Mark Breitbard - 23 Mar 2023 Form 4 Insider Report for GAP INC (GAP)

Role
President & CEO, Gap Brand
Signature
By: JoAnne Zinman, Power of Attorney For: Mark Breitbard
Issuer symbol
GAP
Transactions as of
23 Mar 2023
Net transactions value
-$308,356
Form type
4
Filing time
24 Mar 2023, 18:31:28 UTC
Previous filing
16 Mar 2023
Next filing
21 Nov 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 +35,032 +28% $0.000000 159,017 23 Mar 2023 Direct
transaction GPS Common Stock Tax liability $107,088 -12,114 -7.6% $8.84 146,903 23 Mar 2023 Direct
transaction GPS Common Stock Sale $201,268 -22,918 -16% $8.78 123,985 24 Mar 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 -35,032 -16% $0.000000 181,706 23 Mar 2023 Common Stock 35,032 $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 sales reported on this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on August 29, 2022 and amended on December 5, 2022.
F2 The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $8.72 to $8.85, 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 March 23, 2020, the reporting person was granted 140,127 restricted stock units, vesting 35,031 shares on the first anniversary of the grant date and 35,032 shares on the second, third and fourth anniversary of the grant date.