TANGER STEVEN B 4

What Happened

• Steven B. Tanger, a director of Tanger Inc. (SKT), had notional/performance units convert into 49,669 restricted common shares on March 20, 2026. The reported transactions are coded as conversion/exercise of a derivative (M). The shares were issued at $0.00 (no cash paid) and 100% of these shares vested on March 20, 2026 under his employment agreement (footnote F1).

Key Details

• Transaction date: March 20, 2026; Form 4 filed: March 23, 2026.
• Reported entries: 49,669 shares acquired via conversion/exercise (price $0.00) and a corresponding derivative disposition entry reflecting the conversion.
• Vesting/award notes: Footnote F1—conversion of notional units into restricted common shares; 100% vested on March 20, 2026. Footnotes F4–F5 describe the performance-share structure and TSR/peer-based vesting thresholds that governed the original award. Footnote F3 confirms the awards were fully earned.
• Ownership note: Footnote F2 states the post-transaction beneficial ownership figure excludes 2,879,797 Limited Partnership Units held by Tango 7 LLC that are exchangeable into Tanger shares and are indirectly beneficially owned by the reporting person.
• Filing timing: Form 4 dated Mar 23, 2026 is shown; retail investors should note Form 4s are normally filed within two business days of a reportable transaction.

Context

• This was a conversion/vesting of previously granted notional/performance units into restricted shares (an award/settlement), not an open-market buy or sale. No cash was exchanged on issuance. The Form 4 lists both the acquisition of the underlying shares and a derivative disposition entry to reflect the conversion event.