Bilerman Michael J 4
4 · TANGER INC. · Filed Mar 23, 2026
Research Summary
AI-generated summary of this filing
Tanger (SKT) CFO Michael Bilerman Converts Awards; 20.6K Shares Withheld
What Happened
- Michael J. Bilerman, Executive Vice President, Chief Financial Officer and Chief Investment Officer of Tanger Inc. (SKT), converted 74,504 notional/performance units into 74,504 restricted common shares on March 20, 2026 (derivative exercise/conversion). Of those, 37,252 shares vested immediately and 20,601 shares were withheld/forfeited to satisfy tax withholding obligations at $35.48 per share, a withholding value of $730,923. The remaining 37,252 restricted shares will vest on March 15, 2027, subject to continued employment.
Key Details
- Transaction date: March 20, 2026. Withholding price: $35.48/share; withheld shares: 20,601; withholding value: $730,923.
- Conversion: 74,504 notional units converted into 74,504 restricted common shares (Form 4 code M = exercise/conversion of derivative).
- Vesting: 50% vested March 20, 2026 (37,252 shares); remaining 50% vests March 15, 2027 (37,252 shares), contingent on continued employment (footnote F1).
- Tax withholding: 20,601 shares were forfeited/withheld to cover tax liability related to the vesting (footnote F2).
- Performance achievement: The filing indicates 100% of the absolute and relative performance portions were earned, triggering full conversion (footnote F3/F4). Footnote F5 describes the TSR-based thresholds used to determine earned amounts.
- Shares owned after transaction: the filing does not disclose total shares owned following the transaction; net vested shares delivered to Bilerman on March 20, 2026 were 16,651 (37,252 vested less 20,601 withheld).
- Filing timeliness: filed March 23, 2026 for a March 20, 2026 transaction; not indicated as late in the filing.
Context
- This was a conversion/settlement of performance/notional units into restricted common stock, not an open-market purchase or sale. The withholding of 20,601 shares was performed solely to satisfy tax withholding obligations (not an open-market sale). The award conversion was driven by achievement of the company’s total shareholder return (TSR) targets and relative peer performance over the three-year measurement period.
Insider Transaction Report
Form 4
TANGER INC.SKT
Bilerman Michael J
See Remarks
Transactions
- Exercise/Conversion
Common Stock
[F1]2026-03-20+74,504→ 197,033 total - Tax Payment
Common Stock
[F2]2026-03-20$35.48/sh−20,601$730,923→ 176,432 total - Exercise/Conversion
Notional Units
[F3][F4][F5]2026-03-20−74,504→ 0 total→ Common Stock (74,504 underlying)
Footnotes (5)
- [F1]Represents restricted common shares received from the conversion of notional units. Based on the share price targets achieved, each notional unit was converted into one restricted common share. 50% of the shares vested on March 20, 2026 and the remaining 50% will vest on March 15, 2027, contingent upon continued employment with the Tanger Inc. (the "Company") through the vesting dates.
- [F2]This forfeiture was undertaken solely to satisfy a tax withholding liability related to the vesting of shares held by the reporting person. On March 20, 2026, 37,252 restricted shares vested, with 20,601 shares withheld to cover tax withholding liability.
- [F3]100% of the absolute and relative portions were actually earned.
- [F4]Represents notional units, each of which converted into an equivalent number of restricted common shares based on the Company's share price appreciation inclusive of all dividends (TSR), and its TSR relative to its peer group, over the three-year measurement period from March 14, 2023 through March 13, 2026.
- [F5]With respect to 33.30% of the performance shares, 20% of this portion of the award will be earned if the Company's aggregate TSR equals 26.0% over the 3-year measurement period, 60% of this portion of the award will be earned if the Company's aggregate TSR equals 33.1%, and 100% of this portion of the award will be earned if the Company's aggregate TSR equals or exceeds 40.5%. With respect to the other 66.70% of the performance shares, 20% of this portion of the award will be earned if the Company's TSR is in the 30th percentile of its peer group over the 3-year measurement period, 60% of this portion of the award will be earned if the Company's TSR is in the 55th percentile of its peer group during this period, and 100% of this portion of the award will be earned if the Company's TSR is in the 80th percentile of its peer group or greater during this period. The performance shares will convert on a pro-rata basis by linear interpolation between share price appreciation thresholds.
Signature
/s/ Eric Richardson, attorney-in-fact for Mr. Bilerman|2026-03-23