Document:

EX-10.1

 

Exhibit 10.1

BLACK BOX CORPORATION

1992 DIRECTOR STOCK OPTION PLAN

(As Amended through August 8, 2006)

     I. PURPOSES

     BLACK BOX CORPORATION (the “Company”) desires to afford certain of its directors, and certain
directors of any subsidiary corporation or parent corporation of the Company now existing or
hereafter formed or acquired an opportunity to acquire a proprietary interest in the Company, and
thus to create in such directors an increased interest in and a greater concern for the welfare of
the Company and its subsidiaries.

     The Company, by means of this 1992 Director Stock Option Plan, as originally approved on
November 11, 1992, and as further amended on, May 10, 1994, August 9, 1994, August 7, 1995, August
12, 1996, August 13, 1997, September 2, 1997, February 3, 1998, May 5, 1998, August 10, 1998,
August 10, 1999, August 23, 2001, August 15, 2002, August 12, 2003, August 10, 2004, March 15, 2005
and August 8, 2006 (the “Plan”), seeks to retain the services of certain persons now serving as
directors and to secure the services of persons capable of filling such positions.

     The stock options (“Options”) and stock appreciation rights (“Rights”) offered pursuant to the
Plan are a matter of separate inducement and are not in lieu of any salary or other compensation
for the services of any director.

     The Options granted under the Plan are intended to be options that do not meet the
requirements for incentive stock options within the meaning of Section 422 of the Internal Revenue
Code of 1986, as amended (the “Code”).

     II. AMOUNT OF STOCK SUBJECT TO THE PLAN

     The total number of shares of common stock of the Company which may be purchased or acquired
pursuant to the exercise of Options or Rights granted under the Plan shall not exceed, in the
aggregate, 270,000 shares of the authorized common stock, $.001 par value per share, of the Company
(the “Shares”), such number subject to adjustment as provided in Article XII hereof. Shares that
are the subject of Rights and related Options shall be counted only once in determining whether the
maximum number of Shares that may be purchased or awarded under the Plan has been exceeded.

     Shares acquired under the Plan may be either authorized but unissued Shares or Shares of
issued stock held in the Company’s treasury, or both, at the discretion of the Company. If and to
the extent that Options or Rights granted under the Plan expire or terminate without having been
exercised, the Shares covered by such expired or terminated Options or Rights shall again become
available for award under the Plan.

     Except as provided in Article XVIII and subject to Article II, the Company may, from time to
time during the period beginning on the date on which the Company consummates an underwritten
initial public offering of Shares (the “Effective Date”) and originally ending on

 

 

November 30, 2002 but amended to end on November 30, 2012 (the “Termination Date”), grant to certain
directors of the Company, or of any subsidiary corporation or parent corporation of the Company now
existing or hereafter formed or acquired, Options and/or Rights under the terms hereinafter set forth.

     Provisions of the Plan that pertain to Options or Rights granted to a director shall apply to
Options, Rights or a combination thereof.

     As used in the Plan, the terms “subsidiary corporation” and “parent corporation” shall mean,
respectively, a corporation coming within the definition of such terms contained in Sections 424(f)
and 424(e) of the Code.

     III. ADMINISTRATION

     The board of directors of the Company (the “Board”) may designate from among its members a
director stock option committee (the “Committee”) to administer the Plan. The Committee shall
consist of no fewer than two members of the Board, each of whom shall be a “Non-Employee Director”
within the meaning of Rule 16b-3 (or any successor rule or regulation) promulgated under the
Securities Exchange Act of 1934, as amended (the “Exchange Act”). A majority of the members of the
Committee shall constitute a quorum, and the act of a majority of the members of the Committee
shall be the act of the Committee. Any member of the Committee may be removed at any time either
with or without cause by resolution adopted by the Board, and any vacancy on the Committee at any
time may be filled by resolution adopted by the Board.

     Subject to the express provisions of the Plan, the Board and the Committee shall have
authority, in their discretion, to determine the directors to whom Options or Rights shall be
granted, the time when such Options or Rights shall be granted, the number of Shares which shall be
subject to each Option or Right, the purchase price or exercise price of each Option or Right, the
period(s) during which such Options or Rights shall become exercisable (whether in whole or in
part) and the other terms and provisions thereof (which need not be identical).

     Subject to the express provisions of the Plan, the Board and the Committee also shall have
authority to construe the Plan and the Options and Rights granted thereunder, to amend the Plan and
the Options and Rights granted thereunder, to prescribe, amend and rescind rules and regulations
relating to the Plan, to determine the terms and provisions of the Options (which need not be
identical) and Rights (which need not be identical) granted thereunder and to make all other
determinations necessary or advisable for administering the Plan. The Board and the Committee also
shall have the authority to require, in its discretion, as a condition of the granting of any such
Option or Right, that the director agree (i) not to sell or otherwise dispose of Shares acquired
pursuant to the exercise of such Option or Right for a period of six (6) months following the date
of the acquisition of such Option or Right and (ii) that in the event of termination of service of
such director, other than as a result of removal without cause, such director will not, for a
period to be fixed at the time of the grant of the Option or Right, enter into
any other employment or participate directly or indirectly in any other business or enterprise
which is competitive with the business of the Company or any subsidiary corporation or parent
corporation of the Company, or enter into any employment in which such director will be called

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upon to utilize special knowledge obtained through service as a director of the Company or any
subsidiary corporation or parent corporation thereof. In no event will a director who is subject
to the reporting requirements of Section 16(a) of the Exchange Act be entitled to sell or otherwise
dispose of any Shares acquired pursuant to exercise of any such Options or Rights for a period of
six (6) months from the date of the acquisition of such Options or Rights. Notwithstanding the
foregoing, the Committee shall not have the authority to reprice any outstanding Option or Right
without stockholder approval.

     The determination of the Board or Committee on matters referred to in this Article III shall
be conclusive.

     The Board or Committee may employ such legal counsel, consultants and agents as it may deem
desirable for the administration of the Plan and may rely upon any opinion or computation received
from any such legal counsel, consultant or agent. Expenses incurred in the engagement of such
counsel, consultant or agent shall be paid by the Company. No member or former member of the Board
or Committee shall be liable for any action or determination made in good faith with respect to the
Plan or any award of Options or Rights granted hereunder.

