4//SEC Filing
TANGER FACTORY OUTLET CENTERS INC 4
Accession 0000899715-16-000225
$SKTCIK 0000899715operating
Filed
Feb 10, 7:00 PM ET
Accepted
Feb 11, 5:15 PM ET
Size
8.8 KB
Accession
0000899715-16-000225
Insider Transaction Report
Form 4
JESSUP MANUEL O
Senior VP - Human Resources
Transactions
- Award
Common Stock
2016-02-09+6,760→ 24,575 total - Award
Notional Units
2016-02-09+7,850→ 7,850 total→ Common Stock (7,850 underlying)
Footnotes (4)
- [F1]Represents a grant of restricted shares under the Company's Amended and Restated Incentive Award Plan. The restricted shares vest and the restrictions cease to apply on twenty percent of the award on each February 15th over a five year period beginning February 15, 2017.
- [F2]Represents a grant of performance shares which may convert into an equivalent number of restricted common shares of the Company based on the Company's share price appreciation inclusive of all dividends (TRS), and its TRS relative to its peer group, over the three-year measurement period from February 10, 2016 through February 9, 2019. The share price targets will be reduced on a penny-for-penny basis with respect to any dividend payments made during the measurement period.
- [F3]With respect to 50% of the performance shares, 20% of this portion of the award will be earned if the Company's aggregate TRS equals 18% over the three-year measurement period, 60% of this portion of the award will be earned if the Company's TRS equals 26.5%, and 100% of this portion of the award will be earned if the Company's TRS equals or exceeds 35%. With respect to the other 50% of the performance shares, 20% of this portion of the award will be earned if the Company's TRS is in the 40th percentile of its peer group over the three-year measurement period, 60% of this portion of the award will be earned if the Company's TRS 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 TRS is in the 70th 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.
- [F4]Any restricted common shares earned on February 9, 2019 are subject to a time based vesting schedule. 50% of the shares will vest on February 15, 2019 and the remaining 50% will vest on February 15, 2020, contingent upon continued employment with the Company through the vesting dates.
Documents
Issuer
TANGER FACTORY OUTLET CENTERS INC
CIK 0000899715
Entity typeoperating
IncorporatedNC
Related Parties
1- filerCIK 0000899715
Filing Metadata
- Form type
- 4
- Filed
- Feb 10, 7:00 PM ET
- Accepted
- Feb 11, 5:15 PM ET
- Size
- 8.8 KB