Document:

exv4w4

 

Exhibit 4.4

BP p.l.c.

RULES OF THE BP p.l.c.

DEFERRED ANNUAL BONUS PLAN 2005

	 	 	 	 	 	 	 
	 
	 	Adoption:
	 	28 July 2005
	 	 
	 	 	 	 	 	 	 
	 
	 	Expiry Date:
	 	28 July 2015	 	 

 

 

Table of Contents

	 	 	 	 	 
	Contents	 	Page	 
	1 Definitions
	 	 	1	 
	2 Granting Awards
	 	 	2	 
	3 Awards
	 	 	4	 
	4 Vesting of Awards
	 	 	5	 
	5 Leaving the Group before Vesting
	 	 	6	 
	6 Variations in share capital, demergers and special distributions
	 	 	7	 
	7 Takeovers and restructurings
	 	 	7	 
	8 Exchange of Awards
	 	 	8	 
	9 Restrictions on issue of Shares
	 	 	9	 
	10 Terms of employment
	 	 	9	 
	11 General
	 	 	10	 
	12 Changing the Plan and termination
	 	 	12	 
	13 Governing law and jurisdiction
	 	 	12	 

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Rules of the BP p.l.c. Deferred Annual Bonus Plan 2005

Introduction

This plan sets out the terms on which awards of shares may be made to certain employees of the
Company and its Subsidiaries. Employees selected for participation in the Plan will be made an
award of shares. The number of shares awarded will be calculated as a percentage of the cash bonus
they receive under the Company’s annual cash bonus plan. The release of the shares is subject to
continued employment during the holding period.

Where local securities and tax laws allow, forfeitable awards of BP p.l.c. shares will be made.
Where such laws impose a tax charge on the grant of forfeitable share awards, awards will comprise
conditional awards of shares the terms of which are set out in the Schedule to this plan. The
Schedule also covers certain other potential restrictions on awards under this Plan that may be
required to comply with local law.

	1	 	Definitions
	 
	 	 	In these rules:
	 
	 	 	“Acquiring Company” means a person who obtains Control of the Company;
	 
	 	 	“ADS” means an American depository share representing ordinary shares of the Company;
	 
	 	 	“Award” means an award of Forfeitable Shares granted to a Participant in accordance with the
Share Bonus Ratio;
	 
	 	 	“Award Date” means the date which the Plan Administrator sets for the grant of an Award;
	 
	 	 	“Business Day” means a day on which the London Stock Exchange (or, if relevant and if the
Designated Corporate Officer determines, any stock exchange nominated by the Designated
Corporate Officer on which the Shares are traded) is open for the transaction of business;
	 
	 	 	“Cause” means termination in circumstances in which the employer can terminate employment
without notice;
	 
	 	 	“Company” means BP p.l.c.;
	 
	 	 	“Control” has the meaning given to it by Section 840 of the Income and Corporation Taxes Act
1988;
	 
	 	 	“Dealing Restrictions” means restrictions imposed by statute, order, regulation or
Government directive, or by the Model Code or any code adopted by the Company based on the
Model Code;
	 
	 	 	“Designated Corporate Officer” means the Group Chief Executive or other appropriate
Corporate Officer authorised under the BP Management Framework and associated delegations.
The Designated Corporate Officer may be advised by an appropriate Meeting;
	 
	 	 	“Forfeitable Shares” means Shares held in the name of or for the benefit of a Participant
subject to the Forfeitable Share Agreement;
	 
	 	 	“Forfeitable Share Agreement” means the agreement referred to in rule 3.2 (Forfeitable Share
Agreement);

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	 	 	“London Stock Exchange” means London Stock Exchange plc;
	 
	 	 	“Member of the Group” means:

	 	(i)	 	the Company; and
	 
	 	(ii)	 	its Subsidiaries from time to time; and
	 
	 	(iii)	 	any other company which is associated with the Company and is so designated by
the Designated Corporate Officer;

	 	 	“Model Code” means the UK Listing Authority Model Code for transactions in securities by
directors, certain employees and persons connected with them;
	 
	 	 	“Participant” means a person holding an Award or his personal representatives;
	 
	 	 	“Plan” means these rules known as “The BP p.l.c. Deferred Annual Bonus Plan 2005” as changed
from time to time;
	 
	 	 	“Plan Administrator” means the person or persons appointed by the Designated Corporate
Officer for the purposes of the Plan;
	 
	 	 	“Regulatory Information Service” means a service that is approved by the Financial Services
Authority as meeting the Financing Information Provider Criteria and is on the list of
Regulatory Information Services monitored by the Financial Services Authority;
	 
	 	 	“Shares” means fully paid ordinary shares in the capital of the Company or where the context
requires ADSs (see rule 2.8);
	 
	 	 	“Share Bonus Ratio” means the percentage, as determined by the Designated Corporate Officer,
of the cash bonus used to calculate the number of Forfeitable Shares subject to an Award;
	 
	 	 	“Subsidiary” means a company which is a subsidiary of the Company within the meaning of
Section 736 of the Companies Act 1985;
	 
	 	 	“Vesting” means the restrictions in the Forfeitable Share Agreement ceasing to have effect
as described in rule 4.2 (Forfeitable Shares) which will not normally be less than 3 years
from the start of the financial year in which the Award is made.
	 
