BP PLC Correction: Director/PDMR Shareholding (0611F)

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RNS Number : 0611F

BP PLC

16 February 2015

BP p.l.c.

Correction: Notification of transactions of persons discharging managerial responsibility

The following correction has been made to the 'Director/PDMR Shareholding' announcement released on 12 February 2015 at 5.00pm under RNS No 8009E:

Figure of '84,296 ADSs' has been amended to '84,297 ADSs'.

All other details remain unchanged. The full text of the announcement is as seen below.

BP p.l.c.

Notification of transactions of persons discharging managerial responsibility

The Company announces that on 11 February 2015, the following conditional share awards, and vesting of shares previously awarded, were made to the following Executive Directors of BP p.l.c. under the BP Executive Directors' Incentive Plan (the "Plan"). The Plan has two elements: the deferred matching element and the performance share element.

Award vesting:

The Deferred Matching Vesting 2011

   Mr R W Dudley                                               84,297 ADSs 

This is the vesting and release of the deferred and matched shares awarded in 2012 in respect of the 2011 bonus and includes dividend accrued on the award. These were subject to a review of safety and environmental performance over the three year period from 2012 to 2014.

Conditional award:

The Deferred Matching Award (including matched shares) - 2014

   Mr R W Dudley           compulsory award         49,018 ADSs (conditional) 
   voluntary award           49,018 ADSs (conditional) 
   Dr B Gilvary                 compulsory award        176,576 ordinary shares (conditional) 
                                       voluntary award           176,576 ordinary shares (conditional) 

This is a conditional award consisting of one-third of a director's annual bonus which is required to be deferred into ordinary shares/ADSs (the "Compulsory Award") and any further portion of the director's annual bonus up to an additional one-third which the director may choose to defer into ordinary shares/ADSs (the "Voluntary Award"). Both the Compulsory Award and Voluntary Award are matched on a one-for-one basis (with the matched shares included in the Deferred Matching Awards referred to above) and will vest depending on the Remuneration Committee's assessment of the Company's safety and environmental sustainability over a three-year period, commencing on 1 January 2015 and ending on 31 December 2017. These performance conditions are consistent with the rules of the Plan, a summary of which will be set out in the Directors' Remuneration Report contained in BP's Annual Report and Form 20-F 2014. Each Director will be entitled to additional ordinary shares/ADSs representing the value of reinvested dividends on those ordinary shares/ADSs which vest.

The Performance Share Award 2015-2017

   Mr R W Dudley                                               250,295 ADSs 
   Dr B Gilvary                                                     685,246 ordinary shares 

This is a conditional award pertaining to the 2015-2017 performance period. The number of ordinary shares/ADSs set out above is the maximum number which may vest under the Award. The actual number of ordinary shares/ADSs which vest will depend on the extent to which performance conditions have been satisfied over a three-year period ending 31 December 2017. These performance conditions are consistent with the rules of the Plan, a summary of which will be set out in the Directors' Remuneration Report contained in BP's Annual Report and Form 20-F 2014. Each Director will be entitled to additional ordinary shares/ADSs representing the value of reinvested dividends on those ordinary shares/ADSs which vest.

This notice is given in fulfillment of the obligation under DTR3.1.4 (1)(a)R.

This information is provided by RNS

The company news service from the London Stock Exchange

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