Gilligan Sarah 4

What Happened

• Sarah Gilligan, Gap Inc.’s Chief Supply Chain & Transformation Officer, had 7,404 restricted stock units (RSUs) convert into common shares on 2026-03-18 (reported on 2026-03-19). The RSUs converted at $0.00 (code M), and 3,767 of the resulting shares were surrendered/withheld to cover tax obligations at $23.85 per share for a total tax withholding value of $89,843 (code F). Net shares received by Gilligan from this vesting event: 7,404 − 3,767 = 3,637 shares.
• This is a routine vesting and tax-withholding transaction (not an open-market sale intended as a liquidity trade).

Key Details

• Transaction date: 2026-03-18; filing date: 2026-03-19 (timely).
• Conversion: 7,404 RSUs converted into shares (exercise/conversion, code M) at $0.00.
• Tax withholding: 3,767 shares withheld/disposed at $23.85 per share for $89,843 (code F).
• Net shares received: 3,637 (7,404 converted − 3,767 withheld).
• Shares owned after transaction: not specified in the provided excerpt of the filing.
• Footnotes: F1 clarifies each RSU equals a contingent right to one share. F2 notes the RSUs were part of a 3/18/2024 grant of 29,615 RSUs that vest in four equal annual installments (this one-quarter installment ≈ 7,404 RSUs).
• Filing timeliness: Report appears timely (filed the day after the transaction).

Context

• These entries reflect a standard RSU vesting and sell-to-cover/tax-withholding process rather than a discretionary open‑market sale. The initial conversion of the derivative (RSU) created shares; some of those shares were immediately withheld to satisfy tax withholding obligations. Such withholding is common and typically does not signal a change in insider sentiment.