Gates Industrial (NYSE: GTES) CLO nets RSU shares after tax withholding
Filing Impact
Filing Sentiment
Form Type
4
Rhea-AI Filing Summary
Gates Industrial Corp plc Chief Legal Officer Cristin C. Bracken reported vesting of time-based restricted stock units and related share movements. On February 28 and March 1, TBRSUs converted into a total of 16,930 ordinary shares at $0.00 per share.
To cover par value and tax withholding obligations tied to these vestings, Bracken disposed of 7,411 ordinary shares at $27.57 per share through share withholding transactions, not open-market sales. After these transactions, Bracken directly owned 164,315 ordinary shares and held TBRSUs subject to future vesting.
Positive
- None.
Negative
- None.
Insider Trade Summary
16,930 shares exercised/converted
Mixed
6 txns
Insider
Bracken Cristin C.
Role
Chief Legal Officer
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Exercise | Time-Based Restricted Stock Units | 9,734 | $0.00 | -- |
| Exercise | Ordinary Shares | 9,734 | $0.00 | -- |
| Tax Withholding | Ordinary Shares | 4,261 | $27.57 | $117K |
| Exercise | Time-Based Restricted Stock Units | 7,196 | $0.00 | -- |
| Exercise | Ordinary Shares | 7,196 | $0.00 | -- |
| Tax Withholding | Ordinary Shares | 3,150 | $27.57 | $87K |
Holdings After Transaction:
Time-Based Restricted Stock Units — 34,345 shares (Direct);
Ordinary Shares — 168,576 shares (Direct)
Footnotes (1)
- Represents time-based restricted stock units ("TBRSU") that vested on the anniversary of the grant date. Represents ordinary shares withheld to satisfy par value and certain tax withholding related obligations in connection with the vesting of previously granted TBRSUs. Each TBRSU represents a contingent right to receive one share of the issuer ordinary shares. The TBRSUs will be settled in either ordinary shares or cash (or a combination thereof). The reporting person was granted TBRSUs that vest in three substantially equal annual installments beginning on the first anniversary of the grant date. The number set forth in Column 9 reflects all TBRSUs outstanding subject to future vesting.
FAQ
What insider transactions did GTES Chief Legal Officer Cristin Bracken report?
Cristin Bracken reported RSU vesting and related share withholding. Time-based restricted stock units converted into ordinary shares, and some shares were withheld at $27.57 per share to cover par value and tax obligations, rather than being sold on the open market.
How do Gates Industrial (GTES) time-based RSUs held by Cristin Bracken vest?
Bracken’s time-based restricted stock units vest in three substantially equal annual installments beginning on the first anniversary of the grant date. Each RSU represents a contingent right to receive one ordinary share, settled in shares, cash, or a combination, upon vesting.