Document:

EXHIBIT 4.2
	 
	 
	 
	 
	 
	AVIVA plc
	 
	 
	 
	 
	 
	 
	RULES OF THE AVIVA LONG TERM INCENTIVE PLAN 2011

	 	 
	 	 
	 	Shareholders’ Approval:	4 May 2011	 
	 	Directors’ Adoption:	2 March 2011	 
	 	Amended:	4 December 2012	 
	 	Expiry Date:	 4 May 2021	 
	 	 	 	 
	 	 
	 	 
	Linklaters	 
	 	 
	
        Linklaters LLP

        One Silk Street

        London EC2Y 8HQ

         

         
	 
	Telephone (+44) 20 7456 2000	 
	Facsimile (+44) 20 7456 2222	 
	 	 
	Ref 01/140/R Berglund	 

 

    	 

    	 

    

  

Table of Contents

 

	Contents	Page
	 	 	 
	1	Granting Awards	1
	 	 	 
	2	Before Vesting	3
	 	 	 
	3	Vesting of Awards	4
	 	 	 
	4	Consequences of Vesting	5
	 	 	 
	5	Vesting in other circumstances - personal events	7
	 	 	 
	6	Vesting in other circumstances - corporate events	8
	 	 	 
	7	Changing the Plan and termination	9
	 	 	 
	8	General	10
	 	 	 
	9	Definitions	13
	 	 	 
	Schedule 1 France	15
	 	 	 
	Schedule 2 Canada	21
	 	 	 
	Schedule 3 Sri Lanka	22
	 	 	 
	Schedule 4 USA	23

 

    	 

    	 

    

 

Rules of the Aviva Long Term Incentive
Plan 2011

 

		1	Granting Awards

 

		1.1	Grantor

 

The Grantor of an Award must be:

 

		1.1.1	the Company;

 

		1.1.2	any other Member of the Group; or

 

		1.1.3	a trustee of any trust set up for the benefit of Employees.

 

An Award granted under the Plan,
and the terms of that Award, must be approved in advance by the Directors.

 

		1.2	Eligibility

 

The Grantor may grant an Award
to anyone who is an Employee on the Award Date in accordance with any selection criteria that the Directors in their discretion
may set. However, unless the Directors consider that special circumstances exist, an Award may not be granted to an Employee who
on the Award Date has given or received notice of termination of employment, whether or not such termination is lawful.

 

		1.3	Timing of Award

 

Awards may not be granted at any
time after the Expiry Date. Awards may only be granted within 42 days starting on any of the following:

 

		1.3.1	the date of shareholder approval;

 

		1.3.2	the day after the announcement of the Company’s results for any period;

 

		1.3.3	any day on which the Directors resolve that exceptional circumstances exist which justify the grant
of Awards;

 

		1.3.4	any day on which changes to the legislation or regulations affecting share plans are announced,
effected or made; or

 

		1.3.5	the lifting of Dealing Restrictions which prevented the granting of Awards during any period specified
above.

 

		1.4	Terms of Awards

 

Awards are subject to the rules
of the Plan, any Performance Condition and any other condition imposed under rule 1.6 (Other conditions) and must be granted by
deed. The terms of the Award must be determined by the Grantor and approved by the Directors. The terms must be set out in the
deed or other document (which may be in electronic form), including:

 

		1.4.1	whether the Award is:

 

		(i)	a Conditional Award;

 

		(ii)	an Option;

 

or a combination of these;

 

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		1.4.2	the number of Shares subject to the Award or the basis on which the number of Shares subject to
the Award will be calculated;

 

		1.4.3	any Performance Condition;

 

		1.4.4	any other condition specified under rule 1.6 (Other conditions);

 

		1.4.5	the expected date of Vesting which will normally be the third anniversary of the Award Date or
otherwise specified in a Performance Condition;

 

		1.4.6	whether the Participant is entitled to receive any Dividend Equivalent;

 

		1.4.7	the Award Date; and

 

		1.4.8	the Option Price (if relevant).

 

		1.5	Performance Conditions

 

When granting an Award, the Grantor
may, and must in the case of executive directors, make its Vesting conditional on the satisfaction of one or more conditions linked
to the performance of the Company. A Performance Condition must be objective and specified at the Award Date. The Grantor, with
the consent of the Directors, may waive or change a Performance Condition in accordance with its terms or if anything happens which
causes the Grantor reasonably to consider it appropriate to do so.

 

		1.6	Other conditions

 

The Grantor may impose other conditions
when granting an Award. Any condition must be objective, specified at the Award Date and may provide that an Award will lapse if
it is not satisfied. The Grantor, with the consent of the Directors, may waive or change a condition imposed under this rule 1.6
(Other conditions).

 

		1.7	Award certificates

 

Each Participant will receive a
certificate setting out the terms of the Award as soon as practicable after the Award Date. The certificate may be the deed referred
to in rule 1.4 (Terms of Awards) or any other document (which may be in electronic form), including a statement. If any certificate
is lost or damaged the Company may replace it on such terms as it decides.

 

		1.8	No payment

 

A Participant is not required to
pay for the grant of any Award.

 

		1.9	Administrative errors

 

If the Grantor grants an Award
which is inconsistent with rule 1.2 (Eligibility), it will lapse immediately. If the Grantor tries to grant an Award which is inconsistent
with rules 1.10 (Individual limit for Awards), 1.11 (Plan limits - 10 per cent) or 1.12 (Plan limits - 5 per cent), the Award will
be limited and will take effect from the Award Date on a basis consistent with those rules.

 

		1.10	Individual limit for Awards

 

An Award must not be granted to
an Employee if it would, at the proposed Award Date, cause the market value of Shares subject to Awards that he has been granted
in that financial year under the Plan to exceed 350% of the annual rate of his total basic salary, at a date determined by the
Directors, from Members of the Group.

 

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This limit may be exceeded in respect
of Participants located in the U.S.A provided that the Directors determine that exceptional circumstances make it desirable that
Awards to such Participants should be granted in excess of that limit. In these circumstances, the Awards will not exceed 450%.

 

For the purpose of this rule 1.10
(Individual limit for Awards) and unless the Directors determine otherwise, “market value” means the average of the
closing middle market quotations for a Share taken from the Daily Official List of the London Stock Exchange (or, in the case of
an ADR, the closing price on the New York Stock Exchange as reported in the Wall Street Journal) for any three consecutive
business days in the thirty day period immediately preceding the Award Date.

 

“Basic salary” means
gross salary before adjustment to take account of any flexible benefits and excludes bonuses and benefits in kind. Basic salary
payable in a currency other than Sterling will be converted into Sterling in such manner as the Directors decide.

 

		1.11	Plan limits - 10 per cent

 

A Grantor must not grant an Award
if the number of Shares committed to be issued under that Award exceeds 10 per cent of the ordinary share capital of the Company
in issue immediately before that day, when added to the number of Shares which have been issued, or committed to be issued, to
satisfy Awards under the Plan, or options or awards under any other employee share plan operated by the Company, granted in the
previous 10 years.

 

		1.12	Plan limits - 5 per cent

 

A Grantor must not grant an Award
if the number of Shares committed to be issued under that Award exceeds 5 per cent of the ordinary share capital of the Company
in issue immediately before that day, when added to the number of Shares which have been issued, or committed to be issued, to
satisfy Awards under the Plan, or options or awards under any other discretionary employee share plan adopted by the Company, granted
in the previous 10 years.

 

		1.13	Scope of Plan limits

 

Where the right to acquire Shares
is released or lapses, the Shares concerned are ignored when calculating the limits in rules 1.11 (Plan limits - 10 per cent) and
1.12 (Plan limits - 5 per cent).

 

As long as so required by the Association
of British Insurers, Shares transferred from treasury are counted as part of the ordinary share capital of the Company, and as
Shares issued by the Company.

 

		2	Before Vesting

 

		2.1	Rights

 

A Participant is not entitled to
vote, to receive dividends or to have any other rights of a shareholder in respect of Shares subject to an Option or a Conditional
Award until the Shares are issued or transferred to the Participant.

 

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		2.2	Transfer

 

A Participant may not transfer,
assign or otherwise dispose of an Award or any rights in respect of it. If he does, whether voluntarily or involuntarily, then
it will immediately lapse. This rule 2.2 (Transfer) does not apply:

 

		2.2.1	to the transmission of an Award on the death of a Participant to his personal representatives;
or

 

		2.2.2	to the assignment of an Award, with the prior consent of the Directors, subject to any terms and
conditions the Directors impose.

 

		2.3	Adjustment of Awards

 

If there is:

 

		2.3.1	a variation in the equity share capital of the Company, including a capitalisation or rights issue,
sub-division, consolidation or reduction of share capital;

 

		2.3.2	a demerger (in whatever form) or exempt distribution by virtue of Section 1075 of the Income and
Corporation Taxes Act 2010;

 

		2.3.3	a special dividend or distribution; or

 

		2.3.4	any other corporate event which might affect the current or future value of any Award,

 

the Directors may adjust the number
or class of Shares or securities subject to the Award and, in the case of an Option, the Option Price.

 

		2.4	Reduction or cancellation of Awards

 

The Directors may decide that an
Award which has not Vested (or, in the case of Options, been exercised) will lapse wholly or in part if they consider that:

 

		2.4.1	the Participant or his team has, in the opinion of the Directors, engaged in misconduct which ought
to result in the complete or partial lapse of his Award; and/or

 

		2.4.2	there is a materially adverse misstatement of the Company’s financial statements.

 

		3	Vesting of Awards

 

		3.1	Determination of Performance Condition

 

As soon as reasonably practicable
after the end of the Performance Period, the Directors will determine how many Shares Vest for each Award on the basis of whether
and to what extent any Performance Condition or other condition imposed under rule 1.6 (Other conditions) has been satisfied or
waived and if any adjustments are to be made under rule 3.3 (Performance adjustment).

