BHP Billiton Benefits Program Petroleum and Houston TenantsĢ HEALTH PLANS Medical Your medical coverage and BHP Billiton s share of the coverage cost for you and your enrolled dependents ends at midnight on the last day of the month in which your employment termination date* occurs. If your termination of employment is due to layoff or redundancy, coverage that continues through COBRA or retiree health care is at no cost to you for the first three months. administers the COBRA continuation of coverage program and will mail an enrollment packet to you within 30 days after your active employee coverage ends. Mercer administers the BHP Retiree Medical enrollment and will mail an enrollment packet to you within 30 days after your active employee coverage ends. administers the BHP Retiree Medical premium billing process and will mail premium coupons to you within 30 days of your enrollment in the BHP Retiree Medical Plan. Refer to the Matched Shares Q&A for further information.There are two possible options for continuing coverage. If this occurs, the Plan Administrator will be authorized to withhold or sell a sufficient number of Matched Shares to cover your taxes and transfer the remaining balance of shares to your Shareworks account. Please note, if you are entitled to receive an allocation of Matched Shares when departing BHP, this may trigger a mandatory tax withholding or social security liability in your location/country. You do not lose your Acquired Shares and you will be entitled to receive any applicable Matched Shares when you retire. What happens to my Acquired Shares and will I receive Matched Shares? However, you will lose your right to receive Matched Shares when you leave. Do I lose my Acquired Shares and will I lose my right to receive Matched Shares? If you take no action, at the end of the six month period (or any other period as determined by BHP), your shares will be automatically transferred out of Shareworks to an ordinary shareholder account in your name (or similar arrangement depending on the stock exchange) on the relevant stock exchange share registry. During this six month period (or any other period as determined by BHP) you can access your shares to either sell them using the online sale facility, or you can transfer them to your own issuer sponsored shareholder account. On leaving BHP, your shares will remain in the Plan for a period of six months and you will receive a notification from Shareworks outlining leaver information for your Acquired Shares and any Matched Shares.
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To ensure that you continue to receive all future communications about your Shareplus entitlements and any residual contribution balances, it is your responsibility to update the Plan Administrator with your personal contact (email address), contact number and banking details online in your Shareworks account (accessible via ). Your HR/payroll will formally notify the Plan Administrator each month of participants who have ceased employment including the reason for departure. What happens to my shares when I leave? What are my obligations? The value of the cash payment will be the value of the participant’s Acquired Shares, Matched Shares and conditional rights to receive Matched Shares (that the participant becomes entitled to on cessation of their employment) using the price of BHP shares on the date of death or price achieved from the sale of the underlying Acquired Shares and Matched Shares, whichever is greater, less any taxes required to be withheld on sale or through payroll. BHP will sell both the Acquired Shares and Matched Shares to assist with the funding of the cash payment. In the event a participant dies during the Holding Period, BHP will allocate any applicable Matched Shares as soon as practicable and the Company will make a cash payment into the participant’s payroll bank account in lieu of any Acquired Shares or Matched Shares received. In any other leaving situation the treatment of Matched Shares is at BHP’s discretion. Any applicable Matched Shares will be awarded as soon as practicable after you leave BHP.
The table below sets out the different leaving circumstances and the treatment of shares. Your eligibility to receive Matched Shares depends on your reason for leaving.
If I leave before the end of the Holding Period do I lose my right to receive Matched Shares? Your contributions that have not been used to purchase shares will be available in Shareworks for you to withdraw. IIf the Plan Administrator has been notified by your HR/payroll of your departure or withdrawal from the Plan before the next purchase date, no shares will be purchased on your behalf. What happens to my contributions if I leave BHP, or cease making contributions? You will not be able to continue to participate in Shareplus when you leave BHP, and will cease to be a participant of any existing plans. Will I still be able to participate in the Plan when I leave?
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