TIDMBP.

RNS Number : 9484V

BP PLC

12 August 2020

BP p.l.c.

Notification of transactions of persons discharging managerial responsibility or person closely associated

EDIP performance shares 2020-2022 award

BP p.l.c. (the "Company") announces that, on 11 August 2020, conditional performance share awards (the "Awards") were made under the BP Executive Directors' Incentive Plan (the "Plan"). The Awards follow the approval by shareholders of the directors' remuneration policy (the "Policy") and Plan rules at the annual general meeting held on 27 May 2020.

In assessing the pricing of these awards, as well as the performance conditions attaching to them, the Remuneration Committee (the "Committee") has carefully considered recent market conditions, the new strategy, targets and aims to achieve bp's net zero ambition, as announced on 4 August 2020, whilst also having regard to the interests of investors with whom it has consulted.

Level of award

The Committee has decided to maintain award levels at 500% of base salary for the chief executive officer and 450% for the chief financial officer, in line with the Policy, and in calculating the number of bp shares over which these awards have been made, has decided to apply the average price of bp shares over the 90 dealing days prior to the grant date. In determining these factors, the Committee has been very mindful of investor views regarding the appropriateness of the pricing at which shares are granted and hence the number of shares awarded. In selecting 90 dealing days as the basis for pricing, the Committee reviewed share price data for other time periods and concluded that 90 days represents a reasonable basis for the grants. In tracking the performance conditions attaching to these awards, the Committee commits to shareholders that it intends to be guided by the shareholder experience over the course of the three-year performance period (2020-2022). Recipients of these Awards are being advised that the Committee retains discretion to adjust the formulaic reward outcome at the time of vesting should it not reflect the shareholder experience over the performance period or be otherwise inconsistent with the magnitude of award contemplated.

Performance conditions

As set out in the Policy, Awards will vest relative to performance achieved against a combination of the following financial and strategic measures:

-- Relative total shareholder return (40%) assessed against a benchmarking group, comprising Chevron, Eni, Equinor, Exxon, Repsol, Shell and Total;

-- Return on average capital employed (30%). This will be assessed on a three-year average basis, with no adjustment for market conditions; and

   --    Low carbon/energy transition (30%). 

More details, including the specific targets for the low carbon/energy transition category will be outlined after the capital markets day in September and included in the 2020 bp Annual Report and Form 20-F.

Number of shares subject to award

 
 Name                 Award 
 Bernard Looney       2,076,677 ordinary 
                       shares 
 Murray Auchincloss   999,201 ordinary 
                       shares 
 

These awards will vest in three years and in proportion to the outcomes measured through the performance scorecard, with a holding period that requires the shares to be retained for a further

three years.

 
 1    Details of the person discharging managerial responsibilities/person closely associated 
 a)   Name                                                      Bernard Looney 
     --------------------------------------------------------  ------------------------------------------------------- 
 2    Reason for the notification 
     ----------------------------------------------------------------------------------------------------------------- 
 a)   Position/status                                           Chief executive officer / Director 
     --------------------------------------------------------  ------------------------------------------------------- 
 b)   Initial notification/Amendment                            Initial notification 
     --------------------------------------------------------  ------------------------------------------------------- 
 3    Details of the issuer, emission allowance market participant, auction platform, auctioneer 
       or auction monitor 
     ----------------------------------------------------------------------------------------------------------------- 
 a)   Name                                                       BP p.l.c. 
     --------------------------------------------------------  ------------------------------------------------------- 
 b)   LEI                                                       213800LH1BZH3DI6G760 
     --------------------------------------------------------  ------------------------------------------------------- 
 4    Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) 
       each type of transaction; (iii) each date; and (iv) each place where transactions have been 
       conducted 
     ----------------------------------------------------------------------------------------------------------------- 
 a)   Description of the financial instrument, type of          Ordinary shares of $0.25 
      instrument                                                 GB0007980591 
      Identification code 
     --------------------------------------------------------  ------------------------------------------------------- 
 b)   Nature of the transaction                                 2,076,677 restricted share units (in the form of 
                                                                ordinary shares) awarded under the BP Executive 
                                                                Directors' Incentive Plan. 
     --------------------------------------------------------  ------------------------------------------------------- 
 c)   Price(s) and volume(s)                                      Price(s)             Volume(s) 
                                                                   Nil consideration    2,076,677 
                                                                                       ---------- 
     --------------------------------------------------------  ------------------------------------------------------- 
 d)        Aggregated information                                2,076,677 
             *    Volume                                          Nil consideration. Market value GBP3.13 
                                                                  Nil. Market value GBP6,499,999.01 
 
             *    Price 
 
 
             *    Total 
     --------------------------------------------------------  ------------------------------------------------------- 
 e)   Date of the transaction                                   11 August 2020 
     --------------------------------------------------------  ------------------------------------------------------- 
 f)   Place of the transaction                                  Outside a trading venue 
     --------------------------------------------------------  ------------------------------------------------------- 
 
 
 1    Details of the person discharging managerial responsibilities/person closely associated 
 a)   Name                                                      Murray Auchincloss 
     --------------------------------------------------------  ------------------------------------------------------- 
 2    Reason for the notification 
     ----------------------------------------------------------------------------------------------------------------- 
 a)   Position/status                                           Chief financial officer / Director 
     --------------------------------------------------------  ------------------------------------------------------- 
 b)   Initial notification/Amendment                            Initial notification 
     --------------------------------------------------------  ------------------------------------------------------- 
 3    Details of the issuer, emission allowance market participant, auction platform, auctioneer 
       or auction monitor 
     ----------------------------------------------------------------------------------------------------------------- 
 a)   Name                                                       BP p.l.c. 
     --------------------------------------------------------  ------------------------------------------------------- 
 b)   LEI                                                       213800LH1BZH3DI6G760 
     --------------------------------------------------------  ------------------------------------------------------- 
 4    Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) 
       each type of transaction; (iii) each date; and (iv) each place where transactions have been 
       conducted 
     ----------------------------------------------------------------------------------------------------------------- 
 a)   Description of the financial instrument, type of          Ordinary shares of $0.25 
      instrument                                                 GB0007980591 
      Identification code 
     --------------------------------------------------------  ------------------------------------------------------- 
 b)   Nature of the transaction                                 999,201 restricted share units (in the form of 
                                                                ordinary shares) awarded under the BP Executive 
                                                                Directors' Incentive Plan. 
     --------------------------------------------------------  ------------------------------------------------------- 
 c)   Price(s) and volume(s)                                      Price(s)             Volume(s) 
                                                                   Nil consideration    999,201 
                                                                                       ---------- 
     --------------------------------------------------------  ------------------------------------------------------- 
 d)        Aggregated information                                999,201 
             *    Volume                                          Nil consideration. Market value GBP3.13 
                                                                  Nil. Market value GBP3,127,499.13 
 
             *    Price 
 
 
             *    Total 
     --------------------------------------------------------  ------------------------------------------------------- 
 e)   Date of the transaction                                   11 August 2020 
     --------------------------------------------------------  ------------------------------------------------------- 
 f)   Place of the transaction                                  Outside a trading venue 
     --------------------------------------------------------  ------------------------------------------------------- 
 

This notice is given in fulfilment of the obligation under Article 19 of the Market Abuse Regulation.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

END

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August 12, 2020 09:00 ET (13:00 GMT)

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