Steven B. Tanger - Mar 14, 2023 Form 4 Insider Report for TANGER FACTORY OUTLET CENTERS, INC (SKT)

Role
Executive Chair of the Board, Director
Signature
/s/ Thomas J. Guerrieri Jr., attorney-in-fact for Mr. Tanger
Stock symbol
SKT
Transactions as of
Mar 14, 2023
Transactions value $
$0
Form type
4
Date filed
3/16/2023, 05:50 PM
Previous filing
Feb 17, 2023
Next filing
Jun 14, 2023

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction SKT Common Stock Award $0 +22.8K +1.54% $0.00 1.5M Mar 14, 2023 Direct F1
holding SKT Common Stock 5K Mar 14, 2023 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 Award $0 +49.7K $0.00 49.7K Mar 14, 2023 Common Stock 49.7K 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 a grant of restricted common shares under the Company's Amended and Restated Incentive Award Plan. The restricted common shares vest and the restrictions cease to apply on January 1, 2024.
F2 Represents a grant of 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(TSR), and its TSR relative to a selected group, over the three-year measurement period from March 14, 2023 through March 13, 2026.
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 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.
F4 Any restricted common shares earned on March 13, 2026 will vest on March 20, 2026.