Registration No. 333-
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England and Wales | None | |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
Steven Bray | With a copy to: | |
Vice-President | ||
BP America Inc. | Rupert Bondy | |
501 Westlake Park Boulevard | Group General Counsel | |
BP p.l.c. | ||
Houston, Texas 77079 | 1 St. James’s Square | |
London SW1Y 4PD, England | ||
(281) 366-2651 | +44 (20) 7496 4452 | |
(Name, address, including zip code, and telephone
number, including area code, of agent for service)
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Large Accelerated filer
x
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Accelerated filer
¨
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Non-accelerated filer (do not check if smaller reporting company)
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Smaller reporting company
¨
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Title of Securities to be Registered
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Amount of
Shares to be
Registered
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Proposed
Maximum Offering
Price Per Share
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Proposed Maximum
Aggregate Offering
Price
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Amount of
Registration Fee
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||||||||||||
Restricted Share Units (1)
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120,000,000 |
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Ordinary Shares (2)
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120,000,000 | $ | 7.4149 | $ | 889,788,000 | $ | 101,970 | (3) | ||||||||
Item 3.
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Incorporation of Certain Documents By Reference
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●
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BP’s Annual Report on Form 20-F (SEC file number 001-06262) for the year ended December 31, 2010,
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●
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BP’s Reports on Form 6-K (SEC file number 001-06262) dated April 27, 2011, (film number 11782262), July 26, 2011 (film number 11987404), and October 25, 2011 (film number 111156692), and
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●
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BP’s Report on Form 6-K (SEC file number 001-06262) dated August 6, 2001, which contains a description of the Ordinary Shares of BP.
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Item 4.
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Description of Securities
.
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Item 5.
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Interest of Named Experts and Counsel
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Item 6.
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Indemnification of Directors and Officers
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(1)
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Any provision that purports to exempt a director of a company (to any extent) from any liability that would otherwise attach to him in connection with any negligence, default, breach of duty or breach of trust in relation to the company is void.
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(2)
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Any provision by which a company directly or indirectly provides an indemnity (to any extent) for a director of the company, or of an associated company, against any liability attaching to him in connection with any negligence, default, breach of duty or breach of trust in relation to the company of which he is a director is void except as permitted by –
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(a)
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section 233 (provision of insurance),
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(b)
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section 234 (qualifying third party indemnity provision), or
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(c)
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section 235 (qualifying pension scheme indemnity provision).
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(3)
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This section applies to any provision, whether contained in a company’s articles or in any contract with the company or otherwise.
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(4)
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Nothing in this section prevents a company’s articles from making such provision as has previously been lawful for dealing with conflicts of interest.
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(1)
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Section 232(2) (voidness of provisions for indemnifying directors) does not apply to qualifying third party indemnity provision.
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(2)
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Third party indemnity provision means provision for indemnity against liability incurred by the director to a person other than the company or an associated company.
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(3)
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The provision must not provide any indemnity against -
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(a)
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any liability of the director to pay -
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(i)
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a fine imposed in criminal proceedings, or
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(ii)
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a sum payable to a regulatory authority by way of a penalty in respect of non-compliance with any requirement of a regulatory nature (however arising); or
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(b)
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any liability incurred by the director -
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(i)
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in defending criminal proceedings in which he is convicted, or
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(ii)
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in defending civil proceedings brought by the company, or an associated company, in which judgment is given against him, or
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(iii)
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in connection with an application for relief (see subsection (6)) in which the court refuses to grant him relief.
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(4)
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The references in subsection (3)(b) to a conviction, judgment or refusal of relief are to the final decision in the proceedings.
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(5)
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For this purpose -
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(a)
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a conviction, judgment or refusal of relief becomes final -
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(i)
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if not appealed against, at the end of the period for bringing an appeal, or
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(ii)
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if appealed against, at the time when the appeal (or any further appeal) is disposed of, and
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(b)
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an appeal is disposed of -
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(i)
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if it is determined and the period of bringing any further appeal has ended, or
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(ii)
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if it is abandoned or otherwise ceases to have effect.
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(6)
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The reference in subsection (3)(b)(iii) to an application for relief is to an application for relief under -
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(1)
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Section 232(2) (voidness of provisions for indemnifying directors) does not apply to qualifying pension scheme indemnity provision.
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(2)
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Pension scheme indemnity provision means provision indemnifying a director of a company that is a trustee of an occupational pension scheme against liability incurred in connection with the company’s activities as trustee of the scheme.
