Form 4: Tanger Inc. Executive Justin Stein Reports Share Transactions

EVP of Leasing at Tanger Inc., Justin Stein, reports acquisition and disposal of common stock and derivative securities related to vesting of restricted shares and tax liabilities.

Summary

• Justin Stein, EVP of Leasing at Tanger Inc., filed a Form 4 detailing changes in beneficial ownership.
• On February 27, 2025, Stein acquired 25,685 common shares from the conversion of notional units at a price of $0 per share.
• Also on February 27, 2025, Stein disposed of 6,604 common shares at $35.3 per share to cover tax withholding liabilities related to vesting.
• Stein also acquired 9,066 restricted common shares under Tanger Inc.'s Amended and Restated Incentive Award Plan on the same date.
• Following these transactions, Stein beneficially owns 60,125 common shares.
• The notional units converted into restricted common shares based on Tanger's share price appreciation and TSR relative to its peer group over a three-year period.

Sentiment

Score: 7

Explanation: The sentiment is neutral to slightly positive. The transactions reflect standard compensation practices and alignment of executive interests with company performance. There are no alarming signals.

Positives

• The acquisition of shares through notional unit conversion indicates achievement of performance targets related to share price appreciation and TSR.
• The grant of restricted common shares under the incentive plan aligns Stein's interests with the company's long-term performance.

Negatives

• The disposal of shares to cover tax liabilities reduces Stein's overall holdings, although it's a standard practice related to vesting.

Risks

• The vesting of restricted shares is contingent upon continued employment, creating a potential risk if Stein were to leave the company before the vesting dates.

Future Outlook

The remaining 50% of the restricted common shares received from the conversion of notional units will vest on February 15, 2026, contingent upon continued employment.

Industry Context

Form 4 filings are standard practice and provide transparency into the transactions of company insiders, allowing investors to track management's alignment with shareholder interests.

Comparison to Industry Standards

• The vesting schedule of the restricted shares (one-third annually) is a common practice in the real estate industry for incentivizing executives.
• Using TSR relative to a peer group as a performance metric is also a standard approach to align executive compensation with shareholder value creation, similar to practices at Simon Property Group (SPG) and Macerich (MAC).

Stakeholder Impact

• The transactions provide transparency to shareholders regarding executive compensation and alignment of interests.
• Employees are impacted through the incentive award plan, which motivates performance and retention.

Key Dates