&rsquo;s estate, if
applicable) would be entitled, pursuant to the terms of Section 11(a) of this Agreement, to receive the Termination Benefit as a result
of such termination, it is agreed that (A) the Termination Benefit shall be payable to Employee (or Employee&rsquo;s estate) in accordance
with the terms of Section 11(a), provided that if a lump sum payment of the Separation Amount described therein would not violate Section
409A of the Internal Revenue Code of 1986, as amended (the &ldquo;Code&rdquo;) because such Change of Control constitutes a permissible
payment event under Section 409A of the Code, such Separation Amount shall be paid in a single lump sum payment as soon as practicable,
and in any event within sixty (60) days following such termination, contingent (other than in the case of termination due to Employee&rsquo;s
death) upon the release and separation agreement referenced in Section 11(a) becoming effective, and (B) Employee shall immediately vest
in any unvested stock options or time-based equity or equity-based awards (e.g., RSUs, PRSUs, LTIP units, and/or profits interests, as
applicable) granted or issued to Employee prior to the date of termination (with any performance goals applicable to any such equity
or equity-based award to be determined in good faith in the manner provided in Section 11(a)). For the avoidance of doubt, should a termination
by the Corporation (or its successor) without Cause or by Employee for Good Reason, or due to a decision by the Corporation not to renew
this Agreement, or a termination due to Employee&rsquo;s death or Disability, occur later than twenty-four (24) months after consummation
of a Change of Control, any Termination Benefit will be paid as provided for under Section 11(a) (i.e., in installments).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">c. In
addition to any other compensation afforded herein, provided Employee is actively employed by the Corporation as of the consummation
of a Change of Control, Employee shall be entitled to participate in any transaction bonus plan or other similar arrangement(s) adopted
by the Corporation&rsquo;s Board of Directors in connection with such Change of Control that applies to the Corporation&rsquo;s executive
officers generally. For the avoidance of doubt, receipt of a transaction bonus under such a transaction bonus plan shall not prejudice
any other rights Employee may have under this Section 12 and nothing herein shall require the Corporation to adopt any such transaction
bonus plan or other arrangement(s).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">d. The
amounts due under this Section 12 shall not be reduced by any amounts paid to Employee under any policy or plan of insurance, including
but not limited to unemployment, disability, or life.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">e. Amounts
hereunder shall not be subject to mitigation or offset for other wages earned by Employee during any severance period.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">f. Notwithstanding
the foregoing, any post-termination compensation and benefits payable pursuant to Section 12(b) of this Agreement that are, by the terms
of such Section 12(b), contingent upon Employee&rsquo;s execution, delivery and non-revocation of a release and separation agreement,
but which are scheduled to be paid prior to such release and separation agreement becoming effective, shall be accumulated until the
sixtieth (60th) day following the termination date and, subject to such release and separation agreement becoming effective, shall be
paid at the time the first such payment would become payable following such sixtieth (60th) day, without interest thereon, unless earlier
payment of such compensation and benefits would not violate Section 409A of the Code.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">g. Notwithstanding
anything herein to the contrary, if Employee&rsquo;s employment is terminated and such termination entitles Employee (or his estate)
to receive the Separation Amount provided for in Section 11(a), and thereafter a Change of Control occurs during any installment period
for the payment of the Separation Amount, any unpaid installments will be accelerated and paid in a lump sum effective upon such Change
of Control to the extent such Change of Control constitutes a permissible payment event under, and such acceleration would not result
in a violation of, Section 409A of the Code.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13. Indemnification
and Attorneys&rsquo; Fees</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Corporation agrees to indemnify Employee from any and all lawsuits filed directly against Employee by a third party in Employee&rsquo;s
capacity as Employee and/or Director of the Corporation. The Corporation will pay all attorneys&rsquo; fees and costs to defend Employee
from any such lawsuits.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14. Notices.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
notices required or permitted to be given under this Agreement shall be given by certified mail, return receipt requested, to the parties
at the following addresses or such other addresses as either may designate in writing to the other party:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 15%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Corporation:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 77%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">UMH
    PROPERTIES, INC.</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Juniper
    Business Plaza</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3499
    Route 9N, Suite 3-C</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Freehold,
    NJ 07728</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Employee:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Anna
    Chew</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ADDRESS
    ON FILE</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3.05pt; text-align: justify; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3.05pt; text-align: justify; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">15. Governing
Law.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
Agreement shall be construed and governed in accordance with the laws of the State of New Jersey, without regard to conflict of law principles.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">16. Entire
Contract.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
Agreement constitutes the entire understanding and agreement between the Corporation and Employee with regard to Employee&rsquo;s employment
with the Corporation from and after the Effective Date and, as of the Effective Date, supersedes all prior discussions, understandings
and agreements with respect thereto, including, without limitation, the Prior Employment Agreement (it being understood and agreed by
the parties that the Prior Employment Agreement shall remain in effect in accordance with its terms with respect to the period preceding
the Effective Date and that, from and after the Effective Date, this Agreement amends and restates, and completely and entirely replaces
and supersedes, the Prior Employment Agreement). There are no other agreements, conditions or representations, oral or written, express
or implied, with regard thereto. This Agreement may be amended only in writing signed by both parties hereto.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">17. Modification
and Waiver</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No
provision of this Agreement may be modified, waived or discharged unless such waiver, modification or discharge is agreed to in writing
and signed by Employee and such officer as may be specifically designated by the Board of Directors of the Corporation. No waiver by
either party hereto at any time of any breach by the other party hereof, or compliance with, any condition or provision of this Agreement
to be performed by such other party shall be deemed a waiver of similar or dissimilar provisions or conditions at the same or at any
prior or subsequent time.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">18. Successors.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
Agreement shall be binding on and inure to the benefit of the Corporation and any successor to any of its businesses or assets. This
Agreement shall be binding on and inure to the benefit of and be enforceable by Employee&rsquo;s personal and legal representatives,
executors, administrators, successors, heirs, distributees, devisees and legatees. In the event that a third party succeeds to all or
substantially all of the Corporation&rsquo;s business and assets (whether directly or indirectly and whether by purchase, merger, consolidation,
liquidation or otherwise), such successor shall assume this Agreement in writing and expressly agree to perform this Agreement in the
same manner and to the same extent as the Corporation would be required to perform it in the absence of a succession. For all purposes
under this Agreement, the term &ldquo;Corporation&rdquo; shall include any successor to the Corporation&rsquo;s business and assets that
executes and delivers the assumption described in the immediately preceding sentence or that becomes bound by this Agreement by operation
of law.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">19. Severability</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
invalidity or unenforceability of any provision of this Agreement, whether in whole or in part, shall not in any way affect the validity
and/or enforceability of any other provisions herein contained. Any invalid or unenforceable provision shall be deemed severable to the
extent of any such invalidity of unenforceability.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">20. Headings</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Headings
used in this Agreement are for convenience only and shall not be used to interpret its provisions.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">21. Certain
Possible Changes to Distributions; Code Section 409A.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notwithstanding
any provisions of this Agreement to the contrary, the commencement of payments payable with respect to a termination of employment that
are nonqualified deferred compensation subject to Section 409A of the Code shall be delayed by six months after termination, if (i) at
the applicable time, the Corporation or any entity in its controlled group has any stock which is publicly traded on an established securities
market, (ii) Employee is a &ldquo;specified employee&rdquo; under Section 409A of the Code, and (iii) in the view of the Corporation
such delay is necessary or advisable to avoid the imposition of the 20% tax under Section 409A of the Code (taking into account any applicable
regulations and other formal guidance provided by the Internal Revenue Service). Any amounts delayed under the foregoing sentence shall
be paid with the first permissible installment on the first day of the seventh month following such termination or earlier upon Employee&rsquo;s
death. Notwithstanding any other provision of this Agreement to the contrary, and in addition to (and not in substitution for) the two
preceding sentences, the Board retains the power and discretion to revise, amend, modify, reform, administer, interpret or construe this
Agreement at any time in whole or in part, to the extent it deems necessary or advisable to enable Employee to avoid any acceleration
of taxation (or the imposition of any additional tax or interest payments on delayed payments of tax) under Section 409A of the Code
(taking into account any applicable regulations and other formal guidance provided by the Internal Revenue Service). Anything in this
Agreement or otherwise to the contrary notwithstanding, the tax treatment of any benefits provided pursuant to this Agreement is not
warranted or guaranteed. Neither the Corporation or any subsidiary or affiliated entity nor their respective directors, officers, employees
(other than Employee) or advisers shall be held liable for any taxes, interest, penalties or other monetary amounts owed by Employee
as a result of the Agreement failing to be exempt from or to comply with Section 409A of the Code. Each payment payable under this Agreement
is intended to constitute and, to the maximum extent permitted by law, shall constitute, a separate payment in a series of separate payments
for purposes of Section 409A of the Code. To the extent that any reimbursements under this Agreement are subject to Section 409A of the
Code, (A) any such reimbursements payable to Employee shall be paid to Employee no later than December 31 of the year following the year
in which the expense was incurred, provided that Employee submits Employee&rsquo;s reimbursement request promptly following the date
the expense is incurred, (B) the amount of expenses reimbursed in one year shall not affect the amount eligible for reimbursement in
any subsequent year, other than medical expenses referred to in Section 105(b) of the Code, and (C) Employee&rsquo;s right to reimbursement
will not be subject to liquidation or exchange for another benefit. To the extent a release and separation agreement is required hereunder
as a condition of Employee&rsquo;s receipt of post-termination compensation and Employee&rsquo;s review, execution and period of possible
revocation of such release and separation agreement spans two calendar years, then (subject to the actual execution, delivery and nonrevocation
of such release and separation agreement) such release and separation agreement will be deemed effective in the second calendar year
for purposes of Section 409A of the Code.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">22. Clawback.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
amounts payable under this Agreement will be subject to any clawback policy of the Corporation, as in effect from time to time, to which
employees of the Corporation are subject, implemented to comply with applicable laws, including any clawback policy adopted to comply
with the Dodd-Frank Wall Street Reform and Consumer Protection Act and any rules or regulations promulgated thereunder, as set forth
in such clawback policy.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23. Parachute
Payments.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a. It
is the objective of this Agreement to maximize Employee&rsquo;s net after-tax benefit if payments or benefits provided under this Agreement
are subject to excise tax under Section 4999 of the Code. Notwithstanding any other provisions of this Agreement, in the event that any
payment or benefit by the Corporation or otherwise to or for the benefit of Employee, whether paid or payable or distributed or distributable
pursuant to the terms of this Agreement or otherwise (all such payments and benefits being hereinafter referred to as the &ldquo;Total
Payments&rdquo;), would be subject (in whole or in part) to the excise tax imposed by Section 4999 of the Code (the &ldquo;Excise Tax&rdquo;),
then the Total Payments shall be reduced to the extent necessary so that no portion of the Total Payments shall be subject to the Excise
Tax, but only if (i) the net amount of such Total Payments, as so reduced (and after subtracting the net amount of federal, state and
local income and employment taxes on such reduced Total Payments and after taking into account the phase out of itemized deductions and
personal exemptions attributable to such reduced Total Payments), is greater than or equal to (ii) the net amount of such Total Payments
without such reduction (but after subtracting the net amount of federal, state and local income and employment taxes on such Total Payments
and the amount of the Excise Tax to which Employee would be subject in respect of such unreduced Total Payments and after taking into
account the phase out of itemized deductions and personal exemptions attributable to such unreduced Total Payments).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">b. The
Total Payments shall be reduced by the Corporation in the following order: (i) reduction of any cash severance-related payments otherwise
payable to Employee that are exempt from Section 409A of the Code, (ii) reduction of any other cash payments or benefits otherwise payable
to Employee that are exempt from Section 409A of the Code, but excluding any payments attributable to the acceleration of vesting or
payments with respect to any equity award with respect to the Corporation&rsquo;s common stock that is exempt from Section 409A of the
Code, (iii) reduction of any other payments or benefits otherwise payable to Employee on a pro-rata basis or such other manner that complies
with Section 409A of the Code, but excluding any payments attributable to the acceleration of vesting and payments with respect to any
equity award with respect to the Corporation&rsquo;s common stock that are exempt from Section 409A of the Code, and (iv) reduction of
any payments attributable to the acceleration of vesting or payments with respect to any other equity award with respect to the Corporation&rsquo;s
common stock that are exempt from Section 409A of the Code.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">c. All
determinations regarding the application of this Section 23 shall be made by an accounting firm with experience in performing calculations
regarding the applicability of Section 280G of the Code and the Excise Tax reasonably selected in good faith by the Corporation (&ldquo;Independent
Advisors&rdquo;), a copy of which report and all worksheets and background materials relating thereto shall be provided to Employee.
