Financial Terms of Andrew Moss’s Departure
LONDON--(BUSINESS WIRE)-- Aviva plc (AV) announces that Mr Moss will leave the Aviva Group at the end of May. Mr Moss will receive basic salary in lieu of 12 months notice in accordance with his contractual entitlements in instalments and subject to mitigation. In addition, he will receive £300,000 in full and final settlement of all claims that he might have to bonus under his contract. Mr Moss will retain the benefit of £209,000 being 5/12ths of the annual payment made in April 2012 under the Aviva Capital Accumulation Plan (i.e. the equivalent of a money purchase pension plan).
In relation to previous years bonus awards that have been deferred under the terms of the Annual Bonus Plans the elements relating to the 2010 and 2011 bonus that were deferred into shares will lapse in accordance with the rules of the plan, as will outstanding awards under the Long Term Incentive Plans & the One Aviva Twice the Value (OATTV) plan. 75% of the element of the 2009 bonus that was deferred into shares will vest in accordance with the rules of the relevant plan and 25% will lapse. The only other sums due to Mr Moss will be any pay in lieu of holiday entitlement together with legal and out-placement expenses.
Nigel Prideaux, +44 (0)20 7662 0215
Sue Winston, +44 (0)20 7662 8221
Andrew Reid, +44 (0)20 7662 3131
Conor McClafferty and James Murgatroyd, Finsbury, +44 (0)20 7251 3801
Charles Barrows, +44 (0)20 7662 8115
Source: Aviva plcCopyright Business Wire 2012