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iOrdinary Shares, $0.01 par value per share
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Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On
April 22, 2021, the Board of Directors (the “Board”) of Gates Industrial Corporation plc (the “Company”) appointed Ms. Alicia Tillman as a director of the Company, effective April 27, 2021. She will stand for election by the Company’s shareholders at the 2021 Annual General Meeting of Shareholders. The Board has determined that Ms. Tillman qualifies as an independent director under the New York Stock Exchange listing standards and the Company’s Corporate Governance Guidelines. Ms. Tillman will not serve on any committees of the Board at this time.
For her
service on the Board, Ms. Tillman 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.
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
