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GPS » Topics » Section 14. Miscellaneous Provisions

This excerpt taken from the GPS 8-K filed Jan 23, 2007.

Section 14. Miscellaneous Provisions

 

(a) Waiver. No provision of this Agreement shall be modified, waived or discharged unless the modification, waiver or discharge is agreed to in writing and signed by Executive and by the Chairman of the Board or his or her designee. No waiver by either party of any breach of, or of compliance with, any condition or provision of this Agreement by the other party shall be considered a waiver of any other condition or provision or of the same condition or provision at another time.

 

(b) Whole Agreement. No agreements, representations or understandings (whether oral or written and whether express or implied) that are not expressly set forth in this Agreement have been made or entered into by either party. Executive acknowledges and agrees that this Agreement supersedes in its entirety any other proposal or agreement regarding Executive’s employment by the Company.

 

(c) Notice. Notices and all other communications contemplated by this Agreement shall be in writing and shall be deemed to have been duly given when personally delivered or when mailed by U.S. registered or certified mail, return receipt requested and postage prepaid. In the case of Executive, mailed notices shall be addressed to Executive at the home address that Executive most recently communicated to the Company in writing. In the case of the Company, mailed notices shall be addressed to its corporate headquarters, and all notices shall be directed to the attention of the Company’s General Counsel.

 

(d) Choice of Law. The laws of the State of California, irrespective of California’s choice-of-law principles, shall govern the validity, interpretation, construction and performance of this Agreement.

 

(e) No Assignment of Benefits. The rights of any person to payments or benefits under this Agreement shall not be made subject to option or assignment, either by voluntary or involuntary assignment or by operation of law, including (without limitation) bankruptcy, garnishment, attachment or other creditor’s process, and any action in violation of this Section 14(e) shall be void.

 

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(f) Limitation of Remedies. If Executive’s employment terminates for any reason, Executive shall not be entitled to any payments, benefits, damages, awards or compensation of any kind other than as provided by this Agreement.

 

(g) Employment Taxes. All payments made pursuant to this Agreement shall be subject to withholding of applicable taxes.

 

(h) Discharge of Responsibility. The payments under this Agreement, when made in accordance with the terms of this Agreement, shall fully discharge all responsibilities of the Company to Executive that existed at the time of termination of Executive’s employment.

 

(i) Attorney and Consultant Fees. The Company will reimburse Executive for all reasonable fees incurred in the negotiation and preparation of this Agreement, up to $25,000.00.

IN WITNESS WHEREOF, each of the parties has executed this Agreement, in the case of the Company by the Chairman of the Board, as of the day and year above written. Executive has consulted (or has had the opportunity to consult) with Executive’s own counsel (who is other than the Company’s counsel) prior to execution of this Agreement.

 

EXECUTIVE

/S/ PAUL S. PRESSLER

Paul S. Pressler
THE GAP, INC.

/S/ DONALD G. FISHER

Chairman of the Board

 

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