This excerpt taken from the BP 20-F filed Jun 30, 2005.
4. TERMINATION OF EMPLOYMENT
Company or the Executive may terminate the Employment by giving to the other party at least 12 months' notice in writing expiring at any time.
Employment will automatically terminate (if not already terminated) on the day before the Executive's 60th birthday.
Company may at any time terminate the Employment with immediate effect by giving notice in writing to the Executive on terms that the Company shall pay to the Executive, in lieu
of the remainder of the term of the Employment or, as the case may be, notice under subclause (1) above, an amount equal to 12 months' salary or the amount of salary that would have been
paid to the Executive if the Employment terminated on the expiry of the remainder of any notice given under subclause (1) above as the case may be provided that the Executive's entitlement to
the payment shall be conditional on him agreeing to comply with his obligations to the Company following the termination of the Employment (which include, but without limiting the generality of the
foregoing his obligations not to use or disclose the Company's or the Group's confidential information under the General Terms and Conditions of Employment).
Company may in circumstances where the Remuneration Committee reasonably deems it to be in the Company's best interests elect that in place of a lump sum payment in lieu of notice
under sub-clause (3) above the Company will pay the Executive in lieu of notice in a series of staged payments at the time or times that the Executive would have been paid had he
been employed during the period of notice or remainder of such period given under sub-clause (1) above.
(1) above does not limit the Company's rights to suspend any of the Executive's duties and powers under this agreement or the General Terms and Conditions of
Employment. In addition or alternatively, the Company may during the whole or any part of any period of notice require the Executive to perform duties (including any modified duties arising from an
exercise by the Company of its rights under the General Terms and Conditions of Employment) at such locations as the Company may reasonably require. Throughout any such period of suspension the
Executive's salary and other benefits to which he is entitled under this agreement shall continue to be paid or provided by the Company.