Swanson Gallardo Leslie 4

What Happened Leslie Swanson Gallardo, Chief Operating Officer of Tanger Inc. (SKT), converted notional/performance units into 49,669 restricted common shares on March 20, 2026. Of the shares that vested on that date (24,835 shares), 9,773 restricted shares were forfeited to satisfy tax withholding obligations, representing roughly $346,746 at $35.48 per share. The conversion is reported as an exercise/conversion of derivative awards rather than an open‑market purchase or sale.

Key Details

• Transaction date: March 20, 2026 (Form 4 filed March 23, 2026; filing marked late).
• Primary entries: conversion/exercise of 49,669 notional/performance units into restricted shares (code M); 9,773 shares forfeited/withheld for taxes (code F) at $35.48 per share, $346,746 value.
• Vesting: 50% of the converted shares vested on March 20, 2026 (24,835 shares); the remaining 50% is scheduled to vest March 15, 2027, contingent on continued employment.
• Performance outcome: footnotes indicate 100% of the absolute and relative performance portions were earned and the notional units converted based on three‑year TSR performance.
• Shares owned after the transaction: not specified in this filing.
• Filing timeliness: indicated as late (filed 3 days after the transaction date).

Context This was a conversion of long‑term incentive notional/performance units into restricted shares tied to total shareholder return (TSR) and relative peer performance over a three‑year period—not an open‑market buy or sell. The withholding (forfeiture) of shares to cover taxes is a routine administrative step and does not necessarily indicate a discretionary sale.