Form 4: Sun Communities Director Discloses Trust Unit Transfer

Sun Communities Director Gary A. Shiffman reported the indirect beneficial ownership of 156,875 Common Operating Partnership Units transferred to an irrevocable trust, noting a late filing due to an inadvertent error.

Summary

• Gary A. Shiffman, a Director of Sun Communities Inc. (SUI), reported an indirect beneficial ownership of 156,875 Common Operating Partnership Units.
• These units were contributed to an irrevocable trust by his deceased mother.
• Mr. Shiffman serves as a trustee and beneficiary of this trust.
• The transaction date was January 22, 2022.
• The Common Operating Partnership Units are convertible into Sun Communities Inc. Common Stock on a one-for-one basis and have no expiration date.
• The filing of this transaction was late due to an inadvertent error.

Sentiment

Score: 4

Explanation: The filing reports a transfer of beneficial ownership to a trust, which is a neutral event. However, the disclosure of a late filing due to an inadvertent error introduces a minor compliance negative.

Negatives

• The transaction was reported late due to an inadvertent error, indicating a compliance lapse.

Risks

• Compliance risk due to the late filing of a required SEC Form 4.

Future Outlook

NA

Industry Context

NA

Related Party Transactions

• The transaction involves the transfer of units to an irrevocable trust where the reporting person is both a trustee and a beneficiary, indicating a related party relationship.

Stakeholder Impact

• Shareholders: Minor impact, primarily a disclosure of indirect ownership structure for a director. The late filing is a minor compliance issue.

Key Dates

Keywords

Sun Communities Inc., SUI, Form 4, Beneficial Ownership, Insider Transaction, Operating Partnership Units, Irrevocable Trust, Director, SEC Filing