Document:

Exhibit

Exhibit 10.1
TRANSITION AGREEMENT 
AND VOLUNTARY GENERAL RELEASE  

    
This Transition Agreement and Voluntary General Release (the “Agreement”) is made and entered into this fifth day of January 2018, by and between Lori A. Lutey (“Executive”), on the one hand, and Schneider Enterprise Resources, LLC and any of its parent companies, subsidiaries, affiliates, divisions, successors and assigns (collectively referred to as “Schneider”), on the other hand.  Schneider and Executive mutually agree that Executive’s employment with Schneider will end and that it is in the best interests of both parties to adhere to the terms of this Agreement.  To assist Executive following the separation, Schneider has offered to provide certain benefits to Executive in exchange for the agreements and general releases contained in this Agreement.  Executive has voluntarily accepted this offer and Executive and Schneider now desire to effect an amicable separation of Executive’s employment.  

WHEREAS, Schneider values Executive’s continuing services, leadership and support during the Retention Period (as defined below);  

WHEREAS, subject to the terms of this Agreement, Schneider desires Executive to remain in active employment with Schneider from the date of this Agreement to the end of the Retention Period;

WHEREAS, subject to the terms of this Agreement, Executive desires to remain employed with Schneider from the date of this Agreement to the end of the Retention Period;

WHEREAS, under normal Schneider policy, Executive is not eligible for any Retention Incentive payments, severance payments, or related benefits;

NOW THEREFORE, IN CONSIDERATION of the mutual promises and releases contained in this Transition Agreement and Voluntary General Release, IT IS AGREED THAT:

1.Definitions

a.    Active Executive.  For purposes of this Agreement, Executive will be considered an “Active Executive” on a given date if, on that date:  Executive (i) remains actively employed by Schneider; (ii) has not given oral or written notice of intent to resign effective as of a date that is prior to the end of the Retention Period (as defined herein); and (iii) has not engaged in any conduct constituting Cause as determined by Schneider management or the Board of Directors.

b.    Retention Period.  For the purposes of this Agreement, Retention Period shall mean the period from the date of this Agreement up through and until June 30, 2018, provided however, that Executive remains an Active Executive during this Retention Period.  The Retention Period may be shortened by mutual written agreement signed by Executive and Schneider; the parties generally envision that the Retention Period will end no earlier March 30, 2018 and no later than June 30, 2018.  

c.    Separation Date.  Executive’s employment will end effective the last day of the Retention Period (the “Separation Date”).

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2.Continued Employment During Retention Period.  Executive agrees to continue her Active Employment during the Retention Period in the position of Executive Vice President and Chief Financial Officer for Schneider.  During the Retention Period, Executive agrees to devote her full professional time, best efforts, attention and energies on behalf of Schneider and perform the duties normally associated with her position with Schneider.  The Executive shall perform such duties in a manner consistent with applicable laws and regulations, and any code of ethics, compliance manual, employee handbook or other policies and procedures adopted by Schneider from time to time and subject to any written directives issued by Schneider’s Chief Executive Officer or Board of Directors from time to time.  Executive will continue to be based at Schneider’s principal offices in Green Bay, Wisconsin, unless Executive and Schneider agree in writing to another location, and will travel on behalf of Schneider as reasonably necessary and consistent with prior practice. During the Retention Period, Executive may not engage in any employment other than for Schneider, in any conflicting or competing business activities, or have any financial interest, directly or indirectly, in any business competing with Schneider or otherwise engaged in the business of Schneider or its affiliates. During the Retention Period, and subject to the prior approval of Schneider’s Chief Executive Officer, Executive may initiate her search for seats on the Boards of Directors of companies that do not compete with Schneider (for clarity Executive agrees not to seek or accept board seats with companies that provide truckload, logistics, or intermodal services to external customers); Executive may use available Vacation or Flex time if she needs to be out of the office for short durations in conjunction with her search.  While Executive agrees and acknowledges that her employment relationship will technically remain at-will during the Retention Period, Executive and Schneider affirmatively state that their joint good faith objective is for Executive to remain in her position through the Retention Period.  

3.Continued Compensation During Retention Period.  Provided Executive complies with and fulfills Executive’s obligations in this Agreement Schneider agrees to continue the salary of Executive while she remains an Active Executive through the end of the Retention Period as such salary is normally paid.  

4.Transition Compensation.  If Executive (a) signs this Agreement and complies with her obligations hereunder, (b) remains an Active Executive during the full Retention Period, (c) has not engaged in willful misconduct during employment, whenever discovered and (d) signs and does not revoke the General Release attached hereto as Exhibit A within thirty (30) days following the end of the Retention Period, Schneider will pay Executive a total gross amount of Six Hundred Thousand Dollars ($600,000) which shall, as applicable, be treated as wages or supplemental earnings for purposes of federal and state taxation and withholding (the “Transition Compensation”).  The Transition Compensation shall be paid to Executive on the first business day that is at least twenty (20) business days after the occurrence of both the following events: after the Separation Date and after Executive has signed, and not revoked within the applicable revocation period, Exhibit A to this Agreement.  Executive acknowledges and agrees that, in the absence of this Agreement, Executive would otherwise not be entitled to receive the amounts represented by the Transition Compensation given Executive’s separation from employment on the Separation Date.  If, prior to the expiration of the Retention Period, Schneider terminates Executive’s employment for Cause, Executive will forfeit eligibility to receive the Transition Compensation.  For purposes of this Agreement, “Cause” means (a) Executive has engaged in gross negligence, gross incompetence, or willful misconduct in the performance of the duties and services required by Schneider; (b) Executive has engaged in willful conduct (i) involving destruction or culpable dishonesty against Schneider or (ii) resulting in a conviction of or plea of 

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no contest to any crime involving fraud, theft, misappropriation, embezzlement, dishonesty; or (c) any serious and intentional violation of any Schneider employment policy. Notwithstanding anything to the contrary herein, Executive will remain eligible for the Transition Compensation in the event that she is discharged during the Retention Period for a reason other than for Cause. For clarity, Executive will forfeit Profit Share eligibility effective as of the Separation Date.  Executive also forfeits, as of the Separation Date, all unvested and/or unaccrued amounts under any and all long term incentive plans and awards thereunder including but not limited to the Schneider National Inc. 2017 Omnibus Incentive Plan, the Schneider National, Inc. Omnibus Long-Term Incentive Plan (Amended and Restated November 8, 2011 & subsequently amended December 31, 2012), and the Schneider National, Inc. Long-Term Incentive Plan (collectively, the “Long-Term Incentive Plans”), and Executive acknowledges and agrees that Executive’s separation does not constitute a “retirement” for purposes of any of the Long Term Incentive Plans or awards thereunder.  Executive acknowledges that she does not, and will not, qualify for “retirement” under any of the Long-Term Incentive Plans and understands that the Long-Term Incentive Plans will not be changed or amended in any way so as to make her departure from Schneider qualify as a “retirement” for purposes of the Long-Term Incentive Plans.  Any amounts already vested as of Separation Date under such plans or other Schneider plans will pay out in the normal course per applicable plan rules, but no amounts will accelerate or pay early in any respect.  

5.Continuation of Benefits.  All dental, vision, disability and medical insurance covering Executive shall terminate on the Separation Date at 11:59 p.m.  Businessolver (at 920-592-4183) will provide Executive with an explanation of any right to continue such coverage under the Consolidated Omnibus Budget Reconciliation Act of 1985 ("COBRA") and any other applicable state or federal law.  Group life insurance coverage ends on Executive’s Separation Date.  The total amount of group life insurance may be converted to an individual policy with The Hartford.  If Executive chooses conversion, Executive must apply for coverage within 31 days of Executive’s last day covered under the group plan.  If Executive should die during this 31-day conversion period, Executive’s beneficiary would receive the life insurance benefits available to Executive under the conversion policy.  If Executive is interested in converting Executive’s coverage, please call the Schneider Benefits Department (at 1-800-558-6767, extension 592-4183) for an application.  Executive must submit the Notice of Continuation Form within 31 days after your group coverage terminates or 15 days from the date the employer signs the form, whichever is later.  The terms of each respective insurance plan shall govern the rights thereunder.  

6.Release and Covenant Not to Sue by Executive.  In exchange and in consideration for the promises, obligations and agreements of Schneider, which Executive agrees and acknowledges are adequate and sufficient, Executive, on behalf of Executive, and Executive’s assignees, agents, attorneys, representatives, heirs, executors and administrators, hereby waives, and fully releases, Schneider, all related or affiliated companies and all of Schneider’s or such related or affiliated companies’ predecessors and successors, and, with respect to each such entity, all of its past and present employees, officers, directors, trustees, agents, representatives, stockholders, owners, and attorneys (collectively, the “Releasees”), from any and all liability, claims, demands, actions, causes of action, suits, grievances, debts, sums of money, controversies, agreements, promises, damages, back and front pay, costs, expenses, attorneys’ fees, and remedies of any type that Executive now has, or ever has had, as of the day hereof, or at any time prior to the date hereof. 

