GREENSBORO, N.C., April 14, 2020 /PRNewswire/ -- Tanger
Factory Outlet Centers, Inc. (NYSE: SKT) announced today that the
Compensation Committee of the Company's Board of Directors granted
Stephen J. Yalof certain options to
purchase common shares of the Company ("Common Shares") and
restricted Common Shares (as described below) on April 10, 2020 in connection with finalizing his
employment as its President and Chief Operating Officer. As
previously announced, Mr. Yalof will transition to Chief Executive
Officer at the beginning of 2021.
As a material inducement to his hiring in accordance with New
York Stock Exchange Listing Rule 303A.08, Mr. Yalof was granted
options to purchase 1,000,000 Common Shares and 389,308 restricted
Common Shares. The options have an exercise price of $7.15 per Common Share, the closing trading price
of the Common Shares on April 9,
2020. One-fourth of the options will vest on December 31, 2020 and on each December 31 thereafter through December 31, 2023, provided that Mr. Yalof is
continuously employed through each applicable vesting date (subject
to acceleration upon certain terminations of employment). One-third
of the restricted Common Shares will vest on each anniversary of
the date of grant, provided that Mr. Yalof is continuously employed
through each applicable vesting date (subject to acceleration upon
certain terminations of employment).
About Tanger Factory Outlet Centers, Inc.
Tanger Factory Outlet Centers, Inc. (NYSE: SKT), is
a publicly-traded REIT headquartered in Greensboro, North Carolina that presently
operates and owns, or has an ownership interest in, a portfolio of
39 upscale outlet shopping centers. Tanger's operating
properties are located in 20 states and in Canada, totaling approximately 14.3 million
square feet, leased to over 2,800 stores which are operated
by more than 510 different brand name companies. The
Company has more than 39 years of experience in the outlet
industry. Tanger Outlet Centers continue to attract more than 181
million visitors annually. For more information on Tanger Outlet
Centers, call 1-800-4TANGER or visit the Company's website
at www.tangeroutlets.com.
Investor Contact
Information
|
Media Contact
Information
|
Cyndi Holt
|
Quentin
Pell
|
VP, Investor
Relations
|
VP, Corporate
Communications & Enterprise Risk Management
|
336-834-6892
|
336-834-6827
|
Cyndi.holt@tangeroutlets.com
|
Quentin.pell@tangeroutlets.com
|
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SOURCE Tanger Factory Outlet Centers, Inc.