Item 5.02. Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain
Officers.
On March 13, 2020, Jamey S. Seely, the Executive Vice President, General Counsel
and Corporate Secretary of Gates Industrial Corporation plc (the "Company")
advised the Company that she would be leaving to pursue other opportunities,
effective April 1, 2020.
Ms. Seely's departure constitutes a termination without "cause" for purposes of
the Company's Executive Severance Plan, in which she participates, and
Ms. Seely's outstanding equity awards.
In connection with Ms. Seely's departure, she and the Company entered into a
Separation Agreement, effective as of March 13, 2020 (the "Separation
Agreement"). Pursuant to the Separation Agreement, subject to Ms. Seely's
execution and non-revocation of a release and waiver of claims in favor of the
Company, Ms. Seely will be entitled to the payments and benefits to which she
would be entitled in connection with a termination without "cause" under the
Company's Executive Severance Plan and Ms. Seely's outstanding equity award
agreements, as described under the headings "Executive Compensation-Potential
Payments upon a Termination or Change in Control-Summary of Potential
Payments-Executive Severance Plan" and "Executive Compensation-Potential
Payments upon a Termination or Change in Control-Summary of Potential
Payments-Long-Term Incentive Awards" in the Company's definitive proxy statement
relating to the Company's 2019 annual general meeting, except that the sum of
two times Ms. Seely's base salary will be paid in a lump sum rather than in
substantially equal installments over a period of 24 months as provided in the
Company' s Executive Severance Plan.
A copy of the Separation Agreement is filed as Exhibit 10.1 hereto and
incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
Exhibit
Number Description
10.1 Separation Agreement, effective as of March 13, 2020, between the
Company and Jamey S. Seely
--------------------------------------------------------------------------------
© Edgar Online, source Glimpses