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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