	2	 	Granting Awards
	 
	2.1	 	Grant
	 
	 	 	Awards will be made by the Company.
	 
	 	 	An Award granted under the Plan, and the terms of that Award, must be approved in advance by
the Designated Corporate Officer.
	 
	2.2	 	Eligibility

	 	2.2.1	 	The Company may grant an Award to any employee of the Company or any
Subsidiary. However, an Award may not be granted to an employee who on the Award Date
is either (i) a director of the Company or (ii) an employee whose employment has been
or is to be terminated whether or not notice of termination of employment has been
given or received and whether or not such termination is lawful; unless in the case of
(ii) only the Designated Corporate Officer considers that special circumstances exist.

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	 	2.2.2	 	Rule 2.9 applies where a person has ceased to be an employee of the Company
or Subsidiary or an event occurs as described in rules 7.1, 7.2 or 7.4 during the
financial year prior to the Award Date.

	2.3	 	Timing of Award
	 
	 	 	Awards may only be granted within 42 days starting on any of the following:

	 	2.3.1	 	the date of adoption of the Plan;
	 
	 	2.3.2	 	the day after the announcement of the Company’s results through a
Regulatory Information Service for any period;
	 
	 	2.3.3	 	any day on which the Designated Corporate Officer resolves that exceptional
circumstances exist which justify the grant of Awards;
	 
	 	2.3.4	 	any day on which changes to the legislation or regulations affecting share
plans are announced, effected or made; or
	 
	 	2.3.5	 	the lifting of Dealing Restrictions which prevented the granting of Awards
during any period specified above.

	2.4	 	Conditions
	 
	 	 	The Designated Corporate Officer may impose conditions when granting an Award. Any
condition must be objective, specified at the Award Date and may provide that an Award will
lapse if it is not satisfied. The Designated Corporate Officer may waive or change a
condition in accordance with its terms or in any way the Designated Corporate Officer sees
fit. Notwithstanding anything else in the Plan, an Award will only Vest to the extent that
any condition is satisfied or waived.
	 
	2.5	 	Award certificates
	 
	 	 	Each Participant will receive a certificate setting out the terms of the Award as soon
as practicable after the Award Date. A certificate will include a statement that English law
governs the certificate and its construction. If any certificate is lost or damaged the
Company may replace it on such terms as it decides.
	 
	2.6	 	No payment
	 
	 	 	A Participant is not required to pay for the grant of any Award.
	 
	2.7	 	Disclaimer of Award
	 
	 	 	Any Participant may disclaim all or part of his Award within 30 days after the Award
Date by notice in writing to any person nominated by the Company. If this happens, the Award
will be deemed never to have been granted under the Plan. A Participant is not required to
pay for the disclaimer.
	 
	2.8	 	Awards over ADSs
	 
	 	 	The Plan Administrator may determine that an Award will be made in respect of ADSs and
references in these rules to Shares and Awards etc. shall be construed accordingly.
	 
	2.9	 	Persons who leave during financial year

	 	2.9.1	 	Award of Shares

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	 	 	 	Where a person has ceased to be an employee of the Company or a Subsidiary for any
of the reasons set out in rules 5.2.1(i), (ii), (v), (vi), (vii) or 5.4, prior to
the Award Date but was an employee at any time during the relevant financial year,
or where during the relevant financial year an event described in rules 7.1, 7.2 or
7.4 takes place, then the Company may make the employee an award of Shares. Such
Shares shall not be Forfeitable Shares and shall not be subject to any restrictions.
	 
	 	2.9.2	 	Number of Shares
	 
	 	 	 	The number of Shares awarded will be decided by the Designated Corporate Officer
having regard to performance and the period of the relevant financial year the
individual was an employee as a proportion of the whole financial year or where an
event takes place as described in rules 7.1, 7.2 or 7.4 the period between the start
of the relevant financial year and the date of the event. Such awards may be made in
respect of ADSs. Rules 4.4 and 9 to 13 shall apply to such awards of Shares.
	 
	 	2.9.3	 	Cash payment
	 
	 	 	 	The Company may satisfy any award under this rule 2.9 in cash calculated in
accordance with paragraph 6 of Schedule 1 to these rules.

