Document:

EXHIBIT 4.3
	 
	 
	 
	 
	 
	AVIVA plc
	 
	 
	 
	 
	 
	 
	RULES OF THE AVIVA ANNUAL BONUS 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
	 	 	 
	Introduction	1
	 	 	 
	1	Granting Deferred Share Awards	1
	 	 	 
	2	Before Vesting	3
	 	 	 
	3	Vesting	4
	 	 	 
	4	Consequences of Vesting	4
	 	 	 
	5	Vesting in other circumstances - personal events	6
	 	 	 
	6	Vesting in other circumstances - corporate events	7
	 	 	 
	7	Changing the Plan and termination	8
	 	 	 
	8	General	9
	 	 	 
	9	Definitions	11
	 	 	 
	Schedule 1 France	14
	 	 	 
	Schedule 2 Canada	20
	 	 	 
	Schedule 3 USA	21

 

 

    	 

    	 

    

 

Rules of the Aviva Annual Bonus Plan
2011

 

Introduction

 

This Plan operates in conjunction with the
Company’s annual cash bonus arrangements. It is intended that a proportion of any annual cash bonus payable under such bonus
arrangements will be compulsorily applied in the acquisition of Shares under this Plan. This introduction does not form part of
the rules of the Plan, but is a brief description and overview of how the rules operate and link in with the annual cash bonus
arrangements.

 

		1	Granting Deferred Share Awards

 

		1.1	Grantor

 

The Grantor of a Deferred Share
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.

 

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

 

		1.2	Eligibility

 

The Grantor may grant a Deferred
Share 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, a Deferred Share 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 Deferred Share Awards

 

Deferred Share Awards are subject
to the rules of the Plan and must be granted by deed. The terms of the Deferred Share 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:

 

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		1.4.1	whether the Deferred Share Award is:

 

		(i)	a Conditional Award;

 

		(ii)	an Option;

 

or a combination of these;

 

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

 

		1.4.3	any condition specified under rule 1.5 (Conditions);

 

		1.4.4	the expected date of Vesting, which will normally be the third anniversary of the Award Date;

 

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

 

		1.4.6	the Award Date; and

 

		1.4.7	the Option Price (if relevant).

 

		1.5	Conditions

 

The Grantor may impose conditions
when granting a Deferred Share Award. Any condition must be objective, specified at the Award Date and may provide that a Deferred
Share 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 1.5 (Conditions).

 

		1.6	Award certificates

 

Each Participant will receive a
certificate setting out the terms of the Deferred Share Award as soon as practicable after the Award Date. The certificate may
be the deed referred to in rule 1.4 (Terms of Deferred Share 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.

 

		1.7	No payment

 

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

 

		1.8	Administrative errors

 

If the Grantor grants a Deferred
Share Award which is inconsistent with rule 1.2 (Eligibility), it will lapse immediately. If the Grantor tries to grant a Deferred
Share Award which is inconsistent with rules 1.9 (Individual limit for Deferred Share Awards), 1.10 (Plan limits - 10 per cent)
or 1.11 (Plan limits - 5 per cent), the Deferred Share Award will be limited and will take effect from the Award Date on a basis
consistent with those rules.

 

		1.9	Individual limit for Deferred Share Awards

 

The maximum amount of the cash
bonus which can be deferred and subject to a Deferred Share Award is two thirds of any annual cash bonus.

 

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		1.10	Plan limits - 10 per cent

 

A Grantor must not grant a Deferred
Share Award if the number of Shares committed to be issued under that Deferred Share 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 Deferred Share Awards under the Plan, or options or awards under any other employee share plan
operated by the Company, granted in the previous 10 years.

 

		1.11	Plan limits - 5 per cent

 

A Grantor must not grant a Deferred
Share Award if the number of Shares committed to be issued under that Deferred Share 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 Deferred Share 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.

 

		1.12	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 1.10 (Plan limits - 10 per cent) and
1.11 (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 a Deferred Share Award
until the Shares are issued or transferred to the Participant.

 

		2.2	Transfer

 

A Participant may not transfer,
assign or otherwise dispose of a Deferred Share 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 a Deferred Share Award on the death of a Participant to his personal representatives;
or

 

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

 

		2.3	Adjustment of Deferred Share 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;

 

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		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 Deferred Share
Award,

 

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

 

		2.4	Reduction or cancellation of Deferred Share Awards

 

The Directors may decide that a
Deferred Share 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

 

		3.1	Timing of Vesting

 

Subject to rules
1.5 (Conditions), 5 (Vesting in other circumstances - personal events) and 6 (Vesting in other circumstances - corporate events),
a Deferred Share Award Vests on the date set by the Directors on the grant of the Deferred Share Award or, if on that date a Dealing
Restriction applies, a date determined by the Directors which is on or after the first date on which Vesting is not prohibited
by a Dealing Restriction.

 

		3.2	Lapse

 

If a Deferred Share 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 (Alternative ways to satisfy Deferred Share Awards), 4.5 (Withholding)
and 8.8 (Consents)) 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). The Option will lapse 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, if earlier, on the earliest of:

 

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

 

		(ii)	six months after an event which gives rise to 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.

 

		4.2.2	Subject to rules 4.4 (Alternative ways to satisfy Deferred Share 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 Deferred Share Award before Vesting, unless the Grantor, in its discretion,
decides otherwise at the Award Date. The Grantor may determine that a Deferred Share 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 Deferred Share 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
a Deferred Share Award will be satisfied in cash at the Award Date or at any time before satisfaction of the Deferred Share 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 Deferred Share 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.

 

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		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 Deferred Share Awards. These arrangements may
include the sale or reduction in number of any Shares on behalf of the Participant.

 

		5	Vesting in other circumstances - personal events

 

		5.1	General rule on leaving employment

 

Subject to rule 5.2 (“Good
leavers”), a Deferred Share 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.

 

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

 

This rule 5.1 will not apply where
the Vesting of a Deferred Share 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

 

If a Participant
ceases to be an Employee for any of the reasons set out below, then his Deferred Share Award will Vest as described below. 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.