The claims Executive is releasing include (without limiting the generality of the foregoing) all claims arising under any written agreement between Executive and Schneider pertaining to 

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Executive’s employment by Schneider; all claims arising under the Family and Medical Leave Act, the Consolidated Omnibus Budget Reconciliation Act, Title VII of the Civil Rights Act of 1964, the Americans with Disabilities Act, the Age Discrimination in Employment Act of 1967 ("ADEA"), 29 U.S.C. §621 et. seq., the Older Workers Benefit Protection Act of 1990, the Fair Labor Standards Act, the Executive Retirement Income Security Act of 1974, the Rehabilitation Act of 1973, the Civil Rights Act of 1868 (42 U.S.C. §§ 1981 and 1983), the Wisconsin Fair Employment Act, wrongful discharge, breach of contract, and any other federal, state or local statute or regulation regarding employment, discrimination in employment, retaliatory discharge, payment of wages or the termination of employment; and any claims arising under the common law of the State of Wisconsin or any other state.  

Executive further covenants and agrees that Executive will not institute or cause to be instituted any action, cause of action or other judicial or administrative proceeding based on any claim released hereunder and shall indemnify and hold harmless Schneider and the Releasees for all costs incurred by them (including, but not limited to fees in connection with any such proceeding).

7.Claims Not Released.   Notwithstanding the foregoing, nothing in this Agreement precludes Executive from: (1) filing an administrative charge of discrimination or an administrative charge within the jurisdiction of the National Labor Relations Board (“NLRB”) or Equal Employment Opportunity Commission (“EEOC”); (2) communicating directly with the U.S. Securities and Exchange Commission (“SEC”) about a possible securities law violation; or (3) filing a charge or communicating with any other federal, state or local government office, official or agency. Executive promises never to seek or accept any damages, remedies, or other relief, other than a benefit or remedy pursuant to Section 922 of the Dodd-Frank Wall Street Reform and Consumer Protection Act, for Executive personally (any right to which Executive hereby waives and promises never to accept) with respect to any claim released hereunder, in any proceeding including, but not limited to, any EEOC or NLRB proceeding.  This agreement is not intended to interfere with Executive’s Section 7 rights under the National Labor Relations Act to engage in concerted activity or to refrain from doing so.  

8.Return of Schneider Property and Resignation.  Executive acknowledges that during Executive’s employment with Schneider, Executive had access to and was entrusted with proprietary and confidential information of Schneider.  Executive represents and warrants that, as of the Separation Date, Executive has returned all proprietary and confidential information and has not retained any copies of such information in hard copy or electronic format.  Executive’s non-compliance with or violation of this provision of the Agreement shall be considered a material breach for which Schneider shall have the right to seek to recover all Transition Compensation paid to Executive under this Agreement, as well as all other available damages and legal or equitable relief.  If Executive attempts to use or retain any proprietary or confidential information and property of Schneider concerning Schneider’s business for any reason other than in the course of employment for Schneider agrees to repay to Schneider the Transition Compensation as set forth in Paragraph 4.  If Schneider believes that Executive has failed to satisfy the duties set forth in this paragraph, Schneider will, before causing Executive to forfeit or repay Transition Compensation, first provide Executive with written notice of Schneider’s concern and give Executive five (5) business days to provide information satisfactory to Schneider showing that Executive has complied with the duties set forth in this paragraph. If at any time during the Retention Period or thereafter Executive discovers Schneider information on her personal computer or devices, she will promptly notify Schneider and delete the Schneider information.  Executive will be permitted to keep the iPad that Schneider gave her; prior to the Separation Date Schneider will wipe the iPad to remove all 

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Schneider information.  Executive hereby states that she will resign as an officer or director of any subsidiaries of Schneider or its affiliates effective as of the Separation Date and represents and warrants that Executive will provide any resignations from such other positions as Schneider deems necessary.

9.No Admission of Liability.  The existence, execution and terms of this Agreement do not constitute, shall not be considered or construed as, and shall not be admissible in any proceedings as, an admission by Schneider its parents, subsidiaries, or by any of the Releasees, of any liability, violation, error or omission. 

10.Confidentiality.    Executive agrees not to testify or provide any information in any context if Schneider has informed Executive of its intent to contest the validity or enforceability of any request, subpoena or court order until such time as Schneider has informed Executive, in writing, that it consents to Executive’s testimony or has fully exhausted its efforts to challenge any request, subpoena or court order requiring Executive’s testimony, unless otherwise required by order of court.  In the unlikely event that Executive’s compliance with this paragraph directly results in a court issuing Executive a fine for her delay in providing testimony or information, Schneider will pay such fine. 

11.Non-Disparagement.  Schneider agrees that Schneider will not, and will instruct the members of the Board and its senior executives not to, make any adverse or disparaging comments (oral or written, including but not limited to, via any form of electronic media) about Executive which may tend to impugn or injure Executive’s reputation or goodwill, or contribute to Executive being held in disrepute by the public or any future employer of Executive.  Executive acknowledges that Schneider’s goodwill is one of Schneider’s most valuable assets and that any impairment of Schneider’s substantial goodwill would materially and adversely affect Schneider.  Therefore, Executive agrees that, except as may be required by law, Executive will not (a) make any statement, oral or written (including but not limited to any form of electronic media), to any past present or future customer, employee, contractor, media outlet, or vendor of Schneider, industry analyst or any other person, (b) publish any remark, comment or statement in a public forum, or (c) commit any other act, which, in the case of any of (a), (b) or (c), might reasonably be expected to directly or indirectly disparage Schneider, any of its affiliates or any of its or their respective employees, customers, suppliers, investors or other associated third parties.  Nothing in this Paragraph is intended to prohibit, limit or prevent Executive or Schneider from providing truthful testimony in a court of law, to a regulatory or law enforcement agency or pursuant to a properly issued subpoena, and such testimony would not be deemed to be a violation of this Paragraph.  

12.Binding Authority and Benefit.  This Agreement shall be binding upon and shall be for the benefit of Executive and Schneider, as well as their respective heirs, representatives, successors and assigns.

13.Duty to Cooperate.  Executive agrees, after the termination of employment, to reasonably cooperate with Schneider and its affiliates and their respective directors, officers, attorneys and experts in all matters relating to Executive’s actual or pending work on behalf of Schneider and, as needed, the orderly transfer of such pending work to other employees of Schneider as may be designated by Schneider.  Such cooperation includes answering emails and phone calls from Schneider associates and /or attorneys representing Schneider. Failure to comply with the duty of cooperation as set forth in this paragraph will cause Executive to forfeit any unpaid Transition Compensation described in Paragraph 4 of this Agreement.   Failure to 

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comply with the duty of cooperation as set forth in this paragraph will also obligate Executive to repay Schneider Transition Compensation described in Paragraph 4 that Schneider has already paid to Executive per this Agreement. Reasonable and pre-approved out-of-pocket expenses incurred in connection therewith shall be reimbursed by Schneider. If Schneider believes that Executive has failed to satisfy the duties to cooperate outlined in this paragraph, Schneider will provide Executive with written notice of same and Executive will then have five (5) business days to attempt to cure the failure to cooperate before Schneider causes Executive to forfeit or repay Transition Compensation.

14.Construction of Agreement.  This Agreement, and every term and provision contained herein, shall be governed by and interpreted under the substantive laws of the State of Wisconsin.  The language of this Agreement shall not be construed for or against any particular Party.  The Parties agree that all of them have drafted the Agreement and that there shall be no presumption that one Party drafted the Agreement for purposes of construing it.  Section headings in this Agreement are included for convenience of reference only and shall not affect the construction of this Agreement.

15.Severability.  Every provision of this Agreement is severable.  If at any time after the execution of this Agreement, any provision of this Agreement shall be held illegal, void or unenforceable, the illegality or unenforceability of the provision shall have no effect upon, and shall not impair the validity or enforceability of, any other provision; provided, however, that if the Release set forth in Paragraph 6 above is declared invalid or unenforceable, Schneider’s obligations set forth in Paragraph 4 shall cease and Executive shall refund to Schneider any portion of the Transition Compensation that has been paid to Executive at the time such provision is declared invalid or unenforceable.

16.Merger.  This instrument constitutes and contains the entire agreement and understanding between Executive and Schneider concerning the subject matter of this Agreement, and supersedes all prior oral negotiations, proposed agreements and understandings, if any, between the Parties, except that Executive remains bound by the Non-Compete and No-Solicitation Agreement Executive signed on May 17, 2017 and that Executive remains bound by the Confidentiality Agreement Executive signed on May 17, 2017.  This Agreement may be modified only by a writing signed by Executive and Schneider. 

17.Voluntary Execution of Agreement. This Agreement is executed voluntarily and without any duress or undue influence on the part of or on behalf of Executive and Schneider.  The Parties acknowledge that they: (a) have carefully read and understand the terms and significance of this Agreement; and (b) are fully aware of the legal and binding effect of this Agreement and intend to abide by its provisions without exception.  

