Jurek Ivo 4

What Happened

• Ivo Jurek, CEO and Director of Gates Industrial Corp. (GTES), received 495,421 ordinary shares upon conversion of performance-based restricted stock units (PBRSUs) that vested after certification of performance. The conversions show an exercise/conversion price of $0.00 (no cash paid).
• To satisfy tax and par value withholdings, 133,615 shares were withheld/disposed at $23.76 per share, resulting in proceeds of $3,174,692. After withholding, Jurek retained a net 361,806 shares.

Key Details

• Transaction date: February 4, 2026; Form 4 filed February 6, 2026 (filed timely).
• Conversion entries: 305,240 and 190,181 PBRSUs converted (total 495,421); withholding: 133,615 shares disposed at $23.76 for $3,174,692.
• Exercise/conversion price: $0.00 (PBRSUs converted into shares without cash exercise).
• Shares owned after the transaction: Not stated in the filing.
• Footnotes: (F1) PBRSUs granted March 1, 2023 vested after the Compensation Committee certified achievement of 160.5% of target for the 3‑year performance measure (25% TSR relative, 75% adjusted ROIC). (F2) 133,615 shares were withheld to satisfy tax and par value withholdings. (F3) Each PBRSU equals one ordinary share.
• Transaction codes: M = exercise/conversion of derivative (PBRSU); F = tax withholding/disposition.

Context

• These were performance-based restricted stock units that vested following certification of strong multi-year performance—this is not an open-market sale by the insider but a routine conversion and tax-withholding transaction. The conversion required no cash payment (exercise price $0.00); withholding of shares to cover taxes is common and does not necessarily signal a change in the insider’s view of the company.