Andrew R. Wingrove - 14 Mar 2023 Form 4 Insider Report for TANGER FACTORY OUTLET CENTERS, INC (SKT)

Reporting relationship: EVP, Chief Commercial Officer
Issuer ticker: SKT
Reported as of: 14 Mar 2023
Net transaction value: $0
SEC form: 4
Accepted by SEC: 16 Mar 2023, 17:51:27 UTC
Prior SEC filing: 17 Feb 2023
Next SEC filing: 21 Dec 2023
Source filing: View source filing
Reporting owner signature: /s/ Eric Richardson, attorney-in-fact for Mr. Wingrove

Key filing fact

Andrew R. Wingrove filed Form 4 for TANGER FACTORY OUTLET CENTERS, INC (SKT) on 16 Mar 2023.

Key facts

This page summarizes Andrew R. Wingrove's Form 4 filing for TANGER FACTORY OUTLET CENTERS, INC (SKT).
2 reported transactions and 1 derivative row are listed below.
Accepted by SEC: 16 Mar 2023, 17:51.

Change

Previous filing in this sequence was filed on 17 Feb 2023.
Current net transaction value: $0.

Research use

This tells you what this filing adds before you inspect full transaction and derivative tables.
You can trace every row back to the original SEC filing document.

Evidence

Filed on Form 4

Ownership activity is grounded in SEC Form 4 disclosures.

View source filing

Reported non-derivative transactions

Shares, units, or other non-derivative securities reported in this filing.

SKT transaction

Common Stock

Award

Transaction value: $0
Shares: +13,691
Change %: +16%
Price: $0.000000
Shares after: 97,706
Date: 14 Mar 2023
Ownership: Direct
Footnotes: F1

Reported derivative securities

Options, warrants, convertible securities, or similar derivative positions disclosed in the filing.

SKT transaction Derivative

Notional Units

Award

Transaction value: $0
Shares: +29,802
Change %
Price: $0.000000
Shares after: 29,802
Date: 14 Mar 2023
Ownership: Direct
Underlying class: Common Stock
Underlying amount: 29,802
Exercise price
Footnotes: F2, F3, F4

^* marks a reported price that did not pass the local price check.

Additional SEC filing notes

Filing notes and footnotes

Explanation of responses 4 footnotes

Footnote 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 one-third of the award on each March 15th over a three year period beginning March 15th, 2024.

Footnote 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.

Footnote 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.

Footnote F4

Any restricted common shares earned on March 13, 2026 are subject to a time based vesting schedule. 50% of the shares will vest on March 20, 2026 and the remaining 50% will vest on March 15, 2027, contingent upon continued employment with the Company through the vesting dates.