18.REVIEW AND CONSULTATION.  BY SIGNING THIS AGREEMENT, EXECUTIVE REPRESENTS AND WARRANTS THE FOLLOWING.  BY SIGNING THIS AGREEMENT, EMPLOYEE WAIVES AND RELEASES ANY AND ALL RIGHTS AND CLAIMS EXECUTIVE MAY HAVE ARISING UNDER, BUT NOT LIMITED TO, THE AGE DISCRIMINATION IN EMPLOYEMENT ACT OF 1967, AS AMENDED, AND ALL OTHER CLAIMS EMPLOYEE MAY HAVE AGAINST SCHNEIDER.  EXECUTIVE ACKNOWLEDGES THAT EXECUTIVE WAS GIVEN TWENTY-ONE (21) DAYS FROM RECEIPT OF THIS AGREEMENT IN WHICH TO CONSIDER WHETHER EMPLOYEE WANTED TO SIGN IT OR AGREES TO WAIVE SUCH TWENTY-ONE (21) DAY PERIOD BY SIGNING THIS AGREEMENT PRIOR TO THE EXPIRATION THEREOF, AND THAT 

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EXECUTIVE WAS GIVEN THE OPPORTUNITY TO CONSULT WITH AN ATTORNEY PRIOR TO EXECUTING THIS AGREEMENT.  SCHNEIDER AGREES, AND EXECUTIVE REPRESENTS THAT EMPLOYEE UNDERSTANDS, THAT EXECUTIVE MAY REVOKE EXECUTIVE’S ACCEPTANCE OF THIS AGREEMENT AT ANY TIME WITHIN SEVEN (7) DAYS FOLLOWING EMPLOYEE’S EXECUTION OF THE AGREEMENT BY GIVING WRITTEN NOTICE TO SCHNEIDER WITHIN THAT SEVEN (7) DAY PERIOD.  IF EXECUTIVE CHOOSES TO REVOKE EXECUTIVE’S ACCEPTANCE OF THIS AGREEMENT, SUCH NOTICE MUST BE GIVEN IN WRITING TO STEVE MATHEYS, HUMAN RESOURCES, SCHNEIDER NATIONAL, INC., 3101 S. PACKERLAND DRIVE, P.O. BOX 2545, GREEN BAY, WI  54306.  IF NOT REVOKED BY WRITTEN NOTICE RECEIVED BY SCHNEIDER ON OR BEFORE THE EIGHTH DAY FOLLOWING THE DATE OF EXECUTIVE’S EXECUTION OF THE AGREEMENT, THIS AGREEMENT SHALL BECOME ENFORCEABLE AND EFFECTIVE AT 12:01 A.M., C.S.T., ON THE FOLLOWING DAY.  EXECUTIVE FURTHER UNDERSTANDS THAT IF EMPLOYEE REVOKES THIS RELEASE, EXECUTIVE WILL NOT RECEIVE THE TRANSITION COMPENSATION PAYMENTS DESCRIBED HEREIN. 

19.Waiver.  No waiver of the breach of any of the terms or provisions of this Agreement shall be a waiver of any preceding or succeeding breach of this Agreement or any provisions of it.

20.Successors; Binding Agreement. Schneider shall have the right to assign its obligations under this Agreement to any entity that acquires all or substantially all of the assets of Schneider and continues Schneider’s business. The rights and obligations of Schneider under this Agreement shall inure to the benefit of and shall be binding upon Schneider and its successors and assigns. Executive may not assign Executive’s rights or delegate Executive’s obligations hereunder.

21.Counterparts and Facsimile or Electronic Signatures.  This Agreement may be executed in one or more counterparts, each and all of which shall constitute, and shall be construed as a single original instrument upon execution, delivery and exchange of such signed counterparts by and among the Parties hereto.  In addition, the Parties agree that this Agreement may be executed via facsimile, and that such signatures have the same force and effect as an original signature.  A fully executed copy of this Agreement may be used with the same force and effect as the original of this Agreement.

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IN WITNESS WHEREOF, and intending to be legally bound, the Parties have executed this Agreement as of the date stated below.

/s/Lori A. Lutey                
Lori A. Lutey

January 5, 2018                
Date Signed

SCHNEIDER ENTERPRISE RESOURCES, LLC

/s/ Christopher B. Lofgren            
Christopher B. Lofgren 
Chief Executive Officer 

January 5, 2018                
Date Signed

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EXHIBIT A  
[NOT TO BE SIGNED UNTIL ON OR AFTER SEPARATION DATE]

GENERAL RELEASE

		
	1.
	Release and Covenant Not to Sue by Executive.  In exchange and in consideration for the promises, obligations and agreements of Schneider Enterprise Resources, LLC (“Schneider”) under the Retention and Separation Agreement, dated as of January  [date to be determined], 2018, between Lori A. Lutey (“Executive”) and Schneider and certain affiliates named therein (the “Agreement”), which Executive agrees and acknowledges are adequate and sufficient, Executive, on behalf of Executive, and Executive’s assignees, agents, attorneys, representatives, heirs, executors and administrators, hereby waives, and fully releases, Schneider, all related or affiliated companies and all of Schneider’s or such related or affiliated companies’ predecessors and successors, and, with respect to each such entity, all of its past and present employees, officers, directors, trustees, agents, representatives, stockholders, owners, and attorneys (collectively, the “Releasees”), from any and all liability, claims, demands, actions, causes of action, suits, grievances, debts, sums of money, controversies, agreements, promises, damages, back and front pay, costs, expenses, attorneys’ fees, and remedies of any type that Executive now has, or ever has had, as of the day hereof, or at any time prior to the date set forth below (the “Effective Date”). 

The claims Executive is releasing include (without limiting the generality of the foregoing) all claims arising under any written agreement between Executive and Schneider pertaining to Executive’s employment by Schneider; all claims arising under the Family and Medical Leave Act, the Consolidated Omnibus Budget Reconciliation Act, Title VII of the Civil Rights Act of 1964, the Americans with Disabilities Act, the Age Discrimination in Employment Act of 1967 ("ADEA"), 29 U.S.C. §621 et. seq., the Older Workers Benefit Protection Act of 1990, the Fair Labor Standards Act, the Executive Retirement Income Security Act of 1974, the Rehabilitation Act of 1973, the Civil Rights Act of 1868 (42 U.S.C. §§ 1981 and 1983), the Wisconsin Fair Employment Act, wrongful discharge, breach of contract, and any other federal, state or local statute or regulation regarding employment, discrimination in employment, retaliatory discharge, payment of wages or the termination of employment; and any claims arising under the common law of the State of Wisconsin or any other state.  

Executive further covenants and agrees that Executive will not institute or cause to be instituted any action, cause of action or other judicial or administrative proceeding based on any claim released hereunder and shall indemnify and hold harmless Schneider and the Releasees for all costs incurred by them (including, but not limited to fees in connection with any such proceeding).

		
	2.
	Claims Not Released.   Notwithstanding the foregoing, nothing in this General Release precludes Executive from: (a) filing an administrative charge of discrimination or an administrative charge within the jurisdiction of the National Labor Relations Board (“NLRB”) or Equal Employment Opportunity Commission (“EEOC”); (b) communicating directly with the U.S. Securities and Exchange Commission (“SEC”) about a possible securities law violation; or (c) filing a charge or communicating with any other federal, state or local government office, official or agency. Executive promises never to seek or accept any damages, remedies, or other relief, other than a benefit or 

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remedy pursuant to Section 922 of the Dodd-Frank Wall Street Reform and Consumer Protection Act, for Executive personally (any right to which Executive hereby waives and promises never to accept) with respect to any claim released hereunder, in any proceeding including, but not limited to, any EEOC or NLRB proceeding.  This General Release is not intended to interfere with Executive’s Section 7 rights under the National Labor Relations Act to engage in concerted activity or to refrain from doing so.  

		
	3. 
	Executive also releases and waives any claim or right to further compensation, benefits, damages, penalties, attorney’s fees, costs or expenses of any kind from Schneider or any of the other Releasees based on events occurring on or prior to the Effective Date, except for the specific Transition Compensation described in the Agreement.

