Barbeito Horacio 4

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.