Tanger Inc. (NYSE: SKT) COO earns 49,669 TSR-based restricted shares
Filing Impact
Filing Sentiment
Form Type
4
Rhea-AI Filing Summary
Tanger Inc. executive vice president and chief operating officer Leslie Swanson Gallardo exercised performance-based notional units that converted into 49,669 restricted common shares tied to total shareholder return targets. Half of these shares vested on March 20, 2026, with the remaining half scheduled to vest on March 15, 2027, contingent on continued employment. To cover tax obligations from the vesting of 24,835 restricted shares, 9,773 shares were withheld at a value of $35.48 per share, a non-market, tax-withholding disposition. After these transactions, Swanson Gallardo directly owned 115,385 shares of Tanger common stock.
Positive
- None.
Negative
- None.
Insider Trade Summary
49,669 shares exercised/converted
Mixed
3 txns
Insider
Swanson Gallardo Leslie
Role
EVP, Chief Operating Officer
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Exercise | Notional Units | 49,669 | $0.00 | -- |
| Exercise | Common Stock | 49,669 | $0.00 | -- |
| Tax Withholding | Common Stock | 9,773 | $35.48 | $347K |
Holdings After Transaction:
Notional Units — 0 shares (Direct);
Common Stock — 125,158 shares (Direct)
Footnotes (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. 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, 24,835 restricted shares vested, with 9,773 shares withheld to cover tax withholding liability. 100% of the absolute and relative portions were actually earned. 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. 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.
FAQ
What did Tanger Inc. (SKT) disclose about Leslie Swanson Gallardo’s equity awards?
Tanger Inc. disclosed that EVP and COO Leslie Swanson Gallardo converted performance-based notional units into 49,669 restricted common shares. These awards were earned based on total shareholder return targets over a three-year measurement period ending March 13, 2026.
What performance conditions applied to Leslie Swanson Gallardo’s Tanger Inc. (SKT) notional units?
The notional units converted into restricted shares based on Tanger’s total shareholder return, including dividends, and its TSR relative to peers over March 14, 2023 to March 13, 2026. The filing states that 100% of the absolute and relative portions were actually earned.