REDDIN THOMAS 4

What Happened
Thomas Reddin, a director of Tanger Inc. (SKT), was granted 5,207 Basic LTIP Units on 2026-02-13. The award is reported at $0 cash consideration on the Form 4 and is a derivative award (Basic LTIP Units) that, if and when vested and certain tax allocations are met, automatically convert into non‑voting Class C Common Units. Those Class C units may be exchanged one‑for‑one for Tanger Inc. common shares. The Basic LTIP Units are intended to qualify as profits interests for U.S. federal income tax purposes.

Key Details

• Transaction date: February 13, 2026; Filing date: February 18, 2026 (filed five days after the transaction; appears to be later than the usual two-business-day Form 4 deadline).
• Award: 5,207 Basic LTIP Units; reported price $0.00 (derivative award).
• Vesting: Scheduled to vest on February 15, 2027 (subject to accelerated vesting in certain cases such as death or certain involuntary terminations).
• Conversion: Basic LTIP Units automatically convert into Class C Common Units upon vesting and satisfaction of minimum tax allocations; Class C units are exchangeable one‑for‑one for Tanger common shares.
• Filing notes: Footnote indicates some Basic LTIP Units were automatically converted into Class C Common Units (see footnote 3).
• Shares owned after transaction: Not specified in the information provided in this summary.

Context
This is a compensation award (grant of LTIP units), not an open‑market purchase or sale. Such awards are common for executives and directors and do not by themselves indicate a buy or sell signal. Because these are derivative/profits‑interest units, they only become shares if vesting and tax conditions are met (scheduled vesting Feb 15, 2027, with certain acceleration provisions).