 

		3.2	Timing of Vesting

 

Subject to rules 1.6 (Other conditions),
5 (Vesting in other circumstances - personal events) and 6 (Vesting in other circumstances - corporate events), an Award Vests,
to the extent determined under rule 3.1 (Determination of Performance Condition), on latest of:

 

		3.2.1	the expected date of Vesting determined by the Grantor under rule 1.4.5;

 

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		3.2.2	the date on which the Directors make their determination under rule 3.1 (Determination of Performance
Condition); and

 

		3.2.3	if relevant, a date determined by the Directors which is on or after the first date on which Vesting
is not prohibited by a Dealing Restriction.

 

		3.3	Performance adjustment

 

The Directors may adjust downwards
(including to nil) the number of Shares in respect of which an Award Vests if, in their discretion, they determine that the performance
of the Company, any Member of the Group, any business area or team [and the conduct, capability or performance of the Participant]
justifies an adjustment.

 

		3.4	Lapse

 

To the extent that any Performance
Condition is not satisfied at the end of the Performance Period, the Award lapses, unless otherwise specified in the Performance
Condition. To the extent that any other condition is not satisfied, the Award will lapse if so specified in the terms of that condition.
If an Award lapses under the Plan it cannot Vest and a Participant has no rights in respect of it.

 

		4	Consequences of Vesting

 

		4.1	Conditional Award

 

Within 30 days of a Conditional
Award Vesting, the Grantor will arrange (subject to rules 4.4, 0 and 8.8) for the transfer (including a transfer out of treasury)
or issue, to, or to the order of, the Participant, of the number of Shares in respect of which the Conditional Award has Vested.

 

		4.2	Options

 

		4.2.1	A Participant may exercise his Option on any day after Vesting on which no Dealing Restriction
applies by giving notice in the prescribed form to the Grantor or any person nominated by the Grantor and paying the Option Price
(if any). Vested and unvested Options will lapse:

 

		(i)	for Options granted with a market value Option Price, on the tenth anniversary of grant of the
Option (unless the reason for Vesting is the Participant’s death, in which case the Option will lapse 12 months after Vesting);
and

 

		(ii)	for Options granted with a zero, or less than market value Option Price, six months after Vesting
(unless the reason for Vesting is the Participant’s death, in which case the Option will lapse 12 months after Vesting),

 

or, in either
case if earlier, on the earliest of:

 

		(a)	the date the Participant ceases to be an Employee by reason of dismissal for misconduct; or

 

		(b)	six months after an event which gives rise to a Vesting under rule 5.2 (“Good leavers”),
5.4 (Overseas transfer), 6 (Vesting in other circumstances - corporate events) or, if earlier, the date six weeks after the date
on which a notice to acquire Shares under section 979 of the Companies Act 2006 is first served.

 

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		4.2.2	Subject to rules 4.4 (Alternative ways to satisfy Awards), 4.5 (Withholding), and 8.8 (Consents),
the Grantor will arrange for Shares to be transferred to or issued to, or to the order of, the Participant within 30 days of the
date on which the Option is exercised.

 

		4.2.3	If an Option Vests under more than one provision of the rules of the Plan, the provision resulting
in the shortest exercise period will prevail.

 

		4.3	Dividend Equivalent

 

Awards will not include any rights
in respect of dividends on the Shares comprised in the Award before Vesting, unless the Grantor, in its discretion, decides otherwise
at the Award Date. The Grantor may determine that an Award includes the right to receive a Dividend Equivalent. Dividend Equivalents
will be paid to any relevant Participant as soon as practicable after Vesting.

 

The Grantor will exercise the discretions
in this rule 4.3 (Dividend Equivalent) subject to the consent of the Directors.

 

		4.4	Alternative ways to satisfy Awards

 

The Grantor may, subject to the
approval of the Directors, decide to satisfy an Option or a Conditional Award by paying an equivalent amount in cash (subject to
rule 4.5 (Withholding)). For Options, the cash amount must be equal to the amount by which the market value of the Shares in respect
of which the Option is exercised exceeds the Option Price. Alternatively, the Grantor may decide to satisfy an Option by procuring
the issue or transfer of Shares to the value of the cash amount specified above.

 

The Company may determine that
an Award will be satisfied in cash at the Award Date or at any time before satisfaction of the Award, including after Vesting or,
in the case of an Option, after exercise.

 

In respect of Awards which consist
of a right to receive a cash amount, the Directors may decide instead to satisfy such Awards (and any Dividend Equivalents) by
the delivery of Shares (subject to rule 4.5 (Withholding)). The number of Shares will be calculated by reference to the market
value of the Shares on the date of Vesting for Conditional Awards and the date of exercise for Options.

 

For the purpose of this rule 4.4
(Alternative ways to satisfy Awards) and unless the Directors determine otherwise, “market value” means the closing
middle market quotation for a Share taken from the Daily Official List of the London Stock Exchange (or, in the case of an ADR,
the closing price on the New York Stock Exchange as reported in the Wall Street Journal) on the date of Vesting or, in the
case of an Option, the date of exercise.

 

		4.5	Withholding

 

The Company, the Grantor, any employing
company or trustee of any employee benefit trust may withhold such amount and make such arrangements as it considers necessary
to meet any liability to taxation or social security contributions in respect of Awards. These arrangements may include the sale
or reduction in number of any Shares on behalf of the Participant.

 

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		5	Vesting in other circumstances - personal events

 

		5.1	General rule on leaving employment

 

Subject to rule 5.2 (“Good
leavers”), an Award which has not Vested will cease to be capable of Vesting on the date on which the Participant gives or
receives notice of termination of his employment with any Member of the Group (whether or not such termination is lawful), unless
the Directors decide otherwise.

 

An Award will lapse on the date
the Participant ceases to an Employee unless one of the reasons in rule 5.2 applies.

 

This rule 5.1 will not apply where
the Vesting of an Award is delayed due to a Dealing Restriction, unless the Participant ceases to be an Employee by reason of dismissal
for misconduct.

 

		5.2	“Good leavers”1

 

		5.2.1	If a Participant ceases to be an Employee for any of the reasons set out below, then his Awards
will Vest as described in rule 5.3 (Vesting) and lapse as to the balance. The reasons are:

 

		(i)	disability, as established to the satisfaction of the Company;

 

		(ii)	death; and

 

		(iii)	any other reason, if the Directors so decide in any particular case.

 

		5.2.2	The Directors must exercise the discretion provided for in rule 5.2.1(iii) within 30 days after
cessation of the relevant Participant’s employment.

 

		5.3	Vesting

 

Where rule 5.2 (“Good Leavers”)
applies, the Award does not lapse, and the extent to which it will Vest is measured in accordance with rule 3.1 (Determination
of Performance Condition) at the end of the Performance Period. However, the Performance Period in respect of an Award will be
treated as ending on the date of the termination of employment, and the Award will Vest immediately, to the extent that the Performance
Condition has been or is likely to be satisfied (as determined by the Directors in the manner specified in the Performance Condition
or in such manner as they consider reasonable) where a Participant has died or where the Directors so decide in their discretion.

 

Unless the Directors decide otherwise,
the Award should be reduced pro rata to reflect the number of days from the start of the Performance Period until cessation of
the Participant’s employment as a proportion of the number of days of the Performance Period.

 

		5.4	Overseas transfer

 

If a Participant remains an Employee
but is transferred to work in another country or changes tax residence status and, as a result he would:

 

		5.4.1	suffer a tax disadvantage in relation to his Awards (this being shown to the satisfaction of the
Directors); or

 

 

1 This provision is amended
with effect from 1 Jaunary 2013. For Awards granted prior to this date, please see previous version of the Plan.

 

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		5.4.2	become subject to restrictions on his ability to exercise his Awards or to hold or deal in the
Shares or the proceeds of the sale of the Shares acquired on exercise because of the security laws or exchange control laws of
the country to which he is transferred,

 

then the Directors may decide that
his Awards will Vest on a date they choose before or after the transfer takes effect. The Award will Vest to the extent they permit
and the Directors will decide whether any balance of the Award will lapse.

 

		5.5	Meaning of “ceasing to be an Employee”

 

For the purposes of rules 5 (Vesting
in other circumstances - personal events) and 4.2 (Options), a Participant will not be treated as ceasing to be an Employee until
he is no longer an Employee of any Member of the Group or if he recommences employment with a Member of the Group within 14 days
or such other period and on such other basis as the Directors decide.

 

		6	Vesting in other circumstances - corporate events

 

		6.1	Time of Vesting

 

		6.1.1	In the event of a Change of Control, an Award Vests subject to rules 6.1.2 and 6.3 (Exchange).
The Award lapses as to the balance except to the extent exchanged under rule 6.3 (Exchange).

 

		6.1.2	If the Company is or may be affected by any demerger, delisting, distribution (other than an ordinary
dividend) or other transaction, which, in the opinion of the Directors, might affect the current or future value of any Award,
the Directors may allow an Award to Vest. The Award will Vest to the extent specified in rule 6.2 (Extent of Vesting) and will
lapse as to the balance unless exchanged under rule 6.3 (Exchange). The Directors may impose other conditions on Vesting.

 

		6.2	Extent of Vesting

 

		6.2.1	Where an Award vests under rule 6.1 (Time of Vesting), the Directors will determine the extent
to which any Performance Condition has been satisfied as at the date of Change of Control (as determined by the Directors in the
manner specified in the Performance Condition or in such manner as they consider reasonable) and the proportion of the Award which
will Vest.

 

		6.2.2	In addition, unless the Directors decide otherwise, the Award is reduced pro rata to reflect the
number of days from the start of the Performance Period until the date of the Change of Control as a proportion of the number of
days of the Performance Period.

 

		6.3	Exchange

 

An Award will not Vest under rule
6.1 (Time of Vesting) but will be exchanged under rule 6.6 (Exchange terms) to the extent that:

 

		6.3.1	an offer to exchange the Award is made and accepted by a Participant; or

 

		6.3.2	the Directors, with the consent of the Acquiring Company, decide before Change of Control that
the Award will be automatically exchanged.

 

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		6.4	Directors

 

In this rule 6 (Vesting in other
circumstances - corporate events), “Directors” means those people who were members of the remuneration committee
of the Company immediately before the Change of Control.

