SEC Contract Filing

Filing Date: 2023-11-07

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<DIV><FONT size="1" style="font-size:1pt;color:white">July 6, 2023 Jessica K. Norman, ESQ 130 Chestnut Street Moorestown, NJ 08057 Dear Jessica, Congratulations! We are pleased to make you an offer of regular full-time employment with Tanger Properties Limited Partnership (&#8220;Tanger&#8221;). The terms of the offer follow: Position/Reporting: Executive Vice President and General Counsel Reporting directly to Stephen Yalof, President and Chief Executive Officer Effective Date: No later than September 12, 2023, or, in the event employee&#8217;s current employer agrees to waive the 60-day notice of termination requirement, such earlier date as may be agreed to between employer and employee. Compensation: Your base compensation will be $385,000 gross per year payable in accordance with normal payroll practices, currently biweekly in arrears, paid every other Friday. Your base compensation will be subject to review and adjustment pursuant to the Company&#8217;s policies in effect from time to time. This position is compensated on a salary basis and is exempt from the rules and regulations governing overtime pay. Available payment methods are paper check mailed to your home address and/or direct deposit. Bonus Opportunity: Your target annual cash bonus is one hundred percent (100%) of your base annual salary, with a stretch bonus opportunity of one hundred fifty percent (150%) of your base annual salary. The annual cash bonus potential is expressed as a percentage of base annual salary subject to the achievement of business performance criteria and goals approved by the Compensation Committee of the Board of Directors (the &#8220;Compensation Committee&#8221;) in its discretion, and individual performance goals. The actual amount of your annual cash bonus may be more or less than your target bonus. Bonus payments due are made no Exhibit 10.2 </FONT></DIV>
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<DIV><FONT size="1" style="font-size:1pt;color:white">Sign-On Bonus: Sign-On Grant of Restricted Shares: later than two and one-half (2.5) months after the end of the bonus plan year (i.e., on or before March 15th). You are eligible to participate in this cash bonus program during calendar year 2023. This amount will be pro-rated based on your start date in 2023. Bonus potential does not constitute a promise of payment or continued employment or form any contract of employment. Tanger agrees to pay you a one-time sign-on bonus (the &#8220;Sign- On Bonus&#8221;) of one hundred fifty thousand dollars ($150,000), less applicable taxes and withholdings, payable on the first pay date following the Effective Date, subject to your continued employment through the payment date thereof. The Sign-On Bonus is subject to repayment in the event your employment with the Company is terminated for Cause or due to your voluntary resignation without Good Reason (each as defined in the Severance Plan as defined below). Repayment of the Sign-On Bonus shall be forgiven by 50% on each of the first and second anniversaries of the Effective Date such that the Sign-On Bonus shall no longer be subject to repayment following the second anniversary of the Effective Date. The Company will have the right to offset such repayment amount against any compensation otherwise payable to you on the date of your termination of employment. Notwithstanding the foregoing, in the event your employment with the Company is terminated by the Company without Cause or by you for Good Reason you will be permitted to retain the Sign-On Bonus. Tanger agrees to grant you on or shortly following the Effective Date a number of shares of restricted stock to be valued at the time of issue in the amount of four hundred thousand dollars ($400,000). Subject to the form of executive restricted share award agreement and the Incentive Award Plan of Tanger Factory Outlet Centers, Inc. and Tanger Properties Limited Partnership (as amended and restated on April 4, 2014), as amended (the &#8220;Plan&#8221;), these shares shall vest as to fifty percent (50%) on the second anniversary of the Effective Date, twenty-five percent (25%) on the third anniversary of the Effective Date and twenty-five percent (25%) on the fourth anniversary of the Effective Date, subject to your continued employment through the applicable vesting dates. Exhibit 10.2 </FONT></DIV>
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<DIV><FONT size="1" style="font-size:1pt;color:white">Annual LTIP: Tanger agrees to grant you on or shortly following the Effective Date an annual long term incentive plan (&#8220;LTIP&#8221;) award for 2023 with a value equal to seven hundred thousand dollars ($700,000), prorated based on your 2023 start date. The LTIP award will be subject to the terms and conditions (including, without limitation, vesting and performance goals, as applicable) as determined by the Compensation Committee. Existing LTIP awards are eligible to vest 60% based on three-year performance metrics and 40% based on continued service. Your Total Annual Target Compensation Potential is $1,470,000 and is subject to pro-ration based on your start date and the achievement and terms and conditions of time-based and performance-based criteria where applicable. This is the total of: &#61607