 

Where rules 5.2(i) and (iii) applies,
then all the Shares under his Deferred Share Award will Vest on the date of Vesting determined under rule 1.4 (Terms of Deferred
Share Awards), unless the Directors decide that the Deferred Share Award should Vest on the cessation date (or, if on that date
a Dealing Restriction applies, a date determined by the Directors which is on or after the first date on which any Dealing Restriction
ceases to apply). Where rule 5.2(ii) applies, then all the Shares under his Deferred Share Award will Vest on the cessation date,
unless the Directors decide otherwise.

 

		5.3	Exercise of discretion

 

The Directors
must exercise the discretion provided for in rule 5.2(iii) within 30 days after cessation of the relevant Participant’s employment.
The Deferred Share Award will lapse or Vest (as appropriate) on the earlier of the date on which the discretion is exercised and
the end of the 30 day period.

 

 

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	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 Deferred Share Awards (this being shown to the satisfaction
of the Directors); or

 

		5.4.2	become subject to restrictions on his ability to exercise his Deferred Share 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 Deferred Awards will Vest on a date they choose before or after the transfer takes effect. The Deferred Share Award will Vest
to the extent they permit and the Directors will decide whether any balance of the Deferred Share 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, to the extent that a Deferred Share Award is not exchanged
under rule 6.2 (Exchange), it will Vest on the date of Change of Control.

 

		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 Deferred
Share Award, the Directors may allow a Deferred Share Award to Vest. The Directors may impose other conditions on Vesting.

 

		6.2	Exchange

 

A Deferred Share Award will not
Vest under rule 6.1 (Time of Vesting) but will be exchanged under rule 6.5 (Exchange terms) to the extent that:

 

		6.2.1	an offer to exchange the Deferred Share Award is made and accepted by a Participant; or

 

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

 

		6.3	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.

 

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		6.4	Timing of exchange

 

Where a Deferred Share Award is
to be exchanged under rule 6.2 (Exchange), the exchange is effective immediately following the relevant event.

 

		6.5	Exchange terms

 

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

 

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

 

		6.5.2	must be equivalent to the existing Deferred Share Award;

 

		6.5.3	is treated as having been acquired at the same time as the existing Deferred Share Award and Vests
in the same manner and at the same time;

 

		6.5.4	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 6.5.1 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;

 

		(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

 

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		(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.

 

		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 a Deferred Share 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.

 

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		8.2	Directors’ decisions final and binding

 

The decision of the Directors on
the interpretation of the Plan or in any dispute relating to a Deferred Share 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 a
Deferred Share 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:

 

		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.

 

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		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.

 

		8.12	Governing law and jurisdiction

 

English law governs the Plan and
all Deferred Share 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 Deferred Share 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 Date”
means the date on which a Deferred Share Award is granted by deed under rule 1.4 (Terms of Deferred Share 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

 

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		(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;

 

“Deferred Share Award”
means a Conditional Award or an Option;

 

“Directors”
means, subject to rule 6.3 (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 a Deferred Share Award, the entity which grants that Award under the Plan;

 

“London Stock Exchange”
means London Stock Exchange plc;

 

“Member of the Group”
means:

 

		(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 1.4.7;

 

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

 

    	12

    	 

    

 

“Plan” means
these rules known as “The Aviva Annual Bonus 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.

 

 

 

 

 

 

 

 

 

 

 

 

 

    	13

    	 

    

 

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 Deferred Share Awards)

 

		1.3.1	Rule 1.4.1 is supplemented with the following:

 

“If the Deferred Share
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 1.4.5 is deleted.

 

		1.3.3	Rule 1.4.7 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.”

 

		1.4	Rule 1.5 (Conditions)

 

The following words are added at
the end of rule 1.5:

 

    	14

    	 

    

 

“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 1.8 (Administrative errors)

 

Rule 1.8 is deleted and replace
with the following:

 

“If the Grantor grants a
Deferred Share Award which is inconsistent with rules 1.2 (Eligibility), 1.9 (Individual limit for Awards), 1.10 (Plan limits -
10 per cent) or 1.11 (Plan limits - 5 per cent), it will lapse immediately.”

 

		1.6	Rule 1.9 (Individual limit for Deferred Share Award)

 

Rule 1.9 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.”

 

		1.7	Rule 1.10 (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.

 

		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.

 

    	15

    	 

    

 

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
Deferred Share 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)

 

		3.1	Rule 3.1 (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.

 

		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.”

 

    	16

    	 

    

 

		4.2	Rule 4.2 (Options)

 

		4.2.1	In rule 4.2.1, 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	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."

 

		4.2.3	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 Deferred Share 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.”

 

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

 

		5.1	Rule 5.2 (”Good leavers”)

 

The following is added at the end
of rule 5.2:

 

“, subject to rule 3.1 (Timing
of Vesting)”

 

    	17

    	 

    

 

		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	Rule 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 Deferred Share Awards already granted provided that (i)
the changes do not affect the qualifying status of the Deferred Share 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:

 

“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).

 

    	18

    	 

    

 

“Option Price”
means the amount payable on the exercise of an Option, as specified under rule 1.4.7.

 

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.

 

    	19

    	 

    

 

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 Deferred Share Awards) 

 

Rule 1.4.1 is deleted and replaced
by the following:

 

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

 

		2	Rule 4.1 (Conditional Awards)

 

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

 

“Notwithstanding the foregoing,
Deferred Share Awards shall only be satisfied with newly issued Shares or Shares transferred out of treasury. No Conditional Awards
shall be satisfied with Shares sourced from any trust.

 

		3	Rule 4.4 (Alternative ways to satisfy Deferred Share Awards)

 

Rule 4.4 (Alternative ways to satisfy
Deferred Share Awards) shall not apply to Deferred Share Awards.

 

		4	Rule 8.6 (Employee trust) 

 

The following paragraph is added
to the end of rule 8.6 (Employee trust):

 

“Notwithstanding the foregoing,
Deferred Share Awards shall only be satisfied with newly issued Shares or Shares transferred out of treasury.”

 

 

    	20

    	 

    

 

Schedule 3

USA

 

This Schedule 3 shall apply to any Participant
who is, or who becomes or may become, subject to taxation under the laws of the United States of America (“US Tax”).
This Schedule 3 applies to any Deferred Share Award granted.

