Last checked at 2 Jun 2021 10:22
BP p.l.c.
Notification of transactions of persons discharging managerial responsibility or connected persons
EDIP performance shares 2021-2023 award
BP p.l.c. (the "Company") announces that, on 1 June 2021, conditional performance share awards (the "Awards") were made under the bp Executive Directors' Incentive Plan (the "Plan"). The Awards were made in accordance with the directors' remuneration policy (the "Policy") which was approved by shareholders on 27 May 2020 and as provided for in the 2020 directors' remuneration report approved by shareholders on 12 May 2021.
Level of award
The Remuneration Committee (the "Committee") has made these Awards at 500% of base salary for the chief executive officer and 450% for the chief financial officer, in line with the Policy. In calculating the number of bp shares over which these Awards have been made, the Committee has applied the average price of bp shares over the 90 calendar days up to and including the annual general meeting that was held on 12 May 2021.
The Committee retains absolute discretion to adjust the formulaic outcome at the time of vesting of the Awards should it not reflect the shareholder experience over the performance period or be otherwise inconsistent with the size of the Award.
Performance conditions
As set out in the Policy and bp's 2020 directors' remuneration report, Awards will vest subject to performance against a combination of the following financial and strategic measures:
· Relative total shareholder return (20%) assessed against a benchmarking group, comprising Chevron, Eni, Equinor, Exxon, Repsol, Shell and Total;
· Return on average capital employed (20%);
· EBIDA compound annual growth rate per share (20%); and
· Strategic progress (40%) assessed in line with the following measures:
o Deliver value through a resilient and focused hydrocarbon business;
o Demonstrate track record, scale and value in low carbon electricity and energy; and
o Accelerate growth in customers and products.
Number of shares subject to award
Name AwardBernard Looney 2,218,853 ordinary sharesMurray Auchincloss 1,122,009 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.
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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 | Â 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 instrument Identification code | Ordinary shares of $0.25 GB0007980591 | ||||
b) | Nature of the transaction | 2,218,853 performance share units (in the form of ordinary shares) awarded under the bp Executive Directors' Incentive Plan. | ||||
c) | Price(s) and volume(s) | Â
 | ||||
d) | Aggregated information - Volume  - Price  - Total |  2,218,853  Nil consideration. Market value £3.01  Nil. Market value £6,678,747.53 | ||||
e) | Date of the transaction | 1 June 2021 | ||||
f) | Place of the transaction | Outside a trading venue | ||||
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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 | Â 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 instrument Identification code | Ordinary shares of $0.25 GB0007980591 | ||||
b) | Nature of the transaction | 1,122,009 performance share units (in the form of ordinary shares) awarded under the bp Executive Directors' Incentive Plan. | ||||
c) | Price(s) and volume(s) | Â
 | ||||
d) | Aggregated information - Volume  - Price  - Total |  1,122,009  Nil consideration. Market value £3.01  Nil. Market value £3,377,247.09 | ||||
e) | Date of the transaction | 1 June 2021 | ||||
f) | Place of the transaction | Outside a trading venue | ||||
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This notice is given in fulfilment of the obligation under Article 19 of the Market Abuse Regulation.