Norman Jessica K 4
4 · TANGER INC. · Filed Mar 23, 2026
Research Summary
AI-generated summary of this filing
Tanger (SKT) Insider Jessica K. Norman Exercises Units; Taxes Withheld
What Happened
Jessica K. Norman (insider) converted 10,574 notional/performance units into restricted common shares on March 20, 2026. Fifty percent of those shares (5,287) vested immediately; 2,689 of the vested shares were withheld to cover tax withholding (valued at $95,406 based on $35.48/share). The remaining 5,287 restricted shares will vest on March 15, 2027, subject to continued employment. The conversion was recorded at $0 exercise price (i.e., restricted shares issued from performance/notional units).
Key Details
- Transaction date: March 20, 2026 (Form 4 filed March 23, 2026; filing appears timely).
- Conversion: 10,574 notional units converted into 10,574 restricted common shares (reported as derivative exercise/conversion, code M) at $0.00.
- Vesting and withholding: 5,287 shares vested immediately; 2,689 shares (withheld) disposed to satisfy tax withholding at $35.48/share = $95,406.
- Remaining vesting: 5,287 restricted shares vest March 15, 2027, contingent on continued employment.
- Footnotes: conversion based on three-year TSR/performance metrics; company reports 100% of the absolute and relative performance portions were earned.
- Shares owned after transaction: not specified in the provided excerpt.
Context
- This was a performance/notional unit conversion and partial vesting, not an open-market sale. The 2,689-share “disposition” was a routine withholding to cover taxes (a common sell-to-cover or share-for-tax withholding mechanism), not a signal of an open-market sell.
- For retail investors: such conversions reflect plan payouts tied to multi-year performance metrics; receiving shares (even with tax withholding) is different from an outright sale and often reflects prior awarded compensation becoming payable.
Insider Transaction Report
Form 4
TANGER INC.SKT
Norman Jessica K
See Remarks
Transactions
- Exercise/Conversion
Common Stock
[F1]2026-03-20+10,574→ 40,480 total - Tax Payment
Common Stock
[F2]2026-03-20$35.48/sh−2,689$95,406→ 37,791 total - Exercise/Conversion
Notional Units
[F3][F4][F5]2026-03-20−10,574→ 0 total→ Common Stock (10,574 underlying)
Footnotes (5)
- [F1]Represents restricted common shares received from the conversion of notional units. Based on the share price targets achieved, each notional unit was converted into one restricted common share. 50% of the shares vested on March 20, 2026 and the remaining 50% will vest on March 15, 2027, contingent upon continued employment with the Tanger Inc. (the "Company") through the vesting dates.
- [F2]This forfeiture was undertaken solely to satisfy a tax withholding liability related to the vesting of shares held by the reporting person. On March 20, 2026, 5,287 restricted shares vested, with 2,689 shares withheld to cover tax withholding liability.
- [F3]100% of the absolute and relative portions were actually earned.
- [F4]Represents notional units, each of which converted into an equivalent number of restricted common shares based on the Company's share price appreciation inclusive of all dividends (TSR), and its TSR relative to its peer group, over the three-year measurement period from March 14, 2023 through March 13, 2026.
- [F5]With respect to 33.30% of the performance shares, 20% of this portion of the award will be earned if the Company's aggregate TSR equals 26.0% over the 3-year measurement period, 60% of this portion of the award will be earned if the Company's aggregate TSR equals 33.1%, and 100% of this portion of the award will be earned if the Company's aggregate TSR equals or exceeds 40.5%. With respect to the other 66.70% of the performance shares, 20% of this portion of the award will be earned if the Company's TSR is in the 30th percentile of its peer group over the 3-year measurement period, 60% of this portion of the award will be earned if the Company's TSR is in the 55th percentile of its peer group during this period, and 100% of this portion of the award will be earned if the Company's TSR is in the 80th percentile of its peer group or greater during this period. The performance shares will convert on a pro-rata basis by linear interpolation between share price appreciation thresholds.
Signature
/s/ Eric Richardson, attorney-in-fact for Ms. Norman|2026-03-23