Director/PDMR Shareholding Replacement

RNS Number : 8256A

BP PLC

25 March 2013

 



Due to an administrative error, the Director Shareholding announcement released on 12 February 2013 under RNS 7111X misstated the number of ordinary shares and ADSs under the Performance Share Awards. The correct numbers (which are less than 1% lower than the numbers previously announced) are shown in the full amended announcement below. No other details have changed.

The Company announces that on 11 February 2013, the following conditional share awards (the "Awards") were made to the following Executive Directors of BP p.l.c. under the BP Executive Directors' Incentive Plan (the "Plan"):

DIRECTOR                                                    NUMBER OF ORDINARY SHARES OR

ADSs UNDER THE CONDITIONAL AWARDS

A.    Performance Share Award

      Mr R W Dudley                                         230,671 ADSs

Mr I C Conn                                               694,688 ordinary shares

      Dr B Gilvary                                               637,413 ordinary shares

Dr B E Grote                                             142,275 ADSs

B.  Deferred Matching Award (including matched shares)

Mr R W Dudley

compulsory award                                     38,230 ADSs

voluntary award                                         38,230 ADSs

Mr I C Conn

compulsory award                                     161,296 ordinary shares

voluntary award                                         161,296 ordinary shares

Dr B Gilvary

compulsory award                                     157,630 ordinary shares

voluntary award                                         157,630 ordinary shares

Dr B E Grote

compulsory award                                     32,426 ADSs

voluntary award                                         32,426 ADSs

The Performance Share Award

These shares pertain to the 2013-2015 performance period.  The number of ordinary shares/ADSs set out above is the maximum number which may vest under the Award.  The actual number of ordinary shares/ADSs which vest will depend on the extent to which performance conditions have been satisfied over a three-year period ending 31 December 2015. These performance conditions are consistent with the rules of the Plan, a summary of which will be set out in the Directors' Remuneration Report contained in BP's Annual Report and Form 20-F 2012.  Each Director will be entitled to additional ordinary shares/ADSs representing the value of reinvested dividends on those ordinary shares/ADSs which vest.

The Deferred Matching Award

This is a conditional award consisting of one-third of a director's annual bonus which is required to be deferred into ordinary shares/ADSs (the "Compulsory Award") and any further portion of the director's annual bonus up to an additional one-third which the director may choose to defer into ordinary shares/ADSs (the "Voluntary Award"). Both the Compulsory Award and Voluntary Award are matched on a one-for-one basis (with the matched shares included in the Deferred Matching Awards referred to above) and will vest depending on the Remuneration Committee's assessment of the Company's safety and environmental sustainability over a three-year period, commencing on 1 January 2013 and ending on 31 December 2015.  These performance conditions are consistent with the rules of the Plan, a summary of which will be set out in the Directors' Remuneration Report contained in BP's Annual Report and Form 20-F 2012.  Each Director will be entitled to additional ordinary shares/ADSs representing the value of reinvested dividends on those ordinary shares/ADSs which vest.

 

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