Form 4: Tanger Executive Forfeits Shares for Tax Withholding

Tanger Inc.'s EVP, General Counsel, and Secretary, Jessica K. Norman, forfeited 5,164 shares of common stock at $33.79 per share to cover tax withholding liabilities.

Summary

• Jessica K. Norman, EVP, General Counsel, and Secretary of Tanger Inc., reported a change in beneficial ownership.
• On October 2, 2025, Ms. Norman forfeited 5,164 shares of Tanger Inc. common stock.
• The forfeiture was executed at a price of $33.79 per share.
• This transaction was solely to satisfy tax withholding obligations related to the vesting of her stock.
• Following this transaction, Ms. Norman directly owns 33,394 shares of Tanger Inc. common stock.
• The transaction was made pursuant to a Rule 10b5-1(c) plan, indicating it was pre-planned.

Sentiment

Score: 5

Explanation: Neutral. This is a routine, legally mandated disclosure of an insider transaction for tax purposes, not indicative of positive or negative company performance or strategic shifts.

Positives

• The transaction represents a routine compliance event related to executive compensation and stock vesting, which is a standard practice.

Negatives

• No direct negative implications for the company's operations or financial health are indicated by this routine tax-related transaction.

Risks

• No specific risks to the company's operations or financial performance are identified within this Form 4 filing, as it pertains to a personal insider transaction for tax purposes.

Future Outlook

This Form 4 filing does not contain any forward-looking statements or guidance regarding Tanger Inc.'s future performance or strategic outlook, as it is a disclosure of a past insider transaction.

Industry Context

This transaction is a standard insider trading disclosure, common across all publicly traded companies, reflecting executive compensation practices and tax obligations upon stock vesting. It does not provide specific insights into broader industry trends for the retail or real estate sectors in which Tanger Inc. operates.

Comparison to Industry Standards

• The forfeiture of shares for tax withholding is a routine and widely accepted practice for executives receiving equity compensation across all industries, including real estate investment trusts (REITs) like Tanger Inc.
• The use of a Rule 10b5-1(c) plan for such transactions is also a common corporate governance practice, demonstrating a pre-planned approach to insider trading to avoid accusations of trading on material non-public information.

Corporate Governance

Stakeholder Impact

• Shareholders: Minimal direct impact. This is a routine transaction for tax purposes and does not reflect a change in company fundamentals or strategy. It provides transparency regarding executive stock ownership.
• Employees, Customers, Suppliers, Creditors: No direct impact from this specific insider transaction.

Key Dates

Recommendation

This Form 4 filing details a routine, pre-planned forfeiture of shares by an executive to cover tax withholding liabilities upon stock vesting. Such transactions are common and do not reflect a change in the company's fundamentals, operational performance, or strategic direction. Therefore, it provides no new information to warrant a change in investment recommendation; a 'hold' stance is maintained based on existing company analysis.

Keywords

Tanger Inc., SKT, Form 4, Insider Transaction, Stock Forfeiture, Tax Withholding, Executive Compensation, Jessica K. Norman, Common Stock, Rule 10b5-1