Document:

tfoc8k12302008ex10-7.htm

    AMENDED AND RESTATED
EMPLOYMENT AGREEMENT

     

    THIS
AMENDED AND RESTATED EMPLOYMENT AGREEMENT is entered into and made effective as
of December 29, 2008 between TANGER PROPERTIES LIMITED
PARTNERSHIP, a North Carolina Limited Partnership, (the “Company”) and
FRANK C. MARCHISELLO,
Jr., a resident of North Carolina, (“Marchisello”).

     

    RECITALS

     

    A. Company
and Marchisello entered into an employment agreement dated as of January 1,
2004 (the “Existing Employment Contract”).

     

    B. The
Company and Marchisello wish to modify and amend the Existing Employment
Contract as provided herein.

     

    NOW
THEREFORE, in consideration of the promises contained herein and other valuable
consideration, the parties agree as follows:

     

    1. Certain
Definitions.

     

    (a) “Annual Base Salary”
is defined in Section 5(a).

     

    (b) “Annual Bonus” is
defined in Section 5(b).

     

    (c) “Benefits” is defined
in Section 5(b)(iv).

     

    (d) “Cause”:  For
purposes of this Agreement, the Company shall have “Cause” to terminate
Marchisello’s employment hereunder upon (i) Marchisello causing material
harm to the Company through a material act of dishonesty in the performance of
his duties hereunder, (ii) his conviction of a felony involving moral
turpitude, fraud or embezzlement, or (iii) his willful failure to perform
his material duties under this Agreement (other than a failure due to
disability) after written notice specifying the failure and a reasonable
opportunity to cure (it being understood that if his failure to perform is not
of a type requiring a single action to cure fully, that he may commence the cure
promptly after such written notice and thereafter diligently prosecute such cure
to completion).

     

    (e) “Change of Control”
shall mean (A) the sale, lease, exchange or other transfer (other than
pursuant to internal reorganization) by the Company or Tanger Factory Outlet
Centers, Inc. (the “TFOC”) of more than 50% of its assets to a single purchaser
or to a group of associated purchasers; (B) a merger, consolidation or
similar transaction in which TFOC or the Company does not survive as an
independent, publicly owned corporation or TFOC or an entity wholly owned by
TFOC ceases to be the sole general partner of the Company; or (C) the
acquisition of securities of TFOC or the Company in one or a related series of
transactions (other than pursuant to an internal reorganization) by a single
purchaser or a group of 

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    associated
purchasers (other than Marchisello or any of his lineal descendants, lineal
ancestors or siblings) which results in their ownership of twenty-five (25%)
percent or more of the number of Common Shares of TFOC (treating any Partnership
Units or Preferred Shares acquired by such purchaser or purchasers as if
they had been converted to Common Shares) that would be outstanding if all of
the Partnership Units and Preferred Shares were converted into Common Shares;
(D) a merger involving TFOC if, immediately following the merger, the
holders of TFOC’s shares immediately prior to the merger own less than fifty
(50%) of the surviving company’s outstanding shares having unlimited voting
rights or less than fifty percent (50%) of the value of all of the surviving
company’s outstanding shares; or (E) a majority of the members of the
Company’s Board of Directors are replaced during any twelve month period by
directors whose appointment or election is not endorsed by a majority of the
members of the Board prior to the date of the appointment or
election.

     

    (f) “Disability” shall
mean the absence of Marchisello from Marchisello’s duties to the Company
and/or TFOC on a full-time basis for a total of 16 consecutive weeks during any
12 month period as a result of incapacity due to mental or physical illness
which is determined to be total and permanent by a physician selected by the
Company and acceptable to Marchisello or Marchisello’s legal representative
(such agreement as to acceptability not to be withheld
unreasonably).

     

    (g) A “Contract Year” shall
be a calendar year.

     

    (h) “Good
Reason”:  Marchisello shall have Good Reason to terminate
his employment upon the occurrence of any of the following
events:

     

    (1) any
material adverse change in his job titles, duties, responsibilities,
perquisites granted hereunder, or authority without his consent;

     

    (2) if, after
a Change of Control, either the principal duties of Marchisello are
required to be performed at a location other than the Greensboro, North Carolina
metropolitan area without his consent;

     

    (3) a
material breach of this Employment Agreement by the Company, including
without limitation, the failure to pay compensation or benefits when due
hereunder if such failure is not cured within 30 days after delivery to the
Company of Marchisello’s written demand for payment thereof; or

     

    (4) if
Marchisello elects to terminate his employment by written notice to the
Company within the 180 day period following a Change of Control.

     

    (i) “Contract Term” is
defined in Section 2(b).

     

    (j) “Section 409A” shall
mean, collectively, Section 409A of the Internal Revenue Code of 1986, as
amended, and the Department of Treasury Regulations and other interpretive
guidance promulgated thereunder, including without limitation any such
regulations or other guidance that may be issued after the date of this
amendment and restatement.

     

    2. EMPLOYMENT.

     

    (a) Marchisello’s
employment by the Company is continued under this Agreement, which
supercedes and replaces the Existing Employment Contract, during the Contract
Term (as defined below) upon the terms and conditions herein provided, unless
Marchisello’s employment is terminated earlier as provided in Section 6
hereof.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    (b) The
initial Contract Term of the Existing Employment Contract began as of
January 1, 2004 (the “Commencement Date”) and ended on December 31,
2006 (the “Initial Contract Term”).  On each January 1 for the
calendar years 2005 through 2008, the Contract Term was automatically extended
by one year, and on the first day of January of each calendar year thereafter
(an “Extension Date”), the Contract Term shall be automatically extended by one
year unless (i) Marchisello’s employment has been earlier terminated as
provided in Section 6 or (ii) the Company gives written notice to
Marchisello one hundred eighty (180) days prior to the Extension Date that the
Contract Term shall not be automatically extended.  For purposes of
illustration, if Marchisello’s employment has not been terminated as provided in
Section 6 and if the Company has not given written notice to Marchisello at
least 180 days prior to January 1, 2010 that the Contract Term will not be
extended, on January 1, 2010, the Contract Term will be extended to and
including December 31, 2012.

     

    If the
Contract Term is extended as provided herein, Marchisello’s employment may be
terminated (other than upon expiration) only as provided in
Section 6.  References herein to the “Contract Term” shall refer
to the Initial Contract Term as extended pursuant to this
Section 2.

     

    3. Position and
Duties.  Marchisello
shall serve in the following manner:

     

    (a) During
Marchisello’s employment hereunder, he shall serve as:

     

    (1) an
executive employee of the Company and shall report to a designated senior
executive officer of the Company, and

     

    (2) the
Executive Vice President and Chief Financial Officer of TFOC and shall have
such duties, functions, responsibilities and authority as are consistent with
those positions.

