Form 4: Tanger COO Reports Stock Forfeiture and LTIP Award

Tanger Inc.'s EVP and COO, Leslie Swanson Gallardo, reported a forfeiture of shares for tax purposes and an award of LTIP units.

Summary

• EVP, Chief Operating Officer Leslie Swanson Gallardo reported transactions involving Tanger Inc. common stock and derivative securities.
• On February 17, 2026, 14,183 shares of Common Stock were forfeited at a price of $33.82 per share to satisfy a tax withholding liability.
• This forfeiture was related to the vesting of 35,695 restricted shares held by the reporting person.
• On February 13, 2026, 14,282 Basic LTIP Units of Tanger Properties Limited Partnership were acquired.
• These Basic LTIP Units are intended to qualify as profits interests for US federal income tax purposes.
• Upon vesting and satisfaction of minimum capital allocations, these units automatically convert into non-voting Class C Common Units, which can be exchanged for Tanger Inc. common shares on a one-for-one basis.
• The Basic LTIP Units are scheduled to vest one-third on February 15th of each of the first three calendar years following the grant date.

Sentiment

Score: 7

Explanation: StockSavvy.ai views this as a moderately positive development, reflecting ongoing executive compensation and alignment of interests, with routine tax-related transactions that do not indicate any adverse operational or financial issues.

Positives

• The award of 14,282 Basic LTIP Units aligns the Chief Operating Officer's long-term incentives with shareholder value creation, as these units are exchangeable for common stock upon vesting.

Future Outlook

The 14,282 Basic LTIP Units granted are scheduled to vest one-third on February 15th of each of the first three calendar years following the grant date, providing a clear future vesting schedule for a portion of the executive's compensation.

Industry Context

StockSavvy.ai notes that the grant of LTIP units and the forfeiture of shares for tax withholding are standard practices in executive compensation packages across various industries, designed to align management's interests with long-term company performance and shareholder returns.

Related Party Transactions

• The acquisition of Basic LTIP Units from Tanger Properties Limited Partnership, a related entity to Tanger Inc., represents a related party transaction as part of executive compensation.

Stakeholder Impact

• Shareholders may view the grant of LTIP units as a positive, as it further aligns the interests of the Chief Operating Officer with the long-term performance and value creation for the company.

Next Steps

• Vesting of Basic LTIP Units will occur one-third on February 15th of each of the first three calendar years following the grant date (February 13, 2026).

Key Dates

Recommendation

This Form 4 details routine executive compensation activities, including the vesting of restricted stock and the grant of new performance-based units, along with a tax-related forfeiture. These transactions are standard and do not provide new fundamental information to warrant a change in investment recommendation.

Keywords

Tanger, SKT, Form 4, Insider Transaction, Executive Compensation, LTIP Units, Stock Award, Tax Withholding