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BP » Topics » The following shall be added as rule 14

These excerpts taken from the BP 20-F filed Mar 4, 2008.
The following shall be added as rule 14
   
14 US Tax Compliance and Deferrals
 
14.1 Compliance with Section 409A and Other Applicable Laws
 
  To the extent that the grant of Performance Units results in the deferral of compensation under Section 409A of the Code: (i) the Plan is intended to comply with the rules under Section 409A; (ii) for US Participants the delivery of Shares or other property will not occur
 

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  until the earliest date permitted under Section 409A(a)(2) and (a)(3); and (iii) notwithstanding the provisions of rule 11.5, the Plan shall be unfunded for the purposes of Section 409A.
   
  Notwithstanding any provision of this plan to the contrary, including but not limited to rules 12.3 or 12.4 the Designated Corporate Officer may amend or terminate grants made under this plan at any time and without prior notice if he determines in his sole discretion that such action is necessary or advisable to avoid or mitigate potential non-compliance with applicable law or if compliance would create unreasonable administrative burdens. If a grant is amended or terminated, BP is under no obligation to provide any consideration or remuneration in lieu of the grant.
   
  All taxes, penalties, or interest imposed on any Participant due to any failure to comply with Section 409A of the Code or other tax rule shall be the Participant’s responsibility and no Member of the Group shall have any obligation to keep the Participant whole.
   

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The following shall be added as rule 15

15 US Tax Compliance and Deferrals
 
15.1 Compliance with Section 409A and Other Applicable Laws
 
  To the extent that the grant of Restricted Share Units results in the deferral of compensation under Section 409A of the Code: (i) the Plan is intended to comply with the rules under Section 409A; (ii) for US Participants the delivery of Shares or other property

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  will not occur until the earliest date permitted under Section 409A(a)(2) and (a)(3); and (iii) notwithstanding the provisions of rule 12.5, the Plan shall be unfunded for the purposes of Section 409A.
   
  Notwithstanding any provision of this Plan to the contrary, including but not limited to rules 13.3 and 13.4 the Designated Corporate Officer may amend or terminate Restricted Share Units or an Award made under this Plan at any time and without prior notice if he determines in his sole discretion that such action is necessary or advisable to avoid or mitigate potential non-compliance with applicable law or if compliance would create unreasonable administrative burdens. If the terms of Restricted Share Units or an Award are amended or terminated, the Company is under no obligation to provide any consideration or remuneration in lieu of the Restricted Share Units or Award.
   
  All taxes, penalties, or interest imposed on any Participant due to any failure to comply with Section 409A of the Code or other tax rule shall be the Participant’s responsibility and no Member of the Group shall have any obligation to keep the Participant whole.

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EXCERPTS ON THIS PAGE:

20-F (2 sections)
Mar 4, 2008

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