	3	 	Awards
	 
	3.1	 	Terms of Awards
	 
	 	 	Awards are subject to the rules of the Plan. The terms of the Award, as determined by
the Designated Corporate Officer, must be notified to the Participant and must include:

	 	3.1.1	 	the number of Shares subject to the Award;
	 
	 	3.1.2	 	any condition specified under rule 2.4 (Conditions); and
	 
	 	3.1.3	 	the date of Vesting.

	3.2	 	Forfeitable Share Agreement
	 
	 	 	The Participant must enter into an agreement with the Company prior to the making of an
Award that:

	 	3.2.1	 	he will not transfer, assign or dispose of any Forfeitable Shares or any
rights in respect of them before Vesting except in the case of:

	 	(i)	 	the transmission of his Award on his death to his personal
representatives; or
	 
	 	(ii)	 	the assignment of his Award, with the prior consent of the
Designated Corporate Officer, subject to any terms and conditions the
Designated Corporate Officer may impose;

	 	3.2.2	 	to the extent that the Award lapses under the Plan, the Shares are
forfeited and he will (if required) immediately transfer his interest in the Shares,
for no consideration or nominal consideration, to any person (which may include the
Company, where permitted) specified by the Plan Administrator;

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	 	3.2.3	 	all net dividends paid between the Award Date and the date of Vesting on
the number of Shares comprised in an Award will be reinvested in Shares (“Dividend
Shares”) at the time of payment. All Dividend Shares shall be:

	 	(i)	 	treated as if they were awarded to the Participant under the
Plan in the same way and at the same time as the Forfeitable Shares in respect
of which the rights to receive dividends were conferred; and
	 
	 	(ii)	 	subject to the rules of the Plan and the terms of the
Forfeitable Share Agreement.

	 	 	 	For the avoidance of doubt, all net dividends paid on Dividend Shares will be
reinvested in the same way as described in this rule 3.2.3.
	 
	 	 	 	The Plan administrator may determine that where an Award lapses, such number of
Dividend Shares (as it determines) may be released to the Participant to compensate
for any tax paid on the dividends reinvested under this rule.

	3.3	 	Transfer of shares
	 
	 	 	On or after the grant of an Award of Forfeitable Shares the Plan Administrator will
procure that the relevant number of Shares are transferred to the Participant or to another
person to be held for the benefit of the Participant under the terms of the Plan.
	 
	3.4	 	Rights
	 
	 	 	Except to the extent specified in the Forfeitable Share Agreement a Participant will
have all rights of a shareholder in respect of Forfeitable Shares until the Award lapses.
	 
	3.5	 	Elections
	 
	 	 	The Participant must enter into any elections required by the Plan Administrator,
including elections under Part 7 of the Income Tax (Earnings and Pensions) Act 2003 and
elections to transfer any liability, or agreements to pay, national insurance contributions.
If he does not do so within a period specified by the Plan Administrator the Award will
lapse at the end of that period.
	 
	4	 	Vesting of Awards
	 
	4.1	 	Timing of Vesting
	 
	 	 	Subject to rules 2.4 (Conditions), 5 (Leaving the Group before Vesting) and 7
(Takeovers and restructurings) an Award Vests on the date of Vesting notified under rule
3.1.3.
	 
	4.2	 	Consequences
	 
	 	 	To the extent that it has Vested, an Award of Forfeitable Shares cannot lapse under the
Plan. In addition, the restrictions referred to in rule 3.2 (Forfeitable Share Agreement)
and contained in the Forfeitable Share Agreement between the Participant and the Company
cease to have effect. Any tax and national insurance contributions payable on Vesting are
subject to rule 4.4 (Withholding).
	 
	4.3	 	Lapse
	 
	 	 	If an Award lapses under the Plan it cannot Vest and a Participant has no rights in
respect of it.

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	4.4	 	Withholding
	 
	 	 	The Company, any employing company or trustee of any employee benefit trust may
withhold such amount and make such arrangements as it considers necessary to meet any
liability to taxation or social security contributions in respect of Awards. These
arrangements may include the sale of any Shares on behalf of the Participant.
	 
	5	 	Leaving the Group before Vesting
	 
	5.1	 	General rule on leaving employment
	 
	 	 	Unless rule 5.2 applies, an Award which has not Vested will lapse on the date the
Participant ceases to be an employee or director of a Member of the Group.
	 
	5.2	 	Leaving in exceptional circumstances

	 	5.2.1	 	If a Participant ceases to be an employee or director of any Member of the
Group for any of the reasons set out below, then his Awards will Vest as described in
rule 5.3 and lapse as to the balance. The reasons are:

	 	(i)	 	ill-health, injury or disability;
	 
	 	(ii)	 	retirement at normal retirement age, or otherwise with the
agreement of the Company;
	 
	 	(iii)	 	the Participant’s employing company ceasing to be under the
Control of the Company;
	 
	 	(iv)	 	a transfer of the undertaking, or the part of the undertaking,
in which the Participant works to a person which is neither under the Control
of the Company nor a Member of the Group;
	 
	 	(v)	 	redundancy, but only in circumstances which give rise to a
redundancy payment;
	 
	 	(vi)	 	termination or severance by the Participant’s employer (other
than for Cause or where the termination involves the conduct of the
Participant), subject to the agreement of the Plan Administrator; or
	 
	 	(vii)	 	any other reason, if the Designated Corporate Officer so
decides in any particular case.

