Form 4: Tanger CRO Justin Stein Reports Stock Transactions

Tanger's Chief Revenue Officer, Justin Stein, reported the acquisition of 10,712 LTIP units and the forfeiture of 10,036 common shares for tax withholding.

Summary

• Justin C. Stein, EVP, Chief Revenue Officer of Tanger Inc. (SKT), reported changes in his beneficial ownership.
• On February 17, 2026, 19,349 restricted shares vested, and 10,036 shares of Common Stock were forfeited at a price of $33.82 per share to satisfy tax withholding liabilities.
• Following this transaction, Mr. Stein beneficially owns 48,189 shares of Common Stock directly.
• On February 13, 2026, Mr. Stein was awarded 10,712 Basic LTIP Units of Tanger Properties Limited Partnership.
• These LTIP Units are exchangeable for Tanger Inc. common shares on a one-for-one basis upon vesting and conversion to Class C Common Units.
• The Basic LTIP Units are scheduled to vest one-third on February 15th of each of the first three calendar years following the grant, with potential for accelerated vesting under certain conditions.

Sentiment

Score: 6

Explanation: StockSavvy.ai views this as a routine disclosure of executive compensation, reflecting standard equity awards and tax-related share forfeitures, which are generally neutral for company sentiment.

Positives

• The award of 10,712 Basic LTIP Units represents a significant equity grant, aligning management's long-term interests with shareholder value.
• The vesting of 19,349 restricted shares indicates the achievement of prior compensation milestones.

Negatives

• 10,036 shares of Common Stock were forfeited to cover tax withholding liabilities, reducing direct share ownership.

Future Outlook

The 10,712 Basic LTIP Units awarded to Mr. Stein are scheduled to vest one-third on February 15th of each of the first three calendar years following the grant, subject to accelerated vesting in certain cases.

Industry Context

StockSavvy.ai notes that executive compensation packages frequently include equity awards such as restricted stock and LTIP units. These instruments are designed to align the interests of key management personnel with long-term shareholder value creation and serve as a retention mechanism, which is a common practice across the REIT sector.

Comparison to Industry Standards

• StockSavvy.ai observes that equity-based compensation, including restricted stock and LTIP units, is a standard practice across publicly traded companies, particularly in the REIT sector, to incentivize long-term performance and retention.
• The structure of LTIP units, which convert to common units and then to common stock, is a common mechanism in partnerships and REITs to provide tax-efficient equity incentives.

Stakeholder Impact

• Shareholders gain transparency into executive compensation and equity ownership, which can influence perceptions of management alignment with long-term company performance.

Next Steps

• Future vesting of the remaining two-thirds of the 10,712 Basic LTIP Units on February 15th of the second and third calendar years following the grant.

Key Dates

Recommendation

This Form 4 details routine executive compensation activities, including the vesting of restricted stock and the grant of LTIP units, along with a standard tax withholding transaction. These events do not alter the fundamental investment thesis for Tanger Inc. and are considered neutral from an investment recommendation standpoint.

Keywords

Tanger Inc., SKT, Form 4, Insider Transaction, Executive Compensation, LTIP Units, Stock Award, Beneficial Ownership, Tax Withholding