Gallardo Leslie Swanson - Feb 26, 2024 Form 4 Insider Report for TANGER INC. (SKT)

Signature
/s/ Eric Richardson, attorney-in-fact for Ms. Swanson Gallardo
Stock symbol
SKT
Transactions as of
Feb 26, 2024
Transactions value $
-$264,057
Form type
4
Date filed
2/28/2024, 04:34 PM
Previous filing
Feb 20, 2024
Next filing
Mar 18, 2024

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction SKT Common Stock Options Exercise $0 +46.6K +67.75% $0.00 115K Feb 26, 2024 Direct F1
transaction SKT Common Stock Tax liability -$264K -9.18K -7.95% $28.78 106K Feb 26, 2024 Direct F2

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Underlying Class Amount Exercise Price Ownership Footnotes
transaction SKT Notional Units Options Exercise -46.6K -100% 0 Feb 26, 2024 Common Stock Direct F3, F4, F5
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
F1 Represents restricted common shares received from the conversion of notional units. Based on the share price targets achieved, each notional unit was converted into one restricted common share. 50% of the shares vested on February 26, 2024 and the remaining 50% will vest on February 15, 2025, contingent upon continued employment with Tanger Inc. (the "Company") through the vesting dates.
F2 This forfeiture was undertaken solely to satisfy a tax withholding liability related to the vesting of stock held by the reporting person.
F3 100% of the absolute and relative portions were actually earned. The notional units convert on a pro-rata basis by linear interpolation between share price appreciation thresholds.
F4 Represents notional units, each of which converted into an equivalent number of restricted common shares based on the Company's share price appreciation inclusive of all dividends (TSR), and its TSR relative to its peer group, over the three-year measurement period from February 22, 2021 through February 21, 2024.
F5 With respect to 33.30% of the performance shares, 20% of this portion of the award will be earned if the Company's aggregate TSR equals 26.0% over the 3-year measurement period, 60% of this portion of the award will be earned if the Company's aggregate TSR equals 33.1%, and 100% of this portion of the award will be earned if the Company's aggregate TSR equals or exceeds 40.5%. With respect to the other 66.70% of the performance shares, 20% of this portion of the award will be earned if the Company's TSR is in the 30th percentile of its peer group over the 3-year measurement period, 60% of this portion of the award will be earned if the Company's TSR is in the 55th percentile of its peer group during this period, and 100% of this portion of the award will be earned if the Company's TSR is in the 80th percentile of its peer group or greater during this period. The performance shares will convert on a pro-rata basis by linear interpolation between share price appreciation thresholds.