LTIP and ABP Grant

RNS Number : 5888B

Aviva PLC

04 April 2013

 



4 April 2013

AVIVA PLC ("Aviva")

NOTIFICATION OF TRANSACTIONS OF DIRECTORS AND PERSONS DISCHARGING MANAGERIAL RESPONSIBILITIES ("PDMRs")

Aviva announces that:

·    On 4 April 2013, the undernoted Executive Directors were granted conditional awards over Aviva plc ordinary shares under the Aviva Long Term Incentive Plan 2011 ("LTIP"). As disclosed in the Aviva 2012 Annual Report and Accounts no annual bonuses will be awarded to Executive Directors for 2012.

·    On 4 April 2013, the undernoted PDMRs were granted conditional awards over Aviva plc ordinary shares under the Aviva Annual Bonus Plan 2011 ("ABP") and the LTIP. The ABP awards represent the deferral, for a period of three years, of up to two thirds of the bonuses paid to the PDMRs in respect of 2012.

·    The value of the 2013 LTIP awards made to Mark Wilson and Patrick Regan were disclosed in the Aviva 2012 Annual Report and Accounts (page 111) and represent 300% and 225% of their respective base salaries.

·    The LTIP and ABP awards will vest in 2016 in accordance with the plan rules. 

·    The LTIP awards are subject to the achievement of performance targets (50% based on absolute Return on Equity and 50% based on relative Total Shareholder Return against a comparator group) measured over a three year performance period from 1 January 2013 to 31 December 2015.  The amounts shown above represent the maximum possible opportunity. 

·    The awards were made for nil consideration. 

·    The price used to calculate the number of ABP and LTIP shares awarded was £2.99, being the average of the mid-market closing price of an Aviva ordinary share on the three consecutive business days immediately preceding the date of grant (4 April 2013).

Executive Directors	Number of ABP shares awarded (for 2012)	Number of LTIP shares awarded in 2013
Mark Wilson	0	983,277
Patrick Regan	0	541,806

PDMRs	Number of ABP shares awarded (for 2012)	Number of LTIP shares awarded in 2013
Kirstine Cooper	56,187	214,046
John Lister	66,657	267,558
Jason Windsor	74,414	250,836

This announcement is made pursuant to Disclosure and Transparency Rule 3.1.4. Aviva was notified of the above transactions on 4 April 2013.

Media Enquiries:

Andrew Reid                                                                              [phone]

Sarah Swailes                                                                           [phone]

Share Award Enquiries:

Joanne Bujak, Company Secretarial                                            [phone]

 

END

 

 

RDSGMGGDMDMGFZM