This transition agreement (the Agreement) is made and entered into by and between John Lillie and The Gap, Inc. (the Company) and is effective on November 21, 2002.
Executive is employed as Vice Chairman and serves as a Director of the Company. He and the Company have agreed that his employment with the Company and all of the Companys direct and indirect subsidiaries will terminate on November 21, 2002 (the Termination Date).
This Agreement sets forth the complete understanding between Executive and the Company regarding the commitments, obligations and understandings arising out of the termination of their employment relationship.
In consideration of the mutual promises and covenants contained in this Agreement, and for other good and valuable consideration, Executive and the Company agree to the following:
1. Employment Termination and Transition:
Executive hereby resigns his employment with the Company, including as an officer of the Company and all of the Companys direct and indirect subsidiaries, effective on the Termination Date. On and after the Termination Date, Executive will no longer have the authority to bind the Company or incur any expenses or liabilities on its behalf.