 

To the extent that a Participant confirms
to the Company (to its satisfaction) that he is no longer subject to US Tax and will not be subject to US Tax in respect of any
Deferred Share Award (or portion thereof), this US Schedule shall cease to apply to any outstanding Deferred Share Award (or portion
thereof) from such time as determined by the Company.

 

For the purpose of Deferred Share Awards
subject to this Schedule 3, all of the rules of the Plan shall apply subject to the following amendments:

 

		1	Rule 5.2 (“Good leavers”) 

 

Rule 5.2 is deleted and replaced
by the following:

 

“If a Participant
ceases to be an Employee for any of the reasons set out below, then his Awards will Vest as described below. 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,

 

then all the Shares under his Deferred
Share Award will Vest on the cessation date.”

 

		2	Rule 9 (Definitions)

 

The definition of “Options
Price” in rule 9 (Definitions) is deleted and replaced by the following:

 

““Option Price”
means the fair market value of the Shares subject to the Option on the Award Date (as determined in a manner consistent with section
409A of the US Internal Revenue Code 1986 and the regulations promulgated thereunder);”.

 

 

21EXHIBIT 4.5

 

       

AVIVA plc

     

 

 

RULES OF
THE CFO RECRUITMENT SHARE AWARDS PLAN

 

 

 

 

 

	Linklaters	 
	 	
	
        Linklaters LLP

        One Silk Street

        London EC2Y 8HQ

         
	 
	Telephone (44-20) 7456 2000	 
	Facsimile (44-20) 7456 2222	 
	 	 
	Ref 01/145/J Jaques/R Berglund	 

 

 

    	 

    	 

    

 

Table of Contents

 

	Contents	Page
	 	 	 
	1	Categories of Awards	1
	 	 	 
	2	Granting Awards	1
	 	 	 
	3	Principal Terms of the Awards	2
	 	 	 
	4	CFO’s rights	3
	 	 	 
	5	Vesting	3
	 	 	 
	6	Leaving the Group before Vesting – Bonus Replacement Deferred Share Award	4
	 	 	 
	7	Leaving the Group before Vesting – One Aviva, Twice the Value Award	6
	 	 	 
	8	Leaving the Group before Vesting – Replacement Restricted Share Award	7
	 	 	 
	9	Variations in share capital, demergers and special distributions	7
	 	 	 
	10	Takeovers and restructurings	8
	 	 	 
	11	Exchange of Awards	10
	 	 	 
	12	General	10
	 	 	 
	13	Changing the Plan and termination	13
	 	 	 
	14	Definitions	14
	 	 	 
	Schedule 1 Restricted Shares	16
	 	 	 
	Schedule 2 Performance Condition for One Aviva, Twice the Value Award	19

 

    	 

    	 

    

 

Rules of the CFO Recruitment Share Awards
Plan

 

Introduction

 

This Plan sets out the terms of the awards
to be granted to the CFO in connection with his recruitment as chief financial officer of the Company.

 

		1	Categories of Awards

 

The Executive will be granted three
Awards under this Plan as follows:

 

		·	Replacement Restricted Share Award;

 

		·	Bonus Replacement Deferred Share Award; and

 

		·	One Aviva, Twice the Value Award.

 

		2	Granting Awards

 

		2.1	Eligibility

 

Only the CFO is eligible to be
granted an Award under this Plan.

 

		2.2	Timing and Award Date

 

The Award Date for each Award will
be as follows:

 

		2.2.1	for the Replacement Restricted Share Award, the date on which the CFO becomes an employee of the
Company;

 

		2.2.2	for the Bonus Replacement Deferred Share Award, 30 March 2010;

 

		2.2.3	for the One Aviva, Twice the Value Award, 30 March 2010.

 

or, if later, the later of:

 

		2.2.4	first Business Day after that on which the Company is not prevented by a Dealing Restriction from
granting the Awards;

 

		2.2.5	the first Business Day on which the number of Shares subject to the Award can be determined (see
rule 3.1).

 

Awards may not be granted under
this Plan at any other time.

 

		2.3	Documentation

 

The Awards will be granted by
deed. The CFO will receive a certificate setting out the principal terms of the Awards as soon as practicable after the Award Date.
The certificate may be the deed or any other document, including a statement, and may be sent electronically. If any certificate
is lost or damaged the Company may replace it on such terms as it decides.

 

		2.4	No payment

 

The CFO is not required to pay
for the grant of any Award.

 

    	1

    	 

    

 

		3	Principal Terms of the Awards

 

		3.1	Number of Shares subject to each Award

 

The number of Shares subject to
each Award will be determined as follows:

 

		3.1.1	The Replacement Restricted Share Award will be over Shares with a Market Value equal to £1.65
million. ‘Market Value’ for the purposes of this rule 3.1.1 means the average of the middle market quotations
for a Share (taken from the Daily Official List of the London Stock Exchange) for the five consecutive Business Days immediately
preceding the Award Date but only consecutive Business Days during which the Company is not in a close period under the Model Code
will be used for these purposes.

 

		3.1.2	The Bonus Replacement Deferred Share Award will be over Shares with a Market Value equal to £283,333.
‘Market Value’ for the purposes of this rule 3.1.2 means the average of the middle market quotations for
a Share (taken from the Daily Official List of the London Stock Exchange) for any three consecutive Business Days in the thirty
day period immediately preceding the Award Date.

 

		3.1.3	The One Aviva, Twice the Value Award will be over the number of Shares equal to 75% of the number
of Shares subject to the Bonus Replacement Deferred Share Award.

 

		3.2	Expected date of Vesting

 

The expected date of Vesting for
each of the Awards is as follows:

 

		3.2.1	for the Replacement Restricted Share Award:

 

		(i)	as to one third of the Shares subject to Award, the first anniversary of the CFO becoming an employee
of the Company;

 

		(ii)	as to one third of the Shares subject to Award, the second anniversary of the CFO becoming an employee
of the Company;

 

		(iii)	as to the balance of the Shares subject to Award, the third anniversary of the CFO becoming an
employee of the Company;

 

		3.2.2	for the Bonus Replacement Deferred Share Award the third anniversary of the Award Date; and

 

		3.2.3	for the One Aviva, Twice the Value Award the third anniversary of the Award Date or, if later,
the date on which the Directors determine the extent to which the Performance Condition has been satisfied.

