MATHRANI SANDEEP 4

What Happened
Sandeep Mathrani, a director of Tanger Inc., received a grant of 5,207 deferred share units (DSUs) on February 13, 2026. The units were issued at $0.00 (no cash outlay) and each DSU is equivalent to one common share; the filing reports no immediate sale or purchase.

Key Details

• Transaction date: 2026-02-13; reported on Form 4 filed 2026-02-18.
• Transaction type/code: Award/Grant (A); price reported $0.00; total cash cost at grant $0.
• Shares/units granted: 5,207 deferred share units (each equals one common share).
• Shares owned after transaction: Not specified in this Form 4.
• Footnote: DSUs issued under the Director Deferred Share Program. They vest and restrictions lapse on February 15, 2027 (subject to accelerated vesting in certain cases, e.g., death or certain involuntary terminations) and become payable in common shares on December 1, 2027.
• Timeliness: The Form 4 was filed five calendar days after the grant (filed 2026-02-18 for a 2026-02-13 transaction), which is after the typical two-business-day reporting window for Form 4s.

Context
Deferred share units are a common form of director compensation and are not an open-market purchase or sale — they represent future ownership that vests and converts to shares on the dates noted above. Because this is compensation, it should be viewed differently than a director buying or selling shares (which can signal sentiment); the grant itself does not require cash payment by the insider.