Aviva Gives Financial Terms of Moss’ Departure

May 9, 2012

Following the announcement that Andrew Moss will leave the Aviva Group at the end of May, the company announced that he “will receive basic salary in lieu of 12 months notice in accordance with his contractual entitlements in installments and subject to mitigation. In addition, he will receive £300,000 [$484,305] in full and final settlement of all claims that he might have to bonus under his contract.”

Aviva also said Moss “will retain the benefit of £209,000 [$337,400] 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 percent 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 percent will lapse. The only other sums due to Moss will be any pay in lieu of holiday entitlement together with legal and out-placement expenses.”

Source: Aviva plc

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