Tanger (SKT) executive earns full TSR performance shares, with tax withholding

Rhea-AI Filing Summary

Tanger Inc. executive Jessica K. Norman reported equity compensation activity tied to performance awards. On March 20, 2026, 10,574 notional units fully converted into 10,574 restricted common shares based on total shareholder return targets, leaving no remaining notional units outstanding. Footnotes state that 50% of these shares vested on March 20, 2026, and the remaining 50% are scheduled to vest on March 15, 2027, contingent on continued employment. On the same date, 2,689 common shares were forfeited at $35.48 per share solely to cover tax withholding on 5,287 vested restricted shares, leaving Norman with 37,791 directly held common shares.

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^*

Norman Jessica K

(Last) (First) (Middle)

3200 NORTHLINE AVENUE, 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)
	See Remarks

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		10,574(1)	A	$0	40,480	D
Common Stock	03/20/2026		F(2)		2,689	D	$35.48	37,791	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			10,574	(4)	(3)(4)(5)	Common Stock	10,574(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, 5,287 restricted shares vested, with 2,689 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. Norman	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 insider equity transaction did Tanger Inc. (SKT) report for Jessica K. Norman?

Tanger Inc. reported that executive Jessica K. Norman had 10,574 notional units convert into an equal number of restricted common shares. These shares were earned under performance conditions tied to total shareholder return over a three-year measurement period ending March 13, 2026.

How many Tanger Inc. (SKT) shares were used to cover Jessica Norman’s tax withholding?

On March 20, 2026, 2,689 Tanger Inc. common shares were forfeited solely to satisfy Jessica Norman’s tax withholding obligations. The footnotes clarify this related to 5,287 restricted shares that vested that day as part of her performance-based equity award.

What portion of Jessica Norman’s Tanger (SKT) performance shares has vested and what remains?

According to the Form 4 footnotes, 50% of Jessica Norman’s performance-based restricted shares vested on March 20, 2026. The remaining 50% are scheduled to vest on March 15, 2027, provided she remains employed with Tanger Inc. through that vesting date.

How many Tanger Inc. (SKT) shares does Jessica Norman hold after these transactions?

Following the March 20, 2026 transactions, Jessica Norman directly holds 37,791 Tanger Inc. common shares. This reflects the conversion of 10,574 notional units into restricted shares, net of 2,689 shares withheld to cover associated tax liabilities at vesting.

Were Jessica Norman’s Tanger (SKT) share dispositions open-market sales?

The filing indicates the 2,689-share disposition was coded “F,” meaning it was a tax-withholding transaction, not an open-market sale. Shares were withheld by the company to cover tax liability arising from the vesting of her restricted stock.

What performance metrics determined Jessica Norman’s Tanger (SKT) notional unit conversion?

The notional units converted based on Tanger’s total shareholder return, including dividends, and its relative TSR versus a peer group over March 14, 2023 to March 13, 2026. Footnotes note that 100% of both absolute and relative portions of the performance shares were earned.