BY SIGNING THIS GENERAL RELEASE, EXECUTIVE REPRESENTS AND WARRANTS THE FOLLOWING.  BY SIGNING THIS GENERAL RELEASE, EXECUTIVE WAIVES AND RELEASES ANY AND ALL RIGHTS AND CLAIMS EXECUTIVE MAY HAVE ARISING UNDER, BUT NOT LIMITED TO, THE AGE DISCRIMINATION IN EMPLOYEMENT ACT OF 1967, AS AMENDED, AND ALL OTHER CLAIMS EXECUTIVE MAY HAVE AGAINST SCHNEIDER.  EXECUTIVE ACKNOWLEDGES THAT EXECUTIVE WAS GIVEN TWENTY-ONE (21) DAYS FROM RECEIPT OF THIS GENERAL RELEASE IN WHICH TO CONSIDER WHETHER EXECUTIVE WANTED TO SIGN IT OR AGREES TO WAIVE SUCH TWENTY-ONE (21) DAY PERIOD BY SIGNING THIS GENERAL RELEASE PRIOR TO THE EXPIRATION THEREOF, AND THAT EXECUTIVE WAS GIVEN THE OPPORTUNITY TO CONSULT WITH AN ATTORNEY PRIOR TO EXECUTING THIS GENERAL RELEASE.  SCHNEIDER AGREES, AND EXECUTIVE REPRESENTS THAT EXECUTIVE UNDERSTANDS, THAT EXECUTIVE MAY REVOKE EXECUTIVE’S ACCEPTANCE OF THIS GENERAL RELEASE AT ANY TIME WITHIN SEVEN (7) DAYS FOLLOWING EXECUTIVE’S EXECUTION OF THIS GENERAL RELEASE BY GIVING WRITTEN NOTICE TO SCHNEIDER WITHIN THAT SEVEN (7) DAY PERIOD.  IF EXECUTIVE CHOOSES TO REVOKE EXECUTIVE’S ACCEPTANCE OF THIS GENERAL RELEASE, SUCH NOTICE MUST BE GIVEN IN WRITING TO STEVE MATHEYS, SCHNEIDER NATIONAL, INC., 3101 S. PACKERLAND DRIVE, P.O. BOX 2545, GREEN BAY, WI  54306.  IF NOT REVOKED BY WRITTEN NOTICE RECEIVED BY SCHNEIDER ON OR BEFORE THE EIGHTH DAY FOLLOWING THE DATE OF EXECUTIVE’S EXECUTION OF THE GENERAL RELEASE, THIS GENERAL RELEASE SHALL BECOME ENFORCEABLE AND EFFECTIVE AT 12:01 A.M., C.S.T., ON THE FOLLOWING DAY.  EXECUTIVE FURTHER UNDERSTANDS THAT IF EXECUTIVE REVOKES THIS GENERAL RELEASE, EXECUTIVE WILL NOT RECEIVE THE TRANSITION COMPENSATION DESCRIBED IN THE AGREEMENT.

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Exhibit A - Signature Page

IN WITNESS WHEREOF, and intending to be legally bound, the parties have executed this GENERAL RELEASE as of the date stated below.

_______________________________
Lori A. Lutey

___________________________
Date Signed

SCHNEIDER ENTERPRISE RESOURCES, LLC

_________________________________
Christopher B. Lofgren 
Chief Executive Officer 

________________________________
Date Signed

Transition Agreement and Voluntary General Release      Page 11 of 11EX-10.1

Table of Contents

 Exhibit 10.1 

SHAREHOLDERS AGREEMENT 

DATED AS OF [    ], 2018 

AMONG 
 GATES INDUSTRIAL
CORPORATION PLC 
 AND 

THE OTHER PARTIES HERETO 

Table of Contents

 Table of Contents 

 

							
	ARTICLE I.	 	INTRODUCTORY MATTERS	  	 	1	 
	1.1	 	Defined Terms	  	 	1	 
	1.2	 	Construction	  	 	4	 
			
	ARTICLE II.	 	CORPORATE GOVERNANCE MATTERS	  	 	4	 
	2.1	 	Election of Directors	  	 	4	 
	2.2	 	Compensation	  	 	6	 
	2.3	 	Other Rights of Shareholder Designees	  	 	6	 
			
	ARTICLE III.	 	INFORMATION; VCOC	  	 	6	 
	3.1	 	Books and Records; Access	  	 	6	 
	3.2	 	Certain Reports	  	 	7	 
	3.3	 	VCOC	  	 	8	 
	3.4	 	Confidentiality	  	 	10	 
	3.5	 	Information Sharing	  	 	11	 
			
	ARTICLE IV.	 	ADDITIONAL COVENANTS	  	 	11	 
	4.1	 	Pledges	  	 	11	 
	4.2	 	Spin-Offs or Split-Offs	  	 	11	 
	4.3	 	Corporate Opportunity	  	 	11	 
			
	ARTICLE V.	 	GENERAL PROVISIONS	  	 	13	 
	5.1	 	Termination	  	 	13	 
	5.2	 	Notices	  	 	13	 
	5.3	 	Amendment; Waiver	  	 	13	 
	5.4	 	Further Assurances	  	 	14	 
	5.5	 	Assignment	  	 	14	 
	5.6	 	Third Parties	  	 	14	 
	5.7	 	Governing Law	  	 	14	 
	5.8	 	Jurisdiction; Waiver of Jury Trial	  	 	14	 
	5.9	 	Specific Performance	  	 	15	 
	5.10	 	Entire Agreement	  	 	15	 
	5.11	 	Severability	  	 	15	 

  
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Table of Contents

							
	5.12	 	Table of Contents, Headings and Captions	  	 	15	 
	5.13	 	Grant of Consent	  	 	15	 
	5.14	 	Counterparts	  	 	15	 
	5.15	 	Effectiveness	  	 	15	 
	5.16	 	No Recourse	  	 	15	 

  
 ii 

Table of Contents

 SHAREHOLDERS AGREEMENT 

This Shareholders’ Agreement is entered into as of [        ], 2018 by and among Gates Industrial
Corporation plc, a public limited company incorporated under the laws of England and Wales (the “Company”), and each of the other parties from time to time party hereto (collectively, the “Shareholders”). 

RECITALS: 
 WHEREAS, the Company
is effecting an underwritten initial public offering (“IPO”) of its Ordinary Shares (as defined below); and 
 WHEREAS, in
connection with the IPO, the Company and the Shareholders wish to set forth certain understandings between such parties, including with respect to certain governance matters. 

NOW, THEREFORE, the parties agree as follows: 

ARTICLE I. 

INTRODUCTORY MATTERS 
 1.1 
Defined Terms. In addition to the terms defined elsewhere herein, the following terms have the following meanings when used herein with initial capital letters: 

“Affiliate” has the meaning set forth in Rule 12b-2 promulgated under the Exchange
Act, as in effect on the date hereof. 
 “Agreement” means this Shareholders Agreement, as the same may be amended,
supplemented, restated or otherwise modified from time to time in accordance with the terms hereof. 
 “Beneficially Own”
has the meaning set forth in Rule 13d-3 promulgated under the Exchange Act. 

“Board” means the Board of Directors of the Company. 

“Business Day” means a day other than a Saturday, Sunday, federal or New York State holiday or other day on which commercial
banks in New York City are authorized or required by law to close. 
 “Closing Date” means the date of the closing of the
IPO. 
 “Company” has the meaning set forth in the Preamble. 

“Confidential Information” means any information concerning the Company or its Subsidiaries that is furnished after the date
of this Agreement by or on behalf of the Company or its designated representatives to a Shareholder or its designated representatives, together with any notes, analyses, reports, models, compilations, studies, documents, records or extracts thereof
containing, based upon or derived from such information, in whole or in part; provided, however, that Confidential Information does not include information: 
  

	 	(i)	that is or has become publicly available other than as a result of a disclosure by a Shareholder or its designated representatives in violation of this Agreement; 

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	 	(ii)	that was already known to a Shareholder or its designated representatives or was in the possession of a Shareholder or its designated representatives prior to its being furnished by or on behalf of the Company or its
designated representatives; 

  

	 	(iii)	that is received by a Shareholder or its designated representatives from a source other than the Company or its designated representatives, provided that the source of such information was not actually known by such
Shareholder or designated representative to be bound by a confidentiality agreement with, or other contractual obligation of confidentiality to, the Company; 

  

	 	(iv)	that was independently developed or acquired by a Shareholder or its designated representatives or on its or their behalf without the violation of the terms of this Agreement; or 

 

	 	(v)	that a Shareholder or its designated representatives is required, in the good faith determination of such Shareholder or designated representative, to disclose by applicable law, regulation or legal process, provided
that such Shareholder or designated representative takes reasonable steps to minimize the extent of any such required disclosure, provided further that no such steps to minimize disclosure shall be required where disclosure is made (i) in
response to a request by a regulatory or self-regulatory authority or (ii) in connection with a routine audit or examination by a bank examiner or auditor and such audit or examination does not specifically reference the Company or this
Agreement. 

 “Control” (including its correlative meanings, “Controlled by” and
“under common Control with”) means possession, directly or indirectly, of the power to direct or cause the direction of management or policies (whether through ownership of securities or partnership or other ownership interests, by
contract or otherwise) of a Person. 
 “Director” means any director of the Company from time to time. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder, as
the same may be amended from time to time. 
 “Governmental Authority” means any nation or government, any state or other
political subdivision thereof, and any entity exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government. 

  
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 “Identified Person” has the meaning set forth in Section 4.3(b) hereof.

 “Information” has the meaning set forth in Section 3.1 hereof. 

“IPO” has the meaning set forth in the Recitals. 