     IV. ELIGIBILITY

     Options and Rights may be granted only to non-employee directors of the Company or of any
subsidiary corporation or parent corporation of the Company, except as hereinafter provided. Any
person who shall cease to serve on the Board or the board of directors of any subsidiary
corporation or parent corporation of the Company, although such person shall have entered into a
consulting contract with the Company or a subsidiary corporation or parent corporation thereof,
shall not be eligible to receive an Option or a Right.

     The Plan does not create a right in any director to participate in the Plan, nor does it
create a right in any director to have any Options or Rights granted to him or her.

     V. OPTION PRICE AND PAYMENT

     The price for each Share purchasable under any Option granted hereunder shall be such amount
as the Committee shall deem appropriate but not less than one hundred percent (100%) of the fair
market value per share at the date the Option is granted.

     If the Shares are listed on a national securities exchange in the United States (which, for
purposes of this Article V, shall be deemed to include any last sale reported over-the-counter
market), on any date on which the fair market value per Share shall be deemed to be the average of
the high and low quotations at which such Shares are sold on such national securities exchange on
the date such Option is granted. If the Shares are listed on a national securities exchange in the
United States on such date, but the Shares are not traded on such date, or such national securities
exchange is not open for business on such date, the fair market value per Share shall be determined
as of the closest preceding date on which such exchange shall have been open for business and the
Shares shall have been traded. If the Shares are listed on more
than one national securities exchange in the United States on the date on which the fair
market value per Share is to be determined, the Committee shall determine which national securities
exchange shall be used for the purpose of determining the fair market value per Share.

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     If a public market exists for the Shares on any date on which the fair market value per Share
is to be determined but the Shares are not listed on a national securities exchange in the United
States, the fair market value per Share shall be deemed to be the mean between the closing bid and
asked quotations in the over-the-counter market for the Shares on such date. If there are no bid
and asked quotations for the Shares on such date, the fair market value per Share shall be deemed
to be the mean between the closing bid and asked quotations in the over-the-counter market for the
Shares on the closest date preceding such date for which such quotations are available.

     If no public market exists for the Shares on any date on which the fair market value per Share
is to be determined, the Committee shall, in its sole discretion and best judgment, determine the
fair market value of a Share.

     For purposes of this Plan, the determination by the Committee of the fair market value of a
Share shall be conclusive.

     Upon the exercise of an Option granted hereunder, the Company shall cause the purchased Shares
to be issued only when it shall have received the full purchase price for the Shares in cash or by
certified check; provided, however, that in lieu of cash, the holder of an Option
may, if and to the extent the terms of such Option so provide and to the extent permitted by
applicable law, exercise an Option (i) in whole or in part, by delivering to the Company shares of
common stock of the Company (in proper form for transfer and accompanied by all requisite stock
transfer tax stamps or cash in lieu thereof) owned by such holder having a fair market value equal
to the exercise price applicable to that portion of the Option being exercised by the delivery of
such Shares or (ii) in part, by delivering to the Company an executed promissory note on such terms
and conditions as the Committee shall determine, at the time of grant, in its sole discretion;
provided, however, that the principal amount of such note shall not exceed eighty
percent (80%) (or such lesser percentage as would be permitted by applicable margin regulations) of
the aggregate purchase price of the Shares then being purchased pursuant to the exercise
of such Option. The fair market value of the stock so delivered shall be determined as of the date
immediately preceding the date on which the Option is exercised, or as may be required in order to
comply with or to conform to the requirements of any applicable laws or regulations.

     VI. USE OF PROCEEDS

     The cash proceeds of the sale of Shares pursuant to the Plan are to be added to the general
funds of the Company and used for its general corporate purposes as the Board shall determine.

     VII. TERM OF OPTIONS AND LIMITATIONS ON THE RIGHT OF EXERCISE

     Any Option shall be exercisable at such times, in such amounts and during such period or
periods as the Board or Committee shall determine at the date of the grant of such Option.

     Subject to the provisions of Article XVII, the Board or Committee shall have the right to
accelerate, in whole or in part, from time to time, conditionally or unconditionally, rights to
exercise any Option granted hereunder.

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     To the extent that an Option is not exercised within the period of exercisability specified
therein, it shall expire as to the then unexercised part.

     In no event shall an Option granted hereunder be exercised for a fraction of a Share.

     VIII. EXERCISE OF OPTIONS

     Options granted under the Plan shall be exercised by the optionee as to all or part of the
Shares covered thereby by the giving of written notice of the exercise thereof to the Corporate
Secretary of the Company at the principal business office of the Company, specifying the number of
Shares to be purchased and specifying a business day not more than fifteen (15) days from the date
such notice is given for the payment of the purchase price against delivery of the Shares being
purchased. Subject to the terms of Articles XIV, XV and XVI, the Company shall cause certificates
for the Shares so purchased to be delivered to the optionee at the principal business office of the
Company, against payment of the full purchase price, on the date specified in the notice of
exercise.

     IX. STOCK APPRECIATION RIGHTS

     In the discretion of the Board or Committee, a Right may be granted (i) alone, (ii)
simultaneously with the grant of an Option and in conjunction therewith or in the alternative
thereto or (iii) subsequent to the grant of an Option and in conjunction therewith or in the
alternative thereto.

     The exercise price of a Right granted alone shall be determined by the Board or Committee but
shall not be less than one hundred percent (100%) of the fair market value of one Share on the date
of grant of such Right. A Right granted simultaneously with or subsequent to the grant of an
Option and in conjunction therewith or in the alternative thereto shall have the same exercise
price as the related Option, shall be transferable only upon the same terms and conditions as the
related Option, and shall be exercisable only to the same extent as the related Option;
provided, however, that a Right, by its terms, shall be exercisable only when the
fair market value of the Shares subject to the Right and related Option exceeds the exercise price
thereof.

     Upon exercise of a Right granted simultaneously with or subsequent to an Option and in the
alternative thereto, the number of Shares for which the related Option shall be exercisable shall
be reduced by the number of Shares for which the Right shall have been exercised. The number of
Shares for which a Right shall be exercisable shall be reduced upon any exercise of a related
Option by the number of Shares for which such Option shall have been exercised.

     Any Right shall be exercisable upon such additional terms and conditions as may from time to
time be prescribed by the Board or Committee.

     A Right shall entitle the holder upon exercise thereof to receive from the Company, upon a
written request filed with the Corporate Secretary of the Company at its principal offices (the
“Request”), a number of Shares (with or without restrictions as to substantial risk of forfeiture
and transferability, as determined by the Board in its sole discretion), an amount of cash, or any
combination of Shares and cash, as specified in the Request (but subject to the approval of the

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Board in its sole discretion, at any time up to and including the time of payment, as to the making
of any cash payment), having an aggregate fair market value equal to the product of (i) the excess
of the fair market value, on the day of such Request, of one Share over the exercise price per
Share specified in such Right or its related Option, multiplied by (ii) the number of Shares for
which such Right shall be exercised.

     Any election by a holder of a Right to receive cash in full or partial settlement of such
Right, and any exercise of such Right for cash, may be made only by a Request filed with the
Corporate Secretary of the Company during the period beginning on the third business day following
the date of release for publication by the Company of quarterly or annual summary statements of
sales and earnings and ending on the twelfth business day following such date. Within thirty (30)
days of the receipt by the Company of a Request to receive cash in full or partial settlement of a
Right or to exercise such Right for cash, the Committee shall, in its sole discretion, either
consent to or disapprove, in whole or in part, such Request. A Request to receive cash in full or
partial settlement of a Right or to exercise a Right for cash may provide that, in the event the
Board shall disapprove such Request, such Request shall be deemed to be an exercise of such Right
for Shares.

     If the Board disapproves in whole or in part any election by a holder to receive cash in full
or partial settlement of a Right or to exercise such Right for cash, such disapproval shall not
affect such holder’s right to exercise such Right at a later date, to the extent that such Right
shall be otherwise exercisable, or to elect the form of payment at a later date, provided that an
election to receive cash upon such later exercise shall be subject to the approval of the Board.
Additionally, such disapproval shall not affect such holder’s right to exercise any related Option
or Options granted to such holder under the Plan.

     A holder of a Right shall not be entitled to request or receive cash in full or partial
payment of such Right unless such Right shall have been held for six (6) months from the date of
acquisition to the date of cash settlement thereof; provided, however, that such
prohibition shall not apply if the holder of such Right is not subject to the reporting
requirements of Section 16(a) of the Exchange Act.

     A Right shall be deemed exercised on the last day of its term, if not otherwise exercised by
the holder thereof, provided that the fair market value of the Shares subject to the Right exceeds
the exercise price thereof on such date.

     For all purposes of this Article IX, the fair market value of Shares shall be determined in
accordance with the principles set forth in Article V.

     X. NON-TRANSFERABILITY OF OPTIONS AND STOCK APPRECIATION RIGHTS 

     Neither an Option nor a Right granted hereunder shall be transferable, whether by operation of
law or otherwise, other than by will or the laws of descent and distribution, and any Option or
Right granted hereunder shall be exercisable during the lifetime of the holder only by such holder.
Except to the extent provided above, Options and Rights may not be assigned, transferred, pledged,
hypothecated or disposed of in any way (whether by operation of law or otherwise) and shall not be
subject to execution, attachment or similar process.

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     XI. TERMINATION OF SERVICE

     Upon the cessation of such person’s status as a director of the Company and all subsidiary
corporations and parent corporations of the Company, an Option or Right previously granted to the
director, unless otherwise specified by the Board or Committee in the Option or Right, shall, to
the extent not theretofore exercised, terminate and become null and void, provided that:

     (a) if the director shall die while serving as a director of such corporation or
during either the three (3) month or one (1) year period, whichever is applicable, specified
in clause (b) below and at a time when such director was entitled to exercise an Option or
Right as herein provided, the legal representative of such director, or such person who
acquired such Option or Right by bequest or inheritance or by reason of the death of the
director, may, not later than one (1) year from the date of death, exercise such Option or
Right, to the extent not theretofore exercised, in respect of any or all of such number of
Shares as specified by the Board or Committee in such Option or Right; and

     (b) if the service of any director to whom such Option or Right shall have been
granted shall terminate by reason of the director’s retirement (at such age or upon such
conditions as shall be specified by the Board), disability (as described in Section 22(e)(3)
of the Code) or removal other than for cause (as defined below), and while such director is
entitled to exercise such Option or Right as herein provided, such director shall have the
right to exercise such Option or Right so granted, to the extent not theretofore exercised,
in respect of any or all of such number of Shares as specified by the Board or Committee in
such Option or Right, at any time up to and including (i) three (3) months after the date of
such termination of service in the case of termination by reason of retirement or removal
other than for cause and (ii) one (1) year after the date of termination of service in the
case of termination by reason of disability.

     If a director voluntarily terminates his or her service, or is discharged for cause, any
Option or Right granted hereunder shall, unless otherwise specified by the Board or Committee in
the Option or Right, forthwith terminate with respect to any unexercised portion thereof.

     If an Option or Right granted hereunder shall be exercised by the legal representative of a
deceased or disabled director or former director, or by a person who acquired an Option or Right
granted hereunder by bequest or inheritance or by reason of death of any director or former
director, written notice of such exercise shall be accompanied by a certified copy of letters
testamentary or equivalent proof of the right of such legal representative or other person to
exercise such Option or Right.

     For the purposes of the Plan, the term “for cause” shall mean (i) with respect to a director
who is party to a written agreement with, or, alternatively, participates in a compensation or
benefit plan of the Company or a subsidiary corporation or parent corporation of the Company, which
agreement or plan contains a definition of “for cause” or “cause” (or words of like import) for
purposes of termination of service thereunder, “for cause” or “cause” as defined in the most recent
of such agreements or plans, or (ii) in all other cases, as determined by the Board in its sole
discretion, (a) the willful commission by a director of a criminal or other act that causes or

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probably will cause substantial economic damage to the Company or a subsidiary corporation or
parent corporation of the Company or substantial injury to the business reputation of the Company
or a subsidiary corporation or parent corporation of the Company; (b) the commission by a director
of an act of fraud in the performance of such director’s duties on behalf of the Company or a
subsidiary corporation or parent corporation of the Company; or (c) the continuing willful failure
of a director to perform the duties of such director to the Company or a subsidiary corporation or
parent corporation of the Company (other than such failure resulting from the director’s incapacity
due to physical or mental illness) after written notice thereof (specifying the particulars thereof
in reasonable detail) and a reasonable opportunity to be heard and cure such failure are given to
the director by the Board or the Committee. For purposes of the Plan, no act, or failure to act,
on the director’s part shall be considered “willful” unless done or omitted to be done by the
director not in good faith and without reasonable belief that the director’s action or omission was
in the best interest of the Company or a subsidiary corporation or parent corporation of the
Company.

     In the event of the complete liquidation or dissolution of a subsidiary corporation, or in the
event that the Company ceases to own, directly or indirectly, stock possessing fifty percent (50%)
or more of the total combined voting power of all classes of stock of such corporation, any
unexercised Options or Rights theretofore granted to any person who served as a director of such
subsidiary corporation will be deemed canceled unless such person serves on the Board or board of
directors of any parent corporation or another subsidiary corporation after the occurrence of such
event. In the event an Option or Right is to be canceled pursuant to the provisions of the
previous sentence, notice of such cancellation will be given to each director holding unexercised
Options or Rights and such holder will have the right to exercise such Options or Rights in full
(without regard to any limitation set forth or imposed pursuant to Article VII) during the thirty
(30) day period following notice of such cancellation.

     Notwithstanding anything to the contrary contained in this Article XI, in no event, however,
shall any person be entitled to exercise any Option or Right after the expiration of the period of
exercisability of such Option or Right as specified therein.

     XII. ADJUSTMENT OF SHARES; EFFECT OF CERTAIN TRANSACTIONS

     In the event of any change in the outstanding Shares through merger, consolidation,
reorganization, recapitalization, stock dividend, stock split, split-up, split-off, spin-off,
combination of shares, exchange of shares, or other like change in capital structure of the
Company, the Board or Committee shall make such adjustment to each outstanding Option and Right
that it, in its sole discretion, deems appropriate. The term “Shares” after any such change shall
refer to the securities, cash and/or property then receivable upon exercise of an Option or Right.
In addition, in the event of any such change, the Board or Committee shall make any
further adjustment as may be appropriate to the maximum number of Shares which may be acquired
under the Plan pursuant to the exercise of Options and Rights, the maximum number of Shares which
may be so acquired by one director and the number of Shares and prices per Share subject to
outstanding Options and Rights as shall be equitable to prevent dilution or enlargement of rights
under such Options or Rights, and the determination of the Board or Committee as to these matters
shall be conclusive.

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     In the event of a “change in control” of the Company, all then outstanding Options and Rights
shall immediately become exercisable. For purposes of the Plan, a “change in control” of the
Company occurs if: (a) any “Person” (as such term is used in Sections 13(d) and 14(d)(2) of the
Exchange Act) is or becomes the “beneficial owner” (as defined in Rule 13d-3 under the Exchange
Act), directly or indirectly, of securities of the Company representing (i) fifty percent (50%) or
more of the combined voting power of the Company’s then-outstanding securities; or (ii) twenty-five
percent (25%) or more but less than fifty percent (50%) of the combined voting power of the
Company’s then outstanding securities if such transaction(s) giving rise to such beneficial
ownership are not approved by the Board; or (b) at any time a majority of the members of the Board
has been elected or designated by any Person; or (c) the Board shall approve a sale of all or
substantially all of the assets, the result of which would be the occurrence of any event described
in clause (a) or (b) above.

     The Board or Committee, in its discretion, may determine that, upon the occurrence of a
transaction described in the preceding paragraph, each Option or Right outstanding hereunder shall
terminate within a specified number of days after notice to the holder, and such holder shall
receive, with respect to each Share subject to such Option or Right, cash in an amount equal to the
excess of the fair market value of such Shares immediately prior to the occurrence of such
transaction over the exercise price per Share of such Option or Right.

     XIII. RIGHT TO TERMINATE SERVICE

     The Plan shall not impose any obligation on the Company or on any subsidiary corporation or
parent corporation thereof to continue the service of any holder of Options or Rights and it shall
not impose any obligation on the part of any holder of Options or Rights to remain in the service
of the Company or of any subsidiary corporation or parent corporation thereof.

     XIV. PURCHASE FOR INVESTMENT

     Except for hereinafter provided, the Board or Committee may require a director, as a condition
upon exercise of any Option or Right granted hereunder, to execute and deliver to the Company (a)
stock powers with respect to Shares underlying a particular Option or Right and required to be held
by a custodian, and (b) a written statement, in form satisfactory to the Board or Committee in
which the director represents and warrants that Shares are being acquired for such person’s own
account for investment only and not with a view to the resale or distribution thereof. The
director shall, at the request of the Board or Committee, be required to represent and warrant in
writing that any subsequent resale or distribution of Shares by the director shall be made only
pursuant to either (i) a Registration Statement on an appropriate form under the Securities Act of
1933, as amended (the “Securities Act”), which Registration Statement has become effective and is
current with regard to the Shares being sold, or (ii) a specific exemption
from the registration requirements of the Securities Act, but in claiming such exemption the
director shall, prior to any offer of sale or sale of such Shares, obtain a prior favorable written
opinion of counsel, in form and substance satisfactory to counsel for the Company, as to the
application of such exemption thereto. The foregoing restriction shall not apply to (i) issuances
by the Company so long as the Shares being issued are registered under the Securities Act and a
prospectus in respect thereof is current or (ii) re-offerings of Shares by affiliates of the Company

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(as defined in Rule 405 or any successor rule or regulation promulgated under the
Securities Act) if the Shares being re-offered are registered under the Securities Act and a
prospectus in respect thereof is current.

     XV. ISSUE OF CERTIFICATES, LEGENDS, PAYMENT OF EXPENSES

     Upon any exercise of an Option or Right which may be granted hereunder and, in the case of an
Option, payment of the purchase price, a certificate or certificates for the Shares shall be issued
by the Company in the name of the person exercising the Option or Right and shall be delivered to
or upon the order of such person.

     The Company may endorse such legend or legends upon the certificates for Shares issued
pursuant to the Plan and may issue such “stop transfer” instructions to its transfer agent in
respect of such Shares as, in its discretion, it determines to be necessary or appropriate to (i)
prevent a violation of, or to perfect an exemption from, the registration requirements of the
Securities Act, or (ii) implement the provisions of the Plan and any agreement between the Company
and the optionee or grantee with respect to such Shares.

     The Company shall pay all issue or transfer taxes with respect to the issuance or transfer of
Shares, as well as all fees and expenses necessarily incurred by the Company in connection with
such issuance or transfer, except fees and expenses which may be necessitated by the filing or
amending of a Registration Statement under the Securities Act, which fees and expenses shall be
borne by the recipient of the Shares unless such Registration Statement has been filed by the
Company for its own corporate purposes (and the Company so states) in which event the recipient of
the Shares shall bear only fees and expenses as are attributable solely to the inclusion of the
Shares he or she receives in the Registration Statement.

     All Shares issued as provided herein shall be fully paid and non-assessable to the extent
permitted by law.

     XVI. LISTING OF SHARES AND RELATED MATTERS

     The Board or Committee may delay any award, issuance or delivery of Shares if it determines
that listing, registration or qualification of Shares or the consent or approval of any
governmental regulatory body is necessary or desirable as a condition of, or in connection with,
the sale or purchase of Shares under the Plan, until such listing, registration, qualification,
consent or approval shall have been effected or obtained, or otherwise provided for, free of any
conditions not acceptable to the Committee.

     XVII. AMENDMENT OF THE PLAN

     The Board or the Committee, as the case may be, may, from time to time, amend the Plan,
provided that no amendment shall be made, without the approval of the stockholders of the Company,
that will (i) increase the total number of Shares reserved for Options under the Plan (other than
an increase resulting from an adjustment provided for in Article XII), (ii) reduce the exercise
price of any Option granted hereunder below the price required by Article V, (iii) modify the
provisions of the Plan relating to eligibility, or (iv) materially increase the benefits accruing
to participants under the Plan. The rights and obligations under any Option or Right

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granted before amendment of the Plan or any unexercised portion of such Option or Right shall not be
adversely affected by amendment of the Plan, Option or Right without the consent of the holder of
such Option or Right.

     XVIII. TERMINATION OR SUSPENSION OF THE PLAN

     The Board may at any time suspend or terminate the Plan. The Plan, unless sooner terminated
by action of the Board, shall terminate at the close of business on the Termination Date. Options
and Rights may not be granted while the Plan is suspended or after it is terminated. Rights and
obligations under any Option or Right granted while the Plan is in effect shall not be altered or
impaired by suspension or termination of the Plan, except upon the consent of the person to whom
the Option or Right was granted. The power of the Board or Committee to construe and administer
any Options or Rights granted prior to the termination or suspension of the Plan under Article III
nevertheless shall continue after such termination or during such suspension.

     XIX. GOVERNING LAW

     The Plan, such Options and Rights as may be granted thereunder and all related matters shall
be governed by, and construed and enforced in accordance with, the laws of the State of Delaware
from time to time obtaining.

     XX. PARTIAL INVALIDITY

     The invalidity or illegibility of any provision hereof shall not be deemed to affect the
validity of any other provision.

     XXI. EFFECTIVE DATE

     The Plan shall become effective at 5:30 P.M., New York City Time, on the Effective Date.

11EX-4.5

 

Exhibit
4.5

			
	bp
	 	

	 	 	 
	Maureen L. Johnson
	 	 
	BPXA Senior Vice President

	 	BP Exploration (Alaska) Inc.
	Greater Prudhoe Bay

	 	900 E. Benson Boulevard
	 

	 	Anchorage, Alaska 99508
	 
	 	 
	 

	 	Tel: (907) 564 5671
	 

	 	Fax: (907) 564 5000
	 

	 	Email: johnsml@bp.com

VIA OVERNIGHT MAIL &

AS A SCANNED ATTACHMENT TO E-MAIL

October 11, 2006

Ms. Ming J. Ryan, Vice President

The Bank of New York

101 Barclay Street

New York, NY 10286

     Re: BP Prudhoe Bay Royalty Trust

Dear Ms. Ryan:

This is to confirm the consensus principles that have been developed with The Bank of
New York (“Bank”), as Trustee of the BP Prudhoe Bay Royalty Trust (“Trust”), for
applying the Alaska oil and gas production tax (“New Tax”), as amended by chapter 2,
Third Special Session Laws of Alaska 2006 (“Act”), in the context of the Overriding
Royalty Conveyance (“Conveyance”) and the overriding royalty interest (“ORRI”)
thereunder that is owned by the Trust. These principles would resolve the two major
issues presented by the Act: one, how the amount of New Tax chargeable against the
ORRI will be determined under the Conveyance; and two, the extent, if any, to which the
retroactivity of the New Tax under the Act is to be recognized for purposes of the
Conveyance.

We understand the consensus principles to be the following:

	 	1.	 	Calculation of the amount of New Tax chargeable against
the ORRI. The amount
of New Tax chargeable against the Trust’s ORRI under the Conveyance will be
determined as follows:

	 	a)	 	The taxable value per barrel equals the WTI Price determined under
Section 4.3 of the conveyance,1 minus the Chargeable Costs under
Section 4.4 as adjusted by the Cost Adjustment Factor under Section 4.5.

 

			
	1	 	All references herein to a “Section” with a capital “S” refer to the corresponding section of the Conveyance unless otherwise specifically noted.

 

 

Ms. Ming J. Ryan, Vice President

The Bank of New York

October 11, 2006

Page 2

	 	b)	 	The tax rate for the “progressivity” portion of the
New Tax under section 011(g),
enacted by § 5 of the Act, in chapter 55 of Title
43 of the Alaska Statutes2 equals 0.25 percentage points times the amount by which
the simple average for each calendar month of the daily taxable values per barrel
under “a)” above exceeds $40 per barrel. If that average taxable value per barrel is
$40 or less, the “progressivity” rate is zero. The $40 figure is not subject to
adjustment over time.
	 
	 	c)	 	The amount of New Tax chargeable against the ORRI equals the taxable value per
barrel under “a)” above times the Royalty Production as defined in Article One of the
Conveyance, times a rate equal to the sum of 22.5% plus the “progressivity” rate
determined under “b)” above.

	 	2.	 	Retroactivity of the New Tax. The tax chargeable against the ORRI under Section
4.6 for Prudhoe Bay oil produced during the period from April 1 to August
19, 2006, inclusive, is the amount of Old Tax as calculated under Section 4.6 for that
production. For Prudhoe Bay oil produced on August 20, 2006 and thereafter, the tax
chargeable against the ORRI under Section 4.6 is the amount of New Tax determined as
prescribed in “1.” above for that production. The “progressivity”
rate under the New Tax for August 2006 will be calculated under “1.b)” above using the
average of the daily WTI Prices under Section 4.3 of the Conveyance for August 20 — 31, 2006, inclusive.3

BP Exploration (Alaska) Inc. (“BPXA”), as Grantor of the Trust, agrees to these
principles, not only because they represent the best interpretation of the Conveyance in light of
the Act, but also because they offer the most reasonable and fair resolution of the issues for all
interested parties, including the holders of beneficial Units in the Trust. These principles also
preserve the historical nature and perception of those Units by investors on the New York Stock
Exchange and in other markets where the Units may be bought and sold.

Assuming the Bank agrees to and approves the consensus principles set out above, we believe it is
important, for those who will be implementing the terms of this agreement in the future, that BPXA
explain and document within this letter why we (and, we believe, the Bank as well) view this
agreement as the optimal outcome.

With respect to the computation of the amount of New Tax chargeable against the ORRI under
Section 4.6 of the Conveyance, we believe the agreement reflects the best of the identified
alternatives available for each of the significant aspects of this major issue. Significant among
those aspects are the following:

 

			
	2	 	Cited as “AS 43.55.011(g)”.
	 
	3	 	Governor Frank Murkowski signed the Act into law on August 19, 2006. Pursuant to
AS 01.10.070(c), the Act took effect August 20, the day after the governor signed it.

 

 

Ms. Ming J. Ryan, Vice President

The Bank of New York

October 11, 2006

Page 3

	 	A.	 	Determination of the taxable value under the New Tax for purposes of the Conveyance

The actual taxable value under the New Tax is calculated by starting with the spot price
for Alaska North Slope crude oil (“ANS”) delivered on the U.S. West Coast, and subtracting
from that spot price the actual costs of transportation to the West Coast from the “point of
production” at the field.4 From this “field value” are then subtracted the capital and
operating expenditures incurred in the course of operating, developing and producing the
field, and the result is the taxable “production tax value” (“PTV”).5

None of these tax values and tax-deductible costs appears in the Conveyance. Even for the
prior version (“Old Tax”) of Alaska’s oil and gas production tax — which was based on
the same value of oil at its “point of production” 6 — the Conveyance did not
calculate the amount of Old Tax chargeable against the ORRI on the basis of the ANS
spot prices and actual transportation costs being used to calculate the amount of the real
tax. Instead, Section 4.6 called for the use of the WTI Price under Section 4.3 and the use of
flat $4.50/barrel (adjusted by the Cost Adjustment Factor under Section 4.5) as proxies for the
actual ANS West Coast spot prices and transportation costs under the Old Tax. This
allowed the chargeable Old Tax to be a function of WTI Price the same as the ORRI itself (see
“C.” below at pp. 6-7).

Since taxable value under the New Tax is simply the taxable value at the
“point of production” under the Old Tax minus field
expenditures, it is reasonable7 to
continue to use the methodology under Section 4.6 to find the value at the “point of production” for the New Tax that was used for the Old Tax. This leaves the question of what to use
as the deductible field expenditures in computing the chargeable New Tax under the Conveyance.

 

			
	4	 	The “point of production” for ANS is the custody transfer meters from the
field facilities into the facilities of the oil pipeline serving the field from which the oil
is produced. See AS 43.55.900(27)(A), enacted in § 33 of the Act.
	 
	5	 	See AS 43.55.160(a) (defining “production tax value) and AS 43.55.165
— 43.55.170 (defining deductible field expenditures), both enacted by
§ 25 of the Act.
	 
	6	 	See section 900(a)(6)(A) of chapter 55 in Title 15 of the Alaska
Administrative Code (Register 165, April 2003) (defining “point of production” for oil).
This regulation is cited as 15 AAC 55.900(a)(6)(A).
	 
	7	 	It seems the Conveyance requires the Section 4.6 methodology to continue to be used
for the New Tax. Section 4.6 says in part, “In the case of taxes based upon well
head or field value, WTI Price less the product of $4.50 times the Cost Adjustment Factor
shall be deemed to be the wellhead or field value.” The New Tax uses the same value at the
“point of production” as the Old Tax, and thus the WTI Price minus $4.50 (adjusted) “shall be
deemed to be” that value. It is unlikely that the New Tax is not “based upon” that “field value” simply because field expenditures are
deducted from it: those deductions mean the New Tax is not levied directly upon that “field
value”, but it seems a stretch to say that the effect of those deductions means the New Tax is
not “based upon” — in the sense of being derived from — that same
“field value”.

 

 

Ms. Ming J. Ryan, Vice President

The Bank of New York

October 11, 2006

Page 4

Two alternatives readily present themselves. One is to use the same field
expenditures that BPXA will report for Prudhoe Bay under the New Tax. There are several
drawbacks to this. For one thing, the field expenditures to be reported each month are
estimates based on what the total deductible expenditures will be for the entire calendar year.
Before the year ends it is impossible to know what the actual total expenditures will come to.
The New Tax calls for a final reconciliation, by March 31 of the following year,
of each month’s estimated deductible expenditures to the actual total expenditures for the
year.8 This estimation and reconciliation process will mean one or more restatements of the
lease expenditures deducted in calculating the New Tax chargeable against the ORRI. Owners of
beneficial Units in the Trust will have to be provided explanations of the changes each time
such a restatement is made. In addition, in the course of these estimates and subsequent
adjustments some Units will change hands, either to the advantage of the seller and
disadvantage of the buyer, or vice versa, depending on whether the adjustments increase or
decrease the amount of New Tax chargeable against the ORRI. Although Sections 3.2
and 3.3 address over- and under-payments of ORRI, they do so as an issue between the Trust
and Grantor in order to keep them whole in light of the time-value of money, rather than
addressing the issue of disparities between holders of Units in the Trust at different times
relative to the times when adjustments are made for over- or under-payments. 9

Moreover, basing the chargeable New Tax on field expenditures actually deducted would
introduce a new parameter into the calculation of the ORRI payments to the Trust
and distributed to the beneficial Unit owners — the budget decisions of the
working-interest owners in the Prudhoe Bay field. Unlike WTI spot prices, which Trust Unit
owners can estimate for themselves, the Prudhoe Bay budget is something that the
working-interest owners determine annually on the basis of the opportunities and economic
conditions prevailing at that time, and even if they could be reliably predicted in advance,
those budgets are not public information in any event. Thus, using actual field expenditures
would introduce an element into the ORRI-payment equation that Trust Unit holders would
generally know almost nothing about. But that new parameter would affect the Unit holders in
two ways: changing the taxable

 

			
	8	 	See AS 43.55.030, as amended by §§ 19 and 20 of the Act.
	 
	9	 	When over- and under-payments are rare, as they have been historically in the
operation of the Conveyance, such disparities among Trust Unit holders may be ignored as too
infrequent to be a material concern for investors in the Trust Units. But if over- and
under-payments are to become frequent, if not regular, occurrences — as they would
if actual field expenditures reported for tax purposes were used to calculate the New Tax
chargeable against the ORRI — then the disparities will become endemic, if not
systemic, and should be addressed. But resolving them would not be easy. Either recent buyers
of Trust Units would end up paying for the recoupment of overpaid ORRI when the estimated
field expenditures turn out to have been too high and the resulting chargeable New Tax
too low, or the overpaid ORRI would have to be recovered from the former Unit owners who
shared in that payment. Either way, potential investors in Trust Units could object. The
consensus principles avoid these difficulties by minimizing the potential for over- or
under-payments to occur.

 

 

Ms. Ming J. Ryan, Vice President

The Bank of New York

October 11, 2006

Page 5

value upon which the New Tax is based, and changing the rate of “progressivity” if that
taxable value is greater than $40/barrel.

The alternative to using the actual field expenditures would be to use a proxy or
surrogate for the actual expenditures, most preferably something already in the Conveyance. As
it turns out, there is such a potential proxy. For all but the years 1989  —  1991,
the figures for annual Chargeable Costs per barrel appearing in the table in Section 4.4 are
greater than the $4.50/barrel being used as a proxy for transportation costs in determining the
“field value” under Section 4.6. Logically, to the extent the tabulated Chargeable Costs for a
year are greater than $4.50/barrel, that excess cannot be for any costs between the “point of
production” and the West Coast since the $4.50 allowance already covers those costs. Thus, the
only thing remaining that the Chargeable Cost in excess of $4.50 might be for is costs incurred
upstream of the “point of production” — that is, costs incurred in the operation of
the field.

This idea that part of the annual Chargeable Costs figures set out in Section 4.4 could be
for upstream costs is supported by the fact that Section 4.4(a) — (c) provides for
reductions to the tabulated Chargeable Cost figures if certain additions to Proved Reserves
fail to be made by their respective deadlines. Obviously, to add to Proved Reserves as
contemplated in Section 4.4 would (and did) require the new investment of considerable sums of
money as well as increased costs for operating those new investments. The “excess” Chargeable
Costs figures beyond $4.50 could well be seen as a recognition of and response to those
significant new investments and expenses.

For 2006 the Chargeable Costs figure tabulated in Section 4.4 is $12.50, which after
adjustment by the Cost Adjustment Factor for the Third Quarter is
$19.63/barrel. Our current
estimate of the 2006 operating and capital expenditures for Prudhoe Bay Unit operations, of
which the initial participating areas are the largest part, and for transportation of Prudhoe
Bay oil is $16 — $17 per barrel. Thus, using the adjusted Chargeable Costs for this
year would result in less New Tax being charged against the ORRI than using our actual
transportation and field-operation costs.

It must be acknowledged that the adjusted Chargeable Costs in the future may not always be
greater than the actual field expenditures that BPXA would be deducting in computing its actual
New Tax for the Prudhoe Bay field. In fact, we believe there is a significant possibility that
in some years the adjusted Chargeable Costs would be less than BPXA’s actual Prudhoe Bay field
expenditures, and in that event, the amount of New Tax chargeable against the ORRI under the
present agreement would be greater than the actual New Tax being paid, and hence the ORRI
payment would be less than it would have been using the actual field costs incurred. Whether
this would happen, and if so, when or how often it might happen, would depend on future
circumstances at that time10 that cannot be predicted now.

 

			
	10	 	Such circumstances might include (without being limited to) estimated
capital and operating costs of particular new projects; expectations about then-future oil and gas price trends;
whether and when the commercial development of natural gas on the North Slope might occur and
its associated transportation

 

 

Ms. Ming J. Ryan, Vice President

The Bank of New York

October 11, 2006

Page 6

	 	B.	 	Determining the “progressivity” rate in the New Tax

“Progressivity” is a function of the extent to which the taxable PTV value of oil is
greater than $40/barrel. The discussion just concluded above about determining the PTV value
for calculating the amount of New Tax to be charged against the ORRI also applies here. The
certainty in determining the taxable value that is gained by using adjusted Chargeable Costs as
a proxy for actual transportation costs and field expenditures is matched by a similar
certainty with respect to the “progressivity” rate. In other words, while the actual costs will
be subject to the annual reconciliation by March 31 of the following year, the amount of the
Chargeable Costs will be known at the time the ORRI payments are made to the Trust, and there
will be nothing further for them to be reconciled to.

The use of a monthly average of WTI Prices to calculate a monthly “progressivity” rate,
instead of calculating and applying a daily “progressivity” rate, is how that rate is required
to be calculated under AS 43.55.011(g). The use of such a monthly “progressivity” rate,
instead of a daily rate, to compute the daily ORRI amount net of chargeable New Tax is not
inconsistent with Section 4.1.

“Progressivity” is a function of the extent to which the taxable PTV value of oil is
greater than $40/barrel. The discussion contained in paragraph “A.” above about determining
the PTV value for calculating the amount of New Tax to be charged against the ORRI also
applies here. The certainty in determining the taxable value that is gained by using adjusted
Chargeable Costs as a proxy for actual transportation costs and field expenditures is matched
by a similar certainty with respect to the “progressivity” rate. In other words,
while the actual costs will be subject to the annual reconciliation by March 31 of
the following year, the amount of the Chargeable Costs will be known at the time the ORRI
payments are made to the Trust, and there will be nothing further for them to be reconciled
to.

	 	C.	 	Preserving the perceived nature of the Trust Units in the market

We believe that since the Trust Units were first publicly offered, they have been
perceived by many in the market as a means for them to make an investment reflecting their
expectations about oil price trends. This is because the only variables affecting the amount
of the ORRI payments to the Trust have been the spot price for WTI and one’s expectations
about the rate of inflation in the future as reflected in the Cost Adjustment Factor. All the
other factors in the calculation are fixed under the Conveyance, and it has been possible to
compute what the ORRI payment as far into the future as one might want, just on the basis of
one’s assumptions about WTI prices

 

infrastructure to market be built; technical and
economic success in developing and applying new technology, and using existing technology in
new ways, to produce viscous crude oil; and the willingness of other working-interest owners
of the Prudhoe Bay field to commit to such investments and expenditures.

 

 

Ms. Ming J. Ryan, Vice President

The Bank of New York

October 11, 2006

Page 7

and inflation. 11

This perception of the Trust Units will be maintained under the agreement. As before,
the factors affecting the amount of future ORRI payments are future WTI prices, future
inflation, and the volume of oil production subject to the ORRI. 11

	 	D.	 	Certainty

The agreement avoids uncertainties about the amount of ORRI payments under the New Tax. The
WTI prices and adjusted Chargeable Costs will be definitively known under this agreement before the
ORRI payments are made to the Trust. Apart from error, there will be no occasion or necessity to
recompute any of the variable parameters affecting the calculation of the ORRI payments. This will
be very different from the actual administration of the New Tax itself.

In addition to the foregoing considerations about how the New Tax is to be applied
for purposes of the Conveyance, the other major issue regarding the enactment of the New Tax is its
retroactivity under the Act, which makes the New Tax applicable to oil and gas
production beginning April 1, 2006. In this regard we acknowledge, as representatives of
the Bank have pointed out, that Section 4.1 provides in pertinent part:

The
Royalty Interest entitles Grantee to receive ... for each calendar
quarter ... the sum of the product for each day in such quarter of (1) the Royalty Production
and (2) the Per Barrel Royalty .... [Emphasis added]

We agree that this calls for a daily calculation of a “product” that is, in effect, a
calculation under the Conveyance of the contractual amount of the ORRI payment obligation arising
for each respective day during a given calendar quarter.

With respect to the retroactivity of the New Tax, therefore, the amount of tax chargeable
against the ORRI was determined contractually under Section 4.6 on the basis of the Alaska tax law
in effect in real time on each day beginning April 1st of this year. Thus, when the Act came into
effect on August 20th and thereupon became retroactive to
April 1st, the contractual amounts of
“daily” chargeable tax under Section 4.6 had already been determined for the days prior to August
20, and those determinations had been made on the basis of the Old Tax. The Act does not purport to
alter the contractual obligations arising under the Conveyance prior to August 20 when the Act came
into effect, and even if it did, it could not alter them under the Impairment of Contracts clauses
of the United

 

			
	11	 	Until the third quarter of 2006, the volume of oil being produced had
never varied as a factor in the computation of the ORRI payment. For the first time it
will be a factor affecting the amount of the payment that is about to be made for the Third
Quarter of 2006. As a result, anyone computing the amount of the ORRI payment in the future will
need to make an explicit assumption about the volume of production subject
to the ORRI.

 

 

Ms. Ming J. Ryan, Vice President

The Bank of New York

October 11, 2006

Page 8

States and
Alaska constitutions. 12

We concur with the view expressed by the Bank’s representatives that the foregoing analysis
regarding the Act’s retroactivity in the context of the Conveyance represents the best
interpretation of the Conveyance and the most defensible position on this issue of retroactivity.

Accordingly, when the New Tax did become applicable and chargeable against the ORRI beginning
August 20th, the most appropriate and fairest way to apply the “progressivity” portion of the New
Tax is to treat the period of August 20 — 31, when the New Tax was applicable, as a
“month” for purposes of determining the “progressivity” rate. If the chargeable tax for
the days in August before the 20th was indeed contractually determined in real
time each day under the Old Tax, then when the New Tax becomes applicable on the 20th,
those prior days in August do not exist for purposes of the calculating the amount of New Tax
chargeable against the ORRI, and the effect is the same as if Prudhoe Bay were first coming into
production on that date. It would be inconsistent to include those prior August days for purposes
of computing the “progressivity” rate for the portion of August when the New Tax is chargeable.

I am signing and mailing to you two counterpart originals of this letter. If the
statement of our understanding of the consensus principles, appearing on pp. 1-2 of this letter,
does indeed accurately state the Bank’s understanding of and agreement with them, please have a
duly authorized officer of the Bank execute the “AGREEMENT AND APPROVAL” appearing below on behalf
of the Bank in each counterpart, and then kindly send one fully executed counterpart original back
to me for BPXA’s records. The other will be for the Bank’s records. As an interim confirmation
pending my receipt of the original counterpart, I would ask you to email a scanned copy
of it to Mark Dennehy, who has been in direct contact with you previously regarding this matter.

BPXA believes the understanding and agreement to the consensus principles as outlined in this
letter is a fair and reasonable resolution to the issues raised by applying the New Tax in the
context of the Conveyance. However, it is recognized there may be issues outside the matters
contained in this letter affecting the Trust Unit holders’ and BPXA’s interests. This letter and
the understanding of and agreement to the consensus principles between the Bank, as Trustee, and
BPXA, are not intended to waive any other rights, obligations or remedies available to them under
law or the BP Prudhoe Bay Trust. Further, in the event of future amendments or changes to Alaska’s
oil and gas production tax laws, or should the understanding of and agreement to the consensus
principles on pp. 1-2 be invalidated by operation of law or by a court of competent
jurisdiction, BPXA and

 

			
	12	 	Article I, section 10, clause 1, United States
Constitution; Article I, section 15, Alaska State Constitution.

 

 

Ms. Ming J. Ryan, Vice President

The Bank of New York

October 11, 2006

Page 9

the Bank, as Trustee, expressly agree to reserve all rights, powers and remedies, they may
have available to them under law or the BP Prudhoe Bay Royalty Trust.

On behalf of BPXA, I should like to take this opportunity to express our thanks and
appreciation to the Bank and its representatives for the attention and constructive cooperation
shown in seeking and achieving a resolution to these issues that is reasonable and fair from all
perspectives for those concerned.

	 	 	 	 	 
	 	Very truly yours,

BP Exploration (Alaska) Inc.

 	 
	 	

 	 
	 	Maureen L. Johnson 	 
	 	BPXA Senior Vice President

Greater Prudhoe Bay 	 
	 

AGREEMENT AND APPROVAL I, the undersigned, certify that I am an officer
of The Bank of New York (“Bank”) duly authorized to execute this AGREEMENT AND APPROVAL, and in
such capacity, I hereby acknowledge that the consensus principles have been accurately and fully
set forth on pages 1 - 2 of the foregoing letter, and do agree to and approve those
principles on behalf of the Bank, as Trustee of the BP Prudhoe Bay Royalty Trust.

	 	 	 	 	 
	 	
The Bank of New York

Trustee of the BP Prudhoe Bay Royalty Trust

 	 
	 	By 	
 	 
	 	Name 	 MING J. RYAN
	 	Title 	 VICE PRESIDENT
	 	Date 	10/13/06

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