Amendment to Severance Provisions in Offer Letter between Gap Inc. and Julie Gruber

Contract Categories: Human Resources › Severance Agreements
Summary

Gap Inc. and Julie Gruber have agreed to extend the severance terms in her March 5, 2020 offer letter until June 30, 2024. After that date, any severance will be determined by the Compensation and Management Development Committee under the same terms as other executive officers. All other terms of the original offer letter remain unchanged.

Read More Arrow
EX-10.7 8 exhibit107q32020.htm GRUBER AMENDMENT Document

Exhibit 10.7
Two Folsom Street
San Francisco, CA 94105


November 20, 2020


Julie Gruber    


Dear Julie:

This letter is to confirm the extension of the existing severance provisions, which are outlined in the “Termination/Severance” section of your offer letter dated March 5, 2020 (“Offer Letter”). The Compensation and Management Development Committee of the Board of Directors (“the Committee”) has approved the extension of such severance provisions to June 30, 2024 with no other changes to such provisions.

After June 30, 2024, you will be eligible for severance, if any, as approved by the Committee under the same terms as similarly situated executive officers.

Other than as set forth above, the terms of your Offer Letter remain in effect.

Yours sincerely,


/s/ Sonia Syngal                                      
Sonia Syngal
President & Chief Executive Officer, Gap Inc.




/s/ Julie Gruber                                                    
Julie Gruber



Date: November 20, 2020