Director adds 1,617 deferred stock rights at Sun Communities (NYSE: SUI)

Rhea-AI Filing Summary

Sun Communities, Inc. director Craig Leupold received a new grant of 1,617 deferred restricted common stock rights on February 5, 2026 under the company’s Non-Employee Directors Deferred Compensation Plan. These rights represent shares of common stock that will be delivered only if they vest in the future.

Under the plan, Leupold has elected to defer receipt of the February 5, 2026 grant until February 2029, assuming all vesting conditions are met. Earlier grants of 2,000 rights from February 28, 2024 and 1,600 rights from January 8, 2025 are deferred until February 28, 2027 and January 2028, respectively. After the new grant, he directly holds 5,217 deferred restricted common stock rights.

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

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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^*

Leupold Craig

(Last) (First) (Middle)

27777 FRANKLIN RD. SUITE 300

(Street)

SOUTHFIELD MI 48034

(City) (State) (Zip)

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

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

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
02/05/2026

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

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

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

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

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
DEFERRED RESTRICTED COMMON STOCK RIGHTS	(1)							(1)	(1)	COMMON STOCK, $0.01 PAR VALUE	2,000		2,000	D
DEFERRED RESTRICTED COMMON STOCK RIGHTS	(2)							(2)	(2)	COMMON STOCK, $0.01 PAR VALUE	1,600		3,600	D
DEFERRED RESTRICTED COMMON STOCK RIGHTS	(3)	02/05/2026		A		1,617		(3)	(3)	COMMON STOCK, $0.01 PAR VALUE	1,617	(3)	5,217	D

Explanation of Responses:

1. Represents the right to receive shares of restricted common stock granted to the reporting person on February 28, 2024. Pursuant to the Sun Communities, Inc. Non-Employee Directors Deferred Compensation Plan, the reporting person has elected to defer receipt of such shares, provided they vest, until February 28, 2027, subject to the other provisions of the deferred compensation plan. All such shares vest on February 28, 2027, provided that the reporting person remains a director of Sun Communities, Inc. or a subsidiary.

2. Represents the right to receive shares of restricted common stock granted to the reporting person on January 8, 2025. Pursuant to the Sun Communities, Inc. Non-Employee Directors Deferred Compensation Plan, the reporting person has elected to defer receipt of such shares, provided they vest, until January 2028, subject to the other provisions of the deferred compensation plan. All such shares vest on January 8, 2028, provided that the reporting person remains a director of Sun Communities, Inc. or a subsidiary.

3. Represents the right to receive shares of restricted common stock granted to the reporting person on February 5, 2026. Pursuant to the Sun Communities, Inc. Non-Employee Directors Deferred Compensation Plan, the reporting person has elected to defer receipt of such shares, provided they vest, until February 2029, subject to the other provisions of the deferred compensation plan. All such shares vest on February 5, 2029, provided that the reporting person remains a director of Sun Communities, Inc. or a subsidiary.

Remarks:

	Craig Leupold	02/09/2026
	** 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).
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FAQ

What insider transaction did Sun Communities (SUI) report for Craig Leupold?

Sun Communities reported that director Craig Leupold received 1,617 deferred restricted common stock rights on February 5, 2026. These rights are part of the Non-Employee Directors Deferred Compensation Plan and increase his total directly held deferred rights to 5,217 after the grant.

How many deferred restricted stock rights does Craig Leupold hold at Sun Communities (SUI)?

After the February 5, 2026 grant, Craig Leupold holds 5,217 deferred restricted common stock rights. This total reflects prior grants of 2,000 rights from February 28, 2024 and 1,600 rights from January 8, 2025, plus the new 1,617-right award reported in the filing.

When do Craig Leupold’s Sun Communities (SUI) deferred restricted stock rights vest?

Leupold’s 2024 grant vests on February 28, 2027, the 2025 grant vests on January 8, 2028, and the 2026 grant vests on February 5, 2029. Each vesting is conditioned on his continued service as a director of Sun Communities, Inc. or a subsidiary.

How does the Sun Communities (SUI) Non-Employee Directors Deferred Compensation Plan work for these grants?

Under the plan, Leupold receives rights to restricted common stock but has elected to defer actual share receipt until specified future dates. For the 2024, 2025, and 2026 grants, deferral extends to February 28, 2027, January 2028, and February 2029, respectively, assuming vesting conditions are satisfied.

Is Craig Leupold’s February 5, 2026 Sun Communities (SUI) award a stock purchase or a zero-cost grant?

The Form 4 shows 1,617 deferred restricted common stock rights with a price per right of $0.0000, indicating a compensatory grant rather than an open-market purchase. These rights convert into common stock only if they vest under the terms of the plan.

What conditions apply to Craig Leupold’s deferred restricted stock rights at Sun Communities (SUI)?

All three grants vest only if Leupold remains a director of Sun Communities, Inc. or a subsidiary through each grant’s vesting date. He has also elected to defer receipt of the underlying shares until later specified calendar dates after vesting.