Sun Communities (NYSE: SUI) EVP McAlary granted stock and 6,905 performance rights

Filing Impact

(Moderate)

Filing Sentiment

(Neutral)

Form Type

Rhea-AI Filing Summary

McAlary Ileana reported acquisition or exercise transactions in this Form 4 filing.

Sun Communities EVP and General Counsel Ileana McAlary received new equity awards. On June 29, 2026 she was granted 2,722 shares of restricted common stock at $121.23 per share, which vest over three years. She also received 6,905 performance rights, each tied to one share of common stock. The number of shares earned from these performance rights can range from 0% to 200% of the target based on total shareholder return versus industry indices and specified financial results over a three-year performance period.

Insider Trade Summary

2 transactions reported

Mixed 2 txns

Insider McAlary Ileana

Role EVP, General Counsel, & Sec.

Type	Security	Shares	Price	Value
Grant/Award	PERFORMANCE RIGHT	6,905	$0.00	--
Grant/Award	COMMON STOCK, $0.01 PAR VALUE	2,722	$121.23	$330K

Holdings After Transaction: PERFORMANCE RIGHT — 6,905 shares (Direct, null); COMMON STOCK, $0.01 PAR VALUE — 2,722 shares (Direct, null)

Footnotes (1)

Restricted stock: all shares are subject to time vesting; 908 of these time vesting shares vest on June 29, 2027; and 907 on each of June 29, 2028 and 2029. 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: 2,722 shares Grant reference price: $121.23 per share Performance rights granted: 6,905 rights +2 more

5 metrics

Restricted stock granted 2,722 shares Common stock granted on June 29, 2026

Grant reference price $121.23 per share Restricted common stock grant to Ileana McAlary

Performance rights granted 6,905 rights Each right contingently converts into one common share

Performance payout range 0%–200% of target Based on three-year TSR and financial results

Time-based vesting tranches 908 + 907 + 907 shares Vesting on June 29, 2027, 2028, and 2029

Key Terms

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

4 terms

Restricted stock financial

"Restricted stock: all shares are subject to time vesting; 908 of these time vesting shares vest on June 29, 2027;"

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.

performance right financial

"Each performance right represents a contingent right to receive one share of common stock of Sun Communities, Inc"

total shareholder return financial

"performance criteria related to the Company's total shareholder return relative to industry indices"

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

"financial results over a three-year performance period. Any shares that do not vest"

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Form 4 Insider Transactions: What Each Field Means →

Available on EDGAR 07/01/2026 - 09:55 AM Accepted by SEC EDGAR 07/01/2026 - 09:54 AM

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^*

McAlary Ileana

(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, General Counsel, & Sec.

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
06/29/2026

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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
COMMON STOCK, $0.01 PAR VALUE	06/29/2026		A		2,722⁽¹⁾	A	$121.23	2,722	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)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
PERFORMANCE RIGHT	⁽²⁾	06/29/2026		A		6,905		⁽²⁾	⁽²⁾	COMMON STOCK, $0.01 PAR VALUE	6,905	$0	6,905	D

Explanation of Responses:

1. Restricted stock: all shares are subject to time vesting; 908 of these time vesting shares vest on June 29, 2027; and 907 on each of June 29, 2028 and 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/ Ileana McAlary	07/01/2026
	** 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)

Source: View Original Filing on SEC EDGAR

FAQ

What equity awards did Ileana McAlary receive from SUN COMMUNITIES INC (SUI)?

Ileana McAlary received 2,722 shares of restricted common stock and 6,905 performance rights. The restricted shares vest over three years, while the performance rights can convert into common stock based on total shareholder return and financial performance criteria over a three-year period.

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

The 2,722 restricted shares vest based on time. According to the schedule, 908 shares vest on June 29, 2027, and 907 shares vest on each of June 29, 2028 and June 29, 2029, creating a three-year vesting period for the award.

What are performance rights in SUN COMMUNITIES INC’s Form 4 for SUI?

Each performance right represents a contingent right to receive one share of Sun Communities common stock. For McAlary’s 6,905 performance rights, between 0% and 200% of this target can be earned depending on three-year total shareholder return and specified company financial results.

What determines how many SUI shares Ileana McAlary earns from performance rights?

The number of shares earned from the 6,905 performance rights depends on performance criteria. These include Sun Communities’ total shareholder return relative to industry indices and certain financial results measured over a three-year performance period, with unearned shares forfeited at the end.

Are Ileana McAlary’s equity awards in SUI an open-market purchase or a grant?

The awards are grants, not open-market purchases. The Form 4 uses transaction code “A” with a description of grant, award, or other acquisition for both the restricted common stock and performance rights, indicating compensation-related equity awards from the company.