Notification of LTIP & DSBP Awards
LTIP and DSBP awards granted to four executive directors on 19 November 2025.
- LTIP Award to CEO (Jos Sclater) 53,932 shares
- LTIP Award to CFO (Rich Cashin) 31,493 shares
- LTIP Award to President Avon Protection (Steve Elwell) 14,001 shares
- LTIP Award to President Team Wendy (James Wilcox) 14,530 shares
- DSBP Award to CEO (Jos Sclater) 9,305 shares
- DSBP Award to CFO (Rich Cashin) 6,339 shares
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On 19 November 2025 the following awards ("LTIP Awards") over ordinary shares of £1 each in Avon Technologies plc were granted under the Company's Long Term Incentive Plan ('LTIP') to the following person(s) discharging managerial responsibilities:
| PDMR | Position | Country of residence | No. of shares under LTIP Award |
|---|---|---|---|
| Jos Sclater | Chief Executive Officer | UK | 53,932 |
| Rich Cashin | Chief Financial Officer | UK | 31,493 |
| Steve Elwell | President Avon Protection | UK | 14,001 |
| James Wilcox | President Team Wendy | US | 14,530 |
The LTIP Awards were granted as nil cost options for the three UK resident PDMRs and as a conditional award for James Wilcox who is resident in the US. The LTIP Awards will ordinarily become exercisable from (or vest on as relevant) 19 November 2028, subject to the grantee's continued service and the Remuneration Committee's assessment of the extent to which the performance conditions applicable to the LTIP Awards are satisfied.
Fifty percent of each LTIP Award is subject to a performance condition relating to the Group's adjusted basic earnings per share ("EPS"). No portion of the EPS element may vest unless the adjusted EPS for the financial year ending 30 September 2028 ("FY28") is at least 130 US cents, for which 0% of the EPS element may vest, rising on a straight-line basis to full vesting of the EPS element for EPS of 160 US cents or better.
Thirty percent of each LTIP Award is subject to a performance condition relating to the Group's return on invested capital ("ROIC"). No portion of the ROIC element may vest unless the ROIC for FY28 is at least 20%, for which 0% of the ROIC element may vest, rising on a straight-line basis to full vesting of the ROIC element for ROIC of 24% or better.
The balance of each LTIP Award is subject to a performance condition relating to total shareholder return ("TSR"). No portion of the TSR element may vest unless TSR (as defined) is at least £22, for which 0% of the TSR element may vest, rising on a straight-line basis to full vesting of the TSR element for TSR of £26 or higher. TSR for the purposes of the TSR element is the average of the closing prices for ordinary shares of the Company for dealing days in the period 1 July 2028 to 30 September 2028 inclusive aggregated with the value of the dividends with record dates in the period 1 October 2025 to 30 September 2028.
The Remuneration Committee retains a general discretion to reduce the extent of vesting of an LTIP Award if it considers that the overall performance of the Company or the grantee does not justify the level of vesting that would otherwise apply.
The LTIP Awards to the Company's Executive Directors are subject to a two year post vesting holding period on a net of tax basis.
Fuller details of the performance conditions applicable to the LTIP Awards will be set out in the Company's Directors' Remuneration Report for the year ending 30 September 2025.
DSBP Awards
On 19 November 2025 the following awards ("DSBP Awards") over ordinary shares of £1 each in Avon Technologies plc were granted under the Company's Deferred Share Bonus Plan ('DSBP') to the following person(s) discharging managerial responsibilities:
| PDMR | Position | Country of residence | No. of shares under DSBP Award |
|---|---|---|---|
| Jos Sclater | Chief Executive Officer | UK | 9,305 |
| Rich Cashin | Chief Financial Officer | UK | 6,339 |
The DSBP Awards relate to the deferral of one-quarter of annual bonus for FY25 in the form of a DSBP Award and were granted as nil cost options which will ordinarily become exercisable from 19 November 2027.
The information set out below is provided in accordance with the requirements of UK MAR.
Details of the full notifications received by the Company are set out below.
| 1 | Details of the person discharging managerial responsibilities / person closely associated | |
| a) | Name | 1. Jos Sclater 2. Jos Sclater 3. Rich Cashin 4. Rich Cashin 5. Steve Elwell 6. James Wilcox |
| 2 | Reason for Notification | |
| a) | Position/status | 1. Chief Executive Officer 2. Chief Executive Officer 3. Chief Financial Officer 4. Chief Financial Officer 5. President Avon Protection 6. President Team Wendy |
| b) | Initial notification/Amendment | Initial Announcement |
| a) | Name | Avon T echnologies plc |
| b) | LEI | 213800JM1AN62REBWA71 |
| a) | Description of the financial instrument, type of instrument Identification code | Ordinary Shares of £1 each in Avon Technologies plc GB0000667013 |
| b) | Nature of the transaction | 1. Grant of a nil cost option LTIP award 2. Grant of a nil cost option DSBP award 3. Grant of a nil cost option LTIP award 4. Grant of a nil cost option DSBP award 5. Grant of a nil cost option LTIP award 6. Grant of a conditional award LTIP award |
| c) | Price(s) and volume(s) | Price(s) Volume(s) 1. Nil 2. Nil 3. Nil 4. Nil 5. Nil 6. Nil 1. 53,932 2. 9,305 3. 31,493 4. 6,339 5. 14,001 6. 14,530 |
| d) | Aggregated information - Aggregated volume - Price | 1 and 2 63,237 3 and 4 37,832 5 and 6 N/A single transaction Nil in all cases |
| e) | Date of the transaction | 19 November 2025 |
| f) | Place of the transaction | Outside a trading venue |
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