EXHIBIT 10.2

AMENDMENT NUMBER TWO

TO

HOME PROPERTIES, INC.

DEFERRED BONUS PLAN

(Amended and Restated as of January 1, 2008)

This Amendment No. Two to the Deferred Bonus Plan (the “Plan”) was approved by the Board of Directors of the Company at a meeting duly called and held on November 2, 2011.

The reference in the first sentence of Section 2 of the Plan to “3% and above bonus group” is removed.

IN WITNESS WHEREOF, the Company has authorized its duly authorized officer to execute this Amendment Number Two as of November 2, 2011.

AMENDMENT NUMBER ONE

TO

HOME PROPERTIES, INC.

DEFERRED BONUS PLAN

(Amended and Restated as of January 1, 2008)

This Amendment No. One to the Deferred Bonus Plan (the “Plan”) was approved by the shareholders of the Company at a meeting duly called and held on May 1, 2008.

The first sentence of paragraph (h) of Section 5 of the Plan shall and hereby is amended to increase the number of shares available for payments under the Plan from 100,000 to 150,000.

IN WITNESS WHEREOF, the Company has authorized its duly authorized officer to execute this Amendment Number One as of the first day of May, 2008.

HOME PROPERTIES, INC.

DEFERRED BONUS PLAN

(Amended and Restated as of January 1, 2008)

Home Properties, Inc. (the “Company”) has adopted this Home Properties, Inc. Deferred Bonus Plan (the “Plan”) to assist its key employees with their individual tax and financial planning and to permit the Company to remain competitive in attracting, retaining, motivating and rewarding key employees who can directly influence the Company’s operating results. The Plan permits eligible employees to defer the receipt of annual cash bonuses which they may be entitled to receive from the Company and the Company to contribute matching contributions on their behalf.

An employee of the Company is eligible to participate in this Plan if he or she is in the 3% and above bonus group, is designated by the Committee established pursuant to section 9 as eligible to participate, is a “highly compensated employee” as this term is defined in Section 414(q) of the Internal Revenue Code, and is a member of a “select group of management or highly compensated employees” as this term is defined in Title I of ERISA.

Notwithstanding the foregoing, a newly-eligible participant may make an initial deferral election within 30 days of the time the participant first becomes eligible to participate in this Plan, provided that deferrals with respect to this election may be made only with respect to a prorated portion of the participant’s annual bonus for the performance period currently in effect (i.e., the annual bonus amount multiplied by the ratio of the number of days remaining in the performance period after the

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election over the total number of days in the performance period). This initial eligibility rule shall not apply if the participant is, or ever has been, eligible to participate in another deferred compensation plan sponsored by the Company that is an “account balance plan” under the plan aggregation rules of Code Section 409A.

If a participant elects annual installment payments, the installment payments shall be substantially equal in amount, provided that any hypothetical dividends credited to the Participant Account (as described in Section 4(a) below) during the installment payment period shall be paid with the final installment payment. Each such payment shall be paid on the Company’s first quarterly dividend payment date in each designated year.

For example, a participant may elect in December 2008 to defer for three years a bonus payable in 2010 with respect to 2009 services. If the bonus is otherwise payable in cash in January 2010, it will be deferred and payment will commence on the Company’s first quarterly dividend payment date following the anniversary date that falls in January 2013.

For deferrals made prior to 2008, notwithstanding the foregoing, in the event the participant terminates employment, vested benefits payments shall be paid on the Company’s first quarterly dividend payment date following termination notwithstanding any later date specified in the participant’s election form. For deferrals relating to services performed in 2008 or thereafter, a Participant may elect to receive payment of deferred amounts on (i) a specified payment date, (ii) termination of employment, or (iii) the earlier of a specified payment date or termination of employment. For purposes of the Plan, termination of employment shall mean the separation of service with the Company (within the meaning of Section 409A), voluntarily or involuntarily, for any reason other than an authorized leave of absence.

