Gap Inc. – Agreement for Post-Termination Benefits (June 5th, 2017)
Gap Inc. ("Company") and Sonia Syngal (referred to below in the second person) hereby enter into this amended and restated Agreement for eligibility for certain post-termination benefits. Effective July 1, 2017, this Agreement expressly supersedes any and all prior agreements related to such post-termination or severance benefits, including those described in any offer letter under the section entitled "Termination/Severance." Company and you hereby agree as follows:
Gap Inc. – [Gap Inc. Letterhead] April 11, 2016 Sonia Syngal Dear Sonia: (April 13th, 2016)
Annual Bonus. Based on your position as Global President, you will be eligible for an annual bonus based on Gap Inc. and/or Division financial objectives (weighted at 75%) and individual performance (weighted at 25%). Effective on your Start Date, your annual target bonus will be 100% of your base salary. Depending on results, your actual bonus, if any, may be higher or lower and can reach a maximum of 200%. Bonus payments will be prorated based on active time in position, divisional or country assignment and changes in base salary or incentive target that may occur during the fiscal year including any changes related to your acceptance of this position. Bonuses for fiscal 2016 are scheduled for payment in March 2017 and you must be employed by Gap Inc. on the payment date. Gap Inc. has the right to modify the program at any time. Management discretion can be used to modify the final award amount. Bonus payments are subject to supplemental income tax withholding.