Form 4: Tanger Inc. Executive Vice President Michael Bilerman Reports Acquisition of Restricted Common Shares

Executive Vice President Michael Bilerman reports the acquisition of 19,831 restricted common shares of Tanger Inc. under the company's Amended and Restated Incentive Award Plan.

Summary

• Michael J Bilerman, Executive Vice President, Chief Financial Officer and Chief Investment Officer of Tanger Inc., reported a transaction on February 27, 2025.
• Bilerman acquired 19,831 shares of common stock through a grant of restricted common shares under Tanger Inc.'s Amended and Restated Incentive Award Plan.
• The shares were acquired at a price of $0.
• Following the transaction, Bilerman beneficially owns 160,544 shares of Tanger Inc. common stock directly.
• The restricted common shares vest in three equal installments on February 15th of each of the first three calendar years following the grant, with potential for accelerated vesting in certain cases.

Sentiment

Score: 7

Explanation: The sentiment is neutral to slightly positive. It reflects a standard executive compensation practice, indicating confidence in the company's future.

Positives

• The grant of restricted common shares to a key executive aligns his interests with the long-term performance of the company.
• The vesting schedule encourages continued service and commitment from the executive.

Future Outlook

The document does not contain specific forward-looking statements, but the vesting schedule of the restricted shares suggests an expectation of continued service from the executive.

Industry Context

Form 4 filings are standard disclosures for corporate insiders and provide transparency into their transactions in company stock. This filing indicates that Tanger Inc. is using equity-based compensation as part of its executive compensation strategy, which is common in the industry.

Comparison to Industry Standards

• Equity compensation is a common practice among publicly traded REITs like Tanger Inc. to align management's interests with shareholders.
• Comparable companies such as Simon Property Group (SPG) and Macerich (MAC) also utilize stock options and restricted stock units as part of their executive compensation packages.
• The vesting schedule of the restricted shares is typical, with annual vesting over a three-year period being a standard practice.

Stakeholder Impact

• Shareholders may view the equity grant as a positive sign, aligning management's interests with the company's performance.
• Employees may see the grant as a reflection of the company's commitment to its leadership team.

Key Dates