Document:

EX-4.1

 Exhibit 4.1 
  

 
 TANGER PROPERTIES LIMITED PARTNERSHIP 

AS ISSUER 
 AND 

U.S. BANK NATIONAL ASSOCIATION 
 AS
TRUSTEE 
 TWELFTH SUPPLEMENTAL INDENTURE 

DATED AS OF AUGUST 10, 2021 

$400,000,000 2.750% SENIOR NOTES DUE 2031 

SUPPLEMENT TO INDENTURE 
 DATED AS
OF MARCH 1, 1996, BETWEEN 
 TANGER PROPERTIES LIMITED PARTNERSHIP (AS ISSUER) AND 

U.S. BANK NATIONAL ASSOCIATION (AS TRUSTEE) 

 TWELFTH SUPPLEMENTAL INDENTURE, dated as of August 10, 2021 (this “Supplemental
Indenture”), between TANGER PROPERTIES LIMITED PARTNERSHIP, a limited partnership duly organized and existing under the laws of North Carolina (hereinafter called the “Issuer”), having its principal executive office located
at 3200 Northline Avenue, Suite 360, Greensboro, North Carolina 27408, and U.S. BANK NATIONAL ASSOCIATION (as successor in interest to State Street Bank and Trust Company), a national banking association having a corporate trust office at One
Federal Street, 10th Floor, Boston, MA 02110 as successor trustee under the Original Indenture (as defined below) (the “Trustee”).  

RECITALS 
 WHEREAS, the Issuer executed and
delivered the Indenture (the “Original Indenture”), dated as of March 1, 1996, to the Trustee to issue from time to time for its lawful purposes debt securities evidencing the Issuer’s senior Unsecured Indebtedness.
 
 WHEREAS, Section 301 of the Original Indenture provides that by means of a supplemental indenture the Issuer may create one or more series of
its debt securities and establish the form, terms and provisions thereof. 
 WHEREAS, the Issuer intends by this Supplemental Indenture to (i) create a
series of Issuer’s debt securities, in an initial aggregate principal amount equal to $400,000,000, entitled 2.750% Senior Notes due 2031 (the “Notes”) and (ii) establish the form and the terms and provisions of the
Notes.  
 WHEREAS, the Board of Directors of Tanger Factory Outlet Centers, Inc. (the “Company”), the sole owner of Tanger GP Trust
who is the sole general partner of the Issuer, has approved the creation of the Notes and the form, terms and provisions thereof.  
 WHEREAS, the
consent of Holders to the execution and delivery of this Supplemental Indenture is not required, and all other actions required to be taken under the Original Indenture with respect to this Supplemental Indenture have been taken. 

NOW, THEREFORE IT IS AGREED: 
 ARTICLE ONE 

DEFINITIONS, CREATION, FORM AND TERMS AND CONDITIONS OF THE DEBT SECURITIES 

Section 1.1 Definitions. Capitalized terms used but not otherwise defined in this Supplemental Indenture shall have the meanings ascribed to them
in the Original Indenture. In addition, the following terms shall have the following meanings to be equally applicable to both the singular and the plural forms of the terms set forth below: 

“BUSINESS DAY” means any day, other than a Saturday or a Sunday, that is neither a legal holiday nor a day on which banking institutions in New York
City are authorized or required by law, regulation or executive order to close.  
 “COMPARABLE TREASURY ISSUE” means, with respect to any
redemption date for the Notes, the United States Treasury security selected by the Independent Investment Banker as having a maturity comparable to the Assumed Remaining Life (as defined in Section 1.4(d) of this Supplemental Indenture) that
would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of the Notes to be redeemed. 

“COMPARABLE TREASURY PRICE” means, with respect to any redemption or acceleration date for the Notes: 

 

	 	(a)	 the average of four Reference Treasury Dealer Quotations for such redemption date, after excluding the highest
and lowest such Reference Treasury Dealer Quotations, or 

  
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	 	(b)	 if the Issuer obtains fewer than four but more than one such Reference Treasury Dealer Quotations for such
redemption or acceleration date, the average of all such quotations, or 

  

	 	(c)	 if the Issuer obtains only one such Reference Treasury Dealer Quotation for such redemption date, that
Reference Treasury Dealer Quotation. 

 “DTC” means The Depository Trust Company. 

“FINAL MATURITY DATE” means September 1, 2031. 

“GAAP” means generally accepted accounting principles, as in effect from time to time, as used in the United States applied on a consistent basis.

 “GLOBAL NOTE” means a single fully-registered global note in book-entry form, without coupons, substantially in the form of Exhibit A
attached hereto, which represents the Notes. 
 “INDEBTEDNESS” means any indebtedness, whether or not contingent, in respect of (i) borrowed
money evidenced by bonds, notes, debentures or similar instruments, (ii) indebtedness secured by any Lien on any property or asset, but only to the extent of the lesser of (a) the amount of indebtedness so secured and (b) the fair
market value (determined in good faith by the Issuer) of the property subject to such Lien, (iii) the reimbursement obligations, contingent or otherwise, in connection with any letters of credit actually issued or amounts representing the
balance deferred and unpaid of the purchase price of any property except any such balance that constitutes an accrued expense or trade payable or (iv) any lease of property as lessee which would be reflected on a consolidated balance sheet as a
financing lease in accordance with GAAP, in the case of items of indebtedness under (i) through (iii) above to the extent that any such items (other than letters of credit) would appear as a liability on a consolidated balance sheet in
accordance with GAAP, and also includes to the extent not otherwise included, any obligation to be liable for, or to pay, as obligor, guarantor or otherwise (other than for purposes of collection in the ordinary course of business), indebtedness of
another person. In the case of indebtedness under (iv) above, the term “Indebtedness” will exclude operating lease liabilities on a consolidated balance sheet in accordance with GAAP. 

“INDENTURE” means the Original Indenture as supplemented by this Supplemental Indenture and as further amended, modified or supplemented with
respect to the Notes pursuant to the provisions of the Original Indenture. 
 “INDEPENDENT INVESTMENT BANKER” means one of the Reference Treasury
Dealers appointed by the Issuer. 
 “INTERCOMPANY DEBT” means indebtedness owed by the Issuer, Company or any Subsidiary solely to the Issuer,
Company or any Subsidiary. 
 “LIEN” means, with respect to any asset, (a) any mortgage, deed of trust, lien, pledge, hypothecation,
encumbrance, charge or security interest in, on or of such asset, (b) the interest of a vendor or a lessor under any conditional sale agreement, capital lease or title retention agreement (or any financing lease having substantially the same
economic effect as any of the foregoing) relating to such asset and (c) in the case of securities, any purchase option, call or similar right of a third party with respect to such securities. 

“REFERENCE TREASURY DEALER” means with respect to any redemption date for the Notes, each of (i) Wells Fargo Securities, LLC, a Primary
Treasury Dealer (defined herein) selected by Truist Securities, Inc. and a Primary Treasury Dealer selected by U.S. Bancorp Investments, Inc. (and their respective successors provided, however, that if any such firm or any such
successor, as the case may be, ceases to be a primary U.S. Government securities dealer in The City of New York, (a “Primary Treasury Dealer”), the Issuer shall substitute therefor another Primary Treasury Dealer); and (ii) two
other Primary Treasury Dealers selected by the Issuer. 

  
 2 

 “REFERENCE TREASURY DEALER QUOTATIONS” means, with respect to each Reference Treasury Dealer and
any redemption date for the Notes, the average, as determined by the Issuer, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the Issuer by such
Reference Treasury Dealer at 5:00 p.m., New York City time, on the third Business Day preceding the notice of such redemption date. 

“SUBSIDIARY” means any entity of which at the time of determination the Issuer or one or more other Subsidiaries owns or controls, directly or
indirectly, more than 50% of the shares of Voting Stock. The foregoing definition of “Subsidiary” shall only be applicable with respect to the covenants and other definitions set forth in Section 2.1 of this Supplemental Indenture and
Section 610 of the Original Indenture. 
 “TOTAL ASSETS” as of any date means the sum of (i) Undepreciated Real Estate Assets and
(ii) all other assets of the Issuer and its Subsidiaries on a consolidated basis determined in accordance with GAAP (but excluding accounts receivable and non-real estate intangibles). 

