Bilerman Michael J 4

4 · TANGER INC. · Filed Feb 18, 2026

AI-generated summary of this filing

Updated Feb 19, 2026

Tanger (SKT) CFO Michael Bilerman Receives LTIP Award; Forfeits 7,556 Shares

What Happened

Michael J. Bilerman, Executive Vice President, Chief Financial Officer and Chief Investment Officer of Tanger Inc. (SKT), was granted 20,828 Basic LTIP Units on 2026-02-13 (reported as an award/derivative acquisition). On 2026-02-17, 7,556 shares were forfeited/withheld to satisfy tax withholding related to vesting, at $33.82 per share for a value of $255,544 (reported as a disposal for tax withholding).
The 20,828 LTIP Units were reported as acquired at $0 (derivative award). The withheld 7,556 shares arose from 14,577 restricted shares that vested on February 17, 2026, with 7,556 withheld to cover tax obligations.

Key Details

Transactions:
- 2026-02-13: Grant/Award (code A) — 20,828 Basic LTIP Units @ $0.00 (derivative award).
- 2026-02-17: Tax withholding/forfeiture (code F) — 7,556 shares @ $33.82, total $255,544 (disposed to satisfy tax withholding).
Shares owned after the transactions: Not disclosed in this filing.
Notable footnotes:
- F1: The 7,556-share forfeiture was solely to satisfy a tax withholding liability tied to the vesting of restricted shares (14,577 shares vested on Feb 17, 2026).
- F2: Basic LTIP Units convert into non-voting Class C Common Units (and may be exchanged one-for-one for Tanger Inc. common shares) if/when vested and certain tax conditions are met.
- F3: The Basic LTIP Units generally vest one-third on Feb 15 of each year for the first three years after grant (with some accelerated-vesting exceptions).
Filing: Report filed 2026-02-18. The filing shows the transactions in a single Form 4; the cover date matches 2026-02-13 (period of report).

Context

These LTIP units are a derivative award intended to convert to units/shares upon vesting and satisfying tax-related allocations; they were reported as an award (not an open-market purchase).
The 7,556-share transaction is a tax-withholding event (share withholding), a routine administrative disposition that occurs when vested shares are used to pay required taxes and does not necessarily reflect a discretionary sale decision.
Transaction codes: A = Award/Acquisition (derivative), F = Forfeiture/Tax withholding.

Form 4

Period: 2026-02-13

See Remarks

Transactions

Tax Payment
Common Stock
[F1]
2026-02-17$33.82/sh−7,556$255,544→ 128,839 total
Award
Limited Partnership Units exchangeable for Common Stock
[F2][F3]
2026-02-13+20,828→ 20,828 total
→ Common Stock (20,828 underlying)

Footnotes (3)

[F1]This forfeiture was undertaken solely to satisfy a tax withholding liability related to the vesting of stock held by the reporting person. On February 17, 2026, 14,577 restricted shares vested, with 7,556 shares withheld to cover tax withholding liability.
[F2]Reflects an award of Basic LTIP Units of Tanger Properties Limited Partnership, which, if and as they become vested, and conditioned upon the satisfaction of minimum allocations to the capital accounts of the Basic LTIP Units for federal income tax purposes, are automatically converted into non-voting Class C Common Units. Class C Common Units may be exchanged by the reporting person for Tanger Inc. common shares on a one-for-one basis. Basic LTIP Units are intended to qualify as profits interests for US federal income tax purposes.
[F3]These Basic LTIP Units are scheduled to vest one-third on February 15th of each year of the first three calendar years following the grant (subject to accelerated vesting in certain cases, such as death and certain involuntary terminations).

Signature

/s/ Eric Richardson, attorney-in-fact for Mr. Bilerman|2026-02-18

1 file