[Form 4] GAP INC Insider Trading Activity

Rhea-AI Filing Summary

William S. Fisher, a director and reported >10% owner of Gap Inc. (GAP), disclosed a sale of Common Stock on 09/15/2025. The Form 4 shows 200,000 shares were sold in multiple trades at a weighted average price of $23.8626, reducing reported beneficial holdings from the prior totals. The filing lists significant remaining indirect and direct holdings: 3,253,453 shares indirectly by trust, 150,061 shares indirectly by spouse, and 22,015,000 shares indirectly by limited partnerships, along with a reported 15,936,065 shares disposed on the form. The form was signed by an attorney-in-fact on 09/17/2025 and includes an explanatory note that trade prices ranged from $23.68 to $23.965.

Insights

Securities Analyst

TL;DR Insider sale of 200,000 GAP shares is disclosed; large remaining indirect ownership suggests continuing substantial exposure.

The filing reports a routine Section 16 sale of 200,000 shares by William S. Fisher at a weighted average price of $23.8626 executed 09/15/2025. Despite the sale, the reporting person retains material indirect holdings across trusts, spouse ownership and limited partnerships totaling tens of millions of shares, indicating sustained alignment with the company’s equity. The disclosure conforms to Rule 16 reporting, includes an explanation of trade price range, and was executed by an attorney-in-fact.

Corporate Governance Expert

TL;DR Transaction appears procedural and reported correctly; significant indirect stakes remain relevant to governance dynamics.

The Form 4 reflects a disclosed sale by a director who is also a >10% owner. The document details both the sale and extensive residual indirect holdings, which are material for voting and control considerations. The report includes the required explanatory note about multiple trade prices and is signed by an authorized representative, meeting filing formalities. No derivative transactions or rule 10b5-1 plan election is indicated on this form.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

FISHER WILLIAM SYDNEY

(Last) (First) (Middle)

1300 EVANS AVENUE, NO. 880154

(Street)

SAN FRANCISCO CA 94188

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
GAP INC [ GAP ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
09/15/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	09/15/2025		S		200,000	D	$23.8626(1)	3,253,453	I	By Trust
Common Stock								15,936,065	D
Common Stock								150,061	I	By Spouse
Common Stock								22,015,000	I	By Limited Partnerships

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. This transaction was executed in multiple trades at prices ranging from $23.68 to $23.965. The price reported above reflects the weighted average sales price. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer or a security holder of the issuer full information regarding the number of shares and prices at which the transaction was effected.

	/s/ Jane Spray, Attorney-in-Fact	09/17/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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