Gap Inc.
Adoption of Senior Executive Severance Plan by The Gap, Inc.
Summary
On June 28, 2024, The Gap, Inc.'s Board of Directors adopted a new Senior Executive Severance Plan, effective July 1, 2024. The Plan provides severance benefits, including salary payments, prorated bonuses, healthcare subsidies, financial counseling, outplacement assistance, and accelerated vesting of stock units, to certain named executive officers under specific termination conditions. The Plan will cover named executive officers Katrina O'Connell, Horacio Barbeito, Chris Blakeslee, and Mark Breitbard, unless they have existing severance entitlements. The Plan is set to expire on June 30, 2029, unless terminated earlier or extended by the Company.
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About Gap Inc.
Gap Inc. is a leading global retail company specializing in clothing and accessories. Known for its diverse collection of casual wear, Gap Inc. operates a portfolio of brands that includes Gap, Old Navy, Banana Republic, Athleta, and Intermix. Each brand caters to distinct consumer segments, ranging from affordable fashion to high-end clothing and activewear. The company's primary function is the design, manufacturing, and retail of apparel, footwear, and accessories for men, women, and children. Gap Inc. has a strong market presence with a combination of physical retail stores and a robust online shopping platform, impacting the global retail sector and consumer lifestyle trends. Founded in 1969 and headquartered in San Francisco, the company plays a significant role in defining casual and contemporary fashion, continually adapting to market shifts and consumer preferences within the rapidly evolving retail landscape.
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