LYONDELLBASELL INDUSTRIES N.V. (NYSE:LYB) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item5.02 Departure of Directors or Certain Officers; Election of
Directors; Appointment of Certain Officers; Compensatory
Arrangements of Certain Officers.
On March6, 2017, LyondellBasell Industries N.V. (the Company) and
its wholly-owned subsidiary, Lyondell Chemical Company, entered
into an amendment (the Amendment) to the Employment Agreement of
Bhavesh V. (Bob) Patel, the Companys Chief Executive Officer.
The Amendment extends the term of the Employment Agreement to
December31, 2018 and provides that the Employment Agreement will
automatically renew for one-year periods thereafter,
unless earlier terminated by either party.
The Amendment also
increases the minimum base salary, target annual bonus (as a
percentage of base salary) and target long-term incentive (LTI)
award values to which Mr.Patel is entitled. Specifically,
Mr.Patels minimum base salary is now $1,500,000, his minimum
target bonus is 160% of his base salary and his minimum target
LTI award value is 750% of his base salary. The base salary
increase is effective as of January1, 2017 and the bonus and LTI
award values are effective for his 2017 awards.
Finally, the
Amendment increases the amount of compensation Mr.Patel will be
entitled to in the event of a termination of his employment by
the Company without cause or by Mr.Patel for good reason to 1.5
times his base salary plus target annual bonus amount. In the
event either of these termination events occurs within 12 months
of a change in control, Mr.Patel will receive 2.5 times his base
salary plus target annual bonus amount.
This summary of
the Amendment is not complete and is qualified in its entirety by
reference to the Amendment, a copy of which is attached to this
Current Report on Form 8-K as Exhibit 10.1.
Item9.01
Financial Statements and Exhibits
(d)
Exhibits
| Exhibit Number | Description | |
| 10.1 |
Amendment to Employment Agreement between the Company, Lyondell Chemical Company and Bhavesh V. Patel |
About LYONDELLBASELL INDUSTRIES N.V. (NYSE:LYB)
LyondellBasell Industries N.V. is a chemical company. The Company operates in five segments: Olefins and Polyolefins-Americas (O&P-Americas), Olefins and Polyolefins-Europe, Asia, International (O&P-EAI), Intermediates and Derivatives (I&D), Refining and Technology. The O&P-Americas segment produces and markets olefins and co-products, polyethylene and polypropylene. The O&P-EAI segment produces and markets olefins and co-products, polyethylene and polypropylene. The I&D segment produces and markets propylene oxide (PO) and its derivatives, oxyfuels and related products, and intermediate chemicals, such as styrene monomer (SM), acetyls and ethylene oxides. The primary product of the Refining segment is refined products made from sulfur crude oil and other crude oils of various types and sources available on the United States Gulf Coast. The Technology segment develops and licenses chemical and polyolefin process technologies and manufactures and sells polyolefin catalysts. LYONDELLBASELL INDUSTRIES N.V. (NYSE:LYB) Recent Trading Information
LYONDELLBASELL INDUSTRIES N.V. (NYSE:LYB) closed its last trading session down -0.82 at 88.97 with 2,968,683 shares trading hands.
