This excerpt taken from the GPS DEF 14A filed Apr 7, 2009.
For fiscal 2008, target earnings goals applicable to each executive were exceeded and, as a result, payouts under the financial performance component were above targeted amounts. The table below describes for each executive the actual achievement levels for each component, and the actual award earned for fiscal 2008. Mr. Pecks actual bonus was based on Gap Inc. and Outlet division financial attainment (134% and 200%, respectively), prorated as previously described above. Although Ms. Hansen, Mr. Peck and Mr. Wyatt were eligible to receive up to an additional 75% of their base salary based on achievement of the maximum performance goal, the Committee used its discretion to reduce such awards to zero to eliminate this cost in light of the challenging business climate being experienced by the Company.
This excerpt taken from the GPS DEF 14A filed Apr 16, 2008.
For fiscal 2007, target earnings goals were exceeded and as a result, payouts under the financial performance component were above targeted amounts. The table below describes the target annual bonus and potential payout range as a percentage of target for each executive, actual achievement levels for each component, and the actual award earned for fiscal 2007.
No operating objectives were set for Ms. Simmons as she was first promoted in August 2007. The Committee determined that 25% of her bonus (50% prior to her promotion) would be based on the CEOs assessment of performance against individual goals set at the beginning of the year and this is the achievement level listed under the operating objectives component in the table above. Ms. Robertson was not employed on the Companys payment date for bonuses related to the 2007 performance period, and she did not receive a bonus. The terms of her severance arrangement are more fully described on page 51 of this Proxy Statement. Mr. Pollitt left the Company in September 2007 and received no bonus.