	 	5.2.2	 	The Designated Corporate Officer must exercise any discretion provided for
in rule 5.2.1 within 30 days after cessation of the relevant Participant’s employment
or office and the Award will lapse or Vest (as appropriate) on the earlier of the date
on which the discretion is exercised and the end of the 30 day period, but for the
avoidance of doubt an Award cannot lapse or Vest before the date of cessation.

	5.3	 	Vesting
	 
	 	 	Subject to rules 2.4 and 5.2.2, where rule 5.2 applies, the Award does not lapse but
will Vest on the date of cessation of employment unless the Designated Corporate Officer
decides that the Award should Vest on any other date.
	 
	5.4	 	Death
	 
	 	 	If a Participant dies, his Awards will Vest on the date of death.

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	5.5	 	Meaning of “ceasing to be an employee or director”
	 
	 	 	For the purposes of this rule 5, a Participant will not be treated as ceasing to be an
employee of a Member of the Group until he ceases to be an employee of all Members of the
Group or if he recommences employment with of a Member of the Group within 7 days.
	 
	6	 	Variations in share capital, demergers and special distributions
	 
	6.1	 	Application of rule
	 
	 	 	This rule applies if there is:

	 	6.1.1	 	a variation in the equity share capital of the Company, including a
capitalisation or rights issue, sub-division, consolidation or reduction of share
capital; or
	 
	 	6.1.2	 	a demerger (in whatever form) or exempt distribution by virtue of Section
213 of the Income and Corporation Taxes Act 1988; or
	 
	 	6.1.3	 	a special dividend or distribution.

	6.2	 	Consequences for Awards
	 
	 	 	Subject to the Forfeitable Share Agreement a Participant will have the same rights as
any other shareholders in respect of Forfeitable Shares where there is a variation or other
event of the sort described in rule 6.1. Any shares, securities or rights allotted to a
Participant as a result of such an event shall be:

	 	6.2.1	 	treated as if they were awarded to the Participant under the Plan in the
same way and at the same time as the Forfeitable Shares in respect of which the rights
were conferred; and
	 
	 	6.2.2	 	subject to the rules of the Plan and the terms of the Forfeitable Share
Agreement.

	 	 	However, securities bought by a Participant pursuant to a rights issue will not be treated
as described in rules 6.2.1 and 6.2.2 except to the extent they are bought using the
proceeds of sale of rights under that rights issue.
	 
	7	 	Takeovers and restructurings
	 
	7.1	 	Takeovers
	 
	 	 	Where a person (or a group of persons acting in concert) obtains Control of the Company
as a result of making an offer to acquire Shares, an Award Vests, subject to rules 2.4 and
7.3 (Exchange), on the date the person obtains Control.
	 
	7.2	 	Schemes of arrangement
	 
	 	 	When a court sanctions a compromise or arrangement in connection with the acquisition
of Shares, an Award Vests, subject to rules 2.4 and 7.3 on the date of court sanction. This
rule applies to a court sanction under Section 425 of the Companies Act 1985 or equivalent
procedure under local legislation.
	 
	7.3	 	Exchange
	 
	 	 	An Award will not Vest under either rule 7.1 or 7.2 but will be exchanged under rule 8
(Exchange of Awards) to the extent that:

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	 	7.3.1	 	an offer to exchange the Award is made and accepted by a Participant; or
	 
	 	7.3.2	 	the Designated Corporate Officer, with the consent of the Acquiring
Company, decides before the person obtains Control (where rule 7.1 applies) or court
sanction (where rule 7.2 applies) that the Award will be automatically exchanged.

	7.4	 	Demergers or other corporate events

	 	7.4.1	 	If the Designated Corporate Officer becomes aware that the Company is or is
expected to be affected by any demerger, distribution (other than an ordinary dividend)
or other transaction not falling within rules 7.1 (Takeover), or 7.2 (Schemes of
arrangement) which, in the opinion of the Designated Corporate Officer would affect the
current or future value of any Award, the Designated Corporate Officer may determine
that an Award will Vest. The Designated Corporate Officer may apply or waive any
condition under rule 2.4.
	 
	 	7.4.2	 	The Company will notify any Participant who is affected by the exercise of
discretion of the Designated Corporate Officer under this rule.

	7.5	 	Designated Corporate Officer
	 
	 	 	In this rule, “Designated Corporate Officer” means the person who was the Designated
Corporate Officer immediately before the change of Control.
	 