 

		6.5	Timing of exchange

 

Where an Award is to be exchanged
under rule 6.3 (Exchange), the exchange is effective immediately following the relevant event.

 

		6.6	Exchange terms

 

Where a Participant is granted
a new award in exchange for an existing Award, the new Award:

 

		6.6.1	must confer a right to acquire shares in the Acquiring Company or another body corporate determined
by the Acquiring Company;

 

		6.6.2	must be equivalent to the existing Award, subject to rule 6.6.4;

 

		6.6.3	is treated as having been acquired at the same time as the existing Award and, subject to rule
6.6.4, Vests in the same manner and at the same time;

 

		6.6.4	must:

 

		(i)	be subject to a Performance Condition which is, so far as possible, equivalent to any Performance
Condition applying to the existing Award; or

 

		(ii)	not be subject to any Performance Condition but be in respect of the number of shares which is
equivalent to the number of Shares comprised in the existing Award which would have Vested under rule 6.2.1 and Vest at the end
of the original Performance Period; or

 

		(iii)	be subject to such other terms as the Directors consider appropriate in all the circumstances.

 

		6.6.5	is governed by the Plan, excluding rule 7.2 (Shareholder approval), as if references to Shares
were references to the shares over which the new award is granted and references to the Company were references to the Acquiring
Company or the body corporate determined under rule 6.6.1 above.

 

		7	Changing the Plan and termination

 

		7.1	Directors’ powers

 

Except as described in the rest
of this rule 7 (Changing the Plan and termination), the Directors may at any time change the Plan in any way.

 

		7.2	Shareholder approval

 

		7.2.1	Except as described in rule 7.2.2, the Company in general meeting must approve in advance by ordinary
resolution any proposed change to the Plan to the advantage of present or future Participants, which relates to:

 

		(i)	the Participants;

 

		(ii)	the limits on the number of Shares which may be issued under the Plan;

 

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		(iii)	the individual limit for each Participant under the Plan;

 

		(iv)	the basis for determining a Participant's entitlement to, and the terms of, securities, cash or
other benefit to be provided and for the adjustment thereof (if any) if there is a capitalisation issue, rights issue or open offer,
sub-division or consolidation of shares or reduction of capital or any other variation of capital; or

 

		(v)	the terms of this rule 7.2.1.

 

		7.2.2	The Directors can change the Plan and need not obtain the approval of the Company in general meeting
for any minor changes:

 

		(i)	to benefit the administration of the Plan;

 

		(ii)	to comply with or take account of the provisions of any proposed or existing legislation;

 

		(iii)	to take account of any changes to legislation; or

 

		(iv)	to obtain or maintain favourable tax, exchange control or regulatory treatment of the Company,
any Subsidiary or any present or future Participant.

 

		7.2.3	The Directors may, without obtaining the approval of the Company in general meeting, establish
further plans based on the Plan but modified to take account of local tax, exchange control or securities laws in non-UK territories.

 

		7.3	Notice

 

The Directors are not required
to give Participants notice of any changes.

 

		7.4	Termination

 

The Plan will terminate on the
Expiry Date, but the Directors may terminate the Plan at any time before that date. The termination of the Plan will not affect
existing Awards.

 

		8	General

 

		8.1	Terms of employment

 

		8.1.1	This rule 8.1 (Terms of employment) applies during an Employee’s employment and after the
termination of an Employee’s employment, whether or not the termination is lawful.

 

		8.1.2	Nothing in the rules or the operation of the Plan forms part of the contract of employment of an
Employee. The rights and obligations arising from the employment relationship between the Employee and his employer are separate
from, and are not affected by, the Plan. Participation in the Plan does not create any right to, or expectation of, continued employment.

 

		8.1.3	No Employee has a right to participate in the Plan. Participation in the Plan or the grant of Awards
on a particular basis in any year does not create any right to or expectation of participation in the Plan or the grant of Awards
on the same basis, or at all, in any future year.

 

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		8.1.4	The terms of the Plan do not entitle the Employee to the exercise of any discretion in his favour.

 

		8.1.5	The Employee will have no claim or right of action in respect of any decision, omission or discretion,
which may operate to the disadvantage of the Employee even if it is unreasonable, irrational or might otherwise be regarded as
being in breach of the duty of trust and confidence (and/or any other implied duty) between the Employee and his employer.

 

		8.1.6	No Employee has any right to compensation for any loss in relation to the Plan, including any loss
in relation to:

 

		(i)	any loss or reduction of rights or expectations under the Plan in any circumstances (including
lawful or unlawful termination of employment);

 

		(ii)	any exercise of a discretion or a decision taken in relation to an Award or to the Plan, or any
failure to exercise a discretion or take a decision;

 

		(iii)	the operation, suspension, termination or amendment of the Plan.

 

		8.2	Directors’ decisions final and binding

 

The decision of the Directors on
the interpretation of the Plan or in any dispute relating to an Award or matter relating to the Plan will be final and conclusive.

 

		8.3	Third party rights

 

Nothing in this Plan confers any
benefit, right or expectation on a person who is not a Participant. No such third party has any rights under the Contracts (Rights
of Third Parties) Act 1999, or any equivalent local legislation, to enforce any term of this Plan. This does not affect any other
right or remedy of a third party which may exist.

 

		8.4	Documents sent to shareholders

 

The Company is not required to
send to Participants copies of any documents or notices normally sent to the holders of its Shares.

 

		8.5	Costs

 

The Company will pay the costs
of introducing and administering the Plan. The Company may ask a Participant’s employer to bear the costs in respect of an
Award to that Participant.

 

		8.6	Employee trust

 

The Company and any Subsidiary
may provide money to the trustee of any trust or any other person to enable them or him to acquire Shares to be held for the purposes
of the Plan, or enter into any guarantee or indemnity for those purposes, to the extent permitted by Section 682 of the Companies
Act 2006 or any applicable law.

 

		8.7	Data protection

 

By participating in the Plan the
Participant consents to the holding and processing of personal information provided by the Participant to any Member of the Group,
trustee or third party service provider, for all purposes relating to the operation of the Plan. These include, but are not limited
to:

 

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		8.7.1	administering and maintaining Participant records;

 

		8.7.2	providing information to Members of the Group, trustees of any employee benefit trust, registrars,
brokers or third party administrators of the Plan;

 

		8.7.3	providing information to future purchasers or merger partners of the Company, the Participant’s
employing company, or the business in which the Participant works;

 

		8.7.4	transferring information about the Participant to a country or territory outside the European Economic
Area that may not provide the same statutory protection for the information as the Participant’s home country.

 

The Participant is entitled, on
payment of a fee, to a copy of the personal information held about him and, if anything is inaccurate, the Participant has the
right to have it corrected.

 

		8.8	Consents

 

All allotments, issues and transfers
of Shares will be subject to any necessary consents under any relevant enactments or regulations for the time being in force in
the United Kingdom or elsewhere. The Participant is responsible for complying with any requirements he needs to fulfil in order
to obtain or avoid the necessity for any such consent.

 

		8.9	Share rights

 

Shares issued to satisfy Awards
under the Plan will rank equally in all respects with the Shares in issue on the date of allotment. They will not rank for any
rights attaching to Shares by reference to a record date preceding the date of allotment. Where Shares are transferred to a Participant,
including a transfer out of treasury, the Participant will be entitled to all rights attaching to the Shares by reference to a
record date on or after the transfer date. The Participant will not be entitled to rights before that date.

 

		8.10	Listing

 

If and so long as the Shares are
listed and traded on a public market, the Company will apply for listing of any Shares issued under the Plan as soon as practicable.

 

		8.11	Notices

 

		8.11.1	Any information or notice to a person who is or will be eligible to be a Participant under or in
connection with the Plan may be posted, or sent by electronic means, in such manner to such address as the Company considers appropriate,
including publication on any intranet.

 

		8.11.2	Any information or notice to the Company or other duly appointed agent under or in connection with
the Plan may be sent by post or transmitted to it at its registered office or such other place, and by such other means, as the
Directors or duly appointed agent may decide and notify Participants.

 

		8.11.3	Notices sent by post will be deemed to have been given on the second day after the date of posting.
However, notices sent by or to a Participant who is working overseas will be deemed to have been given on the seventh day after
the date of posting. Notices sent by electronic means, in the absence of evidence to the contrary, will be deemed to have been
received on the day after sending.

 

    	12

    	 

    

 

		8.12	Governing law and jurisdiction

 

English law governs the Plan and
all Awards and their construction. The English courts have non-exclusive jurisdiction in respect of disputes arising under or in
connection with the Plan or any Award.

 

		9	Definitions

 

In these rules:

 

“Acquiring Company”
means a person who has or obtains control (within the meaning of Section 995 of the Income Tax Act 2007) of the Company;

 

“Award” means
a Conditional Award or an Option;

 

“Award Date”
means the date on which an Award is granted by deed under rule 1.4 (Terms of Awards);

 

“Change of Control”
means

 

		(i)	when a general offer to acquire Shares made by a person (or a group of persons acting in concert)
becomes wholly unconditional; or

 

		(ii)	when, under Section 895 of the Companies Act 2006 or equivalent procedure under local legislation,
a court sanctions a compromise or arrangement in connection with the acquisition of Shares; or

 

		(iii)	a person (or a group of persons acting in concert) obtaining control (within the meaning of Section
995 of the Income Tax Act 2007) of the Company in any other way.

