Tyman Regulatory News (TYMN)

TYMAN PLC

("Tyman" or the "Company")

DIRECTOR/PDMR SHAREHOLDINGS

AWARDS UNDER THE TYMAN PLC LONG TERM INCENTIVE PLAN (THE "LTIP")

On 21 May 2021 ("Award Date"), the Company's two Executive Directors were granted the following share awards (the "2021 Awards") under the LTIP, in the form of nil cost options over ordinary shares of 5 pence each in the Company ("Ordinary Shares"): 

1 Number of shares calculated by reference to the 5-day average closing price prior to the date that shares were awarded to all other eligible employees (5 trading days ended 11th March 2021) of £3.4920.

As stated on page 119 of the 2020 Annual Report and Accounts, 2021 Awards to Executive Directors following the AGM are calibrated as a number of shares using the same average share price used to determine the numbers of shares awarded to all other eligible employees in March 2021 (£3.492) to support alignment of interests across the LTIP population.

Performance conditions

Under the terms of the LTIP, the Awards are subject to the following terms:

· EPS performance target. 40% of each Award is based on the Company's adjusted earnings per share ("EPS") growth other the three-year period to the end of the financial year 2023 ("FY23"). No part of an Award will vest if the three-year compound annualised growth rate ("CAGR") in the Company's EPS to FY23 is below 4.5% per annum. 25% of this element will vest if the Company's EPS CAGR is equal to 4.5% per annum, rising on a straight-line basis to 100% vesting if the Company's EPS CAGR equals or exceeds 12.0% per annum.

· ROCE performance target. 25% of each Award is based on the Company's underlying return on capital employed ("ROCE") performance in FY23. No part of an Award will vest if the Company's FY23 ROCE is less than 13.0%. 25% of this element will vest if the Company's FY23 ROCE is equal to 13.0%, rising on a straight-line basis to 100% vesting if the Company's FY23 ROCE equals or exceeds 14.2%.

· TSR performance target. 20% of each Award is based on the Company's total shareholder return over the period 2021 - 2023 relative to the constituents of the FTSE250 Index (excluding Tyman and investment trusts). No part of this element will vest if the Company's relative TSR is less than the median. 25% of this element will vest if the Company's relative TSR is equal to the median, rising on a straight-line basis to 100% vesting if the Company's relative TSR is equal to the upper quartile.

· Group ESG scorecard target. 15% of each Award is based on the Company's Group ESG scorecard target. The Group ESG Scorecard is split equally across the four metrics of Safety, Environment, Impact and Culture (further details of which can be found on page 119 of the 2020 Annual Report and Accounts).

Five year holding period

Awards granted to the Executive Directors that vest shall be subject to a compulsory holding period of five years from the Award Date.

Timetable and Awards Outstanding

2021 Awards are expected to vest in May 2024, following the announcement of the Company's results for the year ended 31 December 2023, subject to fulfilment of the performance conditions and continued employment in the Group, and the holding requirement is expected to lapse on 21 May 2026.

The details of the Awards are set out below:

This disclosure is made in accordance with Article 19 of EU Market Abuse Regulation No. 596/2014 as it forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018.

24 May 2021