Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
In response to shareholder feedback and as part of our commitment to robust executive pay practices, onJune 5, 2020 ,Tanger Properties Limited Partnership (the "Company") entered into amendments to the employment agreements (the "Amendments") of the following executives:Lisa J. Morrison ,Chad D. Perry ,Virginia R. Summerell ,Carrie A. Warren ,James F. Williams andCharles A. Worsham . Prior to the Amendments, each of the foregoing executives was entitled to certain severance benefits upon voluntary resignation following a change in control (as defined in the applicable employment agreement). Pursuant to the respective Amendment, the executives have each agreed to forgo his or her right to such severance benefits as described below. Following a change in control,Ms. Morrison ,Ms. Summerell ,Mr. Williams andMr. Worsham will no longer be entitled to severance benefits upon a voluntary resignation without good reason (as defined in the applicable employment agreement). Such executives shall instead continue to be eligible for severance benefits upon termination by the Company without cause (as defined in the applicable employment agreement) or voluntary resignation for good reason (as defined in the applicable employment agreement) following a change in control. Further,Mr. Perry andMs. Warren agreed to a revised definition of "good reason," pursuant to whichMr. Perry andMs. Warren , respectively, will no longer have good reason to terminate his or her employment solely due to the occurrence of a change in control. Following a change in control,Mr. Perry andMs. Warren shall remain eligible for severance benefits upon a termination without cause or voluntary resignation for good reason (as modified by the Amendment). The foregoing summary of the Amendments is qualified in its entirety by reference to the full text of the Amendments, copies of which are attached as 10.1, 10.2, 10.3, 10.4, 10.5 and 10.6 to this Current Report on Form 8-K and incorporated herein by reference. Item 9.01 Financial Statements and Exhibits
(d) Exhibits
The following exhibits are included with this Report: Exhibit No. 10.1 Amendment to Amended and Restated Employment Agreement forLisa J. Morrison as ofJune 5, 2020 10.2 Amendment to Employment Agreement forChad D. Perry as ofJune 5, 2020 10.3 Amendment to Amended and Restated Employment Agreement forVirginia R. Summerell as ofJune 5, 2020 10.4 Amendment to Amended and Restated Employment Agreement forCarrie A. Warren as ofJune 5, 2020 10.5 Amendment to Amended and Restated Employment Agreement forJames F. Williams as ofJune 5, 2020 10.6 Amendment to Employment Agreement forCharles A. Worsham as ofJune 5, 2020 104 Cover Page Interactive Data File - the cover page XBRL tags are embedded with the Inline XBRL document
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