Sarah Gilligan - Mar 18, 2024 Form 4 Insider Report for GAP INC (GPS)

Role
Chief Sup Chn & Transform Ofcr
Signature
By: De Anna Mekwunye, Power of Attorney For: Sarah Gilligan
Stock symbol
GPS
Transactions as of
Mar 18, 2024
Transactions value $
-$708,102
Form type
4
Date filed
3/20/2024, 09:47 PM
Previous filing
Mar 18, 2024
Next filing
May 20, 2024

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction GPS Common Stock Options Exercise $300K +36K $8.34 36K Mar 19, 2024 Direct F1
transaction GPS Common Stock Sale -$900K -36K -100% $25.00 0 Mar 19, 2024 Direct F1
transaction GPS Common Stock Options Exercise $136K +9.79K $13.93 9.79K Mar 19, 2024 Direct F1
transaction GPS Common Stock Sale -$245K -9.79K -100% $25.00 0 Mar 19, 2024 Direct F1

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 Non-Qualified Stock Option (right to buy) Options Exercise $0 -36K -75% $0.00 12K Mar 19, 2024 Common Stock 36K $8.34 Direct F1, F2
transaction GPS Non-Qualified Stock Option (right to buy) Options Exercise $0 -9.79K -25% $0.00 29.4K Mar 19, 2024 Common Stock 9.79K $13.93 Direct F1, F3
transaction GPS Restricted Stock Unit Award $0 +29.6K +31.4% $0.00 124K Mar 18, 2024 Common Stock 29.6K $0.00 Direct F4, F5
* 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 April 6, 2023.
F2 The option represents a right to purchase a total of 48,000 shares exercisable in four equal annual installments beginning on March 16, 2021, which was the first anniversary of the date on which the option was granted
F3 The option represents a right to purchase a total of 39,151 shares exercisable in four equal annual installments beginning on March 14, 2023, which was the first anniversary of the date on which the option was granted.
F4 Each restricted stock unit represents a contingent right to receive one share of Gap Inc. Common Stock.
F5 On March 18, 2024, the reporting person was granted 29,615 restricted stock units, vesting in four equal annual installments beginning on the first anniversary of the grant date.