For purposes of determining whether and the extent to which the Total Payments will be subject to the Excise Tax, (i) no portion of the
Total Payments the receipt or enjoyment of which Employee shall have waived at such time and in such manner as not to constitute a &ldquo;payment&rdquo;
within the meaning of Section 280G(b) of the Code shall be taken into account; (ii) no portion of the Total Payments shall be taken into
account which, in the opinion of the Independent Advisors, does not constitute a &ldquo;parachute payment&rdquo; within the meaning of
Section 280G(b)(2) of the Code (including by reason of Section 280G(b)(4)(A) of the Code) and, in calculating the Excise Tax, no portion
of such Total Payments shall be taken into account which, in the opinion of Independent Advisors, constitutes reasonable compensation
for services actually rendered, within the meaning of Section 280G(b)(4)(B) of the Code, in excess of the &ldquo;base amount&rdquo; (as
defined in Section 280G(b)(3) of the Code) allocable to such reasonable compensation; and (iii) the value of any non-cash benefit or
any deferred payment or benefit included in the Total Payments shall be determined by the Independent Advisors in accordance with the
principles of Sections 280G(d)(3) and (4) of the Code. The costs of obtaining such determination and all related fees and expenses (including
related fees and expenses incurred in any later audit) shall be borne solely by the Corporation.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">24. Counterparts.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute
one and the same instrument. Signatures delivered by facsimile, .PDF, or email, or affixed electronically, shall be deemed effective
for all purposes.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>IN
WITNESS WHEREOF, Corporation has by its appropriate officers signed and affixed its seal and Employee has signed and sealed this Agreement.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">UMH
    PROPERTIES, INC.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 3%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 46%"><P STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
                                            William Mitchell</FONT></P></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 5%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dated:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 44%"><P STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1/11/23</FONT></P></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chairman</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Compensation
    Committee</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">EMPLOYEE</FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 3%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 46%"><P STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
                                            Anna T. Chew</FONT></P></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 5%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dated:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 44%"><P STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1/11/23</FONT></P></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Anna
    Chew</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: justify"></P>

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<DOCUMENT>
<TYPE>EX-10.3
<SEQUENCE>4
<FILENAME>ex10-3.htm
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibit
10.3</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">UMH
PROPERTIES, INC.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-transform: uppercase; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">EMPLOYMENT
AGREEMENT</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">EXECUTED
JANUARY 11, 2023</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-transform: uppercase; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">EFFECTIVE
AS OF JANUARY 1, 2023</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 21%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">BY
    AND BETWEEN:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 79%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">UMH
    PROPERTIES, INC,</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
    Maryland Corporation (the &ldquo;Corporation&rdquo;)</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">AND:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Craig
    Koster (&ldquo;Employee&rdquo;)</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">BACKGROUND</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WHEREAS,
Employee and the Corporation desire to enter into an Employment Agreement, to be effective as of January 1, 2023; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">NOW,
THEREFORE, in consideration of the mutual promises and covenants herein contained, the receipt and sufficiency of which are hereby acknowledged
by the parties hereto, the Corporation and Employee agree as follows (the &ldquo;Agreement&rdquo;):</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">TERMS</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.
Term of Employment.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Corporation agrees to employ Employee and Employee agrees to be employed in the capacity of Executive Vice President, General Counsel
and Secretary for a term of three (3) years, effective as of January 1, 2023 (the &ldquo;Effective Date&rdquo;) and terminating on the
three (3) year anniversary of the Effective Date; <U>provided, however</U>, that this Agreement will be renewed automatically thereafter
for additional successive one (1) year terms commencing on the third anniversary and each subsequent anniversary of the Effective Date
(each a &ldquo;Renewal Date&rdquo;) unless (i) the Corporation or Employee has delivered written notice of non-renewal to the other party
at least one-hundred twenty (120) days prior to the relevant Renewal Date or (ii) Employee&rsquo;s employment is earlier terminated in
accordance with the provisions of Section 11 of this Agreement. The period during which Employee is employed with the Corporation under
this Agreement, including all renewal periods, is referred to as the &ldquo;Term.&rdquo;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.
Time and Efforts.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Employee
shall diligently and conscientiously devote Employee&rsquo;s time and attention and use Employee&rsquo;s best efforts in the discharge
of Employee&rsquo;s duties as Executive Vice President, General Counsel and Secretary of the Corporation. Notwithstanding the foregoing,
Employee may continue to serve on those boards of directors of which Employee is a member on the Effective Date. Employee may also serve
on other boards of directors and engage in religious, charitable or other community activities as long as (i) such service and activities
do not materially interfere or result in a conflict of interest with Employee&rsquo;s performance of Employee&rsquo;s duties to the Corporation
and (ii) if requested by the Board of Directors of the Corporation (the &ldquo;Board&rdquo;), Employee shall provide prior written notice
to the Board if Employee intends to become a member of the board of directors of any other for-profit business.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.
Board of Directors</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Employee
should at all times discharge Employee&rsquo;s duties in consultation with and under the supervision of the Board and such duties and
Employee&rsquo;s authority shall be commensurate with Employee&rsquo;s title and position with the Corporation. In the performance of
Employee&rsquo;s duties, Employee shall make Employee&rsquo;s principal office the Corporation&rsquo;s headquarters (currently located
at 3499 Route 9 North in Freehold, New Jersey) or such other place as both the Board and Employee may from time to time agree.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.
Compensation.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Corporation shall pay to Employee, as compensation for Employee&rsquo;s services, a base salary at the annual rate equal to $425,000,
which shall be paid in such intervals as salaries are paid generally to other executive officers of the Corporation. Employee&rsquo;s
base salary shall be reviewed at least annually by the Compensation Committee of the Board (the &ldquo;Compensation Committee&rdquo;)
and may be increased (but not decreased) in its discretion (taking into account the recommendation of the Corporation&rsquo;s President
and Chief Executive Officer).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.
Cash Bonus Opportunity.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Employee&rsquo;s
annual target cash bonus for any calendar year under this Agreement shall be equal to 60% percent of Employee&rsquo;s base salary as
in effect for such calendar year. On each annual compensation determination date established by the Corporation during the Term in respect
of the Corporation&rsquo;s senior executive team, the Corporation shall review the performance of the Corporation and of Employee during
the prior year relative to such performance goals as may have been established by the Compensation Committee in connection with such
bonus year, and the Compensation Committee may provide Employee with additional compensation in the form of a cash bonus if the Compensation
Committee, in its discretion (taking into account the recommendation of the Corporation&rsquo;s President and Chief Executive Officer)
and with consideration of the target bonus and performance criteria described above, determines that Employee&rsquo;s contribution to
the Corporation warrants such annual bonus. Such bonus for any calendar year shall be paid in cash no later than March 15 of the calendar
year following the bonus year. Except as otherwise provided in this Agreement, Employee must be actively employed by the Corporation
on the payment date and shall not have given or received notice of resignation or termination in order to receive payment of the bonus.
The bonus will be based on a combination of corporate/financial metrics and individual performance goals to be established by the Compensation
Committee in consultation with the Employee.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.
Equity Compensation Opportunity.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
each calendar year during the Term, Employee will be eligible to participate in and receive a long term award under the Corporation&rsquo;s
Stock Plan (as defined below). The value of Employee&rsquo;s annual target equity compensation award under the Stock Plan, for each calendar
year for which such an award is made to Employee under this Agreement, shall be equal to an amount that is not less than $195,000. Long
term incentive awards may be provided in the form of stock options, restricted stock units (&ldquo;RSUs&rdquo;), performance-based restricted
stock units (&ldquo;PRSUs&rdquo;), restricted stock, long-term incentive plan (&ldquo;LTIP&rdquo;) units, profits interests, and/or other
equity or equity-based types of award, as determined by the Compensation Committee in accordance with the terms of the UMH Properties,
Inc. Amended and Restated 2013 Incentive Award Plan or any successor stock or long term equity-based incentive plan adopted by the Corporation
from time to time (the &ldquo;Stock Plan&rdquo;). Equity award amounts shall be reviewed at least annually by the Compensation Committee
and may be increased (but not decreased) in its discretion (taking into account the recommendation of the Corporation&rsquo;s President
and Chief Executive Officer). Such awards will be pro-rated for any partial year of employment. Such awards will be subject to time-based
and performance-based vesting as determined by the Compensation Committee.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.
Expenses.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Corporation will reimburse Employee for reasonable and necessary expenses incurred by Employee in carrying out Employee&rsquo;s duties
under this Agreement. Employee shall present to the Corporation from time to time an itemized account of such expenses in such form as
may be required by the Corporation.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.
Vacation.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Employee
shall be entitled to take four (4) paid weeks&rsquo; vacation per year and the same holidays as provided for other members of the staff,
in each case consistent with the Corporation&rsquo;s policy governing vacation and holidays.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.
401(k) Plan.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Employee,
at Employee&rsquo;s option, may participate in the Corporation&rsquo;s 401(k) plan according to its terms.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.
Other Employee Benefits.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a.