     

    4. Competition

     

    (a) Marchisello
shall be prohibited from engaging in Competition (as defined in subsection
4(b) below) with the Company or TFOC during the following described
periods:  (i) during the period beginning on the date hereof and
extending through the date on which Marchisello’s employment hereunder is
terminated; (ii) if Marchisello’s employment is terminated by the Company
for Cause or by Marchisello without Good Reason, from the date of such
termination through the date of the first anniversary of such termination date
and (iii) if Marchisello receives the Severance Payment described in
Section 7(a) because of a termination of his employment by the Company without
Cause or by Marchisello for Good Reason, from the date of such termination
through the date of the third anniversary of such termination date.

     

    (b) During
the period prior to the termination of Marchisello’s employment hereunder,
the term “Competition” for purposes of this Agreement shall mean Marchisello’s
management, development or construction of any factory outlet centers or
competing retail commercial property outside the Company and TFOC or any other
active or passive investment in property connected with a factory outlet center
or a competing retail commercial property outside the Company and TFOC, with the
exception of

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    (1) the
ownership of up to 1% of any class of securities of any publicly traded
company, and

     

    (2) service
on the board of directors of any publicly traded company, whether or not
such company engages in Competition as defined in this subsection
4(b

     

    Provided
however, for any period following the termination of Marchisello’s employment,
Marchisello shall be considered as engaging in “Competition” prohibited by this
Section only if Marchisello engages in the prohibited activities with respect to
a property that is within a fifty (50) mile radius of the site of any commercial
property owned, leased or operated by TFOC and/or the Company on the date
Marchisello’s employment terminated or with respect to a property that is within
a fifty (50) mile radius of any commercial property which TFOC and/or Company
actively negotiated to acquire, lease or operate within the six (6) month period
ending on the date of the termination of Marchisello’s employment.

     

    (c) Marchisello
covenants that a breach of subsection 4(a) above would immediately and
irreparably harm the Company and TFOC and that a remedy at law would be
inadequate to compensate the Company and TFOC for their losses by reason of such
breach and therefore that the Company and/or TFOC shall, in addition to any
other rights and remedies available under this Agreement, at law or otherwise,
be entitled to an injunction to be issued by any court of competent jurisdiction
enjoining and restraining Marchisello from committing any violation of
subsection 4(a) above, and Marchisello hereby consents to the issuance of such
injunction.

     

    5. Compensation and Related
Matters.  During
Marchisello’s employment hereunder, Marchisello shall be paid the compensation
and shall be provided with the benefits described below:

     

    (a) Annual Base
Salary.  Marchisello’s annual base compensation
(“Annual Base Salary”) payable with respect to the Contract Year ending
December 31, 2004 shall be $275,000.00.  The amount of Annual
Base Salary payable to Marchisello with respect to each Contract Year thereafter
shall be an amount negotiated between and agreed upon by Marchisello and the
Company but in no event less than Marchisello’s Annual Base Salary for the prior
Contract Year.

     

    (b) Annual
Bonus.  As additional compensation for services
rendered, Marchisello shall receive such bonus or bonuses as the Company’s
Board of Directors may from time to time approve including without limitations
awards under the Company’s Incentive Award Plan; provided that any
Annual Bonus shall be payable on or prior to the fifteenth (15th) day of
the third (3rd)
calendar month following the end of the calendar year with respect to which such
Annual Bonus relates.

     

    (c) Benefits.  Marchisello
shall be entitled to (i) receive stock options (incentive or
nonqualified) under the Company’s Unit Option Plan; (ii) participate in the
Company’s 401(k) Savings Plan; (iii) receive vacation during each Contract
Year in accordance with the policy of the Company; and (iv) participate in
or receive benefits under any employee benefit plan or other arrangement made
available by the Company to any of its employees generally and for which
Marchisello is eligible (collectively “Benefits”).

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    (d) Expenses.  Subject
to Section 10(b)(v), the Company shall promptly reimburse Marchisello for
all reasonable travel and other business expenses incurred by Marchisello
in the performance of his duties to the Company hereunder.

     

    6. Termination.  Marchisello’s
employment hereunder may be terminated prior to the end of the Contract Term by
the Company or Marchisello, as applicable, without any breach of this Agreement
only under the following circumstances:

     

    (a) Death.  Marchisello’s
employment hereunder shall terminate upon his death.

     

    (b) Disability.  If
the Disability of Marchisello has occurred during the Contract Term, the
Company may give Marchisello written notice of its intention to terminate
Marchisello’s employment.  In such event, Marchisello’s employment
with the Company shall terminate effective on the 30th day after receipt of such
notice by Marchisello, provided that within the 30 days after such receipt,
Marchisello shall not have returned to full-time performance of his
duties.

     

    (c) Cause.  The
Company may terminate Marchisello’s employment hereunder for
Cause.

     

    (d) Good
Reason.  Marchisello may terminate his employment for
Good Reason.

     

    (e) Without
Cause.  The Company may terminate Marchisello’s
employment hereunder without Cause upon 30 days notice.

     

    (f) Resignation without Good
Reason.  Marchisello may resign his employment without
Good Reason upon 90 days written notice to the Company.

     

    (g) Notice of
Termination.  Any termination of Marchisello’s employment
hereunder by the Company or Marchisello (other than by reason of Marchisello’s
death) shall be communicated by a notice of termination to the other party
hereto.  For purposes of this Agreement, a “notice of termination”
shall mean a written notice which (i) indicates the specific termination
provision in the Agreement relied upon, (ii) sets forth in reasonable
detail any facts and circumstances claimed to provide a basis for termination of
Marchisello’s employment under the provision indicated and (iii) specifies
the effective date of the termination.

     

    7. Severance
Benefits

     

    (a) Termination without Cause or
for Good Reason:  If Marchisello’s employment shall be
terminated (i) by the Company other than for Cause (as defined above) or
(ii) by Marchisello for Good Reason (as defined above), then subject to
Section 10(b), the Company shall pay Marchisello an amount equal to 300% of the
sum of (x) his Annual Base Salary and (y) (B) his Deemed Annual
Bonus for the Contract Year in which the termination occurs.  Such
amount shall be paid in equal consecutive installments, in accordance with the

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Company’s
regular pay schedule and subject to Section 10(b)(iv), over a 36 month
period beginning on the effective date of the termination of Marchisello’s
employment.  For these purposes, Marchisello’s Deemed Annual Bonus for
any Contract Year shall be the greater of (i) his Average Annual Bonus for
that Contract Year and (ii) his Annual Bonus for the prior Contract
Year.  Marchisello’s Average Annual Bonus for a Contract Year shall be
an amount equal to the sum of all Annual Bonuses earned by Marchisello for the
Contract Years immediately preceding the Contract Year for which the calculation
is being made (not exceeding three (3) Contract Years) divided by the number of
such Annual Bonuses.  In calculating Marchisello’s Annual Bonus or
Average Annual Bonus for a Contract Year, the amount of any share-based award
under the Incentive Award Plan that Marchisello is required to recognize as
income for federal income tax purposes in a Contract Year shall be included as
part of Marchisello’s Annual Bonus for that Contract Year.