 

“Company” means
Aviva plc;

 

“Conditional Award”
means a conditional right to acquire Shares granted under the Plan;

 

“Dealing Restrictions”
means restrictions imposed by statute, order, regulation or Government directive, or by the Model Code or any code adopted by the
Company based on the Model Code and for this purpose the Model Code means the Model Code on dealings in securities set out in Listing
Rule 9, annex 1 (of the London Stock Exchange), as varied from time to time;

 

“Directors”
means, subject to rule 6.4 (Directors), the board of directors of the Company or a duly authorised person or group of persons;

 

“Dividend Equivalent”
means a right to receive cash or Shares in respect of dividends (as determined from time to time by the Grantor), on such basis
as the Grantor may, in its discretion, determine; 

 

“Employee” means
any employee of a Member of the Group (including an executive director);

 

“Expiry Date”
means 4 May 2021, the tenth anniversary of shareholder approval;

 

“Grantor” means,
in respect of an Award, the entity which grants that Award under the Plan;

 

“London Stock Exchange”
means London Stock Exchange plc;

 

“Member of the Group”
means:

 

    	13

    	 

    

 

		(i)	the Company;

 

		(ii)	its Subsidiaries from time to time; or

 

		(iii)	any other company which is associated with the Company and is so designated by the Directors;

 

“Option” means
a right to acquire Shares granted under the Plan;

 

“Option Period”
means a period starting on the grant of an Option and ending at the end of the day before the tenth anniversary of the grant, or
such shorter period as may be specified under rule 4.2 (Options) on the grant of an Option;

 

“Option Price”
means zero, or the amount payable on the exercise of an Option, as specified under rule 1.4.8;

 

“Participant”
means a person holding an Award or his personal representatives;

 

“Performance Condition”
means any performance condition imposed under rule 1.4 (Terms of Awards);

 

“Performance Period”
means the period in respect of which a Performance Condition is to be satisfied;

 

“Plan” means
these rules known as “The Aviva Long Term Incentive Plan 2011”, as changed from time to time;

 

“Shares” means
fully paid ordinary shares in the capital of the Company or any American Depositary Share or American Depositary Receipt (ADR)
representing ordinary shares;

 

“Subsidiary”
means a company which is a subsidiary of the Company within the meaning of Section 1159 of the Companies Act 2006;

 

“Vesting” in
relation to an Option, means an Option becoming exercisable and in relation to a Conditional Award, means a Participant becoming
entitled to have the Shares transferred to him subject to the Plan.

 

    	14

    	 

    

 

Schedule 1

France

 

The purpose of this schedule
is to make certain variations to the terms of the Plan, in order to satisfy French securities laws, exchange control, corporate
law and tax requirements (in particular, the provisions of Articles L. 225-177 et seq. of the French Code de commerce, if
the Award is an Option, and the provisions of L. 225-197-1 et seq. of the French Code de commerce, if the Award is a Conditional
Award) to qualify for favourable income tax and social security treatment in France.

 

The rules of the Plan
shall apply subject to the modifications contained in this Schedule 1 whenever the Grantor decides to grant a qualifying Award
to an Employee under this Schedule 1.

 

		1	Rule 1 (Granting Awards)

 

		1.1	Rule 1.1 (Grantor)

 

Rule 1.1.3 is deleted.

 

		1.2	Rule 1.3 (Timing of Awards)

 

The following paragraph is added
to the end of rule 1.3:

 

“No Option may be granted
(i) in the period of twenty business days after the day on which the Shares are last traded cum-dividend, cum-rights, or cum-any
other distribution, or (ii) during any Closed Period.”

 

		1.3	Rule 1.4 (Terms of Awards)

 

		1.3.1	Rule 1.4.1 is supplemented with the following:

 

“If the Award is an Option
to acquire existing Shares, the Company shall acquire and/or hold enough Shares to satisfy the transfer of Shares on the exercise
of the Options before the Vesting date and until expiry of the Option Period.“

 

		1.3.2	Rule 1.4.6 is deleted.

 

		1.3.3	Rule 1.4.8 is supplemented with the following: 

 

“The Option Price will
not be less than:

 

		(i)	if the Shares subject to the Options are to be issued, 80% of the arithmetical average of the market
value of the Shares as quoted for the twenty trading days last preceding the Award Date.

 

		(ii)	if the Shares subject to the Options are to be transferred from treasury, the higher of (a) 80%
of the arithmetical average of the market value of the Shares as quoted for the twenty trading days last preceding the Award Date,
or (b) 80% of the arithmetical average acquisition price of the entire treasury share position for the Company.”

 

    	15

    	 

    

 

		1.4	Rule 1.5 (Performance Conditions)

 

The words “in accordance
with its terms or if anything happens which causes the Grantor reasonably to consider it appropriate to do so” in the last
sentence of rule 1.5 are deleted and replaced by the following:

 

“provided that such amendment
does not affect the qualifying status of the Awards for tax and social security purposes, and provided further that no such amendment
shall adversely affect the right of any Participant without such Participant’s consent.”

 

		1.5	Rule 1.6 (Other Conditions)

 

The following words are added at
the end of rule 1.6:

 

“provided that such amendment
does not affect the qualifying status of the Awards for tax and social security purposes, and provided further that no such amendment
shall adversely affect the right of any Participant without such Participant’s consent”

 

		1.6	Rule 1.9 (Administrative errors)

 

Rule 1.9 is deleted and replace
with the following:

 

“If the Grantor grants an
Award which is inconsistent with rules 1.2 (Eligibility), 1.10 (Individual limit for Awards), 1.11 (Plan limits - 10 per cent)
or 1.12 (Plan limits - 5 per cent), it will lapse immediately.”

 

		1.7	Rule 1.10 (Individual limit for Awards)

 

Rule 1.10 is supplemented with
the following:

 

“No Option shall be granted
to an Employee who holds 10 per cent or more of the share capital of the Company in issue at the Award Date.

 

No Conditional Award shall be granted
to an Employee who holds 10 per cent or more (taking into account any unvested Conditional Award under the Plan or any other plan
subject to provisions of Articles L.225-197-1 et seq. of the French Code de commerce) of the share capital of the Company, or who
may hold, as the result of this Award, 10 per cent or more of the share capital of the Company.”

 

		1.8	Rule 1.11 (Plan limits – 10 per cent)

 

Rule 1.11 is supplemented with
the following:

 

“The
total number of Shares subject to options granted under the Plan or any other plan subject to provisions of Articles L.225-177
et seq. of the French Code de commerce shall not exceed one third of the share capital of the Company in issue at the Award Date.

 

The total number of Shares granted
under the Plan or any other plan subject to provisions of Articles L.225-197-1 et seq. of the French Code de commerce shall not
exceed 10 per cent of the share capital of the Company in issue at the Award Date.”

 

		2	Rule 2 (Before Vesting)

 

		2.1	Rule 2.2 (Transfer)

 

Rule 2.2.2 is deleted.

 

    	16

    	 

    

 

		2.2	Rule 2.3 (Adjustment of Awards)

 

Rule 2.3 is deleted and replaced
with the following:

 

“On the occurrence of one
of the events specified under Article L.225-181 of the French Code de commerce, the Company:

 

		(i)	shall make such adjustments as its consider appropriate to restore the value of the granted Options;
and

 

		(ii)	may make such adjustments as its consider appropriate to restore the value of the granted Conditional
Awards.

 

An adjustment made under this rule
shall only be permissible to the extent that it is intended to, and that its sole effect is to, restore the value of the granted
Awards and it is made in compliance with the rules set out in the French Code de commerce.“

 

		2.3	Rule 2.4 (Reduction or cancellation of Awards)

 

Rule 2.4 is deleted.

 

		3	Rule 3 (Vesting)

 

Rule 3.2 (Timing of Vesting) is
supplemented with the following:

 

“Notwithstanding any rule
other than rule 5.6 (Death or Defined Disability), a Conditional Award shall not vest prior to the second anniversary of the Award
Date. If a Conditional Award would vest, in accordance with any rule in the Plan other than rule 5.6, prior to the second anniversary
of the Award Date, the Conditional Award will not so vest but will continue until the second anniversary of the Award Date and
at such time only, it will vest, and the Holding Period will apply from this date.

 

		4	Rule 4 (Consequences of Vesting)

 

		4.1	Rule 4.1 (Conditional Award)

 

Rule 4.1 is deleted and replaced
with the following:

 

		“4.1.1	Within 30 days of a Conditional Award Vesting, the Grantor will arrange for the transfer (including
a transfer out of treasury) or issue of the number of Shares in respect of which the Conditional Award has vested to a share account
administered in the name and for the benefit of the Participant by an account keeper (teneur de compte) designated by the
Directors.

 

Except as provided under rule
5.6 (Death or Defined Disability), the Shares will be held by the account keeper on behalf of the Participant, for the duration
of the Holding Period, in accordance with the provisions of the Holding Agreement. The Participant shall have full shareholder
voting and dividend rights on the transferred shares during the Holding Period.

 

			The Participant will be free to dispose of the Shares upon expiry of the Holding Period, except
during the Closed Periods during which the sale of the Shares is prohibited.

 

    	17

    	 

    

 

		4.1.2	Shares transferred to Participants holding the duties of chairman of the board, general manager,
deputy general manager, member of the directory board, or manager (respectively président du conseil d’administration,
directeur général, directeur général délégué, membre du directoire
or gérant) in the Company or any Member of the Group shall not be disposed before termination of the Participant’s
executive duties. Alternatively, the Directors may decide that a fraction of the Shares transferred to Participants holding the
duties of chairman of the board, general manager, deputy general manager, member of the directory board, or manager (respectively
président du conseil d’administration, directeur général, directeur général
délégué, membre du directoire or gérant) in the Company or any Member of the Group
will be in a registered (nominatif) form and will not be available for sale or transfer before termination of the Participant’s
executive duties.”

 

		4.2	Rule 4.2 (Options)

 

		4.2.1	In rule 4.2.1(i), the words “(unless the reason for Vesting is the Participant’s death,
in which case the Option will lapse 12 months after Vesting)” are deleted. Any reference to a 12-month exercise period applicable
in case of death is deleted accordingly.

 

		4.2.2	In rule 4.2.1(ii), the words “zero, or” are deleted. Any reference to an Option Price
equal to zero is deleted accordingly.

 

		4.2.3	The following is inserted as rule 4.2.4:

 

“Notwithstanding any rule
other than rule 4.2.5, the Shares acquired following the exercise of an Option may not be sold by a Participant or otherwise transferred
before the fourth anniversary of the Award Date. The Company or Member of the Group may take such steps as it/they consider appropriate
to ensure the Participant’s compliance with this rule, including (without limitation) the blocking of any account into which
the Shares have been issued or transferred."

