Form 4: Tanger Inc. Director Thomas Reddin Awarded Limited Partnership Units

Director Thomas Reddin receives an award of Basic LTIP Units in Tanger Properties Limited Partnership, exchangeable for Tanger Inc. common shares.

Summary

• Thomas Reddin, a director of Tanger Inc., was awarded 5,060 Basic LTIP Units of Tanger Properties Limited Partnership on February 20, 2025.
• These units are exchangeable for Tanger Inc. common shares on a one-for-one basis, contingent upon meeting specific capital account allocations for federal income tax purposes.
• The Basic LTIP Units are intended to qualify as profits interests for US federal income tax purposes and are issued in place of restricted common shares.
• The units are scheduled to vest on February 15, 2026, with potential for accelerated vesting under certain circumstances, such as death or involuntary termination.

Sentiment

Score: 7

Explanation: The document reflects a standard executive compensation practice, suggesting stability and alignment of interests. The sentiment is neutral to positive.

Positives

• The award of LTIP units aligns the director's interests with the long-term performance of Tanger Inc.
• The vesting schedule incentivizes continued service and contribution to the company.
• The structure of the LTIP units is designed to be tax-efficient.

Future Outlook

The document does not contain specific forward-looking statements beyond the vesting schedule of the LTIP units.

Industry Context

This type of equity-based compensation is common in the real estate industry to align management and director interests with shareholder value.

Comparison to Industry Standards

• Equity-based compensation, such as LTIP units, is a standard practice among publicly traded REITs like Simon Property Group and Macerich to incentivize executives and directors.
• The vesting schedule and exchange terms are generally consistent with industry norms for long-term incentive plans.

Stakeholder Impact

• The award of LTIP units could positively impact shareholders by aligning director interests with long-term company performance.
• The award could positively impact the director by incentivizing them to improve company performance.

Key Dates

Keywords

Tanger Inc., Thomas Reddin, LTIP Units, Director, Beneficial Ownership, Form 4, Securities, Vesting