Employee (and, as applicable, Employee&rsquo;s spouse and eligible dependent(s)) shall be entitled during the term of this Agreement
to participate in any other qualified retirement, group health and medical insurance, and group life or other insurance benefit plans
providing benefits generally applicable to the employees of UMH Properties, Inc. and its subsidiaries as may be in effect from time to
time, as such plans may be modified from time to time, subject to eligibility and the express terms of all such plans. Employee shall
also be eligible for any executive-level benefit plans and programs as may be in effect from time to time, pursuant to the respective
terms of such plans and programs.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">b.
Employee agrees <FONT STYLE="background-color: white">to assist the Corporation in procuring key man insurance coverage for the benefit
of the Corporation by submitting to the usual and customary medical and other examinations to be conducted by such physicians as the
Corporation or insurance company may reasonably designate and by signing such applications and other written instruments as may be required
by the insurance companies to which application is made for such insurance coverage. The Corporation shall be responsible for all costs
related to the procurement of such coverage. Employee&rsquo;s failure to submit to such usual and customary medical and other examinations
shall be deemed a material breach of this Agreement.</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.
Termination</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a.
<U>Termination by the Corporation Other than for Cause; Termination by Employee for Good Reason; Termination Due to Non-Renewal by the
Corporation; or Termination Due to Employee&rsquo;s Death or Disability</U>. If (i) Employee&rsquo;s employment with the Corporation
is terminated (x) by the Corporation other than for &ldquo;Cause&rdquo; (as defined in Section 11(b)(1) of this Agreement), (y) by Employee
for &ldquo;Good Reason&rdquo; (as defined in Section 11(b)(2) of this Agreement), or (z) on a Renewal Date as a result of a decision
by the Corporation pursuant to Section 1 not to renew this Agreement, or (ii) Employee&rsquo;s employment with the Corporation terminates
due to Employee&rsquo;s death or Disability, Employee (or Employee&rsquo;s estate, if applicable) shall, in addition to receiving any
Accrued but Unpaid Compensation and the Nonforfeitable Incentive Benefits (as each such term is defined in Section 11(b)(1) of this Agreement),
subject to a customary release and separation agreement (which shall not include any non-competition covenant) being executed, delivered
and not revoked by Employee within sixty (60) days following termination (other than a termination due to Employee&rsquo;s death), (A)
be entitled to receive (x) any unpaid cash bonus payable to Employee for any completed prior year pursuant to Section 5 of this Agreement,
payable at the same time bonus payments for such prior year are made to other executives of the Corporation, and (y) an amount (the &ldquo;Separation
Amount&rdquo;) equal to three (3) times (or, in the case of Employee&rsquo;s termination due to death or Disability, one (1) times) the
sum of (i) Employee&rsquo;s base salary as in effect for the calendar year in which the termination under this Section 11(a) occurs plus
(ii) the average of the annual cash bonus amounts earned by Employee over the three (3) year period immediately preceding the year in
which Employee&rsquo;s termination occurs, as calculated by the Corporation, such Separation Amount to be paid (except as provided in
Section 12(b) of this Agreement in the event of Employee&rsquo;s termination at the time of, or within twenty-four (24) months after,
a Change of Control, as defined in Section 12(a) of this Agreement) in thirty-six (36) consecutive and equal monthly installments (or,
in the case of Employee&rsquo;s termination due to death or Disability, in twelve (12) consecutive and equal monthly installments), with
the first installment to be paid in the month immediately following Employee&rsquo;s execution, delivery and non-revocation of the separation
and release agreement referred to above (or, in the case of termination due to Employee&rsquo;s death, with the first installment to
be paid in the month immediately following Employee&rsquo;s death) (clauses (x) and (y) being referred to collectively as the &ldquo;Termination
Benefit&rdquo;) and (B) vest in any unvested stock options or time-based equity or equity-based awards (e.g., RSUs, PRSUs, LTIP units,
and/or profits interests, as applicable) granted or issued to Employee prior to the date of termination ratably over the thirty-six (36)
month period immediately following the date of termination (or, in the case of Employee&rsquo;s termination due to death or Disability,
ratably over the twelve (12) month period immediately following Employee&rsquo;s termination due to death or Disability) as if Employee
remained fully employed for such period, and with any performance goals applicable to an award to be determined (i) as of the date of
termination, if in the good faith judgment of the Compensation Committee it is fair and reasonably practicable to measure the attainment
of performance goals as of the date of termination or (ii) if in the good faith judgment of the Compensation Committee it is not fair
or reasonably practicable to measure the attainment of performance goals as of the date of termination, based upon an assumption that
the applicable performance goals will be achieved at target within the relevant performance period, in each case with such performance
goals to be adjusted by the Compensation Committee in good faith to reflect any partial performance period. The amounts due under this
Section 11(a) shall not be reduced by any amounts paid to Employee under any policy or plan of insurance, including but not limited to
unemployment, disability, or life. For purposes of this Agreement, &ldquo;Disability&rdquo; shall mean Employee&rsquo;s inability to
perform Employee&rsquo;s material duties for any ninety (90) day consecutive period or for one hundred eighty (180) days in any three
hundred sixty-five (365) day period due to Employee&rsquo;s physical or mental impairment, as determined by an independent, licensed
physician reasonably acceptable to both Employee and the Corporation.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">b.
<U>Termination by the Corporation for Cause or Employee&rsquo;s Voluntary Termination Without Good Reason</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.75in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.
If Employee is terminated for Cause, Employee shall not be entitled to receive the Termination Benefit described in clause (A) of Section
11(a) or to vesting of any unvested stock options or time-based equity or equity-based awards as described in clause (B) of Section 11(a)
and the Corporation shall pay Employee only Employee&rsquo;s (i) accrued and unpaid base salary through the date of such termination
and (ii) accrued but unused vacation time for the then-elapsed portion of the year in which the termination occurs (together with any
accrued but unreimbursed business expenses, the &ldquo;Accrued but Unpaid Compensation&rdquo;). Any nonforfeitable benefits payable to
Employee under the terms of the Stock Plan, any nonqualified deferred compensation plan, incentive plan or other benefit plans maintained
by the Corporation (the &ldquo;Nonforfeitable Incentive Benefits&rdquo;) shall be payable in accordance with the terms of the applicable
plan and/or award agreement, and any nonvested benefits accrued thereunder shall be forfeited effective upon the date of termination.
For purposes of this Agreement, &ldquo;Cause&rdquo; shall mean:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A.
Employee&rsquo;s conviction of, or plea of guilty or no contest to, a felony or any crime involving moral turpitude (or the procedural
equivalent of the foregoing);</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">B.
any public disparagement by Employee of the Corporation that results in material harm to the Corporation;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">C.
the willful engaging by Employee in conduct materially injurious to the Corporation, monetarily or otherwise; or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">D.
the intentional and willful failure of Employee to substantially perform Employee&rsquo;s duties under this Agreement as directed by
the Board (other than any such failure resulting from Employee&rsquo;s incapacity due to Disability or other medical issues) after a
demand for substantial performance is made by the Board.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
termination of employment shall not be deemed to be for Cause unless and until (x) there shall have been delivered to Employee a written
notice describing in reasonable detail the particulars giving rise to a termination for Cause and (y) solely upon the occurrence of an
event described in clause D of this Section 11(b)(1), no cure has occurred to the reasonable satisfaction of the Board by the thirtieth
(30<SUP>th</SUP>) day after such notice was given to Employee.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.75in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.
If Employee voluntarily terminates employment with the Corporation other than for Good Reason, Employee shall not be entitled to receive
the Termination Benefit described in clause (A) of Section 11(a) or to vesting of any unvested stock options or time-based equity or
equity-based awards as described in clause (B) of Section 11(a) and the Corporation shall pay Employee only the Accrued but Unpaid Compensation
and any Nonforfeitable Incentive Benefits shall be payable in accordance with the terms of the applicable plan and/or award agreement,
and any nonvested benefits accrued thereunder shall be forfeited effective upon the date of termination. For purposes of this Agreement,
&ldquo;Good Reason&rdquo; shall mean the occurrence of any of the following without Employee&rsquo;s prior written consent:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A.
the assignment of Employee to a position other than Executive Vice President, General Counsel and Secretary of the Corporation during
the Term;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">B.
a material diminution in Employee&rsquo;s total compensation opportunity, or material diminution in, reduction or adverse alteration
of, Employee&rsquo;s duties or responsibilities (including without limitation Employee ceasing to serve as Executive Vice President,
General Counsel and Secretary of the ultimate parent entity of a publicly-traded company following a Change in Control as defined in
Section 12 of this Agreement), or the Corporation&rsquo;s assignment to Employee of duties, responsibilities or reporting requirements
that are materially inconsistent with Employee&rsquo;s positions;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">C.
a change of more than 25 miles in the geographic location of the primary office at which Employee must perform Employee&rsquo;s duties
as Executive Vice President, General Counsel and Secretary of the Corporation;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">D.
Despite Employee&rsquo;s timely objection, the Board or the Corporation&rsquo;s Chief Executive Officer/President intentionally directs
Employee to engage in unlawful conduct; or</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">E.
a material breach by the Corporation of this Agreement;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">provided,
however, Employee must have notified the Corporation in writing within the first thirty (30) days following Employee&rsquo;s actual knowledge
that any of the foregoing events has occurred and, if such event is curable, the Corporation must have failed to cure such event within
thirty (30) days following its receipt of such notice from Employee; and provided further, Employee must have resigned for Good Reason
under Section 11(a) of this Agreement within ninety (90) days following the occurrence of the Good Reason event.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">c.
<U>Certain Post-Termination Payments Contingent Upon Release and Separation Agreement</U>. Notwithstanding the foregoing, any post-termination
compensation and benefits payable pursuant to Section 11(a) of this Agreement that are, by the terms of such Section 11(a), contingent
upon Employee&rsquo;s execution, delivery and non-revocation of a release and separation agreement, but which are scheduled to be paid
prior to such release and separation agreement becoming effective, shall be accumulated until the sixtieth (60th) day following the termination
date and, subject to such release and separation agreement becoming effective, shall be paid at the time the first such payment would
become payable following such sixtieth (60th) day, without interest thereon, unless earlier payment of such compensation and benefits
would not violate Section 409A of the Code.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.
Change of Control</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a.
The term &ldquo;Change of Control&rdquo; under this Agreement shall mean (i) a sale of substantially all of the assets of the Corporation,
not in the ordinary course, to an unaffiliated third party; (ii) the transfer, in one transaction or a series of transactions, to an
unaffiliated third party of outstanding shares of capital stock of the Corporation representing a majority of the then outstanding voting
capital stock of the Corporation; (iii) a majority of the members of the Board of Directors ceasing to be composed of individuals who
either were members of the Board immediately following the 2022 Annual Meeting of Shareholders of the Corporation, or whose election
to the Board was approved by a majority of such incumbent directors or their approved successors; (iv) a merger or consolidation of the
Corporation having the same effect as item (i), (ii) or (iii) above; or (v) any other event of a nature that would be required to be
reported as a change of control in item 5.01 of Form 8-K under the Securities Exchange Act of 1934, as amended (or any successor provision
thereto).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">b.