 

		4.2.4	The following is inserted as rule 4.2.5:

 

“Rule 4.2.4 shall not
apply where a Participant leaves employment for reason of:

 

		(i)	death, or

 

		(ii)	Defined Disability.”

 

		4.3	Rule 4.3 (Dividend Equivalent) 

 

Rule 4.3 is deleted. Any reference
to Dividend Equivalent is deleted accordingly.

 

		4.4	Rule 4.4 (Alternative ways to satisfy Awards)

 

Rule 4.4 is deleted. Any reference
to rule 4.4 is deleted accordingly.

 

		4.5	Rule 4.5 (Withholding)

 

Rule 4.5 is supplemented with the
following:

 

“The Participants (or heirs,
if applicable) are responsible for reporting the receipt of any income under the Plan, however made, to the appropriate tax authorities.

 

The Member of the Group with whom
a Participant is or was in employment on the date the Shares are transferred will communicate the name of the Participant and the
number of Shares being transferred to the social security authorities competent for that Member of the Group, in accordance with
the provisions of Article L. 242-1 of the French Code de la sécurité sociale.”

 

    	18

    	 

    

 

		5	Rule 5 (Vesting in other circumstances - personal events)

 

		5.1	Rule 5.3 (Vesting)

 

In rule 5.3, the words “and
the Award will Vest immediately” are deleted and replaced by:

 

“and, subject to rule 3.2
(Timing of Vesting), the Award will Vest immediately”.

 

		5.2	Rule 5.4 (Overseas transfer) 

 

Rule 5.4 is deleted.

 

		5.3        	The
                                                                                                                                                                                following
                                                                                                                                                                                is
                                                                                                                                                                                inserted
                                                                                                                                                                                as
                                                                                                                                                                                rule
                                                                                                                                                                                5.6
                                                                                                                                                                                (Death
                                                                                                                                                                                or
                                                                                                                                                                                Defined
                                                                                                                                                                                Disability):

 

“Notwithstanding any other
rule of the Plan, where a Participant leaves employment for reason of death, his personal representatives may require, within six
(6) months from the date of death, Vesting of the deceased’s Conditional Award and the transfer of the underlying Shares.
The Shares will be transferred to the personal representatives of the Participant as soon as practicably possible following their
request, and shall not be subject to any Holding Period.

 

Notwithstanding any other rule
of the Plan, where a Participant suffers from a Defined Disability, he can request at any time the Vesting of its Conditional Award
and the transfer of the underlying Shares. The Shares shall be transferred to the Participant suffering from a Defined Disability
as soon as practicably possible following his request, and shall not be subject to any Holding Period.”

 

		6	Rule 6 (Vesting in other circumstances - corporate events)

 

Rule 6 (Vesting in other circumstances
- corporate events) shall apply in accordance with Articles L. 225-197-1-III of the French Code de commerce and 80 quaterdecies
and 163 bis C-I bis of the French Code général des impôts to the extent that the Directors intend the
Awards to maintain favourable tax treatment under this Schedule 1. However, in the event the Directors do not intend the Awards
to maintain such favourable tax treatment, rule 6 of the Plan will prevail notwithstanding any potential detrimental tax or social
security consequences for the Participant.

 

		7	Rules 7 (Changing the Plan and termination)

 

Rule 7.1 shall be supplemented
with the following:

 

“Except as provided in rule
6 (Vesting in other circumstances - corporate events), changes may affect Awards already granted provided that (i) the changes
do not affect the qualifying status of the Awards for tax and social security purposes and provided that (ii) no such changes shall
adversely affect the rights of any Participant without such Participant’s prior consent.”

 

		8	Rule 9 (Definitions) 

 

The definitions of “Member
of the Group”, “Employee” and “Option Price” stated in rule 9 of the Plan shall
be deleted and replaced by the following definitions:

 

    	19

    	 

    

 

“Member of the Group”
means (i) a company in which the Company holds, directly or indirectly, at least 10 per cent of the share capital or voting rights;
(ii) a company holding directly or indirectly at least 10 per cent of the share capital or voting rights of the Company; or (iii)
a company for which at least 50 per cent of the share capital or voting rights are held by a company which holds at least 50 per
cent of the share capital of the Company.

 

“Employee” means
a salaried employee of the Company or any Member of the Group, or a corporate officer of the Company or any Member of the Group
holding the duties of chairman of the board, general manager, deputy general manager, member of the directory board, or manager
(respectively président du conseil d’administration, directeur général, directeur général
délégué, membre du directoire or gérant).

 

“Option Price”
means the amount payable on the exercise of an Option, as specified under rule 1.4.8.

 

For the purpose of Awards granted
under this Schedule 1, the following new definitions shall be added to those stated in rule 1 of the Plan:

 

“Closed Period”
means (i) the 10 trading days preceding and following the date on which the Company’s consolidated accounts or, failing that,
the annual accounts, are made public; and (ii) the period between (x) the date on which the management bodies of the Company have
knowledge of information which, if made public, could have a significant impact on the price of the Share and (y) the end of the
tenth trading day following the date on which this information has been made public.

 

“Defined Disability”
means the circumstance where a Participant is recognised as a disabled employee of the second or third category under the meaning
of Article L.341-4 of the French Code de la sécurité sociale;

 

“Holding Agreement”
means an agreement between the Participant, the Company and an account keeper (teneur de compte) designated by the Company,
in such form as determined by the Company and delivered by the Participant, in which the Participant undertakes not to sell or
transfer Shares before expiry of the Holding Period, and the account keeper undertakes not to perform any such order before expiry
of the Holding Period.

 

“Holding Period”
means a two-year period following the transfer of the Shares to the Participant, during which the Shares cannot be sold, transferred
or otherwise disposed.

 

All capitalised terms used in this
Schedule 1 and not otherwise defined herein shall have the meaning ascribed to them in the Plan.

 

		9	Severability

 

The terms and conditions provided
in the Plan as amended by this Schedule 1 are severable and if any one or more provisions are determined to be illegal or otherwise
unenforceable under French law, in whole or in part, the remaining provisions shall nevertheless be binding and enforceable.

 

    	20

    	 

    

 

Schedule 2

Canada

 

The purpose of the Schedule 2 is to make
certain variations of the terms of the Plan, in the case of its operation for Employees in Canada, to take into account Canadian
tax rules. The grant of Options under the Plan is not available to Employees in Canada pursuant to this Schedule 2.

 

The rules of the Plan will apply to grants
made under this Schedule 2, subject to the following:

 

		1	Rule 1.4 (Terms of Awards) 

 

Rule 1.4.1 is deleted and replaced
by the following:

 

“any Award granted to Employees
in Canada will take the form of a Conditional Award;”

 

		2	Rule 3.2 (Timing of Vesting)

 

The following paragraph is added
to the end of rule 3.2 (Timing of Vesting):

 

“Notwithstanding the foregoing,
an Award shall Vest no later than the 31 December of the third calendar year following the year in which the services were performed
in respect of which such Award has been granted and will be satisfied in cash or Shares on or before such date.”

 

		3	Rule 4.1 (Conditional Awards)

 

The following paragraphs are added
to the end of rule 4.1 (Conditional Awards):

 

“Notwithstanding the foregoing,
any transfer or issue of Shares pursuant to this rule 4.1 shall be effected prior to 31 December of the third calendar year following
the year in which the services were performed in respect of which a Deferred Share Award has been granted.”

 

 

 

    	21

    	 

    

 

Schedule 3

Sri Lanka

 

The purpose of the Schedule 3 is to make
certain variations of the terms of the Plan in the case of its operation for Employees in Sri Lanka.

 

The rules of the Plan will apply to grants
made under this Schedule 3, subject to the following:

 

		1	Rule 1.10 (Individual limit for Awards)

 

The following paragraph is added
to the end of rule 1.10 (Individual limits for Awards):

 

“Awards will be calculated
by reference to a Participant’s Total Fixed Cost which is defined as: basic salary, taxable and non-taxable allowances, benefits
and other payments made to the Participant as part of his remuneration.”

 

 

 

 

 

 

    	22

    	 

    

 

Schedule 4

USA

 

The purpose of the Schedule 4 is to make
certain variations of the terms of the Plan in the case of its operation for Employees who are subject to taxation under the laws
of the United States of America (“US Tax”).

 

The rules of the Plan apply to grants made
under this Schedule 4, subject to the following:

 

		1	Application of Schedule 4

 

This Schedule 4 applies to any
Participant who is subject to US Tax. It is intended to ensure that a Conditional Award granted to a Participant who is subject
to US Tax is exempt from section 409A of the US Internal Revenue Code 1986, as amended.

 

The words and expressions used
in this Schedule 4 which have capital letters have the same meaning as they have in the rules of the Plan.

 

		2	Amendments to the Plan for section 409A purposes 

 

For the purpose of Conditional
Awards subject to this Schedule 4, all of the rules of the Plan shall apply subject to the following amendment:

 

Rule 5.3 (Vesting) is deleted and
replaced by the following:

 

“Rule 5.3 Vesting

 

Where rule 5.2 (“Good Leavers”)
applies, the Award does not lapse, and the extent to which it will Vest is measured in accordance with rule 3.1 (Determination
of Performance Condition) at the end of the Performance Period. The Award will Vest once the determination of the Performance Condition
is made under rule 3.1 or as soon as practicable thereafter, but in no event shall Shares underlying the Award be transferred to
the Participant later than 15 March of the calendar year following the calendar year in which the Performance Period ends.

 

However, the Performance Period
in respect of an Award will be treated as ending on the date of the termination of employment, and the Award will Vest immediately,
to the extent that the Performance Condition has been or is likely to be satisfied (as determined by the Directors in the manner
specified in the Performance Condition or in such manner as they consider reasonable) where a Participant has died or where the
Directors so decide on the grant of the Award.

 

Unless the Directors decide otherwise,
the Award should be reduced pro rata to reflect the number of days from the start of the Performance Period until cessation of
the Participant’s employment as a proportion of the number of days of the Performance Period.”