     

    (b) Termination by Death or
Disability.  Subject to Section 10(b), upon the termination
of Marchisello’s employment by reason of his death or Disability, the
Company shall pay to Marchisello or to the personal representatives of his
estate (i) within thirty (30) days after the termination, a lump-sum amount
equal to the amount of Annual Base Salary for the Contract Year within which
such termination occurs and (ii) on or before the day on which
Marchisello’s Annual Bonus for the Contract Year in which the termination occurs
would have been payable if the termination had not occurred, an amount equal to
the Annual Bonus Marchisello would have received for that Contract Year if the
termination had not occurred multiplied by a fraction the numerator of which is
the number of days in that Contract Year before the date of termination and the
denominator of which is 365.  This subsection 7(b) shall not limit the
entitlement of Marchisello, his estate or beneficiaries to any disability or
other benefits then available to Marchisello under any life, disability
insurance or other benefit plan or policy which is maintained by the Company for
his benefit.

     

    (c) Termination for Cause or
Without Good Reason.  If Marchisello’s employment is
terminated by the Company for Cause or by Marchisello without Good Reason,
Marchisello shall be entitled to all Annual Base Salary and all Benefits accrued
through the date of termination.  Such accrued compensation shall be
paid in accordance with the Company’s ordinary pay practices and, in any event,
on or prior to the fifteenth (15th) day of
the third (3rd)
calendar month following the end of the calendar year in which the date of
termination occurs.

     

    (d) Survival.  Neither
the termination of Marchisello’s employment hereunder nor the expiration of
the Contract Term shall impair the rights or obligations of any party hereto
which shall have accrued hereunder prior to such termination or
expiration.

     

    (e) Mitigation of
Damages.  In the event of any termination of
Marchisello’s employment by the Company, Marchisello shall not be required
to seek other employment to mitigate damages, and any income earned by
Marchisello from other employment or self-employment shall not be offset against
any obligations of the Company to Marchisello under this Agreement.

     

    8. Limitation on Severance
Benefits

     

    (a) Notwithstanding
any other provision of this Agreement, and except as provided in paragraph
8(b) below, payments and benefits to which Marchisello would otherwise be
entitled under the provisions of this Agreement will be reduced (or
Marchisello shall make reimbursement of amounts previously paid) to the extent
necessary to prevent Marchisello from having any liability for the federal
excise tax levied on certain “excess parachute payments” under section 4999 of
the Internal Revenue Code as it exists as of the date of this
Agreement.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    (b) The
Company may determine the amount (if any) of reduction for each payment or
benefit that Marchisello would otherwise be entitled to receive.  The
extent to which the payments or benefits to Marchisello are to be reduced
pursuant to paragraph 8(a) will be determined by the accounting firm servicing
the Company on the date that Marchisello’s employment is
terminated.  The Company shall pay the cost of such
determination.

     

    (c) If the
final determination of any reduction in any benefit or payment pursuant to
this Section has not been made at the time that Marchisello is entitled to
receive such benefit or payment, the Company shall pay or provide an estimated
amount based on a recommendation by the accounting firm making the determination
under subparagraph 8(b).  When the final determination is made, the
Company shall pay Marchisello any additional amounts that may be due or
Marchisello shall reimburse the Company for any estimated amounts paid to
Marchisello that were in excess of the amount payable hereunder.

     

    9. Miscellaneous

     

    9.1 Binding on
Successors.  This Agreement shall be binding upon and
inure to the benefit of the Company and Marchisello and their respective
successors, assigns, personal and legal representatives, executors,
administrators, heirs, distributees, devisees, and legatees, as
applicable.

     

    9.2 Governing
Law.  This Agreement is being made and executed in and is
intended to be performed in the State of North Carolina, and shall be governed,
construed, interpreted and enforced in accordance with the substantive laws of
the State of North Carolina without any reference to principles of conflicts or
choice of law under which the law of any other jurisdiction would
apply.

     

    9.3 Validity.  The
invalidity or unenforceability of any provision or provisions of this
Agreement shall not affect the validity or enforceability of any other provision
of this Agreement, which shall remain in full force and effect.

     

    9.4 Notices.  Any
notice, request, claim, demand, document and other communication hereunder
to any party shall be effective upon receipt (or refusal of receipt) and shall
be in writing and delivered personally or sent by telex, telecopy, or certified
or registered mail, postage prepaid, as follows:

     

    
      	
              (a)  

            	
              If
      to the Company, to:

            

    

     

    
      	
               
      

            	
              Mr.
      Stanley K. Tanger

            

    

     

    
      	
               
      

            	
              Tanger
      Properties Limited Partnership

            

    

     

    
      	
               
      

            	
              3200
      Northline Avenue, Suite 360 or

            

    

     

    
      	
               
      

            	
              P.O.
      Box 10889

            

    

     

    
      	
               
      

            	
              Greensboro,
      NC 27408

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
      	
              (b)  

            	
              If
      to Marchisello, to:

            

    

     

    
      	
               
      

            	
              Mr.
      Frank C. Marchisello, Jr.

            

    

     

    
      	
               
      

            	
              600
      Brookfield Drive

            

    

     

    
      	
               
      

            	
              Gibsonville,
      NC 27249

            

    

     

    or at any
other address as any party shall have specified by notice in writing to the
other parties.

     

    9.5 Counterparts.  This
Agreement may be executed in several counterparts, each of which shall be
deemed to be an original, but all of which together will constitute one and the
same Agreement.

     

    9.6 Entire
Agreement.  The terms of this Agreement are intended by
the parties to be the final expression of their agreement with respect to the
employment of Marchisello by the Company and may not be contradicted by evidence
of any prior or contemporaneous agreement.  The parties further intend
that this Agreement shall constitute the complete and exclusive statement of its
terms and that no extrinsic evidence whatsoever may be introduced in any
judicial, administrative, or other legal proceeding to vary the terms of this
Agreement.

     

    9.7 Amendments;
Waivers. This Agreement may not be modified, amended, or
terminated except by an instrument in writing, signed by Marchisello and the
Company.  By an instrument in writing similarly executed, Marchisello
or the Company may waive compliance by the other party with any provision of
this Agreement that such other party was or is obligated to comply with or
perform, provided, however, that such waiver shall not operate as a waiver of,
or estoppel with respect to, any other or subsequent failure.  No
failure to exercise and no delay in exercising any right, remedy, or power
hereunder preclude any other or further exercise of any other right, remedy, or
power provided herein or by law or in equity.

     

    9.8 No Effect on Other
Contractual Rights.  Notwithstanding Section 6, the
provisions of this Agreement, and any other payment provided for hereunder,
shall not reduce any amounts otherwise payable to Marchisello under any other
agreement between Marchisello and the Company, or in any way diminish
Marchisello’s rights under any employee benefit plan, program or arrangement of
the Company to which he may be entitled as an employee of the
Company.

     

    9.9 No Inconsistent
Actions.  The parties hereto shall not voluntarily
undertake or fail to undertake any action or course of action inconsistent with
the provisions or essential intent of this Agreement.  Furthermore, it
is the intent of the parties hereto to act in a fair and reasonable manner with
respect to the interpretation and application of the provisions of this
Agreement.

