0000899715-20-000090.txt : 20200414 0000899715-20-000090.hdr.sgml : 20200414 20200414172449 ACCESSION NUMBER: 0000899715-20-000090 CONFORMED SUBMISSION TYPE: 4 PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20200410 FILED AS OF DATE: 20200414 DATE AS OF CHANGE: 20200414 REPORTING-OWNER: OWNER DATA: COMPANY CONFORMED NAME: Yalof Stephen CENTRAL INDEX KEY: 0001809284 FILING VALUES: FORM TYPE: 4 SEC ACT: 1934 Act SEC FILE NUMBER: 001-11986 FILM NUMBER: 20792009 MAIL ADDRESS: STREET 1: 3200 NORTHLINE AVE., SUITE 360 CITY: GREENSBORO STATE: NC ZIP: 27408 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: 1231 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 FORMER COMPANY: FORMER CONFORMED NAME: TANGER FACTORY OUTLET CENTERS INC DATE OF NAME CHANGE: 19930401 4 1 wf-form4_158689947183633.xml FORM 4 X0306 4 2020-04-10 0 0000899715 TANGER FACTORY OUTLET CENTERS, INC SKT 0001809284 Yalof Stephen 3200 NORTHLINE AVE., SUITE 360 GREENSBORO NC 27408 0 1 0 0 President & COO Common Stock 2020-04-10 4 A 0 249447 0 A 249447 D Common Stock 2020-04-10 4 A 0 139861 0 A 389308 D Non-qualified Stock Option (Right to Buy) 7.15 2020-04-10 4 A 0 1000000 0 A 2030-04-10 Common Stock 1000000.0 1000000 D Notional Units 2020-04-10 4 A 0 205480 0 A Common Stock 205480.0 205480 D Represents a grant of restricted common shares. The restricted common shares vest and the restrictions cease to apply on one-third of the award on each April 10th over a three-year period beginning April 10, 2021. Represents a grant of non-qualified share options. The options vest and the restrictions cease to apply on one-fourth of the award on each December 31st over a four-year period beginning December 31, 2020. 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 11, 2020 through February 10, 2023. 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 36.8% over the 3-year measurement period, 60% of this portion of the award will be earned if the Company's aggregate TSR equals 44.3%, and 100% of this portion of the award will be earned if the Company's aggregate TSR equals or exceeds 52.1%. 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 10, 2023 are subject to a time based vesting schedule. 50% of the shares will vest on February 15, 2023 and the remaining 50% will vest on February 15, 2024, contingent upon continued employment with the Company through the vesting dates. /s/ Eric Richardson, attorney-in-fact for Mr. Yalof 2020-04-14