This excerpt taken from the GPS 10-Q filed Dec 12, 2007.
PERFORMANCE UNIT AWARD AGREEMENT1
The Gap, Inc. (the Company) hereby grants to (the Employee), an award (the Award) of Performance Units (each Performance Unit shall be referred to as a Stock Award) which represent the right to receive shares of the Companys common stock, $0.05 par value (the Shares) subject to the fulfillment of the vesting conditions and other conditions set forth in the attached Appendix A. This Award is granted pursuant to The Gap, Inc. 2006 Long-Term Incentive Plan (the Plan) and is subject to all of the terms and conditions contained in this Performance Unit Award Agreement (the Agreement), including the terms and conditions contained in the attached Appendix A. The date of this Agreement is . Subject to the provisions of Appendix A and of the Plan, the principal features of this Award are as follows:
As provided in the Plan and in this Agreement, this Award may terminate before the scheduled vest date(s) of the Stock Awards. For example, if Employees employment ends before the date this Award vests, this Award will terminate at the same time as such termination. Important additional information on vesting and forfeiture of the Stock Awards covered by this Award including those due to changes in employment is contained in paragraphs 3 through 6 of Appendix A.
IN WITNESS WHEREOF, the Company and the Employee have executed this Agreement, in duplicate, to be effective as of the date first above written.
My signature below indicates that I understand that this Award is 1) subject to all of the terms and conditions of this Agreement (including the attached Appendix A) and of the Plan, 2) not considered salary, nor is it a promise for future grants of Stock Awards, 3) not a term or condition of my employment with the Company, and 4) made at the sole discretion of the Company.