     

    10. Section
409A.

     

    (a) The
parties acknowledge and agree that, to the extent applicable, this Agreement
shall be interpreted in accordance with, and the parties agree to use their best
efforts to achieve timely compliance with Section
409A.  Notwithstanding any  provision of this Agreement to
the contrary, in the event that the Company determines that any compensation or
benefits payable or provided under this Agreement may be subject to Section
409A, the Company may adopt (without any obligation to do so or to indemnify
Marchisello for failure to 

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    do so)
such limited amendments to this Agreement and appropriate policies and
procedures, including amendments and policies with retroactive effect, that the
Company reasonably determines are necessary or appropriate to (i) exempt the
compensation and benefits payable under this Agreement from Section 409A and/or
preserve the intended tax treatment of the compensation and benefits provided
with respect to this Agreement or (ii) comply with the requirements of Section
409A.  No provision of this Agreement shall be interpreted or
construed to transfer any liability for failure to comply with the requirements
of Section 409A from Marchisello or any other individual to the Company or any
of its affiliates, employees or agents.

     

    (b) Separation
from Service under 409A.  Notwithstanding any provision to the
contrary in this Agreement:

     

    (i)           No
amount shall be payable pursuant to Sections 7(a) or (b) unless the termination
of Marchisello’s employment constitutes a “separation from service” within the
meaning of Section 1.409A-1(h) of the Department of Treasury Regulations with
respect to the Company; and

     

    (ii)           If
Marchisello is deemed at the time of his separation from service to be a
“specified employee” for purposes of Section 409A(a)(2)(B)(i) of the Code, to
the extent delayed commencement of any portion of the termination benefits to
which Marchisello is entitled under this Agreement (after taking into account
all exclusions applicable to such termination benefits under Section 409A),
including, without limitation, any portion of the additional compensation
awarded pursuant to Section 7, is required in order to avoid a prohibited
distribution under Section 409A(a)(2)(B)(i) of the Code, such portion of
Marchisello’s termination benefits shall not be provided to Marchisello prior to
the earlier of (A) the expiration of the six-month period measured from the date
of Marchisello’s “separation from service” with the Company (as such term is
defined in the Department of Treasury Regulations issued under Section 409A of
the Code) or (B) the date of Marchisello’s death.  Upon the earlier of
such dates, all payments deferred pursuant to this Section 10(b)(ii) shall be
paid in a lump sum to Marchisello, and any remaining payments due under the
Agreement shall be paid as otherwise provided herein; and

     

    (iii)           The
determination of whether Marchisello is a “specified employee” for purposes of
Section 409A(a)(2)(B)(i) of the Code as of the time of his separation from
service shall be made by the Company in accordance with the terms of Section
409A of the Code and applicable guidance thereunder (including without
limitation Section 1.409A-1(i) of the Department of Treasury Regulations and any
successor provision thereto); and

     

    (iv)           For
purposes of Section 409A of the Code, Marchisello’s right to receive installment
payments pursuant to Sections 7(a) or (b) shall be treated as a right to receive
a series of separate and distinct payments; and

     

    (v)           The
reimbursement of any expense under Section 5 or Section 7 shall be made no later
than December 31 of the year following the year in which the expense was
incurred.  The amount of expenses reimbursed in one year shall not
affect the amount eligible for reimbursement in any subsequent
year.  The amount of any Benefits provided in one year shall not
affect the amount of Benefits provided in any other year.

    

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    IN
WITNESS WHEREOF, the parties have executed or caused this Agreement to be
executed as of the day and year first above written.

     

    TANGER PROPERTIES LIMITED
PARTNERSHIP, a North Carolina Limited Partnership

    

    

    By:  TANGER
GP TRUST, its sole General Partner

    

    

    By:      /s/ Stanley K.
Tanger                                                

    Stanley
K. Tanger, Chief Executive Officer

    and
Chairman of the Board

    

    

    

      /s/ Frank C. Marchisello
Jr                                                          
(SEAL)

    FRANK C.
MARCHISELLO, JR.tfoc8k12302008ex10-8.htm

    AMENDED AND RESTATED
EMPLOYMENT AGREEMENT

     

    Effective
as of December 29, 2008

     

    This
Agreement is entered into and made effective as of December 29, 2008 (the “Effective Date”)
between Tanger Properties
Limited Partnership (the “Company”) and LISA J. MORRISON (the
“Executive”).  The Company and the Executive are sometimes referred to
individually as a “Party” and collectively as the “Parties”.

     

    RECITALS

     

    A.           The
Company and the Executive have agreed upon the terms and conditions of the
Executive’s employment by the Company.  Company and Executive entered
into an Employment Agreement dated June 1, 2001 which was amended and restated
as of January 1, 2002, January 1, 2005, January 1, 2006, and January 1, 2008
(the “Prior Agreement”).

     

    B.           The
Parties intend to set forth herein the entire agreement between them with
respect to Executive’s employment by the Company.  The Parties intend
to modify, amend and restate their Prior Agreement upon the terms and conditions
set forth herein.

     

    Now
therefore in consideration of the foregoing recitals and the promises contained
herein the Parties agree as follows:

     

    1. EMPLOYMENT AND DUTIES.

     

    1.1 Employment.  During
the Contract Term (as defined herein), the Company will employ the Executive and
the Executive shall serve the Company as a full-time employee upon and subject
to the terms and conditions of this Agreement.  The Executive’s
employment hereunder may be terminated before the end of the Contract Term only
as provided in Section 5 of this Agreement.

     

    1.2 Position and
Responsibilities.  Executive
has been elected and is currently serving as Senior Vice
President-Leasing.  During the Executive’s employment hereunder, her
primary duties, functions, responsibilities and authority will include
overseeing the Company’s leasing activities.  Further, Executive shall
perform such other duties as are assigned to her by the Chief Executive Officer,
Chief Operating Officer and/or the Board of Directors.

     

    1.3 Time and
Effort.  During
the Contract Term, Executive shall be employed on a full-time basis and shall
devote her best efforts and substantially all of her attention, business time
and effort (excluding sick leave, vacation provided for herein and reasonable
time devoted to civic and charitable activities) to the business and affairs of
the Company.

     

    2. PERIOD OF
EMPLOYMENT.

     

    2.1 Initial Contract
Term.  The
period of employment pursuant to the Prior Agreement began on January 1, 2008
(the “Commencement Date”) and shall extend through December 31, 2010 (the
“Initial Contract Term”), unless earlier terminated as provided in Section 5 or
extended as provided in this Section 2.  The calendar year beginning
January 1, 2008 and each calendar year thereafter during the Contract Term is
sometimes herein referred to as a “Contract Year”.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    2.2 Extended Contract
Term.  The
Contract Term shall be automatically extended at the end of the Initial or an
Extended Term for one additional Contract Year (sometimes herein referred to as
an “Extended Term”) unless either the Executive or the Company shall give
written notice to the other of them that the Contract Term shall not be so
extended at least one hundred eighty (180) days prior to the end of the Initial
or an Extended Term.  An Extended Term shall be upon the same terms
and conditions as were applicable to the Initial Term except that the Annual
Base Salary shall be the Executive’s Annual Base Salary for the Contract Year
immediately preceding the Extended Term.  References herein to the
“Contract Term” of this Agreement shall refer to the Initial Term as extended
pursuant to this Section.

