GAP INC — Director's Dealing 2011

Mar 23, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: GAP INC (GPS)
CIK: 0000039911
Period of Report: 2011-03-21

Reporting Person: SAGE GAVIN EVA (EVP, Human Resources)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-03-21	Conmon Stock	M	37500	$11.77	Acquired	91178	Direct
2011-03-21	Common Stock	S	37500	$21.9097	Disposed	53678	Direct
2011-03-21	Common Stock	S	53678	$21.906	Disposed	0	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-03-21	Stock Option (right to buy)	$11.77	M	37500	Disposed	2019-03-16	Common Stock (37500)	Direct

Footnotes

F1: These options were vested and fully exercisable.