0000899715-18-000052.txt : 20180220
0000899715-18-000052.hdr.sgml : 20180220
20180220170053
ACCESSION NUMBER: 0000899715-18-000052
CONFORMED SUBMISSION TYPE: 4
PUBLIC DOCUMENT COUNT: 1
CONFORMED PERIOD OF REPORT: 20180215
FILED AS OF DATE: 20180220
DATE AS OF CHANGE: 20180220
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: 18625528
MAIL ADDRESS:
STREET 1: 1600 NE MIAMI GARDENS DRIVE
CITY: NORTH MIAMI BEACH
STATE: FL
ZIP: 33179
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
4
1
wf-form4_151916395548840.xml
FORM 4
X0306
4
2018-02-15
0
0000899715
TANGER FACTORY OUTLET CENTERS INC
SKT
0001408616
McDonough Thomas E.
3200 NORTHLINE AVENUE, STE 360
GREENSBORO
NC
27408
0
1
0
0
President & COO
Common Stock
2018-02-15
4
F
0
14769
21.81
D
159088
D
Common Stock
2018-02-16
4
A
0
58577
0
A
217665
D
Common Stock
2018-02-20
4
S
0
11276
22.55
D
206389
D
Notional Units
2018-02-16
4
A
0
76897
0
A
Common Stock
76897.0
76897
D
Represents a grant of restricted common shares under the Company's Amended and Restated Incentive Award Plan. The restricted common shares vest and the restrictions cease to apply on one-third of the award on each February 15th over a three year period beginning February 15, 2019.
The sales reported in this Form 4 were effected pursuant to a previously adopted plan intended to comply with Rule 10b5-1.
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 (TSR), and its TSR relative to a selected group, over the three-year measurement period from February 16, 2018 through February 15, 2021.
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 19.1% over the 3-year measurement period, 60% of this portion of the award will be earned if the Company's aggregate TSR equals 24.23%, and 100% of this portion of the award will be earned if the Company's aggregate TSR equals or exceeds 29.5%. 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.
Any restricted common shares earned on February 15, 2021 are subject to a time based vesting schedule. 50% of the shares will vest on February 17, 2021 and the remaining 50% will vest on February 17, 2022, contingent upon continued employment with the Company through the vesting dates.
/s/ James F. Williams, attorney-in-fact for Mr. McDonough
2018-02-20