This excerpt taken from the GPS 8-K filed Sep 28, 2005.
Effective September 27, 2005
WHEREAS, the American Jobs Creation Act of 2004 and any related transition rules (the Act) may have an adverse effect on any discounted stock options granted under The Gap, Inc. Nonemployee Director Deferred Compensation Plan as amended and restated December 9, 2003 (the Plan), on or after January 1, 2005; and
WHEREAS, on December 1, 2004, the Board of Directors of The Gap, Inc. delegated to each of the Chief Executive Officer, the Chief Financial Officer, and the Executive Vice President, Human Resources, the power and authority, each acting alone, to amend, terminate, and suspend the Plan, as any such officer deems necessary or appropriate in light of the Act (the Authority); and
WHEREAS, effective January 6, 2005, the Company suspended the use and any further deferrals or grants of stock options under the Plan.
RESOLVED, that pursuant to the Authority, the Plan is hereby terminated.
September 27, 2005