Director/PDMR Shareholding
The Company announces that on 9 March 2011, the following 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 AWARDS
A. Performance Share Award
Mr I C Conn 623,025 ordinary shares
Dr B E Grote 130,899 ADSs
Mr R Dudley 221,722 ADSs
B. Deferred Matching Award (including matched shares)
Mr I C Conn
Compulsory award - 42,768 ordinary shares
Mr B E Grote
Compulsory award - 8,868 ADSs
Voluntary award - 8,868 ADSs
The Performance Share Award
These shares pertain to the 2011-2013 performance period. The number of shares/ADSs set out above is the maximum number which may vest under the Award. The actual number of shares/ADSs which vest will depend on the extent to which performance conditions have been satisfied over a three-year period ending 31 December 2013. These performance conditions are consistent with the rules of the Plan, as described in the summary of the Plan set out in the Directors' Remuneration Report which is contained in BP's Annual Report and Form 20-F 2010. In addition, each Director will be entitled to additional shares/ADSs representing the value of reinvested dividends on those shares/ADSs which vest.
The Deferred Matching Award
This is a conditional award which consists of one-third of a director's annual bonus which is required to defer into 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 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 2011 and ending on 31 December 2013. To the extent shares/ADSs vest each Director will be entitled to additional shares/ADSs representing the value of reinvested dividends on those shares/ADSs. This award is also made under the rules of the Plan, as described in the summary of the Plan set out in the Directors' Remuneration Report which is contained in BP's Annual Report and Form 20-F 2010.
This information is provided by RNS