Form 4: Tanger Inc. President & CEO Stephen Yalof Reports Stock Transactions Following Vesting of Notional Units
SEC Form 4 Filing
Stephen Yalof, President & CEO of Tanger Inc., reports the conversion of notional units into restricted common shares and a related tax withholding transaction.
Summary
- On February 26, 2024, Stephen Yalof, President & CEO of Tanger Inc., converted 155,441 notional units into restricted common shares.
- This conversion was based on Tanger Inc.'s share price appreciation and total shareholder return (TSR) relative to its peer group over a three-year measurement period from February 22, 2021, to February 21, 2024.
- Yalof also disposed of 35,332 common shares to satisfy a tax withholding liability related to the vesting of the stock at a price of $28.78 per share.
- Following these transactions, Yalof directly owns 741,450 shares of Tanger Inc. common stock.
Sentiment
Score: 5
Explanation: This is a neutral filing detailing routine stock transactions related to executive compensation.
Future Outlook
50% of the shares vested on February 26, 2024 and the remaining 50% will vest on February 15, 2025, contingent upon continued employment with Tanger Inc.
Industry Context
This filing is a routine disclosure related to executive compensation and stock ownership, common in publicly traded companies.
Stakeholder Impact
- The transactions may have a minor impact on shareholders due to the change in the CEO's stock ownership.
- Employees may be impacted by the vesting schedule of the restricted common shares.
Key Dates
| Date | Description |
|---|---|
| 02/22/2021 | Start date of the three-year measurement period for TSR performance. |
| 02/21/2024 | End date of the three-year measurement period for TSR performance. |
| 02/26/2024 | Date of notional unit conversion and tax-related share disposal. |
| 02/28/2024 | Date of signature on the Form 4 filing. |
| 02/15/2025 | Date of the remaining 50% vesting of the restricted common shares, contingent upon continued employment. |
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