	7.6	 	Overseas transfer
	 
	 	 	If a Participant is transferred to work in another country and, as a result of that
transfer he would:

	 	7.6.1	 	suffer a tax disadvantage in relation to his Awards (this being shown to
the satisfaction of the Designated Corporate Officer); or
	 
	 	7.6.2	 	become subject to restrictions on his ability to exercise his Awards or to
hold or deal in the Shares or the proceeds of the sale of the Shares acquired on
exercise because of the security laws or exchange control laws of the country to which
he is transferred;

	 	 	then if the Participant continues to hold an office or employment with a Member of the
Group, the Designated Corporate Officer may in exceptional circumstances decide that the
Awards will Vest on a date the Designated Corporate Officer chooses before or after the
transfer takes effect. The Award will Vest to the extent the Designated Corporate Officer
permits.
	 
	8	 	Exchange of Awards
	 
	8.1	 	Timing of exchange
	 
	 	 	Where an Award is to be exchanged under rule 7 (Takeovers and restructurings) the
exchange will take place as soon as practicable after the relevant event.
	 
	8.2	 	Exchange terms
	 
	 	 	Where a Participant is granted a new award in exchange for an existing Award, the new
Award:

	 	8.2.1	 	must be equivalent to the existing Award;

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	 	8.2.2	 	is treated as having been acquired at the same time as the existing Award
and Vests in the same manner and at the same time;
	 
	 	8.2.3	 	is governed by the Plan as if references to Shares were references to the
shares over which the new award is granted and references to the Company were
references to the Acquiring Company.

	8.3	 	Exchange of Awards
	 
	 	 	Where an Award is exchanged under this rule, the Participant will transfer the Shares
subject to the original Award as directed by the Company. The Company shall procure the
transfer of the shares subject to the new award and the terms of the agreement mentioned in
rule 3.2 will automatically apply to those shares.
	 
	9	 	Restrictions on issue of Shares
	 
	 	 	No Shares will be issued or transferred from treasury to satisfy Awards unless the
Company in general meeting approves in advance such issue or transfer if such approved is
required.
	 
	10	 	Terms of employment

	 	10.1.1	 	For the purposes of this rule, “Employee” means any person who is or will
be eligible to be a Participant.
	 
	 	10.1.2	 	This rule applies:

	 	(i)	 	whether the Company has full discretion in the operation of the
Plan, or whether the Company could be regarded as being subject to any
obligations in the operation of the Plan;
	 
	 	(ii)	 	during an Employee’s employment or employment relationship; and
	 
	 	(iii)	 	after the termination of an Employee’s employment or
employment relationship, whether the termination is lawful or unlawful.

	 	10.1.3	 	Nothing in the rules or the operation of the Plan forms part of the
contract of employment or employment relationship of an Employee. The rights and
obligations arising from the employment relationship between the Employee and the
Company 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 or a continued
employment relationship.
	 
	 	10.1.4	 	The grant of Awards on a particular basis in any year does not create any
right to or expectation of the grant of Awards on the same basis, or at all, in any
future year.
	 
	 	10.1.5	 	The benefit to an Employee of participating in the Plan shall not form any
part of his remuneration or count as his remuneration for any purpose and shall not be
pensionable.
	 
	 	10.1.6	 	No Employee is entitled to participate in the Plan, or be considered for
participation in it, at a particular level or at all. Participation in one operation of
the Plan does not imply any right to participate, or to be considered for participation
in any later operation of the Plan.

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	 	10.1.7	 	Without prejudice to an Employee’s right in respect of an Award subject to
and in accordance with the express terms of the Plan, no Employee has any rights in
respect of the exercise or omission to exercise any discretion, or the making or
omission to make any decision, relating to the Award. Any and all discretions,
decisions or omissions relating to the Award may operate to the disadvantage of the
Employee, even if this could be regarded as capricious or unreasonable, or could be
regarded as in breach of any implied term between the Employee and his employer,
including any implied duty of trust and confidence. Any such implied term is excluded
and overridden by this rule.
	 
	 	10.1.8	 	No Employee has any right to compensation for any loss in relation to the
Plan, including:

	 	(i)	 	any loss or reduction of any rights or expectations under the
Plan in any circumstances or for any reason (including lawful or unlawful
termination of employment or the employment relationship);
	 
	 	(ii)	 	any exercise of a discretion or a decision taken in relation to
an Award or to the Plan, or any failure to exercise a discretion or take a
decision;
	 
	 	(iii)	 	the operation, suspension, termination or amendment of the
Plan.

	 	10.1.9	 	Participation in the Plan is permitted only on the basis that the
Participant accepts all the provisions of its rules, including in particular this rule.
By participating in the Plan, an Employee waives all rights under the Plan, other than
the right to acquire shares subject to and in accordance with the express terms of the
Plan and the Performance Condition, in consideration for, and as a condition of, the
grant of an Award under the Plan.
	 
