[Form 4] The Gap, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Arcutis Biotherapeutics (ARQT) filed a Form 4 disclosing that director Howard G. Welgus sold 9,208 common shares on 01 July 2025 at a weighted-average price of $13.8391 (price range: $13.65–$13.99). The sale was executed under a Rule 10b5-1 trading plan adopted on 11 March 2025 and scheduled to run through 29 May 2026.

Following the transaction, Welgus still beneficially owns 100,206 shares, held directly. No derivative security activity was reported. The filing was signed on 02 July 2025 by an attorney-in-fact.

This single transaction represents a modest reduction in the director’s holdings and does not, by itself, provide information on company fundamentals or near-term performance; however, investors often monitor insider sales for sentiment signals.

Positive

• None.

Negative

• Director sold 9,208 shares of ARQT common stock.
• Insider ownership decreased to 100,206 shares.
• Transaction could be viewed as a negative sentiment signal despite 10b5-1 plan.

Insights

Securities Analyst

TL;DR: Small 10b5-1 insider sale; sentiment mildly negative, financial impact immaterial.

The reported sale of 9,208 shares (≈8.4% of Welgus’s prior direct stake) raises limited concern. The use of a pre-arranged 10b5-1 plan mitigates information-asymmetry risk, and the residual holding of 100,206 shares suggests continued alignment with shareholders. Transaction size is marginal relative to ARQT’s average daily volume, so market impact is likely negligible. Overall, the filing is routine and does not alter ARQT’s investment thesis.

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
Estimated average burden
hours per response:			0.5

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^*

MILES AMY E

(Last) (First) (Middle)

TWO FOLSOM STREET

(Street)

SAN FRANCISCO CA 94105-1205

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

3. Date of Earliest Transaction (Month/Day/Year)
06/30/2025

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

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
Dividend Equivalent Rights(1)	$0.0	06/30/2025		A		1,546.4351		(2)	(3)	Common Stock	1,546.4351	$0.0	4,780.5927	D
Stock Units(4)	$0.0	06/30/2025		A		8,482		(5)	(3)	Common Stock	8,482	$0.0	60,316	D

Explanation of Responses:

1. Each dividend equivalent right is the economic equivalent of one share of Gap Inc. common stock.

2. The dividend equivalent rights accrued on stock units originally granted on June 30, 2021, June 30, 2022, June 30, 2023, and June 30, 2024, and are immediately vested. Vested shares are delivered to the reporting person no sooner than three years from the date of grant, unless further deferred, or immediately upon cessation of service as a member of the Board, if earlier.

3. Not applicable.

4. Each stock unit represents a contingent right to receive one share of Gap Inc. common stock.

5. Each stock unit is immediately vested. However, delivery of the shares is deferred until three years from the date of grant, unless further deferred, or immediately upon cessation of service as a member of the Board, if earlier.

	By: De Anna Mekwunye, Power of Attorney For: Amy Miles	07/02/2025
	** 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).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

How many ARQT shares did director Howard G. Welgus sell?

He sold 9,208 shares of Arcutis Biotherapeutics common stock.

What price did the ARQT shares sell for?

The weighted-average sale price was $13.8391, within a $13.65–$13.99 range.

When was the insider transaction executed?

The sale took place on July 1, 2025.

Does the director still own ARQT shares after the sale?

Yes, he still directly owns 100,206 shares following the transaction.

Was the sale conducted under a Rule 10b5-1 plan?

Yes, the transaction was made pursuant to a 10b5-1 trading plan adopted on March 11, 2025.

Is there any derivative security activity reported in this Form 4?

No derivative securities were acquired or disposed of in this filing.