SUN COMMUNITIES, INC. (NYSE:SUI) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01
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Entry into a Material Definitive Agreement.
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employments agreements of Gary A. Shiffman, John B. McLaren and
Karen J. Dearing are incorporated by reference to this Item 1.01.
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Item 5.02
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Departure of Directors or Certain Officers; Election of
Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
Communities, Inc. (the Company), Sun Communities Operating Limited
Partnership (the Partnership) and each of Gary A. Shiffman (the
Companys Chairman and Chief Executive Officer), John B. McLaren
(the Companys President and Chief Operating Officer) and Karen J.
Dearing, (the Companys Executive Vice President, Chief Financial
Officer, Treasurer and Secretary) (each, an “Executive”) were
amended.
provided that he or she was entitled to receive an annual
discretionary bonus in an amount up to 50% of his or her base
salary. Different percentages of each Executive’s annual bonus
were determined by the Compensation Committee of the Company’s
Board of Directors based on different specified categories of
criteria.
amount determined by the Compensation Committee. In determining
bonuses, the Compensation Committee in its sole discretion may take
into account such criteria as it deems relevant or necessary in its
discretion, including, without limitation, whether the Executive
fulfills any individual goals and objectives set by the
Compensation Committee, the Company’s performance and industry
factors. Although bonuses under the amendments are not subject to
pre-determined contractual caps and are not required to be
determined by reference to any pre-determined contractual criteria,
the Compensation Committee intends to set a maximum bonus amount
and specific performance criteria to a written plan for each
Executive adopted before the beginning of each year.
qualified in its entirety by reference to the full text of the
amendments, which are filed as Exhibit 10.1, Exhibit 10.2 and
Exhibit 10.3 to this Form 8-K and incorporated by reference in this
Item 5.02.
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Item 9.01
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Exhibits
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(d)
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Exhibits.
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10.1
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Second Amendment to Employment Agreement among Sun
Communities, Inc., Sun Communities Operating Limited Partnership and Gary A. Shiffman dated March 8, 2017# |
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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 8, 2017# |
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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 8, 2017# |
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About SUN COMMUNITIES, INC. (NYSE:SUI)
Sun Communities, Inc. (SHS) is a self-administered and self-managed real estate investment trust (REIT). The Company operates in two segments: Real Property Operations, and Home Sales and Rentals. The Real Property Operations segment owns, operates and develops manufactured housing (MH) and recreational vehicle (RV) throughout the United States and is in the business of acquiring, operating and expanding MH and RV communities. Real Property Operations include several home options of various sizes and designs and consist of MH communities and RV communities. The Home Sales and Rentals segment offers manufactured home sales and leasing services to tenants and prospective tenants of its communities. It is engaged in the marketing, selling and leasing of new and pre-owned homes to residents in its communities. It has regional property management offices located in Austin, Texas; Dayton, Ohio; Grand Rapids, Michigan; Traverse City, Michigan; Ft. Myers, Florida, and Orlando, Florida. SUN COMMUNITIES, INC. (NYSE:SUI) Recent Trading Information
SUN COMMUNITIES, INC. (NYSE:SUI) closed its last trading session down -1.21 at 80.91 with 311,040 shares trading hands.
