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TANGER INC.·4

Feb 18, 8:12 PM ET

Bilerman Michael J 4

Research Summary

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Updated

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.