This excerpt taken from the BP 20-F filed Mar 4, 2008.
Executive Vice Presidents
1
Rules
The rules of the BP p.l.c. Medium Term Performance Plan 2005 (“Plan”) will apply to grants made under this Schedule 3, as modified by the terms of this Schedule 3.
2
Eligibility
This Schedule 3 sets out the terms on which grants may be made to employees who are:
2.1
eligible to participate in the Plan; and
2.2
are either Executive Vice Presidents (but not Directors) of BP p.l.c. or any other employee the Designated Corporate Officer determines.
3
Definitions
In this Schedule:
3.1
“Performance Units” will be known as “Performance Shares”;
3.2
references to grants of Performance Units will be references to awards of Performance Shares;
3.3
“Awards” will be known as “Vested Shares”;
3.4
references to making an Award will be references to awarding Vested Shares, and references to Shares comprised in an Award will be to Vested Shares.
4
Conditions and Restrictions
4.1
In this Schedule “Conditions” may include any other objective condition specified at the time the Performance Shares are awarded (for example, a retention period), and does not have to
relate to performance of either the Company or the Participant.
4.2
Rule 4.7.1 shall be replaced by the following rule:
“This rule 4.7 applies where a condition has been imposed under rule 2.4 that Shares comprised in an Award to a Participant are to be retained shares (“Retained
Shares”).
4.3
Rule 4.7.2 shall be replaced by the following rule:
“Where this rule 4.7 applies, Vested Shares will be retained and held on the Participant’s behalf for a period determined by the Designated Corporate Officer, or if later, until the
minimum shareholding requirement under the Shareholding Guidelines is met.”
4.4
References to restrictions in rule 4.7 shall be to retention.
References to Plan Administrator
in rule 4.7 shall be replaced with references to the Designated Corporate
Officer.”
