0000899715-16-000226.txt : 20160211
0000899715-16-000226.hdr.sgml : 20160211
20160211171615
ACCESSION NUMBER: 0000899715-16-000226
CONFORMED SUBMISSION TYPE: 4
PUBLIC DOCUMENT COUNT: 1
CONFORMED PERIOD OF REPORT: 20160209
FILED AS OF DATE: 20160211
DATE AS OF CHANGE: 20160211
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: McDonough Thomas E.
CENTRAL INDEX KEY: 0001408616
FILING VALUES:
FORM TYPE: 4
SEC ACT: 1934 Act
SEC FILE NUMBER: 001-11986
FILM NUMBER: 161412737
MAIL ADDRESS:
STREET 1: 1600 NE MIAMI GARDENS DRIVE
CITY: NORTH MIAMI BEACH
STATE: FL
ZIP: 33179
4
1
wf-form4_145522895218758.xml
FORM 4
X0306
4
2016-02-09
0
0000899715
TANGER FACTORY OUTLET CENTERS INC
SKT
0001408616
McDonough Thomas E.
3200 NORTHLINE AVENUE, STE 360
GREENSBORO
NC
27408
0
1
0
0
EVP, Chief Operating Officer
Common Stock
2016-02-09
4
A
0
41860
0
A
213342
D
Notional Units
2016-02-09
4
A
0
61125
0
A
Common Stock
61125.0
61125
D
Represents a grant of restricted shares under the Company's Amended and Restated Incentive Award Plan. The restricted shares vest and the restrictions cease to apply on twenty five percent of the award on each February 15th over a four year period beginning February 15, 2017.
Represents a grant of performance shares which may convert, into an equivalent number of restricted common shares of the Company based on the Company's share price appreciation inclusive of all dividends (TRS), and its TRS relative to its peer group, over the three-year measurement period from February 10, 2016 through February 9, 2019. The share price targets will be reduced on a penny-for-penny basis with respect to any dividend payments made during the measurement period.
With respect to 50% of the performance shares, 20% of this portion of the award will be earned if the Company's aggregate TRS equals 18% over the three-year measurement period, 60% of this portion of the award will be earned if the Company's TRS equals 26.5%, and 100% of this portion of the award will be earned if the Company's TRS equals or exceeds 35%. With respect to the other 50% of the performance shares, 20% of this portion of the award will be earned if the Company's TRS is in the 40th percentile of its peer group over the three-year measurement period, 60% of this portion of the award will be earned if the Company's TRS 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 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 February 9, 2019 are subject to a time based vesting schedule. 50% of the shares will vest on February 15, 2019 and the remaining 50% will vest on February 15, 2020, contingent upon continued employment with the Company through the vesting dates.
/s/ James F. Williams, attorney-in-fact for Mr. McDonough
2016-02-11