“TOTAL UNENCUMBERED ASSETS” as of any date means Total Assets minus the value of any properties of the Issuer and its Subsidiaries that are subject
to a Lien securing Indebtedness (other than those relating to Intercompany Debt), including the value of any stock of any Subsidiary that is so encumbered determined on a consolidated basis in accordance with GAAP; provided, however,
that, in determining Total Unencumbered Assets as a percentage of outstanding Unsecured Indebtedness for purposes of the covenant set forth in Section 2.1(a) of this Supplemental Indenture all investments in any Person that is not consolidated
with the Issuer for financial reporting purposes in accordance with GAAP shall be excluded from Total Unencumbered Assets to the extent that such investments would have otherwise been included. For purposes of this definition, the value of each
property shall be equal to the purchase price or cost of each such property (original cost plus capital improvements) and the value of any stock subject to any encumbrance shall be determined by reference to the value of the properties owned by the
issuer of such stock as aforesaid 
 “TREASURY RATE” means, with respect to any redemption date for the Notes: (a) the weekly yield for the
most recent week appearing in the most recently published statistical release designated “H.15” or any successor publication which is published by the Board of Governors of the Federal Reserve System and which establishes yields on
actively traded United States Treasury securities adjusted to constant maturity for the maturity corresponding to the Comparable Treasury Issue (if no maturity is within three months before or after the Final Maturity Date of the Notes, yields for
the two published maturities most closely corresponding to the Comparable Treasury Issue shall be determined and the Treasury Rate shall be interpolated or extrapolated from such yields on a straight-line basis, rounding to the nearest month) or
(b) if such release (or any successor release) is not published during the week preceding the calculation date or does not contain such yields, the rate per annum equal to the semiannual equivalent yield to maturity of the Comparable Treasury
Issue, calculated using a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for such redemption date. The Treasury Rate shall be calculated by the Issuer and
certificated to the Trustee in writing on the third Business Day preceding the notice of the applicable redemption date. 
 “UNDEPRECIATED REAL ESTATE
ASSETS” as of any date means the cost (original cost plus capital improvements) of real estate assets, right of use assets associated with a financing lease in accordance with GAAP and related intangibles of the Issuer and its Subsidiaries on
such date, before depreciation and amortization and impairments, all determined on a consolidated basis in accordance with GAAP; provided, however, that “Undepreciated Real Estate Assets” shall not include the right of use assets
associated with an operating lease in accordance with GAAP. 
 “UNSECURED INDEBTEDNESS” means Indebtedness of the Issuer or any Subsidiary that is
not secured by a Lien upon any property of the Issuer or any Subsidiary. 
 Section 1.2 Creation of Notes. In accordance with Section 301
of the Original Indenture, the Issuer hereby creates the Notes as a separate series of its debt securities, entitled “2.750% Senior Notes due 2031,” issued pursuant to the Indenture. The Notes shall initially be limited to an aggregate
principal amount equal to $400,000,000, subject to the exceptions set forth in Section 301(2) of the Original Indenture and section 1.4(f) hereof. 

  
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 Section 1.3 Form of Notes. The Notes will be issued as registered securities and represented by
a single Global Note, without coupons, registered in the name of DTC or its nominee, as the case may be, subject to the provisions of the seventh paragraph of Section 305 of the Original Indenture. So long as DTC, or its nominee, is the
registered owner of the Global Note, DTC or its nominee, as the case may be, will be considered the sole Holder of the Notes represented by the Global Note for all purposes under the Indenture. 

Section 1.4 Terms and Provisions of Notes. The Notes shall be governed by all of the terms and provisions of the Original Indenture, as
supplemented by this Supplemental Indenture, and in particular, the following provisions shall be terms of the Notes: 
 (a) Registration and Form.
The Notes shall be issuable as registered securities as provided in Section 1.3 of this Supplemental Indenture. The Notes shall be issued and may be transferred only in minimum denominations of $2,000 and integral multiples of 1,000 in excess
thereof. 
 (b) Payment of Principal and Interest. All payments of principal and interest in respect of the Global Note will be made by the Issuer in
immediately available funds to DTC or its nominee, as the case may be, as the Holder of the Global Note. The Notes shall mature, and the unpaid principal thereon, shall be payable, on September 1, 2031, subject to the provisions of the Original
Indenture. The rate per annum at which interest shall be payable on the Notes shall be 2.750%. Interest on the Notes will be payable semi-annually in arrears on each March 1 and September 1, commencing March 1, 2022 (each, an
“Interest Payment Date”) and on the Stated Maturity as specified in Section 1.4(b) hereof, to the Persons in whose names the Notes are registered in the Security Register applicable to the Notes at the close of business on the
February 15 or August 15, as the case may be, immediately prior to such payment date regardless of whether such payment date is a Business Day (each a “Regular Record Date”). Interest on the Notes shall be computed on the
basis of a 360-day year of twelve 30-day months. Interest on the Notes shall accrue from August 10, 2021. 

(c) Sinking Fund, Redemption or Repayment. No sinking fund shall be provided for the Notes and the Notes shall not be repayable at the option of the
Holders thereof prior to Stated Maturity. 
 (d) Redemption at the Option of the Issuer. 

(1) Prior to June 1, 2031 (the “Par Call Date”), the Notes will be redeemable at any time in whole, or from time to time in part, at the
option of the Issuer on any date at a Redemption Price equal to the greater of (i) 100% of the principal amount of the Notes to be redeemed, and (ii) the sum of the present values as of the date of redemption payment of the remaining scheduled
payments of principal of and interest on the Notes to be redeemed, after the date of redemption payment through the Par Call Date (assuming, for this purpose, that the Notes are scheduled to mature on the Par Call Date) (the “Assumed
Remaining Life”) (exclusive of interest accrued to the applicable redemption date) discounted to such redemption date on a semiannual basis, assuming a 360-day year consisting of twelve 30-day months, at the Treasury Rate plus 25 basis points, plus, in the case of both clauses (i) and (ii) above, any accrued and unpaid interest on the principal amount of the Notes being redeemed to, but
excluding, such Redemption Date. Notwithstanding the foregoing, installments of interest on Notes that are due and payable on an Interest Payment Date falling on or prior to the relevant Redemption Date will be payable to the persons who were the
Holders of the Notes registered as such at the close of business on the relevant Regular Record Dates according to the terms and provisions of the Indenture. If the Notes are redeemed on or after the Par Call Date, the redemption price will be equal
to 100% of the principal amount of the Notes to be redeemed plus accrued and unpaid interest thereon to, but excluding, the redemption date. 
 (2) Notice
of any redemption by the Issuer will be mailed at least 15 days but no more than 60 days before the Redemption Date to each Holder of Notes to be redeemed. The notice of redemption will specify among other things, the Redemption Price and principal
amount of the Notes held by the Holder to be redeemed. 
 (3) The notice of redemption may contain any conditions that must be satisfied before such
redemption will occur. 
 (4) If the Issuer chooses to redeem less than all of the Notes of a series, the Issuer will notify the Trustee at least 20 days
prior to the Redemption Date, or a shorter period as may be satisfactory to the Trustee, of the aggregate principal amount of Notes of the series to be redeemed, if less than all of the Notes of that series are to be redeemed, and their Redemption
Date. The Trustee will select, based on a method that most nearly approximates a pro rata selection unless otherwise required by law or applicable stock exchange or depositary requirements, no less than 15 days nor more than 60 days prior to the
Redemption Date, the Notes of that series to be redeemed in whole or in part. 

  
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 (5) Unless the Issuer defaults in payment of the Redemption Price, on and after any Redemption Date interest
will cease to accrue on the Notes or portions thereof called for redemption. 
 (e) Defeasance: Covenant Defeasance; Waiver. The provisions for
defeasance in Section 402(2) of the Original Indenture for covenant defeasance in Sections 402(3) and 1012 of the Original Indenture shall apply to the Notes (including, without limitation, to the covenants set forth in Article Two hereof and
Article Ten of the Original Indenture as if such covenants were referred to therein). 
 (f) Further Issues. The Issuer may, from time to time,
without the consent of the Holders, create and issue further securities having the same terms and conditions as the Notes in all respects, except for issue date and issue price. Additional Notes issued in this manner shall be consolidated with and
shall form a single series with the previously outstanding Notes. Notice of any such issuance shall be given to the Trustee and a new supplemental indenture or amendment to this Supplemental Indenture shall be executed in connection with the
issuance of such securities. 
 (e) Events of Default. The provisions of Section 501 of the Original Indenture shall be replaced in their
entirety by the following with respect to the Notes: 
 “Event of Default” whenever used herein with respect to the Notes means any one of the
following events (whatever the reason for such Event of Default and whether it shall be voluntary or involuntary or to be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any
administrative or governmental body): 
 (1) default in the payment of any installment of interest on any Note when such interest becomes due
and payable, and continuance of such default for a period of 30 days; or 
 (2) default in the payment of the principal of or any
premium on any Note when it becomes due and payable at the Final Maturity Date; or 
 (3) default in the performance, or breach, of any
covenant or warranty of the Issuer in the Indenture or the Notes (other than a covenant or warranty a default in the performance or the breach of which is elsewhere in this Section 1.4(e) specifically dealt with), and continuance of such
default or breach for a period of 60 days after there has been given by registered or certified mail, to the Issuer by the Trustee or to the Issuer and the Trustee by the Holders of at least 25% in the principal amount of the outstanding Notes, a
written notice specifying such default or breach and requiring it to be remedied and stating that such notice is a “Notice of Default” hereunder; or 

