Fiscal year 2025 executive and director compensation, incentive-plan design, equity activity, and governance — every figure in this brief is traceable to its exact location in the company’s SEC filing — the document, the section, the page, and the table, linked directly.
Each company listed discloses SUI in its own benchmarking peer group, as disclosed in each company's most recent proxy statement within the last two proxy seasons. Two companies are therefore absent by design: one that named SUI in an earlier year and no longer does, and one whose own most recent disclosure is older than the last two seasons.
| Named executive officer | Salary | Bonus | Stock awards | Option awards | Non-equity incentive | Pension / NQDC | All other | Total |
|---|---|---|---|---|---|---|---|---|
| Gary Shiffman | $900,000 | $0 | $7,354,948 | $0 | $3,300,000 | $0 | $995,036 | $12,549,984 |
| Chairman of the Board and former CEO | ||||||||
| Charles Young | 218,725 | 0 | 7,921,661 | 0 | 1,725,000 | 0 | 15 | 9,865,401 |
| CEO and Director | ||||||||
| Aaron Weiss | 575,000 | 0 | 4,256,020 | 0 | 2,150,000 | 0 | 483,553 | 7,464,573 |
| Executive Vice President and Chief Investment Officer | ||||||||
| Fernando Castro-Caratini | 550,000 | 0 | 3,882,972 | 0 | 1,800,000 | 0 | 395,564 | 6,628,536 |
| Executive Vice President, CFO, Treasurer and Secretary | ||||||||
| John McLaren | 600,000 | 0 | 3,797,387 | 0 | 1,350,000 | 0 | 520,598 | 6,267,985 |
| President and Chief Operating Officer | ||||||||
| Marc Farrugia | 506,445 | 0 | 3,530,583 | 0 | 1,700,000 | 0 | 336,900 | 6,073,929 |
| Executive Vice President and Chief Administrative Officer | ||||||||
A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.
| Named executive officer | FY2025 total | FY2024 total | FY2023 total | Δ FY2024→2025 |
|---|---|---|---|---|
| Gary Shiffman | $12,549,984 | $1,968,121 | $10,946,746 | +10,581,863 |
| Charles Young | 9,865,401 | — | — | — |
| Aaron Weiss | 7,464,573 | 3,381,783 | 2,817,863 | +4,082,790 |
| Fernando Castro-Caratini | 6,628,536 | 2,422,577 | 3,401,130 | +4,205,959 |
| John McLaren | 6,267,985 | 3,262,866 | 639,987 | +3,005,119 |
| Marc Farrugia | 6,073,929 | — | 2,038,066 | — |
Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.
Every insider equity transaction reported on Form 4 after the 2025 proxy statement — acquisitions, dispositions, exercises, and withholdings — and therefore not reflected in any table in that document.
| Insider | Role | Transaction date | Code | Shares | Price | Value | Security | Source |
|---|---|---|---|---|---|---|---|---|
| Fernando Castro-Caratini | EVP, CFO, Sec. & Treas. | 2026-05-26 | D | 2,489 | $125 | $311,050 | Common | Form 4 ↗ |
| John McLaren | President and COO | 2026-05-26 | D | 209 | 0 | 0 | Common | Form 4 ↗ |
| John McLaren | President and COO | 2026-05-26 | D | 910 | 0 | 0 | Common | Form 4 ↗ |
| Fernando Castro-Caratini | EVP, CFO, Sec. & Treas. | 2026-05-26 | D | 21,261 | 124 | 2,644,231 | Common | Form 4 ↗ |
| Gary A. Shiffman | Director | 2026-06-24 | D | 25,031 | 120 | 3,002,719 | Common | Form 4 ↗ |
| Ileana McAlary | EVP, General Counsel, & Sec. | 2026-06-29 | A | 2,722 | 121 | 329,988 | Common | Form 4 ↗ |
| Ileana McAlary | EVP, General Counsel, & Sec. | 2026-06-29 | A | 6,905 | 0 | 0 | Derivative, Class A Common | Form 4 ↗ |
| Aaron Weiss | EVP, Chief Investment Officer | 2026-07-21 | D | 2,652 | 119 | 315,694 | Common | Form 4 ↗ |
| Marc Farrugia | EVP & Chief Admin. Officer | 2026-07-21 | D | 1,234 | 119 | 146,895 | Common | Form 4 ↗ |
| Brian P. Loftus | SVP, CAO, Controller | 2026-07-21 | D | 214 | 119 | 25,475 | Common | Form 4 ↗ |
| John McLaren | President and COO | 2026-07-21 | D | 418 | 119 | 49,759 | Common | Form 4 ↗ |
Transaction codes per Form 4: A acquisition · S open-market sale · F tax withholding · M option exercise · G gift. Value = shares × price as reported. Dividend-equivalent and fractional-share accrual rows (derivative Class A, under $10,000 and under 2,000 shares) are aggregated per date; every row appears in full below.