In the event a Change of Control occurs during the Term of this Agreement and Employee&rsquo;s employment with the Corporation is terminated
(i) by the Corporation (or its successor) other than for &ldquo;Cause&rdquo; (as defined in Section 11(b)(1) of this Agreement) at or
within twenty-four (24) months following the consummation of such Change of Control (including termination during such period as a result
of a decision by the Corporation pursuant to Section 1 not to renew this Agreement), (ii) due to Employee&rsquo;s death or Disability
within twenty-four (24) months following the consummation of such Change of Control, or (iii) by Employee due to &ldquo;Good Reason&rdquo;
at or within twenty-four (24) months following the consummation of such Change of Control, if Employee (or Employee&rsquo;s estate, if
applicable) would be entitled, pursuant to the terms of Section 11(a) of this Agreement, to receive the Termination Benefit as a result
of such termination, it is agreed that (A) the Termination Benefit shall be payable to Employee (or Employee&rsquo;s estate) in accordance
with the terms of Section 11(a), provided that if a lump sum payment of the Separation Amount described therein would not violate Section
409A of the Internal Revenue Code of 1986, as amended (the &ldquo;Code&rdquo;) because such Change of Control constitutes a permissible
payment event under Section 409A of the Code, such Separation Amount shall be paid in a single lump sum payment as soon as practicable,
and in any event within sixty (60) days following such termination, contingent (other than in the case of termination due to Employee&rsquo;s
death) upon the release and separation agreement referenced in Section 11(a) becoming effective, and (B) Employee shall immediately vest
in any unvested stock options or time-based equity or equity-based awards (e.g., RSUs, PRSUs, LTIP units, and/or profits interests, as
applicable) granted or issued to Employee prior to the date of termination (with any performance goals applicable to any such equity
or equity-based award to be determined in good faith in the manner provided in Section 11(a)). For the avoidance of doubt, should a termination
by the Corporation (or its successor) without Cause or by Employee for Good Reason, or due to a decision by the Corporation not to renew
this Agreement, or a termination due to Employee&rsquo;s death or Disability, occur later than twenty-four (24) months after consummation
of a Change of Control, any Termination Benefit will be paid as provided for under Section 11(a) (i.e., in installments).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">c.
In addition to any other compensation afforded herein, provided Employee is actively employed by the Corporation as of the consummation
of a Change of Control, Employee shall be entitled to participate in any transaction bonus plan or other similar arrangement(s) adopted
by the Corporation&rsquo;s Board of Directors in connection with such Change of Control that applies to the Corporation&rsquo;s executive
officers generally. For the avoidance of doubt, receipt of a transaction bonus under such a transaction bonus plan shall not prejudice
any other rights Employee may have under this Section 12 and nothing herein shall require the Corporation to adopt any such transaction
bonus plan or other arrangement(s).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">d.
The amounts due under this Section 12 shall not be reduced by any amounts paid to Employee under any policy or plan of insurance, including
but not limited to unemployment, disability, or life.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">e.
Amounts hereunder shall not be subject to mitigation or offset for other wages earned by Employee during any severance period.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">f.
Notwithstanding the foregoing, any post-termination compensation and benefits payable pursuant to Section 12(b) of this Agreement that
are, by the terms of such Section 12(b), contingent upon Employee&rsquo;s execution, delivery and non-revocation of a release and separation
agreement, but which are scheduled to be paid prior to such release and separation agreement becoming effective, shall be accumulated
until the sixtieth (60th) day following the termination date and, subject to such release and separation agreement becoming effective,
shall be paid at the time the first such payment would become payable following such sixtieth (60th) day, without interest thereon, unless
earlier payment of such compensation and benefits would not violate Section 409A of the Code.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">g.
Notwithstanding anything herein to the contrary, if Employee&rsquo;s employment is terminated and such termination entitles Employee
(or his estate) to receive the Separation Amount provided for in Section 11(a), and thereafter a Change of Control occurs during any
installment period for the payment of the Separation Amount, any unpaid installments will be accelerated and paid in a lump sum effective
upon such Change of Control to the extent such Change of Control constitutes a permissible payment event under, and such acceleration
would not result in a violation of, Section 409A of the Code.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.
Indemnification and Attorneys&rsquo; Fees</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Corporation agrees to indemnify Employee from any and all lawsuits filed directly against Employee by a third party in Employee&rsquo;s
capacity as Employee of the Corporation. The Corporation will pay all attorneys&rsquo; fees and costs to defend Employee from any such
lawsuits.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14.
Notices.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
notices required or permitted to be given under this Agreement shall be given by certified mail, return receipt requested, to the parties
at the following addresses or such other addresses as either may designate in writing to the other party:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 93%; border-collapse: collapse; margin-left: 0.5in">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 20%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Corporation:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 80%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">UMH
    PROPERTIES, INC.</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Juniper
    Business Plaza</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3499
    Route 9N, Suite 3-C</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Freehold,
    NJ 07728</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Employee:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Craig
    Koster</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ADDRESS
    ON FILE</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">15.
Governing Law.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
Agreement shall be construed and governed in accordance with the laws of the State of New Jersey, without regard to conflict of law principles.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">16.
Entire Contract.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
Agreement constitutes the entire understanding and agreement between the Corporation and Employee with regard to Employee&rsquo;s employment
with the Corporation and supersedes all prior discussions, understandings and agreements with respect thereto. There are no other agreements,
conditions or representations, oral or written, express or implied, with regard thereto. This Agreement may be amended only in writing
signed by both parties hereto.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">17.
Modification and Waiver</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No
provision of this Agreement may be modified, waived or discharged unless such waiver, modification or discharge is agreed to in writing
and signed by Employee and such officer as may be specifically designated by the Board of Directors of the Corporation. No waiver by
either party hereto at any time of any breach by the other party hereof, or compliance with, any condition or provision of this Agreement
to be performed by such other party shall be deemed a waiver of similar or dissimilar provisions or conditions at the same or at any
prior or subsequent time.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">18.
Successors.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
Agreement shall be binding on and inure to the benefit of the Corporation and any successor to any of its businesses or assets. This
Agreement shall be binding on and inure to the benefit of and be enforceable by Employee&rsquo;s personal and legal representatives,
executors, administrators, successors, heirs, distributees, devisees and legatees. In the event that a third party succeeds to all or
substantially all of the Corporation&rsquo;s business and assets (whether directly or indirectly and whether by purchase, merger, consolidation,
liquidation or otherwise), such successor shall assume this Agreement in writing and expressly agree to perform this Agreement in the
same manner and to the same extent as the Corporation would be required to perform it in the absence of a succession. For all purposes
under this Agreement, the term &ldquo;Corporation&rdquo; shall include any successor to the Corporation&rsquo;s business and assets that
executes and delivers the assumption described in the immediately preceding sentence or that becomes bound by this Agreement by operation
of law.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">19.
Severability</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
invalidity or unenforceability of any provision of this Agreement, whether in whole or in part, shall not in any way affect the validity
and/or enforceability of any other provisions herein contained. Any invalid or unenforceable provision shall be deemed severable to the
extent of any such invalidity of unenforceability.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">20.
Headings</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Headings
used in this Agreement are for convenience only and shall not be used to interpret its provisions.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">21.
Certain Possible Changes to Distributions; Code Section 409A.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notwithstanding
any provisions of this Agreement to the contrary, the commencement of payments payable with respect to a termination of employment that
are nonqualified deferred compensation subject to Section 409A of the Code shall be delayed by six months after termination, if (i) at
the applicable time, the Corporation or any entity in its controlled group has any stock which is publicly traded on an established securities
market, (ii) Employee is a &ldquo;specified employee&rdquo; under Section 409A of the Code, and (iii) in the view of the Corporation
such delay is necessary or advisable to avoid the imposition of the 20% tax under Section 409A of the Code (taking into account any applicable
regulations and other formal guidance provided by the Internal Revenue Service). Any amounts delayed under the foregoing sentence shall
be paid with the first permissible installment on the first day of the seventh month following such termination or earlier upon Employee&rsquo;s
death. Notwithstanding any other provision of this Agreement to the contrary, and in addition to (and not in substitution for) the two
preceding sentences, the Board retains the power and discretion to revise, amend, modify, reform, administer, interpret or construe this
Agreement at any time in whole or in part, to the extent it deems necessary or advisable to enable Employee to avoid any acceleration
of taxation (or the imposition of any additional tax or interest payments on delayed payments of tax) under Section 409A of the Code
(taking into account any applicable regulations and other formal guidance provided by the Internal Revenue Service). Anything in this
Agreement or otherwise to the contrary notwithstanding, the tax treatment of any benefits provided pursuant to this Agreement is not
warranted or guaranteed. Neither the Corporation or any subsidiary or affiliated entity nor their respective directors, officers, employees
(other than Employee) or advisers shall be held liable for any taxes, interest, penalties or other monetary amounts owed by Employee
as a result of the Agreement failing to be exempt from or to comply with Section 409A of the Code. Each payment payable under this Agreement
is intended to constitute and, to the maximum extent permitted by law, shall constitute, a separate payment in a series of separate payments
for purposes of Section 409A of the Code. To the extent that any reimbursements under this Agreement are subject to Section 409A of the
Code, (A) any such reimbursements payable to Employee shall be paid to Employee no later than December 31 of the year following the year
in which the expense was incurred, provided that Employee submits Employee&rsquo;s reimbursement request promptly following the date
the expense is incurred, (B) the amount of expenses reimbursed in one year shall not affect the amount eligible for reimbursement in
any subsequent year, other than medical expenses referred to in Section 105(b) of the Code, and (C) Employee&rsquo;s right to reimbursement
will not be subject to liquidation or exchange for another benefit. To the extent a release and separation agreement is required hereunder
as a condition of Employee&rsquo;s receipt of post-termination compensation and Employee&rsquo;s review, execution and period of possible
revocation of such release and separation agreement spans two calendar years, then (subject to the actual execution, delivery and nonrevocation
of such release and separation agreement) such release and separation agreement will be deemed effective in the second calendar year
for purposes of Section 409A of the Code.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">22.
Clawback.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
amounts payable under this Agreement will be subject to any clawback policy of the Corporation, as in effect from time to time, to which
employees of the Corporation are subject, implemented to comply with applicable laws, including any clawback policy adopted to comply
with the Dodd-Frank Wall Street Reform and Consumer Protection Act and any rules or regulations promulgated thereunder, as set forth
in such clawback policy.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.
Parachute Payments.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a.