(4) default under any evidence of recourse Indebtedness of the Issuer or the Company, or under any mortgage, indenture or other instrument of
the Issuer or the Company (including a default with respect to Securities of any series other than the Notes) under which there may be issued or by which there may be secured any recourse Indebtedness of the Issuer or the Company (or by any
Subsidiary, the repayment of which the Issuer has guaranteed or for which the Issuer is directly responsible or liable as obligor or guarantor), whether such Indebtedness now exists or shall hereafter be created, which default shall constitute a
failure to pay an aggregate principal amount exceeding $25,000,000 of such Indebtedness when due and payable after the expiration of any applicable grace period with respect thereto and shall have resulted in such Indebtedness in an aggregate
principal amount exceeding $25,000,000 becoming or being declared due and payable prior to the date on which it would otherwise have become due and payable, without such Indebtedness having been discharged, or such acceleration having been
rescinded or annulled, within a period of 10 days after there shall have been given, by registered or certified mail, to the Issuer by the Trustee or to the Issuer and the Trustee by the Holders of at least 10% in principal amount of the outstanding
Notes a written notice specifying such default and requiring the Issuer to cause such Indebtedness to be discharged or cause such acceleration to be rescinded or annulled and stating that such notice is a “Notice of Default” hereunder;
provided, however that $25,000,000 in this Section 1.4(e)(4) will be replaced with $5,000,000 for so long as any of the Issuer’s 2.750% Senior Notes due 2023, 3.750% Senior Notes due 2024, 3.125% Senior Notes due 2026 or 2.750%
Senior Notes due 2027 are outstanding; or 

  
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 (5) the Issuer or the Company shall fail within 60 days to pay, bond or otherwise discharge
any uninsured judgment or court order for the payment of money in excess of $5,000,000, which is not stayed on appeal or is not otherwise being appropriately contested in good faith; or 

(6) the entry by a court having competent jurisdiction of: 

(a) a decree or order for relief in respect of the Issuer, the Company or any Significant Subsidiary of the Issuer or the
Company in an involuntary proceeding under any applicable bankruptcy, insolvency, reorganization or other similar law and such decree or order shall remain unstayed and in effect for a period of 60 consecutive days; or 

(b) a decree or order adjudging the Issuer, the Company or any Significant Subsidiary to be insolvent, or approving a petition
seeking reorganization, arrangement, adjustment or composition of the Issuer, the Company or any Significant Subsidiary and such decree or order shall remain unstayed and in effect for a period of 60 consecutive days; or 

(c) a final and non-appealable order appointing a custodian, receiver, liquidator,
assignee, trustee or other similar official of the Issuer, the Company or any Significant Subsidiary or of any substantial part of the property of the Issuer, the Company or any Significant Subsidiary, as the case may be, or ordering the winding up
or liquidation of the affairs of the Issuer, the Company or any Significant Subsidiary; or 
 (7) the commencement by the Issuer, the
Company or any Significant Subsidiary of a voluntary proceeding under any applicable bankruptcy, insolvency, reorganization or other similar law or of a voluntary proceeding seeking to be adjudicated insolvent or the consent by the Issuer, the
Company or any Significant Subsidiary to the entry of a decree or order for relief in an involuntary proceeding under any applicable bankruptcy, insolvency, reorganization or other similar law or to the commencement of any insolvency proceedings
against it, or the filing by the Issuer, the Company or any Significant Subsidiary of a petition or answer or consent seeking reorganization or relief under any applicable law, or the consent by the Issuer, the Company or any Significant Subsidiary
to the filing of such petition or to the appointment of or taking possession by a custodian, receiver, liquidator, assignee, trustee or similar official of the Issuer, the Company or any Significant Subsidiary or any substantial part of the property
of the Issuer, the Company or any Significant Subsidiary or the making by the Issuer, the Company or any Significant Subsidiary of an assignment for the benefit of creditors, or the taking of corporate action by the Issuer, the Company or any
Significant Subsidiary in furtherance of any such action.” 
 ARTICLE TWO 

COVENANTS FOR BENEFIT OF HOLDERS OF NOTES 

Section 2.1 Additional Covenants. In addition to the covenants set forth in the Original Indenture, the Issuer hereby further covenants as
follows: 
 (a) Maintenance of Total Unencumbered Assets. The Issuer will maintain at all times Total Unencumbered Assets of not less than 150% of the
aggregate outstanding principal amount of the Unsecured Indebtedness of the Issuer and its Subsidiaries, computed on a consolidated basis in accordance with GAAP. 

Section 2.2 Amendment of Existing Covenants. The Issuer hereby amends Section 1010(b) of the Original Indenture and replaces it in its
entirety with the following: 
 (a) Debt Service Coverage. In addition to the other limitations set forth in Section 1010 of the Original
Indenture, the Issuer will not, and will not permit any Subsidiary to, incur any Indebtedness if, for the period consisting of the four consecutive fiscal quarters most recently ended prior to the date on which such additional Indebtedness is to be
incurred, the ratio of Consolidated Income Available for Debt Service to the Annual Service Charge shall have been less than 1.5 to 1, on a pro forma basis after giving effect to the incurrence of such Indebtedness and to the application of the
proceeds therefrom, and calculated on the assumption that (i) such Indebtedness and any other Indebtedness incurred by the Issuer or its Subsidiaries since the first day of such four-quarter period and the application of the proceeds therefrom,
including to refinance other Indebtedness, had occurred at the beginning of 

  
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such period, (ii) the repayment or retirement of any other Indebtedness by the Issuer or its Subsidiaries since the first day of such four-quarter period had been incurred, repaid or retired
at the beginning of such period (except that, in making such computation, the amount of Indebtedness under any revolving credit facility shall be computed based upon the average daily balance of such Indebtedness during such period), and
(iii) any income earned as a result of any increase in Adjusted Total Assets since the end of such four-quarter period had been earned, on an annualized basis, during such period, and (iv) in the case of an acquisition or disposition by
the Issuer of any Subsidiary or any asset or group of assets since the first day of such four-quarter period, including, without limitation, by merger, stock purchase or sale, or asset purchase or sale, such acquisition or disposition or any related
repayment of Indebtedness had occurred as of the first day of such period with the appropriate adjustments with respect to such acquisition or disposition being included in such pro forma calculation. 

Section 2.3 Deletion of Existing Covenants. The Issuer hereby deletes Section 1014 of the Original Indenture in its entirety, but only
insofar as it relates to the Notes. 
 ARTICLE THREE 

TRUSTEE 
 Section 3.1 Trustee. The
Trustee is appointed as the principal paying agent, transfer agent and registrar for the Notes and for the purposes of Section 1002 of the Indenture. The Notes may be presented for payment at the Corporate Trust Office of the Trustee in Boston,
Massachusetts or at any other corporate trust office as may be appointed from time to time by the Issuer. The Trustee shall not be responsible in any manner whatsoever for or in respect of the validity or sufficiency of this Supplemental Indenture
or the due execution hereof by the Issuer. The recitals of fact contained herein shall be taken as the statements solely of the Issuer, and the Trustee assumes no responsibility for the correctness thereof. 

ARTICLE FOUR 
 MISCELLANEOUS
PROVISIONS 
 Section 4.1 Ratification of Original Indenture. This Supplemental Indenture is executed and shall be construed as an indenture
supplemental to the Original Indenture, and as supplemented and modified hereby, the Original Indenture is in all respects ratified and confirmed, and the Original Indenture and this Supplemental Indenture shall be read, taken and construed as one
and the same instrument. 
 Section 4.2 Effect of Headings. The Article and Section headings herein are for convenience only and shall not
affect the construction hereof. 
 Section 4.3 Successors and Assigns. All covenants and agreements in this Supplemental Indenture by the Issuer
shall bind its respective successors and assigns, whether so expressed or not. 
 Section 4.4 Separability Clause. In case any one or more of
the provisions contained in this Supplemental Indenture shall for any reason be held to be invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or
impaired thereby. 
 Section 4.5 Governing Law. This Supplemental Indenture shall be governed by, and construed in accordance with, the laws of
the State of New York applicable to agreements made and instruments entered into and, in each case, performed in said state. This Supplemental Indenture is subject to the provisions of the Trust Indenture Act of 1939, as amended, that are required
to be part of this Supplemental Indenture and shall, to the extent applicable, be governed by such provisions. 
 Section 4.6 Counterparts. This
Supplemental Indenture may be executed in several counterparts, each of which shall be an original and all of which shall constitute one and the same instrument. 

