Tanger (NYSE: SKT) officer gets 20,828 LTIP units, withholds shares for tax

Rhea-AI Filing Summary

Tanger Inc. officer Michael J. Bilerman reported two equity-related transactions. On February 17, 2026, 14,577 restricted shares vested, with 7,556 common shares withheld at $33.82 per share to cover tax liabilities, leaving him with 128,839 common shares. Separately, on February 13, 2026, he received 20,828 Basic LTIP Units of Tanger Properties Limited Partnership at $0.00 per unit. These units are scheduled to vest in three equal installments each February 15 of the first three years after grant and can ultimately be exchanged one-for-one for Tanger Inc. common shares if vesting and tax allocation conditions are met.

Insider Trade Summary

2 transactions reported

Mixed 2 txns

Insider Bilerman Michael J

Role See Remarks

Type	Security	Shares	Price	Value
Tax Withholding	Common Stock	7,556	$33.82	$256K
Grant/Award	Limited Partnership Units exchangeable for Common Stock	20,828	$0.00	--

Holdings After Transaction: Common Stock — 128,839 shares (Direct); Limited Partnership Units exchangeable for Common Stock — 20,828 shares (Direct)

Footnotes (1)

1. This forfeiture was undertaken solely to satisfy a tax withholding liability related to the vesting of stock held by the reporting person. On February 17, 2026, 14,577 restricted shares vested, with 7,556 shares withheld to cover tax withholding liability. Reflects an award of Basic LTIP Units of Tanger Properties Limited Partnership, which, if and as they become vested, and conditioned upon the satisfaction of minimum allocations to the capital accounts of the Basic LTIP Units for federal income tax purposes, are automatically converted into non-voting Class C Common Units. Class C Common Units may be exchanged by the reporting person for Tanger Inc. common shares on a one-for-one basis. Basic LTIP Units are intended to qualify as profits interests for US federal income tax purposes. These Basic LTIP Units are scheduled to vest one-third on February 15th of each year of the first three calendar years following the grant (subject to accelerated vesting in certain cases, such as death and certain involuntary terminations).

Form 4 Insider Transactions: What Each Field Means →

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^*

Bilerman Michael J

(Last) (First) (Middle)

3200 NORTHLINE AVENUE, SUITE 360

(Street)

GREENSBORO NC 27408

(City) (State) (Zip)

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)
	See Remarks

3. Date of Earliest Transaction (Month/Day/Year)
02/13/2026

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

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

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

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	02/17/2026		F(1)		7,556	D	$33.82	128,839	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
Limited Partnership Units exchangeable for Common Stock(2)	(2)	02/13/2026		A		20,828(3)		(2)	(2)	Common Stock	20,828	$0	20,828	D

Explanation of Responses:

1. This forfeiture was undertaken solely to satisfy a tax withholding liability related to the vesting of stock held by the reporting person. On February 17, 2026, 14,577 restricted shares vested, with 7,556 shares withheld to cover tax withholding liability.

2. Reflects an award of Basic LTIP Units of Tanger Properties Limited Partnership, which, if and as they become vested, and conditioned upon the satisfaction of minimum allocations to the capital accounts of the Basic LTIP Units for federal income tax purposes, are automatically converted into non-voting Class C Common Units. Class C Common Units may be exchanged by the reporting person for Tanger Inc. common shares on a one-for-one basis. Basic LTIP Units are intended to qualify as profits interests for US federal income tax purposes.

3. These Basic LTIP Units are scheduled to vest one-third on February 15th of each year of the first three calendar years following the grant (subject to accelerated vesting in certain cases, such as death and certain involuntary terminations).

Remarks:

Title - Executive Vice President, Chief Financial Officer and Chief Investment Officer

	/s/ Eric Richardson, attorney-in-fact for Mr. Bilerman	02/18/2026
	** 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.

FAQ

What insider transactions did Michael J. Bilerman report at Tanger Inc. (SKT)?

Michael J. Bilerman reported a tax-withholding disposition of 7,556 common shares and an award of 20,828 Basic LTIP Units. The disposition covered taxes on vesting restricted shares, while the LTIP Units represent equity-based compensation that may convert into common shares if vesting conditions are met.

How many Tanger Inc. shares were withheld for taxes in this Form 4?

A total of 7,556 Tanger Inc. common shares were withheld to satisfy tax liabilities when 14,577 restricted shares vested. This tax-withholding disposition is coded “F” and reflects payment of tax obligations by delivering shares rather than an open-market sale.

How many Tanger Inc. shares does Michael J. Bilerman hold after these transactions?

After the tax-withholding disposition, Michael J. Bilerman directly holds 128,839 Tanger Inc. common shares. This figure reflects his updated direct ownership following the 7,556-share withholding related to the vesting of previously granted restricted stock.

What are the 20,828 Basic LTIP Units reported in Tanger Inc. (SKT)’s Form 4?

The 20,828 Basic LTIP Units are partnership units in Tanger Properties Limited Partnership granted as equity compensation. Once vested and subject to certain tax allocation conditions, they automatically convert to non-voting Class C Common Units, which can be exchanged one-for-one for Tanger Inc. common shares.

What is the vesting schedule for Michael J. Bilerman’s Basic LTIP Units at Tanger Inc.?

The Basic LTIP Units vest in three equal installments, one-third on February 15 of each of the first three calendar years after grant. The schedule can accelerate in specific situations such as death or certain involuntary terminations, according to the disclosed terms.

Was the Tanger Inc. insider transaction a sale of shares on the open market?

No, the 7,556-share transaction was a tax-withholding disposition, not an open-market sale. Shares were forfeited solely to cover tax liabilities arising from the vesting of 14,577 restricted shares, consistent with transaction code “F” for tax-related deliveries.