Pitstick Thomas G. 4

What Happened

• Thomas G. Pitstick, President, Americas of Gates Industrial Corp (GTES), had time‑based restricted stock units (TBRSUs) vest on 2026-03-04. The filing reports conversion/exercise of 10,625 derivative units into shares and a related withholding/disposition of 4,651 shares to cover par value and tax obligations (withheld at $26.37 per share, total ~$122,647). The report also records 20,576 TBRSUs reported as granted/outstanding (subject to future vesting). These entries reflect routine vesting and tax withholding rather than an open‑market purchase or sale for investment reasons.

Key Details

• Transaction date: 2026-03-04; Form 4 filed 2026-03-06 (appears timely).
• Conversion/exercise: 10,625 derivative units converted into shares @ $0.00.
• Tax/par value withholding: 4,651 shares withheld/ disposed @ $26.37 = $122,647.
• Grant/award: 20,576 TBRSUs recorded as acquired (derivative), subject to future vesting.
• Footnotes: TBRSUs vested on the anniversary of the grant (time‑based); withholding shares used to satisfy par value and tax withholding; each TBRSU represents a contingent right to one ordinary share and may be settled in shares or cash; some TBRSUs vest in three substantially equal annual installments.
• Shares owned after the transactions: not specified in the filing.

Context

• TBRSUs are restricted stock units that typically convert to shares upon vesting. The filing indicates conversion/settlement of vested TBRSUs and the routine withholding of shares to cover taxes and par value—common for equity compensation. Because the report documents vesting and withholding rather than an open‑market purchase or voluntary sale, it should be viewed as routine compensation processing, not a directional buy/sell signal.