| Executive | Award | Grant date | Threshold | Target | Granted | Maximum | Grant-date fair value |
|---|---|---|---|---|---|---|---|
| Aaron Weiss | PSU | 2025-07-21 | 7 | 21 | — | 21 | $15,253 |
| John McLaren | PSU | 2025-07-21 | 7 | 21 | — | 21 | 4,788 |
| Marc Farrugia | PSU | 2025-07-21 | 7 | 21 | — | 21 | 14,147 |
| Named executive officer | Time-vested (RSU) | Performance-vested (PSU) | Options / SARs | % performance-vested |
|---|---|---|---|---|
| Aaron Weiss | $0 | $15,253 | $0 | 100.0% |
| John McLaren | 0 | 4,788 | 0 | 100.0% |
| Marc Farrugia | 0 | 14,147 | 0 | 100.0% |
% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.
| Executive | Award | Shares unvested | Exercise price | Market value unvested |
|---|---|---|---|---|
| Gary Shiffman | RSU | 3,000 | — | $371,730 |
| John McLaren | RSU | 4,000 | — | 495,640 |
| Aaron Weiss | RSU | 5,440 | — | 674,070 |
| Aaron Weiss | RSU | 15,253 | — | 1,889,999 |
| Aaron Weiss | RSU | 66,911 | — | 6,380,100 |
| Charles Young | RSU | 27,626 | — | 2,790,200 |
| Charles Young | RSU | 31,128 | — | 3,857,070 |
| Marc Farrugia | RSU | 9,000 | — | 655,732 |
| Fernando Castro-Caratini | RSU | 9,000 | — | 1,115,190 |
| Marc Farrugia | RSU | 2,400 | — | 297,384 |
| Gary Shiffman | RSU | 6,800 | — | 842,588 |
| Gary Shiffman | RSU | 12,000 | — | 1,486,920 |
| Aaron Weiss | RSU | 2,298 | — | 284,745 |
| Aaron Weiss | RSU | 12,000 | — | 1,211,988 |
| Gary Shiffman | RSU | 45,000 | — | 5,575,950 |
| Marc Farrugia | RSU | 1,100 | — | 136,301 |
| John McLaren | RSU | 30,000 | — | 3,029,971 |
| John McLaren | RSU | 4,788 | — | 593,281 |
| Marc Farrugia | RSU | 400 | — | 49,564 |
| Gary Shiffman | RSU | 18,000 | — | 2,230,380 |
| Gary Shiffman | RSU | 13,600 | — | 1,685,176 |
| Gary Shiffman | RSU | 1,600 | — | 198,256 |
| Gary Shiffman | RSU | 118,000 | — | 14,621,380 |
| John McLaren | RSU | 16,000 | — | 1,982,560 |
| Marc Farrugia | RSU | 4,800 | — | 594,768 |
| Marc Farrugia | RSU | 14,147 | — | 1,752,955 |
| Marc Farrugia | RSU | 55,247 | — | 5,436,539 |
| Aaron Weiss | RSU | 1,120 | — | 138,779 |
| Aaron Weiss | RSU | 3,600 | — | 446,076 |
| Aaron Weiss | RSU | 10,200 | — | 743,163 |
| Aaron Weiss | RSU | 8,000 | — | 991,280 |
| John McLaren | RSU | 2,000 | — | 247,820 |
| Fernando Castro-Caratini | RSU | 6,000 | — | 743,460 |
| Marc Farrugia | RSU | 6,000 | — | 743,460 |
The executive officer compensation program supports our commitment to provide superior shareholder value. This program is designed to: Attract, retain, and reward executives who have the motivation, experience, and skills necessary to lead us effectively and encourage them to make career commitments to us.
| CEO STI target (% of salary) | 150% |
|---|---|
| CEO LTI target (% of salary) | — |
| Independent consultant | Ferguson Partners Consulting, LP |
| Clawback policy | true |
| Anti-hedging | — |
| Anti-pledging | — |
| Meeting year | Meeting date | For | Against | Abstain | Support | Outcome |
|---|---|---|---|---|---|---|
| 2026 | 2026-05-12 | 105,847,022 | 7,109,561 | 16,121 | 93.71% | Passed |
| 2025 | 2025-05-13 | 110,688,567 | 6,290,689 | 84,655 | 94.62% | Passed |
| 2024 | 2024-05-14 | 102,828,758 | 8,946,971 | 59,607 | 92% | Passed |
| 2023 | 2023-05-16 | 91,375,037 | 17,284,282 | 36,425 | 84.06% | Passed |
| 2022 | 2022-05-17 | 93,584,112 | 5,619,227 | 287,470 | 94.34% | Passed |
| 2021 | 2021-05-19 | 87,093,679 | 7,229,465 | 101,341 | 92.34% | Passed |
Rows are labeled by annual-meeting year, with the meeting date beside each; the vote held in a given year acts on the prior fiscal year's compensation.