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(3)
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The provision must not provide any indemnity against -
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(a)
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any liability of the director to pay -
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(i)
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a fine imposed in criminal proceedings, or
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(ii)
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a sum payable to a regulatory authority by way of a penalty in respect of non-compliance with any requirement of a regulatory nature (however arising); or
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(b)
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any liability incurred by the director in defending criminal proceedings in which he is convicted.
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(4)
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The reference in subsection (3)(b) to a conviction is to the final decision in the proceedings.
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(5)
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For this purpose -
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(a)
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a conviction becomes final -
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(i)
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if not appealed against, at the end of the period for bringing an appeal, or
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(ii)
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if appealed against, at the time when the appeal (or any further appeal) is disposed of, and
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(b)
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an appeal is disposed of -
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(i)
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if it is determined and the period for bringing any further appeal has ended, or
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(ii)
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if it is abandoned or otherwise ceases to have effect.
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(6)
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In this section “occupational pension scheme” means an occupational pension scheme as defined in section 150(5) of the Finance Act 2004 (c. 12) that is established under a trust.”
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(a)
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bodies corporate are associated if one is a subsidiary of the other or both are subsidiaries of the same body corporate, and
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(b)
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companies are associated if one is a subsidiary of the other or both are subsidiaries of the same body corporate.”
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(1)
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This section applies to the ratification by a company of conduct by a director amounting to negligence, default, breach of duty or breach of trust in relation to the company.
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(2)
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The decision of the company to ratify such conduct must be made by resolution of the members of the company.
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(3)
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Where the resolution is proposed as a written resolution neither the director (if a member of the company) nor any member connected with him is an eligible member.
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(4)
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Where the resolution is proposed at a meeting, it is passed only if the necessary majority is obtained disregarding votes in favour of the resolution by the director (if a member of the company) and any member connected with him.
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(5)
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For the purposes of this section –
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(a)
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“conduct” includes acts and omissions;
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(b)
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“director” includes a former director;
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(c)
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a shadow director is treated as a director; and
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(d)
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in section 252 (meaning of “connected person”), subsection (3) does not apply (exclusion of person who is himself a director).
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(6)
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Nothing in this section affects –
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(a)
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the validity of a decision taken by unanimous consent of the members of the company, or
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(b)
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any power of the directors to agree not to sue, or to settle or release a claim made by them on behalf of the company.
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(7)
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This section does not affect any other enactment or rule of law imposing additional requirements for valid ratification or any rule of law as to acts that are incapable of being ratified by the company.”
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(1)
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If in proceedings for negligence, default, breach of duty or breach of trust against –
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(a)
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an officer of a company, or
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(b)
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a person employed by a company as auditor (whether he is or is not an officer of the company)
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it
appears to the court hearing the case that the officer or person is or may be liable, but that he acted honestly and reasonably, and that having regard to all the circumstances of the case (including those connected with his appointment) he ought fairly to be excused, the court may relieve him, either wholly or partly, from his liability on such terms as it thinks fit.
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(2)
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If any such officer or person has reason to apprehend that any claim will or might be made against him in respect of any negligence, default, breach of duty or breach of trust –
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(a)
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he may apply to the court for relief, and
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(b)
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the court has the same power to relieve him as it would have had if it had been a court before which proceedings against him for negligence, default, breach of duty or breach of trust had been brought.
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(3)
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Where a case to which subsection (1) applies is being tried by a judge with a jury, the judge, after hearing the evidence, may, if he is satisfied that the defendant (in Scotland, the defender) ought in pursuance of that subsection to be relieved either in whole or in part from the liability sought to be enforced against him, withdraw the case from the jury and forthwith direct judgment to be entered for the defendant (in Scotland, grant decree of absolvitor) on such terms as to costs (in Scotland, expenses) or otherwise as the judge may think proper.”
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Item 7.
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Exemption from Registration Claimed.
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Item 8.
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Exhibits
.
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Exhibit No.
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Description
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4.1
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BP p.l.c. Share Value Plan
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23.1
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Consent of Ernst & Young LLP, independent registered public accounting firm, London, England
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24.1
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Powers of Attorney
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Item 9.
