[Form 4] Sun Communities, Inc Insider Trading Activity

Rhea-AI Filing Summary

Sun Communities, Inc. (SUI) – Form 4 filing (23 Jul 2025)

President John B. McLaren reported the award of 4,788 shares of SUI common stock on 21 Jul 2025 (Transaction Code A). The shares constitute restricted stock issued as a retention bonus tied to the company’s executive-level transition program. The award price is shown as $125.06 per share. Shares vest in five equal annual tranches: 958 on 21 Jul 2026, 958 on 21 Jul 2027, 958 on 21 Jul 2028, 957 on 21 Jul 2029 and 957 on 21 Jul 2030.

Following the grant, McLaren directly owns 77,856 SUI shares and indirectly holds 10 shares via an IRA. No derivative securities were reported. The filing reflects an incentive designed to retain key leadership through the CEO transition period and beyond; it does not reflect open-market buying or selling and has minimal immediate dilution given Sun Communities’ >100 million share count.

Positive

• Long-term vesting schedule ties executive compensation to multi-year performance, supporting management stability.
• Minimal dilution (≈0.004% of shares) limits shareholder impact.

Negative

• None.

Insights

Senior Equity Analyst

TL;DR: Routine insider grant; aligns leadership retention, negligible dilution, neutral share-price impact.

The 4,788-share restricted stock award equals ~0.004% of SUI’s outstanding shares, so dilution is immaterial. The multi-year vesting schedule incentivises McLaren to guide the firm through the CEO transition, which may reassure investors seeking continuity. Because it is a grant (not a purchase), it does not convey insider sentiment on valuation. Overall governance appears standard; no red flags or major capital-structure effects emerge.

Corporate Governance Specialist

TL;DR: Five-year vesting aligns executive retention with long-term performance; governance risk unchanged.

The filing confirms Sun Communities is using time-based equity to stabilise senior management. The step-down vesting from 2026-2030 mirrors best-practice retention plans, mitigating abrupt executive exits during strategic transition. No accelerated vesting or unusual perks are disclosed, keeping shareholder alignment intact. Impact on investors is therefore neutral.

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^*

McLaren John Bandini

(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)
	President

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		4,788(1)	A	$125.06	77,856	D
COMMON STOCK, $0.01 PAR VALUE								10	I	Shares held in IRA

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: 958 shares vest on July 21, 2026; 958 shares vest on July 21, 2027; 958 shares vest on July 21, 2028; 957 shares vest on July 21, 2029; and 957 shares vest on July 21, 2030

Remarks:

	John B. McLaren	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 did President John B. McLaren receive?

4,788 restricted shares were granted on 21 Jul 2025.

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

Shares vest annually: 958 on 7/21/2026, 958 on 7/21/2027, 958 on 7/21/2028, 957 on 7/21/2029, and 957 on 7/21/2030.

Did McLaren buy or sell SUI shares on the open market?

No. The Form 4 reports an equity grant, not an open-market transaction.

What is McLaren’s total beneficial ownership after the transaction?

He now directly owns 77,856 shares and indirectly holds 10 shares in an IRA.

Does the filing include any derivative securities or options?

No derivative securities were reported in this Form 4.