| Meeting year | Meeting date | Approval — company's computation |
|---|---|---|
| 2026 | 2026-05-12 | 93.71%a |
| 2025 | 2025-05-13 | 94.62%b |
| 2024 | 2024-05-14 | 92%c |
a. Approved under the standard stated in the filing — “Abstentions will not be counted as votes cast for the say-on-pay proposal and do not represent votes cast for or against the advisory approval of the proposal.”.
b. Approved under the standard stated in the filing — “Abstentions will not be counted as votes cast for the say-on-pay proposal and do not represent votes cast for or against the advisory approval of the proposal.”.
c. Approved under the standard stated in the filing — “Abstentions will not be counted as votes cast for the say-on-pay proposal and do not represent votes cast for or against the advisory approval of the proposal.”.
Approval percentages are the company's own reported computations under its own stated standard, not recomputed by Velarion. Where a company does not state a standard, none is assumed.
| Ratio (CEO : median employee) | 302 : 1 |
|---|---|
| CEO total compensation | $9,865,401 |
| Median employee compensation | — |
| Director | Cash fees | Stock awards | Option awards | Non-equity incentive | All other | Total |
|---|---|---|---|---|---|---|
| Meghan G. BaivierIndependent · Lead Independent Director · Audit · Compensation (Chair) · Executive | $123,483 | $196,224 | $0 | $0 | $44,670 | $364,377 |
| Clunet R. LewisIndependent · Audit · Executive | 113,044 | 196,224 | 0 | 0 | 44,670 | 353,938 |
| Tonya AllenIndependent · CEO Succession Planning (Co-Chair) · Compensation · NCG (Chair) | 94,527 | 196,224 | 0 | 0 | 44,670 | 335,421 |
| Jeff T. BlauIndependent · Capital Allocation (Chair) · CEO Succession Planning (Co-Chair) · Compensation | 96,000 | 196,224 | 0 | 0 | 43,072 | 335,296 |
| Brian M. HermelinIndependent · Audit · Capital Allocation · CEO Succession Planning · NCG | 93,473 | 196,224 | 0 | 0 | 44,670 | 334,367 |
| Craig A. LeupoldIndependent · Audit · Capital Allocation · NCG | 86,846 | 196,224 | 0 | 0 | 27,152 | 310,222 |
| Jerome W. EhlingerIndependent · Audit · NCG | 92,846 | 196,224 | 0 | 0 | 11,232 | 300,302 |
| Stephanie W. BergeronIndependent · Audit (Chair) · NCG · Departed during FY | 37,550 | 196,224 | 0 | 0 | 10,622 | 244,396 |
| Mark A. DenienIndependent · Audit (Chair) · Partial-year service · Newly elected | 53,077 | 149,160 | 0 | 0 | 7,296 | 209,533 |
| Charles D. YoungEmployee director · Executive · Partial-year service · Newly elected | 0 | 0 | 0 | — | 0 | 0 |
| Gary A. ShiffmanEmployee director · Board Chair · Executive | 0 | 0 | 0 | — | 0 | 0 |
| Annual cash retainer | $80,000 |
|---|---|
| Annual equity retainer | $258,020 |
| Per board meeting fee | — |
| Committee chair fees (audit / comp / nom-gov) | 30,000 / 22,500 / 22,500 |
| Stock ownership guideline | 5x annual cash retainer |
| Component | FY2025 |
|---|---|
| Cash retainers and fees | $790,846 |
| Equity awards (grant-date value) | $1,718,952 |
| All other compensation | $278,054 |
| Total cost of the board | $2,787,852 |
Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.
Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company's own proxy statement.
| Rank | Company | FY | Chief executive | Salary | Stock awards | Option awards | Non-equity incentive | Total |
|---|---|---|---|---|---|---|---|---|
| 1 | Sun Communities Inc. | 2025 | Charles Young | $218,725 | $7,921,661 | $0 | $1,725,000 | $9,865,401 |
Each peer's compensation is from its most recently filed proxy; fiscal years differ by company. Each peer's figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.
