0000899715-23-000025.txt : 20230217 0000899715-23-000025.hdr.sgml : 20230217 20230217175610 ACCESSION NUMBER: 0000899715-23-000025 CONFORMED SUBMISSION TYPE: 4 PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20230215 FILED AS OF DATE: 20230217 DATE AS OF CHANGE: 20230217 REPORTING-OWNER: OWNER DATA: COMPANY CONFORMED NAME: Yalof Stephen CENTRAL INDEX KEY: 0001809284 FILING VALUES: FORM TYPE: 4 SEC ACT: 1934 Act SEC FILE NUMBER: 001-11986 FILM NUMBER: 23644375 MAIL ADDRESS: STREET 1: 3200 NORTHLINE AVE., SUITE 360 CITY: GREENSBORO STATE: NC ZIP: 27408 ISSUER: COMPANY DATA: COMPANY CONFORMED NAME: TANGER FACTORY OUTLET CENTERS, INC CENTRAL INDEX KEY: 0000899715 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE INVESTMENT TRUSTS [6798] IRS NUMBER: 561815473 STATE OF INCORPORATION: NC FISCAL YEAR END: 1231 BUSINESS ADDRESS: STREET 1: 3200 NORTHLINE AVENUE SUITE 360 CITY: GREENSBORO STATE: NC ZIP: 27408 BUSINESS PHONE: 3362923010 MAIL ADDRESS: STREET 1: 3200 NORTHLINE AVENUE SUITE 360 CITY: GREENSBORO STATE: NC ZIP: 27408 FORMER COMPANY: FORMER CONFORMED NAME: TANGER FACTORY OUTLET CENTERS INC DATE OF NAME CHANGE: 19930401 4 1 wf-form4_167667454398139.xml FORM 4 X0306 4 2023-02-15 0 0000899715 TANGER FACTORY OUTLET CENTERS, INC SKT 0001809284 Yalof Stephen 3200 NORTHLINE AVE., SUITE 360 GREENSBORO NC 27408 0 1 0 0 President & CEO Common Stock 2023-02-15 4 M 0 205480 0 A 675786 D Common Stock 2023-02-15 4 F 0 65691 18.79 D 610095 D Notional Units 2023-02-15 4 M 0 205480 0 D Common Stock 205480.0 0 D 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 February 15, 2023 and the remaining 50% will vest on February 15, 2024, contingent upon continued employment with the Company through the vesting dates. 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 February 11, 2020 through February 10, 2023, as certified by the Compensation Committee on February 14, 2023. With respect to 33.30% of the performance shares, 20% of this portion of the award was earned if the Company's aggregate TSR equals 36.8% over the 3-year measurement period, 60% of this portion of the award was earned if the Company's aggregate TSR equals 44.3%, and 100% of this portion of the award was earned if the Company's aggregate TSR equals or exceeds 52.1%. With respect to the other 66.70% of the performance shares, 20% of this portion of the award was 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 was 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 was earned if the Company's TSR is in the 80th percentile of its peer group or greater during this period. The performance shares converted on a pro-rata basis by linear interpolation between share price appreciation thresholds. 100% of the absolute and relative portions were actually earned. The notional units convert on a pro-rata basis by linear interpolation between share price appreciation thresholds. /s/ Eric Richardson, attorney-in-fact for Mr. Yalof 2023-02-17