Item 5.02. Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On March 20, 2020, the Board of Directors (the "Board") of Gates Industrial
Corporation plc (the "Company") appointed Mr. Wilson S. Neely as a director of
the Company, effective April 1, 2020. He will stand for election by shareholders
at the 2020 Annual General Meeting of Shareholders. The Board has determined
that Mr. Neely qualifies as an independent director under the New York Stock
Exchange listing standards and the Company's Corporate Governance Guidelines.
Mr. Neely will not serve on any committees of the Board at this time.
For his service on the Board, Mr. Neely will receive an annual compensation
package of $225,000, consisting of $100,000 as an annual cash retainer (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.
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