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Undertakings
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BP p.l.c. | |
(Registrant)
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By: /s/ David J. Jackson |
(Name) David J. Jackson | |
(Title) Company Secretary |
Signature
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Titles
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Date
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/s/ Carl-Henric Svanberg
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Non-Executive Director
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February 2, 2012
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Carl-Henric Svanberg
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(Chairman)
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/s/ Robert W. Dudley
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Executive Director
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February 2, 2012
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Robert W. Dudley
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Group Chief Executive
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(Principal Executive Officer)
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/s/ Brian Gilvary
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Executive Director
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February 2, 2012
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Brian Gilvary
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(Chief Financial Officer)
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/s/ Bryon E. Grote
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Executive Director
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February 2, 2012
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Dr. B. E. Grote
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/s/ Iain Conn
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Executive Director
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February 2, 2012
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I. Conn
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/s/ Paul Anderson
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Non-Executive Director
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February 2, 2012
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Paul Anderson
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/s/ Frank L. Bowman
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Non-Executive Director
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February 2, 2012
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Frank Bowman
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/s/ A. Burgmans
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Non-Executive Director
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February 2, 2012
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A. Burgmans
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/s/ Brendan Nelson
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Non-Executive Director
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February 2, 2012
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Brendan Nelson
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Non-Executive Director
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February 2, 2012
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C. B. Carroll
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/s/ Ian Davis
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Non-Executive Director
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February 2, 2012
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Ian Davis
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/s/ William Castell
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Non-Executive Director
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February 2, 2012
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Sir William Castell
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/s/ George David
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Non-Executive Director
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February 2, 2012
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George David
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/s/ F. P. Nhleko
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Non-Executive Director
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February 2, 2012
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F. P. Nhleko
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Non-Executive Director
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February 2, 2012
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Andrew Shilston
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/s/ Jeffrey S. Heller |
Vice President,
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February 2, 2012
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Jeffrey S. Heller |
BP America Inc.
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Exhibit No.
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Description
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Page
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BP p.l.c. Share Value Plan
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||||
Consent of Ernst & Young LLP, independent registered public accounting firm, London, England
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24.1
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Powers of Attorney (included in signature page)
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RULES OF THE BP P.L.C. SHARE VALUE PLAN | ||
Directors’ Adoption:
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[ ] 2012
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Expiry Date:
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[ ] 2022
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Contents | Page | |
1
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Granting Restricted Share Units
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1
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2
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Before Vesting
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2
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3
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Vesting of Restricted Share Units
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3
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4
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What happens when Restricted Share Units Vest
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3
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5
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Cessation of employment/ personal events
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5
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6
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Vesting in other circumstances - corporate events
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6
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7
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Changing the Plan and termination
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8
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8
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General
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9
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9
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Definitions
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11
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1
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Granting Restricted Share Units
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1.1
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Grantor
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1.1.1
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the Company; or
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1.1.2
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any other Member of the Group.
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1.2
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Eligibility
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1.3
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Timing of grant
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1.4
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Terms of Restricted Share Units
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1.4.1
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the number of Shares subject to the Restricted Share Units or the basis on which the number of Shares subject to the Restricted Share Units will be calculated;
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1.4.2
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any Performance Condition;
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1.4.3
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any other condition specified under rule 1.6;
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1.4.4
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the date of Vesting, unless specified in a Performance Condition; and
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1.4.5
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the Grant Date.
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1.5
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Performance Conditions
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1.6
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Other conditions
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1.7
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Notification of Restricted Share Units
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1.8
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No payment
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1.9
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Administrative errors
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1.10
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Issue of Shares
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1.11
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ADSs
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2
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Before Vesting
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2.1
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Rights
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2.2
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Restriction on disposal of interests and hedging
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2.2.1
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Subject to rule 2.2.2, a Participant may not sell, transfer, assign, hedge, charge or otherwise dispose of Restricted Share Units (or part of or any interest in Restricted Share Units) and must not enter into any transaction which transfers the risk of price movements with regard to the Shares subject to Restricted Share Units. If he does, whether voluntarily or involuntarily, then the Directors may determine that all of the Restricted Share Units lapse.
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2.2.2
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Rule 2.2.1 does not apply:
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(i)
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to the transmission of Restricted Share Units on the death of a Participant to his personal representatives; or
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(ii)
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to the assignment of Restricted Share Units, with the prior consent of the Directors, subject to any terms and conditions the Directors impose.
