SEC Form 4 · accession 0000039911-15-000048
GAP INC · GAP
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Reporting owner
Sabrina Simmons
Officer — EVP & CFO
Period of report
Mar 12, 2015
Accepted (ET)
Mar 13, 2015 · 6:01 pm EDT
Rule 10b5-1 plan
unknown — predates the checkbox
Issuer CIK
0000039911
Table I — non-derivative securities
| Security | Date | Code | Shares | Price | A/D | Owned after | D/I | Nature of ownership |
|---|---|---|---|---|---|---|---|---|
| Common StockF1 | Mar 12, 2015 | M | 50,000 | $0.00 | A | 50,000 | D | |
| Common Stock | Mar 12, 2015 | F | 26,090 | $41.42 | D | 23,910 | D | |
| Common Stock | Mar 12, 2015 | M | 25,000 | $25.09 | A | 48,910 | D | |
| Common StockF3 | Mar 12, 2015 | S | 25,000 | $40.971 | D | 23,910 | D | |
| Common StockF4 | Mar 13, 2015 | S | 23,910 | $41.1689 | D | 0 | D |
Table II — derivative securities
| Security | Conv. / exercise price | Date | Code | Shares | A/D | Exercisable | Expires | Underlying | Underlying shares | Owned after | D/I |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Non-Qualified Stock Option (right to buy)F5 | $25.09 | Mar 12, 2015 | M | 25,000 | D | — | Mar 12, 2022 | Common Stock | 25,000 | 25,000 | D |
| Restricted Stock UnitF1,F6 | $0.00 | Mar 12, 2015 | M | 50,000 | D | — | — | Common Stock | 50,000 | 100,000 | D |
Explanation of responses
- F1Each restricted stock unit represents a contingent right to receive one share of Gap Inc. Common Stock.
- F2The exercise and sales reported in this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on December 8, 2014.
- F3The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $40.68 to $41.16, 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 transaction was effected.
- F4The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $40.98 to $41.45, 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 transaction was effected.
- F5The option, representing a right to purchase a total of 100,000 shares, became exercisable in four equal annual installments beginning on March 12, 2013, which was the first anniversary of the date on which the option was granted.
- F6On March 12, 2012, the reporting person was granted 100,000 restricted stock units, vesting in two equal annual installments beginning on the second anniversary of the grant date.