secwatch.observer — SEC 8-K summary
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Issuer:     GAP INC (GAP)
CIK:        0000039911
Form:       8-K
Filed at:   2024-06-28T23:59:59+00:00
Accession:  0000039911-24-000137
Event type: other_material
Sentiment:  neutral
Materiality: 0.40
Item codes: 5.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/39911/000003991124000137/0000039911-24-000137-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/39911/000003991124000137/gps-20240628.htm
  HTML page:      https://secwatch.observer/filing/0000039911-24-000137

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer