Document:

Form of Medium-Term Notes, Series K, Notes

 Exhibit 4.1 

[Face of Note] 

Unless this certificate is presented by an authorized representative of The Depository Trust Company, a New York corporation
(“DTC”), to the Company or its agent for registration of transfer, exchange or payment, and any certificate issued is registered in the name of Cede & Co. or in such other name as requested by an authorized representative
of DTC (and any payment is made to Cede & Co. or such other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the
registered owner hereof, Cede & Co., has an interest herein. 
  

	 CUSIP NO. 94986RG70 
	
PRINCIPAL AMOUNT: $                   
          

 REGISTERED NO.      

WELLS FARGO & COMPANY 

MEDIUM-TERM NOTE, SERIES K 

Due Nine Months or More From Date of Issue 

Notes due March 21, 2028 

WELLS FARGO & COMPANY, a corporation duly organized and existing under the laws of the State of Delaware (hereinafter
called the “Company,” which term includes any successor corporation under the Indenture hereinafter referred to), for value received, hereby promises to pay to CEDE & Co., or registered assigns, the principal sum of
TWENTY-ONE MILLION EIGHT HUNDRED SIXTY-ONE THOUSAND DOLLARS ($21,861,000) on March 21, 2028 (the “Stated Maturity Date”) and to pay interest thereon from March 21, 2016 or from the most recent Interest Payment Date to
which interest has been paid or duly provided for semi-annually on each March 21 and September 21, commencing September 21, 2016, and at Maturity (each, an “Interest Payment Date”), at the rate per annum specified
below until the principal hereof is paid or made available for payment. The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in the Indenture, be paid to the Person in whose name this
Security (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest next preceding such Interest Payment Date. The Regular Record Date for an Interest Payment Date shall be one
Business Day prior to such Interest Payment Date. If an Interest Payment Date is not a Business Day, interest on this Security shall be payable on the next day that is a Business Day, with the same force and effect as if made on such Interest
Payment Date, and without any interest or other payment with respect to the delay. “Business Day” shall mean a day, other than a Saturday or Sunday, that is neither a legal holiday nor a day on which banking institutions are
authorized or required by law or regulation to close in New York, New York. 
 Except as described below for the first
Interest Period, on each Interest Payment Date, interest will be paid for the period commencing on and including the immediately preceding 

 
Interest Payment Date and ending on and including the day immediately preceding that Interest Payment Date. This period is referred to as an “Interest Period.” The first Interest
Period will commence on and include March 21, 2016 and end on and include September 20, 2016. Interest on this Security will be computed on the basis of a 360-day year of twelve 30-day months. 
 The interest rate on this Security that will apply during an Interest
Period will be as follows: 
  

					
	 Commencing March 21, 2016 and

ending March 20, 2022
	  	 	3.00% per annum	  
		
	 Commencing March 21, 2022 and

ending March 20, 2025
	  	 	3.50% per annum	  
		
	 Commencing March 21, 2025 and

ending March 20, 2027
	  	 	4.00% per annum	  
		
	 Commencing March 21, 2027 and

ending March 20, 2028
	  	 	5.50% per annum	  

 Any interest not punctually paid or duly provided for will forthwith cease to be payable to
the Holder on such Regular Record Date and may either be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on a Special Record Date for the payment of such Defaulted
Interest to be fixed by the Trustee, notice whereof shall be given to Holders of Securities of this series not less than 10 days prior to such Special Record Date, or be paid at any time in any other lawful manner not inconsistent with the
requirements of any securities exchange on which the Securities of this series may be listed, and upon such notice as may be required by such exchange, all as more fully provided in the Indenture. 

Payment of interest on this Security will be made in immediately available funds at the office or agency of the Company
maintained for that purpose in the City of Minneapolis, Minnesota in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts; provided, however, that, at the option of
the Company, payment of interest may be paid by check mailed to the Person entitled thereto at such Person’s last address as it appears in the Security Register or by wire transfer to such account as may have been designated by such Person.
Payment of principal of and interest on this Security at Maturity will be made against presentation of this Security at the office or agency of the Company maintained for that purpose in the City of Minneapolis, Minnesota. Notwithstanding the
foregoing, for so long as this Security is a Global Security registered in the name of the Depositary, payments of principal and interest on this Security will be made to the Depositary by wire transfer of immediately available funds. 

This Security is redeemable at the option of the Company, in whole but not in part, on any Optional Redemption Date occurring
on or after March 21, 2019 at a Redemption Price equal to 100% of the principal amount of this Security to be redeemed, plus any accrued but unpaid interest to, but excluding, the Redemption Date. The “Optional Redemption
Dates” are the 21st day of each March, June, September and December, commencing March 21, 2019 and ending December 21, 2027. Notice of any redemption will be mailed at least 5
but not more than 30 days before the applicable Redemption Date to the Holder hereof. Unless the Company defaults in the payment of 

  
 2 

 
the Redemption Price, on or after the Redemption Date, interest will cease to accrue on this Security or the portion hereof called for redemption. 

Except as provided in the next sentence, this Security is not subject to repayment at the option of the Holder hereof prior to
March 21, 2028. This Security may be subject to repayment if requested by an authorized representative of a beneficial owner of this Security as described on the reverse hereof. This Security is not entitled to any sinking fund. 

Reference is hereby made to the further provisions of this Security set forth on the reverse hereof, which further provisions
shall for all purposes have the same effect as if set forth at this place. 
 Unless the certificate of authentication
hereon has been executed by the Trustee referred to on the reverse hereof by manual signature or its duly authorized agent under the Indenture referred to on the reverse hereof by manual signature, this Security shall not be entitled to any benefit
under the Indenture or be valid or obligatory for any purpose. 
 [The remainder of this page has been left intentionally blank] 

  
 3 

 IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed
under its corporate seal. 
 DATED:
                                 

 

					
	WELLS FARGO & COMPANY
		
	By:	 	 
		 	 
		 	Its:	 	 

 [SEAL] 
  

					
	Attest:	 	 
		 	 
		 	Its:	 	 

  

			
	 TRUSTEE’S CERTIFICATE OF

AUTHENTICATION
 This is one of the Securities of the

series designated therein described
 in the within-mentioned Indenture.

	
	 CITIBANK, N.A.,

      as Trustee

		
	By:	 	 
		 	Authorized Signature
	
	OR
	
	 WELLS FARGO BANK, N.A.,

  as Authenticating Agent for the Trustee

		
	By:	 	 
		 	Authorized Signature

  
 4 

 [Reverse of Note] 

WELLS FARGO & COMPANY 

MEDIUM-TERM NOTE, SERIES K 

Due Nine Months or More From Date of Issue 

Notes due March 21, 2028 

This Security is one of a duly authorized issue of securities of the Company (herein called the
“Securities”), issued and to be issued in one or more series under an indenture dated as of July 21, 1999, as amended or supplemented from time to time (herein called the “Indenture”), between the Company and
Citibank, N.A., as Trustee (herein called the “Trustee,” which term includes any successor trustee under the Indenture), to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the
respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee and the Holders of the Securities, and of the terms upon which the Securities are, and are to be, authenticated and delivered. This Security is
one of the series of the Securities designated as Medium-Term Notes, Series K, of the Company, which series is limited to an aggregate principal amount or face amount, as applicable, of $25,000,000,000 or the equivalent thereof in one or more
foreign or composite currencies. The amount payable on the Securities of this series may be determined by reference to the performance of one or more equity-, commodity- or currency-based indices, exchange traded funds, securities, commodities,
currencies, statistical measures of economic or financial performance, or a basket comprised of two or more of the foregoing, or any other market measure or may bear interest at a fixed rate or a floating rate. The Securities of this series may
mature at different times, be redeemable at different times or not at all, be repayable at the option of the Holder at different times or not at all and be denominated in different currencies. 

Article Sixteen of the Indenture shall not apply to this Security. 

The Securities are issuable only in registered form without coupons and will be either
(a) book-entry securities represented by one or more Global Securities recorded in the book-entry system maintained by the Depositary or (b) certificated
securities issued to and registered in the names of, the beneficial owners or their nominees. 
 The Company agrees, to the
extent permitted by law, not to voluntarily claim the benefits of any laws concerning usurious rates of interest against a Holder of this Security. 

Modification and Waivers 

The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights
and obligations of the Company and the rights of the Holders of the Securities of each series to be affected under the Indenture at any time by the Company and the Trustee with the consent of the Holders of a majority in principal amount of the
Securities at the time Outstanding of all series to be affected, acting together as a class. The Indenture also contains 

  
 5 

 
provisions permitting the Holders of a majority in principal amount of the Securities of all series at the time Outstanding affected by certain provisions of the Indenture, acting together as a
class, on behalf of the Holders of all Securities of such series, to waive compliance by the Company with those provisions of the Indenture. Certain past defaults under the Indenture and their consequences may be waived under the Indenture by the
Holders of a majority in principal amount of the Securities of each series at the time Outstanding, on behalf of the Holders of all Securities of such series. Any such consent or waiver by the Holder of this Security shall be conclusive and binding
upon such Holder and upon all future Holders of this Security and of any Security issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Security.

 Defeasance 

Section 403 and Article Fifteen of the Indenture and the provisions of clause (ii) of Section 401(1)(B) of the
Indenture, relating to defeasance at any time of (a) the entire indebtedness on this Security and (b) certain restrictive covenants and certain Events of Default, upon compliance by the Company with certain conditions set forth therein,
shall not apply to this Security. The remaining provisions of Section 401 of the Indenture shall apply to this Security. 
 Authorized
Denominations 
 This Security is issuable only in registered form without coupons in denominations of $1,000 or any
amount in excess thereof which is an integral multiple of $1,000. 
 Repayment upon Exercise of Survivor’s Option 

The Company has agreed to repay beneficial ownership interests in this Security, if requested by the authorized representative
of the beneficial owner of such beneficial ownership interest following the death of the beneficial owner, so long as the beneficial ownership interest in this Security was acquired by the beneficial owner at least six months prior to the request
(the “Survivor’s Option”). 
 Upon the valid exercise of the Survivor’s Option and the proper
tender of a beneficial ownership interest in this Security for repayment, the Company will repay such beneficial ownership interest in this Security, in whole or in part, at a price equal to 100% of the principal amount of the deceased beneficial
owner’s beneficial interest in this Security, plus any accrued and unpaid interest to the date of repayment. 
 To be
valid, the Survivor’s Option must be exercised by or on behalf of the Person who has authority to act on behalf of a deceased beneficial owner of this Security under the laws of the applicable jurisdiction (including, without limitation, the
personal representative of or the executor of the estate of the deceased beneficial owner or the surviving joint owner with the deceased beneficial owner). 

A beneficial owner of this Security is a Person who has the right, immediately prior to such Person’s death, to receive
the proceeds from the disposition of such beneficial owner’s interest in this Security, as well as the right to receive the principal amount of the deceased beneficial owner’s interest in this Security plus any accrued and unpaid interest
thereon. 

  
 6 

 The death of a Person holding a beneficial ownership interest in this Security as
a joint tenant or tenant by the entirety with another Person, or as a tenant in common with the deceased holder’s spouse, will be deemed the death of a beneficial owner of that beneficial ownership interest in this Security, and the entire
principal amount of the deceased beneficial owner’s interest in this Security held in this manner will be subject to repayment by the Company upon exercise of the Survivor’s Option. However, the death of a Person holding a beneficial
ownership interest in this Security as tenant in common with a Person other than such deceased holder’s spouse will be deemed the death of a beneficial owner only with respect to such deceased Person’s interest in this Security, and only
the deceased beneficial owner’s percentage interest in that beneficial ownership interest in the principal amount of this Security will be subject to repayment. 

The death of a Person who, during his or her lifetime, was entitled to substantially all of the beneficial ownership interests
in this Security will be deemed the death of the beneficial owner of this Security for purposes of the Survivor’s Option, regardless of whether that beneficial owner was the registered holder of this Security, if the beneficial ownership
interest can be established to the satisfaction of the Paying Agent. A beneficial ownership interest will be deemed to exist in typical cases of nominee ownership, ownership under the Uniform Transfers to Minors Act or Uniform Gifts to Minors Act,
community property, or other joint ownership arrangements between a husband and wife. In addition, the beneficial ownership interest in this Security will be deemed to exist in custodial and trust arrangements where one Person has all of the
beneficial ownership interest in this Security during his or her lifetime. In the case of a joint trust, the joint tenant rules above will apply to the respective beneficial ownership interests. 

The Company has the discretionary right to limit the aggregate principal amount of this Security as to which exercises of the
Survivor’s Option will be accepted by the Company in any calendar year to an amount equal to the greater of $2,500,000 or 2.5% of the principal amount of this Security outstanding as of the end of the most recent calendar year. The Company also
has the discretionary right to limit the aggregate amount of this Security as to which exercises of the Survivor’s Option will be accepted by the Company from the authorized representative for any individual deceased beneficial owner of this
Security in any calendar year to an amount equal to $300,000. In addition, the Company will not permit the exercise of the Survivor’s Option for any portion of this Security with a principal amount of less than $1,000, and the Company will not
permit the exercise of the Survivor’s Option if such exercise will result in this Security having a principal amount that is not an integral multiple of $1,000. 

An otherwise valid election to exercise the Survivor’s Option may not be withdrawn. An election to exercise the
Survivor’s Option will be accepted in the order that it was received by the Paying Agent, except for any beneficial ownership interest in this Security the acceptance of which would contravene the limitations described above. Beneficial
ownership interests in this Security accepted for repayment through the exercise of the Survivor’s Option normally will be repaid on the first Interest Payment Date that occurs 10 or more calendar days after the date of the acceptance. Each
tendered beneficial ownership interest in this Security that is not accepted in a calendar year due to the application of the limitations described in the preceding paragraph will be deemed to be tendered in the following calendar year in the order
in which all such beneficial interests were originally tendered. If a beneficial ownership interest in this Security tendered through a valid exercise of the Survivor’s Option is not accepted, the Paying Agent will

  
 7 

 
deliver a notice by first-class mail to the registered holder, at that registered holder’s last known address as indicated in the Security Register, that states the reason that the
beneficial ownership interest in this Security has not been accepted for repayment. 
 Since this Security is a Global
Security, DTC, as depository, or its nominee will be treated as the holder of this Security and will be the only entity that can exercise the Survivor’s Option. To obtain repayment of this Security pursuant to exercise of the Survivor’s
Option, the deceased beneficial owner’s authorized representative must provide the following items to the broker or other entity through which the beneficial interest in this Security is held by the deceased beneficial owner: 

 

	 	•	 	 appropriate evidence satisfactory to the Paying Agent that: 

 

	 	(a)	 the deceased was a beneficial owner of this Security at the time of death and his or her interest in this Security was acquired by the deceased
beneficial owner at least six months prior to the request for repayment, 

  

	 	(b)	 the death of the beneficial owner has occurred and the date of death, and 

 

	 	(c)	 the representative has authority to act on behalf of the deceased beneficial owner; 

 

	 	•	 	 if the beneficial interest in this Security is held by a nominee or trustee of, or custodian for, or other Person in a similar capacity to, the
deceased beneficial owner, a certificate satisfactory to the Paying Agent from the nominee, trustee, custodian or similar Person attesting to the deceased’s beneficial ownership in this Security; 

 

	 	•	 	 a written request for repayment signed by the authorized representative of the deceased beneficial owner with the signature guaranteed by a member
firm of a registered national securities exchange or of the Financial Industry Regulatory Authority, Inc. or a commercial bank or trust company having an office or correspondent in the United States; 

 

	 	•	 	 if applicable, a properly executed assignment or endorsement; 

 

	 	•	 	 tax waivers and any other instruments or documents that the Paying Agent reasonably requires in order to establish the validity of the beneficial
ownership in this Security and the claimant’s entitlement to payment; and 

  

	 	•	 	 any additional information the Paying Agent requires to evidence satisfaction of any conditions to the exercise of the Survivor’s Option or to
document beneficial ownership or authority to make the election and to cause the repayment of this Security. 

 In turn,
the broker or other entity will deliver each of these items to the Paying Agent and will certify to the Paying Agent that the broker or other entity represents the deceased beneficial owner. 

  
 8 

 The Company retains the right to limit the aggregate principal amount of this
Security as to which exercises of the Survivor’s Option will be accepted by the Company from the authorized representative for any individual deceased beneficial owner in this Security in any calendar year as described above. All other
questions regarding the eligibility or validity of any exercise of the Survivor’s Option will be determined by the Paying Agent, in its sole discretion, which determination will be final and binding on all parties. 

The broker or other entity will be responsible for disbursing payments received from the Paying Agent to the authorized
representative. Forms for the exercise of the Survivor’s Option may be obtained from the Paying Agent. 
 Registration of Transfer 

Upon due presentment for registration of transfer of this Security at the office or agency of the Company in the City of
Minneapolis, Minnesota, a new Security or Securities of this series, with the same terms as this Security, in authorized denominations for an equal aggregate principal amount will be issued to the transferee in exchange herefor, as provided in the
Indenture and subject to the limitations provided therein and to the limitations described below, without charge except for any tax or other governmental charge imposed in connection therewith. 

This Security is exchangeable for definitive Securities in registered form only if (x) the Depositary notifies the
Company that it is unwilling or unable to continue as Depositary for this Security or if at any time the Depositary ceases to be a clearing agency registered under the Securities Exchange Act of 1934, as amended, and a successor depositary is not
appointed within 90 days after the Company receives such notice or becomes aware of such ineligibility, (y) the Company in its sole discretion determines that this Security shall be exchangeable for definitive Securities in registered form
and notifies the Trustee thereof or (z) an Event of Default with respect to the Securities represented hereby has occurred and is continuing. If this Security is exchangeable pursuant to the preceding sentence, it shall be exchangeable for
definitive Securities in registered form, bearing interest at the same rate, having the same date of issuance, Stated Maturity Date and other terms and of authorized denominations aggregating a like amount. 

This Security may not be transferred except as a whole by the Depositary to a nominee of the Depositary or by a nominee of the
Depositary to the Depositary or another nominee of the Depositary or by the Depositary or any such nominee to a successor of the Depositary or a nominee of such successor. Except as provided above, owners of beneficial interests in this Global
Security will not be entitled to receive physical delivery of Securities in definitive form and will not be considered the Holders hereof for any purpose under the Indenture. 

Prior to due presentment of this Security for registration of transfer, the Company, the Trustee and any agent of the Company
or the Trustee may treat the Person in whose name this Security is registered as the owner hereof for all purposes, whether or not this Security be overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the
contrary. 
 Obligation of the Company Absolute 

No reference herein to the Indenture and no provision of this Security or the Indenture shall alter or impair the obligation
of the Company, which is absolute and unconditional, to pay the 

  
 9 

 
principal of and interest on this Security at the times, place and rate, and in the coin or currency, herein prescribed, except as otherwise provided in this Security. 

No Personal Recourse 

No recourse shall be had for the payment of the principal of or the interest on this Security, or for any claim based hereon,
or otherwise in respect hereof, or based on or in respect of the Indenture or any indenture supplemental thereto, against any incorporator, stockholder, officer or director, as such, past, present or future, of the Company or any successor
corporation, whether by virtue of any constitution, statute or rule of law, or by the enforcement of any assessment or penalty or otherwise, all such liability being, by the acceptance hereof and as part of the consideration for the issuance hereof,
expressly waived and released. 
 Defined Terms 

All terms used in this Security which are defined in the Indenture shall have the meanings assigned to them in the Indenture
unless otherwise defined in this Security. 
 Governing Law 

This Security shall be governed by and construed in accordance with the law of the State of New York, without regard to
principles of conflicts of laws. 

  
 10 

 ABBREVIATIONS 

The following abbreviations, when used in the inscription on the face of this instrument, shall be construed as though they
were written out in full according to applicable laws or regulations: 
  

					
	 TEN COM
	 	  -- 
	 	 as tenants in common

			
	 TEN ENT
	 	  -- 
	 	 as tenants by the entireties

			
	 JT TEN
	 	  -- 
	 	 as joint tenants with right

of survivorship and not
 as
tenants in common

  

									
	 UNIF GIFT MIN ACT
	 	  -- 
	 	 	 	 Custodian
	 	 
		 		 	(Cust)	 		 	(Minor)

  

	
	Under Uniform Gifts to Minors Act
	
	   

	(State)

 Additional abbreviations may also be used though not in the above list. 

FOR VALUE RECEIVED, the undersigned hereby sell(s) and transfer(s) unto 

 

	
	 Please Insert Social Security or
 Other
Identifying Number of Assignee

	
	   

  
  

 
  
  

 
 (PLEASE
PRINT OR TYPE NAME AND ADDRESS INCLUDING POSTAL ZIP CODE OF ASSIGNEE)

  
 11 

 the within Security of WELLS FARGO & COMPANY and does hereby irrevocably constitute and
appoint                                      attorney to
transfer the said Security on the books of the Company, with full power of substitution in the premises. 
 Dated:
                                         
        
  

	
	   

  

	
	   

 NOTICE: The signature to this assignment must correspond with the name as written upon the face of the
within instrument in every particular, without alteration or enlargement or any change whatever. 

  
 12Exhibit 4.1

 

BP p.l.c.

RULES OF THE BP P.L.C.

ANNUAL CASH BONUS DEFERRAL PLAN

 

	 	
Adoption:

	
☐ 2013

	 	 	 
	 	
Shareholder approval of Share Award

	
16 April 2015

	 	
Plan:

	 
	 	 	 
	 	
Expiry

	
15 April 2025

 

	
 Approved by:

 

 

 

Helmut Schuster, Group HR Director, BP p.l.c

	
  Date:

 

28/01/2016

 

Table of Contents

	
Contents

	 	
Page

	
1

	
Operation of the Plan

	
1

	
2

	
Issue or transfer of Shares under Deferral Awards

	
1

	
3

	
Grant of Matching RSU Awards

	
2

	
4

	
Limits

	
3

	
5

	
Rights in respect of Deferral Awards

	
4

	
6

	
Rights in Respect of Matching RSU Awards

	
5

	
7

	
The Release Date for Deferral Award

	
6

	
8

	
The Vesting Date for Matching RSU Awards

	
6

	
9

	
Withholding, deductions and offsets- Deferral and Matching RSU Awards

	
6

	
10

	
Cessation of employment I personal events - Deferral Award

	
7

	
11

	
Cessation of employment I personal events - Matching RSU Award

	
8

	
12

	
Meaning of "ceasing to be in employment"

	
9

	
13

	
Malus and clawback

	
9

	
14

	
Other circumstances- corporate events

	
11

	
15

	
Changing the Plan and termination

	
12

	
16

	
General

	
13

	
17

	
Definitions

	
15

	Schedule 1 US Schedule	
17

	Schedule 2 Cash Awards	
20

	
1

	
Definitions

	
20

	
2

	
Grant of Deferral Cash Awards

	
20

	
3

	
Grant of Matching Cash Awards

	
20

	
4

	
The Release Date for Deferral Cash Award

	
21

	
5

	
The Vesting Date for Matching Cash Awards

	
21

 

ii

Rules of the BP p.l.c. Annual Cash Bonus Deferral Plan

 

Introduction

 

These rules set out the terms on which participants may, by electing to participate in the BP p.l.c. Annual Cash Bonus Deferral Plan, acquire and hold shares (Deferral Awards) in the Company until the release date. To the extent that participants acquire and hold Deferral Awards the Company shall grant matching restricted stock unit awards (Matching RSU Awards), which give them a conditional entitlement to receive further shares. Subject to participants' continued employment and any other conditions, the Matching RSU Awards shall vest at the same time restrictions on the Deferral Awards are released.

 

The Plan has been designated a Sub-Plan of the Share Award Plan in relation to all Deferral Awards, whether granted before or after the Plan became a Sub-Plan.

 

	1	Operation of the Plan

 

	1.1	Timing of Operation

 

The Designated Corporate Officer may decide in his discretion to operate the Plan at any time in respect of any financial year.

 

	1.2	Eligibility

 

		1.2.1	Subject to the rest of this rule 1.2, participation in the Plan may extend to anyone who is an Employee in accordance with any selection criteria the Designated Corporate Officer may set.

 

		1.2.2	Unless the Designated Corporate Officer decides otherwise, the Company may only extend participation in the Plan to an Employee who falls within Bands B, C and D and who has made a valid election to participate in this Plan.

 

		1.2.3	Unless the Designated Corporate Officer considers that special circumstances exist, participation may not be extended to an Employee who has given or received notice of termination of employment, whether or not such termination is lawful.

 

		1.2.4	The Plan may not be extended to any executive director of the Company without the prior approval of the shareholders in general meeting, where such approval is required under any law or regulation.

 

		1.2.5	The Designated Corporate Officer may decide that Schedule 2 will apply to an Employee for any operation of the Plan in which case, his only entitlement will be to equivalent cash payments as described in that Schedule.

 

	2	Issue or transfer of Shares under Deferral Awards

 

	2.1	Issue or transfer

 

On a date set by the Designated Corporate Officer, the Company shall procure that Shares comprised in a Deferral Award are issued or transferred to the Participant to be held until the Release Date, subject to and in accordance with these Rules. The Designated Corporate Officer shall determine how the Shares will be held; for ex_9mple, they may be held on behalf of the Participants in a specially designated account arranged for by the Plan Administrator.

 

1

	2.2	Terms of Deferral Awards

 

The terms of the Deferral Awards must be determined by the Designated Corporate Officer. The terms will be notified to the Participant and will include:

 

		2.2.1	the number of Shares issued or transferred; and

 

		2.2.2	the Release Date.

 

	2.3	Documents and elections for Deferral Awards

 

The Participant must sign any documentation (including but not limited to any relevant tax or participation election) requested by the Plan Administrator in respect of Deferral Awards within the required timelines. The Company may retain the share certificates relating to the Shares under a Deferral Award.

 

	2.4	Notification of Deferral Awards

 

The Plan Administrator may notify a Participant of a Deferral Award and their terms in such manner as it decides.

 

	2.5	ADSs

 

The Designated Corporate Officer may determine that Deferral Awards will be made in the form of ADSs and references in these rules to Shares shall be construed accordingly.

 

	3	Grant of Matching RSU Awards

 

	
3.1

	
Subject to rule 3.4, as soon as practicable after the issue or transfer of Shares under Deferral Awards, the Grantor will make a Matching RSU Award to the Participant, subject to and in accordance with these Rules. Subject to rule 4 (limits), the number of Shares notionally comprised in a Matching RSU Award granted to a Participant shall be equal to the number of Shares comprised in the Deferral Award (before any tax withholding).

 

	
3.2

	
Grantor

 

The Grantor of Matching RSU Awards must be:

 

	
3.2.1

	
the Company; or

 

		3.2.2	any other Member of the Group.

 

	
3.3

	
Terms of Matching RSU Awards

 

Matching RSU Awards are subject to the rules of the Plan and must be granted by deed. The terms of the Matching RSU Awards must be set out in the deed, including:

 

		3.3.1	the number of Shares subject to the Matching RSU Award or the basis on which the number of Shares subject to the Matching RSU Award will be calculated;

 

		3.3.2	the Grant Date; and

 

		3.3.3	the Vesting Date.

 

	
3.4

	
Timing of Matching RSU Awards

 

Matching RSU Awards may may only be granted within 42 days starting on any of the following:

 

		3.4.1	the day after the announcement of the Company's results for any period;

 

2

		3.4.2	the date of the Company's annual general meeting;

		3.4.3	any day on which the Designated Corporate Officer resolves that exceptional circumstances exist which justify the grant of Matching RSU Awards;

 

		3.4.4	any day on which changes to the legislation or regulations affecting share plans are announced, effected or made; or

 

		3.4.5	if the granting of Matching RSU Awards during any period specified above is prevented by any Dealing Restrictions, the date on which it is no longer prevented.

 

No Matching RSU Awards may be granted after 15 April 2025 or such earlier date as the Designated Corporate Officer may specify.

 

	3.5	Notification of Matching RSU Awards

The Plan Administrator may notify a Participant of the grant of Matching RSU Awards and their terms in such manner as it decides.

 

	3.6	No payment

 

A Participant is not required to pay for the grant of a Matching RSU Award.

 

	3.7	ADSs

The Designated Corporate Officer may determine  that the grant of Matching RSU Awards will be in the form of ADSs and references in these rules to Shares shall be construed accordingly.

 

	4	Limits

 

	4.1	Individual Limits

A Matching RSU Award must not be granted to a person if it would, at the proposed Grant Date, cause the market value (as at the relevant date of grant) of Shares subject to Matching RSU Awards and awards or options granted under any other Sub-Plans that they have been granted in respect of that financial year to exceed 550% of their basic salary.

 

The following will be excluded from this limit:

		4.1.1	Shares which may be acquired under any Dividend Equivalent or comparable facility under another Sub-Plan;

 

		4.1.2	Deferral Awards or awards or options awards granted under another Sub-Plan to a Participant  which the Designated Corporate Officer (for the purposes of the Share Award Plan) considers were granted to the Participant:

 

		(i)	in lieu of any bonus which the Participant might otherwise have been paid in cash; or

 

		(ii)	to compensate for awards forfeited by the Participant on recruitment.

 

For the purposes of this rule 4.1, a person's 'basic salary' is their annual rate of gross salary from all Members of the Group, not including bonus or other variable remuneration and 'market value' will be as determined by the Designated Corporate Officer for the purposes of the Share Award Plan.

 

	
4.2

	
If the Grantor tries to grant a Matching RSU Award which is inconsistent with this rule 4.2, it will be limited and will take effect from the Grant Date on a basis consistent with this rule.

 

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	4.3	Limits on issue of new Shares

 

		4.3.1	An Award must not be granted if the number of Shares committed to be issued under that Award exceeds 10 per cent of the ordinary share capital of the Company in issue immediately before that day, when added to the number of Shares which have been issued, or committed to be issued, to satisfy Awards under the Plan, or options or awards under any other employee share plan operated by the Company, granted in the previous 10 years.

 

		4.3.2	An Award must not be granted if the number of Shares committed to be issued under that Award exceeds 5 per cent of the ordinary share capital of the Company in issue immediately before that day, when added to the number of Shares which have been issued, or committed to be issued, to satisfy Awards under the Plan, or options or awards under any other discretionary employee share plan adopted by the Company, granted in the previous 10 years.

 

		4.3.3	When calculating the limits in this rule 4.3, Shares will be ignored:

 

	 	
(i)

	
where the right to acquire them is released or lapses;

 

		(ii)	which are committed to be issued under any Dividend Equivalent.

 

		4.3.4	As long as so required by The Investment Association, shares transferred from treasury to satisfy Awards are counted as part of the ordinary share capital of the Company, and as shares issued by the Company for the purpose of this rule 4.

 

	5	Rights in respect of Deferral Awards

 

	5.1	Rights

 

Except to the extent specified in any deed entered into under rule 3.3 a Participant will have all rights of a shareholder in respect of Shares under a Deferral Award, including without limitation, the right to vote and receive any dividends, from the date the Shares are transferred under rule 3.1.

 

	
5.2

	
Restriction on disposal of interests and hedging

 

	 	
5.2.1

	
Subject to rule 5.2.2, a Participant may not sell, transfer, assign, hedge, charge or otherwise dispose of Shares transferred under a Deferral Award (or part of or any interest in them) and must not enter into any transaction which transfers the risk of price movements with regard to the Deferral Awards. If a Participant does, whether voluntarily or involuntarily, then the Designated Corporate Officer may determine that the related Matching RSU Award lapses.

 

	
5.2.2

	
Rule 5.2.1 does not apply:

 

	
(i)

	
to the transmission of a Deferral Award on the death of a Participant to his personal representatives; or

 

		(ii)	to the assignment of the Deferral Award with the prior consent of the Designated Corporate Officer, subject to any terms and conditions the Designated Corporate Officer may impose.

	5.3	Adjustment of Deferral Awards

 

Subject to any deed entered into under rule 2.3, a Participant will have the same rights as any other shareholders in respect of Deferral Awards where there is a variation or other event of the sort described in rule 6.3. Any shares, securities or rights allotted to a Participant as a result of such an event will be:

 

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		5.3.1	treated as if they were granted to the Participant under the Plan in the same way and at the same time as the Deferral Award in respect of which the rights were conferred; and

 

	 	
5.3.2

	
subject to the rules of the Plan.

 

However, securities bought by a Participant pursuant to a rights issue will not be treated as described above except to the extent they are bought using the proceeds of sale of rights under that rights issue.

 

	6	Rights in Respect of Matching RSU Awards

 

	6.1	Rights

 

A Participant is not entitled to vote, to receive dividends or to have any other rights of a shareholder in respect of Shares subject to Matching RSU Awards until the Shares are transferred to the Participant on Vesting.

 

	6.2	Restriction on disposal of interests and hedging

 

		6.2.1	Subject to rule 6.2.2, a Participant may not sell, transfer, assign, hedge, charge or otherwise dispose of Matching RSU Awards (or part of or any interest in the Matching RSU Awards) and must not enter into any transaction which transfers the risk of price movements with regard to the Shares notionally comprised in Matching RSU Awards. If a Participant does, whether voluntarily or involuntarily, then the Designated Corporate Officer may determine that the Matching RSU Award lapses.

 

		6.2.2	Rule 6.2.1 does not apply:

 

	
(i)

	
to the transmission of Matching RSU Awards on the death of a Participant to his personal representatives; or

 

		(ii)	to the assignment of Matching RSU Awards, with the prior consent of the Designated Corporate Officer, subject to any terms and conditions the Designated Corporate Officer may impose.

 

	6.3	Adjustment of Matching RSU Awards

 

If there is:

 

		6.3.1	a variation in the equity share capital of the Company, including a capitalisation or rights issue, sub-division, consolidation or reduction of share capital;

 

		6.3.2	a demerger (in whatever form) or exempt distribution by virtue of Section 1075 of the Corporation Tax Act 2010;

 

		6.3.3	a special dividend or distribution, or

 

		6.3.4	any other corporate event which might affect the current or future value of any Matching RSU Awards,

 

the Designated Corporate Officer may adjust the number or class of Shares or securities notionally comprised in the Matching RSU Awards.

 

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	7	The Release Date for Deferral Award

 

	7.1	Release

 

On the Release Date, all restrictions imposed on the Shares under Deferral Awards (other than those imposed by rule 13) shall be released and lapse.

	8	The Vesting Date for Matching RSU Awards

 

Within 30 days of the Vesting Date for Matching RSU Awards, the Grantor will arrange for the issue or transfer to, or to the order of, the Participant, the Shares notionally comprised in Matching Awards.

 

Subject to these rules, the Participant will be entitled to all rights to Shares in respect of Matching RSU Awards where the record dates in respect of such rights fall after the date of issue or transfer.

	8.1	Dividend Equivalent- Matching RSU Awards

 

The number of Shares issued or transferred in respect of which Matching RSU Awards Vest shall be increased ("Additional Shares") as determined by the Designated Corporate Officer to take account of the Net Dividends that would have been paid on the number of Shares notionally comprised in the Matching RSU Awards between the Grant Date and the Vesting Date ("Dividend Equivalents). The Additional Shares shall be calculated on the basis that Net Dividends were re-invested in Shares at the time the dividends would have been paid. All Additional Shares shall be subject to the rules of the Plan and the terms of the Matching RSU Awards by reference to which they were granted.

 

The Designated Corporate Officer may at any time decide to disapply this rule 8.1 in relation to all or part of a special dividend or dividend in specie which may otherwise be included in rule 8.1.

 

For the purposes of this rule 8.1, "Net Dividends" means the amount of the dividend less any notional tax credit.

 

	8.2	Cash alternative- Matching RSU Awards

 

The Grantor may, subject to the approval of the Designated Corporate Officer, decide to satisfy Matching RSU Awards (including any Additional Shares under rule 8.1) by paying an equivalent amount in cash (subject to rule 9). The cash amount must be equal to the Market Value (as at the Vesting Date) of the Shares which would but for the application of this rule have been transferred on the Vesting Date.

 

For the purposes of this rule, "Market Value" means in relation to a Share on any day:

 

		8.2.1	the middle market quotation (as derived from the Daily Official List of the London Stock Exchange) on the immediately preceding Business Day; or

 

		8.2.2	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.

 

	9	Withholding, deductions and offsets- Deferral and Matching RSU Awards

 

	9.1	Tax

 

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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 Deferral Awards or Matching RSU Awards. These arrangements may include the sale or reduction in number of any Shares or the Participants discharging the liability themselves or deduction from any cash amount due under the Plan.

	9.2	Offset

 

In addition, it shall be a condition of the release of the restrictions on Shares under a Deferral Award or Shares notionally comprised in Matching RSU Awards that the Company, the Grantor, any employing Company or trustee may deduct from and set off against the Shares or any cash amount payable under the Plan, 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 Designated Corporate Officer.

 

	9.3	Forfeiture

 

		9.3.1	Where a Participant has ceased to be in employment but has retained their Matching RSU Awards as a consequence of rule 11.2 the Designated Corporate Officer retains the right to lapse their Matching RSU Awards (in full or part) if, prior to release, the Participant joins a Competitor Organisation of any Member of the Group within 12 months of ceasing to be in employment. The Designated Corporate Officer will have the sole discretion to determine the definition of "Competitor Organisation".

 

	9.4	Career breaks

 

		9.4.1	If a Participant is on a Career Break on the Release Date or the Vesting Date , then unless the Designated Corporate Officer determines otherwise in any particular case, the Release Date and the Vesting Date will be deferred until a date after the Designated Corporate Officer determines that the Participant has returned to normal employment at the end of the Career Break and has continued to be in their 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 Release Date and the Vesting Date will be as soon as practicable after such determination.

 

		9.4.2	Unless any of the reasons set out in rules 11.2, 11.4, or 14.1 apply, if the Participant ceases to be in employment before having returned to normal employment at the end of the Career Break or during the three month period referred to in rule 9.4.1, then their Matching RSU Awards will lapse on cessation of employment. If any of the reasons set out in rules 11. 2.1, 11.4 or 14.1 do apply, their Matching RSU Awards will Vest in accordance with those rules.

 

	10	Cessation of employment / personal events - Deferral Award

 

	10.1	General Rule

 

Cessation of employment shall have no effect on a Deferral Award and the Shares will be released on the original Release Date.

 

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	10.2	Death

 

If a Participant dies, the Release Date for the Deferral Award will be as soon as possible after the date of death.

 

	11	Cessation of employment / personal events- Matching RSU Award

 

	11.1	Matching RSU Award

 

Unless rule 11.2 applies, Matching RSU Awards will lapse on the date of cessation of employment.

 

	11.2	"Good leavers"

 

	 	
11.2.1

	
If a Participant ceases employment for any of the reasons set out below, then their Matching RSU Awards will Vest on the original Vesting Date in the proportion described in rule 11.3 provided the Participant was a BP employee and on a BP payroll on 31 December of the year of grant. Any other Matching RSU Awards will lapse. The reasons are:

 

		(i)	termination by the Participant's employing company as a result of ill-health, injury or disability;

 

		(ii)	the Participant's employing company ceasing to be a Member of the Group;

 

		(iii)	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;

 

		(iv)	redundancy; and

 

		(v)	any other reason, if the Designated Corporate Officer so decides in any particular case.

 

		11.2.2	The Designated Corporate Officer may only exercise the discretion provided for in rule 11.2.1(v) not later than 80 days after cessation of the relevant Participant' s employment.

 

	11.3	Lapsing of Matching RSU Award

 

Where rule 11.2 applies, a proportion of the Matching RSU Awards will lapse. The number of RSUs in relation to the Matching RSU Award which lapse will be calculated by applying the following formula, with the result rounded down to the nearest whole number:

Number of Shares notionally comprised in Matching RSU Awards

 

multiplied by

 

(36 minus number of months from 1 January of year of Grant Date until end of the month of cessation of employment)

 

divided by

 

36 (which represents the number of months in the full Vesting period)

 

equals

Number of Matching RSU Awards to be lapsed

 

Example: Participant ceases to be employed for a reason set out in rule 11. 2.1 on 15 February, with an original grant of 1000 Matching RSU awards in the prior calendar year. The number of Matching RSU Awards to be lapsed shall be the product of 1000 x (36 - 14) ÷ 36, rounded down, which equals 611.

 

8

	11.4	Death

 

If a Participant dies, the Vesting Date for Matching RSU Awards will be as soon as possible after the date of death. For the avoidance of doubt,  rule 11. 3 does not apply when a Participant dies.

 

The Grantor will only arrange for Shares to be transferred or cash paid to the personal representatives of a deceased Participant if they have produced a UK grant of representation or such other documentation indicating that the transferee is the proper beneficiary of the Participant as may be accepted by the Plan Administrator.

	11.5	Overseas transfer

 

If a Participant remains an employee but is transferred to work in another country or changes tax resident status and, as a result they would:

 

	 	11.5.1	suffer a tax disadvantage in relation to their Matching RSU Awards (this being shown to the satisfaction of the Designated Corporate Officer); or

 

		11.5.2	become subject to restrictions on his ability to hold or deal in the Shares or the proceeds of the sale of the Shares acquired because of the security laws or exchange control laws of the country to which he is transferred,

 

then the Designated Corporate Officer may decide at his/her absolute discretion that the Vesting Date for some or all Matching RSU Awards and the Release Date for some or all of the Deferral Award will be on a date the Designated Corporate Officer chooses before or after the transfer takes effect.

 

	12	Meaning of "ceasing to be in employment"

 

For the purposes of these rules, a Participant will not be treated as ceasing to be in employment until they are no longer an employee of any Member of the Group or if they recommence employment with a Member of the Group within seven days.

 

	13	Malus and clawback

 

	13.1	Application of malus and clawback

 

Notwithstanding any other rules of the Plan, the Designated Corporate Officer may decide that malus will apply if the Designated Corporate Officer has determined that one or more of the following circumstances below have arisen and/or that clawback will apply, if one or more of the circumstances described in rules 13.1.1 , 13.1.4 or 13.1.5 have arisen.

 

The circumstances are:

 

		13.1.1	The Participant has engaged in conduct (including, but not limited to, a violation of the BP Code of Conduct) which the Designated Corporate Officer considers was contrary to the legitimate expectations of the Company for an employee in the Participant's position (or the position occupied by the Participant before he left the Group).

 

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	 	13.1.2	Results announced for any period have been restated or subsequently appeared materially financially inaccurate or misleading as determined by the Designated Corporate Officer.

 

		13.1.3	A business unit or profit centre in which the Participant worked has made a material financial loss as a result of circumstances that could reasonably have been risk-managed and which leads to or is likely to create reputational damage to the Group.

 

		13.1.4	Any team, business area, member of the Group or profit centre in which the Participant works has been the subject of any regulatory investigation or has been in breach of any laws, rules or codes of conduct applicable to it or the standards reasonably expected of it.

 

		13.1.5	The Designated Corporate Officer determines that material reputational damage has been caused to the Group or any Member of the Group for which the Participant is responsible or accountable and which could have been reasonably avoided or mitigated.

 

		13.1.6	Any other event as a result of which the Designated Corporate Officer considers that the application of this rule is appropriate.

 

	13.2	Malus

 

Where the Designated Corporate Officer decides that malus will apply to a Participant:

 

		13.2.1	any Matching RSU Award will lapse, wholly or in part as they may determine; and/or

 

		13.2.2	the Vesting Date for any Matching RSU Award will be delayed until such date or dates as he may determine; and/or

 

		13.2.3	if the Matching RSU Award has already Vested but Shares have not yet been issued or transferred (because of, for example, any Dealing Restrictions), a reduced number of Shares as determined by the Designated Corporate Officer will be issued or transferred to the Participant.

 

	13.3	Clawback

 

Where the Designated Corporate Officer decides that clawback will apply to a Participant then the Participant must transfer to or to the order of the Company, for no consideration, such number of the Shares which they have acquired pursuant to any Award as the Designated Corporate Officer may determine. If the Participant has sold any such Shares, they must pay to or to the order of the Company an amount equal to the Market Value of that number of Shares as at the date of such sale and provide such evidence of the sale as the Designated Corporate Officer may require.

 

	13.4	General

 

		13.4.1	For the avoidance of doubt, circumstances described in rule 13 can arise even if the Participant was not responsible for the event in question or if it happened before or after the Vesting or grant of the Award.

 

		13.4.2	Malus and/or clawback may be applied differently for different Participants or for different Awards held by the same Participant in relation to the same event.

 

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		13.4.3	The Designated Corporate Officer will notify the Participant of any application of malus or clawback.

 

		13.4.4	Without limiting rule 16.1, the Participant will not be entitled to any compensation in respect of any application of malus or clawback.

 

	14	Other circumstances - corporate events

 

	14.1	Timing

 

		14.1.1	In the event of a Change of Control, the date of the Change of Control will be the Release Date in respect of Deferral Awards and the Vesting Date for Matching RSU Awards.

 

	 	14.1.2	If the Company is or may be affected by:

 

	
(i)

	
any demerger, delisting, distribution (other than an ordinary dividend) or other transaction which, in the opinion of the Designated Corporate Officer , might affect the current or future value of Shares under a Deferral Award or Matching RSU Awards, or

 

		(ii)	any reverse takeover (not within rule 14.1.1 above), merger by way of a dual listed company or other significant corporate event, as determined by the Designated Corporate Officer,

 

the Designated Corporate Officer may decide that the date of the event will be the Release Date for Deferral Awards and the Vesting Date for Matching RSU Awards.

	14.2	Exchange

The Matching RSU Awards will not Vest under rule 14.1 but will be exchanged on the terms set out in rule 14.4 to the extent that:

 

		14.2.1	an offer to exchange the  Matching RSU Awards is made and  accepted by a  Participant; or

 

		14.2.2	the Designated Corporate Officer, with the consent of the Acquiring Company, decide before Change of Control that the Matching RSU Awards will be automatically exchanged.

 

	14.3	Timing of exchange

 

Where the Matching RSU Awards are to be exchanged under rule 14.2 the exchange is effective immediately following the Change of Control.

 

	14.4	Exchange terms

 

Where a Participant is granted a new Matching RSU Award in exchange for an existing Matching RSU Award, the new Matching RSU Award:

 

	 	14.4.1	must confer a right to receive shares in the  Acquiring Company or another corporate body determined by the Acquiring Company;

 

		14.4.2	must be equivalent, as far as possible, to the existing Matching RSU Award, subject to rule 14.4.4;

 

		14.4.3	are treated as having been granted at the same time as the existing Matching RSU Award and, subject to rule 14.4.4, Vest in the same manner and at the same time;

 

11

	 	14.4.4	must be subject to such other terms as the Designated Corporate Officer consider appropriate in all the circumstances.

 

		14.4.5	is governed by the Plan as if references to Shares were references to the shares over which the new Matching RSU Awards are granted and references to the Company were references to the Acquiring Company or the corporate body determined under rule 14.4.1 above.

 

	15	Changing the Plan and termination

 

	15.1	Powers of amendment

 

Subject to rule 15.3, the Designated Corporate Officer may at any time change the provisions of the Plan in any respect provided however that the terms of any Deferral Award or Matching RSU Award shall not be changed to the Participants' detriment. Schedules may be added to the Plan rules in order to facilitate variations in the operation of the Plan in different countries.

 

	15.2	Employees' share scheme

 

No amendment or operation of the Plan will be effective to the extent that the Plan would cease to be an "employees' share scheme" as defined in Section 1166 of the Companies Act 2006.

 

	15.3	Shareholder approval

 

	 	15.3.1	Except as described in rule 15.3.2, the Company in a general meeting must approve in advance by ordinary resolution any proposed change to the Plan to the advantage of present or future Participants, which relates to:

 

		(i)	eligibility;

 

		(ii)	the limits on the number of Shares which may be issued under the Plan;

 

		(iii)	the individual limit for each Participant under the Plan;

 

		(iv)	the basis for determining a Participant's entitlement to, and the terms of, securities, cash or other benefit to be provided and for the adjustment thereof (if any) if there is a capitalisation issue, rights issue or open offer, sub-division or consolidation of shares or reduction of capital or any other variation of capital; or

 

		(v)	the terms of this rule 15.3.1.

 

		15.3.2	The Designated Corporate Officer can change the Plan and need not obtain the approval of the Company in general meeting for minor changes:

 

		(i)	to benefit the administration of the Plan;

 

		(ii)	to comply with or take account of the provisions of any proposed or existing legislation; or

 

		(iii)	to obtain or maintain favourable tax, exchange control or regulatory treatment of the Company, any Subsidiary or any present or future Participant.

 

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	15.4	Notice

 

The Company is not required to give Participants notice of any changes to the Plan.

	15.5	Termination

 

The Designated Corporate Officer may terminate the Plan at any time. The termination of the Plan will not affect existing Deferral Awards or Matching RSU Awards to the detriment of the Participants.

 

	16	General

 

	16.1	Terms of employment

 

		16.1.1	This rule 16.1 applies during an Employee's employment and after the termination of an Employee's employment, whether or not the termination is lawful.

 

	 	16.1.2	Nothing in the rules or the operation of the Plan creates a contract of employment nor forms part of any 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.

 

		16.1.3	No Employee has a right to participate in the Plan. Participation in the Plan on a particular basis in any year does  not create any right to or expectation  of participation in the Plan on the same basis, or at all, in any future year.

 

		16.1.4	The terms of the Plan do not entitle the Employee to the exercise of any discretion in his favour.

 

		16.1.5	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.

	 	16.1.6	No Employee  has any right to compensation for any loss in relation to the Plan, including any loss in relation to:

 

		(i)	any loss or reduction of rights or expectations under the Plan in any circumstances (including lawful or unlawful termination of employment);

 

		(ii)	any exercise of a discretion or a decision taken under the Plan, or any failure to exercise a discretion or take a decision;

 

		(iii)	the operation, suspension, termination or amendment of the Plan.

	16.2	Designated Corporate Officer's decision final and binding

 

The decision of the Designated Corporate Officer on the interpretation of the Plan or in any dispute relating to a Deferral Award or a Matching RSU Award or matter relating to the Plan will be final and conclusive.

 

	16.3	Third party rights

 

Nothing in this Plan confers any benefit, right or expectation on a person who is not a Participant. No such third party has any rights under the Contracts (Rights of Third Parties) Act 1999 or any equivalent local legislation to enforce any term of this Plan. This does not affect any other right or remedy of a third party which may exist.

 

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	16.4	Costs

 

The Company will pay the costs of introducing and administering the Plan. The Company may ask a Participant's employer to bear the costs in respect of Deferral Awards and Matching RSU Awards.

 

	16.5	Employee trust

 

The Company and any Subsidiary may provide money to the trustee of any trust or any other person to enable them or him to acquire Shares to be held for the purposes of the Plan, or enter into any guarantee or indemnity for those purposes, to the extent permitted by Section 682 of the Companies Act 2006 or any applicable law.

 

	16.6	Data protection

 

By participating in the Plan the Participant consents to the holding and processing of personal information provided by the Participant to any Member of the Group, trustee or third party service provider, for all purposes relating to the operation of the Plan. These include, but are not limited to:

 

		16.6.1	administering and maintaining Participant records;

 

		16.6.2	providing information to Members of the Group, trustees of any employee benefit trust, registrars, brokers or third party administrators of the Plan;

 

		16.6.3	providing information to future purchasers or merger partners of the Company, the  Participant's employing company, or the business in which the Participant works;

 

		16.6.4	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.

 

The Participant is entitled, on payment  of a fee, to a copy of the personal information held about him or her, if anything is inaccurate the Participant has the right to have it corrected.

 

	16.7	Share Rights

 

Shares issued to satisfy Awards will rank equally in all respects with the Shares in issue on the date of allotment.

 

	16.8	Consents

 

All transfers of Shares will be subject to any necessary consents under any relevant enactments or regulations  for the time being in force in the United Kingdom or elsewhere. The Participant is responsible for complying with any requirements he needs to fulfil in order to obtain or avoid the necessity for any such consent.

 

	16.9	Notices

 

	 	
16.9.1

	
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 Plan Administrator considers appropriate, including publication on any intranet.

 

	 	
16.9.2

	
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 Plan Administrator or duly appointed agent may decide and notify Participants.

 

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	 	16.9.3	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.

 

	
16.10

	
Governing law and jurisdiction

 

English law governs the Plan and all Deferral Awards and Matching RSU Awards and their construction. The English courts have non-exclusive  jurisdiction in respect of disputes arising under or in connection with the Plan or any Deferral Awards and Matching Share Awards.

 

	17	Definitions

 

In these rules:

 

"Acquiring Company" means a person who has or obtains control (within the meaning of Section 995 of the Income Tax Act 2007) of the Company;

 

"ADS" means an American  depositary   share   representing   ordinary   shares   of  the Company”;

 

"Annual Cash Bonus" means a cash bonus granted under the Company's Annual Cash Bonus Global Policy or  any successor bonus policy as determined by the Designated Corporate Officer;

 

"Award" means a Deferral Award or a Matching RSU Award;

 

"Business Day" means a day on which the London Stock Exchange (or, if relevant and if the Designated Corporate Officer so determines, any stock exchange nominated by the Designated Corporate Officer on which the Shares are traded) is open for the transaction of business;

 

"Career Break"  means an extended period of unpaid leave from normal work, without ceasing to be an employee of any Member of the Group, with the agreement of the Company and which is designated by the Plan Administrator as a Career Break for the purposes of these rules;

 

"Change of Control" means

 

	
(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.

 

"Company" means BP p.l.c.;

 

"Deferral Award" means an award of Shares made in accordance with these rules;

 

15

"Designated  Corporate  Officer"  means  the Group Chief Executive  or such  other corporate officer to whom the Group Chief Executive delegates his authority;

 

"Dividend  Equivalent"  means  an additional  number  of  Matching  RSU Awards  as calculated in accordance with rule 8.1;

 

"Employee" means any employee of a Member of the Group;

 

"Grant Date" means the date on which Matching RSU Awards are granted under rule 3; 

 

"Grantor" means, the entity which grants Matching RSU Awards under the Plan;

 

"London Stock Exchange" means London Stock Exchange pic;

 

"Matching RSU Award" means a conditional  right to acquire Shares on Vesting in accordance with the Plan made in the form of a restricted stock unit;

 

"Member of the Group" means:

 

		(i)	the Company; or

 

		(ii)	its Subsidiaries from time to time.

 

"Participant" means a person who holds a Deferral Award and a Matching RSU Award or his personal representatives who have produced a UK grant of representation or such other documentation as may be accepted by the Plan Administrator;

 

"Plan" means these rules known as "The BP p.l.c. Annual Cash Bonus Deferral Plan", as changed from time to time;

 

"Plan Administrator"  means the person  or persons  appointed  by the Designated Corporate Officer as the plan administrator for the purposes of the Plan;

 

"Release Date" means the date determined by the Designated Corporate Officer on which the restrictions imposed on the Shares under a Deferral Award lapse and fall away;

 

"Share Award Plan" means the BP Share Award Plan 2015 as amended from time to time;

 

"Shares" means fully paid ordinary shares in the capital of the Company or where the context requires ADSs (see rule 2.5 and 3.7);

 

"Sub-Plan" means a Sub-Plan of the Share Award Plan as contemplated by rule 13 of the rules of that plan;

 

"Subsidiary" means a company which is a subsidiary of the Company within the meaning of Section 1159 of the Companies Act 2006 so long as BP p. l.c. directly or indirectly owns at least 50% of the voting securities of such company;

 

"Vesting" means the Participant becoming entitled to have Shares equal in number to the Shares notionally comprised in a Matching RSU Award issued or transferred to them in accordance with these rules.

 

"Vesting Date" means the date determined by the Designated Corporate Officer and notified to the Participant under rule 3 on which the Participant becomes entitled to have the Shares comprised in a Matching RSU Award issued or transferred to them.

 

16

Schedule 1

 

US Schedule

 

This United States ("US") Schedule shall vary the terms of the Plan (and any other related documents) accordingly for all US Participants. For the purposes of this Schedule 1, a " US Participant" means a Participant who is:

 

	
(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); or

 

	(iii)	a non-US citizen who is posted to the United States as of an Award Date and who is (or expected to become) subject to US taxation as a resident alien; or

 

	(iv)	a non-US citizen to the extent that he or she is or becomes subject to Section 409A of the Internal Revenue Code of 1986, as amended (the "Code") with regard to a grant or Award, including  a non-resident alien taxpayer, with respect to some portion of a grant or Award that is deemed to be income from a US source.

 

	1	Rule 1.2.5 and Schedule 2 shall be varied by adding the following:

 

Rule 1.2.5 and Schedule 2 are not intended to be applied to a Participant who is considered a US Participant.    If applicable  non-US law requires the general application of rule 1.2.5and Schedule 2 to any US Participant, then such will be applied in a manner consistent with Section 409A of the Code.

 

	2	Rule 2.1 shall be varied by adding the following:

 

Notwithstanding anything in the Plan rules to the contrary, and consistent with paragraph 14 of this US Schedule, this Plan shall not be considered a "funded" plan within the meaning of Section 409A of the Code, and any procurement of Shares to accomplish an issue or transfer of Shares to US Participants shall be done in such a manner consistent with paragraph 14.

 

	3	Rule 8 shall be varied by adding the following:

 

Notwithstanding anything in the Plan rules to the contrary, the issue or transfer of Shares upon Vesting will occur no later than 2% months after the expiration of 36 months beginning 1 January of the year of Grant Date.

 

	4	Rule 8.2 shall be varied by adding the following:

 

Rule 8.2 is not intended to be applied to a Participant who is considered a US Participant. If applicable non-US law requires the general application of rule 8.2 vto any US Participant, rule 8.2 will be applied in a manner consistent with Section 409A of the Code.

 

	5	Rule 9.2 shall be varied by adding the following:

 

Notwithstanding anything in the Plan rules to the contrary, any right of the Company, the Designated Corporate Officer, any employing Company or any other entity to deduct from and set off against the Matching RSU Award any debt, obligation, liability, or other amount owed by the Participant to a Member of the Group, shall be subject to limitations imposed by Section 409A of the Code.

 

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	6	Rule 9.4 shall be varied by adding the following:

 

Rule 9.4 is not intended to be applied to a Participant who is considered a US Participant. If applicable non-US law requires the general application of rule 9.4 to any US Participant, rule 9.4 will be applied in a manner consistent with the provisions of paragraph 7 of this US Schedule and Section 409A of the Code.

