Sun Communities Amends Employment Agreement for CIO Aaron Weiss

What Happened

• Sun Communities, Inc. (SUI) filed an 8-K on August 27, 2026 disclosing an Amended and Restated Employment Agreement with Aaron Weiss, the company’s Chief Investment Officer and Executive Vice President. The new Weiss Agreement was signed August 21, 2026 and becomes effective October 19, 2026; the prior agreement remains in effect through October 18, 2026.
• The agreement sets a five-year initial term (auto-renewing for one-year terms unless timely terminated) with special change-in-control timing and certain enhanced severance and equity-vesting provisions.

Key Details

• Base salary: $600,000 annually; target annual cash bonus: 100% of base salary. Incentive pay may be subject to the company’s clawback policy.
• Severance: If terminated without cause or for good reason (or upon death/disability), Weiss would receive 1.5x the sum of base salary + target bonus (death/disability formula differs slightly and may be reduced by disability benefits). If the Company elects not to renew the agreement, severance is 1x base + target bonus plus a prorated bonus for the year.
• Change in control: If termination occurs within the specified CIC window, Weiss would receive 2x the sum of base salary + target bonus; time-vesting awards fully vest; pre-10/19/2026 performance awards vest at maximum; post-10/19/2026 performance awards are deemed met at the greater of target or actual performance for vesting.
• Equity and benefits: Time-vesting equity generally accelerates to fully vested on qualifying terminations; healthcare premium continuation up to 18 months (24 months in certain CIC scenarios). Non-compete generally lasts up to 18 months post-employment (12 months if termination is due to non-renewal). Payments are conditioned on a release and compliance with confidentiality/non-compete terms.
• The full agreement is attached as Exhibit 10.1 to the 8-K.

Why It Matters

• This is a material executive-compensation update that clarifies Aaron Weiss’s pay, bonus targets, severance, equity treatment, and post-employment restrictions. For investors, key takeaways are the fixed $600k base, 100% target bonus, and meaningful severance/acceleration protections (1.5x–2x) and extended vesting in certain termination or change-in-control scenarios — all of which affect potential future cash and equity payouts tied to executive departures or a corporate sale.