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

Rhea-AI Filing Summary

Serve Robotics Inc. (NASDAQ: SERV) – Form 144 notice of proposed insider sale

The filing shows that insider Brian Read plans to dispose of 1,291 common shares on or about 01 Jul 2025 through Raymond James & Associates. At an estimated market value of $13,985.27, the proposed sale represents roughly 0.002% of the company’s 57.12 million shares outstanding, implying an immaterial effect on the public float.

The shares originate from a restricted stock unit (RSU) grant that vested on 29 Jun 2025; full payment is shown as cash. Form 144 is only a notice—execution is not guaranteed—but it signals potential insider activity.

Recent insider selling history included in the filing lists seven transactions by the same individual between 02 May – 09 Jun 2025, totaling 52,295 shares for gross proceeds of approximately $429,386. This pattern may be relevant to investors tracking insider sentiment.

No operational, earnings, or strategic information is provided; the document is strictly a disclosure of intended and recent share sales.

Positive

• Proposed sale equals only 0.002% of outstanding shares, posing negligible dilution or liquidity impact.
• Form 144 provides timely disclosure, enhancing transparency around insider trading plans.

Negative

• Insider Brian Read has already sold 52,295 shares (~$429k) during the last 3 months, signaling sustained divestiture.
• Additional insider sale of 1,291 shares is scheduled for 01 Jul 2025, extending the selling trend.

Insights

Financial Analyst

TL;DR – Minor planned sale; cumulative insider selling trend worth watching.

The proposed disposal of 1,291 shares is economically insignificant (<0.01% float), so I view the single trade as negligible for valuation or liquidity. However, the same seller has off-loaded 52.3 k shares (~$0.43 m) over the past quarter, suggesting a continued reduction in personal exposure. While such selling could simply meet tax or diversification needs, persistent insider divestitures sometimes precede weaker near-term sentiment. Absent other data, I classify the filing as neutral-to-slightly-negative and not likely to move the stock on its own.

Corporate Governance Expert

TL;DR – Repeated insider sales create optics risk but limited governance impact.

Form 144 increases transparency by pre-announcing Rule 144 sales. The volume disclosed is too small to raise dilution or control concerns. Yet, when a single insider liquidates >52 k shares over three months and schedules more, proxy advisors often flag the activity as a potential red flag for shareholder alignment, especially if not offset by open-market purchases or equity grants. Still, without adverse undisclosed information (issuer attestation included), the governance implication remains low to moderate. I deem the impact on shareholder rights or board oversight minimal.

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^*

FISHER WILLIAM SYDNEY

(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	X	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		1,381.6228		(2)	(3)	Common Stock	1,381.6228	$0.0	3,798.8595	D
Stock Units(4)	$0.0	06/30/2025		A		8,482		(5)	(3)	Common Stock	8,482	$0.0	55,264	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, 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: William Fisher	07/01/2025
	** 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 SERV shares does Brian Read intend to sell under this Form 144?

He plans to sell 1,291 common shares.

What percentage of Serve Robotics’ outstanding shares does the planned sale represent?

Approximately 0.002% of the 57.12 million shares outstanding.

When is the proposed sale of SERV shares expected to occur?

The filing lists an approximate sale date of 01 Jul 2025.

How many SERV shares has the same insider sold in the past three months?

The filing shows 52,295 shares sold between 02 May – 09 Jun 2025.

What is the total gross proceeds from the recent insider sales disclosed?

Gross proceeds total approximately $429,386.

Which broker will handle the upcoming SERV share sale?

The broker is Raymond James & Associates, St. Petersburg, FL.