     

    3. COMPENSATION.

     

    3.1 Base
Salary.  As
compensation for Executive’s services performed pursuant to this Agreement,
Employer will pay Executive an “Annual Base Salary” of $231,500 for the Contract
Year beginning January 1, 2008 and, with respect to each Contract Year
thereafter an amount agreed upon by Executive and the Company but not less than
$231,500.  The Annual Base Salary shall be paid in equal installments
in arrears in accordance with Employer’s regular pay schedule.

     

    3.2 Bonus
Compensation.  For
the Contract Year beginning January 1, 2008 and, if approved by the Company’s
Board of Directors, for each Contract Year thereafter, in addition to her Annual
Base Salary, Executive will be paid an annual bonus (“Annual Bonus”) in an
amount equal to the lesser of (i) one hundred percent (100%) of Executive’s
Annual Base Salary in effect on the last day of such Contract Year and (ii) an
amount equal to nine and sixteen one- hundredths percent (9.16%) of the total
the commissions of Qualified Leasing Representatives (as defined below) with
respect to that Contract Year computed as a percentage of average annual tenant
rents (net of tenant allowances) in accordance with the Company’s leasing team
bonus plan in effect for that Contract Year; provided however, that such Annual
Bonus shall be payable on or prior to the fifteenth (15th) day of
the third (3rd)
calendar month following the end of the calendar year with respect to which such
Annual Bonus relates.  Notwithstanding the foregoing, if the amount
determined under clause (ii) above is greater than 100% of Executive’s Annual
Base Salary, such excess amount shall be carried over to the next succeeding
Contract Year and added to the amount determined under clause (ii) in the
calculation of her Annual Bonus for that succeeding Contract Year; provided,
however, that such excess amount shall be payable on or prior to the fifteenth
(15th) day of
the third (3rd)
calendar month following the end of the succeeding Contract Year[; and provided, further, that
the payment of such excess amount shall be subject to the continued employment
of the Executive through December 31 of such succeeding Contract Year]1.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    For
purposes of this Agreement, “Qualified Leasing Representative”, with respect to
any Contract Year, shall mean any person, including Executive, who is entitled
to participate in the Company’s leasing team bonus plan for that Contract
Year.

     

    For
purposes of illustration only, applying the bonus formula for the calendar year
2007, Executive’s Annual Bonus for that calendar year would have been as
follows:

     

    
      	
              A

            	
              B

            	
              C

            	
              D

            	
              E

            
	
              Year

            	
              Annual
      Base Salary

            	
              Total
      2007 Commissions of Qualifying Leasing Representatives

            	
              Executive’s
      Potential 2007 Annual Bonus (C x 9.16% plus any carryover from
      preceding Contract Year)

            	
              Executive’s
      Maximum 2007 Annual Bonus (B x
      100%)

            
	
              2007

            	
              $220,500

            	
              $2,116,012

            	
              $193,827

            	
              $220,500

               

            

    

    

    4. EMPLOYEE
BENEFITS.

     

    4.1 Executive Benefit
Plans.  Executive
shall participate in the employee benefit plans (including group medical and
dental plans, a group term life insurance plan, a disability plan and a 401(k)
Savings plan) generally applicable to employees of the Company, as those plans
may be in effect from time to time.

     

    4.2 Expenses.  Subject
to Section 10.2(e), the Company shall promptly reimburse the Executive for all
reasonable travel and other business expenses incurred by the Executive in the
performance of her duties to the Company hereunder.  Executive shall
observe and comply with the Company’s policies with respect to such
reimbursements as in effect from time to time.  At least monthly,
Executive will submit such records and paid bills supporting the amount of the
expenses incurred and to be reimbursed as the Company shall reasonably request
or as shall be required by applicable laws.

     

    4.3 Vacation.  Executive
shall have the number of days of paid vacation during each calendar year that
are provided to employees of the Company with the same number of years of
service as Executive has pursuant to the Company’s vacation policy described in
the Company’s employee handbook in effect on the first day of that calendar
year.

     

    5. TERMINATION OF
EMPLOYMENT.

     

    5.1 Termination
Circumstances.  Executive’s
employment hereunder may be terminated prior to the end of the Contract Term by
the Company or the Executive, as applicable, without any breach of this
Agreement only under the following circumstances:

     

    (a) Death.  Executive’s
employment hereunder shall terminate upon her death.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    (b) Disability.  The
Company may terminate Executive’s employment upon her Disability.

     

    (c) Cause.  The
Company may terminate the Executive’s employment hereunder for
Cause.

     

    (d) Good
Reason.  Executive may terminate her employment for Good
Reason.

     

    (e) Without
Cause.  The Company may terminate Executive’s employment
hereunder other than for Cause for any or no reason upon 30 days’
notice.

     

    (f) Resignation without Good
Reason.  The Executive may resign her employment without Good
Reason upon 90 days’ written notice to the Company.

     

    (g) Resignation following a
Change of Control.  The Executive may terminate her employment
during the period commencing on the date of the first Change of Control to occur
following the Effective Date and ending on the 75th day
following such Change of Control (the “Cessation Date”) by written notice
provided to the Company on or prior to the 60th day
following such Change of Control.

     

    Except as
may otherwise be expressly provided in Section 7.1(a) or in any written
agreement between the Company and Executive with respect to the issuance of
awards under the Company’s Incentive Award Plan, upon termination of Executive’s
employment, Executive shall be entitled to receive only the compensation accrued
but unpaid for the period of employment prior to the date of such termination of
employment and shall not be entitled to additional compensation.  Such
accrued compensation shall be paid in accordance with the Company’s ordinary
payment practices and, in any event, on or prior to the fifteenth (15th) day of
the third (3rd)
calendar month following the end of the calendar year in which the date of
termination occurs.

     

    5.2 Notice of
Termination.  Any
termination of the Executive’s employment hereunder by the Company or by the
Executive (other than by reason of the Executive’s death) shall be communicated
by a notice of termination to the other party hereto.  For purposes of
this Agreement, a “notice of termination” shall mean a written notice which (i)
indicates the specific termination provision in the Agreement relied upon, (ii)
sets forth in reasonable detail any facts and circumstances claimed to provide a
basis for termination of the Executive’s employment under the provision
indicated and (iii) specifies the effective date of the
termination.