If a participant dies before receiving all vested benefits in his or her Participant Account, the remaining balance shall be paid to the participant’s estate in a lump sum as soon as administratively practicable

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following the participant’s death, and in no event later than March 15^th of the calendar year following the calendar year in which the death occurred, notwithstanding any later date(s) specified in the participant’s election form(s).

For each participant there shall be established a Participant Account. The maintenance of individual Participant Accounts is for bookkeeping purposes only. The Company is not obligated to make actual contributions to fund this plan or to acquire or set aside any particular assets for the discharge of its obligations, nor is any participant to have any property rights in any particular assets held by the Company, whether or not held for the purpose of funding the Company’s obligations hereunder.

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If a participant’s Company subaccount becomes forfeitable, he or she shall forfeit both Company contributions and the earnings thereon.

No withdrawal may be made from a Participant Account except as provided in this section 5.

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For purposes of the Plan, the term “Unforeseeable Financial Emergency” shall mean an unanticipated emergency that is caused by an event beyond the control of the participant that would result in severe financial hardship to the participant resulting from (i) an illness or accident of the participant, the participant’s spouse or a dependent of the participant, (ii) a loss of the participant’s property due to casualty, or (iii) such other extraordinary and unforeseeable circumstances arising as a result of events beyond the control of the participant, all as determined in the sole discretion of the Committee.

  Only one such subsequent deferral election may be made after the initial deferral election.

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The right of any participant or, if applicable, the participant’s estate, to receive benefits under the provisions of this Plan shall be an unsecured claim against the general assets of the Company. Any amounts held in a Participant Account, including amounts that may be set aside by the Company for the purpose of meeting its obligations under this Plan, are a part of the Company’s general assets and shall be reachable by the general creditors of the Company.

Statements will be sent to participants no less frequently than annually setting forth the value of their Participant Accounts.

The rights of a participant under this Plan shall not be transferable other than by will or by the laws of descent and distribution and are exercisable during the participant’s lifetime only by the participant or by his guardian or legal representative.

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The administrator of this Plan shall be a committee of the Board of Directors of the Company as from time to time designated by the Board. The Committee’s members shall not be employees of the Company. The Committee shall have the authority to adopt rules and regulations for carrying out the Plan and to interpret, construe and implement the provisions of the Plan. The Committee may delegate some or all of its functions to another person as it may deem appropriate.

Amounts contributed to this Plan are subject to FICA and Medicare taxes at the time they become vested. Contributed amounts are not subject to income taxes until they are paid or otherwise made available. The Company may make arrangements with participants to ensure that any withholding requirements are satisfied, including withholding the number of shares needed to satisfy the requirements, withholding on other cash payments from the Company to the participant or receiving from the participant sufficient cash that can be used by the Company to satisfy its withholding requirements.

This Plan may at any time or from time to time be amended, modified or terminated by the Company’s Board of Directors, provided that any such amendment, modification or termination shall comply with the requirements of Code Section 409A . No amendment, modification or termination shall, without the consent of a participant, adversely affect such participant’s accruals in his or her Participant Account.

This Plan shall be governed by and subject to the requirements of Section 409A and shall be interpreted and administered in accordance with that intent. If any provision of this Plan would otherwise conflict with or frustrate this intent, that provision will be interpreted and deemed amended so as to avoid the conflict. The Committee reserves the right to take any action it deems appropriate or necessary to comply with the requirements of Section 409A and may take advantage of such transition rules under Section 409A as it deems necessary or appropriate.

This Plan and any participant elections hereunder shall be interpreted and enforced in accordance with the laws of the State of New York.

The original effective date of this Plan is January 1, 1998. The effective date of this restatement is January 1, 2008.

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IN WITNESS WHEREOF, the Company has caused its duly authorized officer to execute this Plan document on its behalf this 14^th day of December, 2007.

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HOME PROPERTIES, INC.

DEFERRED BONUS PLAN

Election Form

In accordance with the provisions of the Plan, I hereby elect to defer the annual cash bonuses relating to my services to the Company performed in 2009 as follows:

                     percentage of bonus (maximum of 100%).

