Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On October 21, 2022, the Board of Directors (the "Board") of Gates Industrial
Corporation plc (the "Company") appointed Mr. Fredrik Eliasson as a director of
the Company, effective October 24, 2022. He will stand for election by the
Company's shareholders at the 2023 Annual General Meeting of Shareholders. The
Board has determined that Mr. Eliasson qualifies as an independent director
under the New York Stock Exchange listing standards and the Company's Corporate
Governance Guidelines. Mr. Eliasson will not serve on any committees of the
Board at this time.
For his service on the Board, Mr. Eliasson will receive the Company's standard
annual compensation package for independent directors of $225,000, consisting of
$100,000 as an annual cash retainer (prorated and payable in quarterly
installments in arrears) and $125,000 in value of restricted stock units
(payable annually). Restricted stock units will vest in full on the first
anniversary of the grant date. The Company also reimburses directors for
expenses associated with each meeting attended.
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