0000899715-13-000040.txt : 20130214
0000899715-13-000040.hdr.sgml : 20130214
20130214193415
ACCESSION NUMBER: 0000899715-13-000040
CONFORMED SUBMISSION TYPE: 4
PUBLIC DOCUMENT COUNT: 1
CONFORMED PERIOD OF REPORT: 20130212
FILED AS OF DATE: 20130214
DATE AS OF CHANGE: 20130214
ISSUER:
COMPANY DATA:
COMPANY CONFORMED NAME: TANGER FACTORY OUTLET CENTERS INC
CENTRAL INDEX KEY: 0000899715
STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE INVESTMENT TRUSTS [6798]
IRS NUMBER: 561815473
STATE OF INCORPORATION: NC
FISCAL YEAR END: 0101
BUSINESS ADDRESS:
STREET 1: 3200 NORTHLINE AVENUE SUITE 360
CITY: GREENSBORO
STATE: NC
ZIP: 27408
BUSINESS PHONE: 3362923010
MAIL ADDRESS:
STREET 1: 3200 NORTHLINE AVENUE SUITE 360
CITY: GREENSBORO
STATE: NC
ZIP: 27408
REPORTING-OWNER:
OWNER DATA:
COMPANY CONFORMED NAME: SUMMERELL VIRGINIA R
CENTRAL INDEX KEY: 0001218084
FILING VALUES:
FORM TYPE: 4
SEC ACT: 1934 Act
SEC FILE NUMBER: 001-11986
FILM NUMBER: 13617101
MAIL ADDRESS:
STREET 1: 6 INDEPENDENCE CT
CITY: GREENSBORO
STATE: NC
ZIP: 27408
4
1
wf-form4_136088843629820.xml
FORM 4
X0306
4
2013-02-12
0
0000899715
TANGER FACTORY OUTLET CENTERS INC
SKT
0001218084
SUMMERELL VIRGINIA R
3200 NORTHLINE AVENUE, SUITE 360
GREENSBORO
NC
27408
0
1
0
0
Senior VP, Treasurer
Common Stock
2013-02-12
4
A
0
6914
0
A
29914
D
Notional Units
2013-02-12
4
A
0
8550
0
A
Common Stock
8550.0
8550
D
Represents a grant of restricted shares approved by the Company's Board of Directors on February 12, 2013 under the Company's Amended and Restated Incentive Award Plan. The restricted shares vest and the restrictions cease to apply on twenty percent of the award on each February 28th over a five year period beginning February 28, 2014.
Represents performance shares which may convert, into an equivalent number of restricted common shares of the Company based on the Companys share price appreciation inclusive of all dividends (TRS), and its TRS relative to its peer group, over the three-year measurement period from January 1, 2013 through December 31, 2015. The share price targets will be reduced on a dollar-for-dollar basis with respect to any dividend payments made during the measurement period. The number of restricted shares earned shall in no event exceed the product of(a) the performance shares granted and (b) $42.04.
With respect to 70% of the performance shares, 33.33% of this portion of the award will be earned if the Company's aggregate TRS equals 25% over the three-year measurement period, 66.67% of the award will be earned if the Company's TRS equals 30%, and 100% of this portion of the award will be earned if the Company's TRS equals 35% or higher. With respect to 30% of the performance shares, 33.33% of this portion of the award will be earned if the Company's TRS is in the 50th percentile of its peer group over the three-year measurement period, 66.67% of this portion of the award will be earned if the Company's TRS is in the 60th percentile of its peer group during this period, and 100% of this portion of the award will be earned if the Company's TRS is in the 70th 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
Any restricted common shares earned on December 31, 2015 are subject to a time based vesting schedule. 50% of the shares will vest on January 4, 2016 and the remaining 50% will vest on January 3, 2017, contingent upon continued employment with the Company through the vesting dates.
/s/ James F. Williams, attorney-in-fact for Ms. Summerell
2013-02-14