Sun Communities (SUI) COO receives restricted stock and performance rights grant

Rhea-AI Filing Summary

McLaren John Bandini reported acquisition or exercise transactions in this Form 4 filing.

Sun Communities, Inc. President and COO John Bandini McLaren received new equity awards as part of his compensation. On March 27, 2026, he was granted 4,690 performance rights, each representing a contingent right to one share of common stock. Between 0% and 200% of this target amount may vest based on the company’s total shareholder return versus industry indices and certain financial results over a three-year performance period; any unearned portion will be forfeited.

He also received 2,389 shares of restricted common stock at $125.57 per share, subject to time-based vesting: 797 shares vest on each of March 27, 2027, and 796 shares on each of March 27, 2028 and 2029. Following these awards, he holds 76,637 common shares directly and 10 shares indirectly in an IRA. These are compensation grants, not open-market purchases.

Insights

Equity compensation analyst

Routine equity grants increase McLaren’s long-term, performance-linked stake.

The awards to John Bandini McLaren appear as standard executive compensation rather than market trades. He received 2,389 restricted shares at $125.57 and 4,690 performance rights, all subject to time and performance vesting conditions.

The performance rights can pay out between 0%-200% of target based on total shareholder return and financial metrics over a three-year performance period, directly tying part of his compensation to long-term results. Time-vesting tranches through March 2029 encourage retention.

After these grants, McLaren’s direct holdings total 76,637 common shares, plus 10 indirect IRA shares. The filing shows no open-market buying or selling, so the economic signal is primarily alignment of incentives rather than a change in his discretionary trading stance.

Insider Trade Summary

3 transactions reported

Mixed 3 txns

Insider McLaren John Bandini

Role President and COO

Type	Security	Shares	Price	Value
Grant/Award	PERFORMANCE RIGHT	4,690	$0.00	--
Grant/Award	COMMON STOCK, $0.01 PAR VALUE	2,389	$125.57	$300K
holding	COMMON STOCK, $0.01 PAR VALUE	--	--	--

Holdings After Transaction: PERFORMANCE RIGHT — 4,690 shares (Direct); COMMON STOCK, $0.01 PAR VALUE — 76,637 shares (Direct); COMMON STOCK, $0.01 PAR VALUE — 10 shares (Indirect, Shares held in IRA)

Footnotes (1)

1. Restricted stock: all shares are subject to time vesting; 797 of these time vesting shares vest on each of March 27, 2027, and 796 shares vest on March 27, 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

Performance rights granted: 4,690 rights Restricted shares granted: 2,389 shares at $125.57 Direct common shares after grants: 76,637 shares +4 more

7 metrics

Performance rights granted 4,690 rights Target number of performance rights granted on March 27, 2026

Restricted shares granted 2,389 shares at $125.57 Restricted common stock award on March 27, 2026

Direct common shares after grants 76,637 shares Direct Sun Communities holdings after the reported transactions

Indirect IRA holdings 10 shares Common stock held indirectly in an IRA after the transactions

Time-vesting tranche size 797 shares Restricted shares vesting on March 27, 2027

Later vesting tranches 796 shares each year Restricted shares vesting on March 27, 2028 and 2029

Performance payout range 0%–200% of target Range of performance rights earned over three-year period

Key Terms

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

4 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

"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

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

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^*

McLaren John Bandini

(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)
	President and COO

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		2,389(1)	A	$125.57	76,637	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
PERFORMANCE RIGHT	(2)	03/27/2026		A		4,690		(2)	(2)	COMMON STOCK, $0.01 PAR VALUE	4,690	$0	4,690	D

Explanation of Responses:

1. Restricted stock: all shares are subject to time vesting; 797 of these time vesting shares vest on each of March 27, 2027, and 796 shares vest on March 27, 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/ John B. McLaren	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 President and COO John McLaren?

John McLaren received 2,389 restricted shares of common stock at $125.57 and 4,690 performance rights. The restricted shares vest over time, while the performance rights can convert into shares based on multi-year performance conditions.

How do the performance rights granted to John McLaren at Sun Communities (SUI) work?

Each performance right represents a contingent right to one Sun Communities share. Between 0% and 200% of the 4,690-target amount may vest, depending on total shareholder return versus industry indices and specified financial results over a three-year performance period.

What is the vesting schedule for John McLaren’s restricted Sun Communities (SUI) stock?

McLaren’s 2,389 restricted shares vest in four tranches. 797 time-vesting shares vest on March 27, 2027, and 796 shares vest on March 27, 2028 and 2029. Shares that have not vested by their dates remain restricted until vesting.

How many Sun Communities (SUI) shares does John McLaren hold after these grants?

After the March 27, 2026 grants, McLaren holds 76,637 Sun Communities common shares directly and 10 shares indirectly through an IRA. He also holds 4,690 performance rights, which may convert into additional shares depending on future performance results.

Are John McLaren’s recent Sun Communities (SUI) equity awards open-market purchases?

No. The Form 4 shows compensation-related grants, not open-market trades. McLaren received restricted stock and performance rights as awards, with vesting based on time and multi-year performance, rather than buying shares on the open market.