Sun Communities (NYSE: SUI) EVP Marc Farrugia awarded stock and performance rights

Rhea-AI Filing Summary

Farrugia Marc reported acquisition or exercise transactions in this Form 4 filing.

Sun Communities EVP & Chief Administrative Officer Marc Farrugia received new equity awards in the form of restricted stock and performance rights. On March 27, 2026, he was granted 9,382 performance rights, each linked to one share of common stock, and 4,778 shares of common stock as a restricted stock award at a grant price of $125.57 per share.

The restricted stock vests over time: 1,593 shares on each of March 27, 2027 and March 27, 2028, and 1,592 shares on March 27, 2029. The performance rights can pay out between 0% and 200% of the 9,382 target shares based on three-year total shareholder return versus industry indices and certain financial results. After these awards, Farrugia directly holds 51,274 common shares, with additional indirect holdings of 11,301 shares in a revocable trust and 939 shares owned by his spouse.

Insider Trade Summary

4 transactions reported

Mixed 4 txns

Insider Farrugia Marc

Role EVP & Chief Admin. Officer

Type	Security	Shares	Price	Value
Grant/Award	PERFORMANCE RIGHT	9,382	$0.00	--
Grant/Award	COMMON STOCK, $0.01 PAR VALUE	4,778	$125.57	$600K
holding	COMMON STOCK, $0.01 PAR VALUE	--	--	--
holding	COMMON STOCK, $0.01 PAR VALUE	--	--	--

Holdings After Transaction: PERFORMANCE RIGHT — 9,382 shares (Direct); COMMON STOCK, $0.01 PAR VALUE — 51,274 shares (Direct); COMMON STOCK, $0.01 PAR VALUE — 11,301 shares (Indirect, Owned by revocable trust)

Footnotes (1)

1. Restricted stock: all shares are subject to time vesting; 1,593 of these time vesting shares vest on each of March 27, 2027 and 2028, and 1,592 shares vest on March 27, 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 grant: 4,778 shares at $125.57 Performance rights target: 9,382 rights Direct common shares after grant: 51,274 shares +4 more

7 metrics

Restricted stock grant 4,778 shares at $125.57 Common stock grant on March 27, 2026

Performance rights target 9,382 rights Each right for one share, granted March 27, 2026

Direct common shares after grant 51,274 shares Direct ownership following March 27, 2026 awards

Indirect trust holdings 11,301 shares Owned by revocable trust after March 27, 2026

Spouse holdings 939 shares Indirect ownership through spouse after March 27, 2026

Time-vesting schedule 1,593 / 1,593 / 1,592 shares Restricted stock vesting in 2027, 2028, 2029

Performance payout range 0%–200% of 9,382 Performance rights based on three-year TSR and financials

Key Terms

performance right, restricted stock, total shareholder return, revocable trust, +1 more

5 terms

performance right financial

"Each performance right represents a contingent right to receive one share of common stock"

restricted stock financial

"Restricted stock: all shares are subject to time vesting"

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.

total shareholder return financial

"based on the achievement of 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.

revocable trust financial

"Owned by revocable trust"

A revocable trust is a legal arrangement where the person who creates it keeps control and can change or cancel the trust at any time, while naming who will manage and receive the assets later. Think of it like a flexible folder for your investments and property that can be relabeled or reworked as circumstances change; it matters to investors because it determines how ownership is recorded, how easily assets transfer on incapacity or death, and whether holdings bypass public probate proceedings.

grant, award, or other acquisition financial

"transaction_code_description": "Grant, award, or other acquisition""

Form 4 Insider Transactions: What Each Field Means →

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^*

Farrugia Marc

(Last) (First) (Middle)

27777 FRANKLIN ROAD

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 & Chief Admin. Officer

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
03/27/2026

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)
			Code	V	Amount	(A) or (D)	Price
COMMON STOCK, $0.01 PAR VALUE	03/27/2026		A		4,778(1)	A	$125.57	51,274	D
COMMON STOCK, $0.01 PAR VALUE								11,301	I	Owned by revocable trust
COMMON STOCK, $0.01 PAR VALUE								939	I	Owned by spouse

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
PERFORMANCE RIGHT	(2)	03/27/2026		A		9,382		(2)	(2)	COMMON STOCK, $0.01 PAR VALUE	9,382	$0	9,382	D

Explanation of Responses:

1. Restricted stock: all shares are subject to time vesting; 1,593 of these time vesting shares vest on each of March 27, 2027 and 2028, and 1,592 shares vest on March 27, 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/ Marc Farrugia	03/31/2026
	** 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)

FAQ

What equity awards did Sun Communities (SUI) grant to Marc Farrugia?

Marc Farrugia received 4,778 restricted shares of Sun Communities common stock and 9,382 performance rights. The restricted shares vest over three years, while the performance rights can convert into shares based on total shareholder return and financial performance over a three-year period.

How do the new performance rights for SUI’s Marc Farrugia work?

Each performance right is a contingent right to one share of Sun Communities common stock. Between 0% and 200% of the 9,382 target shares may vest based on three-year total shareholder return versus industry indices and specified financial performance goals, with unearned rights forfeited.

When do Marc Farrugia’s new restricted Sun Communities (SUI) shares vest?

The 4,778 restricted shares vest solely on time. 1,593 shares vest on each of March 27, 2027 and March 27, 2028, and 1,592 shares vest on March 27, 2029, assuming continued compliance with the award’s vesting conditions during this three-year schedule.

How many Sun Communities (SUI) shares does Marc Farrugia hold after these grants?

After the March 27, 2026 awards, Marc Farrugia directly owns 51,274 Sun Communities common shares. He also has indirect beneficial ownership of 11,301 shares through a revocable trust and 939 shares owned by his spouse, according to the Form 4 disclosure.

Is Marc Farrugia’s Form 4 for SUI an open-market stock purchase or compensation grant?

The Form 4 reflects compensation-related equity grants, not open-market buying. It reports awards of 4,778 restricted shares at a grant price of $125.57 and 9,382 performance rights, both classified as acquisitions via grant or award rather than discretionary market purchases.

What performance measures affect the Sun Communities (SUI) performance rights granted to Marc Farrugia?

The performance rights depend on Sun Communities’ total shareholder return relative to industry indices and certain company financial results. These metrics are measured over a three-year performance period, and any performance rights that fail to vest by the end are forfeited permanently.