 

	7	Rule 11.2 shall be replaced in its entirety to read as follows:

 

If a Participant ceases employment for any of the reasons set out below, then their Matching RSU Awards will Vest on the original Vesting Date in the proportion described in rule 10.3 provided the Participant was a BP employee and on a BP payroll on 31 December of the year of grant. Any other Matching RSU Awards will lapse. The reasons are:

 

(1) Disability. For the purposes of this rule, a US Participant will be considered Disabled if he is (i) unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than 12 months; or (ii) by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than 12 months, receiving income replacement benefits for a period of not less than 3 months under an accident and health plan covering employees of a Member of the Group; or (iii) otherwise disabled within the meaning of Section 409A of the Code;

 

(2) A US Participant's involuntary termination of employment with any Member of the Group, other than due to such Participant's conduct or performance. For avoidance of doubt, the following circumstances will be considered an involuntary termination of employment: (A) termination of a US Participant's employment by his or her employer with no anticipated return to employment with a Member of the Group, or a termination considered by the Designated Corporate Officer to have been initiated by the US Participant's employer with no anticipated return to employment with a Member of the Group, in both cases where the termination is not based on the US Participant's conduct or performance; (B) termination of a US Participant's employment as a result of a Change of Control.  A transfer of employment from one Member of the Group to another will not be considered a termination of employment, nor will a reduction in hours, unless such is considered an involuntary "separation from service" within the meaning of Section 409A of the Code; or

 

(3) If a US Participant's termination of employment occurs by mutual agreement between the Participant and the Company to an agreed and planned exit date occurring after the end of the calendar year of grant, the Designated Corporate Officer may in his sole discretion permit the Matching RSU Award to continue to Vest according to its original terms.

 

	8	Rule 11.4 shall be varied by adding the following:

 

The Shares will in all circumstances be delivered as soon as possible but no later than within 90 days after the date of the Participant's death.

 

	9	Rule 11.5 shall be varied by adding the following:

 

Rule 11.5 is not intended to be applied to a US Participant.

 

	10	Rule 14.1 shall be varied by adding the following:

 

Rule 14. 1 will only apply when the Change of Control or corporate event described therein constitutes a Change of Control as defined in this US Schedule.  As well, and notwithstanding anything in these rules to the contrary, the issue or transfer of Shares upon Vesting under Rule 14. 1 will be accomplished no later than 90 days after such corporate event.

 

18

	11	Rule 14.2 shall be varied by adding the following:

 

Rule 14. 2 is not intended to be applied to a US Participant.

 

	12	Rule 17, definition of "Career Break" shall be varied by adding the following:

 

For US Participants, a Career Break shall only be recognized for purposes of this Plan if the Participant is reasonably expected to return to work with the Company after the expiration of the break and such break is approved by the Company in advance of the break's onset. The maximum recognized period for a Career Break for US Participants will be six (6) months (or such longer period if the Participant has a legal or contractual right to return to work with the Company immediately following the expiration of the break), with a voluntary termination of employment considered to have taken place for purposes of the Plan for any such longer period, as determined in accordance with Section 409A of the Code.

 

	13	Rule 17, definition of "Change of Control" shall be replaced by the following:

 

"Change of Control" shall mean a change in the ownership of the Company, change in effective control of the Company or change in the ownership of a substantial portion of the Company's assets, as such phrases are specifically defined by United States Treasury Regulations Section 1.409A-3(i)(5)(v), (vi) and (vii), as applicable to the terms herein and as may hereafter be amended.

 

	
14

	
The following shall be added as rule 14.9. 1

 

	14.9.1	Compliance with Section 409A and Other Applicable Laws

 

Notwithstanding any provision of the Plan to the contrary, the Plan is intended to comply with the requirements of Section 409A of the Code with respect to US Participants. Accordingly, all provisions herein, or incorporated by reference, shall be construed and interpreted to  comply with  Section 409A of  the  Code  to  the  extent  required. Notwithstanding any provision of the Plan to the contrary, if a US Participant is a "specified employee" within the meaning of Section. 409A of the Code at the time of separation from service, to the extent necessary to comply with Section 409A of the Code, any payment required under this Plan shall be held for delayed payment and shall be distributed on or immediately after the date which is six months after the date of the Participant's separation from service, or death if earlier. In no event may the US Participant, directly or indirectly, designate the calendar year of a payment. Notwithstanding the provisions of rule 8.6, the Plan shall be unfunded for the purposes of Section 409A of the Code.

 

Notwithstanding any  provision of this Plan to the contrary, the Designated Corporate Officer may amend or terminate the grant, Vesting and/or release of Matching RSU Awards under this Plan at any time and without prior notice if the Designated Corporate Officer determines in its sole discretion that such action is necessary or advisable to avoid or mitigate potential non-compliance with applicable law or if compliance would create unreasonable administrative burdens.  If the terms of a grant, Vesting or release of a Matching RSU Award is amended or terminated, the Company is under no obligation to provide any consideration or remuneration in lieu of the grant, Vesting and/or release of the Matching RSU Award.

 

All taxes, penalties, or interest imposed on any Participant due to any failure to comply with Section 409A of the Code or other tax rule shall be the Participant's responsibility and no Member of the Group shall have any obligation to keep the Participant whole.

 

19

Schedule 2

 

Cash Awards

 

The rules of the BP p.l.c. Annual Cash Bonus Deferral Plan ("Plan") will apply to grants made under this Schedule 2, as modified by the terms of this Schedule 2.

 

	1	Definitions

"Deferral Cash Award" means a conditional entitlement to a cash payment as described in paragraph 4 of this Schedule;

 

"Market Value" has the meaning given to it in rule 8.2;

 

"Matching Cash Award" means a conditional entitlement  to a payment of cash as described in paragraph 5 of this Schedule;

 

"Starting Amount" means the amount determined by the Designated Corporate Officer under paragraph 2 of this Schedule for a Deferral Cash Award, which shall be expressed as a cash amount.

 

Terms defined in the rules have the same meaning when used in this Schedule.

 

	2	Grant of Deferral Cash Awards

 

	
2.1

	
Grant of Deferral Cash Awards

 

On a date set by the Designated Corporate Officer, the Company shall procure that the Participant is granted a Deferral Cash Award.

 

	
2.2

	
Main terms of Deferral Cash Awards

 

The terms of the Deferral Cash Awards must be determined by the Designated Corporate  Officer. The terms will be notified to the Participant and will include:

 

		2.2.1	the Starting Amount; and

 

		2.2.2	the Release Date.

 

	
2.3

	
Other terms of Deferral Cash Awards

 

The terms of a Deferral Cash Award will be the same as those of a Deferral Award except:

 

		2.3.1	as provided in this Schedule;

 

		2.3.2	rules 2. 1, 2.2, 5.1, 5.3 and 7 will not apply;

 

		2.3.3	rule 5.2. 1 (restrictions on transfer) applies to any transfer, assignment etc of any rights in respect of the Deferral Cash Award; and

 

		2.3.4	where rule 10.1 (cessation of employment) applies, a payment will be made under paragraph 4 of this Schedule on the original Release Date, unless the Designated · Corporate Officer determines otherwise.

 

	3	Grant of Matching Cash Awards

 

As soon as practicable after the granting of a Deferral Cash Award, the Grantor will make a Matching Cash Award to the Participant, subject to and in accordance with these Rules. The number of Shares notionally comprised in a Matching Cash Award shall be equal to the Starting Amount under the Deferral Cash Award divided by the Market Value of a Share on the Grant Date.

 

20

The terms of a Matching Cash Award will be the same as those of a Matching RSU Award except:

 

		3.1.1	as provided in this Schedule;

 

		3.1.2	rule 3.1 will not apply; and

 

		3.1.3	where rule 14.4 (exchange) applies, the new Matching Cash Award must confer a right to receive a cash amount calculated by reference to shares in the Acquiring Company or other body determined under that rule.

 

	4	The Release Date for Deferral Cash Award

 

Within 30 days of the Release  Date, the Grantor will procure that the Participant is paid (subject to rule 9) an amount in cash equal to the Market Value on the Release Date of the Shares (and any other securities) which the Participant would have held on the Release Date if:

 

		4.1.1	the Starting Amount had been used to purchase Shares at Market Value on the on the date on which the Deferral Cash Award was granted;

 

		4.1.2	any Net Dividends and any other cash amounts payable in respect of those Shares (or in respect of securities received in respect of Shares) had been reinvested in Shares at Market Value on the date of payment; and

 

		4.1.3	on any rights issue, sufficient entitlements had been sold nil-paid to take up the balance of the entitlements.

 

For the purposes of this calculation, fractional Shares may be included.

 

No Shares will be issued or transferred in respect of a Deferral Cash Award.

 

	5	The Vesting Date for Matching Cash Awards

 

Within 30 days of the Vesting Date for Matching Cash Awards, the Grantor will arrange for the payment to, or to the order of, the Participant, (subject to rule 9) of a cash  amount equal to the Market Value (as at the Vesting Date) of the Shares which would have been issued or transferred under rule 8 (including any Additional Shares under rule 8.1) if the Matching Cash Award had been a Matching RSU Award.

 

No Shares will be issued or transferred in respect of a Matching Cash Award.

 

 

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