 

 

 

23EXHIBIT 4.2.1

 

 

 

 

 

 

 

 

 

RULES

 

OF THE

 

AVIVA INVESTORS HOLDINGS LIMITED

 

2009 LONG TERM INCENTIVE PLAN

 

 

 

 

 

 

 

 

 

 

 

Adopted by a resolution of the board of directors
of Aviva Investors Holdings Limited on:

 

9th November 2009

 

Amended on: 4 December 2012 and 4 March 2013

 

 

 

 

 

 

 

 

 

 

 

PricewaterhouseCoopers

Plumtree Court

London EC4A 4HT

  

	Tel:	+44 20 7212 6306
	Fax:	+44 20 7212 2041
	Ref:	TW/JPT/JP

 

 

 

 

    	 

    	 

    

 

CONTENTS

 

 

 

	Rule	 	Page number
	 	 	 
	1	Interpretation	1
	 	 	 
	2	Making of Awards	5
	2.1	Persons to whom Awards may be made	 
	2.2	Timing of Awards	 
	2.3	Procedure for making Awards	 
	2.4	Award Notices	 
	2.5	Non-transferability of Awards	 
	2.6	Valuation of Awards	 
	2.7	Cash Units	 
	2.8	Share Units	 
	2.9	Performance Condition	 
	2.10	Variation of Performance Condition	 
	2.11	Dividend Equivalents	 
	2.12	Dividend Match	 
	 	 	 
	3	Adjustment of Awards	9
	3.1	Circumstances in which Committee shall consider adjustment of Awards	 
	3.2	Process for adjusting Awards	 
	3.3	Notification of Participants	 
	3.4	Alternative of early Vesting	 
	 	 	 
	4	Vesting of Awards	9
	4.1	Normal Vesting Date	 
	4.2	Timing of payments	 
	 	 	 
	5	Termination of employment	10
	5.1	Death	 
	5.2	Disability, redundancy	 
	5.3	Other leavers	 
	 	 	 
	6	Change of Control	11
	6.1	Treatment of Awards	 
	6.2	Exchange of Awards	 
	 	 	 
	7	Withholding taxes and social security	11
	 	 	 
	8	Contractual rights	11
	 	 	 
	9	Administration of Plan	12
	9.1	Committee responsible for administration	 
	9.2	Committee’s decision final and binding	 
	9.3	Discretionary nature of Plan	 
	9.4	Cost of Plan	 

 

    	 

    	 

    

 

 

	10	Notices	13
	10.1	Notice by Committee	 
	10.2	Deceased Participants	 
	10.3	Award Notice	 
	 	 	 
	11	Amendment of Rules	13
	11.1	Power to amend Rules	 
	11.2	Rights of existing Participants	 
	11.3	Notification of Participants	 
	 	 	 
	12	Governing law and jurisdiction	14
	12.1	Governing law	 
	12.2	Jurisdiction	 
	12.3	Participant deemed to have agreed to submit to jurisdiction	 
	 	 	 
	 	Schedule A – Definition of LTIP Pool	15

 

 

 

 

 

    	 

    	 

    

 

RULES OF THE AVIVA INVESTORS HOLDINGS
LIMITED

 

2009 LONG TERM INCENTIVE PLAN

 

 

 

		1	INTERPRETATION

 

		1.1	In these Rules, unless the context otherwise requires, the following words and expressions have
the following meanings:

 

	
        Adoption Date

         
	
        the date on which the Plan
is adopted by the Committee;

         

	Associate	a company that is under the control of the same company that controls Aviva Investors;
	Aviva plc Group	Aviva plc and its Subsidiaries from time to time;
	Aviva Investors	Aviva Investors Holdings Limited a company registered in England and Wales with registered number 02045601;
	Aviva plc	Aviva plc a company registered in England and Wales with registered number 2468686;
	Aviva plc Remuneration Committee	the remuneration committee of Aviva plc, being a duly authorised committee of the board of directors of Aviva plc;
	Award	a right to receive any or all of Shares, Cash Units, Dividend Equivalents or Dividend Match under the Plan;
	Award Date	the effective date of an Award determined in accordance with Rule 2.3;
	Award Notice	a notice issued to the Participant setting out the terms and conditions of an Award;
	Award Period	the three year period starting on 1 April of the year following  the Award Date;
	Award Value	the value of a Participant’s Award determined in accordance with Rule 2.6;
	Board	the board of directors of Aviva Investors;
	Budgeted Profit	the projected pre tax, pre-incentive profit of Aviva Investors as contained in the business plan for Aviva Investors for the relevant Financial Year;

 

    	1

    	 

    

 

	Cash Unit	a right to receive a cash payment as set out in rule 2.7;
	Cash Unit Interest	the amount of interest earned or would be earned on the Initial Unit Value if it was deposited in a cash account or otherwise invested during the Award Period as specified in the Award Notice;
	Change of Control	
        a)   
        a person acquiring more than 50% of the ordinary share capital of Aviva plc;

         

        b)   
        the merger of Aviva plc and another company;

         

        c)   
        the company in which the Eligible Employee is employed ceasing to be a member of the Aviva plc Group;

         

        d)   
        the business in which the Eligible Employee is employed ceasing to be part of Aviva plc Group; or

         

        e)   
        any other circumstances which, following a corporate event that the Aviva plc Remuneration Committee determines should be treated
        as a change of control for the purposes of this Plan.

         

	Committee	the Board or a committee duly authorised by the Board which is responsible for the administration of the Plan;
	Control	in relation to a company, the power of a person to secure by means of holding shares or the possession of voting power in, or in relation to, that or any other company or by virtue of any powers conferred by the bylaws, articles of association or other document regulating that or any other company that the affairs of the first-mentioned company are conducted in accordance with the wishes of that person;
	Dividend Equivalent	a cash amount calculated in accordance with Rule 2.11;
	Dividend Match	a cash amount equal to the Dividend Equivalent multiplied by the Matching Multiple;
	Effective Date	the date of which all conditions to which a Change of Control is subject are satisfied;
	Eligible Employee	an employee of Aviva Investors or an employee of any other company in the Aviva plc Group whose duties include services for Aviva Investors or any of its Subsidiaries or Associates who has been selected by the Committee, in accordance with the Rules, to receive an Award;
	Exchange Rate	for payments made in a currency other than in UK Pounds Sterling (the “Local Currency”), the relevant exchange rate or method of determining the relevant exchange rate, as determined by the Committee, and specified in the Award Notice if applicable;

 

    	2

    	 

    

 

	Financial Year	a financial year of Aviva Investors;
	Initial Unit Value	the value of one Notional Unit determined as set out in Rule 2.6;
	LTIP Pool	
        a notional pool representing a percentage
        of Operating Profit and a percentage of growth in Operating Profit for the Financial Year in which the Date of Award falls.

         

        The definition of LTIP Pool is set out in
        Schedule A and will be subject to review and amendment annually at the discretion of the Committee subject to the approval of the
        Aviva plc Remuneration Committee;

         

	Market Price	
        for the purpose of Rule 2.11, the spot price
        of a Share as quoted on the London Stock Exchange at the relevant time;

         

        for all other purposes, the average closing
        price of a Share as quoted on the London Stock Exchange for the 5 business days immediately preceding the date in respect of which
        the Market Price is to be determined;

         

	Matching Multiple	the multiple to be applied to the Dividend Equivalents in accordance with Rule 2.12 to determine the Dividend Match;
	Normal Vesting Date	the dates on which an Award Vests as specified in Rule 4.1;
	Notional Units	units representing a Participant’s interest in the LTIP Pool;

 

    	3

    	 

    

 

	Operating Profit	
        the pre-tax, pre-incentive profit
        of Aviva Investors as determined by the Committee subject to the approval of the Aviva plc Remuneration Committee.

         

        Operating Profit may be adjusted
        at the discretion of the Committee subject to the approval of the Aviva plc Remuneration Committee to reflect:

         

        (a) any significant acquisitions
        and disposals by Aviva Investors; and

         

        (b) any material change in business
        or taxation (including change in laws or regulations of the United Kingdom or any political subdivision of, or any authority in,
        or of, the United Kingdom having power to tax, or any change in the application or official interpretation of such laws or regulations),

         

        which materially impact on the
        pre-tax, pre-incentive profit of Aviva Investors;

         

	Participant	an individual who holds an Award or, where the context permits, his legal personal representatives;
	Payment Date	the date on which the Participant shall be entitled to receive Shares or a cash payment in respect of the Award in accordance with Rule 4.2;
	Performance Condition	the condition to which the receipt of Shares and/or Cash Units on the Payment Date is subject;
	Plan	the Aviva Investors Holdings Limited 2009 Long Term Incentive Plan as constituted by these Rules in their present form or as amended from time to time;
	Redundancy	has the meaning given in the Employment Rights Act 1996;
	Share	an ordinary share in Aviva plc;
	Subsidiary	has the meaning given in section 1159 Companies Act 2006;
	Subsisting Award	an Award that has not been forfeited;
	Supplementary Award Notice	a notice issued to the Participant, as soon as reasonably practicable following the issue of an Award Notice, setting out additional terms and conditions of an Award, which were impracticable to be set out in the Award Notice as determined by the Committee;
	Trustees	RBC Trustees (CI) Limited; 
	
        Vest

         

         

         
	in relation to an Award, the fulfilment of the conditions for the Participant to receive payment in respect of Awards under the Plan (subject to the forfeiture provisions in Rule 5) and Vesting and Vested shall be construed accordingly; and
	Vesting Date	the date on which an Award Vests.

 

    	4

    	 

    

 

		1.2	In these Rules, unless otherwise
                                                           specified:

 

		1.2.1	the contents and Rule headings are inserted for ease of reference only and do not affect their
interpretation;

 

		1.2.2	a reference to a Rule is a reference to a rule of the Plan;

 

		1.2.3	the singular includes the plural and vice-versa and the masculine includes the feminine;

 

		1.2.4	a reference to a statutory provision includes any statutory modification, amendment or re-enactment
thereof; and

 

		1.2.5	the Interpretation Act 1978 applies to the Plan in the same way as it applies to an enactment.

 

		2	MAKING OF AWARDS

 

		2.1	Persons to whom Awards may be made

 

			An Award may only be made to an individual who is an Eligible Employee at the time of the Award.

