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BP » Topics » Administration and Amendment

This excerpt taken from the BP 20-F filed Jun 30, 2005.

Administration and Amendment

10.    The decision of the Committee shall be final and binding in all matters relating to the Plan and it may at any time discontinue the grant of further Awards or amend any of the provisions of the Plan in any way it thinks fit provided that:

(a)
the Committee shall not make any amendment that would materially prejudice the interests of existing Participants except with the prior consent or sanction of Participants; and

(b)
no amendment to the advantage of Executive Directors or Participants may be made to the basic structure of the Plan (as determined by the Committee but including, without limitation, the definition of Executive, the limit under rule 3.2, the terms of Shares to be provided under the Plan and the adjustment provisions of rule 7 of the Plan) without the prior approval of the Company in general meeting except in the case of an amendment to benefit the administration of the Plan.

"Administration and Amendment" elsewhere:

Hercules Offshore (HERO)
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