Tanger (NYSE: SKT) EVP receives fully earned performance shares

Rhea-AI Filing Summary

Tanger Inc. executive Justin C. Stein reported a compensation-related share transaction. He exercised 24,835 notional units into an equal number of restricted common shares based on total shareholder return performance targets over a three-year period.

According to the award terms, 50% of these restricted shares vested on March 20, 2026, and the remaining 50% are scheduled to vest on March 15, 2027, contingent on continued employment. On March 20, 2026, 12,418 restricted shares vested, and 6,337 shares were withheld at $35.48 per share to cover tax liabilities, rather than sold on the open market.

After these transactions, Stein directly holds 64,757 shares of Tanger common stock. No derivative positions remain from this particular award, making the activity a routine exercise-and-vesting event rather than an open-market purchase or sale.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Stein Justin C

(Last) (First) (Middle)

3200 NORTHLINE AVE., SUITE 360

(Street)

GREENSBORO NORTH CAROLINA 27408

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
TANGER INC. [ SKT ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	EVP, Chief Revenue Officer

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
03/20/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	03/20/2026		M		24,835(1)	A	$0	71,094	D
Common Stock	03/20/2026		F(2)		6,337	D	$35.48	64,757	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Notional Units(3)(4)(5)	(3)(4)(5)	03/20/2026		M			24,835	(4)	(3)(4)(5)	Common Stock	24,835(3)(4)(5)	$0(3)(4)(5)	0	D

Explanation of Responses:

1. Represents restricted common shares received from the conversion of notional units. Based on the share price targets achieved, each notional unit was converted into one restricted common share. 50% of the shares vested on March 20, 2026 and the remaining 50% will vest on March 15, 2027, contingent upon continued employment with the Tanger Inc. (the "Company") through the vesting dates.

2. This forfeiture was undertaken solely to satisfy a tax withholding liability related to the vesting of shares held by the reporting person. On March 20, 2026, 12,418 restricted shares vested, with 6,337 shares withheld to cover tax withholding liability.

3. 100% of the absolute and relative portions were actually earned.

4. Represents notional units, each of which converted into an equivalent number of restricted common shares based on the Company's share price appreciation inclusive of all dividends (TSR), and its TSR relative to its peer group, over the three-year measurement period from March 14, 2023 through March 13, 2026.

5. 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.

Remarks:

	/s/ Eric Richardson, attorney-in-fact for Mr. Stein	03/23/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)

FAQ

What did Tanger Inc. EVP Justin C. Stein report in this Form 4 for SKT?

Justin C. Stein reported a performance-based equity vesting. He converted 24,835 notional units into restricted common shares, with a portion vesting immediately and the rest scheduled to vest later, reflecting compensation tied to Tanger’s total shareholder return performance.

How many Tanger Inc. shares did Justin C. Stein acquire and hold after this Form 4?

Stein acquired 24,835 restricted common shares through unit conversion. After vesting and tax withholding, he directly owned 64,757 Tanger common shares, giving investors a sense of his ongoing equity stake in the company following the compensation event.

Were any of Justin C. Stein’s Tanger shares sold on the open market in this filing?

No open-market sales were reported. The 6,337 Tanger shares shown as a disposition were withheld by the company at $35.48 per share solely to satisfy tax withholding obligations related to the vesting, not discretionary selling by Stein.

What performance conditions triggered Justin C. Stein’s notional units conversion at Tanger Inc. (SKT)?

The units converted based on total shareholder return (TSR) performance. Conversion depended on Tanger’s share price appreciation including dividends, and its TSR relative to a peer group over a three-year period from March 14, 2023 through March 13, 2026.

How are the remaining restricted shares from Justin C. Stein’s award scheduled to vest at Tanger Inc.?

The award vests in two equal tranches. Half of the restricted shares vested on March 20, 2026, and the remaining 50% are scheduled to vest on March 15, 2027, contingent on Stein’s continued employment with Tanger through those vesting dates.

What portion of Justin C. Stein’s performance shares at Tanger Inc. were actually earned?

The performance award was fully earned. Footnote disclosure states that 100% of both the absolute and relative total shareholder return portions of the performance shares were earned, leading to full conversion of the 24,835 notional units into restricted common stock.