Steven B. Tanger - Feb 22, 2022 Form 4 Insider Report for TANGER FACTORY OUTLET CENTERS, INC (SKT)

Role: Executive Chair of the Board, Director
Signature: /s/ James F. Williams, attorney-in-fact for Mr. Tanger
Stock symbol: SKT
Transactions as of: Feb 22, 2022
Transactions value $: -$137,067
Form type: 4
Date filed: 2/24/2022, 05:20 PM
Previous filing: Feb 22, 2022
Next filing: Feb 25, 2022

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	SKT	Common Stock	Options Exercise	$0	+41.9K	+3.04%	$0.00	1.42M	Feb 22, 2022	Direct	F1
transaction	SKT	Common Stock	Tax liability	-$137K	-8.27K	-0.58%	$16.58	1.41M	Feb 22, 2022	Direct
holding	SKT	Common Stock						5K	Feb 22, 2022	By wife

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	$0	-41.9K	-100%	$0.00^*	0	Feb 22, 2022	Common Stock	41.9K		Direct	F2, F3, F4

* 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 .231 restricted common shares. 50% of the shares vest on February 22, 2022 and the remaining 50% will vest on February 15, 2023, contingent upon continued employment with the Company through the vesting dates.
F2	Represents notional units, each of which converted into .231 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 18, 2019 through February 17, 2022.
F3	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 19.1% over the 3-year measurement period, 60% of this portion of the award will be earned if the Company's aggregate TSR equals 24.3%, and 100% of this portion of the award will be earned if the Company's aggregate TSR equals or exceeds 29.5%. 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.
F4	39.2% of the relative portion was actually earned and none of the absolute portion was earned. The notional units convert on a pro-rata basis by linear interpolation between share price appreciation thresholds.