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2.3
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Adjustment of Restricted Share Units
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(i)
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a variation in the equity share capital of the Company, including a capitalisation or rights issue, sub-division, consolidation or reduction of share capital;
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(ii)
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a demerger (in whatever form) or exempt distribution by virtue of Section 1075 of the Corporation Tax Act 2010;
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(iii)
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a special dividend or distribution, or
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(iv)
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any other corporate event which might affect the current or future value of any Restricted Share Units,
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3
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Vesting of Restricted Share Units
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3.1
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Satisfying conditions
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3.2
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Timing of Vesting
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3.3
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Lapse
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4
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What happens when Restricted Share Units Vest
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4.1
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Transfer
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4.2
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Dividend Equivalent
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4.3
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Cash alternative
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4.3.1
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the middle market quotation (as derived from the Daily Official List of the London Stock Exchange) on the immediately preceding Business Day; or
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4.3.2
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in relation to an ADS the closing trading price of an ADS as derived from the New York Stock Exchange Inc. on the immediately preceding Business Day.
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4.4
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Withholding, deductions and offsets
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4.4.1
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The Company, the Grantor, any employing company or trustee of any employee benefit trust may withhold such amount and make such arrangements as it considers necessary to meet its withholding obligations for taxation or social security contributions in respect of Restricted Share Units. These arrangements may include the sale or reduction in number of any Shares or the Participant discharging the liability himself.
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4.4.2
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In addition, it shall be a condition of the Vesting of Restricted Share Units that the Company, the Grantor, any employing Company or trustee may deduct from and set off against the Shares (whether payable in cash or Shares and whenever payable) any debt, obligation, liability, or other amount owed by the Participant to a Member of the Group, including but not limited to amounts under an international assignment tax policy (as currently in effect or as amended from time to time), or amounts advanced on behalf of the Participant with respect to employment taxes, as determined in the sole discretion of the Directors.
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4.5
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Forfeiture
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4.5.1
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Notwithstanding any other rules of the Plan (including, without limitation, rules 5.2 and 5.4), if the Directors determine that a Participant has engaged in conduct (including, but not limited to, a violation of the BP Code of Conduct) which the Directors consider was contrary to the legitimate expectations of the Company for an employee in the Participant's position then the Directors may reduce the number of Shares subject to Restricted Share Units (including to zero) or if Restricted Share Units have already Vested but Shares have not yet been transferred (because of, for example, any Dealing Restrictions), transfer to the Participant a reduced number of Shares or no Shares at all.
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4.5.2
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Where a Participant has ceased to be an Employee but has retained his Restricted Share Units as a consequence of rule 5.2 the Directors retain the right to lapse his Restricted Share Units if, prior to Vesting, the Participant joins a Competitor Organisation of any Member of the Group within 12 months of ceasing to be an Employee. The Directors will have the sole discretion to determine the definition of “Competitor Organisation”.
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4.6
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Career breaks
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4.6.1
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If a Participant is on a Career Break on the date that his Restricted Share Units would ordinarily Vest under the Plan, then unless the Directors determine otherwise in any particular case, the Restricted Share Units will only Vest after the Directors determine that the Participant has returned to normal employment at the end of the Career Break and has continued to be in his normal employment for a period of three months from the date of return, and in that period has not given notice of termination of employment. The Shares subject to the Restricted Share Units will be transferred as soon as practicable after such determination.
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4.6.2
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Unless any of the reasons set out in rules 5.2, 5.4, or 6.1 apply, if the Participant ceases to be an employee or director of any Member of the Group before having returned to normal employment at the end of the Career Break or during the three month period referred to in rule 4.6.1, then his Restricted Share Units will lapse on cessation of employment. If any of the reasons set out in rules 5.2.1, 5.4 or 6.1 do apply, his Restricted Share Units will Vest in accordance with those rules.
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5
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Cessation of employment / personal events
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5.1
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General rule on leaving employment
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5.2
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“Good leavers”
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5.2.1
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If a Participant ceases to be an Employee for any of the reasons set out below after the end of the calendar year in which his Restricted Share Units are granted, then his Restricted Share Units will Vest as described in rule 5.3 and lapse as to the balance. The reasons are:
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(i)
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termination by the Participant’s employing company as a result of ill-health, injury or disability;
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(ii)
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the Participant’s employing company ceasing to be a Member of the Group;
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(iii)
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a transfer of the undertaking, or the part of the undertaking, in which the Participant works to a person which is not a Member of the Group;
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(iv)
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redundancy; and
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(v)
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any other reason, if the Directors so decide in any particular case.
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5.2.2
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The Directors may only exercise the discretion provided for in rule 5.2.1(v) within 80 days after cessation of the relevant Participant’s employment.