     

    6. AGREEMENT NOT TO
COMPETE.

     

    6.1 Covenant Against
Competition.  Executive
agrees that during the term of Executive’s employment hereunder and (i) if
Executive’s employment is terminated by the Company for Cause or by Executive
without Good Reason, for one hundred eighty (180) days after the date of such
termination or (ii) if Executive receives the Severance Payment described in
Section 7.1(a) if this Agreement because of a termination of her employment by
the Company without Cause or by Executive for Good Reason, from the date of such

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    termination
through the first anniversary of such termination date, Executive shall not,
directly or indirectly, as an employee, employer, shareholder, proprietor,
partner, principal, agent, consultant, advisor, director, officer, or in any
other capacity,

     

    (1) engage in
activities involving the development or operation of a manufacturers outlet
shopping center which is located within a radius of fifty (50) miles of a retail
shopping facility which, within the 365-day period ending on the date of the
termination of Executive’s employment hereunder, was owned (with an effective
ownership interest of 50% or more), directly or indirectly, by the Company or
was operated by the Company;

     

    (2) engage in
activities involving the development or operation of a manufacturers outlet
shopping center which is located within a radius of fifty (50) miles of any site
which, within the 365-day period ending on the date of the termination of
Executive’s employment hereunder, the Company or its affiliate negotiated to
acquire and/or lease for the development or operation of a retail shopping
facility;

     

    (3) engage in
activities involving the development or operation of a full price retail
shopping facility which is located within a radius of five (5) miles of, and
competes directly for tenants with, a full price retail shopping facility which,
within the 365-day period ending on the date of the termination of Executive’s
employment hereunder, was (i) under development by the Company or its affiliate;
(ii) owned (with an effective ownership interest of 50% or more), directly or
indirectly, by the Company; or (iii) operated by the Company.

     

    6.2 Disclosure of
Information.  Executive
acknowledges that in and as a result of her employment hereunder, she may be
making use of, acquiring and/or adding to confidential information of a special
and unique nature and value relating to such matters as financial information,
terms of leases, terms of financing, financial condition of tenants and
potential tenants, sales and rental income of shopping centers and other
specifics about Company’s development, financing, construction and operation of
retail shopping facilities.  Executive covenants and agrees that she
shall not, at any time during or following the term of her employment, directly
or indirectly, divulge or disclose for any purpose whatsoever any such
confidential information that has been obtained by, or disclosed to her as a
result of her employment by Company.

     

    6.3 Reasonableness of
Restrictions.

     

    (a) Executive
has carefully read and considered the foregoing provision of this Section, and,
having done so, agrees that the restrictions set forth in this Section,
including but not limited to the time period of restriction set forth in the
covenant against competition are fair and reasonable and are reasonably required
for the protection of the interests of Company and its officers, directors and
other employees.

     

    (b) In the
event that, notwithstanding the foregoing, any of the provisions of this Section
shall be held invalid or unenforceable by a court of competent jurisdiction,

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    the
remaining provisions thereof shall nevertheless continue to be valid and
enforceable as though the invalid or unenforceable parts had not been included
herein.  In the event that any provision of this Section relating to
the time period and/or the areas of restriction shall be declared by a court of
competent jurisdiction to exceed the maximum time period or areas such court
deems reasonable and enforceable, the time period and/or areas of restriction
deemed reasonable and enforceable by the court shall become and thereafter be
the maximum time period and/or areas.

     

    6.4 Consideration.  Executive
promises in this Section not to compete with the Company and not to disclose
information obtained during her employment by the Company are made in
consideration of the Company’s agreement to pay the compensation provided for
herein for the period of employment provided herein.  Such promises by
Executive constitute the material inducement to Company to employ Executive for
the term and to pay the compensation provided for in this Agreement and to make
and to continue to make confidential information developed by Company available
to Executive.

     

    6.5 Company’s
Remedies.  Executive
covenants and agrees that if she shall violate any of her covenants or
agreements contained in this Section, the Company shall, in addition to any
other rights and remedies available to it at law or in equity, have the
following rights and remedies against Executive:

     

    (a) The
Company shall be relieved of any further obligation to Executive under the terms
of this agreement;

     

    (b) The
Company shall be entitled to an accounting and repayment of all profits,
compensation, commissions, remunerations or other benefits that Executive,
directly or indirectly, has realized and/or may realize as a result of, growing
out of or in connection with, any such violation; and

     

    (c) Company
shall be entitled to a permanent injunction to prevent or restrain the breach or
violation of the agreements contained herein by Executive or by Executive’s
partners, agents, representatives, servants, employees and/or any and all
persons directly acting for or with Executive.

     

    The
foregoing rights and remedies of the Company shall be cumulative and the
election by the Company to exercise any one or more of them shall not preclude
the Company’s exercise of any other rights described above or otherwise
available under applicable principles of law or equity.

     

    7. SEVERANCE
BENEFITS.

     

    7.1 Description of
Benefits.

     

    (a) Termination without Cause or
for Good Reason:  Subject to Section 7.1(g), if Executive’s
employment shall be terminated (i) by the Company other than for Cause or (ii)
by the Executive for Good Reason, subject to the limitation in Section 7.2 and
the provisions of Section 10.2 hereof, the Company shall pay Executive an amount
equal to one hundred percent (100%) of the sum of (x) her Annual Base Salary and
(y) her Average Annual Bonus.  Such amount shall be paid in equal
consecutive installments, in accordance with the Company’s regular pay schedule
and subject to Section 10.2(d), over a twelve (12) month period beginning on the
effective date of the termination of Executive’s employment.  For
these purposes, Executive’s Average Annual Bonus shall be the average of the
Annual Bonuses earned by Executive for the three consecutive Contract Years (or
if Executive has not been employed for three full Contract Years, such fewer
number of full Contract Years she has been employed by the Company) immediately
preceding the Contract Year in which Executive’s termination of employment
occurs.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    (b) Termination by Death or
Disability.  Subject to Section 7.1(g), upon the termination of
the Executive’s employment by reason of her death or Disability, the Company
shall pay to the Executive or to the personal representatives of her estate (i)
within thirty (30) days after the termination, a lump-sum amount equal to fifty
percent (50%) of the Executive’s Annual Base Salary for the Contract Year in
which the termination occurs and (ii) on or before the day on which the
Executive’s Annual Bonus for the Contract Year in which the termination occurs
would have been payable pursuant to Section 3.2 if the termination had not
occurred, an amount equal to the Annual Bonus the Executive would have received
for that Contract Year if the termination had not occurred multiplied by a
fraction the numerator of which is the number of days in that Contract Year
before the date of termination and the denominator of which is
365.  This subsection 7.1(b) shall not limit the entitlement of
the Executive, her estate or beneficiaries to any disability or other benefits
then available to the Executive under any life, disability insurance or other
benefit plan or policy which is maintained by the Company for the Executive’s
benefit.

     

    (c) Termination for Cause or
Without Good Reason.  If the Executive’s employment is
terminated by the Company for Cause or by the Executive without Good Reason, the
Executive shall be entitled to receive all Annual Base Salary and all Benefits
accrued through the date of termination, payable in accordance with the
Company’s ordinary payment practices and, in any event, on or prior to the
fifteenth (15th) day of
the third (3rd)
calendar month following the end of the calendar year in which the date of
termination occurs.

