Barbeito Horacio 4
4 · GAP INC · Filed Mar 13, 2026
Research Summary
AI-generated summary of this filing
GAP (GAP) Old Navy President Horacio Barbeito Exercises Options
What Happened
Horacio Barbeito, President & CEO of Old Navy at Gap Inc., converted (exercised) 32,143 derivative units into 32,143 shares on March 13, 2026. To satisfy tax withholding obligations, 8,836 of those shares were surrendered/withheld at an indicated per-share value of $23.13, resulting in $204,377 withheld. The conversions show $0.00 exercise price per share in the filing (typical for restricted stock unit conversions).
Key Details
- Transaction date: 2026-03-13.
- Conversion/exercise: 32,143 shares acquired at $0.00 (code M — derivative exercise/conversion).
- Tax withholding: 8,836 shares disposed at $23.13 per share for $204,377 (code F — tax withholding).
- Additional derivative disposition: 32,143 shares listed as a derivative disposition at $0.00 in the filing (reflecting conversion mechanics).
- Footnotes: F2 notes each restricted stock unit equals one share; F3 describes a 2023 RSU grant vesting schedule; F1 references ESPP balance adjustment (as included in the filing).
- Shares owned after transaction: not specified in the provided filing excerpt.
- Filing timeliness: Reported same day (filed 2026-03-13 for transaction dated 2026-03-13) — appears timely.
Context
This appears to be a standard conversion of restricted stock units (or similar derivative awards) into common stock, with a portion withheld to cover tax obligations — commonly called a cashless/withholding for taxes. Such withholding transactions are routine and do not necessarily indicate a change in the insider’s view of the company.
Insider Transaction Report
- Exercise/Conversion
Common Stock
[F1]2026-03-13+32,143→ 33,484.383 total - Tax Payment
Common Stock
2026-03-13$23.13/sh−8,836$204,377→ 24,648.383 total - Exercise/Conversion
Restricted Stock Unit
[F2][F3]2026-03-13−32,143→ 220,173 totalExercise: $0.00→ Common Stock (32,143 underlying)
Footnotes (3)
- [F1]Balance adjusted to reflect shares acquired under the Gap Inc. Employee Stock Purchase Plan (ESPP).
- [F2]Each restricted stock unit represents a contingent right to receive one share of Gap Inc. Common Stock.
- [F3]On March 13, 2023, the reporting person was granted 128,571 restricted stock units, vesting in four equal annual installments beginning on the first anniversary of the grant date.