13th Feb 2008 14:00
BP PLC13 February 2008 The Company announces that on 13 February 2008, performance share awards (theAward) were made by the Remuneration Committee to the following ExecutiveDirectors under the share element of the BP Executive Directors' Incentive Plan(the Plan). Director Max number of Ordinary Shares in the Company under Award Dr A B Hayward 845,319 Mr I C Conn 578,376 Mr A.G. Inglis 578,376 Max number of ADSs under Award Dr B E Grote 96,958 These shares pertain to the 2008-2010 performance period. The number of shares/ADSs set out above is the maximum number which may vest under the Award. Theactual number of shares/ADSs which vest will depend on the extent to whichperformance conditions have been satisfied over a three-year period ending 31December 2010. These performance conditions remain as described in the summaryof the Plan set out in the Directors' Remuneration Report which is contained inBP's Annual Report and Accounts 2007. In addition, each Director will beentitled to additional shares/ADSs representing the value of reinvesteddividends on those shares/ADSs which vest. The Company also announces that on 13 February 2008, the Remuneration Committeehave also awarded to each of Mr Conn and Mr Inglis, 266,904 ordinary sharesunder the Plan as a one-off retention award. The award comprises two equaltranches of 133,452 shares which will vest on the third and fifth anniversariesof the award, respectively. Vesting of each tranche is dependent on theRemuneration Committee being satisfied as to their personal performance as atthe date of vesting. Any unvested tranche will generally lapse in the event ofsuch director's cessation of employment with the Company. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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