Sun Communities grants stock, performance rights to CFO

Sun Communities granted its CFO time-vested restricted stock and performance-based equity awards tied to a three-year performance period.

Rhea-AI Filing Summary

SUN COMMUNITIES INC (symbol: SUI) is the issuer of record for a Form 4 filing submitted to the SEC. Garechana Robert reported acquisition or exercise transactions in this Form 4 filing.

SUN COMMUNITIES INC (SUI) reported that EVP, CFO, & Treasurer Robert Garechana received equity awards on September 8, 2026. He was granted 6,374 shares of restricted common stock, which vest over three years, and 16,255 performance rights, each representing a contingent right to one share of common stock based on a three-year performance period tied to relative total shareholder return and certain financial results. No Rule 10b5-1 trading plan is reported.

Insider Trade Summary

Grant/Award: 22,629 shares

Grant/Award 2 txns

Insider Garechana Robert

Role EVP, CFO, & Treasurer

Type	Security	Shares	Price	Value
Grant/Award	PERFORMANCE RIGHT F2	16,255	$0.00	$0.00
Grant/Award	COMMON STOCK, $0.01 PAR VALUE F1	6,374	$117.65	$750K

Holdings After Transaction: PERFORMANCE RIGHT — 16,255 contracts (Direct); COMMON STOCK, $0.01 PAR VALUE — 6,374 shares (Direct)

Footnotes (2)

1. F1. Restricted stock. 6,374 of the shares are subject to time vesting: 2,125 of these time vesting shares vest on each of September 8, 2027 and 2028; and 2,124 on September 8, 2029.
2. F2. Each performance right represents a contingent right to receive one share of common stock of Sun Communities, Inc (the "Company"). The target number of shares of common stock is set forth in columns 5 and 7 of Table II. Between 0% and 200% of the target number will be earned based on the achievement of performance criteria related to the Company's total shareholder return relative to industry indices and to certain of the Company's financial results over a three-year performance period. Any shares that do not vest at the end of the performance period will be forfeited.

Key Figures

Restricted stock granted: 6,374 shares Performance rights granted: 16,255 rights Time-vesting schedule: 2,125 / 2,125 / 2,124 shares +4 more

7 metrics

Restricted stock granted 6,374 shares Time-vested restricted common stock granted to CFO on September 8, 2026

Performance rights granted 16,255 rights Each right represents a contingent right to one share of common stock

Time-vesting schedule 2,125 / 2,125 / 2,124 shares Restricted stock vesting on September 8 of 2027, 2028, and 2029 respectively

Performance payout range 0%–200% of target Percentage of 16,255 target shares earned based on three-year performance

Reported grant price for common stock $117.65 per share Price field associated with 6,374-share restricted stock award on September 8, 2026

Shares held after grants (restricted stock) 6,374 shares Directly owned common stock following the September 8, 2026 restricted stock grant

Performance rights held after grants 16,255 rights Directly held performance rights following the September 8, 2026 grant

Key Terms

performance right, total shareholder return, three-year performance period, restricted stock

4 terms

performance right financial

"Each performance right represents a contingent right to receive one share"

total shareholder return financial

"based on the achievement of performance criteria related to the Company's total shareholder return"

Total shareholder return is the overall gain an investor gets from owning a stock, combining changes in the share price plus any cash payouts like dividends, and assuming those payouts are reinvested in more shares. Investors use it like a single score that shows the true return on their investment—similar to checking both the growth of a savings account and the interest earned—to compare how well different companies or investments perform over time.

three-year performance period financial

"over a three-year performance period"

restricted stock financial

"Restricted stock. 6,374 of the shares are subject to time vesting"

Shares granted to an individual that carry limits on transfer or sale until certain conditions are met, such as staying with the company for a set time or hitting performance targets. Think of them as a locked gift that gradually opens; for investors they matter because they affect how many shares may enter the market later, signal management incentives and potential dilution, and reveal confidence in future company performance.

FAQ

What equity awards did SUI grant to its CFO Robert Garechana on September 8, 2026?

On September 8, 2026, Robert Garechana received 6,374 shares of restricted common stock and 16,255 performance rights, each performance right representing a contingent right to receive one share of Sun Communities common stock, subject to vesting and performance conditions.

How do the restricted stock awards for SUI’s CFO vest?

The 6,374 restricted shares are time-vested: 2,125 shares vest on September 8, 2027, 2,125 shares vest on September 8, 2028, and 2,124 shares vest on September 8, 2029, assuming continued satisfaction of the vesting conditions.

What are the performance conditions on the SUI performance rights granted to the CFO?

Each of the 16,255 performance rights may convert into between 0% and 200% of the target number of shares, based on Sun Communities’ total shareholder return relative to industry indices and certain financial results over a three-year performance period.

How many shares of SUI common stock will the CFO receive from the performance rights?

Each performance right represents a contingent right to receive one share of Sun Communities common stock, but between 0% and 200% of the 16,255 target shares will be earned, depending on three-year performance. Any unearned shares at the end of the performance period will be forfeited.

Were the SUI CFO’s September 2026 equity awards made under a Rule 10b5-1 trading plan?

No. The filing indicates that the Rule 10b5-1 checkbox is not affirmed, and there is no footnote stating that the September 8, 2026 equity awards were granted pursuant to a Rule 10b5-1 trading plan.

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Available on EDGAR 09/09/2026 - 03:16 PM Accepted by SEC EDGAR 09/09/2026 - 03:15 PM Learn about SEC filing dates

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Garechana Robert

(Last) (First) (Middle)

27777 FRANKLIN RD. SUITE 300

(Street)

SOUTHFIELD MICHIGAN 48034

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
SUN COMMUNITIES INC [ SUI ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	EVP, CFO, & Treasurer

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
09/08/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
COMMON STOCK, $0.01 PAR VALUE	09/08/2026		A		6,374(1)	A	$117.65	6,374	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
PERFORMANCE RIGHT	(2)	09/08/2026		A		16,255		(2)	(2)	COMMON STOCK, $0.01 PAR VALUE	16,255	$0	16,255	D

Explanation of Responses:

1. Restricted stock. 6,374 of the shares are subject to time vesting: 2,125 of these time vesting shares vest on each of September 8, 2027 and 2028; and 2,124 on September 8, 2029.

2. Each performance right represents a contingent right to receive one share of common stock of Sun Communities, Inc (the "Company"). The target number of shares of common stock is set forth in columns 5 and 7 of Table II. Between 0% and 200% of the target number will be earned based on the achievement of performance criteria related to the Company's total shareholder return relative to industry indices and to certain of the Company's financial results over a three-year performance period. Any shares that do not vest at the end of the performance period will be forfeited.

Remarks:

	/s/ Robert A. Garechana	09/09/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)