BP » Topics » Cash Options/Stock Appreciation Rights (SARs)

This excerpt taken from the BP 20-F filed Mar 6, 2007.
Cash Options/Stock Appreciation Rights (SARs)
These are cash-settled share-based payments available to certain employees that require the group to pay the intrinsic value of the cash option/SAR to the employee at the date of exercise. There are no performance conditions; however, participants must continue in employment with BP for the first three calendar years of the plan for the options/SARs to vest. Special arrangements may apply for qualifying leavers. The options/SARs are exercisable between the third and 10th anniversaries of the grant date.

Employee Share Ownership Plans (ESOPs)
ESOPs have been established to acquire BP shares to satisfy any awards made to participants under the Executive Directors’ Incentive Plan, the Medium Term Performance Plan, the Long Term Performance Plan, the Deferred Annual Bonus Plan and the BP ShareMatch Plans. The ESOPs have waived their rights to dividends on shares held for future awards and are funded by the group. Until such time as the company’s own shares held by the ESOP trusts vest unconditionally in employees, the amount paid for those shares is deducted in arriving at shareholders’ equity. (See Financial statements – Note 43 on page 150. Assets and liabilities of the ESOPs are recognized as assets and liabilities of the group.)
     At 31 December 2006, the ESOPs held 12,795,887 shares (2005 14,560,003 shares and 2004 8,621,219 shares) for potential future awards, which had a market value of $142 million (2005 $156 million and 2004 $84 million).


 

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     Pursuant to the various BP group share option schemes, the following options for ordinary shares of the company were outstanding at 20 February 2007:

Options outstanding (shares) Expiry dates of options   Exercise price per share  

422,119,465 2007-2016   $5.0967-$11.921  

 
   
  Major shareholders and related party transactions
   
 
Register of members holding BP ordinary shares
as at 31 December 2006

  Number of   Percentage of total   Percentage of total  
Range of holdings shareholders   shareholders   share capital  

1-200 61,108   18.50   0.01  
201-1,000 126,141   38.20   0.30  
1,001-10,000 128,717   38.98   1.81  
10,001-100,000 12,366   3.74   1.18  
100,001-1,000,000 1,087   0.33   1.83  
Over 1,000,000a  822   0.25   94.87  

Totals 330,241   100.00   100.00  

a Includes JP Morgan Chase Bank, holding 26.46% of the total share capital as the approved depositary for ADSs, a breakdown of which is shown in the table below.
 
Register of holders of American depositary shares as at 31 December 2006a

  Number of   Percentage of total   Percentage of total  
Range of holdings ADS holders   ADS holders   ADS holders  

1-200 37,265   24.99   0.05  
201-1,000 36,140   24.24   0.34  
1,001-10,000 58,388   39.16   3.63  
10,001-100,000 16,708   11.20   7.60  
100,001-1,000,000 600   0.40   1.91  
Over 1,000,000b  12   0.01   86.47  

Totals 149,113   100.00   100.00  

a One ADS represents six 25 cent ordinary shares.
b One of the holders of ADSs represents some 751,000 underlying shareholders.

As at 31 December 2006, there were also 1,534 preference shareholders.

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