TANGER INC. — Director's Dealing 2025

Feb 28, 2025

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: TANGER INC. (SKT)
CIK: 0000899715
Period of Report: 2025-02-27

Reporting Person: TANGER STEVEN B (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2025-02-27	Common Stock	M	77055	—	Acquired	997353	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2025-02-27	Notional Units	$	M	77055	Disposed		Common Stock (77055)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	5000	Indirect

Footnotes

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. 100% of the shares vested on February 27, 2025 based on the terms of his employment agreement.

F2: Number of shares of common shares beneficially owned following reported transactions does not include 2,879,797 Limited Partnership Units that are exchangeable into shares of Tanger Inc. held by Tango 7 LLC and considered indirectly beneficially owned by the Reporting Person.

F3: 100% of the absolute and relative portions were actually earned.

F4: Represents performance shares which may convert, into an equivalent number of restricted common shares of the Company based on the Company's share price appreciation inclusive of all dividends (TRS), and its TRS relative to its peer group, over the three-year measurement period from February 23, 2022 through February 22, 2025.

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.