 

		3.3	Performance Conditions

 

		3.3.1	Vesting of the One Aviva, Twice the Value Award will be subject to the Performance Condition set
out in Schedule 2. The Directors may waive or change this Performance Condition in accordance with its terms or if anything happens
which causes them reasonably to consider it appropriate. Notwithstanding anything else in the Plan, the One Aviva, Twice the Value
Award will only Vest to the extent that the Performance Condition is satisfied or waived.

 

    	2

    	 

    

 

		3.3.2	The Replacement Restricted Share Award will only Vest if the Group Chief Executive and Chairman
of the Company consider that the CFO’s performance from the Award Date to the date of Vesting has been at least ‘mid-range’.
For the avoidance of doubt, this will not apply where Vesting occurs under rules 8 or 10.

 

		3.4	CFO’s right to take Replacement Restricted Share Award or Bonus Replacement Deferred Share
Award as a Restricted Share Award

 

The CFO may notify the Company
before the Award Date of the Replacement Restricted Share Award and/or the Bonus Replacement Deferred Share Award that he wishes
it to be granted in the form of a Restricted Share Award under Schedule 1 of the Plan. If he enters into the Restricted Share Agreement
on or before the Award Date, Schedule 1 will apply to the Award.

 

		3.5	Reduction or cancellation of Awards

 

The Directors may decide that an
Award which has not Vested will lapse wholly or in part if they consider that:

 

		3.5.1	the CFO 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

 

		3.5.2	there is a materially adverse misstatement of the Company financial statements.

 

		4	CFO’s rights

 

		4.1	Rights

 

Subject to rule 5.5 (Dividend equivalent),
the CFO shall not be entitled to vote, to receive dividends or to have any other rights of a shareholder in respect of Shares subject
to an Award until the Shares are issued or transferred to the CFO, except as set out in rule 5.4 (Rights).

 

		4.2	Transfer

 

The CFO 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 4.2 does not apply:

 

		4.2.1	to the transmission of an Award on the death of the CFO to his personal representatives; or

 

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

 

		5	Vesting

 

		5.1	Timing of Vesting

 

Subject to rules 3.3 (Performance
Conditions), 6, 7 and 8 (Leaving the Group before Vesting), and 10 (Takeovers and restructurings), each Award will Vest on the
date or dates set out in rule 3.2 or, if on any such date a Dealing Restriction applies which would prevent the Vesting, a date
determined by the Directors which is on or after the first date on which any Dealing Restriction ceases to apply.

 

    	3

    	 

    

 

		5.2	Lapse

 

If an Award lapses under the Plan
it cannot Vest and the CFO has no rights in respect of it.

 

		5.3	Delivering the Shares

 

Within 30 days of the Vesting of
an Award, the Company will arrange (subject to rule 5.7 (Withholding)) for the transfer to or to the order of the CFO of the number
of Shares in respect of which the Award has Vested.

 

No Shares will be issued under
the Plan.

 

		5.4	Rights

 

The CFO will be entitled to all
rights attaching to the Shares by reference to a record date on or after the transfer date. The CFO will not be entitled to rights
before that date.

 

		5.5	Dividend equivalent

 

The Awards will not include any
rights in respect of dividends on the Shares comprised in the Award before Vesting.

 

However, the Replacement Restricted
Share Award and the Bonus Replacement Deferred Share Award will include the right to receive, on Vesting, cash or Shares
(as determined by the Directors on Vesting) with a value equal to the value of ordinary dividends paid on the number of Shares
in respect of which the Award is then Vesting, the record date for which falls between the Award Date and the date of Vesting.

 

		5.6	Cash alternative

 

The Company, subject to the approval
of the Directors, may decide to satisfy an Award by paying an equivalent amount in cash (subject to rule 5.7 (Withholding)).

 

		5.7	Withholding

 

The Company, 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 CFO.

 

		6	Leaving the Group before Vesting – Bonus Replacement Deferred Share Award

 

		6.1	General rule on leaving employment

 

		6.1.1	This rule applies if the CFO ceases to be an employee or director before his Bonus Replacement
Deferred Award Vests for a reason other than one specified in rule 6.2 (Exceptions to the general rule on leaving employment) or
rule 6.3 (Other circumstances).

 

		6.1.2	Subject to rule 6.1.3, if the date on which the CFO ceases to be an employee or director (the “cessation
date”) is:

 

		(i)	before 31 December 2010, the whole of the Bonus Replacement Deferred Share Award will lapse on
the cessation date and no Shares will Vest;

 

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		(ii)	in 2011, 50% of the Shares under the Bonus Replacement Deferred Share Award will lapse on the cessation
date and 50% will Vest in accordance with rule 5.1 (Timing of Vesting);

 

		(iii)	in 2012, 25% of the Shares under the Bonus Replacement Deferred Share Award will lapse on the cessation
date and 75% will Vest in accordance with rule 5.1 (Timing of Vesting); or

 

		(iv)	in 2013 (and before Vesting), the whole of the Bonus Replacement Deferred Share Award will Vest
in accordance with rule 5.1 (Timing of Vesting).

 

		6.1.3	If the CFO ceases to be an employee or director for reasons involving misconduct, the whole of
the Bonus Replacement Deferred Share Award will lapse on such cessation.

 

		6.2	Exceptions to the general rule on leaving employment

 

If the CFO ceases to be an employee
or director due to:

 

		6.2.1	retirement with the agreement of the Company;

 

		6.2.2	death;

 

		6.2.3	ill-health, injury or disability, as established to the satisfaction of the Company;

 

		6.2.4	the CFO’s employing company ceasing to be under the Control of the Company;

 

		6.2.5	redundancy, only in circumstances which give rise to a redundancy payment; or

 

		6.2.6	any other reason, if the Directors so decide in any particular case,

 

then all the Shares under his Bonus
Replacement Deferred Share Award will Vest on the cessation date (or, if on that date a Dealing Restriction applies, a date determined
by the Directors which is on or after the first date on which any Dealing Restriction ceases to apply).

 

The Directors must exercise any
discretion provided for in rule 6.2.6 within 30 days after the cessation date and the Bonus Replacement Deferred Share Award will
lapse or Vest (as appropriate) on the earlier of the date on which the discretion is exercised and the end of the 30 day period.

