| 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.
