0000899715-23-000066.txt : 20230316
0000899715-23-000066.hdr.sgml : 20230316
20230316175231
ACCESSION NUMBER: 0000899715-23-000066
CONFORMED SUBMISSION TYPE: 4
PUBLIC DOCUMENT COUNT: 1
CONFORMED PERIOD OF REPORT: 20230314
FILED AS OF DATE: 20230316
DATE AS OF CHANGE: 20230316
REPORTING-OWNER:
OWNER DATA:
COMPANY CONFORMED NAME: Stein Justin C
CENTRAL INDEX KEY: 0001913505
FILING VALUES:
FORM TYPE: 4
SEC ACT: 1934 Act
SEC FILE NUMBER: 001-11986
FILM NUMBER: 23740032
MAIL ADDRESS:
STREET 1: 3200 NORTHLINE AVE.
STREET 2: 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_167900354035087.xml
FORM 4
X0306
4
2023-03-14
0
0000899715
TANGER FACTORY OUTLET CENTERS, INC
SKT
0001913505
Stein Justin C
3200 NORTHLINE AVE., SUITE 360
GREENSBORO
NC
27408
0
1
0
0
EVP, Leasing
Common Stock
2023-03-14
4
A
0
11410
0
A
32236
D
Notional Units
2023-03-14
4
A
0
24835
0
A
Common Stock
24835.0
24835
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 March 15th over a three year period beginning March 15th, 2024.
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 March 14, 2023 through March 13, 2026.
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 26.0% over the 3-year measurement period, 60% of this portion of the award will be earned if the Company's aggregate TSR equals 33.1%, and 100% of this portion of the award will be earned if the Company's aggregate TSR equals or exceeds 40.5%. 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 March 13, 2026 are subject to a time based vesting schedule. 50% of the shares will vest on March 20, 2026 and the remaining 50% will vest on March 15, 2027, contingent upon continued employment with the Company through the vesting dates.
/s/ Eric Richardson, attorney-in-fact for Mr. Stein
2023-03-16