Mr Dudley's service contract provides for a 12 months' notice period. Notice commenced on 4 October 2019. Mr Dudley stepped down from the board on 4 February 2020 but remains an employee of the Company on his existing terms until 31 March 2020. Mr Dudley has waived his entitlement to notice pay for the unserved part of his notice period.
Mr Dudley will be entitled to an annual bonus for the 2019 financial year in the normal way. The amount of this bonus will be stated in the 2019 Directors' Remuneration Report with 50% being deferred into shares. Mr Dudley has waived any entitlement to bonus in respect of any part of 2020 that he works.
Mr Dudley's share awards under BP's Executive Directors' Incentive Plan (EDIP), will be preserved in accordance with the good leaver provisions of the EDIP. Information relating to the vesting of shares under the EDIP will be updated in the 2019, 2020 and 2021 Directors' Remuneration Reports. To the extent that awards vest, additional shares representing re-invested dividends will be awarded.
Dr Gilvary’s service contract provides for a 12 months’ notice period. Notice commenced on 21 January 2020 and he remained an employee and director of the company on his existing terms until 30 June 2020.
As Dr Gilvary is stepping down before the expiry of his notice period, he is being paid in lieu of the unserved part of his notice period, with such payment in lieu calculated by reference to his base salary only. Dr Gilvary was entitled to an annual bonus for the 2019 financial year in the normal way.
Dr Gilvary is also entitled to a pro rata annual bonus for the 2020 financial year in accordance with BP’s usual practice. The amount of any bonus determined by the Remuneration Committee will be disclosed in the 2020 Directors’ Remuneration Report, with 50 per cent. of any such bonus being deferred into shares in line with policy.
Dr Gilvary will be entitled to immediate payment of his accrued pension with actuarial reduction applied to that part of his pension which relates to his service since December 2006.
The share awards granted to Dr Gilvary under BP’s Executive Directors’ Incentive Plan (EDIP) in 2018 and 2019 will be preserved in accordance with the good leaver provisions of the EDIP. Information relating to the vesting of his outstanding EDIP awards will be included in the 2020 and 2021 Directors’ Remuneration Reports. To the extent that awards vest, additional shares representing re-invested dividends will be awarded.
The above information is provided pursuant to section 430(2B) of the Companies Act 2006.