Director/PDMR Shareholding

RNS Number : 9426Z

BP PLC

12 February 2014

 

The Company announces that on 12 February 2014, 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.    Deferred Matching Vesting - 2011

       Mr I C Conn                                              26,150 ordinary shares          

B.  Deferred Matching Award (including matched shares) - 2014

Mr R W Dudley                                         49,876 ADSs

Mr I C Conn                                               201,126 ordinary shares

Dr B Gilvary                                               193,306 ordinary shares

C.  Performance Share Award 2014-2016

      Mr R W Dudley                                         217,487 ADSs

Mr I C Conn                                               660,128 ordinary shares

      Dr B Gilvary                                               605,544 ordinary shares

The Deferred Matching Vesting

This is the vesting of the deferred and matched shares awarded in 2011. These were subject to a review of safety and environmental performance over the three year period from 2011 to 2013.

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 2014 and ending on 31 December 2016.  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 2013.  Each Director will be entitled to additional ordinary shares/ADSs representing the value of reinvested dividends on those ordinary shares/ADSs which vest.

The Performance Share Award

These shares pertain to the 2014-2016 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 2016. 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 2013.  Each Director will be entitled to additional ordinary shares/ADSs representing the value of reinvested dividends on those ordinary shares/ADSs which vest.

This notice is given in fulfillment of the obligation under DTR3.1.4R.

 

END

 

 

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