The Gap adopts new executive severance plan covering 4 named officers effective July 1, 2024

GAP INC

Plan covers Katrina O'Connell, Horacio Barbeito, Chris Blakeslee, and Mark Breitbard.
Severance for non-CIC termination: 18 months salary (offset by other compensation), prorated bonus, COBRA subsidy, accelerated RSU vesting.
For termination within 18 months after Change in Control: 2x base + target bonus lump sum, prorated bonus, full acceleration of equity.
Plan replaces individual severance arrangements expiring June 30, 2024; plan expires June 30, 2029.

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