[Form 4] Sun Communities, Inc Insider Trading Activity

Rhea-AI Filing Summary

Sun Communities, Inc. (SUI) – Form 4 filing (07/23/25)

EVP & Chief Administrative Officer Marc Farrugia received 14,147 restricted shares of SUI common stock on 07/21/25 as part of a company-wide CEO-transition retention program. Based on the stated price of $125.06, the award is valued at roughly $1.77 million. The stock vests annually over five years: 2,830 shares each on 7/21/26 and 7/21/27, then 2,829 shares on 7/21/28, 7/21/29 and 7/21/30.

Post-grant beneficial ownership:

• Direct: 55,247 shares
• Indirect – spouse: 715 shares (corrected from a prior under-reported grant)
• Indirect – revocable trust: 11,301 shares

No derivative securities were reported in this filing. The transaction reflects compensation-related issuance rather than an open-market purchase or sale, so immediate cash flow impact is negligible; dilution is minimal relative to SUI’s ~124 million shares outstanding.

Positive

• Long-term vesting schedule incentivises executive retention through 2030, potentially supporting strategic continuity during CEO transition.
• Equity-based compensation conserves cash and directly aligns management with shareholder returns.

Negative

• Incremental share dilution, while small individually, can accumulate if similar retention awards are widely issued.
• Compensation increase without corresponding performance metrics may raise pay-for-performance concerns among some investors.

Insights

Corporate Governance Specialist

TL;DR: Routine retention grant; aligns exec amid CEO change, limited dilution.

The multi-year vesting schedule ties Farrugia’s payout to long-term tenure, a best practice during leadership transitions. Size (~1.77 m) is material for the individual but immaterial for shareholders (<0.02% of shares outstanding). No red flags: grant is board-approved equity, not cash, preserving liquidity. Investors should monitor total compensation trends but current disclosure is largely governance-neutral.

Portfolio Manager

TL;DR: Neutral to valuation; watch dilution & future grants.

Because shares come from existing equity plans, EPS impact is immaterial near term. Still, cumulative retention packages can pressure long-run share count if widely used. The five-year cliff aligns with property-cycle visibility, potentially stabilising leadership during a critical CEO hand-off. I assign a neutral rating as the grant neither signals insider bullishness nor selling pressure.

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).

1. Name and Address of Reporting Person^*

Farrugia Marc

(Last) (First) (Middle)

27777 FRANKLIN ROAD

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)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	EVP & Chief Admin. Officer

3. Date of Earliest Transaction (Month/Day/Year)
07/21/2025

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
COMMON STOCK, $0.01 PAR VALUE	07/21/2025		A		14,147(1)	A	$125.06	55,247	D
COMMON STOCK, $0.01 PAR VALUE								715(2)	I	Owned by spouse
COMMON STOCK, $0.01 PAR VALUE								11,301	I	Owned by revocable trust

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

Explanation of Responses:

1. These shares of the Company's restricted stock were issued to the Reporting Person as a retention bonus under a retention program covering various executives and key employees of the Company. The retention bonuses under this program were issued as an additional incentive to retain the recipients' services through the period of transition in the Company's Chief Executive Officer position and beyond and to continue to promote the Company's success. These shares are subject to time vesting and vest as follows: 2,830 shares vest on July 21, 2026; 2,830 shares vest on July 21, 2027; 2,829 shares vest on July 21, 2028; 2,829 shares vest on July 21, 2029; and 2,829 shares vest on July 21, 2030.

2. On March 7, 2025, the reporting person filed a Form 4 which inadvertently omitted a partial grant of 25 shares of restricted stock to his spouse. Reporting person's spouse received 275 shares instead of the initial 250 shares. All 275 shares are subject to time vesting; 55 shares vest on each of March 7, 2026, 2027, 2028, 2029 and 2030.

Remarks:

	Marc Farrugia	07/23/2025
	** 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.

FAQ

How many Sun Communities (SUI) shares were granted to Marc Farrugia?

He received 14,147 restricted shares on 07/21/25.

What is the vesting schedule for the new SUI restricted stock award?

2,830 shares vest on 7/21/26 and 7/21/27; 2,829 shares each vest on 7/21/28, 7/21/29 and 7/21/30.

What is Marc Farrugia’s total direct ownership after the transaction?

He now directly owns 55,247 SUI shares.

Why did Sun Communities issue these retention awards?

To retain key executives during and after the company’s Chief Executive Officer transition.

Does the filing report any derivative security transactions?

No, no options or other derivatives were reported in this Form 4.