BP Retirement Accumulation Plan (RAP) IMS#65525 Table of Contents BP Retirement Accumulation Plan (RAP) 1 Eligibility and participation 2 Who is not eligible 3 How to participate 4 When participation begins 5 When participation ends 6 Beneficiary designation 7 How the plan works 8 Current Account 9 Pay credits 10 Regular interest credits 12 Vesting 13 Service 14 How your account grows 15 Receiving your benefits 17 Important terms 19 Cash balance benefit 20 Payment options 21 Tax considerations 24 What happens if ... 25 You are on a leave of absence 26 You are on a medical, long-term disability or FMLA leave of absence 27 You take a qualified military leave of absence 28 You became disabled 29 You die 30 You are rehired 31 You transfer to or from a position or employee group covered by a different pension benefit 33 Administrative information 34 Plan Administrator 35 Governing plan documents 36 No right to employment 37 Pension Benefit Guaranty Corporation 38 Qualified domestic relations orders 39 Incapacity of participant or beneficiary 40 When are lump sum benefits automatically restricted? 41 Future of the plan 42 Your ERISA rights 43 If you have questions about your benefits 45 How to file a formal claim under ERISA 46 Appendix — special information for heritage participants 49 Appendix for BP heritage participants 51 Appendix for Castrol heritage participants 53 If you are rehired after a break in service – Castrol heritage participants 54 Payment options – Castrol heritage participants 55 Grandfather provision – Castrol heritage participants 56 Appendix for Master Hourly heritage participants 58 If you are rehired after a break in service – Master Hourly heritage participants 59 Payment options – Master Hourly heritage participants 60 Grandfather provision – Master Hourly heritage participants 61 Appendix for Amoco heritage participants 63 If you are rehired – Amoco heritage participants 64 Payment options – Amoco heritage participants 65 Grandfather provision – Amoco heritage participants 66 Appendix for ARCO heritage participants 70 If you are rehired – ARCO heritage participants 71 Payment options – ARCO heritage participants 72 Grandfather provision – ARCO heritage participants 73 BP Retirement Accumulation Plan (RAP) The BP Retirement Accumulation Plan helps employees provide for their future security in retirement The BP Retirement Accumulation Plan (RAP) can be a key component of your retirement income. BP funds this plan — you do not make any contributions. The RAP is a “cash balance” retirement-plan design that allows your cash balance account to grow steadily with monthly pay and interest credits over your career with BP. Although your BP RAP benefit is meant for your retirement, it is also portable — meaning you can take it with you if you are vested when you leave BP, regardless of your age or service. When you are ready to receive your benefit, you have several payment options. You can also leave your account balance in the RAP and let it earn additional interest credits (subject to account balance minimums) or roll it into the BP Employee Savings Plan or another eligible plan. For more information, see: Š Eligibility and participation Š How the plan works Š Receiving your benefits Š What happens if … Š Administrative information Š If you have questions about your benefits Š How to file a claim under ERISA Š Special information for heritage participants Because this document is intended as a summary of a BP benefits plan, it is not intended to describe each plan provision in full detail. More complete details are contained in the governing plan documents (including applicable insurance policies). While we intend to update this summary on a regular basis, it is possible that at any point this summary may be neither current nor complete. Further, differences between this summary and the applicable plan document are not intended. If, however, any differences are found to exist, the relevant provisions of the applicable plan document — and not the summary — will govern. BP reserves the right to amend or terminate a plan at any time without advance notice. The following are not addressed by this Summary Plan Description: Š Certain union employees at the Carson refinery who were employed and participated in the plan before January 1, 2002 Š Employees of GBS Americas Š At-site Hourly and Salary Retail Employees The sponsor of the plan is BP Corporation North America Inc., which is sometimes referred to in this document as "the company" or "BP." As the context requires, "the company" or "BP" may also refer to another subsidiary of BP plc that adopts this plan. Publication date: June 2018 29/Mar/19 07:24 The most up-to-date information is available online at http://hr.bpglobal.com/lifebenefits/Core. Page 1 of 76 Eligibility and participation Learn about the eligibility rules governing the Retirement Accumulation Plan Who is eligible In general, you are eligible to participate in