	 	10.1.10	 	Nothing in this Plan confers any benefit, right or expectation on a
person who is not an Employee. No such third party has any rights under the Contracts
(Rights of Third Parties) Act 1999 to enforce any term of this Plan. This does not
affect any other right or remedy of a third party which may exist.
	 
	 	10.1.11	 	Each of the provisions of this rule is entirely separate and independent
from each of the other provisions. If any provision is found to be invalid then it will
be deemed never to have been part of these rules and to the extent that it is possible
to do so, this will not affect the validity or enforceability of any of the remaining
provisions.

	11	 	General
	 
	11.1	 	Decisions are final and binding
	 
	 	 	The decision of the Designated Corporate Officer and where relevant the Plan
Administrator on the interpretation of the Plan or in any dispute relating to an Award or
matter relating to the Plan will be final and conclusive.
	 
	11.2	 	Documents sent to shareholders
	 
	 	 	The Company may send to Participants copies of any documents or notices normally sent
to the holders of its Shares at or around the same time as issuing them to the holders of
its Shares.

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	11.3	 	Costs
	 
	 	 	The Company may ask a Participant’s employer to bear the costs in respect of an Award
to that Participant.
	 
	11.4	 	Regulations
	 
	 	 	The Designated Corporate Officer has the power from time to time to make or vary
regulations for the administration and operation of the Plan but these must be consistent
with its rules.
	 
	11.5	 	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 153 of the Companies Act 1985.
	 
	11.6	 	Data protection
	 
	 	 	By participating in the Plan the Participant consents to the holding and processing of
personal data provided by the Participant to the Company for all purposes relating to the
operation of the Plan. These include, but are not limited to:

	 	11.6.1	 	administering and maintaining Participant records;
	 
	 	11.6.2	 	providing information to trustees of any employee benefit trust,
registrars, brokers or third party administrators of the Plan;
	 
	 	11.6.3	 	providing information to future purchasers of the Company or the business
in which the Participant works;
	 
	 	11.6.4	 	transferring information about the Participant to a country or territory
outside the European Economic Area.

	 	 	To the extent a Participant has already entered into any other data protection agreement
with any Member of the Group, this rule 11.6 will be interpreted so as not to be
inconsistent with or to limit that existing or this agreement.
	 
	11.7	 	Consents
	 
	 	 	All allotments and 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 will be responsible for complying with any requirements he needs
to fulfil in order to obtain or avoid the necessity for any such consent.
	 
	11.8	 	Articles of association
	 
	 	 	Any Shares acquired under the Plan are subject to the articles of association of the
Company from time to time in force.
	 
	11.9	 	Notices

	 	11.9.1	 	Any notice or other document which has to be given to a person who is or
will be eligible to be a Participant under or in connection with the Plan may be:

	 	(i)	 	delivered or sent by post to him at his home address according
to the records of his employing company; or

11

 

	 	(ii)	 	sent by e-mail or fax to any e-mail address or fax number which
according to the records of his employing company is used by him;

	 	 	 	or in either case such other address, for example, work address, which the Company
considers appropriate.
	 
	 	11.9.2	 	Any notice or other document which has to be given to the Company or other
duly appointed agent under or in connection with the Plan may be delivered or sent by
post to it at its registered office (or such other place as the Plan Administrator or
duly appointed agent may from time to time decide and notify to Participants) or sent
by e-mail or fax to any e-mail address or fax number notified to the Participant.

	 	 	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 e-mail or
fax, in the absence of evidence to the contrary, will be deemed to have been received on the
day after sending.
	 
	12	 	Changing the Plan and termination
	 
	12.1	 	Designated Corporate Officer’s powers
	 
	 	 	The Designated Corporate Officer may at any time change the Plan in any way.
	 
	12.2	 	Notice
	 
	 	 	The Designated Corporate Officer may give written notice of any changes made to any
Participant affected.
	 
	13	 	Governing law and jurisdiction
	 
	 	 	English law governs the Plan and all 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 Award.

12

 

Schedule 1

Conditional Share Awards

The rules of the BP p.l.c. Bonus Share Plan 2005 will apply to awards made under this Schedule
1, subject to the alterations set out below:

	1	 	Definitions
	 
	 	 	“Award” means a right to receive Shares granted to a Participant in accordance with the
Share Bonus Ratio.
	 
	 	 	“Vesting” means a Participant becoming entitled to have the Shares comprised in an Award
transferred to him which will not normally be prior to the 3 years from the start of the
financial year in which the Award is made.
	 
	2	 	Awards
	 
	 	 	Rules 3.2, 3.3 and 3.5 shall be deleted.
	 
