Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangement of Certain
Officers.
On January 25, 2023, the Board of Directors (the "Board") of Sun Communities,
Inc. (the "Company"), increased the size of the Board from eight to nine
directors and effective immediately appointed Mr. Jeff T. Blau to serve as a
director of the Company until the annual meeting of the Company's stockholders
to be held in 2024.
Mr. Blau, age 54, is Chief Executive Officer and a partner of The Related
Companies, L.P. ("Related"), a fully-integrated real estate firm based in New
York, NY. For over 33 years, he has directed and overseen new developments
totaling over $60 billion in virtually every sector of the real estate industry.
As CEO, he is responsible for Related's strategic direction, acquisitions and
new development opportunities, and financing activities across all business
platforms. Mr. Blau serves on the Board of Directors of Equinox Holdings, Inc.,
a New York City-based luxury fitness company that serves customers worldwide and
which operates several lifestyle brands, including Equinox, Equinox Hotels, and
SoulCycle; he also serves on the Board of Real Estate Roundtable, where he
Chairs the Equity, Diversity and Inclusion Committee. Mr. Blau has received
numerous honors for his business, civic and philanthropic activities, including
being named to Crain's New York's New Influentials list of 25 leaders reshaping
New York, and serves on the boards of the Central Park Conservancy, the New York
City Partnership Fund, Robin Hood Foundation, Trinity School, Lincoln Center,
and The Mount Sinai Medical Center. Mr. Blau completed his undergraduate studies
at the University of Michigan, received a Master of Business Administration from
the Wharton School of the University of Pennsylvania, and serves on the boards
of both schools.
Mr. Blau will participate in the Company's standard non-employee director
compensation arrangements, under which he will receive annual compensation for
serving on the Board and any applicable committees thereof pursuant to the
Company's non-employee director compensation policy, substantially as described
in the Company's filings with the Securities and Exchange Commission.
The Company has also entered into a director indemnification agreement with Mr.
Blau. This indemnification agreement provides, among other things, that the
Company will indemnify Mr. Blau, under the circumstances and to the extent
provided therein, for certain expenses which he may be required to pay in
connection with certain claims to which he may be made a party by reason of his
position as a director of the Company, and otherwise to the fullest extent
permitted by Maryland law.
There are no arrangements or understandings between Mr. Blau and any other
person pursuant to which he was selected as a director of the Company, and there
are no related person transactions between Mr. Blau and the Company that would
be required to be reported under Item 404(a) of Regulation S-K.
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