“Law” means any statute, law, regulation, ordinance, rule, injunction, order, decree, governmental approval, directive,
requirement, or other governmental restriction or any similar form of decision of, or determination by, or any interpretation or administration of any of the foregoing by, any Governmental Authority. 

“Non-Employee Director” has the meaning set forth in Section 4.3(a) hereof. 

“Ordinary Shares” means the ordinary shares, par value $0.01 per share, of the Company, and any securities issued in respect
thereof, or in substitution therefor, in connection with any share split, dividend or combination, or any reclassification, recapitalization, merger, consolidation or similar transaction. 

“Person” means an individual, a partnership, a corporation, a limited liability company, an association, a joint stock
company, a trust, a joint venture, an unincorporated organization, or other form of business organization, whether or not regarded as a legal entity under applicable Law, or any Governmental Authority or any department, agency or political
subdivision thereof. 
 “Plan Asset Regulation” has the meaning set forth in Section 3.3(a)
hereof. 
 “Pre-IPO Owners” means (x) the Shareholder Entities and (y) any
other holders of Ordinary Shares in issue immediately prior to the closing of the IPO and, in each case, any Affiliate of any such holder that shall become a holder of any Ordinary Shares. 

“Shareholder Designator” means the Shareholder, or any group of Shareholders collectively, then holding a majority of Ordinary
Shares held by all Shareholders. 
 “Shareholder Designee” has the meaning set forth in
Section 2.1(b) hereof. 
 “Shareholder Entities” means the Shareholders and their Affiliates and
their respective successors. 
 “Subsidiary” means, with respect to any Person, any corporation, limited liability company,
partnership, association or other business entity of which: (i) if a corporation, a majority of the total voting power of shares of stock entitled (without regard to the occurrence of any contingency) to vote in the election of directors,
representatives or trustees thereof is at the time owned or Controlled, directly or indirectly, by that Person or one or more of the other Subsidiaries of that Person or any combination thereof; or (ii) if a limited liability company,
partnership, association or other business entity, a majority of the total voting power of stock (or equivalent ownership interest) of the limited liability company, partnership, association or other business entity is at the time owned or
Controlled, directly or indirectly, by that Person or one or more Subsidiaries of that Person or any combination thereof. For purposes hereof, a Person or 

  
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Persons shall be deemed to have a majority ownership interest in a limited liability company, partnership, association or other business entity if such Person or Persons shall (a) be
allocated a majority of limited liability company, partnership, association or other business entity gains or losses or shall be or (b) Control the managing member, managing director or other governing body or general partner of such limited
liability company, partnership, association or other business entity. 
 “Total Number of Directors” means the total number
of directors comprising the Board from time to time. 
 “Transfer” (including its correlative meanings,
“Transferor,” “Transferee” and “Transferred”) shall mean, with respect to any security, directly or indirectly, to sell, contract to sell, give, assign, hypothecate, pledge, encumber, grant a
security interest in, offer, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, lend or otherwise transfer or dispose of any economic, voting or other rights in or to
such security. When used as a noun, “Transfer” shall have such correlative meaning as the context may require. 

“VCOC Investor” has the meaning set forth in Section 3.3(a) hereof. 

1.2 Construction. The language used in this Agreement will be deemed to be the language chosen by
the parties to express their mutual intent, and no rule of strict construction will be applied against any party. Unless the context otherwise requires: (a) “or” is disjunctive but not exclusive, (b) words in the singular
include the plural, and in the plural include the singular, and (c) the words “hereof,” “herein,” and “hereunder” and words of similar import when used in this Agreement refer to this Agreement
as a whole and not to any particular provision of this Agreement, and Section references are to this Agreement unless otherwise specified. 
 
ARTICLE II. 
 CORPORATE GOVERNANCE MATTERS 

2.1 Election of Directors. 

(a) Following the Closing Date, the Shareholder Designator shall have the right, but not the obligation, to designate, and the individuals
nominated for election as Directors by or at the direction of the Board or a duly-authorized committee thereof shall include, a number of individuals such that, following the election of any Directors and taking into account any Director continuing
to serve as such without the need for re-election, the number of Shareholder Designees (as defined below) serving as Directors of the Company will be equal to: (i) if the
Pre-IPO Owners collectively Beneficially Own 50% or more of the Ordinary Shares in issue as of the record date for such meeting, the lowest whole number that is greater than 50% of the Total Number of
Directors; (ii) if the Pre-IPO Owners collectively Beneficially Own at least 40% (but less than 50%) of the Ordinary Shares in issue as of the record date for such meeting, the lowest whole number that is
greater than 40% of the Total Number of Directors; (iii) if the Pre-IPO Owners collectively Beneficially Own at least 30% (but less than 40%) of the Ordinary Shares in issue as of the record date for such
meeting, the lowest whole number that is greater 

  
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than 30% of the Total Number of Directors; (iv) if the Pre-IPO Owners collectively Beneficially Own at least 20% (but less than 30%) of the Ordinary
Shares in issue as of the record date for such meeting, the lowest whole number that is greater than 20% of the Total Number of Directors; and (v) if the Pre-IPO Owners collectively Beneficially Own at
least 5% (but less than 20%) of the Ordinary Shares in issue as of the record date for such meeting, the lowest whole number (such number always being equal to or greater than one) that is greater than 10% of the Total Number of Directors. 

(b) If at any time the Shareholder Designator has designated fewer than the total number of individuals that the Shareholder Designator is then
entitled to designate pursuant to Section 2.1(a) hereof, the Shareholder Designator shall have the right, at any time and from time to time, to designate such additional individuals which it is entitled to so designate, in
which case, any individuals nominated by or at the direction of the Board or any duly-authorized committee thereof for election as Directors to fill any vacancy on the Board shall include such designees, and the Company shall use its best efforts to
(x) effect the election of such additional designees, whether by increasing the size of the Board or otherwise, and (y) cause the election of such additional designees to fill any such newly-created vacancies or to fill any other existing
vacancies. Each such individual whom the Shareholder Designator shall actually designate pursuant to this Section 2.1 and who is thereafter elected and qualifies to serve as a Director shall be referred to herein as a
“Shareholder Designee.” 
 (c) In the event that a vacancy is created at any time by the death, disability, retirement,
removal or resignation of any Shareholder Designee, any individual nominated by or at the direction of the Board or any duly-authorized committee thereof to fill such vacancy shall be, and the Company shall use its best efforts to cause such vacancy
to be filled, as soon as possible, by a new designee of the Shareholder Designator, and the Company shall take or cause to be taken, to the fullest extent permitted by law, at any time and from time to time, all actions necessary to accomplish the
same. 
 (d) The Company shall, to the fullest extent permitted by law, include in the slate of nominees recommended by the Board at any
meeting of shareholders called for the purpose of electing directors (or consent in lieu of meeting), the persons designated pursuant to this Section 2.1 and use its best efforts to cause the election of each such designee
to the Board, including nominating each such individual to be elected as a Director as provided herein, recommending such individual’s election and soliciting proxies or consents in favor thereof. In the event that any Shareholder Designee
shall fail to be elected to the Board at any meeting of shareholders called for the purpose of electing directors (or consent in lieu of meeting), the Company shall use its best efforts to cause such Shareholder Designee (or a new designee of the
Shareholder Designator) to be elected to the Board, as soon as possible, and the Company shall take or cause to be taken, to the fullest extent permitted by law, at any time and from time to time, all actions necessary to accomplish the same,
including, without limitation, actions to effect an increase in the Total Number of Directors. 
 (e) In addition to any vote or consent of
the Board or the shareholders of the Company required by applicable Law or the articles of association or other organizational document of the Company, and notwithstanding anything to the contrary in this Agreement, for so long as this Agreement is
in effect, any action by the Board to increase or decrease the Total 

  
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Number of Directors (other than any increase in the Total Number of Directors in connection with the election of one or more Directors elected exclusively by the holders of one or more classes or
series of the Company’s shares other than Ordinary Shares) shall require the prior written consent of the Shareholder Designator, delivered in accordance with Section 5.13 hereof. 

(f) The Company shall use reasonable endeavors to procure that the Board authorizes, in accordance with the Company’s articles of
association, any direct or indirect interest of the Shareholder Designee that conflicts, or may possibly conflict, with the interests of the Company and that arises solely in consequence of such Shareholder Designee being a director, manager,
officer, employee or member of, or partner in, any of the Shareholder Entities. The provisions of this Section 2.1(f) are not intended to apply, and do not apply, to any actual or possible conflict that may arise in consequence of such
Shareholder Designee being a director, officer or employee of any other entity that is an operating Subsidiary of any of the Shareholder Entities. 

