Pitstick Thomas G. 4

What Happened
Thomas G. Pitstick, President, Americas of Gates Industrial (GTES), had performance-based restricted stock units (PBRSUs) vest on Feb 4, 2026. The filing shows conversion/exercise of PBRSUs totaling 84,141 ordinary shares (51,841 reported as acquired; 32,300 reported in a derivative conversion line). To satisfy tax and par value withholdings, 22,837 shares were withheld/disposed at $23.76 per share, producing $542,607. After withholding, roughly 61,304 ordinary shares were delivered to Pitstick. This was a compensation award (not an open-market purchase or sale).

Key Details

• Transaction date: February 4, 2026; Form 4 filed February 6, 2026 (timely filing).
• Reported conversion total: 84,141 PBRSUs converted to ordinary shares (51,841 and 32,300 reported on separate derivative lines).
• Tax withholding/disposition: 22,837 shares withheld at $23.76 = $542,607 (reported with code F).
• Footnotes: PBRSUs granted March 1, 2023; vesting followed certification that performance achieved 160.5% of target (25% TSR-relative, 75% adjusted ROIC). Each PBRSU equals one ordinary share.
• Shares owned after transaction: not specified in the provided filing excerpt.
• Codes: M = exercise/conversion of derivative (PBRSU conversion); F = shares withheld to satisfy tax/par value withholdings.

Context
PBRSUs are performance-based awards that convert into shares when vesting conditions are met; this transaction reflects compensation paid out after achievement of performance metrics. The withholding of shares for taxes is a routine, cashless settlement method and does not represent an open-market sale expressing insider sentiment.