BP 2015 Annual Report Download - page 91

Corporate governance
Performance shares (audited)
Share element interests Interests vested in 2014 and 2015
Performance
period
Date of award of
performance shares
Potential maximum performance sharesaNumber of
ordinary
shares
vested Vesting date
£
Face value
of the award
At 1 Jan
2015
Awarded
2015
At 31 Dec
2015
Bob Dudleyb2012-2014 08 Mar 2012 1,343,712 – – 1,006,944c 7 May 2015d–
2013-2015 11 Feb 2013 1,384,026 –1,384,026 1,262,868cMay 2016 –
2014-2016e12 Feb 2014 1,304,922 –1,304,922 – – 6,354,970
2015-2017e11 Feb 2015 –1,501,770 1,501,770 – – 6,697,894
Dr Brian Gilvary 2012-2014 08 Mar 2012 624,434 – – 478,090c 7 May 2015d–
2013-2015 11 Feb 2013 6 37,413 –637,413 597,628cMay 2016 –
2014-2016e12 Feb 2014 605,544 –605,544 – – 2,948,999
2015-2017e11 Feb 2015 –685,246 685,246 – – 3,056,197
Former executive directors
Iain Conn 2012-2014 08 Mar 2012 660,633 – – 505,805c 7 May 2015d–
2013-2015 11 Feb 2013 463,126 –4 63,126 434,220cMay 2016 –
2014-2016e12 Feb 2014 220,043 –220,043f– – 1,071,609
Dr Byron Groteb2012-2014 08 Mar 2012 414,468 – – 310,596c 7 May 2015d–
2013-2015 11 Feb 2013 142,278 –142,278f129,816cMay 2016 –
a For awards under the 2012-2014, 2013-2015, 2014-2016 and 2015-2017 plans, performance conditions are measured one third on TSR against ExxonMobil, Shell, Total and Chevron; one third on
operating cash flow; and one third on a balanced scorecard of strategic imperatives. Each performance period ends on 31 December of the third year. There is no identified overall minimum vesting
threshold level but to comply with UK regulations a value of 44.4%, which is conditional on the TSR, operating cash flow and each of the strategic imperatives reaching the minimum threshold, has
been calculated.
b Bob Dudley and Dr Byron Grote received awards in the form of ADSs. The above numbers reflect calculated equivalents in ordinary shares. One ADS is equivalent to six ordinary shares.
c Represents vestings of shares made at the end of the relevant performance period based on performance achieved under rules of the plan and includes reinvested dividends on the shares vested.
The market price of each share at the vesting date of 7 May 2015 was £4.57 and for ADSs was $41.83. For the assumed vestings dated May 2016 a price of £3.72 per ordinary share and $33.81 per
ADS has been used. These are the average prices from the fourth quarter of 2015.
d The 2012-2014 award vested on 7 May 2015, which resulted in an increase in value at vesting of £297,110 for Iain Conn and $193,922 for Byron Grote. Details for Bob Dudley and Brian Gilvary can be
found in the single figure table on page 77.
e The market price at closing of ordinary shares on 12 February 2014 was £4.87 and for ADSs was $48.38, and on 11 February 2015 was £4.46 and for ADSs was $40.35.
f Potential maximum of performance shares element has been pro-rated to reflect actual service during the performance period and these figures have been used to calculate the face value.
Share interests in share option plans (audited)
Option type At 1 Jan 2015 Granted Exercised At 31 Dec 2015 Option price
Market price at
date of exercise
Date from which
first exercisable Expiry date
Dr Brian Gilvary BP 2011 500,000 – – 500,000 £3.72 –07 Sep 2014 07 Sep 2021
SAYE 4,191 – – 4,191 £3.68 –01 Sep 2016 28 Feb 2017
Former executive directors
Iain Conn SAYE 2,005a– 2,005 – £3.68 £4.47 01 Jan 2015 30 Jun 2015
The closing market prices of an ordinary share and of an ADS on 31 December 2015 were £3.54 and $31.26 respectively.
During 2015 the highest market prices were £4.84 and $43.60 respectively and the lowest market prices were £3.23 and $29.38 respectively.
BP 2011 = BP 2011 plan. These options were granted to Dr Brian Gilvary prior to his appointment as a director and are not subject to performance conditions.
SAYE = Save As You Earn all employee share scheme.
a In accordance with the rules, potential maximum shares were pro-rated with a shorter exercise period and the option was exercised on 11 June 2015.
BP Annual Report and Form 20-F 2015 87