  
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 IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be duly executed, and
their respective corporate seals to be hereunto affixed and attested, all as of the date first above written. 
 TANGER PROPERTIES LIMITED PARTNERSHIP, an
ISSUER 
  

					
	By:	 	Tanger GP Trust, as General Partner
		
	By:	 	/s/ James F. Williams
		 	Name: James F. Williams
		 	Title:   Vice President and Treasurer

  

	
	
	Attest: /s/ Chad D. Perry
	 Name: Chad D. Perry
 Title:   Vice
President and Secretary

  
 [Signature Page to the
Supplemental Indenture] 

 
					
	U.S. BANK NATIONAL ASSOCIATION, as
TRUSTEE
		
	By:	 	/s/ Carolina D. Altomare
		 	Name: Carolina D. Altomare
		 	Title:   Vice President

  
 [Signature Page to the
Supplemental Indenture] 

 Exhibit A 

Form of Global Note 
 No.
[                ] 
 PRINCIPAL AMOUNT 

$[                ] 

CUSIP NO.: [                ] 

ISIN NO.: [                ] 

TANGER PROPERTIES LIMITED PARTNERSHIP 

2.750% SENIOR NOTES DUE 2031 
 THIS SECURITY IS A
GLOBAL NOTE WITHIN THE MEANING SET FORTH IN THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE OF A DEPOSITARY. THIS SECURITY IS EXCHANGEABLE FOR SECURITIES REGISTERED IN THE NAME OF A PERSON OTHER THAN
THE DEPOSITARY OR ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE, AND, UNLESS AND UNTIL IT IS EXCHANGED FOR SECURITIES IN DEFINITIVE FORM AS AFORESAID, MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE
OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ITS NOMINEE TO A SUCCESSOR DEPOSITARY OR ITS NOMINEE. 

UNLESS THIS SECURITY IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (“DTC”), 55 WATER STREET, NEW YORK, NEW YORK TO
THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY SUCH SECURITY ISSUED IS REGISTERED IN THE NAME OF CEDE & CO., OR SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE
TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL, SINCE THE REGISTERED OWNER HEREOF,
CEDE & CO., HAS AN INTEREST HEREIN. 
 Tanger Properties Limited Partnership, a North Carolina limited partnership (the “Issuer,” which
term shall include any successor under the Indenture hereinafter referred to), for value received, hereby promises to pay to Cede & Co., or registered assigns, the principal sum of
[                 ] Dollars on September 1, 2031, and to pay interest thereon from August 10, 2021 or from the most recent date to which interest has been paid
or duly provided for, semi-annually in arrears on March 1 and September 1 of each year (the “Interest Payment Dates”), commencing March 1, 2022, at the rate of 2.750% per annum, until the entire principal amount hereof is
paid or made available for payment. The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in the Indenture, be paid to the Person in whose name this Note is registered in the Security
Register applicable to the Notes at the close of business on February 15 or August 15 (the “Regular Record Dates”), as the case may be, immediately preceding the applicable Interest Payment Date regardless of whether the Regular
Record Date is a Business Day. Any such interest not so punctually paid or duly provided for shall forthwith cease to be payable to the Holder on such Regular Record Date, and may either be paid to the Person in whose name this Note is registered at
the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to Holders of Notes of this series not less than 10 days prior to such Special Record Date, or may be
paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Notes may be listed, and upon such notice as may be required by such exchange, all as more fully provided in the Indenture.
Interest will be computed on the basis of a 360-day year of twelve 30-day months. If any principal of or premium, if any, or interest on any of the Notes is not paid
when due, then such overdue principal and, to the extent permitted by law, such overdue premium or interest, as the case may be, shall bear interest, until paid or until such payment is duly provided for, at the rate of 2.750% per annum. 

  
 A-1 

 Payments of principal, premium, if any, and interest in respect of this Note will be made by the Issuer in
Dollars. If this Note is a Global Note, all payments of principal, premium, if any, and interest in respect of this Note will be made by wire transfer of immediately available funds to an account maintained by the payee located in the United States.
If this Note is not a Global Note (a “Certificated Note”), payments of interest on this Note may, at the Issuer’s option, be made by mailing a check to the address of the Person entitled thereto as such address appears in the Security
Register for the Notes or by wire transfer to an account maintained by the payee located inside the United States, all on the terms set forth in the Indenture. 

Payments of principal of and premium, if any, and interest on Certificated Notes that are due and payable on the Final Maturity Date, any Redemption Date or
any other date on which principal of such Notes is due and payable will be made by wire transfer of immediately available funds to accounts maintained by the Holders thereof in the United States, so long as such Holders have given appropriate wire
transfer instructions to the Trustee or a Paying Agent for the Notes, against surrender of such Notes to the Trustee or a Paying Agent for the Notes; provided that installments of interest on Certificated Notes that are due and payable on any
Interest Payment Date falling on or prior to such Final Maturity Date, Redemption Date or other date on which principal of such Notes is payable will be paid in the manner described in the preceding paragraph to the Persons who were the Holders of
such Notes registered as such at the close of business on the relevant Regular Record Dates according to their terms and the provisions of the Indenture. 

This Note is one of a duly authorized issue of Securities of the Issuer (herein called the “Notes”), issued as a series of Securities under an
indenture dated as of March 1, 1996 (herein called, together with all indentures supplemental thereto, the “Indenture”), between the Issuer and U.S. Bank National Association, as trustee (the “Trustee,” which term includes
any successor trustee under the Indenture with respect to the Notes), to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights, limitations of rights, duties and immunities
thereunder of the Issuer, the Trustee and the Holders of the Notes and of the terms upon which the Notes are, and are to be, authenticated and delivered. This Note is one of the duly authorized series designated as the “2.750% Senior Notes due
2031,” limited (subject to exceptions provided in the Indenture and subject to the right of the Issuer to reopen such series for the issuance of additional Securities of such series on the terms and subject to the conditions specified in the
Indenture) in an initial aggregate principal amount to $400,000,000. All terms used in this Note which are defined in the Indenture and not defined herein shall have the meanings assigned to them in the Indenture. 

Prior to June 1, 2031 (the “Par Call Date”), the Notes may be redeemed at any time at the option of the Issuer, in whole at any time or from
time to time in part, at a Redemption Price equal to the greater of: 
 (a) 100% of the principal amount of the Notes to be redeemed, and 

(b) the sum of the present values as of the date of redemption of the remaining scheduled payments of principal of and interest on the Notes to be redeemed,
after the date of redemption through the Par Call Date (assuming, for this purpose, that the Notes are scheduled to mature on the Par Call Date) (the “Assumed Remaining Life”) (exclusive of interest accrued to the applicable redemption
date) discounted to such redemption date on a semiannual basis, assuming a 360-day year consisting of twelve 30-day months, at the Treasury Rate plus 25 basis points,
plus, in the case of both clauses (a) and (b) above, any accrued and unpaid interest on the principal amount of the Notes being redeemed to, but excluding. such Redemption Date. Notwithstanding the foregoing, installments of interest on Notes
whose Stated Maturity is on or prior to the relevant Redemption Date will be payable to the Holders of such Notes registered as such at the close of business on the relevant Regular Record Dates according to their terms and the provisions of the
Indenture. 
 If the Notes are redeemed on or after the Par Call Date, the redemption price will be equal to 100% of the principal amount of the Notes to be
redeemed plus accrued and unpaid interest thereon to, but excluding, the redemption date. 
 Notice of any redemption by the Issuer will be mailed at least
15 days but not more than 60 days before the applicable Redemption Date to each Holder of Notes to be redeemed. The notice of redemption may contain any conditions that must be satisfied before such redemption will occur. 