It is the objective of this Agreement to maximize Employee&rsquo;s net after-tax benefit if payments or benefits provided under this
Agreement are subject to excise tax under Section 4999 of the Code. Notwithstanding any other provisions of this Agreement, in the event
that any payment or benefit by the Corporation or otherwise to or for the benefit of Employee, whether paid or payable or distributed
or distributable pursuant to the terms of this Agreement or otherwise (all such payments and benefits being hereinafter referred to as
the &ldquo;Total Payments&rdquo;), would be subject (in whole or in part) to the excise tax imposed by Section 4999 of the Code (the
&ldquo;Excise Tax&rdquo;), then the Total Payments shall be reduced to the extent necessary so that no portion of the Total Payments
shall be subject to the Excise Tax, but only if (i) the net amount of such Total Payments, as so reduced (and after subtracting the net
amount of federal, state and local income and employment taxes on such reduced Total Payments and after taking into account the phase
out of itemized deductions and personal exemptions attributable to such reduced Total Payments), is greater than or equal to (ii) the
net amount of such Total Payments without such reduction (but after subtracting the net amount of federal, state and local income and
employment taxes on such Total Payments and the amount of the Excise Tax to which Employee would be subject in respect of such unreduced
Total Payments and after taking into account the phase out of itemized deductions and personal exemptions attributable to such unreduced
Total Payments).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">b.
The Total Payments shall be reduced by the Corporation in the following order: (i) reduction of any cash severance-related payments otherwise
payable to Employee that are exempt from Section 409A of the Code, (ii) reduction of any other cash payments or benefits otherwise payable
to Employee that are exempt from Section 409A of the Code, but excluding any payments attributable to the acceleration of vesting or
payments with respect to any equity award with respect to the Corporation&rsquo;s common stock that is exempt from Section 409A of the
Code, (iii) reduction of any other payments or benefits otherwise payable to Employee on a pro-rata basis or such other manner that complies
with Section 409A of the Code, but excluding any payments attributable to the acceleration of vesting and payments with respect to any
equity award with respect to the Corporation&rsquo;s common stock that are exempt from Section 409A of the Code, and (iv) reduction of
any payments attributable to the acceleration of vesting or payments with respect to any other equity award with respect to the Corporation&rsquo;s
common stock that are exempt from Section 409A of the Code.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">c.
All determinations regarding the application of this Section 23 shall be made by an accounting firm with experience in performing calculations
regarding the applicability of Section 280G of the Code and the Excise Tax reasonably selected in good faith by the Corporation (&ldquo;Independent
Advisors&rdquo;), a copy of which report and all worksheets and background materials relating thereto shall be provided to Employee.
For purposes of determining whether and the extent to which the Total Payments will be subject to the Excise Tax, (i) no portion of the
Total Payments the receipt or enjoyment of which Employee shall have waived at such time and in such manner as not to constitute a &ldquo;payment&rdquo;
within the meaning of Section 280G(b) of the Code shall be taken into account; (ii) no portion of the Total Payments shall be taken into
account which, in the opinion of the Independent Advisors, does not constitute a &ldquo;parachute payment&rdquo; within the meaning of
Section 280G(b)(2) of the Code (including by reason of Section 280G(b)(4)(A) of the Code) and, in calculating the Excise Tax, no portion
of such Total Payments shall be taken into account which, in the opinion of Independent Advisors, constitutes reasonable compensation
for services actually rendered, within the meaning of Section 280G(b)(4)(B) of the Code, in excess of the &ldquo;base amount&rdquo; (as
defined in Section 280G(b)(3) of the Code) allocable to such reasonable compensation; and (iii) the value of any non-cash benefit or
any deferred payment or benefit included in the Total Payments shall be determined by the Independent Advisors in accordance with the
principles of Sections 280G(d)(3) and (4) of the Code. The costs of obtaining such determination and all related fees and expenses (including
related fees and expenses incurred in any later audit) shall be borne solely by the Corporation.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">24.
Counterparts.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute
one and the same instrument. Signatures delivered by facsimile, .PDF, or email, or affixed electronically, shall be deemed effective
for all purposes.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>IN
WITNESS WHEREOF, Corporation has by its appropriate officers signed and affixed its seal and Employee has signed and sealed this Agreement.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">UMH
    PROPERTIES, INC.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; width: 3%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 46%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    William Mitchell</FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dated:</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 44%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1/11/23</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chairman</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Compensation
    Committee</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">EMPLOYEE</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; width: 3%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 46%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    Craig Koster</FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dated:</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 44%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1/11/23</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Craig
    Koster</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-transform: uppercase; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-transform: uppercase; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-transform: uppercase; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

</BODY>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.4
<SEQUENCE>5
<FILENAME>ex10-4.htm
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>E<FONT STYLE="text-transform: lowercase">xhibit
10.4</FONT></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">UMH
PROPERTIES, INC.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-transform: uppercase; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">EMPLOYMENT
AGREEMENT</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-transform: uppercase; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">EXECUTED
JANUARY 11, 2023</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-transform: uppercase; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">EFFECTIVE
AS OF JANUARY 1, 2023</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 21%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">BY
    AND BETWEEN:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 79%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">UMH
    PROPERTIES, INC,</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
    Maryland Corporation (the &ldquo;Corporation&rdquo;)</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">AND:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Brett
    Taft (&ldquo;Employee&rdquo;)</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">BACKGROUND</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WHEREAS,
Employee and the Corporation desire to enter into an Employment Agreement, to be effective as of January 1, 2023; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">NOW,
THEREFORE, in consideration of the mutual promises and covenants herein contained, the receipt and sufficiency of which are hereby acknowledged
by the parties hereto, the Corporation and Employee agree as follows (the &ldquo;Agreement&rdquo;):</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">TERMS</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.
Term of Employment.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Corporation agrees to employ Employee and Employee agrees to be employed in the capacity of Executive Vice President and Chief Operating
Officer for a term of three (3) years, effective as of January 1, 2023 (the &ldquo;Effective Date&rdquo;) and terminating on the three
(3) year anniversary of the Effective Date; <U>provided, however</U>, that this Agreement will be renewed automatically thereafter for
additional successive one (1) year terms commencing on the third anniversary and each subsequent anniversary of the Effective Date (each
a &ldquo;Renewal Date&rdquo;) unless (i) the Corporation or Employee has delivered written notice of non-renewal to the other party at
least one-hundred twenty (120) days prior to the relevant Renewal Date or (ii) Employee&rsquo;s employment is earlier terminated in accordance
with the provisions of Section 11 of this Agreement. The period during which Employee is employed with the Corporation under this Agreement,
including all renewal periods, is referred to as the &ldquo;Term.&rdquo;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.
Time and Efforts.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Employee
shall diligently and conscientiously devote Employee&rsquo;s time and attention and use Employee&rsquo;s best efforts in the discharge
of Employee&rsquo;s duties as Executive Vice President and Chief Operating Officer of the Corporation. Notwithstanding the foregoing,
Employee may continue to serve on those boards of directors of which Employee is a member on the Effective Date. Employee may also serve
on other boards of directors and engage in religious, charitable or other community activities as long as (i) such service and activities
do not materially interfere or result in a conflict of interest with Employee&rsquo;s performance of Employee&rsquo;s duties to the Corporation
and (ii) if requested by the Board of Directors of the Corporation (the &ldquo;Board&rdquo;), Employee shall provide prior written notice
to the Board if Employee intends to become a member of the board of directors of any other for-profit business.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.
Board of Directors</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Employee
should at all times discharge Employee&rsquo;s duties in consultation with and under the supervision of the Board and such duties and
Employee&rsquo;s authority shall be commensurate with Employee&rsquo;s title and position with the Corporation. In the performance of
Employee&rsquo;s duties, Employee shall make Employee&rsquo;s principal office the Corporation&rsquo;s headquarters (currently located
at 3499 Route 9 North in Freehold, New Jersey) or such other place as both the Board and Employee may from time to time agree.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.
Compensation.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Corporation shall pay to Employee, as compensation for Employee&rsquo;s services, a base salary at the annual rate equal to $390,000,
which shall be paid in such intervals as salaries are paid generally to other executive officers of the Corporation. Employee&rsquo;s
base salary shall be reviewed at least annually by the Compensation Committee of the Board (the &ldquo;Compensation Committee&rdquo;)
and may be increased (but not decreased) in its discretion (taking into account the recommendation of the Corporation&rsquo;s President
and Chief Executive Officer).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.
Cash Bonus Opportunity.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Employee&rsquo;s
annual target cash bonus for any calendar year under this Agreement shall be equal to 60% percent of Employee&rsquo;s base salary as
in effect for such calendar year. On each annual compensation determination date established by the Corporation during the Term in respect
of the Corporation&rsquo;s senior executive team, the Corporation shall review the performance of the Corporation and of Employee during
the prior year relative to such performance goals as may have been established by the Compensation Committee in connection with such
bonus year, and the Compensation Committee may provide Employee with additional compensation in the form of a cash bonus if the Compensation
Committee, in its discretion (taking into account the recommendation of the Corporation&rsquo;s President and Chief Executive Officer)
and with consideration of the target bonus and performance criteria described above, determines that Employee&rsquo;s contribution to
the Corporation warrants such annual bonus. Such bonus for any calendar year shall be paid in cash no later than March 15 of the calendar
year following the bonus year. Except as otherwise provided in this Agreement, Employee must be actively employed by the Corporation
on the payment date and shall not have given or received notice of resignation or termination in order to receive payment of the bonus.
The bonus will be based on a combination of corporate/financial metrics and individual performance goals to be established by the Compensation
Committee in consultation with the Employee.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.
Equity Compensation Opportunity.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
each calendar year during the Term, Employee will be eligible to participate in and receive a long term award under the Corporation&rsquo;s
Stock Plan (as defined below). The value of Employee&rsquo;s annual target equity compensation award under the Stock Plan, for each calendar
year for which such an award is made to Employee under this Agreement, shall be equal to an amount that is not less than $230,000. Long
term incentive awards may be provided in the form of stock options, restricted stock units (&ldquo;RSUs&rdquo;), performance-based restricted
stock units (&ldquo;PRSUs&rdquo;), restricted stock, long-term incentive plan (&ldquo;LTIP&rdquo;) units, profits interests, and/or other
equity or equity-based types of award, as determined by the Compensation Committee in accordance with the terms of the UMH Properties,
Inc. Amended and Restated 2013 Incentive Award Plan or any successor stock or long term equity-based incentive plan adopted by the Corporation
from time to time (the &ldquo;Stock Plan&rdquo;). Equity award amounts shall be reviewed at least annually by the Compensation Committee
and may be increased (but not decreased) in its discretion (taking into account the recommendation of the Corporation&rsquo;s President
and Chief Executive Officer). Such awards will be pro-rated for any partial year of employment. Such awards will be subject to time-based
and performance-based vesting as determined by the Compensation Committee.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.
Expenses.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Corporation will reimburse Employee for reasonable and necessary expenses incurred by Employee in carrying out Employee&rsquo;s duties
under this Agreement. Employee shall present to the Corporation from time to time an itemized account of such expenses in such form as
may be required by the Corporation.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.
Vacation.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Employee
shall be entitled to take four (4) paid weeks&rsquo; vacation per year and the same holidays as provided for other members of the staff,
in each case consistent with the Corporation&rsquo;s policy governing vacation and holidays.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.
401(k) Plan.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Employee,
at Employee&rsquo;s option, may participate in the Corporation&rsquo;s 401(k) plan according to its terms.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.
Other Employee Benefits.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a.
