SEC Form 4 · accession 0000039911-16-000263
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 16, 2016
Accepted (ET)
Mar 18, 2016 · 9:25 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 16, 2016 | M | 29,498 | $0.00 | A | 35,936 | D | |
| Common Stock | Mar 16, 2016 | F | 11,953 | $29.28 | D | 23,983 | D | |
| Common StockF2 | Mar 17, 2016 | M | 12,500 | $0.00 | A | 36,483 | D | |
| Common Stock | Mar 17, 2016 | S | 17,545 | $29.5209 | D | 18,938 | D | |
| Common Stock | Mar 17, 2016 | F | 6,522 | $29.90 | D | 12,416 | D |
Table II — derivative securities
| Security | Conv. / exercise price | Date | Code | Shares | A/D | Exercisable | Expires | Underlying | Underlying shares | Owned after | D/I |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Performance SharesF1,F4 | $0.00 | Mar 16, 2016 | M | 29,498 | D | — | — | Common Stock | 29,498 | 10,298 | D |
| Restricted Stock UnitF2,F5 | $0.00 | Mar 17, 2016 | M | 12,500 | D | — | — | Common Stock | 12,500 | 87,500 | D |
Explanation of responses
- F1Each Performance Share represents a contingent right to receive one share of Gap Inc. Common Stock.
- F2Each restricted stock unit represents a contingent right to receive one share of Gap Inc. Common Stock.
- F3The sales reported on this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on November 23, 2015.
- F4On March 16, 2015 the Company's Compensation and Management Development Committee certified that the reporting person earned 58,996 Performance Shares following completion of a three-year (2012-2014) 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.)
- F5On March 17, 2014 the reporting person was granted 25,000 restricted stock units, vesting in two equal annual installments beginning on the second anniversary of the grant date.