  
 A-2 

 The Indenture contains provisions for defeasance at any time of (a) the entire indebtedness of the
Issuer on the Notes and (b) certain restrictive covenants and the related defaults and Events of Default applicable to the Issuer, in each case, upon compliance by the Issuer with certain conditions set forth in the Indenture, which provisions
apply to this Note. 
 In addition to the covenants of the Issuer contained in the Indenture, the Issuer makes the following covenants with respect to, and
for the benefit of the Holders of, the Notes: 
 Debt Service Coverage. In addition to the other limitations on the incurrence of Indebtedness, the
Issuer will not, and will not permit any Subsidiary to, incur any Indebtedness, if for the period consisting of the four consecutive fiscal quarters most recently ended prior to the date on which such additional Indebtedness is to be incurred, the
ratio of Consolidated Income Available for Debt Service to the Annual Service Charge shall have been less than 1.5 to 1.0, on a pro forma basis after giving effect to the incurrence of such Indebtedness and to the application of the proceeds
therefrom, and calculated on the assumption that (i) such Indebtedness and any other Indebtedness incurred by the Issuer or any of its Subsidiaries since the first day of such four-quarter period and the application of the proceeds therefrom,
including to refinance other Indebtedness, had occurred at the beginning of such period; (ii) the repayment or retirement of any other Indebtedness by the Issuer or any of its Subsidiaries since the first day of such four-quarter period had
been incurred, repaid or retired at the beginning of such period (except that, in making such computation, the amount of Indebtedness under any revolving credit facility shall be computed based upon the average daily balance of such Indebtedness
during such period); (iii) any income earned as a result of any increase in Adjusted Total Assets since the end of such four-quarter period had been earned, on an annualized basis, during such period; and (iv) in the case of an acquisition or
disposition by the Issuer or any Subsidiary of any asset or group of assets since the first day of such four-quarter period, including, without limitation, by merger, stock purchase or sale, or asset purchase or sale, such acquisition or disposition
or any related repayment of Indebtedness had occurred as of the first day of such period with the appropriate adjustments with respect to such acquisition or disposition being included in such pro forma calculation.  

Maintenance of Total Unencumbered Assets. The Issuer will maintain at all times Total Unencumbered Assets of not less than 150% of the aggregate
outstanding principal amount of the Unsecured Indebtedness of the Issuer and its Subsidiaries, computed on a consolidated basis in accordance with GAAP.  

Certain Definitions. As used herein, the following terms will have the meanings set forth below:  

“Business Day” means any day, other than a Saturday or a Sunday, that is neither a legal holiday nor a day on which banking institutions in
New York City are authorized or required by law, regulation or executive order to close.  
 “Comparable Treasury Issue” means, with
respect to any redemption date for the Notes, the United States Treasury security selected by the Independent Investment Banker as having a maturity comparable to the Assumed Remaining Life (as defined in Section 1.4(d) of the Supplemental
Indenture) that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of the Notes to be redeemed. 

“Comparable Treasury Price” means, with respect to any redemption date for the Notes: 

 

	 	(a)	 the average of four Reference Treasury Dealer Quotations for such redemption date, after excluding the highest
and lowest such Reference Treasury Dealer Quotations, or 

  

	 	(b)	 if the Issuer obtains fewer than four but more than one such Reference Treasury Dealer Quotations for such
redemption date, the average of all such quotations, or 

  

	 	(c)	 if the Issuer obtains only one such Reference Treasury Dealer Quotation for such redemption date, that
Reference Treasury Dealer Quotation 

 “DTC” means The Depository Trust Company. 

“Final Maturity Date” means September 1, 2031. 

  
 A-3 

 “GAAP” means generally accepted accounting principles, as in effect from time to time, as
used in the United States applied on a consistent basis. 
 “Indebtedness” means any indebtedness, whether or not contingent, in respect of
(i) borrowed money evidenced by bonds, notes, debentures or similar instruments, (ii) indebtedness secured by any Lien on any property or asset, but only to the extent of the lesser of (a) the amount of indebtedness so secured and
(b) the fair market value (determined in good faith by the Issuer) of the property subject to such Lien, (iii) the reimbursement obligations, contingent or otherwise, in connection with any letters of credit actually issued or amounts
representing the balance deferred and unpaid of the purchase price of any property except any such balance that constitutes an accrued expense or trade payable or (iv) any lease of property as lessee which would be reflected on a consolidated
balance sheet as a financing lease in accordance with GAAP, in the case of items of indebtedness under (i) through (iii) above to the extent that any such items (other than letters of credit) would appear as a liability on a consolidated
balance sheet in accordance with GAAP, and also includes to the extent not otherwise included, any obligation to be liable for, or to pay, as obligor, guarantor or otherwise (other than for purposes of collection in the ordinary course of business),
indebtedness of another person. In the case of indebtedness under (iv) above, the term “Indebtedness” will exclude operating lease liabilities on a consolidated balance sheet in accordance with GAAP. 

“Independent Investment Banker” means one of the Reference Treasury Dealers appointed by the Issuer. 

“Intercompany Debt” means indebtedness owed by the Issuer, Company or any Subsidiary solely to the Issuer, Company or any Subsidiary. 

“Lien” means, with respect to any asset, (a) any mortgage, deed of trust, lien, pledge, hypothecation, encumbrance, charge or security
interest in, on or of such asset, (b) the interest of a vendor or a lessor under any conditional sale agreement, capital lease or title retention agreement (or any financing lease having substantially the same economic effect as any of the
foregoing) relating to such asset and (c) in the case of securities, any purchase option, call or similar right of a third party with respect to such securities. 

“Reference Treasury Dealer” means with respect to any redemption date for the Notes, each of (i) Wells Fargo Securities, LLC, a Primary
Treasury Dealer (defined herein) selected by Truist Securities, Inc. and a Primary Treasury Dealer selected by U.S. Bancorp Investments, Inc. (and their respective successors provided, however, that if any such firm or any such
successor, as the case may be, ceases to be a primary U.S. Government securities dealer in The City of New York, (a “Primary Treasury Dealer”), the Issuer shall substitute therefor another Primary Treasury Dealer); and (ii) two other
Primary Treasury Dealers selected by the Issuer. 
 “Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury
Dealer and any redemption date for the Notes, the average, as determined by the Issuer, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the Issuer by
such Reference Treasury Dealer at 5:00 p.m., New York City time, on the third Business Day preceding the notice of such redemption date. 

“Subsidiary” means any entity of which at the time of determination the Issuer or one or more other Subsidiaries owns or controls, directly
or indirectly, more than 50% of the shares of Voting Stock. The foregoing definition of “Subsidiary” shall only be applicable with respect to the covenants and other definitions set forth in Section 2.1 of the Supplemental Indenture
and Section 610 of the Original Indenture. 
 “Total Assets” as of any date means the sum of (i) Undepreciated Real Estate Assets
and (ii) all other assets of the Issuer and its Subsidiaries on a consolidated basis determined in accordance with GAAP (but excluding accounts receivable and non-real estate intangibles). 

“Total Unencumbered Assets” as of any date means Total Assets minus the value of any properties of the Issuer and its Subsidiaries that are
subject to a Lien securing Indebtedness (other than those relating to Intercompany Debt), including the value of any stock of any Subsidiary that is so encumbered determined on a consolidated basis in accordance with GAAP; provided,
however, that, in determining Total Unencumbered Assets as a percentage of outstanding Unsecured Indebtedness for purposes of the covenant set forth in Section 2.1(a) of the Supplemental Indenture all investments in any Person that is not
consolidated with the Issuer for financial reporting purposes in 

  
 A-4 

 
accordance with GAAP shall be excluded from Total Unencumbered Assets to the extent that such investments would have otherwise been included. For purposes of this definition, the value of each
property shall be equal to the purchase price or cost of each such property (original cost plus capital improvements) and the value of any stock subject to any encumbrance shall be determined by reference to the value of the properties owned by the
issuer of such stock as aforesaid 
 “Treasury Rate” means, with respect to any redemption or acceleration date for the Notes: (a) the
weekly yield for the most recent week appearing in the most recently published statistical release designated “H.15” or any successor publication which is published by the Board of Governors of the Federal Reserve System and which
establishes yields on actively traded United States Treasury securities adjusted to constant maturity for the maturity corresponding to the Comparable Treasury Issue (if no maturity is within three months before or after the Final Maturity Date of
the Notes, yields for the two published maturities most closely corresponding to the Comparable Treasury Issue shall be determined and the Treasury Rate shall be interpolated or extrapolated from such yields on a straight-line basis, rounding to the
nearest month) or (b) if such release (or any successor release) is not published during the week preceding the calculation date or does not contain such yields, the rate per annum equal to the semiannual equivalent yield to maturity of the
Comparable Treasury Issue, calculated using a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for such redemption date. The Treasury Rate shall be calculated by the
Issuer and certificated to the Trustee in writing on the third Business Day preceding the notice of the applicable redemption date. 

“Undepreciated Real Estate Assets” as of any date means the cost (original cost plus capital improvements) of real estate assets, right of
use assets associated with a financing lease in accordance with GAAP and related intangibles of the Issuer and its Subsidiaries on such date, before depreciation and amortization and impairments, all determined on a consolidated basis in accordance
with GAAP; provided, however, that “Undepreciated Real Estate Assets” shall not include the right of use assets associated with an operating lease in accordance with GAAP. 