Employee (and, as applicable, Employee&rsquo;s spouse and eligible dependent(s)) shall be entitled during the term of this Agreement
to participate in any other qualified retirement, group health and medical insurance, and group life or other insurance benefit plans
providing benefits generally applicable to the employees of UMH Properties, Inc. and its subsidiaries as may be in effect from time to
time, as such plans may be modified from time to time, subject to eligibility and the express terms of all such plans. Employee shall
also be eligible for any executive-level benefit plans and programs as may be in effect from time to time, pursuant to the respective
terms of such plans and programs.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">b.
Employee agrees <FONT STYLE="background-color: white">to assist the Corporation in procuring key man insurance coverage for the benefit
of the Corporation by submitting to the usual and customary medical and other examinations to be conducted by such physicians as the
Corporation or insurance company may reasonably designate and by signing such applications and other written instruments as may be required
by the insurance companies to which application is made for such insurance coverage. The Corporation shall be responsible for all costs
related to the procurement of such coverage. Employee&rsquo;s failure to submit to such usual and customary medical and other examinations
shall be deemed a material breach of this Agreement.</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.
Termination</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a.
<U>Termination by the Corporation Other than for Cause; Termination by Employee for Good Reason; Termination Due to Non-Renewal by the
Corporation; or Termination Due to Employee&rsquo;s Death or Disability</U>. If (i) Employee&rsquo;s employment with the Corporation
is terminated (x) by the Corporation other than for &ldquo;Cause&rdquo; (as defined in Section 11(b)(1) of this Agreement), (y) by Employee
for &ldquo;Good Reason&rdquo; (as defined in Section 11(b)(2) of this Agreement), or (z) on a Renewal Date as a result of a decision
by the Corporation pursuant to Section 1 not to renew this Agreement, or (ii) Employee&rsquo;s employment with the Corporation terminates
due to Employee&rsquo;s death or Disability, Employee (or Employee&rsquo;s estate, if applicable) shall, in addition to receiving any
Accrued but Unpaid Compensation and the Nonforfeitable Incentive Benefits (as each such term is defined in Section 11(b)(1) of this Agreement),
subject to a customary release and separation agreement (which shall not include any non-competition covenant) being executed, delivered
and not revoked by Employee within sixty (60) days following termination (other than a termination due to Employee&rsquo;s death), (A)
be entitled to receive (x) any unpaid cash bonus payable to Employee for any completed prior year pursuant to Section 5 of this Agreement,
payable at the same time bonus payments for such prior year are made to other executives of the Corporation, and (y) an amount (the &ldquo;Separation
Amount&rdquo;) equal to three (3) times (or, in the case of Employee&rsquo;s termination due to death or Disability, one (1) times) the
sum of (i) Employee&rsquo;s base salary as in effect for the calendar year in which the termination under this Section 11(a) occurs plus
(ii) the average of the annual cash bonus amounts earned by Employee over the three (3) year period immediately preceding the year in
which Employee&rsquo;s termination occurs, as calculated by the Corporation, such Separation Amount to be paid (except as provided in
Section 12(b) of this Agreement in the event of Employee&rsquo;s termination at the time of, or within twenty-four (24) months after,
a Change of Control, as defined in Section 12(a) of this Agreement) in thirty-six (36) consecutive and equal monthly installments (or,
in the case of Employee&rsquo;s termination due to death or Disability, in twelve (12) consecutive and equal monthly installments), with
the first installment to be paid in the month immediately following Employee&rsquo;s execution, delivery and non-revocation of the separation
and release agreement referred to above (or, in the case of termination due to Employee&rsquo;s death, with the first installment to
be paid in the month immediately following Employee&rsquo;s death) (clauses (x) and (y) being referred to collectively as the &ldquo;Termination
Benefit&rdquo;) and (B) vest in any unvested stock options or time-based equity or equity-based awards (e.g., RSUs, PRSUs, LTIP units,
and/or profits interests, as applicable) granted or issued to Employee prior to the date of termination ratably over the thirty-six (36)
month period immediately following the date of termination (or, in the case of Employee&rsquo;s termination due to death or Disability,
ratably over the twelve (12) month period immediately following Employee&rsquo;s termination due to death or Disability) as if Employee
remained fully employed for such period, and with any performance goals applicable to an award to be determined (i) as of the date of
termination, if in the good faith judgment of the Compensation Committee it is fair and reasonably practicable to measure the attainment
of performance goals as of the date of termination or (ii) if in the good faith judgment of the Compensation Committee it is not fair
or reasonably practicable to measure the attainment of performance goals as of the date of termination, based upon an assumption that
the applicable performance goals will be achieved at target within the relevant performance period, in each case with such performance
goals to be adjusted by the Compensation Committee in good faith to reflect any partial performance period. The amounts due under this
Section 11(a) shall not be reduced by any amounts paid to Employee under any policy or plan of insurance, including but not limited to
unemployment, disability, or life. For purposes of this Agreement, &ldquo;Disability&rdquo; shall mean Employee&rsquo;s inability to
perform Employee&rsquo;s material duties for any ninety (90) day consecutive period or for one hundred eighty (180) days in any three
hundred sixty-five (365) day period due to Employee&rsquo;s physical or mental impairment, as determined by an independent, licensed
physician reasonably acceptable to both Employee and the Corporation.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">b.
<U>Termination by the Corporation for Cause or Employee&rsquo;s Voluntary Termination Without Good Reason</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.75in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.
If Employee is terminated for Cause, Employee shall not be entitled to receive the Termination Benefit described in clause (A) of Section
11(a) or to vesting of any unvested stock options or time-based equity or equity-based awards as described in clause (B) of Section 11(a)
and the Corporation shall pay Employee only Employee&rsquo;s (i) accrued and unpaid base salary through the date of such termination
and (ii) accrued but unused vacation time for the then-elapsed portion of the year in which the termination occurs (together with any
accrued but unreimbursed business expenses, the &ldquo;Accrued but Unpaid Compensation&rdquo;). Any nonforfeitable benefits payable to
Employee under the terms of the Stock Plan, any nonqualified deferred compensation plan, incentive plan or other benefit plans maintained
by the Corporation (the &ldquo;Nonforfeitable Incentive Benefits&rdquo;) shall be payable in accordance with the terms of the applicable
plan and/or award agreement, and any nonvested benefits accrued thereunder shall be forfeited effective upon the date of termination.
For purposes of this Agreement, &ldquo;Cause&rdquo; shall mean:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A.
Employee&rsquo;s conviction of, or plea of guilty or no contest to, a felony or any crime involving moral turpitude (or the procedural
equivalent of the foregoing);</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">B.
any public disparagement by Employee of the Corporation that results in material harm to the Corporation;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">C.
the willful engaging by Employee in conduct materially injurious to the Corporation, monetarily or otherwise; or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">D.
the intentional and willful failure of Employee to substantially perform Employee&rsquo;s duties under this Agreement as directed by
the Board (other than any such failure resulting from Employee&rsquo;s incapacity due to Disability or other medical issues) after a
demand for substantial performance is made by the Board.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
termination of employment shall not be deemed to be for Cause unless and until (x) there shall have been delivered to Employee a written
notice describing in reasonable detail the particulars giving rise to a termination for Cause and (y) solely upon the occurrence of an
event described in clause D of this Section 11(b)(1), no cure has occurred to the reasonable satisfaction of the Board by the thirtieth
(30<SUP>th</SUP>) day after such notice was given to Employee.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.75in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.
If Employee voluntarily terminates employment with the Corporation other than for Good Reason, Employee shall not be entitled to receive
the Termination Benefit described in clause (A) of Section 11(a) or to vesting of any unvested stock options or time-based equity or
equity-based awards as described in clause (B) of Section 11(a) and the Corporation shall pay Employee only the Accrued but Unpaid Compensation
and any Nonforfeitable Incentive Benefits shall be payable in accordance with the terms of the applicable plan and/or award agreement,
and any nonvested benefits accrued thereunder shall be forfeited effective upon the date of termination. For purposes of this Agreement,
&ldquo;Good Reason&rdquo; shall mean the occurrence of any of the following without Employee&rsquo;s prior written consent:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A.
the assignment of Employee to a position other than Executive Vice President and Chief Operating Officer of the Corporation during the
Term;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">B.
a material diminution in Employee&rsquo;s total compensation opportunity, or material diminution in, reduction or adverse alteration
of, Employee&rsquo;s duties or responsibilities (including without limitation Employee ceasing to serve as Executive Vice President and
Chief Operating Officer of the ultimate parent entity of a publicly-traded company following a Change in Control as defined in Section
12 of this Agreement), or the Corporation&rsquo;s assignment to Employee of duties, responsibilities or reporting requirements that are
materially inconsistent with Employee&rsquo;s positions;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">C.
a change of more than 25 miles in the geographic location of the primary office at which Employee must perform Employee&rsquo;s duties
as Executive Vice President and Chief Operating Officer of the Corporation;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">D.
Despite Employee&rsquo;s timely objection, the Board or the Corporation&rsquo;s Chief Executive Officer/President intentionally directs
Employee to engage in unlawful conduct; or</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">E.
a material breach by the Corporation of this Agreement;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">provided,
however, Employee must have notified the Corporation in writing within the first thirty (30) days following Employee&rsquo;s actual knowledge
that any of the foregoing events has occurred and, if such event is curable, the Corporation must have failed to cure such event within
thirty (30) days following its receipt of such notice from Employee; and provided further, Employee must have resigned for Good Reason
under Section 11(a) of this Agreement within ninety (90) days following the occurrence of the Good Reason event.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">c.
<U>Certain Post-Termination Payments Contingent Upon Release and Separation Agreement</U>. Notwithstanding the foregoing, any post-termination
compensation and benefits payable pursuant to Section 11(a) of this Agreement that are, by the terms of such Section 11(a), contingent
upon Employee&rsquo;s execution, delivery and non-revocation of a release and separation agreement, but which are scheduled to be paid
prior to such release and separation agreement becoming effective, shall be accumulated until the sixtieth (60th) day following the termination
date and, subject to such release and separation agreement becoming effective, shall be paid at the time the first such payment would
become payable following such sixtieth (60th) day, without interest thereon, unless earlier payment of such compensation and benefits
would not violate Section 409A of the Code.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.
Change of Control</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a.
The term &ldquo;Change of Control&rdquo; under this Agreement shall mean (i) a sale of substantially all of the assets of the Corporation,
not in the ordinary course, to an unaffiliated third party; (ii) the transfer, in one transaction or a series of transactions, to an
unaffiliated third party of outstanding shares of capital stock of the Corporation representing a majority of the then outstanding voting
capital stock of the Corporation; (iii) a majority of the members of the Board of Directors ceasing to be composed of individuals who
either were members of the Board immediately following the 2022 Annual Meeting of Shareholders of the Corporation, or whose election
to the Board was approved by a majority of such incumbent directors or their approved successors; (iv) a merger or consolidation of the
Corporation having the same effect as item (i), (ii) or (iii) above; or (v) any other event of a nature that would be required to be
reported as a change of control in item 5.01 of Form 8-K under the Securities Exchange Act of 1934, as amended (or any successor provision
thereto).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">b.
