Form 4: Tanger Inc. Director Steven B. Tanger Acquires 5,060 Limited Partnership Units

Director Steven B. Tanger reports the acquisition of 5,060 Limited Partnership Units in Tanger Inc. on February 20, 2025, convertible into common stock.

Summary

• On February 20, 2025, Steven B. Tanger, a director of Tanger Inc., acquired 5,060 Limited Partnership Units.
• These units, identified as Basic LTIP Units of Tanger Properties Limited Partnership, are convertible into non-voting Class C Common Units upon vesting and satisfaction of certain capital account allocations.
• Class C Common Units can be exchanged for Tanger Inc. common shares on a one-for-one basis.
• The Basic LTIP Units are intended to qualify as profits interests for US federal income tax purposes.
• These units were issued in lieu of restricted common shares and are scheduled to vest on February 15, 2026, with potential for accelerated vesting under specific circumstances.
• The director also indirectly beneficially owns 2,879,797 Limited Partnership Units held by Tango 7 LLC, which are exchangeable into shares of Tanger Inc.

Sentiment

Score: 6

Explanation: The sentiment is neutral as it's a standard regulatory filing detailing an equity award. The acquisition of shares by a director is generally viewed as a positive signal, but it's part of a compensation plan.

Positives

• The acquisition of Limited Partnership Units by a director could be seen as a positive sign, indicating confidence in the company's future performance.
• The vesting schedule provides an incentive for continued service and contribution to the company's success.

Future Outlook

The vesting of the LTIP units on February 15, 2026, is contingent on continued service and may be accelerated under certain circumstances.

Industry Context

This filing is a routine disclosure related to insider transactions and provides insight into the compensation structure for Tanger Inc.'s executives and directors, which includes equity-based incentives.

Stakeholder Impact

• The transaction could have a minor positive impact on shareholder sentiment, as it reflects insider confidence.
• Employees may view the equity award as a positive aspect of the company's compensation structure.

Key Dates

Keywords

Tanger Inc., Steven B. Tanger, Limited Partnership Units, LTIP Units, Director, Beneficial Ownership, Form 4, SKT