Tanger (SKT) executive earns full TSR performance shares, with tax withholding
Filing Impact
Filing Sentiment
Form Type
4
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.
Positive
- None.
Negative
- None.
Insider Trade Summary
10,574 shares exercised/converted
Mixed
3 txns
Insider
Norman Jessica K
Role
See Remarks
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Exercise | Notional Units | 10,574 | $0.00 | -- |
| Exercise | Common Stock | 10,574 | $0.00 | -- |
| Tax Withholding | Common Stock | 2,689 | $35.48 | $95K |
Holdings After Transaction:
Notional Units — 0 shares (Direct);
Common Stock — 40,480 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, 5,287 restricted shares vested, with 2,689 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 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.
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.