 

		2.2	Timing of Awards

 

An Award will normally be made
at the time annual bonus payments are made to employees of Aviva Investors but Awards may be made at other times if the Committee
determines that there are exceptional circumstances which justify making Awards outside of the normal cycle, subject to the approval
of the Aviva plc Remuneration Committee. In any event, Awards may not be made:

 

		2.2.1	earlier than the Adoption Date; or

 

		2.2.2	later than the tenth anniversary of the Adoption Date.

 

		2.3	Procedure for making Awards

 

The Committee shall have absolute
discretion (subject to the provisions of these rules and the approval of the Aviva plc Remuneration Committee) to determine on
an annual basis:

 

		2.3.1	the Participants;

 

    	5

    	 

    

 

		2.3.2	whether to make Awards and the number of Notional Units allocated to each Participant; and

 

		2.3.3	on each anniversary of the Award Date, whether to:

 

		2.3.3.1	adjust the number of Notional Units allocated to any Participant upwards;

 

		2.3.3.2	adjust the number of Notional Units allocated to any Participant downwards in the event of either
(a) gross misconduct; (b) underperformance as determined by the Committee; or (c) a material change in role; or

 

		2.3.3.3	determine that any Participant shall forfeit their Award in
the event of either (a) gross misconduct; (b) underperformance as determined by the Committee; or (c) a material change in role.

 

Each Award shall be evidenced
by an Award Notice issued to the Participant by Aviva Investors (or the Participant’s employing company) as soon as reasonably
practicable after it has been made. 

 

		2.4	Award Notices

 

Each Award Notice shall state:

 

		2.4.1	the Award Date;

 

		2.4.2	the total number of Notional Units in the LTIP Pool;

 

		2.4.3	the number of Notional Units subject to the Award;

 

		2.4.4	the Performance Condition, or if it is impracticable to state in an Award Notice as determined
by the Committee, it shall be stated in a Supplementary Award Notice;

 

		2.4.5	how the Initial Unit Value of Cash Units (if applicable) shall be invested or notionally invested,
or if it is impracticable to state in an Award Notice as determined by the Committee, it shall be stated in a Supplementary Award
Notice;

 

		2.4.6	whether Dividend Equivalents are payable under the Award;

 

		2.4.7	whether a Dividend Match is payable under the Award and if so the Matching Multiple;

 

		2.4.8	the Exchange Rate (if applicable); and

 

		2.4.9	the Normal Vesting Dates and shall state, or have attached to it in the form of a schedule, any
further terms and conditions applicable to the Award.

 

Subject thereto, an Award Notice,
and Supplementary Award Notice if applicable, shall be in such form as the Committee may determine from time to time.

 

    	6

    	 

    

 

		2.5	Non-transferability of Awards

 

An Award shall be personal to
the Eligible Employee to whom it is made and, subject to Rule 5.1, shall not be capable of being transferred, charged or otherwise
alienated and shall be forfeited immediately if the Participant purports to transfer, charge or otherwise alienate the Award.

 

		2.6	Valuation of Awards 

 

The Initial Unit Value shall
be calculated after the end of the Financial Year in which the Award Date falls by applying the following formula:

 

LTIP Pool for the Financial
Year in which the Award Date falls / ∑NU

 

Where:

 

∑NU = the sum of all Participants’
Notional Units in the LTIP Pool for that Financial Year plus any Notional Units unallocated by the Committee for the award in question

 

The Award Value for each Participant
shall be calculated by applying the following formula:

 

NU x Initial Unit Value

 

Where:

 

NU = the Participant’s Notional
Units in the LTIP Pool for that Financial Year

 

and will be notified to the Participant
as soon as reasonably practicable following the calculation of the Award Value.

 

		2.7	Share Awards

 

On or around 1 April in the
year following the Award Date, the Committee, subject to approval of the Aviva plc Remuneration Committee, will determine whether
or to what extent a Participant’s Notional Units will take the form of an Award of Shares and will calculate the number of
Shares subject to the Award (or the basis on which the number of Shares will be calculated).

 

The Shares subject to an Award
will Vest subject to the satisfaction of the Performance Condition as set out in accordance with Rule 2.9.

 

		2.8	Cash Units

 

On or around 1 April in the
year following the Award Date, the Committee will determine whether or to what extent a Participant’s Notional Units will
take the form of Cash Units.

 

Subject to all applicable vesting
conditions being met, the cash payment made in respect of each Cash Unit will be equal to the Initial Unit Value plus the Cash
Unit Interest. This payment is subject to the satisfaction of the Performance Condition as set out in accordance with Rule 2.9.

 

    	7

    	 

    

 

		2.9	Performance Condition

 

The receipt of the Shares subject
to an Award and/or Cash Units under the Plan will be subject to the satisfaction of a Performance Condition as specified at the
Award Date in the Award Notice. To the extent that the Performance Condition is not satisfied the Participant shall not be entitled
to receive any Shares and/or Payment in respect of the Cash Units.

 

		2.10	Variation of Performance Condition

 

If an event occurs which causes
the Committee to consider that the Performance Condition or any further condition imposed under Rule 2.9 to which the receipt of
Shares and/or payment in respect of Cash Units is subject is no longer appropriate, the Committee may, subject to the approval
of the Aviva plc Remuneration Committee, substitute, vary or waive the Performance Condition or other condition in such manner
(and make such consequential amendments to the rules) as:

 

		2.10.1	is reasonable in the circumstances; and

 

		2.10.2	except in the case of waiver produces a fairer measure of performance and is not materially less
difficult to satisfy.

 

The receipt of Shares and/or
payment in respect of the Cash Units shall then take effect subject to the Performance Condition or other condition as so substituted,
varied or waived.

 

		2.11	Dividend Equivalents

 

The Award Notice may specify that
a Participant will be entitled to receive Dividend Equivalents calculated at the Payment Date by reference to the dividends that
the Participant would have received had the value of:

 

		2.11.1	on the Shares subject to an Award had the Shares been held on the first day of the Award Period and throughout the remainder
of the Award Period; and

 

		2.11.2	had the value of any Dividend Equivalents to which a Participant was entitled under this Rule been re-invested into a holding
of equivalent value of Shares on the ex-dividend date.

 

Such holdings will be calculated
based on the Market Price of a Share at the date on which the relevant dividend is declared.

 

		2.12	Dividend Match

 

The Award Notice may specify
that a Participant will be entitled to receive a Dividend Match at the Payment Date. The Dividend Match will be calculated by multiplying
the Dividend Equivalents payable in accordance with Rule 2.11 by the Matching Multiple specified in the Award Notice.

 

		2.13	Cash and share alternative

 

The Committee may decide to
satisfy an Award of Shares by paying an equivalent amount in cash (subject to Rule 7).

 

In respect of an Award of Cash
Units, the Committee may decide instead to satisfy such Award (and any Dividend Equivalents) by the delivery of Shares (subject
to rule 7). The number of Shares will be calculated by dividing the cash amount by the market value of a Share on the Payment Date.

 

    	8

    	 

    

 

		3	ADJUSTMENT OF AWARDS

 

		3.1	Circumstances in which the Committee shall consider adjustment of Awards

 

			The Committee, subject to approval of the Aviva plc Remuneration Committee, shall consider, where
fair and equitable, making adjustments to the terms and conditions applicable to Subsisting Awards, including the definition of
Operating Profit in the following circumstances:

 

		3.1.1	a change in the accounting policy of Aviva Investors which affects the method of calculating Operating
Profit;

 

		3.1.2	the merger of the Aviva Investors with another business;

 

		3.1.3	the demerger or disposal of part of the Aviva Investors or business assets; or

 

		3.1.4	any other change in Aviva Investors’ structure that has a material impact on the value of
Subsisting Awards.

 

		3.2	Process for adjusting Awards

 

			The Committee shall consider what, if any, fair and equitable adjustments should be made to Awards
to take into account the circumstances referred to in Rule 3.1, consulting professional advisers as appropriate.
Any such adjustment will be subject to the approval of the Aviva plc Remuneration Committee.

 

		3.3	Notification of Participants

 

			If the Committee makes an adjustment to an Award, Aviva Investors (or the Participant’s employing
company) shall notify the Participant as soon as practicable thereafter and issue a new Award Notice to the Participant.

 

		3.4	Alternative of early Vesting

 

			If the Committee decides, in any of the circumstances referred to in Rule 3.1, that it would be
fair and equitable, it shall make a recommendation to the Aviva plc Remuneration Committee that the Award should Vest early. Such
recommendation shall include the proposed Vesting Date, whether the Performance Condition should be waived or amended and the Participant’s
Award Value in respect of the Award after it has Vested.

 

			If the Aviva plc Remuneration Committee resolves to approve the recommendation for early Vesting,
the Committee shall notify the Participant and, as soon as practicable and not later than 60 days after the Vesting date, Aviva
Investors shall arrange for the Shares to be transferred and/or the cash sum to be paid to the Participant in respect of the Vested
Award less any deduction made under Rule 7.

 

		4.	VESTING OF AWARDS

 

		4.1	Normal Vesting Date

 

Subject to Rules 3.4, 5 and 6,
each Award shall Vest on the 1 April following the end of the Award Period, unless determined otherwise by the Committee subject
to the approval of the Aviva plc Remuneration Committee.

 

    	9

    	 

    

 

		4.2	Timing of share transfer and/or cash payments

 

			Subject to Rules 3.4, 5, 6 and 7, as soon as reasonably practicable (and in any event not later
than 45 days following the Normal Vesting Date) the Committee shall procure the transfer to each Participant of the number of Shares
and/or a cash amount equal to the amounts due to the Participant in respect of his or her Award under the Plan.

 

		5.	TERMINATION OF EMPLOYMENT

 

		5.1	Death

 

If a Participant dies before a
Payment Date, a proportion of his Award, up to a maximum proportion which reflects the proportion of the Award Period that has
passed, shall Vest immediately provided that the Committee, subject to the approval of the Aviva plc Remuneration Committee, reasonably
expects the Performance Condition to be satisfied. The unvested proportion shall be forfeited immediately.

