Michael J. Bilerman - 20 Mar 2026 Form 4 Insider Report for TANGER INC. (SKT)

Reporting relationship: Title - Executive Vice President, Chief Financial Officer and Chief Investment Officer
Issuer ticker: SKT
Reported as of: 20 Mar 2026
Net transaction value: $0
SEC form: 4
Accepted by SEC: 23 Mar 2026, 16:37:12 UTC
Prior SEC filing: 17 Mar 2026
Source filing: View source filing
Reporting owner signature: /s/ Eric Richardson, attorney-in-fact for Mr. Bilerman

Key filing fact

Michael J. Bilerman filed Form 4 for TANGER INC. (SKT) on 23 Mar 2026.

Key facts

This page summarizes Michael J. Bilerman's Form 4 filing for TANGER INC. (SKT).
3 reported transactions and 1 derivative row are listed below.
Accepted by SEC: 23 Mar 2026, 16:37.

Change

Previous filing in this sequence was filed on 17 Mar 2026.
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

Reporting Owners (1)

CIK 0001955178 Primary reporting owner

Bilerman Michael J

Relationship: Title - Executive Vice President, Chief Financial Officer and Chief Investment Officer
Address: 3200 NORTHLINE AVENUE, SUITE 360, GREENSBORO
Signature: /s/ Eric Richardson, attorney-in-fact for Mr. Bilerman
Signature date: 23 Mar 2026

Reported non-derivative transactions

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

SKT transaction

Common Stock

Options Exercise

Transaction value
Shares: +74,504
Change %: +61%
Price: $0.000000^*
Shares after: 197,033
Date: 20 Mar 2026
Ownership: Direct
Footnotes: F1

SKT transaction

Common Stock

Tax liability

Transaction value
Shares: -20,601
Change %: -10%
Price: $35.48^*
Shares after: 176,432
Date: 20 Mar 2026
Ownership: Direct
Footnotes: F2

Reported derivative securities

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

SKT transaction Derivative

Notional Units

Options Exercise

Transaction value
Shares: -74,504
Change %: -100%
Price: $0.000000^*
Shares after: 0
Date: 20 Mar 2026
Ownership: Direct
Underlying class: Common Stock
Underlying amount: 74,504
Exercise price
Footnotes: F3, F4, F5

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

Additional SEC filing notes

Filing notes and footnotes

Explanation of responses 5 footnotes

Footnote 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 March 20, 2026 and the remaining 50% will vest on March 15, 2027, contingent upon continued employment with the Tanger Inc. (the "Company") through the vesting dates.

Footnote F2

This forfeiture was undertaken solely to satisfy a tax withholding liability related to the vesting of shares held by the reporting person. On March 20, 2026, 37,252 restricted shares vested, with 20,601 shares withheld to cover tax withholding liability.

Footnote F3

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

Footnote 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 March 14, 2023 through March 13, 2026.

Footnote 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.

SEC remarks

Title - Executive Vice President, Chief Financial Officer and Chief Investment Officer