     

    (d) Resignation following a
Change of Control.  If the Executive elects to terminate her
employment following the first Change of Control to occur during the Contract
Term (pursuant to Section 5.1(g)), the Company shall pay the Executive an amount
equal to one hundred percent (100%) of the sum of (x) her Annual Base Salary and
(y) her Average Annual Bonus (as defined above).  Such amount shall be
paid in equal consecutive installments, in accordance with the Company’s regular
pay schedule and subject to Section 10.2(d), over a twelve (12) month period
beginning on the effective date of the termination of Executive’s employment
and, in any event, the first installment shall be paid on or prior to the
Cessation Date.

     

    (e) Survival.  Neither
the termination of the Executive’s employment hereunder nor the expiration of
the Contract Term shall impair the rights or obligations of any party hereto
which shall have accrued hereunder prior to such termination or
expiration.

     

    (f) Mitigation of
Damages.  In the event of any termination of the Executive’s
employment by the Company, the Executive shall not be required to seek other
employment to mitigate damages, and any income earned by the Executive from
other employment or self- employment shall not be offset against any obligations
of the Company to the Executive under this Agreement.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    (g) Cessation of Severance
Benefits.  In the event of any termination of the Executive’s
employment following the Cessation Date, including, without limitation, a
termination of employment by the Company for Cause or by the Executive for Good
Reason, the Executive shall not be entitled to receive any severance payments or
benefits that would otherwise have been payable to the Executive pursuant to
this Agreement in connection with a termination of employment.

     

    7.2 Limitation on Severance
Benefits.

     

    (a) Notwithstanding
any other provision of this Agreement, and except as provided in paragraph
7.2(b) below, payments and benefits to which Executive would otherwise be
entitled under the provisions of this Agreement will be reduced (or the
Executive shall make reimbursement of amounts previously paid) to the extent
necessary to prevent the Executive from having any liability for the federal
excise tax levied on certain “excess parachute payments” under section 4999 of
the Internal Revenue Code as it exists as of the date of this
Agreement.

     

    (b) The
Company may determine the amount (if any) of reduction for each payment or
benefit that the Executive would otherwise be entitled to
receive.  The extent to which the payments or benefits to the
Executive are to be reduced pursuant to paragraph 7.2(a) will be determined by
the accounting firm servicing the Company on the date that the Executive’s
employment is terminated.  The Company shall pay the cost of such
determination.

     

    (c) If the
final determination of any reduction in any benefit or payment pursuant to this
Section has not been made at the time that the Executive is entitled to receive
such benefit or payment, the Company shall pay or provide an estimated amount
based on a recommendation by the accounting firm making the determination under
subparagraph 10(b).  When the final determination is made, the Company
shall pay the Executive any additional amounts that may be due or the Executive
shall reimburse the Company for any estimated amounts paid to the Executive that
were in excess of the amount payable hereunder.

     

    8. DEFINITIONS.

     

    “Annual Base Salary”
is defined in Section 3.

     

    “Annual Bonus” is
defined in Section 3.

     

    “Cause”  For
purposes of this Agreement, the Company shall have “Cause” to terminate the
Executive’s employment hereunder upon (i) the Company’s determination that she
has embezzled money or property, (ii) the Executive’s willful refusal to perform
reasonable duties incident to her employment after ten (10) days’ written notice
to Executive from the Chief Executive Officer, Chief Operating Officer or Board
of Directors of the company of the specific duties to be performed, or (iii)
commission of a felony which, in the judgment of the Board of Directors of the
Company, adversely affects the business or reputation of the
Company.

     

    “Cessation Date” is
defined in Section 5.1(g).

     

    “Change of Control”
shall mean (A) the sale, lease, exchange or other transfer (other than pursuant
to internal reorganization) by the Company or Tanger Factory Outlet Centers,
Inc.  (“TFOC”) of more than 50% of the total gross fair market value
of its assets to a single purchaser or to a group of associated purchasers; (B)
the acquisition of securities 

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    of TFOC
or the Company in one or a related series of transactions (other than pursuant
to an internal reorganization) by a single purchaser or a group of associated
purchasers (other than Executive or any of her lineal descendants, lineal
ancestors or siblings) which results in their ownership of fifty (50%) percent
or more of the number of Common Shares of TFOC (treating any Partnership Units
or Preferred Shares acquired by such purchaser or purchasers as if they had been
converted to Common Shares) that would be outstanding if all of the Partnership
Units and Preferred Shares were converted into Common Shares; or (C) a majority
of the members of the Company’s Board of Directors are replaced during any
twelve-month period by directors whose appointment or election is not endorsed
by a majority of the members of the Board prior to the date of the appointment
or election.

     

    “Contract Term” is
defined in Section 2.

     

    “Contract Year” is
defined in Section 2.

     

    “Disability” shall
mean Executive’s inability, due to a physical or mental illness that is expected
to result in death or can be expected to last for a continuous period of not
less than twelve (12) months, to perform any of the material duties assigned to
her by the Company for a period of ninety (90) days or more within any twelve
consecutive calendar months.

     

    “Good
Reason”  The Executive shall have “Good Reason” to terminate
her employment hereunder if (i) the Company materially fails to make payment of
amounts due to Executive hereunder; (ii) Company commits a material breach of
its obligations under this Agreement; or (iii) the principal duties of Executive
are required to be performed at a location other than the Greensboro, North
Carolina metropolitan area without her consent following the occurrence of (A) a
Change of Control, (B) a merger, consolidation or similar transaction in which
TFOC or the Company does not survive as an independent, publicly owned
corporation or TFOC or an entity wholly owned by TFOC ceases to be the sole
general partner of the Company, or (C) a merger involving TFOC if, immediately
following the merger, the holders of TFOC’s shares immediately prior to the
merger own less than fifty percent (50%) of the surviving company’s outstanding
shares having unlimited voting rights or less than fifty percent (50%) of the
value of all of the surviving company’s outstanding
shares.  Notwithstanding the foregoing, the Executive shall not have
Good Reason to resign her employment unless (x) she provides the Company with
Notice of Termination within 90 days after the occurrence of the act purported
to constitute Good Reason, (y) the Company has not remedied the alleged
violation(s) on or before the date of termination specified in the Notice of
Termination (which, for the avoidance of doubt, shall be a date not less than 30
days following the date such Notice of Termination is provided), and (z) such
resignation occurs on or prior to the second anniversary of such
act.

     

    “Section 409A” shall
mean, collectively, Section 409A of the Internal Revenue Code of 1986, as
amended, and the Department of Treasury Regulations and other interpretive
guidance promulgated thereunder, including without limitation any such
regulations or other guidance that may be issued after the date of this
amendment and restatement.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    9. MISCELLANEOUS.

     

    9.1 Binding on
Successors.  This
Agreement shall be binding upon and inure to the benefit of the Partnership, the
Company, the Executive and their respective successors, assigns, personal and
legal representatives, executors, administrators, heirs, distributees, devisees,
and legatees, as applicable.

