4//SEC Filing
TANGER FACTORY OUTLET CENTERS INC 4
Accession 0000899715-17-000052
$SKTCIK 0000899715operating
Filed
Feb 15, 7:00 PM ET
Accepted
Feb 16, 6:17 PM ET
Size
10.2 KB
Accession
0000899715-17-000052
Insider Transaction Report
Form 4
McDonough Thomas E.
Executive VP of Operations
Transactions
- Award
Common Stock
2017-02-14+37,285→ 234,869 total - Award
Notional Units
2017-02-14+56,700→ 56,700 total→ Common Stock (56,700 underlying) - Tax Payment
Common Stock
2017-02-15$34.26/sh−9,731$333,384→ 225,138 total
Footnotes (4)
- [F1]Represents a grant of restricted common shares under the Company's Amended and Restated Incentive Award Plan. The restricted common shares vest and the restrictions cease to apply on one-third of the award on each February 15th over a three year period beginning February 15, 2018.
- [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 14, 2017 through February 13, 2020. 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 13, 2020 are subject to a time based vesting schedule. 50% of the shares will vest on February 15, 2020 and the remaining 50% will vest on February 15, 2021, 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 15, 7:00 PM ET
- Accepted
- Feb 16, 6:17 PM ET
- Size
- 10.2 KB