the BP Retirement Accumulation Plan (RAP) if you are an employee of a participating employer (and on a U.S. Dollar payroll). A participating employer is an employer whose employees are eligible to participate in a BP benefits plan. The participating employers are: Š BP America Production Company Š BP Amoco Chemical Company Š BP Corporation North America Inc. Š BP Exploration (Alaska) Inc. Š BP Lubricants USA Inc. Š BP Pipelines (North America) Inc. Š BP Products North America Inc. Š BP Wind Energy North America Inc. Š Castrol Industrial North America Inc. Š Dome Petroleum Corporation Publication date: June 2018 29/Mar/19 07:24 The most up-to-date information is available online at http://hr.bpglobal.com/lifebenefits/Core. Page 2 of 76 Who is not eligible Regardless of your employee classification, you are not eligible to participate in the Retirement Accumulation Plan (RAP) if you are: Š A leased employee. Š A non-resident alien with no U.S. sourced income. Š An independent contractor or fee-for-service worker, even if re-classified as a common-law employee. Š A member of a collective bargaining unit (union), unless your collective bargaining agreement provides for participation in the RAP. Š Covered by an agreement specifying that you're not eligible to participate in the RAP. Š An employee whose basic compensation for services is not paid by a participating employer. Š An employee who is accruing benefits under any other tax-qualified defined benefit plan sponsored by BP or an affiliate. Š Not classified as an employee on a participating employer's payroll, even if reclassified as a common-law employee by any third party. Š An at-site retail employee. Š An Air BP hourly employee of the Into Plane Fueling and/or Fuel Systems operations (except Cleveland site). Š An employee based in Puerto Rico. Š An employee of BP Products North America Inc. employed in the Elite Customer Solutions Center USA (ECSC) after June 30, 2005, with the exception of an employee who meets all of the following: » Was an eligible employee participating in the plan as of June 30, 2005, » Has continuously remained an eligible employee under the plan after June 30, 2005, and » Became employed by ECSC before January 1, 2008. Š A salaried employee of BP Products North America Inc. below Level I hired after August 31, 2005, in support of the U.S. Convenience Operations site payroll and benefits. Š An employee who is a participant in the BP Retirement Resource Account under the BP Retirement Accumulation Plan, even if temporarily assigned (for not more than 12 months) to a position in support of U.S. Convenience Retail operations for which the employee would otherwise be eligible under this plan. Š An employee who is employed in GBS Americas. Š An at-site salaried employee of BP West Coast Products LLC, on or after January 1, 2005. Š An employee of BP Corporation North America Inc. who is employed as an equipment operator performing agricultural work for BP Biofuels on or after May 15, 2014. Š An individual employed by BPX Energy. Publication date: June 2018 29/Mar/19 07:24 The most up-to-date information is available online at http://hr.bpglobal.com/lifebenefits/Core. Page 3 of 76 How to participate You do not need to enroll; you automatically become a plan participant when you meet the eligibility requirements. Although you do not need to enroll, you should name a beneficiary. The first time you access BP Retirement Services at Fidelity, the system will prompt you for personal information so you can establish your personal identification number (PIN). The personal information may include your Social Security number, your birth date or your mailing address. Information required to set up or change your PIN may vary over time for account security purposes. Online By phone NetBenefitsSM: BP Retirement Services at Fidelity: Call Fidelity directly: Š http://netbenefits.com/bp. Š Within the U.S.: 1-877-272-3334. You can: Š Outside the U.S.: dial the AT&T access number of the country you are in. When prompted, dial 1-877-272-3334. Or, Š Create or change your personal identification number (PIN). call collect at 508-787-9902. Š Access information, including: Š Hearing or speech impaired: 1-888-343-0860. Š How much the company has contributed to your Š Representatives (available Monday – Friday, 7:30 A.M. – cash balance account. 