UNITED STATES COURT OF APPEALS FOR THE NINTH CIRCUIT NOELLE LEE, derivatively on behalf No. 21-15923 of The Gap, Inc, Plaintiff-Appellant, D.C. No. 3:20-cv-06163-SK v. ROBERT J. FISHER; SONIA OPINION SYNGAL; ARTHUR PECK; AMY BOHUTINSKY; AMY MILES; ISABELLA D. GOREN; BOB L. MARTIN; CHRIS O'NEILL; ELIZABETH A. SMITH; JOHN J. FISHER; JORGE P. MONTOYA; MAYO A. SHATTUCK III; TRACY GARDNER; WILLIAM S. FISHER; DORIS F. FISHER; THE GAP, INC., Nominal Defendant, Defendants-Appellees.

Appeal from the United States District Court for the Northern District of California Sallie Kim, Magistrate Judge, Presiding

Argued and Submitted En Banc December 12, 2022 Pasadena, California

Filed June 1, 2023 2 LEE V. FISHER

Before: Mary H. Murguia, Chief Judge, and Sidney R. Thomas, Sandra S. Ikuta, Jacqueline H. Nguyen, Michelle T. Friedland, Ryan D. Nelson, Bridget S. Bade, Daniel A. Bress, Danielle J. Forrest, Patrick J. Bumatay and Salvador Mendoza, Jr., Circuit Jud