Horacio Barbeito - 01 Aug 2023 Form 4 Insider Report for GAP INC (GAP)

Role
President & CEO, Old Navy
Signature
By: De Anna Mekwunye, Power of Attorney For: Horacio Barbeito
Issuer symbol
GAP
Transactions as of
01 Aug 2023
Net transactions value
-$2,728,967
Form type
4
Filing time
03 Aug 2023, 19:26:23 UTC
Previous filing
05 Jun 2023
Next filing
06 Sep 2023
SEC
View on sec.gov

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction GPS Common Stock Options Exercise $0 +262,172 $0.000000 262,172 01 Aug 2023 Direct
transaction GPS Common Stock Tax liability $1,142,425 -107,573 -41% $10.62 154,599 01 Aug 2023 Direct
transaction GPS Common Stock Sale $1,586,541 -154,599 -100% $10.26 0 02 Aug 2023 Direct F1, F2

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Underlying Class Amount Exercise Price Ownership Footnotes
transaction GPS Restricted Stock Unit Options Exercise $0 -262,172 -50% $0.000000 259,657 01 Aug 2023 Common Stock 262,172 $0.000000 Direct F3, F4
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Buy Plan / Sale Plan: These are also open market purchases/sales of shares, but in this case the transaction is part of a trading plan. Rule 10b5-1 allows insiders to setup a trading plan to buy/sell stocks over a certain period of time. Since the purchases/sales are predetermined, this protects the insiders from violating insider trading law.

Transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c).

Explanation of Responses:

Id Content
F1 The sale reported on this Form 4 was effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on December 2, 2022.
F2 The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $10.08 to $10.43, inclusive. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer or a security holder of the issuer full information regarding the number of shares and prices at which the transactions were effected.
F3 Each restricted stock unit represents a contingent right to receive one share of Gap Inc. Common Stock.
F4 On August 1, 2022, the reporting person was granted 393,258 restricted stock units, vesting two-thirds of the total grant on the first anniversary of the grant date and the remaining one-third vesting on the second anniversary of the grant date.