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5.3
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Vesting
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5.4
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Death
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5.5
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Overseas transfer
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5.5.1
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suffer a tax disadvantage in relation to his Restricted Share Units (this being shown to the satisfaction of the Directors); or
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5.5.2
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become subject to restrictions on his ability to hold or deal in the Shares or the proceeds of the sale of the Shares acquired on Vesting because of the security laws or exchange control laws of the country to which he is transferred,
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5.6
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Meaning of “ceasing to be an Employee”
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6
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Vesting in other circumstances - corporate events
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6.1
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Time of Vesting
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6.1.1
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In the event of a Change of Control Restricted Share Units Vest subject to rules 6.1.2 and 6.3. The Restricted Share Units lapse as to the balance except to the extent exchanged under rule 6.3.
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6.1.2
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If the Company is or may be affected by:
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(i)
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any demerger, delisting, distribution (other than an ordinary dividend) or other transaction which, in the opinion of the Directors, might affect the current or future value of Restricted Share Units, or
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(ii)
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any reverse takeover (not within rule 6.1.1 above), merger by way of a dual listed company or other significant corporate event, as determined by the Directors,
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6.2
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Extent of Vesting
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6.3
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Exchange
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6.3.1
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an offer to exchange Restricted Share Units is made and accepted by a Participant; or
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6.3.2
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the Directors, with the consent of the Acquiring Company, decide before Change of Control that Restricted Share Units will be automatically exchanged.
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6.4
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Directors
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6.5
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Timing of exchange
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6.6
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Exchange terms
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6.6.1
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must confer a right to receive shares in the Acquiring Company or another body corporate determined by the Acquiring Company;
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6.6.2
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must be equivalent, as far as possible, to the existing Restricted Share Units, subject to rule 6.6.4;
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6.6.3
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are treated as having been granted at the same time as the existing Restricted Share Units and, subject to rule 6.6.4, Vest in the same manner and at the same time;
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6.6.4
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must:
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(i)
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be subject to a Performance Condition which is, so far as possible, equivalent to the Performance Condition applying to the existing Restricted Share Units; or
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(ii)
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not be subject to any Performance Condition but be in respect of the number of shares which is equivalent to the number of Shares comprised in the existing Restricted Share Units which would have Vested under rule 6.2 and Vest at the end of the original Performance Period or on the date of Vesting set by the Directors on the grant of the Restricted Share Units; and/or
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(iii)
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be subject to such other terms as the Directors consider appropriate in all the circumstances.
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6.6.5
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is governed by the Plan as if references to Shares were references to the shares over which the new Restricted Share Units are granted and references to the Company were references to the Acquiring Company or the body corporate determined under rule 6.6.1 above.
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7
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Changing the Plan and termination
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7.1
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Powers of amendment
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7.2
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Employees’ share scheme
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7.3
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Shareholder approval
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7.4
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Notice
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7.5
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Termination
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8
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General
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8.1
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Terms of employment
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8.1.1
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This rule 8.1 applies during an Employee’s employment and after the termination of an Employee’s employment, whether or not the termination is lawful.
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8.1.2
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Nothing in the rules or the operation of the Plan forms part of the contract of employment of an Employee. The rights and obligations arising from the employment relationship between the Employee and his employer are separate from, and are not affected by, the Plan. Participation in the Plan does not create any right to, or expectation of, continued employment.
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8.1.3
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No Employee has a right to participate in the Plan. Participation in the Plan or the grant of Restricted Share Units on a particular basis in any year does not create any right to or expectation of participation in the Plan or the grant of Restricted Share Units on the same basis, or at all, in any future year.
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8.1.4
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The terms of the Plan do not entitle the Employee to the exercise of any discretion in his favour.
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8.1.5
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The Employee will have no claim or right of action in respect of any decision, omission or discretion, which may operate to the disadvantage of the Employee even if it is unreasonable, irrational or might otherwise be regarded as being in breach of the duty of trust and confidence (and/or any other implied duty) between the Employee and his employer.
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8.1.6
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No Employee has any right to compensation for any loss in relation to the Plan, including any loss in relation to:
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(i)
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any loss or reduction of rights or expectations under the Plan in any circumstances (including lawful or unlawful termination of employment);
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(ii)
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any exercise of a discretion or a decision taken in relation to Restricted Share Units or to the Plan, or any failure to exercise a discretion or take a decision;
|
(iii)
|
the operation, suspension, termination or amendment of the Plan.