2.2 Compensation. Except to the extent the Shareholder Designator may otherwise notify the Company, the
Shareholder Designees shall be entitled to compensation consistent with the compensation received by other non-employee Directors, including any fees and equity awards, provided that (x) to the extent any
Director compensation is payable in the form of equity awards, at the election of a Shareholder Designee, in lieu of any equity award, such compensation shall be paid in an amount of cash equal to the value of the equity award as of the date of the
award, with any such cash subject to the same vesting terms, if any, as the equity awarded to other Directors and (y) at the election of a Shareholder Designee, any Director compensation (whether cash, equity awards and/or cash in lieu of
equity as may be designated by the electing Shareholder Designee) shall be paid to a Shareholder or an Affiliate thereof specified by such Shareholder Designee rather than to such Shareholder Designee. If the Company adopts a policy that Directors
own a minimum amount of equity in the Company, Shareholder Designees shall not be subject to such policy. 
 2.3 
Other Rights of Shareholder Designees. Except as provided in Section 2.2, each Shareholder Designee serving on the Board shall be entitled to the same rights and privileges applicable to all other members of the Board generally or to
which all such members of the Board are entitled. In furtherance of the foregoing, the Company shall indemnify, exculpate, and reimburse fees and expenses of the Shareholder Designees (including by entering into an indemnification agreement in a
form substantially similar to the Company’s form director indemnification agreement) and provide the Shareholder Designees with director and officer insurance to the same extent it indemnifies, exculpates, reimburses and provides insurance for
the other members of the Board pursuant to the charter, articles of association or other organizational document of the Company, applicable law or otherwise. 

ARTICLE III. 

INFORMATION; VCOC 
 3.1 
Books and Records; Access. The Company shall, and shall cause its Subsidiaries to, keep proper books, records and accounts, in which full and correct entries shall be made of all financial transactions and the assets and business of the
Company and each of its Subsidiaries in accordance with generally accepted accounting principles. The Company shall, 

  
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and shall cause its Subsidiaries to, (a) permit the Shareholder Entities and their respective designated representatives (or other designees), at reasonable times and upon reasonable prior
notice to the Company, to review the books and records of the Company or any of such Subsidiaries and to discuss the affairs, finances and condition of the Company or any of such Subsidiaries with the officers of the Company or any such Subsidiary
and (b) provide the Shareholder Entities, in addition to other information that might be reasonably requested by such Shareholder Entities from time to time (including, without limitation, information provided to the Shareholder Entities in a
manner consistent with past practice), (i) direct access to the Company’s auditors and officers, (ii) month-end reports, in a format to be prescribed by the Shareholder Entities, to be provided
within 10 days after the end of each month or as soon thereafter as practicable, (iii) quarter-end reports, in a format to be prescribed by the Shareholder Entities, to be provided within 30 days after
the end of each quarter, (iv) the right to visit and inspect any of the offices and properties of the Company and its subsidiaries, (v) copies of all materials provided to the Company’s Board of Directors (or equivalent governing
body) at the same time as provided to the Directors (or their equivalent) of the Company, (vi) access to appropriate officers and Directors of the Company at such times as may be requested by the Shareholder Entities for consultation with the
Shareholder Entities with respect to matters relating to the business and affairs of the Company and its Subsidiaries, (vii) information in advance with respect to any significant corporate actions, including, without limitation, extraordinary
dividends, mergers, acquisitions or dispositions of assets, issuances of significant amounts of debt or equity and material amendments to the articles of association, certificate of incorporation, bylaws or other organizational document of the
Company or any of its Subsidiaries, and to provide the Shareholder Entities with the right to consult with the Company and its Subsidiaries with respect to such actions, (viii) flash data, in a format to be prescribed by the Shareholder
Entities, to be provided within 15 days after the end of each quarter or as soon thereafter as practicable and (ix) to the extent otherwise prepared by the Company, operating and capital expenditure budgets and periodic information packages
relating to the operations and cash flows of the Company and its Subsidiaries (all such information so furnished pursuant to this Section 3.1, the “Information”). The Company agrees to consider, in good faith, the
recommendations of the Shareholder Entities in connection with the matters on which the Company is consulted as described above. Subject to Section 3.5, any Shareholder Entity (and any party receiving Information from a
Shareholder Entity) who shall receive Information shall maintain the confidentiality of such Information. Notwithstanding the foregoing, that the Company shall not be required to disclose any privileged Information of the Company so long as the
Company has used commercially reasonable efforts to enter into an arrangement pursuant to which it may provide such information to the Shareholder Entities without the loss of any such privilege. 

3.2 Certain Reports. The Company shall deliver or cause to be delivered to the Shareholder
Entities, at their request: 
 (a) to the extent otherwise prepared by the Company, operating and capital expenditure budgets and periodic
information packages relating to the operations and cash flows of the Company and its Subsidiaries; and 
 (b) to the extent otherwise
prepared by the Company, such other reports and information as may be reasonably requested by the Shareholder Entities; provided, however, that 

  
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the Company shall not be required to disclose any privileged information of the Company so long as the Company has used commercially reasonable efforts to enter into an arrangement pursuant to
which it may provide such information to the Shareholder Entities without the loss of any such privilege. 
 3.3 
VCOC.
 (a) With respect to each Shareholder Entity that is intended to qualify its direct or indirect investment in the Company as a
“venture capital investment” as defined in the Department of Labor regulations codified at 29 CFR Section 2510.3-101 (the “Plan Asset Regulation”) (each, a “VCOC
Investor”), for so long as the VCOC Investor, directly or through one or more subsidiaries, continues to hold any Ordinary Shares (or other securities of the Company into which such Ordinary Shares may be converted or for which such
Ordinary Shares may be exchanged), without limitation or prejudice of any the rights provided to the Shareholder Entities hereunder, the Company shall, with respect to each such VCOC Investor: 

(i) provide each VCOC Investor or its designated representative with: 

 

	 	(A)	upon reasonable notice and at mutually convenient times, the right to visit and inspect any of the offices and properties of the Company and its Subsidiaries and inspect and copy the books and records of the Company and
its Subsidiaries; 

  

	 	(B)	as soon as available and in any event within 45 days after the end of each of the first three quarters of each fiscal year of the Company, consolidated balance sheets of the Company and its Subsidiaries as of the end of
such period, and consolidated statements of income and cash flows of the Company and its Subsidiaries for the period then ended prepared in conformity with generally accepted accounting principles in the United States applied on a consistent basis,
except as otherwise noted therein, and subject to the absence of footnotes and to year-end adjustments; 

  

	 	(C)	as soon as available and in any event within 120 days after the end of each fiscal year of the Company, a consolidated balance sheet of the Company and its Subsidiaries as of the end of such year, and consolidated
statements of income and cash flows of the Company and its Subsidiaries for the year then ended prepared in conformity with generally accepted accounting principles in the United States applied on a consistent basis, except as otherwise noted
therein, together with an auditor’s report thereon of a firm of established national reputation; 

  
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	 	(D)	to the extent the Company is required by law or pursuant to the terms of any outstanding indebtedness of the Company to prepare such reports, any annual reports, quarterly reports and other periodic reports pursuant to
Section 13 or 15(d) of the Exchange Act, actually prepared by the Company as soon as available; and 

  

	 	(E)	upon written request by the VCOC Investor, copies of all materials provided to the Board, subject to appropriate protections with respect to confidentiality and preservation of attorney-client privilege;

 provided that, in each case, if the Company makes the information described in clauses (B), (C) and
(D) of this Section 3.3(a)(i) available through public filings on the EDGAR System or any successor or replacement system of the U.S. Securities and Exchange Commission, the requirement to deliver such
information shall be deemed satisfied; 
 (ii) make appropriate officers and/or Directors of the Company available, and cause
the officers and directors of its Subsidiaries to be made available, periodically and at such times as reasonably requested by each VCOC Investor, upon reasonable notice and at mutually convenient times, for consultation with such VCOC Investor or
its designated representative with respect to matters relating to the business and affairs of the Company and its Subsidiaries; 

(iii) to the extent that the VCOC Investor requests to receive such information and rights, and to the extent consistent with
applicable Law or listing standards (and with respect to events which require public disclosure, only following the Company’s public disclosure thereof through applicable securities law filings or otherwise), inform each VCOC Investor or its
designated representative in advance with respect to any significant corporate actions, and to provide (or cause to be provided) each VCOC Investor or its designated representative with the right to consult with the Company and its Subsidiaries with
respect to such actions should the VCOC Investor elect to do so; provided, however, that this right to consult must be exercised within five days after the Company informs the VCOC Investor of the proposed corporate action;
provided, further, that the Company shall be under no obligation to provide the VCOC Investor with any material non-public information with respect to such corporate action; and 

(iv) provide each VCOC Investor or its designated representative with such other rights of consultation which the VCOC
Investor’s counsel may determine in writing to be reasonably necessary under applicable legal authorities promulgated after the date hereof to qualify its investment in the Company as a “venture capital investment” for purposes of the
Plan Asset Regulation; provided that the parties agree that any such rights of consultation shall be of a nature 

  
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consistent with those granted above and nothing in this Agreement shall be deemed to require the Company to grant to the VCOC Investor any additional rights with respect to the governance or
management of the Company. 
 (b) The Company agrees to consider, in good faith, the recommendations of each VCOC Investor or its designated
representative in connection with the matters on which it is consulted as described above in this Section 3.3, recognizing that the ultimate discretion with respect to all such matters shall be retained by the Company. 