 

		6.3	Other circumstances

 

If the CFO ceases
to be an employee or director due to a transfer of the undertaking, or the part of the undertaking, in which the CFO works to a
person which is neither under the Control of the Company nor a Member of the Group then all the Shares under his Award will Vest
in accordance with rule 5.1 (Timing of Vesting).

 

		6.4	Meaning of “ceasing to be an employee or director”

 

For the purposes of rule 6, 7 and
8:

 

		6.4.1	the CFO will not be treated as ceasing to be an employee or director of a Member of the Group until
he ceases to be an employee or director of all Members of the Group or if he recommences employment with or becomes a director
of a Member of the Group within 14 days or such other period and on such basis as the Directors, in their discretion, approve;

 

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		6.4.2	the CFO will be treated as ceasing to be an employee or director if he gives notice of termination
of his employment with any Member of the Group.

 

		7	Leaving the Group before Vesting – One Aviva, Twice the Value Award

 

		7.1	General rule on leaving employment

 

Unless rule 7.2 (Exceptions to
the general rule on leaving employment) applies, the One Aviva, Twice the Value Award, if it has not Vested, will lapse on the
date the CFO ceases to be an employee or director of a Member of the Group. However, this rule 7.1 will not apply where the Vesting
of the One Aviva, Twice the Value Award is delayed due to the application of a Dealing Restriction as described in rule 5.1, unless
the CFO ceases to be an employee or director for reasons involving misconduct.

 

		7.2	Exceptions to the general rule on leaving employment

 

If the CFO ceases to be an employee
or director due to:

 

		7.2.1	retirement with the agreement of the Company;

 

		7.2.2	death;

 

		7.2.3	ill-health, injury or disability, as established to the satisfaction of the Company;

 

		7.2.4	the CFO’s employing company ceasing to be under the Control of the Company;

 

		7.2.5	redundancy, only in circumstances which give rise to a redundancy payment; or

 

		7.2.6	any other reason, if the Directors so decide in any particular case,

 

then his One Aviva, Twice the Value
Awards will vest as described in rule 7.3 and lapse as to the balance.

 

The Directors must exercise any
discretion provided for in rule 7.2.6 within 30 days after the cessation date and the One Aviva, Twice the Value Award will lapse
or Vest (as appropriate) on the earlier of the date on which the discretion is exercised and the end of the 30 day period.

 

		7.3	Vesting on leaving in exceptional circumstances

 

Where rule 7.2 (Leaving in exceptional
circumstances) applies, the One Aviva, Twice the Value Award does not lapse and will normally Vest in accordance with the provisions
of rule 5 (Vesting). Alternatively, the Directors may in their absolute discretion decide that the One Aviva, Twice the Value Award
will Vest on the cessation date, to the extent that the Performance Condition has been satisfied at that date.

 

The number of Shares in respect
of which the One Aviva, Twice the Value Award will Vest will be reduced pro rata to reflect the number of days from the start of
the Performance Period until the cessation of the CFO’s office or employment as a proportion of the number of days of the
Performance Period.

 

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		8	Leaving the Group before Vesting – Replacement Restricted Share Award

 

		8.1	General rule on leaving employment

 

The Replacement Restricted Share
Award will lapse immediately if the CFO gives or is given notice terminating his employment (whether or not such termination is
or would be lawful).

 

		8.2	Exceptions to the general rule on leaving employment

 

However, the Award will Vest in
full on cessation if the CFO ceases to be an employee or director of a Member of the Group by reason of:

 

		8.2.1	death;

 

		8.2.2	ill-health, injury or disability, as established to the satisfaction of the Company;

 

		8.2.3	the CFO’s employing company ceasing to be under the Control of the Company;

 

		8.2.4	redundancy, only in circumstances which give rise to a redundancy payment;

 

		8.2.5	a transfer of the undertaking, or the part of the undertaking, in which the CFO works to a person
which is neither under the Control of the Company nor a Member of the Group; or

 

		8.2.6	any other reason, if the Directors so decide in any particular case.

 

The Directors must exercise any
discretion provided for in rule 8.2.6 within 30 days after the cessation date and the Replacement Restricted Share Award will lapse
or Vest (as appropriate) on the earlier of the date on which the discretion is exercised and the end of the 30 day period.

 

		9	Variations in share capital, demergers and special distributions

 

		9.1	Adjustment of Awards

 

If there is:

 

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

 

		9.1.2	a demerger (in whatever form) or exempt distribution by virtue of Section 213 of the Income and
Corporation Taxes Act 1988; or

 

		9.1.3	a special dividend or distribution;

 

the Directors may adjust the number
or class of Shares or securities comprised in an Award.

 

		9.2	Notice

 

The Company may notify the CFO
of any adjustment made under this rule.

 

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		10	Takeovers and restructurings

 

		10.1	Takeover

 

		10.1.1	Where a person (or a group of persons acting in concert) obtains Control of the Company as a result
of making an offer to acquire Shares, each Award will be exchanged under rule 11 (Exchange of Awards) if:

 

		(i)	an offer to exchange the Award is made and accepted by the CFO; or

 

		(ii)	the Directors, with the consent of the Acquiring Company, decide before a person obtains Control
that the Award will be automatically exchanged.

 

		10.1.2	To the extent that an Award is not exchanged under rule 11 (Exchange of Awards), it will Vest on
the date the person obtains Control. The One Aviva, Twice the Value Award will only Vest to the following extent (and lapse as
to the balance):

 

		(i)	that the Performance Condition has been satisfied (as determined by the Directors in the manner
specified in the Performance Condition or in such manner as they consider reasonable) over the period from the start of the Performance
Period until the date the person obtains Control; and

 

		(ii)	reduced pro rata to reflect the number of days from the start of the Performance Period until the
date the person obtains Control as a proportion of the number of days of the Performance Period.

 

The Directors will have the
discretion to adjust the number of Shares in respect of which the One Aviva, Twice the Value Award Vests in order to ensure that
such number is, in the opinion of the Directors, reasonable taking into account the extent to which the Performance Condition has
been met and the proportion of the Performance Period which has elapsed.

