Form 4 for SKT TANGER INC.
Accepted 2024-02-28 00:00:00 ET · period of report 2024-02-26 · accession 0000899715-24-000056 · SEC index · Original document
Summary rows
Aggregated the way they appear in lists: one row per insider, transaction code and security table.
| X | Filed | Traded | Ticker | Insider | Title | Type | Price | Qty | Owned | ΔOwn | Value |
|---|---|---|---|---|---|---|---|---|---|---|---|
| D | 2024-02-28 | 2024-02-26 | SKT | Swanson Gallardo Leslie | EVP, COO | M - OptEx | $0.00 | +46.6K | 115.5K | +68% | $0 |
| D | 2024-02-28 | 2024-02-26 | SKT | Swanson Gallardo Leslie | EVP, COO | F - Tax | $28.78 | -9,175 | 106.3K | -8% | -$264.1K |
| D | 2024-02-28 | 2024-02-26 | SKT | Swanson Gallardo Leslie | EVP, COO | M - OptEx | — | -46.6K | 0 | -100% | — |
Purchase Sale Sale after option exercise All abbreviations
Every reported transaction
| # | Table | Security | Date | Code | A/D | Shares | Price | Owned after | Own | Exercise / expiry | Underlying | Footnotes |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Common | Common Stock | 2024-02-26 | M | A | 46,633 | $0.00 | 115,464 | D | — | — | (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 February 26, 2024 and the remaining 50% will vest on February 15, 2025, contingent upon continued employment with Tanger Inc. (the "Company") through the vesting dates. |
| 2 | Common | Common Stock | 2024-02-26 | F | D | 9,175 | $28.78 | 106,289 | D | — | — | |
| 3 | Derivative | Notional Units | 2024-02-26 | M | D | 46,633 | — | 0 | D | — · — to — | — Common Stock | (F3) 100% of the absolute and relative portions were actually earned. The notional units convert on a pro-rata basis by linear interpolation between share price appreciation thresholds. (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 February 22, 2021 through February 21, 2024. (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. |