Performance award lifts Tanger (NYSE: SKT) director’s shareholdings

Filing Impact

(Neutral)

Filing Sentiment

(Neutral)

Form Type

Rhea-AI Filing Summary

Tanger Inc. director Steven B. Tanger exercised performance-based awards into common stock. On March 20, 2026, 49,669 notional units converted into the same number of restricted common shares after share-price targets were achieved, with 100% of the award vesting that day under his employment agreement.

Following the transactions, he directly owned 1,047,022 common shares and indirectly owned 5,000 common shares held by his wife. A footnote adds that 2,879,797 Limited Partnership Units held by Tango 7 LLC are exchangeable into Tanger Inc. shares and are considered indirectly beneficially owned, separate from the reported common stock.

Insider Trade Summary

49,669 shares exercised/converted

Mixed 3 txns

Insider TANGER STEVEN B

Role Director

Type	Security	Shares	Price	Value
Exercise	Notional Units	49,669	$0.00	--
Exercise	Common Stock	49,669	$0.00	--
holding	Common Stock	--	--	--

Holdings After Transaction: Notional Units — 0 shares (Direct); Common Stock — 1,047,022 shares (Direct); Common Stock — 5,000 shares (Indirect, By wife)

Footnotes (1)

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. 100% of the shares vested on March 20, 2026 based on the terms of his employment agreement. Number of shares of common shares beneficially owned following reported transactions does not include 2,879,797 Limited Partnership Units that are exchangeable into shares of Tanger Inc. held by Tango 7 LLC and considered indirectly beneficially owned by the Reporting Person. 100% of the absolute and relative portions were actually earned. Represents performance shares which may convert, into an equivalent number of restricted common shares of the Company based on the Company's share price appreciation inclusive of all dividends (TRS), and its TRS relative to its peer group, over the three-year measurement period from March 14, 2023 through March 13, 2026. 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.

Form 4 Insider Transactions: What Each Field Means →

03/23/2026 - 04:37 PM

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

TANGER STEVEN B

(Last)

(First)

(Middle)

3200 NORTHLINE AVENUE, SUITE 360

(Street)

GREENSBORO

NORTH CAROLINA

27408

(City)

(State)

(Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
TANGER INC. [ SKT ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	10% Owner
	Officer (give title below)	Other (specify below)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
03/20/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock	03/20/2026		M		49,669⁽¹⁾	A	$0	1,047,022⁽²⁾	D
Common Stock								5,000	I	By wife

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Notional Units⁽³⁾⁽⁴⁾⁽⁵⁾	⁽³⁾⁽⁴⁾⁽⁵⁾	03/20/2026		M			49,669	⁽⁴⁾	⁽³⁾⁽⁴⁾⁽⁵⁾	Common Stock	49,669⁽³⁾⁽⁴⁾⁽⁵⁾	$0⁽³⁾⁽⁴⁾⁽⁵⁾	0	D

Explanation of Responses:

1. 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. 100% of the shares vested on March 20, 2026 based on the terms of his employment agreement.

2. Number of shares of common shares beneficially owned following reported transactions does not include 2,879,797 Limited Partnership Units that are exchangeable into shares of Tanger Inc. held by Tango 7 LLC and considered indirectly beneficially owned by the Reporting Person.

3. 100% of the absolute and relative portions were actually earned.

4. Represents performance shares which may convert, into an equivalent number of restricted common shares of the Company based on the Company's share price appreciation inclusive of all dividends (TRS), and its TRS relative to its peer group, over the three-year measurement period from March 14, 2023 through March 13, 2026.

5. 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.

Remarks:

	/s/ Thomas J. Guerrieri Jr., attorney-in-fact for Mr. Tanger	03/23/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)

Source: View Original Filing on SEC EDGAR

FAQ

What insider transaction did Tanger Inc. (SKT) report for Steven B. Tanger?

Tanger Inc. reported that director Steven B. Tanger exercised 49,669 notional performance units into restricted common stock. The award fully vested on March 20, 2026 after share price targets were achieved, converting each notional unit into one restricted common share under his employment agreement.

How many Tanger Inc. (SKT) shares does Steven B. Tanger own after this Form 4?

After the reported transactions, Steven B. Tanger directly owned 1,047,022 Tanger Inc. common shares and indirectly owned 5,000 common shares held by his wife. A footnote also notes 2,879,797 Limited Partnership Units exchangeable into Tanger Inc. shares, considered indirectly beneficially owned.

What are the 49,669 notional units reported in the Tanger Inc. (SKT) Form 4?

The 49,669 notional units were performance-based awards that converted into the same number of restricted common shares. The conversion occurred after Tanger Inc. achieved specified share price targets, with 100% of the shares vesting on March 20, 2026 according to Steven B. Tanger’s employment agreement.

How are Tanger Inc. (SKT) performance shares structured for Steven B. Tanger?

Footnotes describe performance shares that may convert into restricted common shares based on total shareholder return (TSR). Portions vest at TSR thresholds of 26.0%, 33.1%, and 40.5%, and at TSR percentiles of 30th, 55th, and 80th versus peers, using linear interpolation between thresholds.

What additional indirect interests in Tanger Inc. (SKT) does Steven B. Tanger have?

A footnote explains that 2,879,797 Limited Partnership Units held by Tango 7 LLC are exchangeable into Tanger Inc. shares. These units are considered indirectly beneficially owned by Steven B. Tanger, but are not included in the reported number of directly held common shares.

Were the Tanger Inc. (SKT) notional units fully earned by Steven B. Tanger?

Yes. A footnote states that 100% of the absolute and relative portions of the performance-based award were actually earned. This supports the full conversion of 49,669 notional units into restricted common shares that vested on March 20, 2026 under his employment agreement.