 

		10.2	Scheme of Arrangement

 

		10.2.1	When under Section 895 of the Companies Act 2006 a court sanctions a compromise or arrangement
in connection with the acquisition of Shares, each Award will be exchanged under rule 11 (Exchange of Awards) if:

 

		(i)	an offer to exchange the Award is made and accepted by the CFO; or

 

		(ii)	the Directors, with the consent of the Acquiring Company, decide before court sanction that the
Award will be automatically exchanged.

 

		10.2.2	To the extent that an Award is not exchanged under rule 11 (Exchange of Awards), it will Vest on
the date of the court sanction. The One Aviva, Twice the Value Award will only Vest to the following extent (and lapse as to the
balance):

 

		(i)	that the Performance Condition has been satisfied (as determined by the Directors in the manner
specified in the Performance Condition or in such manner as they consider reasonable) over the period from the start of the Performance
Period until the date of court sanction; and

 

		(ii)	reduced pro rata to reflect the number of days from the start of the Performance Period until the
date of court sanction as a proportion of the number of days of the Performance Period.

 

    	8

    	 

    

 

The Directors will have the
discretion to adjust the number of Shares in respect of which the One Aviva, Twice the Value Award Vests in order to ensure that
such number is, in the opinion of the Directors, reasonable taking into account the extent to which the Performance Condition has
been met and the proportion of the Performance Period which has elapsed.

 

		10.2.3	This rule also applies where there is an equivalent procedure to Section 895 of the Companies Act
2006 under local legislation.

 

		10.3	Demerger or other corporate event

 

		10.3.1	If the Directors become aware that the Company is or is expected to be affected by any demerger,
distribution (other than an ordinary dividend) or other transaction not falling within rule 10.1 (Takeover), or 10.2 (Scheme of
arrangement) which, in the opinion of the Directors would affect the current or future value of any Award, the Directors may allow
the Award to Vest.

 

		10.3.2	In the case of the One Aviva, Twice the Value Award, Vesting will be subject to any other conditions
the Directors decide to impose and the Directors may only allow it to Vest to no more than the following extent (and it will lapse
as to the balance):

 

		(i)	that the Performance Condition has been satisfied (as determined by the Directors in the manner
specified in the Performance Condition or in such manner as they consider reasonable) over the period from the start of the Performance
Period until the date determined by the Directors; and

 

		(ii)	reduced pro rata to reflect the number of days from the start of the Performance Period until the
date determined by the Directors as a proportion of the number of days of the Performance Period.

 

The Directors will have the
discretion to adjust the number of Shares in respect of which the One Aviva, Twice the Value Award Vests in order to ensure that
such number is, in the opinion of the Directors, reasonable taking into account the extent to which the Performance Condition has
been met and the proportion of the Performance Period which has elapsed.

 

		10.3.3	The Company will notify the CFO if the Directors exercise their discretion under this rule.

 

		10.4	Directors

 

In this rule, “Directors”
means those people who were members of the remuneration committee of the Company immediately before the change of Control.

 

		10.5	Overseas transfer

 

If the CFO is transferred to work
in another country and, as a result of that transfer he would:

 

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

 

		10.5.2	become subject to restrictions on his ability to receive the Shares comprised in his Awards or
to hold or deal in the Shares or the proceeds of the sale of the Shares because of the security laws or exchange control laws of
the country to which he is transferred;

 

    	9

    	 

    

 

then if the CFO continues to hold
an office or employment with a Member of the Group, the Directors may decide that the Award will Vest, to the extent they permit,
on a date they choose before or after the transfer takes effect. The Directors will decide whether any balance of the Award will
lapse.

 

		11	Exchange of Awards

 

		11.1	Exchange

 

Where an Award is to be exchanged
under rule 10 (Takeovers and restructurings) the exchange will take place as soon as practicable after the relevant event.

 

		11.2	Exchange terms

 

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

 

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

 

		11.2.2	must be equivalent to the existing Award;

 

		11.2.3	is treated as having been acquired at the same time as the existing Award and Vest in the same
manner and at the same time;

 

		11.2.4	is governed by the Plan 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 11.2.1; and

 

		11.2.5	in the case an award for which the One Aviva, Twice the Value Award is exchanged, must:

 

		(i)	be subject to a performance condition which is, so far as possible, equivalent to any Performance
Condition applying to the existing One Aviva, Twice the Value 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 determined in accordance with rule 10.1.2 or 10.2.2 (as relevant), in which case the existing
One Aviva, Twice the Value Award lapses as to the balance.

 

		12	General

 

		12.1	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.

 

		12.2	Documents sent to shareholders

 

The Company may, at its discretion,
send to the CFO copies of any documents or notices normally sent to the holders of its Shares at or around the same time as issuing
them to the holders of its Shares.

 

    	10

    	 

    

 

		12.3	Costs

 

The Company may ask the CFO’s
employer to bear the costs in respect of an Award to the CFO.

 

		12.4	Regulations

 

The Directors have the power from
time to time to make or vary regulations for the administration and operation of the Plan but these must be consistent with its
rules.

 

		12.5	Terms of employment

 

		12.5.1	This rule applies:

 

		(i)	whether the Company has full discretion in the operation of the Plan, or whether the Company could
be regarded as being subject to any obligations in the operation of the Plan;

 

		(ii)	during the CFO’s employment or employment relationship; and

 

		(iii)	after the termination of the CFO’s employment or employment relationship, whether the termination
is lawful or unlawful.

 

		12.5.2	Nothing in the rules or the operation of the Plan forms part of the contract of employment or employment
relationship of the CFO. The rights and obligations arising from the employment relationship between the CFO and the Company 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 or a continued employment relationship.

 

		12.5.3	The grant of Awards does not create any right to or expectation of the grant of Awards on the same
basis, or at all, in any future year.

 

		12.5.4	Without prejudice to the CFO’s right in respect of an Award subject to and in accordance
with the express terms of the Plan, the CFO has no rights in respect of the exercise or omission to exercise any discretion, or
the making or omission to make any decision, relating to any Award. Any and all discretions, decisions or omissions relating to
the Award may operate to the disadvantage of the CFO, even if this could be regarded as capricious or unreasonable, or could be
regarded as in breach of any implied term between the CFO and his employer, including any implied duty of trust and confidence.
Any such implied term is excluded and overridden by this rule.

 

		12.5.5	The CFO has no right to compensation for any loss in relation to the Plan, including:

 

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

 

		(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.