Answers are drawn only from the figures disclosed in this brief and cited to their location in the source filing. Where a figure required for an answer is not disclosed, that is stated rather than estimated.
Each figure's location is given both for the eye (section · page · table · row · column) and for a script (table/row/column index and exact character span in the filed document). Any figure can be independently confirmed against the source.
| # | Supports | Document | Filed | Accession | Location in document |
|---|---|---|---|---|---|
| 1 | Section 01, Gary Shiffman | DEF 14A | 2026-03-30 | 0000912593-26-000141 | Section “SUMMARY COMPENSATION TABLE” · page 82. As printed: 12,549,984. Filing ↗machine: span 1520986–1520996 |
| 2 | Section 01, Charles Young | DEF 14A | 2026-03-30 | 0000912593-26-000141 | Section “SUMMARY COMPENSATION TABLE” · page 82. As printed: 9,865,401. Filing ↗machine: span 1532781–1532790 |
| 3 | Section 01, Aaron Weiss | DEF 14A | 2026-03-30 | 0000912593-26-000141 | Section “SUMMARY COMPENSATION TABLE” · page 82. As printed: 7,464,573. Filing ↗machine: span 1573384–1573393 |
| 4 | Section 01, Fernando Castro-Caratini | DEF 14A | 2026-03-30 | 0000912593-26-000141 | Section “SUMMARY COMPENSATION TABLE” · page 82. As printed: 6,628,536. Filing ↗machine: span 1548829–1548838 |
| 5 | Section 01, John McLaren | DEF 14A | 2026-03-30 | 0000912593-26-000141 | Section “SUMMARY COMPENSATION TABLE” · page 82. As printed: 6,267,985. Filing ↗machine: span 1537060–1537069 |
| 6 | Section 01, Marc Farrugia | DEF 14A | 2026-03-30 | 0000912593-26-000141 | Section “SUMMARY COMPENSATION TABLE” · page 82. As printed: 6,073,929. Filing ↗machine: span 1560296–1560305 |
| 7 | Section 03, Aaron Weiss PSU | DEF 14A | 2026-03-30 | 0000912593-26-000141 | Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t162 · r5 · c3 · span 1309714–1309716 |
| 8 | Section 03, John McLaren PSU | DEF 14A | 2026-03-30 | 0000912593-26-000141 | Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t162 · r3 · c5 · span 1305239–1305244 |
| 9 | Section 03, Marc Farrugia PSU | DEF 14A | 2026-03-30 | 0000912593-26-000141 | Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t162 · r4 · c3 · span 1307169–1307171 |
| 10 | Section 07, pay ratio | DEF 14A | 2026-03-30 | 0000912593-26-000141 | Section “CEO Pay Ratio”. As printed: 302 : 1. Filing ↗machine: span 1763069–1763074 |
| 11 | Section 08, Meghan G. Baivier | DEF 14A | 2026-03-30 | 0000912593-26-000141 | Section “Director Compensation”. As printed: 364,377. Filing ↗machine: t104 · r7 · c16 · span 728389–728396 |
| 12 | Section 08, Clunet R. Lewis | DEF 14A | 2026-03-30 | 0000912593-26-000141 | Section “Director Compensation”. As printed: 353,938. Filing ↗machine: t104 · r25 · c16 · span 756801–756808 |
| 13 | Section 08, Tonya Allen | DEF 14A | 2026-03-30 | 0000912593-26-000141 | Section “Director Compensation”. As printed: 335,421. Filing ↗machine: t104 · r4 · c16 · span 723798–723805 |
| 14 | Section 08, Jeff T. Blau | DEF 14A | 2026-03-30 | 0000912593-26-000141 | Section “Director Compensation”. As printed: 335,296. Filing ↗machine: t104 · r13 · c16 · span 737916–737923 |
| 15 | Section 08, Brian M. Hermelin | DEF 14A | 2026-03-30 | 0000912593-26-000141 | Section “Director Compensation”. As printed: 334,367. Filing ↗machine: t104 · r16 · c16 · span 742620–742627 |
| 16 | Section 08, Craig A. Leupold | DEF 14A | 2026-03-30 | 0000912593-26-000141 | Section “Director Compensation”. As printed: 310,222. Filing ↗machine: t104 · r22 · c16 · span 752123–752130 |
| 17 | Section 08, Jerome W. Ehlinger | DEF 14A | 2026-03-30 | 0000912593-26-000141 | Section “Director Compensation”. As printed: 300,302. Filing ↗machine: t104 · r19 · c16 · span 747316–747323 |
