Sun Communities (SUI) director reports 156,875-unit conversion to common shares
Rhea-AI Filing Summary
Sun Communities, Inc. director Gary A. Shiffman reported a tax-planning transaction converting 156,875 Common Operating Partnership Units into 156,875 shares of Sun Communities common stock at an exercise price of $0. These units were held by an irrevocable trust, where he is both trustee and beneficiary, and the resulting common shares are reported as indirectly owned by that trust.
After this transaction, Shiffman is shown as beneficially owning 881,175 shares of common stock directly, 6,278 shares indirectly through his spouse, and 86,800 shares indirectly through another irrevocable trust. He also continues to indirectly hold 576,222 Common Operating Partnership Units through certain limited liability companies, which are convertible into common stock on a one-for-one basis and have no expiration date.
Positive
- None.
Negative
- None.
Insider Trade Summary
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Exercise | COMMON OPERATING PARTNERSHIP UNITS | 156,875 | $0.00 | -- |
| Exercise | COMMON STOCK, $0.01 PAR VALUE | 156,875 | $0.00 | -- |
| holding | COMMON OPERATING PARTNERSHIP UNITS | -- | -- | -- |
| holding | COMMON STOCK, $0.01 PAR VALUE | -- | -- | -- |
| holding | COMMON STOCK, $0.01 PAR VALUE | -- | -- | -- |
| holding | COMMON STOCK, $0.01 PAR VALUE | -- | -- | -- |
Footnotes (1)
- This transaction represents the conversion of Common Operating Partnership Units of Sun Communities Operating Limited Partnership (the "Operating Partnership") reported in Table II into Common Stock of the Issuer reported in Table I. The Reporting Person is a trustee and a beneficiary of the irrevocable trust that owns these securities. The Reporting Person disclaims beneficial ownership of the securities held by the trust except to the extent of his pecuniary interest therein. This conversion was completed for tax planning reasons. Owned by an irrevocable trust of which the Reporting Person is a trustee and a beneficiary. The Reporting Person disclaims beneficial ownership of the securities held by the trust except to the extent of his pecuniary interest therein. The Common Operating Partnership Units of the Operating Partnership are convertible into Common Stock of the Issuer at any time on a one-for-one basis and have no expiration date. Owned by certain limited liability companies of which the Reporting Person is a member and a manager. The Reporting Person disclaims beneficial ownership of the securities held by these limited liability companies except to the extent of his pecuniary interest therein.
FAQ
What insider transaction did Sun Communities (SUI) report in this Form 4?
The filing reports that director Gary A. Shiffman converted 156,875 Common Operating Partnership Units of Sun Communities Operating Limited Partnership into 156,875 shares of Sun Communities common stock at an exercise price of $0, for tax planning reasons.
What are the details of the converted derivative securities in the Sun Communities (SUI) Form 4?
The Form 4 shows 156,875 Common Operating Partnership Units converted into 156,875 shares of common stock at an exercise price of $0. These units are convertible into common stock on a one-for-one basis and have no expiration date.
How is indirect ownership structured for Gary A. Shiffman in Sun Communities (SUI)?
Indirect ownership is reported through an irrevocable trust holding 156,875 converted shares and 86,800 additional shares, through his spouse holding 6,278 shares, and through certain limited liability companies holding 576,222 Common Operating Partnership Units. He disclaims beneficial ownership beyond his pecuniary interests.