In the event a Change of Control occurs during the Term of this Agreement and Employee&rsquo;s employment with the Corporation is terminated
(i) by the Corporation (or its successor) other than for &ldquo;Cause&rdquo; (as defined in Section 11(b)(1) of this Agreement) at or
within twenty-four (24) months following the consummation of such Change of Control (including termination during such period as a result
of a decision by the Corporation pursuant to Section 1 not to renew this Agreement), (ii) due to Employee&rsquo;s death or Disability
within twenty-four (24) months following the consummation of such Change of Control, or (iii) by Employee due to &ldquo;Good Reason&rdquo;
at or within twenty-four (24) months following the consummation of such Change of Control, if Employee (or Employee&rsquo;s estate, if
applicable) would be entitled, pursuant to the terms of Section 11(a) of this Agreement, to receive the Termination Benefit as a result
of such termination, it is agreed that (A) the Termination Benefit shall be payable to Employee (or Employee&rsquo;s estate) in accordance
with the terms of Section 11(a), provided that if a lump sum payment of the Separation Amount described therein would not violate Section
409A of the Internal Revenue Code of 1986, as amended (the &ldquo;Code&rdquo;) because such Change of Control constitutes a permissible
payment event under Section 409A of the Code, such Separation Amount shall be paid in a single lump sum payment as soon as practicable,
and in any event within sixty (60) days following such termination, contingent (other than in the case of termination due to Employee&rsquo;s
death) upon the release and separation agreement referenced in Section 11(a) becoming effective, and (B) Employee shall immediately vest
in any unvested stock options or time-based equity or equity-based awards (e.g., RSUs, PRSUs, LTIP units, and/or profits interests, as
applicable) granted or issued to Employee prior to the date of termination (with any performance goals applicable to any such equity
or equity-based award to be determined in good faith in the manner provided in Section 11(a)). For the avoidance of doubt, should a termination
by the Corporation (or its successor) without Cause or by Employee for Good Reason, or due to a decision by the Corporation not to renew
this Agreement, or a termination due to Employee&rsquo;s death or Disability, occur later than twenty-four (24) months after consummation
of a Change of Control, any Termination Benefit will be paid as provided for under Section 11(a) (i.e., in installments).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">c.
In addition to any other compensation afforded herein, provided Employee is actively employed by the Corporation as of the consummation
of a Change of Control, Employee shall be entitled to participate in any transaction bonus plan or other similar arrangement(s) adopted
by the Corporation&rsquo;s Board of Directors in connection with such Change of Control that applies to the Corporation&rsquo;s executive
officers generally. For the avoidance of doubt, receipt of a transaction bonus under such a transaction bonus plan shall not prejudice
any other rights Employee may have under this Section 12 and nothing herein shall require the Corporation to adopt any such transaction
bonus plan or other arrangement(s).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">d.
The amounts due under this Section 12 shall not be reduced by any amounts paid to Employee under any policy or plan of insurance, including
but not limited to unemployment, disability, or life.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">e.
Amounts hereunder shall not be subject to mitigation or offset for other wages earned by Employee during any severance period.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">f.
Notwithstanding the foregoing, any post-termination compensation and benefits payable pursuant to Section 12(b) of this Agreement that
are, by the terms of such Section 12(b), contingent upon Employee&rsquo;s execution, delivery and non-revocation of a release and separation
agreement, but which are scheduled to be paid prior to such release and separation agreement becoming effective, shall be accumulated
until the sixtieth (60th) day following the termination date and, subject to such release and separation agreement becoming effective,
shall be paid at the time the first such payment would become payable following such sixtieth (60th) day, without interest thereon, unless
earlier payment of such compensation and benefits would not violate Section 409A of the Code.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">g.
Notwithstanding anything herein to the contrary, if Employee&rsquo;s employment is terminated and such termination entitles Employee
(or his estate) to receive the Separation Amount provided for in Section 11(a), and thereafter a Change of Control occurs during any
installment period for the payment of the Separation Amount, any unpaid installments will be accelerated and paid in a lump sum effective
upon such Change of Control to the extent such Change of Control constitutes a permissible payment event under, and such acceleration
would not result in a violation of, Section 409A of the Code.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.
Indemnification and Attorneys&rsquo; Fees</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Corporation agrees to indemnify Employee from any and all lawsuits filed directly against Employee by a third party in Employee&rsquo;s
capacity as Employee of the Corporation. The Corporation will pay all attorneys&rsquo; fees and costs to defend Employee from any such
lawsuits.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14.
Notices.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
notices required or permitted to be given under this Agreement shall be given by certified mail, return receipt requested, to the parties
at the following addresses or such other addresses as either may designate in writing to the other party:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 93%; border-collapse: collapse; margin-left: 0.5in">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 20%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Corporation:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 80%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">UMH
    PROPERTIES, INC.</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Juniper
    Business Plaza</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3499
    Route 9N, Suite 3-C</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Freehold,
    NJ 07728</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Employee:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Brett
    Taft</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ADDRESS
    ON FILE</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">15.
Governing Law.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
Agreement shall be construed and governed in accordance with the laws of the State of New Jersey, without regard to conflict of law principles.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">16.
Entire Contract.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
Agreement constitutes the entire understanding and agreement between the Corporation and Employee with regard to Employee&rsquo;s employment
with the Corporation and supersedes all prior discussions, understandings and agreements with respect thereto. There are no other agreements,
conditions or representations, oral or written, express or implied, with regard thereto. This Agreement may be amended only in writing
signed by both parties hereto.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">17.
Modification and Waiver</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No
provision of this Agreement may be modified, waived or discharged unless such waiver, modification or discharge is agreed to in writing
and signed by Employee and such officer as may be specifically designated by the Board of Directors of the Corporation. No waiver by
either party hereto at any time of any breach by the other party hereof, or compliance with, any condition or provision of this Agreement
to be performed by such other party shall be deemed a waiver of similar or dissimilar provisions or conditions at the same or at any
prior or subsequent time.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">18.
Successors.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
Agreement shall be binding on and inure to the benefit of the Corporation and any successor to any of its businesses or assets. This
Agreement shall be binding on and inure to the benefit of and be enforceable by Employee&rsquo;s personal and legal representatives,
executors, administrators, successors, heirs, distributees, devisees and legatees. In the event that a third party succeeds to all or
substantially all of the Corporation&rsquo;s business and assets (whether directly or indirectly and whether by purchase, merger, consolidation,
liquidation or otherwise), such successor shall assume this Agreement in writing and expressly agree to perform this Agreement in the
same manner and to the same extent as the Corporation would be required to perform it in the absence of a succession. For all purposes
under this Agreement, the term &ldquo;Corporation&rdquo; shall include any successor to the Corporation&rsquo;s business and assets that
executes and delivers the assumption described in the immediately preceding sentence or that becomes bound by this Agreement by operation
of law.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">19.
Severability</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
invalidity or unenforceability of any provision of this Agreement, whether in whole or in part, shall not in any way affect the validity
and/or enforceability of any other provisions herein contained. Any invalid or unenforceable provision shall be deemed severable to the
extent of any such invalidity of unenforceability.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">20.
Headings</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Headings
used in this Agreement are for convenience only and shall not be used to interpret its provisions.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">21.
Certain Possible Changes to Distributions; Code Section 409A.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notwithstanding
any provisions of this Agreement to the contrary, the commencement of payments payable with respect to a termination of employment that
are nonqualified deferred compensation subject to Section 409A of the Code shall be delayed by six months after termination, if (i) at
the applicable time, the Corporation or any entity in its controlled group has any stock which is publicly traded on an established securities
market, (ii) Employee is a &ldquo;specified employee&rdquo; under Section 409A of the Code, and (iii) in the view of the Corporation
such delay is necessary or advisable to avoid the imposition of the 20% tax under Section 409A of the Code (taking into account any applicable
regulations and other formal guidance provided by the Internal Revenue Service). Any amounts delayed under the foregoing sentence shall
be paid with the first permissible installment on the first day of the seventh month following such termination or earlier upon Employee&rsquo;s
death. Notwithstanding any other provision of this Agreement to the contrary, and in addition to (and not in substitution for) the two
preceding sentences, the Board retains the power and discretion to revise, amend, modify, reform, administer, interpret or construe this
Agreement at any time in whole or in part, to the extent it deems necessary or advisable to enable Employee to avoid any acceleration
of taxation (or the imposition of any additional tax or interest payments on delayed payments of tax) under Section 409A of the Code
(taking into account any applicable regulations and other formal guidance provided by the Internal Revenue Service). Anything in this
Agreement or otherwise to the contrary notwithstanding, the tax treatment of any benefits provided pursuant to this Agreement is not
warranted or guaranteed. Neither the Corporation or any subsidiary or affiliated entity nor their respective directors, officers, employees
(other than Employee) or advisers shall be held liable for any taxes, interest, penalties or other monetary amounts owed by Employee
as a result of the Agreement failing to be exempt from or to comply with Section 409A of the Code. Each payment payable under this Agreement
is intended to constitute and, to the maximum extent permitted by law, shall constitute, a separate payment in a series of separate payments
for purposes of Section 409A of the Code. To the extent that any reimbursements under this Agreement are subject to Section 409A of the
Code, (A) any such reimbursements payable to Employee shall be paid to Employee no later than December 31 of the year following the year
in which the expense was incurred, provided that Employee submits Employee&rsquo;s reimbursement request promptly following the date
the expense is incurred, (B) the amount of expenses reimbursed in one year shall not affect the amount eligible for reimbursement in
any subsequent year, other than medical expenses referred to in Section 105(b) of the Code, and (C) Employee&rsquo;s right to reimbursement
will not be subject to liquidation or exchange for another benefit. To the extent a release and separation agreement is required hereunder
as a condition of Employee&rsquo;s receipt of post-termination compensation and Employee&rsquo;s review, execution and period of possible
revocation of such release and separation agreement spans two calendar years, then (subject to the actual execution, delivery and nonrevocation
of such release and separation agreement) such release and separation agreement will be deemed effective in the second calendar year
for purposes of Section 409A of the Code.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">22.
Clawback.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
amounts payable under this Agreement will be subject to any clawback policy of the Corporation, as in effect from time to time, to which
employees of the Corporation are subject, implemented to comply with applicable laws, including any clawback policy adopted to comply
with the Dodd-Frank Wall Street Reform and Consumer Protection Act and any rules or regulations promulgated thereunder, as set forth
in such clawback policy.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.
Parachute Payments.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a.
