SEC Form 4 · accession 0000039911-16-000254
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 14, 2016
Accepted (ET)
Mar 16, 2016 · 6:54 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 14, 2016 | M | 10,298 | $0.00 | A | 10,298 | D | |
| Common Stock | Mar 14, 2016 | F | 3,860 | $30.18 | D | 6,438 | 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)F2 | $30.18 | Mar 14, 2016 | A | 225,000 | A | — | Mar 14, 2026 | Common Stock | 225,000 | 225,000 | D |
| Performance SharesF1,F3 | $0.00 | Mar 14, 2016 | A | 10,298 | A | — | — | Common Stock | 10,298 | 39,796 | D |
Explanation of responses
- F1Each Performance Share represents a contingent right to receive one share of Gap Inc. Common Stock.
- F2On March 14, 2016, the reporting person was granted an option to purchase 125,000 shares and an option to purchase 100,000 shares, vesting in four equal annual installments beginning on the first anniversary of the grant date.
- F3On March 14, 2016 the Company's Compensation and Management Development Committee certified that the reporting person earned 20,596 Performance Shares following completion of a three-year (2013-2015) performance cycle under the Company's Long-Term Growth program, with half of the award vesting on the certification date and the remainder vesting on the anniversary of such date (subject to the reporting person's continued service with the Company).