Mallard Lawrence B 4

What Happened

• Lawrence B. Mallard, CFO of Gates Industrial (GTES), had a vesting/conversion event on Mar 4, 2026. He converted/exercised 16,552 derivative units into ordinary shares, was granted/recorded 31,970 time‑based restricted stock units (TBRSUs), and had 7,246 ordinary shares withheld to satisfy par value and tax withholding obligations. The withheld shares were recorded at $26.37 each, totaling $191,077.
• This filing reflects a vesting/settlement and related tax withholding (routine compensation/vesting activity), not an open‑market buy or discretionary sale.

Key Details

• Transaction date: Mar 4, 2026; Form 4 filed Mar 6, 2026 (timely).
• Conversions/Exercises: 16,552 derivative units converted to shares (code M).
• Grant/Award: 31,970 TBRSUs granted/recorded (code A) — these TBRSUs vest in three substantially equal annual installments beginning on the first anniversary of the grant (see footnote).
• Tax withholding: 7,246 ordinary shares withheld/disposed at $26.37 per share to satisfy par value and tax obligations, amounting to $191,077 (code F).
• Shares owned after transaction: not reported in this Form 4 (filing shows TBRSUs outstanding subject to future vesting per footnote).
• Footnote highlights: TBRSUs represent contingent rights to one ordinary share each and may be settled in shares or cash; some TBRSUs vested on the grant anniversary and others remain subject to future vesting.

Context

• This appears to be a routine vesting/settlement and associated tax withholding (a common, non‑market directional event). The conversion plus withholding functions like a cashless settlement: some shares are issued and a portion withheld to cover taxes rather than sold in the open market.
• TBRSUs are compensation instruments (not gifts or 10% owner transactions); they do not by themselves signal buying or selling intent in the open market.