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Exhibit
10.5
Summary of Changes to Executive
Compensation Arrangements
Adoption of Performance Goals for Fiscal
2008 Cash Bonuses
The Compensation and
Management Development Committee of the Board of Directors of Gap
Inc. (the “Committee”) determined that executive
officers, including those executive officers set forth in the table
below, are eligible to earn cash awards based on performance during
the 2008 fiscal year, and established performance goals and target
award percentages for each participant.
The aggregate cash award
payable to the named participants is based on two separate
components: (1) the financial performance of Gap Inc. and/or a
division of the Company pursuant to goals established under the
Executive Management Incentive Compensation Award Plan (the
“Executive MICAP”), and (2) a qualitative
assessment of achievement of individual objectives for certain of
the participants. The base target award percentage (as a percentage
of base salary) for cash awards in the aggregate for each named
participant is as set forth in the table below. The table below
also sets forth the percentage of the base target award percentage
attributable to each of the two bonus components.
The financial component of
the aggregate cash award payable was established under the
Executive MICAP. The financial performance of a division or Gap
Inc., as applicable and as set forth in the table below, will be
based on the achievement of an objective Earn
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