| 18 | Section 08, Stephanie W. Bergeron | DEF 14A | 2026-03-30 | 0000912593-26-000141 | Section “Director Compensation”. As printed: 244,396. Filing ↗machine: t104 · r10 · c16 · span 732983–732990 |
| 19 | Section 08, Mark A. Denien | DEF 14A | 2026-03-30 | 0000912593-26-000141 | Section “Director Compensation”. As printed: 209,533. Filing ↗machine: t104 · r28 · c16 · span 761471–761478 |
| 20 | Section 08, Charles D. Young | DEF 14A | 2026-03-30 | 0000912593-26-000141 | Section “Director Compensation”. As printed: 0. Filing ↗ |
| 21 | Section 08, Gary A. Shiffman | DEF 14A | 2026-03-30 | 0000912593-26-000141 | Section “Director Compensation”. As printed: 0. Filing ↗ |
| 22 | Section 02, Fernando Castro-Caratini 2026-05-26 | Form 4 | 2026-05-27 | 0000912593-26-000190 | Insider equity transaction reported since the proxy statement. Filing ↗ |
| 23 | Section 02, John McLaren 2026-05-26 | Form 4 | 2026-05-26 | 0000912593-26-000185 | Insider equity transaction reported since the proxy statement. Filing ↗ |
| 24 | Section 02, John McLaren 2026-05-26 | Form 4 | 2026-05-26 | 0000912593-26-000185 | Insider equity transaction reported since the proxy statement. Filing ↗ |
| 25 | Section 02, Fernando Castro-Caratini 2026-05-26 | Form 4 | 2026-05-27 | 0000912593-26-000190 | Insider equity transaction reported since the proxy statement. Filing ↗ |
| 26 | Section 02, Gary A. Shiffman 2026-06-24 | Form 4 | 2026-06-25 | 0000912593-26-000203 | Insider equity transaction reported since the proxy statement. Filing ↗ |
| 27 | Section 02, Ileana McAlary 2026-06-29 | Form 4 | 2026-07-01 | 0000912593-26-000215 | Insider equity transaction reported since the proxy statement. Filing ↗ |
| 28 | Section 02, Ileana McAlary 2026-06-29 | Form 4 | 2026-07-01 | 0000912593-26-000215 | Insider equity transaction reported since the proxy statement. Filing ↗ |
| 29 | Section 02, Aaron Weiss 2026-07-21 | Form 4 | 2026-07-22 | 0000912593-26-000222 | Insider equity transaction reported since the proxy statement. Filing ↗ |
| 30 | Section 02, Marc Farrugia 2026-07-21 | Form 4 | 2026-07-23 | 0000912593-26-000227 | Insider equity transaction reported since the proxy statement. Filing ↗ |
| 31 | Section 02, Brian P. Loftus 2026-07-21 | Form 4 | 2026-07-22 | 0000912593-26-000223 | Insider equity transaction reported since the proxy statement. Filing ↗ |
| 32 | Section 02, John McLaren 2026-07-21 | Form 4 | 2026-07-22 | 0000912593-26-000225 | Insider equity transaction reported since the proxy statement. Filing ↗ |
| 33 | Section 06, 2026 vote | Form 8-K | 2026-05-18 | 0000912593-26-000172 | Item 5.07 · say-on-pay result. As reported: 93.71% (votes for as printed: 105,847,022). Filing ↗ |
| 34 | Section 06, 2025 vote | Form 8-K | 2025-05-15 | 0000912593-25-000176 | Item 5.07 · say-on-pay result. As reported: 94.62% (votes for as printed: 110,688,567). Filing ↗ |
| 35 | Section 06, 2024 vote | Form 8-K | 2024-05-15 | 0000912593-24-000198 | Item 5.07 · say-on-pay result. As reported: 92% (votes for as printed: 102,828,758). Filing ↗ |
| 36 | Section 01 trend, Δ column (computed) | Computed | — | computed | Δ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1) |
| 37 | Section 03b vehicle mix (computed) | Computed | — | computed | RSU / PSU / Options grant-date fair values summed per officer from the grants table; % performance-vested = PSU ÷ (RSU+PSU+Options).machine: formula: sums + PSU ratio |
| 38 | Section 09b board cost (computed) | Computed | — | computed | Cash 790,846 + equity 1,718,952 + all other 278,054 = 2,787,852, summed across the director compensation table rows.machine: formula: Σ = 2,787,852 |
| 39 | Sun Communities Inc. (subject), Section 10b CEO total | DEF 14A | 2026-03-30 | 0000912593-26-000141 | CEO total compensation as printed in Sun Communities Inc.'s own proxy. As printed: 9,865,401. Filing ↗machine: span 1532781–1532790 |