 

The Vesting Date and the proportion
of his Award that shall be forfeited may be varied at the discretion of the Committee subject to the approval of the Aviva plc
Remuneration Committee.

 

As soon as reasonably practicable
and in any event not later than 60 days after the Participant’s death, Aviva Investors shall procure delivery to the Participant’s
personal representatives of the number of Shares and/or a cash amount equal to the amounts payable under the Plan in respect of
such proportion of the Award as has already Vested or in respect of which the Committee, subject to the approval of the Aviva plc
Remuneration Committee, has exercised its discretion to allow Vesting.

 

		5.2	Disability

 

If a Participant ceases to be
employed by Aviva Investors or any company in the Aviva plc Group before a Payment Date by reason of disability (as established
to the satisfaction of the Committee), a proportion of his Award which reflects the proportion of the Award Period which remains
following the ceasing of employment shall be forfeited immediately.

 

The remaining un-forfeited proportion
shall Vest on the Normal Vesting Date in accordance with these Rules provided that the Committee, subject to the approval of the
Aviva plc Remuneration Committee, reasonably expects the Performance Condition to be satisfied.

 

The Vesting Date, and the proportion
of his Award that shall be forfeited may be varied at the discretion of the Committee subject to the approval of the Aviva plc
Remuneration Committee.

 

    	10

    	 

    

 

		5.3	Other leavers

 

If a Participant ceases to be
employed by Aviva Investors or any company in the Aviva plc Group before the Payment Date in any circumstances not mentioned in
Rules 5.1 to 5.2, his Award shall, unless the Committee (subject to the approval of the Aviva plc Remuneration Committee) determines
otherwise, be forfeited immediately in which case the Participant shall not be entitled to any further entitlement under the Plan,
even in respect of any Award that may have Vested before employment ceased. For the purpose of this Rule 5.3, if notice of termination
of employment is given before the termination date, either by the Participant or by his employing company, employment shall be
deemed to have terminated (for the purpose of the Plan) on the date when such notice is given, unless the Committee decides otherwise.

 

		6.	CHANGE OF CONTROL

 

		6.1	Treatment of Awards

 

Subject to Rule 6.2, in the
event of a Change of Control the Aviva plc Remuneration Committee shall determine the proportion of the Award that shall Vest having
regard to the proportion of the Award Period that has elapsed at the Effective Date. The Participant shall be entitled to receive
such as is equivalent to the relevant proportion of the Award Value.

 

		6.2	Exchange of Awards

 

The Committee, subject to the
approval of the Aviva plc Remuneration Committee, may, subject to obtaining the consent of any company or individual who has obtained
Control of the Company (“an Acquirer”), in its absolute discretion determine that Awards under the Plan shall not Vest
but shall be exchanged for awards of equivalent value under an alternative long term incentive arrangement operated by the Acquirer
(“the New Plan”) provided that the awards under the New Plan shall vest no later than would have been the case under
the Plan had the Change of Control not occurred. The decision of the Committee (made in accordance with these Rules) as to what
constitutes equivalent value under this Rule 6.2 shall be final.

 

		7.	WITHHOLDING TAXES AND SOCIAL SECURITY

 

Aviva Investors, Aviva plc,
any employing company or the Trustee may withhold such amount and make such arrangements as it considers necessary to meet any
liability to taxation or social security contributions in respect of Awards. These arrangements may include the sale or reduction
in number of any Shares on behalf of the Participant.

 

		8.	CONTRACTUAL RIGHTS

 

		8.1	Notwithstanding any other provision
                                                           of the Plan:

 

		8.1.1	the Plan shall not form part of any contract of employment between Aviva Investors or any company
in the Aviva plc Group and an Eligible Employee;

 

		8.1.2	the benefit to an Eligible Employee of participation in the Plan (including, in particular but not by way of limitation, any Awards
held by him) shall not form any part of his remuneration or count as his remuneration for the purpose of entitlement to any benefit
plan including any employer contribution to any pension plan; and

 

    	11

    	 

    

 

		8.1.3	if an Eligible Employee ceases to be employed by Aviva Investors or a company in the Aviva plc Group, he shall not be entitled
to compensation for the loss of any right or benefit or prospective right or benefit under the Plan (including, in particular but
not by way of limitation, any Awards held by him which are forfeited by reason of his ceasing to be so employed) whether by way
of damages for unfair dismissal, wrongful dismissal, breach of contract or otherwise.

 

		8.2	By accepting the Award and not renouncing it, an Eligible Employee is deemed to have agreed to
the provisions of this Rule 8.

 

		8.3	A Participant’s Awards will not be subject to the Participant’s debts, judgments or
other obligations and will not be subject to seizure, garnishment or other process applicable to the Participant prior to actual
payment in respect of the Award to the Participant.

 

		9.	ADMINISTRATION OF PLAN

 

		9.1	Committee responsible for administration

 

The Committee
shall be responsible for, and shall have the conduct of, the administration of the Plan. It shall carry out such administration
in accordance with any terms of reference and operating guidelines, not inconsistent with these Rules, which have been approved
by the Committee from time to time. Subject to the provisions of any such terms of reference and operating guidelines, the Committee
may from time to time make, amend or rescind regulations for the administration of the Plan (subject to appropriate consent of
the Aviva plc Remuneration Committee) provided that such regulations shall not be inconsistent with these Rules and may delegate
all or some of the administration of the Plan to the Trustee.

 

		9.2	Committee’s decision final
                                                           and binding

 

The decision
of the Aviva plc Remuneration Committee or the Committee subject to the approval of the Aviva plc Remuneration Committee, as required
under the Plan, shall be final and binding in all matters relating to the administration of the Plan, including but not limited
to the resolution of any dispute concerning, ambiguity in, or any inconsistency of, these Rules or any document used in connection
with the Plan.

 

The Aviva
plc Remuneration Committee may delegate some or all of its powers under this Plan to any person, persons or committee.

 

Nothing in
these Rules shall be construed as establishing any duty of care or other duty between any member of the Committee (in the performance
of the functions of the Committee under these Rules) and any Eligible Employee or Participant, and no member of the Committee shall
have any personal liability to any Eligible Employee or Participant as a result of any decision of the Committee under these Rules.

 

		9.3	Discretionary nature of Plan

 

All Awards shall
be made entirely at the discretion of the Committee subject to the approval of the Aviva plc Remuneration Committee.

 

    	12

    	 

    

 

		9.4	Cost of Plan

 

The cost of
introducing and administering the Plan shall be met by Aviva Investors.

 

		10.	NOTICES

 

		10.1	Notice by Committee

 

Save as provided for by law and subject
to Rule 10.3, any notice, document or other communication given by, or on behalf of, the Committee to any person in connection
with the Plan shall be deemed to have been duly given if delivered by hand or sent by email or fax to him at his place of work,
if he is employed by Aviva Investors or a company in the Aviva plc Group, if sent by e-mail to such e-mail address as may be specified
by him from time to time, or sent through the post in a pre-paid envelope to the postal address last known to Aviva Investors to
be his address and, if so sent, shall be deemed to have been duly given on the date of posting.

 

		10.2	Deceased Participants

 

Save as provided for by law and
subject to Rule 10.3, any notice, document or other communication so sent to a Participant shall be deemed to have been duly given
notwithstanding that such Participant is then deceased (and whether or not Aviva Investors has notice of his death) except where
his personal representatives have established their title to the satisfaction of Aviva Investors and supplied to Aviva Investors
an e-mail or postal address to which notices, documents and other communications are to be sent.

 

		10.3	Award Notice

 

For the avoidance of doubt,
the Award Notice may not be sent by e-mail or other such similar electronic communication.

 

		11.	AMENDMENT OF RULES

 

		11.1	Power to amend Rules

 

Subject to Rule 11.2, the Committee
may from time to time make written proposals to the Aviva plc Remuneration Committee for amendments to these Rules. Such amendments
shall only come into effect if approved by the Aviva plc Remuneration Committee.

 

		11.2	Rights of existing Participants

 

			An amendment may not adversely affect the rights of a Participant except where the amendment has
been agreed in advance by the Participant.

 

		11.3	Notification of Participants

 

The Committee
shall, as soon as reasonably practicable, notify each Participant of any amendment to these Rules under this Rule 11 (other than
a minor administrative change) and explain how it affects his position under the Plan.

 

    	13

    	 

    

 

		12.	GOVERNING LAW AND JURISDICTION

 

		12.1	Governing law

 

The formation, existence, construction,
performance, validity and all aspects whatsoever of the Plan, any term of the Plan and any Award made under it shall be governed
by English law.

 

		12.2	Jurisdiction

 

			The English courts shall have jurisdiction to settle any dispute which may arise out of, or in
connection with, the Plan.

 

		12.3	Participant deemed to have agreed
                                                            to submit to jurisdiction

 

			By accepting an Award and not renouncing it, a Participant is deemed to have agreed to submit to
such jurisdiction.

 

 

 

 

 

 

 

 

    	14

    	 

    

 

Schedule
A – Definition of LTIP Pool

 

A notional pool representing:

 

		a)	2% of Operating Profit for the Financial Year in which the Date of Award Falls PLUS;

 

		b)	an amount determined by the formula

 

			(A – B) x 10%

 

			Where

 

			A = Operating Profit for the Financial Year in which the Award Date falls; and

 

			B = Operating Profit for the Financial Year ended immediately preceding the Award Date,

 

			provided that:

 

			a) if A is less than B the amount calculated under b) above shall be deemed to be zero; and

 

			b) the LTIP Pool in any Financial Year shall in no circumstances be calculated on a figure greater
than 200% of the Budgeted Profit for the relevant Financial Year; and

 

			c) the definition of LTIP Pool will be subject to review and amendment annually at the discretion
of the Committee subject to the approval of the Aviva plc Remuneration Committee; and

 

		c)	LESS any amounts, as determined by the Committee, sufficient to discharge any liability of the
Trustees, Aviva Investors or any member of the Aviva plc Group (as the case may be) to any revenue or other authority for any sum,
in respect of tax or social security, relating to an Award made under the Plan.

 

 

15

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