BREWER BRADY 4

What Happened Brady Brewer, a member of the board of GAP Inc. (GAP), received two awards on 2026-06-30: 303.414 dividend-equivalent rights and 9,903 stock units, for a total of 10,206.414 contingent shares. Both awards were reported as derivative grants at a $0.00 acquisition price (no cash paid). These are grant/award transactions (code A), not open-market purchases or sales.

Key Details

• Transaction date: 2026-06-30; Form 4 filed 2026-07-01 (timely filing).
• Awards: 303.414 dividend-equivalent rights (F1,F2) and 9,903 stock units (F4,F5).
• Reported acquisition price: $0.00 for both items (derivative awards).
• Shares owned after the transaction: not specified in the provided filing.
• Notable footnotes:
  • F1/F2: Each dividend equivalent right equals one share; these accrued on June 30, 2025 grants, are immediately vested, and delivery is deferred (generally no sooner than three years from the grant date, unless earlier upon cessation of board service).
  • F4/F5: Each stock unit equals one share; units are immediately vested, but share delivery is deferred until three years from grant (unless further deferred or upon board service termination).

Context These are compensation awards to a director and are recorded as derivative grants with deferred delivery—common components of board pay. They do not represent an open-market purchase (a bullish signal) or a sale. The economic value to the insider will depend on GAP’s share price when the units/dividend equivalents are delivered.