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.