Article date: 28 February 2014
Pat Regan remuneration arrangements following resignation
Further to the announcement made on 23 January 2014 that Pat Regan, Chief Financial Officer, will be leaving the Group in June to join QBE as its Chief Financial Officer based in Sydney Australia, we now confirm the details of his remuneration arrangements.
No payment in lieu of notice or annual bonus
Mr Regan will continue to receive basic salary, pension contributions and other benefits up to his departure date. In line with his contractual agreement, Mr Regan will not receive any payment in lieu of notice or for loss of office and the Company retains a discretion to place Mr Regan on ‘garden leave’ for some or all of the period until his employment ceases. He will not be entitled to any bonus payments in respect of the 2013 or 2014 performance periods.
Long-Term Incentives Lapse
In accordance with the rules of the Aviva Long Term Incentive Plan 2011 (LTIP), Mr Regan’s LTIP awards (totalling 1,278,088 shares) will lapse on the date he ceases to be an employee of the Group. He will not be eligible for the granting of awards in 2014.
In accordance with the rules of the Aviva Annual Bonus Plan 2011 (ABP), Mr Regan’s ABP awards (totalling 254,441 shares) will lapse on the date he ceases to be an employee of the Group.
HMRC Approved All Employee Share Plans
Mr Regan participates in Aviva’s voluntary All Employee Share Plan and Save As You Earn Scheme and he will be treated in accordance with the rules of these plans for employees who resign.
Nigel Prideaux +44 (0)20 7662 0215
Andrew Reid +44 (0)20 7662 3131
Colin Simpson +44 (0)20 7662 8115
David Elliot +44 (0)20 7662 8048