11:00 P.M., central time). Š Your estimated benefit at age 65. Š Your estimated benefit at different retirement dates. Š Tools for retirement modeling. Š Plan literature. Š Designate your beneficiary. Publication date: June 2018 29/Mar/19 07:24 The most up-to-date information is available online at http://hr.bpglobal.com/lifebenefits/Core. Page 4 of 76 When participation begins Eligible employees become participants immediately upon their hire date or rehire date. Prior to January 1, 2016, occasional employees became participants after completing 1,000 hours of service within their first year of employment or during any following calendar year. Publication date: June 2018 29/Mar/19 07:24 The most up-to-date information is available online at http://hr.bpglobal.com/lifebenefits/Core. Page 5 of 76 When participation ends Active participation in the plan ends on the day you are no longer an employee eligible to participate in the plan. You may continue to participate in the plan after your employment ends if you are eligible for, and choose to leave, your vested benefits in the plan. Your participation continues until you have received all vested benefits under the plan. Publication date: June 2018 29/Mar/19 07:24 The most up-to-date information is available online at http://hr.bpglobal.com/lifebenefits/Core. Page 6 of 76 Beneficiary designation When you participate in the RAP, you should designate a beneficiary to receive any benefits that may be payable from your account in the event of your death. Š If you are married, your spouse (same sex or opposite sex) is automatically your beneficiary. If you want to name someone other than your spouse, your spouse must consent in writing each time you make a new designation. A notary public must verify that consent. Š If you are not married, you may designate anyone you wish to be your beneficiary and you may change this designation as often as you like. If you do not designate a beneficiary, if no designated beneficiary survives you or if your beneficiary designation was not filed properly, your benefit will be paid to your estate upon your death. You can name one person, more than one person, or a trust or other legal entity as your primary beneficiary. You can also name a secondary beneficiary, or contingent beneficiary, to receive your account in the event your primary beneficiary(ies) dies before you. If you name more than one primary beneficiary and one of those beneficiaries does not survive you, his/her benefits will be shared equally among any remaining beneficiaries of the same type (primary or contingent), except to the extent otherwise provided on the applicable beneficiary form. Payment will be made to your contingent beneficiary(ies) only if there is no surviving primary beneficiary(ies). Naming a trust: Provide the name, date and tax identification number of the trust (if available). The benefit will be made payable to the specific trust named as the beneficiary, including revocable trusts. If there has not been a tax identification number assigned to the trust, provide your Social Security number. The trust must be established prior to the date this form is submitted. Do not send a copy of the trust agreement. If available, also provide the name and address of one trustee. Please carefully select which trust you designate as your beneficiary because your benefit will be paid only to the specific trust you designate; we recommend that you consult with your estate planner or financial planner in this regard, particularly if you have a revocable trust. If you have not attained the age of 35 and name someone other than your spouse (and your spouse provides valid written consent), your designation will become invalid as of the first day of the plan year during which your 35th birthday occurs, and your spouse will be automatically reinstated as your beneficiary. If you wish to name someone other than your spouse at that time, your spouse must consent in writing to the new designation. You should be aware of some additional provisions that apply to beneficiary designations: Š Your beneficiary designation cannot be changed by anyone after your death. Š No beneficiary can refuse to accept his/her benefit. Š A divorce does not automatically revoke your former spouse (same sex or opposite sex) as a designated beneficiary. You must change your beneficiary designation to replace him or her. However, if the Plan Administrator receives a qualified domestic relations order (QDRO) and you do not re-designate your former spouse as a beneficiary, your former spouse will no longer be your designated beneficiary. Please be aware that a QDRO may affect your beneficiary designation. If you are impacted by a QDRO, please refer to your court documentation for information about any required named beneficiaries. To designate your beneficiary or change your designation, contact BP Retirement Services at Fidelity online or by phone at 1-877-272-3334. Properly complete any required forms, such as a notarized consent, and return them to BP Retirement Services at Fidelity for your new or changed beneficiary designation to become effective. If required forms aren’t completed properly or accepted by BP Retirement Services at Fidelity, your designation is not valid. If you are a participant in a BP non-qualified retirement plan, the rules may differ. Please see the Non-Qualified Plans Overview for more details. Publication date: June 2018 29/Mar/19 07:24 The most up-to-date information is available online at http://hr.bpglobal.com/lifebenefits/Core. Page 7 of 76