“Unsecured Indebtedness” means Indebtedness of the Issuer or any Subsidiary that is not secured by a Lien upon any property of the Issuer or
any Subsidiary. 
 If an Event of Default with respect to the Notes shall occur and be continuing, the principal of the Notes may be declared due and
payable in the manner and with the effect provided in the Indenture. 
 As provided in and subject to the provisions of the Indenture, the Holder of this
Note shall not have the right to institute any proceeding with respect to the Indenture or for the appointment of a receiver or trustee or for any other remedy thereunder, unless such Holder shall have previously given the Trustee written notice of
a continuing Event of Default with respect to the Notes, the Holders of not less than 25% in principal amount of the Notes at the time Outstanding shall have made written request to the Trustee to institute proceedings in respect of such Event of
Default as Trustee and offered the Trustee reasonable indemnity and the Trustee shall not have received from the Holders of a majority in principal amount of the Notes at the time Outstanding a direction inconsistent with such request, and shall
have failed to institute any such proceeding, for 60 days after receipt of such notice, request and offer of indemnity. The foregoing shall not apply to any suit instituted by the Holder of this Note for the enforcement of any payment of principal
of, or premium, if any, or interest on, this Note on or after the respective due dates therefor. 
 The Indenture permits, with certain exceptions as
therein provided, the amendment thereof and the modification of the rights and obligations of the Issuer and the rights of the Holders of the Notes under the Indenture at any time by the Issuer and the Trustee with the consent of the Holders of not
less than a majority in aggregate principal amount of the Outstanding Notes. The Indenture also contains provisions permitting the Holders of not less than a majority in principal amount of the Notes at the time Outstanding, on behalf of the Holders
of all Notes, to waive compliance by the Issuer with certain provisions of the Indenture. Furthermore, provisions in the Indenture permit the Holders of not less than a majority of the aggregate principal amount of the Outstanding Notes to waive, in
certain circumstances, on behalf of all Holders of the Notes, certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Note shall be conclusive and binding upon such Holder and upon all
future Holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Note. 

  
 A-5 

 No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair
the obligation of the Issuer, which is absolute and unconditional, to pay the principal of, and premium, if any, and interest on, this Note at the times, places and rate, and in the coin or currency, herein prescribed. 

As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Note is registrable in the Security Register, upon
surrender of this Note for registration of transfer at the office or agency of the Issuer in any Place of Payment for the Notes, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Issuer and the Security
Registrar for the Notes duly executed by, the Holder hereof or his or her attorney duly authorized in writing, and thereupon one or more new Notes of authorized denominations and for the same aggregate principal amount will be issued to the
designated transferee or transferees. 
 As provided in the Indenture and subject to certain limitations therein set forth, Notes of this series are
exchangeable for a like aggregate principal amount of Notes of this series of different authorized denominations, as requested by the Holder surrendering the same. 

The Notes of this series are issuable only in registered form without interest coupons in minimum denominations of $2,000 and any integral multiples of $1,000
in excess thereof. No service charge shall be made for any such registration of transfer or exchange, but the Issuer may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. 

Prior to due presentment of this Note for registration of transfer, the Issuer, the Trustee and any agent of the Issuer or the Trustee may treat the Person in
whose name this Note is registered as the owner hereof for all purposes, whether or not this Note be overdue, and neither the Issuer, the Trustee nor any such agent shall be affected by notice to the contrary. 

No recourse shall be had for the payment of the principal of, or premium, if any, or the interest on this Note, or for any claim based hereon, or otherwise in
respect hereof, or based on or in respect of the Indenture or any indenture supplemental thereto, against any past, present or future stockholder, employee, officer or director, as such, of the Issuer or of any successor, either directly or through
the Issuer or any successor, whether by virtue of any constitution, statute or rule of law or by the enforcement of any assessment or penalty or otherwise, all such liability being, by the acceptance hereof and as part of the consideration for the
issue hereof, expressly waived and released. 
 THE INDENTURE AND THE NOTES, INCLUDING THIS NOTE, SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE
LAWS OF THE STATE OF NEW YORK. 
 Pursuant to a recommendation promulgated by the Committee on Uniform Security Identification Procedures, the Issuer has
caused CUSIP numbers to be printed on the Notes as a convenience to the Holders of the Notes. No representation is made as to the correctness or accuracy of such CUSIP numbers as printed on the Notes, and reliance may be placed only on the other
identification numbers printed hereon. 
 Unless the certificate of authentication hereon has been executed by the Trustee by manual signature of one of its
authorized signatories, this Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 
 The headings
included in this Note are for convenience only and shall not affect the construction hereof. 

  
 A-6 

 IN WITNESS WHEREOF, the Issuer has caused this instrument to be duly executed under its corporate seal. 

 

			
	TANGER PROPERTIES LIMITED PARTNERSHIP
		
	By:	 	TANGER GP TRUST, its sole general partner

 
			
		
	By:	 	 

 
			
		
	Name:	 	
	Title:	 	

  

			
	Attest:
		
	By:	 	 
	Name:	 	
	Title:	 	

 [Signature Page to Global Note] 

  
 A-7 

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION: 

This is one of the Securities of the series designated therein referred to in the within-mentioned Indenture. 

U.S. BANK NATIONAL ASSOCIATION, as Trustee 
  

			
	By:	 	Authorized Signatory
	Dated:	 	

  
 A-8 

 ASSIGNMENT FORM 

FOR VALUE RECEIVED, the undersigned hereby 

sells, assigns and transfers to 
  

			
		  	 PLEASE INSERT SOCIAL
 SECURITY OR OTHER
IDENTIFYING
 NUMBER OF ASSIGNEE

		  	 
		  	 
		  	 
		  	 (Please Print or Typewrite Name and Address

including Zip Code of Assignee)

		  	 the within Note of TANGER PROPERTIES LIMITED PARTNERSHIP,

and hereby does irrevocably constitute and appoint

		  	 
		  	 
		
		  	Attorney to transfer said Note on the books of the within-named Issuer with full power of substitution in the premises.
		
		  	Dated:
		
		  	NOTICE: The signature to this assignment must correspond with the name as it appears on the first page of the within Note in every particular, without alteration or enlargement or any change whatever.
	 Signature
 Guaranty
	  	
		  	 (Signature must be guaranteed by
 a participant
in a signature
 guarantee medallion program)

  
 A-9Document

July 7, 2021
Marcella Butler

Re:    Separation Agreement
Dear Marcella:
This letter sets forth the substance of the separation agreement (the “Agreement”) which AppHarvest, Inc. (the “Company”) is offering to you to aid in your employment transition.
1.Separation.  Your last day of work with the Company and your employment termination date will be July 7, 2021 (the “Separation Date”).
2.Accrued Salary.  By the next regular payroll date following the Separation Date, the Company will pay you all accrued salary earned through the Separation Date, subject to standard payroll deductions and withholdings.  You will receive these payments regardless of whether or not you sign this Agreement.
3.Severance Benefits.  You are eligible for severance pursuant to Section 6.1 of the Employment Agreement between you and the Company dated December 10, 2020, as amended (the “Employment Agreement”), provided, however, that per this Agreement the Company is offering you enhanced severance benefits above the benefits contained in your Employment Agreement.  If you execute and do not revoke this Agreement and comply fully with your obligations hereunder, the Company will provide you with the following severance benefits, in full satisfaction of the obligations under the Employment Agreement:
A.    Severance Payments. The Company will make a lump sum severance payment to you of $350,000.00, reflecting twelve (12) months of the base salary in effect on the Separation Date.  This payment will be subject to standard payroll deductions and withholdings and will be made within fourteen (14) days following the “Effective Date” as defined below, provided the Company has received the executed Agreement from you on or before that date. 
B.     COBRA Premiums.  You acknowledge that you have been notified that the American Rescue Plan Act of 2021 (“ARPA”) requires that the Company pay for COBRA premiums that you incur through September 30, 2021 or the date your COBRA continuation coverage otherwise ends (if earlier than September 30, 2021), provided that you have timely elected and remain eligible for COBRA through such period.  Thereafter, if you remain eligible for COBRA or the state equivalent, then as a severance benefit, the Company will pay, as and when due to the insurance carrier or COBRA administrator (as applicable), the COBRA health insurance premiums for you and your eligible dependents, if any, until the earlier of (A) twelve (12) months following the Separation Date (B) the date when you become eligible for substantially equivalent health insurance coverage in connection with new employment or self-employment or (C) the date you cease to be eligible for COBRA continuation coverage for any reason the expiration of my eligibility for the continuation coverage under COBRA (thereafter, you will be responsible for all COBRA premium payments, if any).
C.    Partial Target Bonus. The Company will pay you $103,500, (the “Partial Target Bonus”) which equals fifty percent (50%) of the target bonus for 2021.  The Partial Target Bonus will be subject to deductions and withholdings and will be paid at the time that such bonuses are normally paid to other employees of the Company, but in no event later than March 15, 2022.
D.    Partial Acceleration. In accordance with Section 6.1(b)(iv) of the Employment Agreement, the Company will accelerate vesting of the shares subject to your equity awards, as detailed in Section 5 below.

