0000899715-14-000010.txt : 20140103
0000899715-14-000010.hdr.sgml : 20140103
20140103171029
ACCESSION NUMBER: 0000899715-14-000010
CONFORMED SUBMISSION TYPE: 4
PUBLIC DOCUMENT COUNT: 1
CONFORMED PERIOD OF REPORT: 20140101
FILED AS OF DATE: 20140103
DATE AS OF CHANGE: 20140103
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: 14506821
MAIL ADDRESS:
STREET 1: 6 INDEPENDENCE CT
CITY: GREENSBORO
STATE: NC
ZIP: 27408
4
1
wf-form4_138878701873003.xml
FORM 4
X0306
4
2014-01-01
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
2014-01-01
4
M
0
24444
0
A
49358
D
Notional Units
2014-01-01
4
M
0
10000
0
D
Common Stock
24444.0
0
D
Represents restricted shares received from the conversion of notional units. Based on the share price targets achieved, each notional unit was converted into 2.444 restricted common shares. The restricted shares will vest and restrictions will cease to apply on December 31, 2014.
Each Notional Unit represents the right to receive one or more restricted common shares of the issuer contingent upon achieving designated share price targets determined at the end of a four-year measurement period ending on December 31, 2013. If the market price of issuer's common shares as of the end of the measurement period is at least $27.295 per share (but less than $29.245 per share), then each Notional Unit will convert into one restricted common share. If the market price of the issuer's common shares as of the end of the measurement period is at least $29.245 per share (but less than $31.19 per share), then each Notional Unit will convert into two restricted common shares. If the market price of issuer's common shares as of the end of the measurement period is at least $31.19 per share, then each Notional Unit will convert into three restricted common shares.
These share price targets will be reduced on a penny-for-penny basis with respect to any dividend payments made during the measurement period, provided that in no event will the minimum price target be below $24.18 per share. The conversion ratios for any share prices in between the above targets will be calculated by linear interpolation. If at the end of the four-year measurement period the issuer's share price does not achieve a market price of $27.295 per share, adjusted for any dividends, but such common shares performed above the 50th percentile of the issuer's peer group in terms of total return to shareholders, including the reinvestment of dividends, then each Notional Unit will convert into one restricted common share. Restricted shares issued will vest and restrictions will cease to apply on December 31, 2014.
/s/ James F. Williams, attorney-in-fact for Ms. Summerell
2014-01-03