(c) In the event a VCOC Investor or any of its Affiliates Transfers all or any portion of their investment in the Company to an Affiliated
entity that is intended to qualify its investment in the Company as a “venture capital investment” (as defined in the Plan Asset Regulation), such Transferee shall be afforded the same rights with respect to the Company afforded to the
VCOC Investor hereunder and shall be treated, for such purposes, as a third party beneficiary hereunder. 
 (d) In the event that the Company
ceases to qualify as an “operating company” (as defined in the first sentence of 2510.3-101(c)(1) of the Plan Asset Regulation), or the investment in the Company by a VCOC Investor does not qualify
as a “venture capital investment” as defined in the Plan Asset Regulation, then the Company and each Shareholder Entity will cooperate in good faith and take all reasonable actions necessary, subject to applicable Law, to preserve the VCOC
status of each VCOC Investor or the qualification of the investment as a “venture capital investment,” it being understood that such reasonable actions shall not require a VCOC Investor to purchase or sell any investments. 

(e) For so long as the VCOC Investor, directly or through one or more subsidiaries, continues to hold any Ordinary Shares (or other securities
of the Company into which such Ordinary Shares may be converted or for which such Ordinary Shares may be exchanged) and upon the written request of such VCOC Investor, without limitation or prejudice of any the rights provided to the Shareholder
Entities hereunder, the Company shall, with respect to each such VCOC Investor, furnish and deliver a letter covering the matters set forth in Sections 3.3(a), 3.3(b), 3.3(c) and 3.3(d) hereof in a form and substance
satisfactory to such VCOC Investor. 
 (f) In the event a VCOC Investor is an Affiliate of a Shareholder Entity, as described in
Section 3.3(a) above, such affiliated entity shall be afforded the same rights with respect to the Company and afforded to the Shareholder Entity under this Section 3.3 and shall be treated, for such purposes, as a
third party beneficiary hereunder. 
 3.4 Confidentiality. Each Shareholder agrees that it will, and
will direct its designated representatives to, keep confidential and not disclose any Confidential Information; provided, however, that such Shareholder and its designated representatives may disclose Confidential Information to the
other Shareholders, to the Shareholder Designees and to (a) its and its affiliates’ attorneys, accountants, consultants, insurers, financing sources and other advisors in connection with such Shareholder’s investment in the Company,
(b) any Person, including a prospective purchaser of Ordinary Shares, as long as such Person has agreed to maintain the confidentiality of such Confidential Information, (c) any of such Shareholder’s or

  
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its respective Affiliates’ partners, members, stockholders, directors, officers, employees or agents in the ordinary course of business (the Persons referenced in clauses (a), (b) and (c), a
Shareholder’s “designated representatives”) or (d) as the Company may otherwise consent in writing; provided, further, however, that each Shareholder agrees to be responsible for any breaches of this
Section 3.4 by such Shareholder’s designated representatives. 
 3.5
Information Sharing. Each party hereto acknowledges and agrees that Shareholder Designees may share any information concerning the Company and its Subsidiaries received by them from or on behalf of the Company
or its designated representatives with each Shareholder and its designated representatives (subject to such Shareholder’s obligation to maintain the confidentiality of Confidential Information in accordance with
Section 3.4). 
 ARTICLE IV. 

ADDITIONAL COVENANTS 
 4.1 
Pledges. Upon the request of any Shareholder Entity that wishes to pledge, hypothecate or grant security interests in any or all of the Ordinary Shares held by it, including to banks or financial institutions as collateral or security
for loans, advances or extensions of credit, the Company agrees to cooperate with each such Shareholder Entity in taking any action reasonably necessary to consummate any such pledge, hypothecation or grant, including without limitation, delivery of
letter agreements to lenders in form and substance reasonably satisfactory to such lenders (which may include agreements by the Company in respect of the exercise of remedies by such lenders) and instructing the transfer agent to transfer any such
Ordinary Shares subject to the pledge, hypothecation or grant into the facilities of The Depository Trust Company without restricted legends. 

4.2 Spin-Offs or Split-Offs. In the event that the Company effects the separation of any portion of its
business into one or more entities (each, a “NewCo”), whether existing or newly formed, including without limitation by way of spin-off, split-off, carve-out, demerger, recapitalization, reorganization or similar transaction, and any Shareholder will receive equity interests in any such NewCo as part of such separation, the Company shall cause any such NewCo to
enter into a shareholders agreement with the Shareholders that provides the Shareholder Entities with rights vis-á -vis such NewCo that are substantially
identical to those set forth in this Agreement. 
 4.3 Corporate Opportunity. 

(a) In recognition and anticipation that (i) certain directors, principals, officers, employees and/or other representatives of the
Shareholders may serve as directors, officers or agents of the Company, (ii) the Shareholders and their Affiliates may now engage and may continue to engage in the same or similar activities or related lines of business as those in which the
Company and/or any of its Subsidiaries, directly or indirectly, may engage and/or other business activities that overlap with or compete with those in which the Company and/or any of its Subsidiaries, directly or indirectly, may engage, and
(iii) members of the Board who are not employees of the Company (“Non-Employee Directors”) and their respective Affiliates may now engage and may continue to engage in the same or similar
activities or related lines of business as those in which the Company and/or any of its Subsidiaries, directly or indirectly, 

  
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may engage and/or other business activities that overlap with or compete with those in which the Company and/or any of its Subsidiaries, directly or indirectly, may engage, the provisions of
Section 4.3 of this Agreement are set forth to regulate and define the conduct of certain affairs of the Company with respect to certain classes or categories of business opportunities as they may involve any of the Shareholders, the Non-Employee Directors or their respective Affiliates and the powers, rights, duties and liabilities of the Company and its directors, officers and stockholders in connection therewith. 

(b) None of (i) the Shareholders or any of their respective Affiliates or (ii) any
Non-Employee Director (including any Non-Employee Director who serves as an officer of the Company in both his or her director and officer capacities) or his or her
Affiliates (the Persons identified in (i) and (ii) above being referred to, collectively, as “Identified Persons” and, individually, as an “Identified Person”) shall, to the fullest extent permitted by law,
have any duty to refrain from directly or indirectly (1) engaging in the same or similar business activities or lines of business in which the Company or any of its Affiliates now engages or proposes to engage or (2) otherwise competing
with the Company or any of its Affiliates, and, to the fullest extent permitted by law, no Identified Person shall be liable to the Company or its shareholders or to any Affiliate of the Company for breach of any fiduciary duty solely by reason of
the fact that such Identified Person engages in any such activities. To the fullest extent permitted by law, the Company hereby renounces any interest or expectancy in, or right to be offered an opportunity to participate in, any business
opportunity which may be a corporate opportunity for an Identified Person and the Company or any of its Affiliates. In the event that any Identified Person acquires knowledge of a potential transaction or other business opportunity which may be a
corporate opportunity for itself, herself or himself and the Company or any of its Affiliates, such Identified Person shall, to the fullest extent permitted by law, have no duty to communicate or offer such transaction or other business opportunity
to the Company or any of its Affiliates and, to the fullest extent permitted by law, shall not be liable to the Company or its shareholders or to any Affiliate of the Company for breach of any fiduciary duty as a shareholder, director or officer of
the Company solely by reason of the fact that such Identified Person pursues or acquires such corporate opportunity for itself, herself or himself, or offers or directs such corporate opportunity to another Person. 

(c) In addition to and notwithstanding the foregoing provisions of this Section 4.3, a corporate opportunity shall not be deemed to be a
potential corporate opportunity for the Company if it is a business opportunity that (i) the Company is neither financially or legally able, nor contractually permitted to undertake, (ii) from its nature, is not in the line of the
Company’s business or is of no practical advantage to the Company or (iii) is one in which the Company has no interest or reasonable expectancy. 

(d) To the fullest extent permitted by law, any Person purchasing or otherwise acquiring any interest in any shares in the capital of the
Company shall be deemed to have notice of and to have consented to the provisions of Section 4.3. 

  
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 ARTICLE V. 

GENERAL PROVISIONS 
 5.1 
Termination. Except for Section 3.3 hereof, this Agreement shall terminate on the earlier to occur of (i) such time as the Shareholder Designator is no longer entitled to designate a Director pursuant to
Section 2.1(a) hereof and (ii) the delivery of a written notice by the Shareholder Designator to the Company requesting that this Agreement terminate. The VCOC Investors shall advise the Company when they collectively
first cease to beneficially own any Ordinary Shares (or other securities of the Company into which such Ordinary Shares may be converted or for which such Ordinary Shares may be exchanged), whereupon Section 3.3 hereof
shall terminate. 
 5.2 Notices. Any notice, designation, request, request for consent or
consent provided for in this Agreement shall be in writing and shall be either personally delivered, sent by facsimile or sent by reputable overnight courier service (charges prepaid) to the Company at the address set forth below and to any other
recipient at the address indicated on the Company’s records, or at such address or to the attention of such other Person as the recipient party has specified by prior written notice to the sending party. Notices and other such documents will be
deemed to have been given or made hereunder when delivered personally or sent by facsimile (receipt confirmed) and one (1) Business Day after deposit with a reputable overnight courier service. 

