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Proc-Type: 2001,MIC-CLEAR
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<SEC-DOCUMENT>0001181431-08-019812.txt : 20080318
<SEC-HEADER>0001181431-08-019812.hdr.sgml : 20080318
<ACCEPTANCE-DATETIME>20080318194555
ACCESSION NUMBER:		0001181431-08-019812
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20080314
FILED AS OF DATE:		20080318
DATE AS OF CHANGE:		20080318

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Shanahan Lauri M
		CENTRAL INDEX KEY:			0001325277

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-07562
		FILM NUMBER:		08697708

	BUSINESS ADDRESS:	
		BUSINESS PHONE:		415-427-2281

	MAIL ADDRESS:	
		STREET 1:		C/O THE GAP, INC.
		STREET 2:		TWO FOLSOM STREET
		CITY:			SAN FRANCISCO
		STATE:			CA
		ZIP:			94105-1205

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			GAP INC
		CENTRAL INDEX KEY:			0000039911
		STANDARD INDUSTRIAL CLASSIFICATION:	RETAIL-FAMILY CLOTHING STORES [5651]
		IRS NUMBER:				941697231
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0131

	BUSINESS ADDRESS:	
		STREET 1:		TWO FOLSOM STREET
		CITY:			SAN FRANCISCO
		STATE:			CA
		ZIP:			94105
		BUSINESS PHONE:		4159524400

	MAIL ADDRESS:	
		STREET 1:		TWO FOLSOM STREET
		CITY:			SAN FRANCISCO
		STATE:			CA
		ZIP:			94105

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	GAP STORES INC
		DATE OF NAME CHANGE:	19850617
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>rrd200208.xml
<DESCRIPTION>3.18.08
<TEXT>
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            <rptOwnerStreet2>2 FOLSOM STREET</rptOwnerStreet2>
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                <transactionFormType>4</transactionFormType>
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            <transactionAmounts>
                <transactionShares>
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                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeTransaction>
        <derivativeTransaction>
            <securityTitle>
                <value>Stock Option (Right to Buy)</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>17.84</value>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2008-03-18</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>M</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>50000</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <footnoteId id="F2"/>
            </exerciseDate>
            <expirationDate>
                <value>2016-03-13</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>50000</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>0</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeTransaction>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">These options are fully vested and exercisable.</footnote>
        <footnote id="F2">50,000 options vested in 2 equal annual installments beginning on March 13, 2007. The remaining 100,000 options vest in 2 equal annual installments beginning on March 13, 2009.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ Ingrid Freire, Power of Attorney</signatureName>
        <signatureDate>2008-03-18</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