	3	 	Participant’s rights before Vesting
	 
	 	 	Rule 3.4 shall be deleted and replaced with the following wording:
	 
	 	 	“Before Vesting the Participant has no rights to dividend, voting or otherwise in respect of
any Shares comprised in an Award.
	 
	 	 	The Participant will not transfer, assign or dispose of an Award or any rights in respect of
it except in the case of:

	 	(i)	 	the transmission of his Award on his death to his personal representatives; or
	 
	 	(ii)	 	the assignment of his Award, with the prior consent of the Plan Administrator,
subject to any terms and conditions the Plan Administrator imposes.”

	4	 	Variations in share capital and rights issues
	 
	 	 	Rule 6.2 shall be deleted and replaced with the following:
	 
	 	 	“The Designated Corporate Officer may vary the number of Shares comprised in an Award”
	 
	5	 	Vesting
	 
	 	 	Rule 4.2 shall be deleted and replaced with the following:
	 
	 	 	“As soon as reasonably practical after Vesting, the Plan Administrator will procure the
transfer of the number of Shares to the Participant or as he may direct in respect of which
the Award Vests.
	 
	 	 	Where Shares are to be transferred, Participants will be entitled to all rights attaching to
Shares by reference to a record date on or after the date of transfer.”
	 
	6	 	Cash alternative
	 
	 	 	The Company in its absolute discretion may decide to satisfy Awards by paying an equivalent
amount in cash (subject to the withholding provisions in rule 4.4 (Withholding)). The cash
amount must be equal to the Market Value of the Shares in respect of which the Award was to
be made.

13

 

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

	 	(i)	 	the middle market quotation (as derived from the Daily Official List of the
London Stock Exchange) on the immediately preceding Business Day; or
	 
	 	(ii)	 	if the Designated Corporate Officer so decides, the average of the middle
market quotations on the three immediately preceding Business Days; and
	 
	 	(iii)	 	in relation to an ADS on any day the average of the highest and lowest trading
prices or an ADS as derived from the New York Stock Exchange Inc. on the immediately
preceding Business Day or the average of such prices for the three immediately
preceding Business Days.

	 	 	For the avoidance of doubt, the Plan Administrator may decide to satisfy an Award in cash.
	 
	7	 	Dividend Equivalent
	 
	 	 	The number of Shares comprised in an Award shall be increased as determined by the Plan
Administrator to take account of the dividends paid between the Award Date and the date of
Vesting. In making such determination the Plan Administrator will try to put the Participant
in the same position he would have been in under rule 3.2.3 had he been made an award of
Forfeitable Shares.

14

 

Schedule 2

US Operations

To the extent that grant of Conditional Share Awards (or other awards under the Plan) results
in the deferral of compensation under Section 409A of the United States Internal Revenue Code of
1986, as amended, (1) the Plan is intended to comply with the rules under Section 409A and (2) for
persons who receive such Awards and are subject to US taxation, the delivery of Shares in
connection with a waiver of conditions under rule 2.4, in connection with application of rule 5, or
in connection with rules 7.1, 7.2, 7.4 or 7.6 will not occur until the earliest date permitted
under Section 409A or any regulations or notices issued under it.

In addition, any payments made pursuant to rule 2.9 to persons who are subject to US taxation must
be delivered by March 15 after the calendar year in which the person’s award vests (or, if later, 2
1/2 months after the close of the Company’s fiscal year in which the award vests.

15

 

Schedule 3

Cash Award

	1	 	Rules
	 
	 	 	The rules of the BP p.l.c. Deferred Annual Bonus Plan 2005 (“Plan”) will apply to grants
made under this Schedule 3, as modified by the terms of this Schedule 3 as varied by
Schedule 1 to the Plan.
	 
	2	 	Cash Awards
	 
	 	 	Any Awards granted under this Schedule 3 will give Participants a right to receive a cash
sum only. In addition, any dividend equivalents under paragraph 7 of Schedule 1 to the Plan
will be paid in cash only. No shares may be transferred in satisfaction of Awards under this
Schedule 3 and Awards in Schedule 1 shall be construed accordingly.
	 
	3	 	No rights as shareholders
	 
	 	 	As a result only if their participation under this Schedule 3, Participants will have no
rights as shareholders of the Company and no rights to acquire Shares.
	 
	4	 	Payments of cash
	 
	 	 	When the determinations are made under paragraph 5 of Schedule 1 to the Plan in respect of
grants made under this Schedule 3 then the Plan Administrator will determine the number of
Shares which would have been comprised in an Award had it not been a Cash Award and shall
make a cash payment to the Participant in accordance with paragraph 6 of Schedule 1 to the
Plan.

