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: April 6, 2020
(Date of earliest event reported)
(Exact name of registrant as specified in its charter)
(State of Incorporation) | Commission file number | (I.R.S. Employer Identification No.) | |||
(Address of Principal Executive Offices) | (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:
Securities registered pursuant to Section 12(b) of the Act:
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||
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):
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. |
(e) In light of the disruption and uncertainty caused by the ongoing coronavirus pandemic, on April 6, 2020 each of the named executive officers of Sun Communities, Inc. (the “Company”) agreed to forgo his or her base salary (except for $684 per week, which is the minimum amount to comply with certain federal overtime pay rules) for the second quarter of 2020. The named executive officers and their 2020 annual base salaries, as provided for in their employment agreements or otherwise approved by the Compensation Committee of the Company’s Board of Directors, are as follows:
Named Executive Officer | 2020 Annual Base Salary |
Gary A. Shiffman, Chairman of the Board and Chief Executive Officer | $691,837 |
John B. McLaren, President and Chief Operating Officer | $525,000 |
Karen J. Dearing, Chief Financial Officer, Executive Vice President, Treasurer and Secretary | $425,000 |
Jonathan M. Colman, Executive Vice President | $75,000 |
In addition, each of the Company’s non-employee directors has agreed to forgo his or her Board of Director and committee compensation for the second quarter of 2020.
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.
SUN COMMUNITIES, INC. | |||
Dated: April 7, 2020 | By: | /s/ Karen J. Dearing | |
Karen J. Dearing, Executive Vice President, Chief Financial Officer, Secretary and Treasurer | |||