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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.
February 26, 2021, the Compensation Committee (the “Compensation Committee”) of the Board of Directors of Gates Industrial Corporation plc (the “Company”), in consultation with the Compensation Committee’s independent compensation consultant, approved special one-time discretionary cash awards (the “2020 Special Awards”) to be paid to current, eligible employees, including the Company’s named executive officers, as recognition for contributions, impact and leadership provided to the Company in managing the business through the Covid-19 pandemic during fiscal year 2020. The Company reacted quickly to the pandemic by first prioritizing the health
and safety of our employees and the communities in which we operate around the world and then by developing tactical operational and commercial plans to manage the impact of the pandemic and place the Company in a competitive position as market recovery begins to take hold.
The 2020 Special Awards approved for the Company’s named executive officers are as follows: Mr. Ivo Jurek (Chief Executive Officer): $1,545,000; Mr. L. Brooks Mallard (Chief Financial Officer): $468,852; Mr. Roger Gaston (Chief Human Resources Officer): $399,000; Mr. Grant Gawronski (Chief Commercial Officer): $634,196; and Mr. Walter Lifsey (Chief Operating Officer): $669,231. Due primarily to the pandemic,
the Company did not achieve the pre-established performance measures under the Company’s annual short-term incentive plan known as the Gates Global Bonus Policy and accordingly, the Compensation Committee did not fund this plan for fiscal year 2020.
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.