Current Report Filing (8-k)
April 01 2022 - 4:43PM
Edgar (US Regulatory)
2022-03-30 SUN COMMUNITIES INC false 0000912593 0000912593 2022-03-30 2022-03-30
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d)
of The Securities Exchange Act of 1934
Date of Report: March 30. 2022
(Date of earliest event reported)
SUN COMMUNITIES, INC.
(Exact name of registrant as specified in its charter)
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Maryland |
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1-12616 |
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38-2730780 |
(State or other jurisdiction of incorporation) |
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(Commission File Number) |
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(IRS Employer Identification No.) |
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27777 Franklin Rd. Suite 200 Southfield, Michigan |
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48034 |
(Address of Principal Executive Offices) |
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(Zip Code) |
(248) 208-2500
(Registrant’s telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
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Title of each class |
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Trading Symbol(s) |
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Name of each exchange on which registered |
Common Stock, $0.01 par value |
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SUI |
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New York Stock Exchange |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter):
☐ Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 5.02 |
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
On March 30, 2022, the employment agreements between Sun Communities, Inc. (the “Company”), Sun Communities Operating Limited Partnership (the “Partnership”) and each of Gary A. Shiffman (the Company’s Chairman and Chief Executive Officer), John B. McLaren (the Company’s President and Chief Operating Officer), Karen J. Dearing, (the Company’s Executive Vice President, Chief Financial Officer, Treasurer and Secretary), Bruce Thelen (the Company’s Executive Vice President of Operations and Sales) and Aaron Weiss (the Company’s Executive Vice President of Corporate Strategy and Business Development) (each, an “Executive”) were amended.
Under the amendments, the scope and geographical restrictions of the non-competition and non-solicitation covenants that apply during each Executive’s employment and the twenty-four months thereafter were expanded to better align with the Company’s business and international growth.
Mr. Thelen’s amended employment agreement also eliminates the provision providing Mr. Thelen an annual 3% base salary increase.
Mr. Weiss’ amended employment agreement also eliminates the provision providing Mr. Weiss an annual bonus not less than Mr. Weiss’ then-current annual base salary for each subsequent year during the term of the employment agreement. Additionally, the amended employment agreement eliminates the provision providing Mr. Weiss restricted shares of the Company’s common stock having a minimum value annually during the term of the employment agreement.
The preceding description of the employment agreement amendments is qualified in its entirety by reference to the full text of the amendments, which are filed as Exhibit 10.1, Exhibit 10.2, Exhibit 10.3, Exhibit 10.4 and Exhibit 10.5 to this Form 8-K and incorporated by reference in this Item 5.02.
Item 9.01 |
Financial Statements and Exhibits |
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Exhibit No. |
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Description |
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10.1 |
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First Amendment to Employment Agreement among Sun Communities, Inc., Sun Communities Operating Limited Partnership and Gary A. Shiffman dated March 30, 2022 |
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10.2 |
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First Amendment to Employment Agreement among Sun Communities, Inc., Sun Communities Operating Limited Partnership and John B. McLaren dated March 30, 2022 |
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10.3 |
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First Amendment to Employment Agreement among Sun Communities, Inc., Sun Communities Operating Limited Partnership and Karen J. Dearing dated March 30, 2022 |
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10.4 |
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First Amendment to Employment Agreement among Sun Communities, Inc., Sun Communities Operating Limited Partnership and Bruce Thelen dated March 30, 2022 |
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10.5 |
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First Amendment to Employment Agreement among Sun Communities, Inc., Sun Communities Operating Limited Partnership and Aaron Weiss dated March 30, 2022 |
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104 |
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Cover Page Interactive Data File (embedded within the inline XBRL document) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned hereunto duly authorized.
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SUN COMMUNITIES, INC. |
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Dated: April 1, 2022 |
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By: |
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/s/ Karen J. Dearing |
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Karen J. Dearing, Executive Vice President, |
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Chief Financial Officer, Secretary and Treasurer |
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