Bilerman Michael J 4

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.