Business Context and Reporting Period
This Form 8-K filing by Sun Communities, Inc. (SUI) reports on events occurring on February 4, 2026. The filing details significant changes in executive leadership, specifically the departure of the Chief Financial Officer and the interim appointment of a successor.
Key Financial Metrics
The filing does not provide standard financial performance metrics such as revenue, profit, cash flow, margins, debt, or liquidity. The financial data presented is limited to executive compensation and separation payments.
- Separation Payment (Mark E. Patten): $3,000,000
- Interim CFO Monthly Salary (Fernando Castro-Caratini): $45,833
- 2026 Performance Bonus Eligibility (Castro-Caratini): Up to $1,100,000
- Tenure Bonus Eligibility (Castro-Caratini): $1,000,000 (contingent on service until February 28, 2027)
Material Changes
The primary material change is the transition of the Chief Financial Officer role:
- Departure: Mark E. Patten resigned as Chief Financial Officer, Executive Vice President, Secretary, and Treasurer effective February 4, 2026. The departure was a mutual decision with no disagreements regarding financial policies or accounting practices.
- Appointment: Fernando Castro-Caratini was appointed to the same roles on an interim basis, effective immediately. He previously served as CFO for approximately four years and most recently as a senior advisor.
- Search Status: The Company has initiated a broad search for a permanent Chief Financial Officer.
Outlook, Risks, and Management Commentary
Management has entered into an Amended and Restated Transition Services Agreement with Mr. Castro-Caratini, effective February 4, 2026, and running until February 28, 2027, or earlier termination. The agreement outlines specific compensation terms and severance benefits contingent on the reason and timing of termination. Incentive compensation is subject to the Company's Executive Compensation Recovery (Clawback) Policy. The filing explicitly states there are no disagreements related to financial statements or disclosures associated with the departing CFO.
Investor Verification Checklist
- Verify the timeline for the search and appointment of a permanent Chief Financial Officer.
- Review the full text of the Transition Services Agreement (Exhibit 10.1) for specific severance triggers and clawback provisions.
- Confirm the impact of the $3,000,000 separation payment on the Company's immediate cash flow and Q1 2026 expenses.
- Monitor future filings for the announcement of the permanent CFO appointment.