Tanger EVP converts 49,669 performance units

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.

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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.

Insider Trade Summary

49,669 shares exercised/converted

Exercise 3 txns

Insider Swanson Gallardo Leslie

Role EVP, Chief Operating Officer

Type	Security	Shares	Price	Value
Exercise	Notional Units	49,669	$0.00	$0.00
Exercise	Common Stock	49,669	$0.00	$0.00
Exercise Price or Tax Liability	Common Stock	9,773	$35.48	$347K

Holdings After Transaction: Notional Units — 0 contracts (Direct); Common Stock — 115,385 shares (Direct)

Footnotes (5)

F1. 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.
F2. 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.
F3. 100% of the absolute and relative portions were actually earned.
F4. 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.
F5. 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

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

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.

How many Tanger Inc. (SKT) shares did Leslie Swanson Gallardo have after the Form 4 transactions?

Following the reported transactions, Leslie Swanson Gallardo directly owned 115,385 shares of Tanger Inc. common stock. This figure reflects the newly converted restricted shares, the portion withheld for taxes, and the resulting updated direct ownership position.

Were any of Leslie Swanson Gallardo’s Tanger Inc. (SKT) shares sold on the open market?

No open-market sales were reported. The 9,773 shares shown as a disposition were forfeited solely to satisfy tax withholding related to the vesting of 24,835 restricted shares, rather than being sold to third-party buyers in the market.

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.

When will the remaining Tanger Inc. (SKT) restricted shares for Leslie Swanson Gallardo vest?

Fifty percent of the restricted common shares vested on March 20, 2026. The remaining 50% are scheduled to vest on March 15, 2027, provided Leslie Swanson Gallardo remains employed with Tanger Inc. through that future vesting date.

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Form 4 Insider Transactions: What Each Field Means →

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Accepted by SEC EDGAR 03/23/2026 - 04:37 PM

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

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

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^*

Swanson Gallardo Leslie

(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 Operating 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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock	03/20/2026		M		49,669⁽¹⁾	A	$0	125,158	D
Common Stock	03/20/2026		F⁽²⁾		9,773	D	$35.48	115,385	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)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Notional Units⁽³⁾⁽⁴⁾⁽⁵⁾	⁽³⁾⁽⁴⁾⁽⁵⁾	03/20/2026		M			49,669	⁽⁴⁾	⁽³⁾⁽⁴⁾⁽⁵⁾	Common Stock	49,669⁽³⁾⁽⁴⁾⁽⁵⁾	⁽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, 24,835 restricted shares vested, with 9,773 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 Ms. Swanson Gallardo	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)

Source: View Original Filing on SEC EDGAR