Form 4: Tanger CEO Stephen Yalof Converts Performance Units, Vests Shares

Tanger CEO Stephen Yalof converted performance-based notional units into 173,842 restricted common shares, with a portion withheld for taxes, following the achievement of all performance targets.

Summary

• Stephen Yalof, President & CEO of Tanger Inc. (SKT), acquired 173,842 restricted common shares on March 20, 2026, through the conversion of notional units.
• These notional units were earned based on the company's Total Shareholder Return (TSR) performance, both absolute and relative to its peer group, over a three-year measurement period from March 14, 2023, to March 13, 2026.
• 100% of both the absolute and relative performance portions of the award were earned, indicating successful achievement of all targets.
• On March 20, 2026, 86,921 of these restricted shares vested.
• Concurrently, 39,524 shares were disposed of (forfeited) at a price of $35.48 per share to satisfy tax withholding liabilities related to the vested shares.
• Following these transactions, Stephen Yalof beneficially owns 903,156.84 shares of common stock.

Sentiment

Score: 9

Explanation: StockSavvy.ai views this as a highly positive indicator, as the full achievement of challenging performance targets for executive compensation reflects strong company performance and effective management over a multi-year period.

Positives

• 100% of the absolute and relative performance targets for the notional units were achieved, indicating strong company performance over the three-year measurement period.
• The conversion of notional units into 173,842 restricted common shares demonstrates successful execution against long-term incentive goals.

Future Outlook

The remaining 50% of the restricted common shares (86,921 shares) are scheduled to vest on March 15, 2027, contingent upon Stephen Yalof's continued employment with Tanger Inc. through that date.

Industry Context

StockSavvy.ai notes that the full achievement of both absolute and relative Total Shareholder Return (TSR) targets suggests Tanger Inc. has outperformed its internal benchmarks and its peer group over the three-year measurement period. This performance indicates strong operational execution and shareholder value creation in the retail REIT sector, potentially positioning the company favorably against competitors.

Comparison to Industry Standards

• Tanger Inc. achieved 100% of its performance targets for the absolute portion of the award, which required an aggregate TSR of 40.5% or greater over the three-year measurement period.
• The company also achieved 100% of its performance targets for the relative portion of the award, meaning its TSR was in the 80th percentile or greater of its peer group over the three-year measurement period.
• This indicates superior performance compared to a significant majority of its industry peers, aligning with top-tier performance benchmarks.

Stakeholder Impact

• Shareholders: The full achievement of performance targets suggests strong shareholder value creation and alignment of executive incentives with shareholder interests.
• Employees: The vesting of shares is contingent on continued employment, reinforcing retention of key leadership.

Next Steps

• The remaining 86,921 restricted common shares are scheduled to vest on March 15, 2027.
• Continued employment of Stephen Yalof with Tanger Inc. is required for the vesting of the remaining shares.

Key Dates

Recommendation

The full achievement of challenging performance-based equity targets by the CEO indicates robust company performance, particularly in Total Shareholder Return (TSR) both absolutely and relative to peers. This suggests strong operational execution and effective leadership, which are positive signals for future stock performance and investor confidence. The alignment of executive incentives with shareholder value creation through such a successful long-term plan is a compelling reason for a strong buy recommendation.

Keywords

Tanger Inc., SKT, Stephen Yalof, Insider Transaction, Form 4, Restricted Stock, Performance Shares, Total Shareholder Return, Executive Compensation, Equity Vesting