     

    9.2 Governing
Law.  This
Agreement is being made and executed in and is intended to be performed in the
State of North Carolina, and shall be governed, construed, interpreted and
enforced in accordance with the substantive laws of the State of North Carolina
without any reference to principles of conflicts or choice of law under which
the law of any other jurisdiction would apply.

     

    9.3 Validity.  The
invalidity or unenforceability of any provision or provisions of this Agreement
shall not affect the validity or enforceability of any other provision of this
Agreement, which shall remain in full force and effect.

     

    9.4 Notices.  All
notices, demands, requests or other communications (collectively, “Notices”)
required to be given or which may be given hereunder shall be in writing and
shall be sent by (a) certified or registered mail, return receipt requested,
postage prepaid, or (b) national overnight delivery service, or (c) facsimile
transmission (provided that the original shall be simultaneously delivered by
national overnight delivery service or personal delivery), or (d) personal
delivery, addressed as follows:

     

    
      	
              If
      to Company, to:

            	
              Tanger
      Properties Limited Partnership

              3200
      Northline Avenue

              Suite
      360

              Greensboro,
      NC  27408

              Attention:                                                                

            
	
              With
      a copy to:

            	 
      
	
              If
      to Executive, to:

            	
              LISA
      J. MORRISON

              9
      Teal Court

              Greensboro,
      NC  37455

            
	
              With
      a copy to:

            	 
      

    

    

     

    Any
Notice so sent by certified or registered mail, national overnight delivery
service or personal delivery shall be deemed given on the date of receipt or
refusal by the intended recipient as indicated on the return receipt, or the
receipt of the national overnight delivery service or personal delivery
service.  Any Notice sent by facsimile transmission shall be deemed
given when received by the intended recipient as confirmed by the telecopier
electronic confirmation receipt.  A Notice may be given either by a
party or by such party’s 

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    attorney.  A
Party may (i) change the address to which any Notice to that Party hereunder is
to be delivered or (ii) designate additional or substituted parties to whom
Notices hereunder to such Party should be sent with any such change or
designation to be effective five (5) Business Days after delivery of notice
thereof to the other Party in the manner herein provided.  As used
herein the term “Business Day” shall mean every day, other than Saturdays,
Sundays and any other day on which banks in the State in which the Center is
located are not generally open for the conduct of banking business during normal
business hours.

     

    9.5 Entire
Agreement.  The
terms of this Agreement are intended by the parties to be the final expression
of their agreement with respect to the employment of the Executive by the
Partnership and the Company and may not be contradicted by evidence of any prior
or contemporaneous agreement.  The parties further intend that this
Agreement shall constitute the complete and exclusive statement of its terms and
that no extrinsic evidence whatsoever may be introduced in any judicial,
administrative, or other legal proceeding to vary the terms of this
Agreement.

     

    10. SECTION
409A.

     

    10.1 The
parties acknowledge and agree that, to the extent applicable, this Agreement
shall be interpreted in accordance with, and the parties agree to use their best
efforts to achieve timely compliance with Section 409A of the Internal Revenue
Code of 1986, as amended and the Department of Treasury Regulations and other
interpretive guidance promulgated thereunder (collectively, “Section 409A”),
including without limitation any such regulations or other guidance that may be
issued after the Effective Date.  Notwithstanding any provision of
this Agreement to the contrary, in the event that the Company determines that
any compensation or benefits payable or provided under this Agreement may be
subject to Section 409A, the Company may adopt (without any obligation to do so
or to indemnify the Executive for failure to do so) such limited amendments to
this Agreement and appropriate policies and procedures, including amendments and
policies with retroactive effect, that the Company reasonably determines are
necessary or appropriate to (i) exempt the compensation and benefits payable
under this Agreement from Section 409A and/or preserve the intended tax
treatment of the compensation and benefits provided with respect to this
Agreement or (ii) comply with the requirements of Section 409A.  No
provision of this Agreement shall be interpreted or construed to transfer any
liability for failure to comply with the requirements of Section 409A from the
Executive or any other individual to the Company or any of its affiliates,
employees or agents.

     

    10.2 Separation from Service
under 409A.  Notwithstanding any provision to the contrary in
this Agreement:

     

    (a) No amount
shall be payable pursuant to Sections 7.1(a) or (b) unless the termination of
the Executive’s employment constitutes a “separation from service” within the
meaning of Section 1.409A-1(h) of the Department of Treasury Regulations;
and

     

    (b) If the
Executive is deemed at the time of his separation from service to be a
“specified employee” for purposes of Section 409A(a)(2)(B)(i) of the Code, to
the extent delayed commencement of any portion of the termination benefits to
which the Executive is entitled under this Agreement (after taking into account
all exclusions applicable to such termination benefits under Section 409A),
including, without limitation, any portion of the additional compensation
awarded pursuant to Sections 7.1(a) or (b), is required in order to

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    avoid a
prohibited distribution under Section 409A(a)(2)(B)(i) of the Code, such portion
of the Executive’s termination benefits shall not be provided to the Executive
prior to the earlier of (A) the expiration of the six-month period measured from
the date of the Executive’s “separation from service” with the Company (as such
term is defined in the Department of Treasury Regulations issued under Section
409A of the Code) or (B) the date of the Executive’s death.  Upon the
earlier of such dates, all payments deferred pursuant to this Section 10.2(b)
shall be paid in a lump sum to the Executive, and any remaining payments due
under the Agreement shall be paid as otherwise provided herein; and

     

    (c) The
determination of whether the Executive is a “specified employee” for purposes of
Section 409A(a)(2)(B)(i) of the Code as of the time of his separation from
service shall be made by the Company in accordance with the terms of Section
409A of the Code and applicable guidance thereunder (including without
limitation Section 1.409A-1(i) of the Department of Treasury Regulations and any
successor provision thereto); and

     

    (d) For
purposes of Section 409A of the Code, the Executive’s right to receive
installment payments pursuant to Section 7.1(a) shall be treated as a right to
receive a series of separate and distinct payments; and

     

    (e) The
reimbursement of any expense under Section 4.2 or Section 7.1 shall be made no
later than December 31 of the year following the year in which the expense was
incurred.  The amount of expenses reimbursed in one year shall not
affect the amount eligible for reimbursement in any subsequent
year.

     

    
 

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

      
      
 

    

    IN
WITNESS WHEREOF, the parties have executed this Agreement in duplicate originals
as of the day and year first above written.

     

    TANGER PROPERTIES LIMITED
PARTNERSHIP (Company)

    

    

    By:       /s/ Frank C. Marchisello
Jr.                                                                  

    

    Print
Name:     Frank C. Marchisello,
Jr.                                                                

    

    Print
Title:   Vice President, Treasurer and Assistant Secretary
of Tanger GP Trust 

            its sole general
partner                                                                      

    

    

    

    

       /s/ Lisa J.
Morrison                                               (SEAL)

    Executive

    

    Print
Name:  LISA J.
MORRISON

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