Arrangement Between The Gap, Inc. and Glenn Murphy for Corporate Jet Usage and Travel Reimbursement
The Gap, Inc. has approved an arrangement with Glenn Murphy, allowing him personal use of the company’s corporate jet with an annual allowance of $250,000 for fiscal 2007, $400,000 for fiscal 2008, and $200,000 per year thereafter. Additionally, the company will reimburse Mr. Murphy for commercial flights for himself and his immediate family between Toronto and the San Francisco Bay Area for up to 12 months after his employment begins, with these reimbursements counting against his jet usage allowance.
Exhibit 10.101
Description of Arrangement with Glenn Murphy for Corporate Jet Usage and Reimbursement for Commercial Travel
On November 28, 2007, the Compensation and Management Development Committee of the Board of Directors (the “Committee”) of The Gap, Inc. (the “Company”) approved increasing the allowance for Glenn Murphy’s personal use of the corporate jet from $200,000 per fiscal year to $250,000 for fiscal 2007 and $400,000 for fiscal 2008, reverting to $200,000 per fiscal year thereafter.
In addition, the Committee authorized the Company to reimburse Mr. Murphy for the cost of commercial flights that he and his immediate family members take between the Toronto area and the San Francisco Bay Area prior to Mr. Murphy’s family’s relocation to the Bay Area, but no longer than 12-months following the effective date of Mr. Murphy’s employment with the Company. Any such reimbursements will be deducted from the overall annual allowance for Mr. Murphy’s personal use of the corporate jet.