Marcella Butler
July 7, 2021
Page 2 of 9

The Company is offering severance to you in reliance on Treasury Regulation Section 1.409A-1(b)(9) and the short-term deferral exemption in Treasury Regulation Section 1.409A-1(b)(4).  Any payments made in reliance on Treasury Regulation Section 1.409A-1(b)(4) will be made not later than March 15, 2022  For purposes of Code Section 409A, your right to receive any installment payments under this Agreement (whether severance payments, reimbursements or otherwise) shall be treated as a right to receive a series of separate payments and, accordingly, each installment payment hereunder shall at all times be considered a separate and distinct payment. 
4.Benefit Plans.  If you are currently participating in the Company’s group health insurance plans, your participation as an employee will end on July 31, 2021.  Thereafter, to the extent provided by the federal COBRA law or, if applicable, state insurance laws, and by the Company’s current group health insurance policies, you will be eligible to continue your group health insurance benefits at your own expense; provided, however, that as described in Section 3(b) above, the Company has certain obligations to pay specific COBRA premiums under ARPA and is offering to pay other COBRA premiums on your behalf, as described above.  Later, you may be able to convert to an individual policy through the provider of the Company’s health insurance, if you wish.  
For information regarding when your participation in any other Company benefit plans ends, please see the plan information previously provided to you.  If you have any questions, please contact Jenn Gustin, VP of People Operations.
5.Equity.  You were awarded restricted stock units (the “RSUs”) of 408,048 shares (as adjusted for the Company’s stock split) pursuant to the Company’s 2018 Equity Incentive Plan (the “Plan”).  Under the Plan and the agreements governing the RSU (the “RSU Documents”), vesting of the RSUs will cease as of the Separation Date.  As of the Separation Date, zero (0) shares subject to the RSUs are vested.  Notwithstanding anything to the contrary in the Option Documents and any other documents between you and the Company setting forth the terms of the RSUs, if you execute this Agreement, allow it to become effective and fully comply with your obligations hereunder, the Company’s Board of Directors will modify and accelerate your vesting schedule to provide that the portion of shares subject to the RSUs that would vest within twelve (12) months and seven (7) days of the Separation Date shall be considered vested as of the Separation Date.  
6.Other Compensation or Benefits.  You acknowledge that, except as expressly provided in this Agreement, you will not receive any additional compensation, severance or benefits after the Separation Date.
7.Expense Reimbursements.  You agree that, within ten (10) days of the Separation Date, you will submit your final documented expense reimbursement statement reflecting all business expenses you incurred through the Separation Date, if any, for which you seek reimbursement.  The Company will reimburse you for reasonable business expenses pursuant to its regular business practice.
8.Return of Company Property.  Within 10 business days of the Separation Date, you agree to return to the Company all Company documents (and all copies thereof) and other Company property that you have had in your possession at any time, including, but not limited to, Company files, notes, drawings, records, business plans and forecasts, financial information, specifications, computer-recorded information, tangible property (including, but not limited to, computers), credit cards, entry cards, identification badges and keys; and, any materials of any kind that contain or embody any proprietary or confidential information of the Company (and all reproductions thereof).  Please coordinate return of Company property with Gary Broadbent, Deputy General Counsel.  Receipt of the severance benefits described in Section 3 of this Agreement is expressly conditioned upon return of all Company Property.
9.Confidential Information and Post-Termination Obligations.  Both during and after your employment you acknowledge your continuing obligations under your Employee Confidential Information, Inventions, Non-Solicitation and Non-Competition Agreement (“CIIA”) not to use or disclose any confidential or proprietary information of the Company and to refrain from certain solicitation and competitive activities.  A copy of your CIIA is attached hereto as Exhibit A.  Confidential information that is also a “trade secret,” as defined by law, may be 

Marcella Butler
July 7, 2021
Page 3 of 9

disclosed (A) if it is made (i) in confidence to a federal, state, or local government official, either directly or indirectly, or to an attorney and (ii) solely for the purpose of reporting or investigating a suspected violation of law; or (B) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal. In addition, in the event that you file a lawsuit for retaliation by the Company for reporting a suspected violation of law, you may disclose the trade secret to your attorney and use the trade secret information in the court proceeding, if you: (A) file any document containing the trade secret under seal; and (B) do not disclose the trade secret, except pursuant to court order. 
10.Confidentiality.  The provisions of this Agreement will be held in strictest confidence by you and will not be publicized or disclosed in any manner whatsoever; provided, however, that:  (a) you may disclose this Agreement to your immediate family; (b) you may disclose this Agreement in confidence to your attorney, accountant, auditor, tax preparer, and financial advisor; and (c) you may disclose this Agreement insofar as such disclosure may be required by law. Notwithstanding the foregoing, nothing in this Agreement shall limit your right to voluntarily communicate with the Equal Employment Opportunity Commission, United States Department of Labor, the National Labor Relations Board, the Securities and Exchange Commission, other federal government agency or similar state or local agency or to discuss the terms and conditions of your employment with others to the extent expressly permitted by Section 7 of the National Labor Relations Act.  
11.Mutual Non-Disparagement. Both you and the Company agree not to disparage the other party, and the other party’s officers, directors, employees, shareholders and agents, in any manner likely to be harmful to them or their business, business reputation or personal reputation; provided that both you and the Company will respond accurately and fully to any question, inquiry or request for information when required by legal process and are entitled to make any disclosures required by law or regulation.  The Company’s obligations under this Section are limited to Company representatives with knowledge of this provision. Notwithstanding the foregoing, nothing in this Agreement shall limit your right to voluntarily communicate with the Equal Employment Opportunity Commission, United States Department of Labor, the National Labor Relations Board, the Securities and Exchange Commission, other federal government agency or similar state or local agency or to discuss the terms and conditions of your employment with others to the extent expressly permitted by Section 7 of the National Labor Relations Act.
12.Cooperation after Termination.  You agree to cooperate fully with the Company in all matters relating to the transition of your work and responsibilities on behalf of the Company, including, but not limited to, any present, prior or subsequent relationships and the orderly transfer of any such work and institutional knowledge to such other persons as may be designated by the Company, by making yourself reasonably available during regular business hours. 
13.Release.  In exchange for the payments and other consideration under this Agreement, to which you would not otherwise be entitled, and except as otherwise set forth in this Agreement, you, on behalf of yourself and, to the extent permitted by law, on behalf of your spouse, heirs, executors, administrators, assigns, insurers, attorneys and other persons or entities, acting or purporting to act on your behalf (collectively, the “Employee Parties”), hereby generally and completely release, acquit and forever discharge the Company, its parents and subsidiaries, and its and their officers, directors, managers, partners, agents, representatives, employees, attorneys, shareholders, predecessors, successors, assigns, insurers and affiliates (the “Company Parties”) of and from any and all claims, liabilities, demands, contentions, actions, causes of action, suits, costs, expenses, attorneys’ fees, damages, indemnities, debts, judgments, levies, executions and obligations of every kind and nature, in law, equity, or otherwise, both known and unknown, suspected and unsuspected, disclosed and undisclosed, arising out of or in any way related to agreements, events, acts or conduct at any time prior to and including the execution date of this Agreement, including but not limited to:  all such claims and demands directly or indirectly arising out of or in any way connected with your employment with the Company or the termination of that employment; claims or demands related to salary, bonuses, commissions, stock, stock options, or any other ownership interests in the Company, vacation pay, fringe benefits, expense reimbursements, severance pay, or any other form of compensation; claims pursuant to any federal, state or local law, statute, or cause of action; tort law; or contract law (individually a 

