Horacio Barbeito - Aug 1, 2023 Form 4 Insider Report for GAP INC (GPS)

Role
President & CEO, Old Navy
Signature
By: De Anna Mekwunye, Power of Attorney For: Horacio Barbeito
Stock symbol
GPS
Transactions as of
Aug 1, 2023
Transactions value $
-$2,728,967
Form type
4
Date filed
8/3/2023, 07:26 PM
Previous filing
Jun 5, 2023
Next filing
Sep 6, 2023

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction GPS Common Stock Options Exercise $0 +262K $0.00 262K Aug 1, 2023 Direct
transaction GPS Common Stock Tax liability -$1.14M -108K -41.03% $10.62 155K Aug 1, 2023 Direct
transaction GPS Common Stock Sale -$1.59M -155K -100% $10.26 0 Aug 2, 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 -262K -50.24% $0.00 260K Aug 1, 2023 Common Stock 262K $0.00 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.