It is the objective of this Agreement to maximize Employee&rsquo;s net after-tax benefit if payments or benefits provided under this
Agreement are subject to excise tax under Section 4999 of the Code. Notwithstanding any other provisions of this Agreement, in the event
that any payment or benefit by the Corporation or otherwise to or for the benefit of Employee, whether paid or payable or distributed
or distributable pursuant to the terms of this Agreement or otherwise (all such payments and benefits being hereinafter referred to as
the &ldquo;Total Payments&rdquo;), would be subject (in whole or in part) to the excise tax imposed by Section 4999 of the Code (the
&ldquo;Excise Tax&rdquo;), then the Total Payments shall be reduced to the extent necessary so that no portion of the Total Payments
shall be subject to the Excise Tax, but only if (i) the net amount of such Total Payments, as so reduced (and after subtracting the net
amount of federal, state and local income and employment taxes on such reduced Total Payments and after taking into account the phase
out of itemized deductions and personal exemptions attributable to such reduced Total Payments), is greater than or equal to (ii) the
net amount of such Total Payments without such reduction (but after subtracting the net amount of federal, state and local income and
employment taxes on such Total Payments and the amount of the Excise Tax to which Employee would be subject in respect of such unreduced
Total Payments and after taking into account the phase out of itemized deductions and personal exemptions attributable to such unreduced
Total Payments).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">b.
The Total Payments shall be reduced by the Corporation in the following order: (i) reduction of any cash severance-related payments otherwise
payable to Employee that are exempt from Section 409A of the Code, (ii) reduction of any other cash payments or benefits otherwise payable
to Employee that are exempt from Section 409A of the Code, but excluding any payments attributable to the acceleration of vesting or
payments with respect to any equity award with respect to the Corporation&rsquo;s common stock that is exempt from Section 409A of the
Code, (iii) reduction of any other payments or benefits otherwise payable to Employee on a pro-rata basis or such other manner that complies
with Section 409A of the Code, but excluding any payments attributable to the acceleration of vesting and payments with respect to any
equity award with respect to the Corporation&rsquo;s common stock that are exempt from Section 409A of the Code, and (iv) reduction of
any payments attributable to the acceleration of vesting or payments with respect to any other equity award with respect to the Corporation&rsquo;s
common stock that are exempt from Section 409A of the Code.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">c.
All determinations regarding the application of this Section 23 shall be made by an accounting firm with experience in performing calculations
regarding the applicability of Section 280G of the Code and the Excise Tax reasonably selected in good faith by the Corporation (&ldquo;Independent
Advisors&rdquo;), a copy of which report and all worksheets and background materials relating thereto shall be provided to Employee.
For purposes of determining whether and the extent to which the Total Payments will be subject to the Excise Tax, (i) no portion of the
Total Payments the receipt or enjoyment of which Employee shall have waived at such time and in such manner as not to constitute a &ldquo;payment&rdquo;
within the meaning of Section 280G(b) of the Code shall be taken into account; (ii) no portion of the Total Payments shall be taken into
account which, in the opinion of the Independent Advisors, does not constitute a &ldquo;parachute payment&rdquo; within the meaning of
Section 280G(b)(2) of the Code (including by reason of Section 280G(b)(4)(A) of the Code) and, in calculating the Excise Tax, no portion
of such Total Payments shall be taken into account which, in the opinion of Independent Advisors, constitutes reasonable compensation
for services actually rendered, within the meaning of Section 280G(b)(4)(B) of the Code, in excess of the &ldquo;base amount&rdquo; (as
defined in Section 280G(b)(3) of the Code) allocable to such reasonable compensation; and (iii) the value of any non-cash benefit or
any deferred payment or benefit included in the Total Payments shall be determined by the Independent Advisors in accordance with the
principles of Sections 280G(d)(3) and (4) of the Code. The costs of obtaining such determination and all related fees and expenses (including
related fees and expenses incurred in any later audit) shall be borne solely by the Corporation.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">24.
Counterparts.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute
one and the same instrument. Signatures delivered by facsimile, .PDF, or email, or affixed electronically, shall be deemed effective
for all purposes.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>IN
WITNESS WHEREOF, Corporation has by its appropriate officers signed and affixed its seal and Employee has signed and sealed this Agreement.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">UMH
    PROPERTIES, INC.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; width: 3%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 46%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    William Mitchell</FONT></TD>
    <TD STYLE="padding-bottom: 1.5pt; width: 2%">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dated:</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 44%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1/11/23</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
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    Committee</FONT></TD>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
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    <TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dated:</FONT></TD>
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<TYPE>EX-101.SCH
<SEQUENCE>6
<FILENAME>umh-20230111.xsd
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<XBRL>
<?xml version="1.0" encoding="US-ASCII" ?>
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<DOCUMENT>
<TYPE>EX-101.DEF
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<FILENAME>umh-20230111_def.xml
<DESCRIPTION>XBRL DEFINITION FILE
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<DOCUMENT>
<TYPE>EX-101.LAB
<SEQUENCE>8
<FILENAME>umh-20230111_lab.xml
<DESCRIPTION>XBRL LABEL FILE
<TEXT>
<XBRL>
<?xml version="1.0" encoding="US-ASCII" standalone="no"?>
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    <!-- Field: Doc-Info; Name: Status; Value: 0x00000000 -->
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentAnnualReport_lbl" xml:lang="en-US">Document Annual Report</link:label>
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      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntityFileNumber" xlink:label="dei_EntityFileNumber" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityFileNumber_lbl" xml:lang="en-US">Entity File Number</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityRegistrantName_lbl" xml:lang="en-US">Entity Registrant Name</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityCentralIndexKey_lbl" xml:lang="en-US">Entity Central Index Key</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityPrimarySicNumber_lbl" xml:lang="en-US">Entity Primary SIC Number</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityTaxIdentificationNumber_lbl" xml:lang="en-US">Entity Tax Identification Number</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityIncorporationStateCountryCode_lbl" xml:lang="en-US">Entity Incorporation, State or Country Code</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_WrittenCommunications_lbl" xml:lang="en-US">Written Communications</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_SolicitingMaterial_lbl" xml:lang="en-US">Soliciting Material</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_Security12bTitle_lbl" xml:lang="en-US">Title of 12(b) Security</link:label>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.PRE
<SEQUENCE>9
<FILENAME>umh-20230111_pre.xml
<DESCRIPTION>XBRL PRESENTATION FILE
<TEXT>
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>10
<FILENAME>R1.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
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<span style="display: none;">v3.22.4</span><table class="report" border="0" cellspacing="2" id="idm140581075601168">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Cover<br></strong></div></th>
<th class="th"><div>Jan. 11, 2023</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentType', window );">Document Type</a></td>
<td class="text">8-K<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_AmendmentFlag', window );">Amendment Flag</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentPeriodEndDate', window );">Document Period End Date</a></td>
<td class="text">Jan. 11,  2023<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityFileNumber', window );">Entity File Number</a></td>
<td class="text">001-12690<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityRegistrantName', window );">Entity Registrant Name</a></td>
<td class="text">UMH
Properties, Inc.<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityCentralIndexKey', window );">Entity Central Index Key</a></td>
<td class="text">0000752642<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityTaxIdentificationNumber', window );">Entity Tax Identification Number</a></td>
<td class="text">22-1890929<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityIncorporationStateCountryCode', window );">Entity Incorporation, State or Country Code</a></td>
<td class="text">MD<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressAddressLine1', window );">Entity Address, Address Line One</a></td>
<td class="text">Juniper Business Plaza<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressAddressLine2', window );">Entity Address, Address Line Two</a></td>
<td class="text">3499 Route 9 North<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressAddressLine3', window );">Entity Address, Address Line Three</a></td>
<td class="text">Suite 3-C<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressCityOrTown', window );">Entity Address, City or Town</a></td>
<td class="text">Freehold<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressStateOrProvince', window );">Entity Address, State or Province</a></td>
<td class="text">NJ<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressPostalZipCode', window );">Entity Address, Postal Zip Code</a></td>
<td class="text">07728<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_CityAreaCode', window );">City Area Code</a></td>
<td class="text">(732)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_LocalPhoneNumber', window );">Local Phone Number</a></td>
<td class="text">577-9997<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_WrittenCommunications', window );">Written Communications</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_SolicitingMaterial', window );">Soliciting Material</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_PreCommencementTenderOffer', window );">Pre-commencement Tender Offer</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_PreCommencementIssuerTenderOffer', window );">Pre-commencement Issuer Tender Offer</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityEmergingGrowthCompany', window );">Entity Emerging Growth Company</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityInformationFormerLegalOrRegisteredName', window );">Entity Information, Former Legal or Registered Name</a></td>
<td class="text">Not
Applicable<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=UMH_CommonStock.10ParValueMember', window );">Common Stock, $.10 par value</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_Security12bTitle', window );">Title of 12(b) Security</a></td>
<td class="text">Common
    Stock, $.10 par value<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">UMH<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NYSE<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=UMH_Sec6.375SeriesDCumulativeRedeemablePreferredStock.10ParValueMember', window );">6.375% Series D Cumulative Redeemable Preferred Stock, $.10 par value</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_Security12bTitle', window );">Title of 12(b) Security</a></td>
<td class="text">6.375%
    Series D Cumulative Redeemable Preferred Stock, $.10 par value<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">UMH
    PRD<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NYSE<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_AmendmentFlag">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_AmendmentFlag</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CityAreaCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Area code of city</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CityAreaCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentPeriodEndDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>For the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period.  The format of the date is YYYY-MM-DD.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentPeriodEndDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:dateItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentType">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentType</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:submissionTypeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressAddressLine1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Address Line 1 such as Attn, Building Name, Street Name</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressAddressLine1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressAddressLine2">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Address Line 2 such as Street or Suite number</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressAddressLine2</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressAddressLine3">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Address Line 3 such as an Office Park</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressAddressLine3</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressCityOrTown">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Name of the City or Town</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressCityOrTown</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressPostalZipCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Code for the postal or zip code</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressPostalZipCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressStateOrProvince">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Name of the state or province.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressStateOrProvince</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:stateOrProvinceItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCentralIndexKey">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCentralIndexKey</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:centralIndexKeyItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityEmergingGrowthCompany">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Indicate if registrant meets the emerging growth company criteria.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityEmergingGrowthCompany</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityFileNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityFileNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:fileNumberItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Two-character EDGAR code representing the state or country of incorporation.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityIncorporationStateCountryCode</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityInformationFormerLegalOrRegisteredName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Former Legal or Registered Name of an entity</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityInformationFormerLegalOrRegisteredName</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityRegistrantName</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityTaxIdentificationNumber</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Local phone number for entity.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LocalPhoneNumber</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 13e<br> -Subsection 4c<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_PreCommencementIssuerTenderOffer</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 14d<br> -Subsection 2b<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_PreCommencementTenderOffer</td>
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<td><strong> Balance Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_Security12bTitle">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Title of a 12(b) registered security.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_Security12bTitle</td>
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<td><strong> Balance Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_SecurityExchangeName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Name of the Exchange on which a security is registered.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection d1-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_SecurityExchangeName</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_SolicitingMaterial">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Section 14a<br> -Number 240<br> -Subsection 12<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Trading symbol of an instrument as listed on an exchange.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br> -Section 425<br></p></div>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