16Exhibit 10.93

June 21, 2006

VIA OVERNIGHT COURIER

Mr. Larry Tiffany
18605 Shadow Ridge Terrace
Olney, Maryland, 20832

Dear LT,

I am pleased to offer you a temporary position, Senior Vice-President and
Interim GM Genomics at Gene Logic Inc. (GLGC) for a period commencing on June
21, 2006 and ending August 31st, 2006. This period may be extended by mutual
agreement. In this position you will report to Mark Gessler, CEO.

Your compensation will be $1153.85 per day payable semi-monthly and based on
days actually worked, less applicable withholdings. In this position, as
business needs dictate, occasional overtime, holiday and weekend work may be
required. Consistent with applicable law, this position is exempt from overtime
pay requirements. Any days not worked will not be paid. Please see Attachment A:
Summary of Offer Terms for additional information on compensation, benefits and
other terms of employment.

In and around August 31st, 2006, we will discuss any extension of employment. If
the position converts to regular full-time, then this position with GLGC is one
of an employee-at-will and is terminable by either party, with or without cause.
In addition, your specific duties, title, reporting relationship and/or work
location may be changed from time to time to meet the needs of GLGC.

This offer is contingent upon the following:

1.         Execution of the Proprietary Information and Inventions Agreement
           between GLGC and you designed to protect GLGC's intellectual property
           assets. This document is enclosed.

2.         There being no contractual or other obligation owed by you to
           previous employers or other parties that would in any way limit your
           ability to perform your job at GLGC. If there are any agreements or
           other obligations that might limit your ability to perform, such
           matters should be disclosed and resolved prior to commencement of
           employment.

3.         Presentation of acceptable documents verifying your identity and
           employment eligibility in the United States. Consistent with Federal
           Law, if acceptable documentation is not provided within three
           business days of the date your employment begins you may not be able
           to continue working for GLGC.

4.         Approval of the terms of this offer by the Board of Directors of
           GLGC.

                                       4
<PAGE>

If you accept our offer, please so indicate by signing and completing the
information below.

/s/ Larry Tiffany                                6/21/2006
---------------------------------                -------------------------------
Signature                                        Date

Larry Tiffany
---------------------------------
Printed Name

Redacted
---------------------------------
Social Security Number

Redacted
---------------------------------
Birth Date (MM/DD/YY)

If you have any questions regarding your position, compensation, benefits or any
other matter, please contact me at 301.987.1870. Otherwise, return one signed
copy of each duplicate document in the enclosed envelope no later than June
21st, 2006. You may fax the signed offer letter by the due date to Dianne
Holland's attention at (301) 987-1863 and then mail the originals to her. The
second copy and remaining documents are for your files.

We look forward to you joining our team.

Sincerely,

Albert J. Risdorfer
Vice President, Human Resources

Enclosures:

Two copies of Offer Letter
Two copies of Attachment A: Summary of Offer Terms
Two copies of Proprietary Information and Inventions Agreement

                                       5
<PAGE>

                                  ATTACHMENT A
                                  ------------

                             SUMMARY OF OFFER TERMS
                                  Larry Tiffany
                                  JUNE 21, 2006

The current compensation, benefits, and other information regarding your
position are summarized below. This information is only a summary and is based
on current benefit plan documents as well as GLGC policies and procedures, all
of which are subject to change. For additional information please contact our
Human Resources department. It is important to note that this summary
information and the terms listed do not in any way alter your employment-at-will
status.

1.   COMPENSATION

          a.   Base Salary. $1153.85 per day based on actual full days worked,
               which if annualized amounts to $300,000, paid on a semi-monthly
               basis, less applicable taxes. You will receive your first
               paycheck the pay period following your start date.

          b.   Incentive Compensation Plan. Your bonus opportunity will be
               $20,000 equivalent to 40% of 2 months pay. The actual amount of
               any bonus you receive will vary from this opportunity based on
               your individual performance based on specific goals to be
               determined by Mark Gessler in discussion with the employee by
               June 30th. To receive a bonus, you must be a temporary employee
               of Gene Logic Inc. on August 31st, 2006.

2.   BASIC BENEFITS

               As a temporary employee, you are not eligible for Gene Logic
     benefits including PTO and holiday pay. You may however arrange for unpaid
     days off with the approval of your supervisor. The CEO has pre-approved
     unpaid PTO from Tuesday June 26th thru to Monday July 3rd.

3.   MISCELLANEOUS ITEMS

     In this position, you will be reimbursed for basic business expenses in
     accordance with company policies. Specifically:

          o    cell phone, high speed home Internet, and long distance phone
               calls consistent with the company's "Telecommunications
               Connectivity" Program

          o    approved business travel as per our Travel and Entertainment
               Policy and Expense Guideline

          Note: Any and all equipment provided for you by Gene Logic remains the
          property of GLGC and must be returned upon termination of your
          temporary employment.

/s/ Larry Tiffany                                6/21/2006
---------------------------------                -------------------------------
Signature                                        Date

                                       6

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