 

		12.5.6	Participation in the Plan is permitted only on the basis that the CFO accepts all the provisions
of its rules, including in particular this rule. By participating in the Plan, the CFO waives all rights under the Plan, other
than the right to acquire shares subject to and in accordance with the express terms of the Plan, in consideration for and as a
condition of, the grant of an Award under the Plan.

 

    	11

    	 

    

 

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

 

		12.5.8	Each of the provisions of this rule is entirely separate and independent from each of the other
provisions. If any provision is found to be invalid then it will be deemed never to have been part of these rules and to the extent
that it is possible to do so, this will not affect the validity or enforceability of any of the remaining provisions.

 

		12.6	Employee trust

 

The Company and any Subsidiary
of the Company 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.

 

		12.7	Data protection

 

By participating in the Plan the
CFO consents to the holding and processing of personal data provided by the CFO 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:

 

		12.7.1	administering and maintaining plan records;

 

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

 

		12.7.3	providing information to future purchasers of the company or the business in which the CFO works;

 

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

 

		12.8	Consents

 

All 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 CFO will be responsible for complying with any requirements he needs to fulfil in order to obtain or avoid the
necessity for any such consent.

 

		12.9	Articles of Association

 

Any Shares acquired under the Plan
are subject to the articles of association of the Company from time to time in force.

 

		12.10	Notices

 

		12.10.1	Any notice or other document which has to be given to the CFO under or in connection with the Plan
may be:

 

    	12

    	 

    

 

		(i)	delivered or sent by post to him at his home address according to the records of his employing
company; or

 

		(ii)	sent by e-mail or fax to any e-mail address or fax number which according to the records of his
employing company is used by him;

 

or in either case such other
address which the Company considers appropriate.

 

		12.10.2	Any notice or other document which has to be given to the Company or other duly appointed agent
under or in connection with the Plan may be delivered or sent by post to it at its registered office (or such other place as the
Directors or duly appointed agent may from time to time decide and notify to the CFO) or sent by e-mail or fax to any e-mail address
or fax number notified to the CFO.

 

		12.10.3	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 the CFO while he is working overseas will be deemed to have been given on the seventh day after
the date of posting. Notices sent by e-mail or fax, in the absence of evidence to the contrary, will be deemed to have been received
on the day after sending.

 

		13	Changing the Plan and termination

 

		13.1	Directors’ powers

 

Except as described in the rest
of this rule 13, the Directors may at any time change the Plan in any way.

 

		13.2	Shareholder approval

 

		13.2.1	Except as described in rule 13.2.2, the Company in general meeting must approve in advance by ordinary
resolution any proposed change to the Plan to the advantage of the CFO, which relates to the following;

 

		(i)	the persons to or for whom Shares may be provided under the Plan;

 

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

 

		(iii)	the number of Shares under Award;

 

		(iv)	any rights attaching to the Awards and the Shares;

 

		(v)	the rights of the CFO in the event of a capitalisation issue, rights issue, sub-division or consolidation
of shares or reduction or any other variation of capital of the Company;

 

		(vi)	the prohibition on the issue of new Shares to satisfy Awards;

 

		(vii)	the terms of this rule 13.2.1.

 

		13.2.2	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;

 

    	13

    	 

    

 

		(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 the CFO.

 

		13.3	Notice

 

The Directors may give written
notice of any changes made to the CFO.

 

		13.4	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.

 

		14	Definitions

 

		14.1	Meaning of words used

 

In these rules:

 

“Acquiring Company”
means a person who obtains Control of the Company;

 

“Award” means
one of the Awards mentioned in rule 1;

 

“Award Date”
means, in relation to an Award, the applicable date under 2.2;

 

“Bonus Replacement Deferred
Share Award” means, subject to rule 3.4, a conditional right to receive Shares granted under the rules of the Plan;

 

“Business Day”
means a day on which the London Stock Exchange (or, if relevant and if the Directors determine, any stock exchange nominated by
the Directors on which the Shares are traded) is open for the transaction of business;

 

“CFO” means
Patrick C. Regan;

 

“Company” means
Aviva plc;

 

“Control” has
the meaning given to it by Section 840 of the Income and Corporation Taxes Act 1985;

 

“Dealing Restrictions”
means restrictions imposed by statute, order, regulation or Governmental directive or by the model code, or any code adopted by
the Company to comply with share dealing regulations;

 

“Directors”
means, subject to rule 10.4 (Directors), the board of directors of the Company or a duly authorised committee;

 

“London Stock Exchange”
means London Stock Exchange plc;

 

“Member of the Group”
means:

 

		(i)	the Company; and

 

		(ii)	its Subsidiaries from time to time; and

 

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

 

    	14

    	 

    

 

“One Aviva, Twice the
Value Award” means a conditional right to receive Shares granted under the rules of the Plan;

 

“Performance Condition”
means the conditions described in rule 3.3;

 

“Plan” means
these rules known as “CFO Recruitment Share Awards Plan” as changed from time to time;

 

“Replacement Restricted
Share Award” means, subject to rule 3.4, a conditional right to receive Shares granted under the rules of the Plan;

 

“Shares” means
fully paid ordinary shares in the capital of the Company;

 

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

 

“Vesting” means
the CFO becoming entitled to have the Shares transferred to him subject to these rules and “Vest” is to be construed
accordingly.

 

 

 

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Schedule 1

Restricted Shares

 

If the CFO indicates that he wishes the
Replacement Restricted Share Award and/or the Bonus Replacement Deferred Share Award to be granted in the form of a Restricted
Share Award as described in rule 3.4, this Schedule 1 will apply to that Award.

 

		1	Restricted Share Agreement

 

		1.1	The CFO must enter into an agreement with the Company that:

 

		(i)	to the extent that an Award lapses under the Plan, the Restricted Shares are forfeited and he will
immediately transfer his interest in the Restricted Shares, for no consideration or nominal consideration, to any person (which
may include the Company, where permitted) specified by the Company; and

 

		(ii)	he will not transfer, assign or dispose of any Restricted Shares or any rights in respect of them
before Vesting in accordance with paragraph 7 of this Schedule 1 and if he does, his Restricted Share Award will lapse except in
the case of:

 

		(a)	the transmission of his Restricted Share Award on his death to his personal representatives;

 

		(b)	the transfer, assignment or other disposal of the Restricted Share Award, with the prior consent
of the Directors, subject to any terms and conditions the Directors may impose;

 

		(c)	the disposal or undertaking to dispose of his Restricted Shares where rule 5.7 of the Plan applies;
or

 

		(d)	the transfer, assignment, disposal or undertaking to dispose of his Restricted Shares where rule
10 of the Plan applies.

