Form 4: Tanger CFO's Performance Share Vesting and Tax Withholding

Tanger Inc.'s CFO, Michael J. Bilerman, reported the vesting of restricted common shares and subsequent tax-related forfeiture following the achievement of performance targets.

Summary

• Michael J. Bilerman, Executive Vice President, Chief Financial Officer, and Chief Investment Officer of Tanger Inc. (SKT), reported transactions related to his equity compensation.
• On March 20, 2026, 74,504 notional units were converted into restricted common shares, with a transaction price of $0.
• This conversion occurred because 100% of the absolute and relative performance portions were earned, based on the Company's share price appreciation (TSR) and its TSR relative to its peer group over a three-year measurement period from March 14, 2023, through March 13, 2026.
• 50% of these shares, totaling 37,252 restricted shares, vested on March 20, 2026.
• The remaining 50% of the shares will vest on March 15, 2027, contingent upon continued employment with Tanger Inc. through that date.
• To satisfy tax withholding liabilities related to the vesting, 20,601 shares were forfeited at a price of $35.48 per share on March 20, 2026.
• Following these transactions, Michael J. Bilerman beneficially owns 176,432 shares of Common Stock.

Sentiment

Score: 6

Explanation: StockSavvy.ai views this as a moderately positive event, primarily because the executive earned 100% of the performance shares, indicating strong company performance against set targets. However, it is a routine compensation event and not indicative of new strategic developments.

Positives

• The reporting person earned 100% of both the absolute and relative performance portions of the notional units, indicating strong company performance against set targets.
• The achievement of share price appreciation (TSR) and peer group relative TSR targets demonstrates successful execution of the company's strategy over the three-year measurement period.

Negatives

• A portion of the vested shares (20,601 shares) was forfeited to cover tax withholding liabilities, which is a standard practice but reduces the net shares received by the executive.

Risks

• The vesting of the remaining 50% of the restricted shares on March 15, 2027, is contingent upon Michael J. Bilerman's continued employment with Tanger Inc. through that date.

Future Outlook

The remaining 50% of the performance-based restricted common shares are scheduled to vest on March 15, 2027, subject to the executive's continued employment with Tanger Inc.

Industry Context

StockSavvy.ai notes that this Form 4 filing details a routine executive compensation event, specifically the vesting of performance-based equity awards and subsequent tax withholding. Such events are common across publicly traded companies and reflect the conclusion of a pre-defined performance period and the fulfillment of vesting conditions.

Stakeholder Impact

• Shareholders: The vesting of performance shares indicates that the company met its performance targets, which is generally positive for shareholder value. The tax forfeiture is a standard administrative event with no direct operational impact.
• Employees: The continued employment contingency for future vesting highlights the importance of executive retention for long-term incentive plans.

Next Steps

• The remaining 50% of the restricted common shares are scheduled to vest on March 15, 2027, contingent upon continued employment.

Key Dates

Keywords

Tanger Inc., SKT, Form 4, Insider Transaction, Executive Compensation, Stock Vesting, Restricted Shares, Performance Shares, CFO, Corporate Governance