Bilerman Michael J 4

What Happened

• Michael J. Bilerman, Executive Vice President, Chief Financial Officer and Chief Investment Officer of Tanger Inc. (SKT), had 11,409 restricted shares vest on March 16, 2026. To satisfy the related tax withholding obligation, 6,310 shares were forfeited/withheld (transaction code F) at $35.15 per share, equal to $221,797 in value. This was a withholding for taxes tied to vesting, not an open-market sale.

Key Details

• Transaction date: 2026-03-16 (reported on Form 4 filed 2026-03-17)
• Withheld shares: 6,310 at $35.15 per share; total value reported: $221,797
• Vesting event: 11,409 restricted shares vested on March 16, 2026 (per footnote)
• Footnote: F1 — forfeiture solely to satisfy tax withholding from vesting
• Shares owned after transaction: not specified in the provided filing
• Filing timeliness: filed next day (no late-filing indication)

Context

• This was a routine tax-withholding (cashless) transaction when restricted stock vested, not a discretionary sale signaling a change in insider conviction. For retail investors, tax-withholdings on vesting are common and typically do not imply negative or positive insider sentiment.