BP » Topics » TERMINATION AND SUSPENSION

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

TERMINATION AND SUSPENSION

10.
(A)
Notwithstanding any other provision of this Agreement, the Company shall (without prejudice to the other rights and remedies of the Company or other Group Company) be entitled to terminate this Agreement forthwith by written notice to the Executive if the Executive:

(i)
is found to have committed a serious act or omission such as:

(a)
serious infringement of safety regulations and requirements;

(b)
serious default or misconduct;

(c)
serious damage to Company or other Group Company property;

(d)
the unauthorised disclosure of confidential information relating to the commercial, technical or financial affairs of the Company or any other Group Company or any person whether or not such a person is employed by the Company or any other Group Company, where this is damaging to the interests of the Company or other Group Company;

(e)
a criminal offence which makes him unsuitable for his type of work;

(f)
conduct prejudicial to the Company or other Group Company or tending to bring the Company or other Group Company or himself into disrepute;

(g)
wilful disregard of Company or other Group Company regulations;

(h)
falsification of information or references in the context of the work environment;

(i)
assault on another person at work;

(j)
accepting bribes; or

      (ii)
      becomes of unsound mind, bankrupt or has a receiving order made against him or makes any general composition with his creditors; or

      (iii)
      becomes prohibited by law from being a director of a company; or

      (iv)
      resigns as a director of the Company without the consent of the Board of Directors; or

      (v)
      neglects, refuses, fails or for any reason becomes unable to perform in any material respect any of this duties or obligations under or pursuant to this Agreement

      whereupon the Executive shall have no claim against the Company for pay in lieu of notice or damages or otherwise by reason of such termination. Any termination of this Agreement will be without prejudice to the continuing obligations of the Executive under this Agreement.

    (B)
    Without prejudice to the Executive's rights to remuneration and other benefits hereunder, the Company shall have the right at any time (whether or not a notice of termination of this Agreement shall then have been given) to require the Executive not to attend at any place of work or otherwise to suspend the Executive from the performance of any duties under this Agreement provided that no such action shall be taken without the express prior authorization of the Board of Directors. During the period of such suspension the Company may assign the Executive's titles, powers or duties to another.

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