LyondellBasell Industries N.V. (LYB) filed a Form 8K - Changes
in Company Executive Management - with the U.S Securities and
Exchange Commission on January 22, 2015.
Amendment to Employment Agreement with Named Executive
Officer
Lyondell Chemical Company, a wholly owned subsidiary of
LyondellBasell Industries N.V. (the "Company"), and Timothy D.
Roberts entered into an Employment Agreement, dated as of June 2,
2011 (the "Original Employment Agreement"), when Mr. Roberts
originally joined the Company. On January 20, 2015, the Company
announced certain changes to its Executive Leadership Team,
including the promotion of Mr. Roberts to Executive Vice President
Global O&P.
In connection with Mr. Roberts' promotion, on January 22, 2015
the Company entered into a First Amendment to Employment Agreement
(the "First Amendment") with Mr. Roberts. The First Amendment
extends the provisions contained in his Original Employment
Agreement, which provided a lump sum payment in the amount of his
annual base salary, plus his target annual bonus for the year of
termination in the event his employment with the Company is
terminated by the Company without "cause" or if Mr. Roberts
terminates his employment for "good reason," both as defined in the
Original Employment Agreement. The terms of the Original Employment
Agreement stated that the severance payments would only be paid if
the specified termination occurred within the first five years
after the effective date of the Original Employment Agreement. The
First Amendment extends the right to these severance payments for
as long as the Original Employment Agreement is in effect.
The foregoing description of the First Amendment is not complete
and is qualified in its entirety by the actual provisions of the
First Amendment, a copy of which is filed herewith as Exhibit 10.1
and is incorporated by reference herein.
The terms and conditions of the Original Employment Agreement
remain in effect unchanged except for those provisions of the
Original Employment Agreement that are directly contradicted by the
First Amendment, in which event the terms of the First Amendment
shall control.
The full text of this SEC filing can be retrieved at:
http://www.sec.gov/Archives/edgar/data/1489393/000119312515023488/d859830d8k.htm
Any exhibits and associated documents for this SEC filing can be
retrieved at:
http://www.sec.gov/Archives/edgar/data/1489393/000119312515023488/0001193125-15-023488-index.htm
Public companies must file a Form 8-K, or current report, with
the SEC generally within four days of any event that could
materially affect a company's financial position or the value of
its shares.
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