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“Claim” and collectively “Claims”).  The Claims you are releasing and waiving in this Agreement include, but are not limited to, any and all Claims that any of the Company Parties:
•has violated its personnel policies, handbooks, contracts of employment, or covenants of good faith and fair dealing;
•has discriminated against you on the basis of age, race, color, sex (including sexual harassment), national origin, ancestry, disability, religion, sexual orientation, marital status, parental status, source of income, entitlement to benefits, any union activities or other protected category in violation of any local, state or federal law, constitution, ordinance, or regulation, including but not limited to: the Age Discrimination in Employment Act (ADEA), the Older Workers Benefit Protection Act, Title VII of the Civil Rights Act of 1964, the Civil Rights Act of 1866 (42 U.S.C. 1981), the Civil Rights Act of 1991, the Genetic Information Nondiscrimination Act, Executive Order 11246, which prohibit discrimination based on race, color, national origin, religion, or sex; the Americans with Disabilities Act and Sections 503 and 504 of the Rehabilitation Act of 1973, which prohibit discrimination against  the disabled, the National Labor Relations Act, the Lily Ledbetter Fair Pay Act, the anti-retaliation provisions of the Sarbanes-Oxley Act, or any other federal or state law regarding whistleblower retaliation; the Kentucky Civil Rights Act, the Kentucky Equal Pay Act, the Kentucky Equal Opportunities Act, the Kentucky Law on Whistleblowing, and Kentucky’s prohibition against requiring waiver of statutory rights as a condition of employment, all as amended, and any and all other federal, state or local laws, rules, regulations, constitutions, ordinances or public policies, whether known or unknown, prohibiting employment discrimination;
•has violated any employment statutes, such as the WARN Act, which requires that advance notice be given of certain workforce reductions; the Employee Retirement Income Security Act of 1974 (ERISA) which, among other things, protects employee benefits; the Fair Labor Standards Act of 1938, which regulates wage and hour matters; the National Labor Relations Act, which protects forms of concerted activity; the Family and Medical Leave Act of 1993, which requires employers to provide leaves of absence under certain circumstances; the Fair Credit Reporting Act, the Employee Polygraph Protection Act, the Kentucky Wages and Hours Act, damages under Ky. Rev. Stat. Ann. § 446.070, the anti-retaliation provisions under the Kentucky Workers' Compensation Law, the Kentucky Occupational Safety and Health Act, all as amended, and any and all other federal, state or local laws, rules, regulations, constitutions, ordinances or public policies, whether known or unknown relating to employment laws, such as veterans’ reemployment rights laws;
•has violated any other laws, such as federal, state, or local laws providing workers’ compensation benefits, restricting an employer’s right to terminate employees, or otherwise regulating employment; any federal, state or local law enforcing express or implied employment contracts or requiring an employer to deal with employees fairly or in good faith; any other federal, state or local laws providing recourse for alleged wrongful discharge, retaliatory discharge, negligent hiring, retention, or supervision, physical or personal injury, emotional distress, assault, battery, false imprisonment, fraud, negligent misrepresentation, defamation, intentional or negligent infliction of emotional distress and/or mental anguish, intentional interference with contract, negligence, detrimental reliance, loss of consortium to you or any member of your family, whistleblowing, and similar or related claims.
Notwithstanding the foregoing, other than events expressly contemplated by this Agreement you do not waive or release rights or Claims that may arise from events that occur after the date this waiver is executed or your right to enforce this Agreement and you are not releasing any right of indemnification you may have for any liabilities arising from your actions within the course and scope of your employment with the Company.  Also excluded from 

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this Agreement are any Claims which cannot be waived by law, including, without limitation, any rights you may have under applicable workers’ compensation laws and your right, if applicable, to file or participate in an investigative proceeding of any federal, state or local governmental agency. Nothing in this Agreement shall prevent you from filing, cooperating with, or participating in any proceeding or investigation before the Equal Employment Opportunity Commission, United States Department of Labor, the National Labor Relations Board, the Occupational Safety and Health Administration, the Securities and Exchange Commission or any other federal government agency, or similar state or local agency (“Government Agencies”), or exercising any rights pursuant to Section 7 of the National Labor Relations Act.  You further understand this Agreement does not limit your ability to voluntarily communicate with any Government Agencies or otherwise participate in any investigation or proceeding that may be conducted by any Government Agency, including providing documents or other information, without notice to the Company.  While this Agreement does not limit your right to receive an award for information provided to the Securities and Exchange Commission, you understand and agree that, you are otherwise waiving, to the fullest extent permitted by law, any and all rights you may have to individual relief based on any Claims that you have released and any rights you have waived by signing this Agreement.  If any Claim is not subject to release, to the extent permitted by law, you waive any right or ability to be a class or collective action representative or to otherwise participate in any putative or certified class, collective or multi-party action or proceeding based on such a Claim in which any of the Company Parties is a party.  This Agreement does not abrogate your existing rights under any Company benefit plan or any plan or agreement related to equity ownership in the Company; however, it does waive, release and forever discharge Claims existing as of the date you execute this Agreement pursuant to any such plan or agreement.
14.Your Acknowledgments and Affirmations / Effective Date of Agreement.  You acknowledge that you are knowingly and voluntarily waiving and releasing any and all rights you may have under the ADEA, as amended.  You also acknowledge and agree that (i) the consideration given to you in exchange for the waiver and release in this Agreement is in addition to anything of value to which you were already entitled; and (ii) that you have been paid for all time worked, have received all the leave, leaves of absence and leave benefits and protections for which you are eligible, and have not suffered any on-the-job injury for which you have not already filed a Claim.  You affirm that all of the decisions of the Company Parties regarding your pay and benefits through the date of your execution of this Agreement were not discriminatory based on age, disability, race, color, sex, religion, national origin or any other classification protected by law.  You affirm that you have not filed or caused to be filed, and are not presently a party to, a Claim against any of the Company Parties.  You further affirm that you have no known workplace injuries or occupational diseases.  You acknowledge and affirm that you have not been retaliated against for reporting any allegation of corporate fraud or other wrongdoing by any of the Company Parties, or for exercising any rights protected by law, including any rights protected by the Fair Labor Standards Act, the Family Medical Leave Act, or any related statute or local leave or disability accommodation laws, or any applicable state workers’ compensation law.  You further acknowledge and affirm that you have been advised by this writing that:  (a) your waiver and release do not apply to any rights or Claims that may arise after the execution date of this Agreement; (b) you have been advised hereby that you have the right to consult with an attorney prior to executing this Agreement; (c) you have been given thirty (30) days to consider this Agreement (although you may choose to voluntarily execute this Agreement earlier and if you do you will sign the Consideration Period waiver below); (d) you have seven (7) days following your execution of this Agreement to revoke this Agreement; and (e) this Agreement shall not be effective until the date upon which the revocation period has expired unexercised (the "Effective Date"), which shall be the eighth day after this Agreement is executed by you
15.No Admission.  This Agreement does not constitute an admission by the Company of any wrongful action or violation of any federal, state, or local statute, or common law rights, including those relating to the provisions of any law or statute concerning employment actions, or of any other possible or claimed violation of law or rights.
16.Breach.  You agree that upon any breach of this Agreement you will forfeit all amounts paid or owing to you under this Agreement.  Further, you acknowledge that it may be impossible to assess the damages caused by your violation of the terms of Sections 8, 9, 10, and 11 of this Agreement and further agree that any threatened or actual violation or breach of those Sections of this Agreement will constitute immediate and irreparable injury to the 

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Company.  You therefore agree that any such breach of this Agreement is a material breach of this Agreement, and, in addition to any and all other damages and remedies available to the Company upon your breach of this Agreement, the Company shall be entitled to an injunction to prevent you from violating or breaching this Agreement.  You agree that if the Company is successful in whole or part in any legal or equitable action against you under this Agreement, you agree to pay all of the costs, including reasonable attorneys’ fees, incurred by the Company in enforcing the terms of this Agreement.
17.Miscellaneous.  This Agreement, including Exhibit A, constitutes the complete, final and exclusive embodiment of the entire agreement between you and the Company with regard to this subject matter.  It is entered into without reliance on any promise or representation, written or oral, other than those expressly contained herein, and it supersedes any other such promises, warranties or representations.  This Agreement may not be modified or amended except in a writing signed by both you and a duly authorized officer of the Company.  This Agreement will bind the heirs, personal representatives, successors and assigns of both you and the Company, and inure to the benefit of both you and the Company, their heirs, successors and assigns.  If any provision of this Agreement is determined to be invalid or unenforceable, in whole or in part, this determination will not affect any other provision of this Agreement and the provision in question will be modified by the court so as to be rendered enforceable.  This Agreement will be deemed to have been entered into and will be construed and enforced in accordance with the laws of the Commonwealth of Kentucky as applied to contracts made and to be performed entirely within Kentucky.
If this Agreement is acceptable to you, please sign below and return the original to me on or after your Separation Date, but no later than the date that is thirty (30) days after you receive this Agreement.  This offer will expire if we have not received your executed Agreement by that date.
I wish you good luck in your future endeavors.
Sincerely,
AppHarvest, Inc.
			
	By: /s/ David Lee
	David Lee
	President

Agreed to and Accepted:

			
	/s/ Marcella Butler
	Marcella Butler

			
	July 9, 2021
	Date

Marcella Butler
July 7, 2021
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Exhibit A – Employee Confidential Information, Inventions, Non-Solicitation and Non-Competition Agreement
CONSIDERATION PERIOD
I, Marcella Butler, understand that I have the right to take at least 21 days to consider whether to sign this Agreement, which I received on July 7, 2021.  If I elect to sign this Agreement before 30 days have passed, I understand I am to sign and date below this paragraph to confirm that I knowingly and voluntarily agree to waive the 30-day consideration period.
Agreed:
			
	/s/ Marcella Butler
	Marcella Butler

			
	July 9, 2021
	Date

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