The Company’s address is: 

Gates Industrial Corporation plc 

1551 Wewatta Street 
 Denver,
Colorado 80202 
 Attention: General Counsel 

Each Shareholder address is: 
 The
Blackstone Group L.P. 
 345 Park Avenue 

New York, New York 10154 

Attention: Neil P. Simpkins 
 Fax:
(212) 583-5712 
 5.3 Amendment; Waiver. This Agreement
may be amended, supplemented or otherwise modified only by a written instrument executed by the Company and the other parties hereto. Neither the failure nor delay on the part of any party hereto to exercise any right, remedy, power or privilege
under this Agreement shall operate as a waiver thereof, nor shall any single or partial exercise of any right, remedy, power or privilege preclude any other or further exercise of the same or of any other right, remedy, power or privilege, nor shall
any waiver of any right, remedy, power or privilege with respect to any occurrence be construed as a waiver of such right, remedy, power or privilege with respect to any other occurrence. No waiver shall be effective unless it is in writing and is
signed by the party asserted to have granted such waiver. 

  
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 5.4 Further Assurances. The parties hereto will sign
such further documents, cause such meetings to be held, resolutions passed, exercise their votes and do and perform and cause to be done such further acts and things necessary, proper or advisable in order to give full effect to this Agreement and
every provision hereof. To the fullest extent permitted by law, the Company shall not directly or indirectly take any action that is intended to, or would reasonably be expected to result in, the Shareholder or any Shareholder Entity being deprived
of the rights contemplated by this Agreement. 
 5.5 Assignment. This Agreement may not be
assigned without the express prior written consent of the other parties hereto, and any attempted assignment, without such consents, will be null and void; provided, however, that, without the prior written consent of any other party
hereto, a Shareholder may assign its rights and obligations under this Agreement, in whole or in part, to any Transferee of Ordinary Shares, so long as such Transferee, if not already a party to this Agreement, executes and delivers to the Company a
joinder to this Agreement evidencing its agreement to become a party to and to be bound by certain or all, as applicable, of the provisions of this Agreement as a Shareholder hereunder, whereupon such Transferee shall be deemed a
“Shareholder” hereunder. This Agreement will inure to the benefit of and be binding on the parties hereto and their respective successors and permitted assigns. 

5.6 Third Parties. Except as provided for in Article II, Article III and Article
IV with respect to any Shareholder Entity, this Agreement does not create any rights, claims or benefits inuring to any person that is not a party hereto nor create or establish any third party beneficiary hereto. 

5.7 Governing Law. THIS AGREEMENT AND ITS ENFORCEMENT AND ANY CONTROVERSY ARISING OUT OF OR
RELATING TO THE MAKING OR PERFORMANCE OF THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO NEW YORK’S PRINCIPLES OF CONFLICTS OF LAW. 

5.8 Jurisdiction; Waiver of Jury Trial. Each party hereto hereby (i) agrees that any action,
directly or indirectly, arising out of, under or relating to this Agreement shall exclusively be brought in and shall exclusively be heard and determined by either the Supreme Court of the State of New York sitting in Manhattan or the United States
District Court for the Southern District of New York, and (ii) solely in connection with the action(s) contemplated by subsection (i) hereof, (A) irrevocably and unconditionally consents and submits to the exclusive jurisdiction of the
courts identified in subsection (i) hereof, (B) irrevocably and unconditionally waives any objection to the laying of venue in any of the courts identified in clause (i) of this Section 5.8, (C) irrevocably and
unconditionally waives and agrees not to plead or claim that any of the courts identified in such clause (i) is an inconvenient forum or does not have personal jurisdiction over any party hereto, and (D) agrees that mailing of process or
other papers in connection with any such action in the manner provided herein or in such other manner as may be permitted by applicable law shall be valid and sufficient service thereof. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST
EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY CLAIM OR ACTION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT OR THE SERVICES CONTEMPLATED HEREBY. 

  
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 5.9 Specific Performance. Each party hereto
acknowledges and agrees that in the event of any breach of this Agreement by any of them, the other parties hereto would be irreparably harmed and could not be made whole by monetary damages. Each party accordingly agrees to waive the defense in any
action for specific performance that a remedy at law would be adequate and agrees that the parties, in addition to any other remedy to which they may be entitled at law or in equity, shall be entitled to specific performance of this Agreement
without the posting of a bond. 
 5.10 Entire Agreement. This Agreement sets forth the entire
understanding of the parties hereto with respect to the subject matter hereof. There are no agreements, representations, warranties, covenants or understandings with respect to the subject matter hereof or thereof other than those expressly set
forth herein and therein. This Agreement supersedes all other prior agreements and understandings between the parties with respect to such subject matter. 

5.11 Severability. If any provision of this Agreement, or the application of such provision to any
Person or circumstance or in any jurisdiction, shall be held to be invalid or unenforceable to any extent, (i) the remainder of this Agreement shall not be affected thereby, and each other provision hereof shall be valid and enforceable to the
fullest extent permitted by law, (ii) as to such Person or circumstance or in such jurisdiction such provision shall be reformed to be valid and enforceable to the fullest extent permitted by law, and (iii) the application of such
provision to other Persons or circumstances or in other jurisdictions shall not be affected thereby. 
 5.12
Table of Contents, Headings and Captions. The table of contents, headings, subheadings and captions contained in this Agreement are included for convenience of reference only, and in no way define, limit
or describe the scope of this Agreement or the intent of any provision hereof. 
 5.13 Grant of
Consent. Any vote, consent or approval of, or designation by, or other action of, the Shareholder Designator hereunder shall be effective if notice of such vote, consent, approval, designation or action is provided in accordance with
Section 5.2 hereof by the Shareholder Party or Parties holding of record a majority of the Ordinary Shares then held of record by Shareholder Parties as of the latest date any such notice is so provided. 

5.14 Counterparts. This Agreement and any amendment hereto may be signed in any number of separate
counterparts, each of which shall be deemed an original, but all of which taken together shall constitute one Agreement (or amendment, as applicable). 

5.15 Effectiveness. This Agreement shall become effective upon the Closing Date. 

5.16 No Recourse. This Agreement may only be enforced against, and any claims or cause of action
that may be based upon, arise out of or relate to this Agreement, or the negotiation, execution or performance of this Agreement, the transactions contemplated hereby 

  
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or the subject matter hereof may only be made against the parties hereto and no past, present or future Affiliate, director, officer, employee, incorporator, member, manager, partner,
shareholder, agent, attorney or representative of any party hereto or any past, present or future Affiliate, director, officer, employee, incorporator, member, manager, partner, stockholder, agent, attorney or representative of any of the foregoing
(each, a “Non-Recourse Party”) shall have any liability for any obligations or liabilities of the parties to this Agreement or for any claim based on, in respect of, or by reason of, the
transactions contemplated hereby. Without limiting the rights of any party against the other parties hereto, in no event shall any party or any of its Affiliates seek to enforce this Agreement against, make any claims for breach of this Agreement
against, or seek to recover monetary damages from, any Non-Recourse Party. 
 [Remainder of Page
Intentionally Left Blank] 

  
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 IN WITNESS WHEREOF, the parties hereto have executed this Agreement on the day and year first above written. 

 

			
	 COMPANY
  

GATES INDUSTRIAL CORPORATION PLC

 
			
		
	By:	 	 

 
			
	Name:	 	
	Title:	 	

 [Signature Page to Gates Industrial Corporation plc Shareholders’ Agreement] 

Table of Contents

 
			
	BLACKSTONE PARTIES:
	
	BLACKSTONE CAPITAL PARTNERS (CAYMAN) VI L.P.
	BY:	 	Blackstone Management Associates (Cayman) VI L.P., its general partner
	BY:	 	BCP VI GP L.L.C., its general partner
		
	By:	 	 
	Name:	 	
	Title:	 	

  

			
	BLACKSTONE FAMILY INVESTMENT PARTNERSHIP (CAYMAN) VI – ESC L.P.
	BY:	 	BCP VI GP L.L.C., its general partner
		
	By:	 	 
	Name:	 	
	Title:	 	

  

			
	BTO OMAHA HOLDINGS L.P.
	BY:	 	BTO Omaha Manager L.L.C., its general partner
		
	By:	 	 
	Name:	 	
	Title:	 	

  

			
	BLACKSTONE GTS CO-INVEST L.P.
	BY:	 	Blackstone Management Associates (Cayman) VI L.P., its general partner
	BY:	 	BCP VI GP L.L.C., its general partner
		
	By:	 	 
	Name:	 	
	Title:	 	

 [Signature Page to Gates Industrial Corporation plc Shareholders’ Agreement]

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