 

		1.2	The CFO must also sign any other documentation, including a power of attorney or blank stock transfer
form, requested by the Company.

 

		1.3	If the CFO does not sign the Restricted Share Agreement or any other documentation requested by
the Company within a period specified by the Company, the Restricted Share Award will lapse at the end of that period.

 

		2	Transfer of Restricted Shares

 

On or shortly after the Award Date,
the Company will procure that the relevant number of Shares are transferred to the CFO or to another person to be held for the
benefit of the CFO under the terms of this Schedule 1 and the Restricted Share Agreement.

 

		3	Rights

 

Rule 5.4 (Rights) of the Plan will
be replaced with the following paragraph:

 

Subject to the terms of the Restricted
Share Agreement, the CFO will be entitled to all rights attaching to the Shares by reference to a record date on or after the transfer
date. The CFO will not be entitled to rights before that date.

 

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		4	Tax elections 

 

The CFO must enter into any elections
required by the Company, including elections under Part 7 of the Income Tax (Earnings and Pensions) Act 2003 and elections to transfer
any liability, or agreements to pay, social security contributions. If he does not do so within a period specified by the Company,
the Restricted Share Award will lapse at the end of that period.

 

		5	Retention of share certificates

 

The Company may retain the share
certificates or other documents of title relating to any Restricted Shares until they Vest in accordance with paragraph 7 of this
Schedule 1 or make such other arrangements it considers necessary to enforce the Restricted Share Agreement.

 

		6	Voting, dividends and dividend equivalent

 

Unless otherwise specified in the
Restricted Share Agreement, the CFO will not be entitled to vote (or instruct any person holding the Restricted Shares on his behalf
how to vote) or to receive any dividends in respect of the Restricted Shares in the period between the Award Date and Vesting.

 

For the avoidance of doubt, Rule
5.5 (Dividend equivalent) of the Plan will apply in relation to Restricted Share Awards granted under this Schedule 1 unless otherwise
specified in the Restricted Share Agreement.

 

		7	Vesting

 

Restricted Share Awards will Vest
in accordance with rule 5.1 of the Plan.

 

		8	Consequences of Vesting

 

To the extent that the Restricted
Share Award Vests, the Restricted Share Agreement will cease to apply to the Restricted Shares. If the Restricted Shares are held
by any person for the benefit of the CFO, that person may transfer the Restricted Shares to or to the order of the CFO.

 

		9	Consequences of lapse for Restricted Share Awards

 

To the extent that the Restricted
Share Award lapses, the CFO will transfer his interest in the Restricted Shares as described in the Restricted Share Agreement.

 

		10	No cash alternative

 

Rule 5.6 of the Plan will not apply.

 

		11	Variations in share capital, rights issues, demergers etc

 

Rule 9 of the Plan will be replaced
by the following:

 

“If there is:

 

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

 

    	17

    	 

    

 

		(ii)	a demerger (in whatever form) or exempt distribution by virtue of Section 213 of the Income and
Corporation Taxes Act 1988; or

 

		(iii)	a special dividend or distribution,

 

the CFO will, subject to the Restricted
Share Agreement, have the same rights as any other shareholder in respect of his Restricted Shares. Any shares, securities or rights
allotted to the CFO as a result of such an event shall be:

 

		(a)	treated as if they were awarded to the CFO under this Schedule 1 in the same way and at the same
time as the Restricted Shares in respect of which the rights were conferred; and

 

		(b)	subject to this Schedule 1, the rules of the Plan and the terms of the Restricted Share Agreement.

 

However, securities bought by the
CFO pursuant to a rights issue will not be treated as described in (a) and (b) above except to the extent they are bought using
the proceeds of sale of rights under that rights issue.”

 

		12	Exchange terms

 

Rule 11.2 of the Plan is replaced
by the following:

 

“The CFO may be required
to exchange some or all of his Restricted Shares for other securities or to sell them and use the proceeds to buy other securities
on such terms as the Directors may determine and the rules of the Plan including this Schedule 1 will apply to those other securities
as if they were Restricted Shares.”

 

		13	Documents sent to shareholders

 

Rule 12.2 of the Plan is replaced
by the following:

 

“The Company may, but is
not required, to send to the CFO copies of any documents or notices normally sent to the holders of its Shares at or around the
same time as issuing them to the holders of its Shares.”

 

		14	Definitions

 

“Restricted Shares”
means Shares held in the name of or for the benefit of the CFO subject to the Restricted Share Agreement;

 

“Restricted Share Agreement”
means the agreement referred to in paragraph 1 of this Schedule 1;

 

“Restricted Share Award”
means an award of Restricted Shares granted under this Schedule 1; and

 

“Vesting”
means the restrictions set out in the Restricted Share Agreement between the CFO and the Company, as referred to in paragraph 1
of this Schedule 1, ceasing to have effect.

 

    	18

    	 

    

 

Schedule 2

Performance Condition for the One Aviva, Twice the Value Award

 

The One Aviva, Twice the Value Award will
vest to the extent shown in the table below, where the Actual Growth Rate is measured by the compound annual growth rate of the
Company’s IFRS total return Earnings Per Share over a 3 year period from 1 January 2010 to 31 December 2012, and the opening
position for 2010 is 49.2 pence per share.

  

	Actual Growth Rate	Thresholds	Vesting Percentage of Award	Number of shares vesting for each share awarded
	Below 14.9%	Below Minimum	0%	0:1
	14.9%	Minimum	10%	0.1:1
	57.5%	Target	100%	1:1
	100%	Maximum	200%	2:1

 

 

If the Actual Growth Rate falls between
14.9% and 57.5%, the vesting percentage will be calculated on a pro rata basis between 10% and 100%.

 

If the Actual Growth Rate falls between
57.5% and 100%, the vesting percentage will be calculated on a pro rata basis between 100% and 200%.

 

 

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