SEC Form 4 · accession 0000039911-18-000070
GAP INC · GAP
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Reporting owner
Arthur L Peck
Officer — President & CEO, Gap, Inc. · Director
Period of report
Mar 19, 2018
Accepted (ET)
Mar 21, 2018 · 7:19 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 19, 2018 | M | 49,873 | $0.00 | A | 227,108 | D | |
| Common Stock | Mar 19, 2018 | F | 22,209 | $32.23 | D | 204,899 | D | |
| Common Stock | holding | — | — | — | 37,150 | I | by Trust |
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 | $32.23 | Mar 19, 2018 | A | 500,000 | A | — | Mar 19, 2028 | Common Stock | 500,000 | 500,000 | D |
| Performance SharesF1,F3 | $0.00 | Mar 19, 2018 | A | 49,874 | A | — | — | Common Stock | 49,874 | 49,874 | D |
Explanation of responses
- F1Each performance unit represents a contingent right to receive one share of Gap Inc. Common Stock.
- F2On March 19, 2018, the reporting person was granted an option to purchase a total of 500,000 shares, vesting in four equal annual installments beginning on the first anniversary of the grant date.
- F3On March 19, 2018 the Company's Compensation and Management Development Committee certified that the reporting person earned 99,747 Performance Shares following completion of a three-year (2015-2017) 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.