Form 4: Tanger CFO Michael Bilerman's Tax-Related Stock Forfeiture

Tanger Inc.'s Executive Vice President, CFO, and CIO, Michael J. Bilerman, forfeited 17,839 shares of common stock valued at $33.58 per share to cover tax withholding liabilities on vested restricted shares.

Summary

• Michael J. Bilerman, Executive Vice President, Chief Financial Officer, and Chief Investment Officer of Tanger Inc., reported a transaction on December 1, 2025.
• The transaction involved the forfeiture of 17,839 shares of common stock.
• This forfeiture was undertaken solely to satisfy tax withholding liability related to the vesting of 32,267 restricted shares.
• The shares were valued at $33.58 per share for the purpose of the tax withholding.
• Following this transaction, Mr. Bilerman beneficially owns 136,395 shares of Tanger Inc. common stock.

Sentiment

Score: 7

Explanation: The filing reports a routine tax-related forfeiture of shares by an executive, which is a standard practice associated with the vesting of restricted stock compensation. It is not a discretionary sale and indicates the successful vesting of compensation, making it a neutral to slightly positive event.

Positives

• The transaction indicates the vesting of 32,267 restricted shares, which is a positive event for the executive as part of their compensation.
• The forfeiture was a non-discretionary event solely for tax purposes, not a sale for personal gain, which is a neutral to slightly positive signal regarding executive confidence.

Negatives

• A reduction in the direct beneficial ownership of common stock by 17,839 shares, although for a specific tax-related purpose.

Future Outlook

The filing, an SEC Form 4, does not provide any forward-looking statements or guidance regarding the company's future performance or outlook.

Management Comments

• This forfeiture was undertaken solely to satisfy a tax withholding liability related to the vesting of shares held by the reporting person.

Industry Context

Form 4 filings are standard disclosures for insider transactions. This specific transaction, involving the forfeiture of shares for tax withholding upon the vesting of restricted stock, is a common and routine event for executives receiving equity-based compensation across various industries. It reflects the typical mechanics of executive compensation plans rather than a discretionary investment decision.

Comparison to Industry Standards

• The practice of forfeiting shares to cover tax withholding upon the vesting of restricted stock is a standard mechanism in executive compensation plans across publicly traded companies. This transaction aligns with typical industry practices for managing equity compensation and associated tax liabilities.

Stakeholder Impact

• Shareholders: Minimal direct impact, as this is a routine, non-discretionary transaction related to executive compensation and tax obligations. It does not reflect a change in the company's operational or financial performance.

Key Dates

Recommendation

This Form 4 filing details a routine, non-discretionary transaction where an executive forfeited shares to cover tax obligations arising from the vesting of restricted stock. Such transactions are common for executives receiving equity compensation and do not typically signal a change in the company's fundamentals or the executive's confidence. Therefore, it provides no new information that would warrant a change in investment recommendation.

Keywords

Tanger Inc., SKT, Michael J. Bilerman, Form 4, insider transaction, stock forfeiture, tax withholding, restricted stock, executive compensation, CFO, CIO