(even if termination earlier)

(even if termination earlier)

(even if termination earlier)

(regardless of date)

(deferral will end on termination if prior to period selected)

Notwithstanding this election, in the event of my death before I have received all of the deferred payments, the remaining payments shall be paid to my estate in a lump sum payment in accordance with the Plan.

This election is subject to all of the terms of the Home Properties, Inc. Deferred Bonus Plan on file with the records of the Company. I understand that this deferral election is irrevocable.

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HOME PROPERTIES, INC.

DEFERRED BONUS PLAN

Subsequent Deferral Election Form

Applicability: In general, the time of benefit payments that you made in your original deferral election can neither be accelerated nor extended. However, a limited exception exists to make a subsequent election to defer the previously-elected payment date under the following conditions:

Subsequent Election: I hereby certify that I am eligible to make this one-time election to defer the payment date I originally selected on my deferral election form dated                      and elect to change that prior election to the following:

Notwithstanding this election, in the event of my death before I have received all of the deferred payments, the remaining payments shall be paid to my estate in a lump sum payment in accordance with the Plan. Subject to that one exception, I understand that the legal requirement of extending the payment date by at least five years after the prior payment date supersedes any plan provision or election that otherwise might have permitted payment before the expiration of the five year extension period. I have received and read a copy of the Plan and understand that my participation and elections are subject to the terms and provisions of the Plan. I understand that this deferral election is irrevocable.

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HOME PROPERTIES, INC.

DEFERRED BONUS PLAN

Transitional Election Form

Note: This form may be used only until December 31, 2008. Pursuant to IRS regulations, this is a one-time election that can only be made on or before this date.

Applicability: You may change the time and/or form of payment of the deferrals you made under the Plan prior to 2008, subject to certain limitations:

New Election: I hereby revoke my prior election(s) with respect to the time and form of payment of all of the amounts deferred under the Plan prior to 2008 and make the following new elections with respect to the form and time of payment as follows:

Notwithstanding this election, in the event of my death before I have received all of the deferred payments, the remaining payments shall be paid to my estate in a lump sum payment in accordance with the Plan.

This election is subject to all of the terms of the Home Properties, Inc. Deferred Bonus Plan on file with the records of the Company.

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Federal Tax Aspects

The Plan is a non-qualified deferred compensation plan under the provisions of the Internal Revenue Code. At the time a Company contribution or a participant’s deferral of compensation is made, it is intended that the participants will not recognize income, for Federal income tax purposes. In addition, assumed dividends will not be treated as income at the time they are credited to the participant accounts.

Participants will recognize ordinary income at the time the Company contributions and participant deferrals, together with the earnings credited to these amounts, are actually paid out or made available to the participants. The amount of such ordinary income will equal the amount of cash received plus the fair market value of any shares paid or made available.

The ultimate sale or exchange of any shares of common stock received under the Plan will result in either long-term or short term capital gain, or loss depending on the holding period. A participant’s basis in the shares will be the amount of income he recognizes at the time the shares were actually paid or made available to the participant.

The Company is not entitled to deduct the amount of contributions or deferrals into the Plan or the assumed dividends credited to an account. Instead, the Company is entitled to take a deduction at the time a participant recognizes income. The amount of the deduction is the amount of income that a participant must recognize.

For Social Security tax (F.I.C.A.) purposes, the Company contributions and participant deferrals under the Plan are taxable as “wages” at the time the amounts vest. This will result in Social Security taxes to a participant and to the Company only where a participant is otherwise below the Social Security Wage Base at the time the contributions or deferrals are made. Since there is no wage base for Medicare taxes, all deferrals and Company contributions will be subject to Medicare tax at the time contributions vest.

The Plan is not a tax-qualified plan under Section 401(a) of the Internal Revenue Code and is not subject to ERISA. The Company has not received any ruling from the Internal Revenue Service concerning the tax consequences of the Plan.