Sun Communities CEO Reaches New Contract
Sun Communities Inc., a Southfield, Mich.-based real estate investment trust (REIT) that owns and operates RV parks and manufactured housing communities, has agreed to a new employment contact with CEO Gary A. Shiffman.
According to an 8-K filing with the Securities and Exchange Commission (SEC), Shiffman will receive an annual salary of $671,000, which will be increased by an annual cost of living adjustment on Jan. 1 of each year of the term, beginning in 2014. In addition, the company's board may elect to pay Shiffman annual incentive compensation in an amount up to 100% of his then current base salary.
In connection with the execution of the employment agreement, and pursuant to a restricted stock award agreement, the company issued Shiffman 250,000 restricted shares of Sun common stock. The restricted shares will vest as follows: June 20, 2016 – 87,500 shares; June 20, 2017 – 87,500 shares; June 20, 2018 – 50,000 shares; June 20, 2019 – 12,500 shares; and June 20, 2020 – 12,500 shares.
Click here to read the entire SEC filing.