This excerpt taken from the GPS 8-K filed Apr 15, 2005.
1. TERMINATION OF EMPLOYMENT:
a. Resignation: You hereby resign your employment with the Company, including as an officer and/or director of the Company and its direct and indirect subsidiaries, and as a trustee of The Gap Foundation, effective May 13, 2005 (the Termination Date). On or before the Termination Date, you will be paid all your accrued and unpaid salary and accrued and unused paid time off.
b. Benefits: Your current benefit plan coverages will end on May 31, 2005, including health, dental, disability and life insurance coverage. Under federal COBRA laws, you may receive medical and dental benefits (at your own expense, subject to paragraph 2.b. below) for up to 18 months after the Termination Date.
c. Stock: All unvested stock options will be canceled on the Termination Date. All outstanding vested options must be exercised within three months after the Termination Date. If you are currently contributing to the Employee Stock Purchase Plan (ESPP), your participation in ESPP will end on the Termination Date, but the shares in your brokerage account belong to you. Any cash balance you have in ESPP will be refunded to you without interest approximately four to six weeks after the end of the month of the Termination Date. If a purchase occurs before the Termination Date, your balance will be used to purchase stock.
d. Deferred Compensation: If you have or are currently participating in the Executive Deferred Compensation Plan, your account will be paid to you in accordance with plan documents. Any deferrals after December 31, 2004 will be paid to you no sooner than November 13, 2005, in accordance with the American Jobs Creation Act of 2004.
e. Company Property: On or before the Termination Date, you agree to return to the Company all company property, including all keys, building passes, equipment, documents, materials or property of any description, or any reproduction of such materials, containing or pertaining to any the Companys Confidential Information, as defined in section 3a.
Anne B. Gust
April 12, 2005
f. Expenses: You must reconcile all outstanding expenses by the Termination Date.