|
8.2
|
Directors’ decisions final and binding
|
8.3
|
Third party rights
|
8.4
|
Documents sent to shareholders
|
8.5
|
Costs
|
8.6
|
Employee trust
|
8.7
|
Data protection
|
8.7.1
|
administering and maintaining Participant records;
|
8.7.2
|
providing information to Members of the Group, trustees of any employee benefit trust, registrars, brokers or third party administrators of the Plan;
|
8.7.3
|
providing information to future purchasers or merger partners of the Company, the Participant’s employing company, or the business in which the Participant works;
|
8.7.4
|
transferring information about the Participant to a country or territory that may not provide the same statutory protection for the information as the Participant’s home country.
|
8.8
|
Consents
|
8.9
|
Share rights
|
8.10
|
Notices
|
8.10.1
|
Any information or notice to a person who is or will be eligible to be a Participant under or in connection with the Plan may be posted, or sent by electronic means, in such manner to such address as the Company considers appropriate, including publication on any intranet.
|
8.10.2
|
Any information or notice to the Company or other duly appointed agent under or in connection with the Plan may be sent by post or transmitted to it at its registered office or such other place, and by such other means, as the Directors or duly appointed agent may decide and notify Participants.
|
8.10.3
|
Notices sent by post will be deemed to have been given on the second day after the date of posting. However, notices sent by or to a Participant who is working overseas will be deemed to have been given on the seventh day after the date of posting. Notices sent by electronic means, in the absence of evidence to the contrary, will be deemed to have been received on the day after sending.
|
8.11
|
Governing law and jurisdiction
|
9
|
Definitions
|
(i)
|
when a general offer to acquire Shares made by a person (or a group of persons acting in concert) becomes wholly unconditional; or
|
(ii)
|
when, under Section 895 of the Companies Act 2006 or equivalent procedure under local legislation, a court sanctions a compromise or arrangement in connection with the acquisition of Shares; or
|
(iii)
|
a person (or a group of persons acting in concert) obtaining control (within the meaning of Section 995 of the Income Tax Act 2007) of the Company in any other way.
|
(i)
|
the Company;
|
(ii)
|
its Subsidiaries from time to time;
or
|
(iii)
|
any other company which is associated with the Company and is so designated by the Directors;
|
1
|
Rules
|
2
|
Terms of Restricted Shares
|
3
|
Restricted Share Agreement
|
4
|
Transfer of Restricted Shares
|
5
|
Rights
|
6
|
Documents and elections
|
6.1
|
The Participant must sign any documentation, including a power of attorney or blank stock transfer form, requested by the Grantor. If he does not do so within a period specified by the Grantor, the Restricted Shares will lapse at the end of that period. The Grantor may retain the share certificates relating to any Restricted Shares.
|
6.2
|
The Participant must enter into any elections required by the Grantor, including elections under Part 7 of the Income Tax (Earnings and Pensions) Act 2003 and elections to transfer any liability, or agreements to pay, social security contributions. If he does not do so within a period specified by the Grantor, the Restricted Shares will lapse at the end of that period.
|
7
|
Adjustment of Restricted Shares
|
7.1.1
|
Subject to the Restricted Share Agreement, a Participant will have the same rights as any other shareholders in respect of Restricted Shares where there is a variation or other event of the sort described in rule 2.3 of the Plan. Any shares, securities or rights allotted to a Participant as a result of such an event will be:
|
(i)
|
treated as if they were granted to the Participant under the Plan in the same way and at the same time as the Restricted Shares in respect of which the rights were conferred; and
|
(ii)
|
subject to the rules of the Plan, as modified by this Schedule 1, and the terms of the Restricted Share Agreement.
|
8
|
Lapse of Restricted Shares
|
9
|
Vesting of Restricted Shares
|
10
|
Cash alternative
|
11
|
Definitions
|
1
|
Rules
|
2
|
Definition
|
3
|
Cash Units
|
4
|
No rights as shareholders
|
5
|
Payments of cash
|
(i)
|
a US citizen;
|
(ii)
|
a US permanent resident (as may be evidenced by a so-called “
green card
” and/or participation in a US tax-qualified pension plan sponsored by a Member of the Group);
|
(iii)
|
a non-US citizen who is posted to the United States on or after Vesting and who is (or expected to become) subject to US taxation as a resident alien; or
|
(iv)
|
a non-US citizen subject to US taxation, including a non-resident alien taxpayer of the United States, but only to the extent that his or her participation in the Plan gives rise to income or deemed income from a US source subject to taxation under the Internal Revenue Code of 1986, as amended (the “Code”).
|
5.2
|
Leaving in exceptional circumstances
|
10
|
Compliance with Section 409A and Other Applicable Laws
|