Current Report Filing (8-k)
March 09 2017 - 12:46PM
Edgar (US Regulatory)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): March 6, 2017
LYONDELLBASELL INDUSTRIES N.V.
(Exact Name of Registrant as Specified in Charter)
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The Netherlands
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001-34726
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98-0646235
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(State or Other Jurisdiction
of Incorporation)
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(Commission
File Number)
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(IRS Employer
Identification No.)
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1221 McKinney St.
Suite 300
Houston,
Texas
USA 77010
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4
th
Floor, One Vine Street
London
W1J0AH
The United Kingdom
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Delftseplein 27E
3013 AA Rotterdam
The
Netherlands
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(Addresses of principal executive offices)
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(713)
309-7200
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+44 (0)207 220 2600
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+31 (0)10 275 5500
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(Registrants telephone numbers, including area codes)
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(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form
8-K
filing is intended to simultaneously satisfy the filing obligation of
the registrant under any of the following provisions:
☐
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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☐
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Soliciting material pursuant to Rule
14a-12
under the Exchange Act (17 CFR
240.14a-12)
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☐
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Pre-commencement
communications pursuant to Rule
14d-2(b)
under the Exchange Act (17 CFR
240.14d-2(b))
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☐
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Pre-commencement
communications pursuant to Rule
13e-4(c)
under the Exchange Act (17 CFR
240.13e-4(c))
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Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain
Officers; Compensatory Arrangements of Certain Officers.
On March 6, 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 December 31, 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 January 1, 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.
Item 9.01
Financial Statements and Exhibits
(d) Exhibits
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Exhibit
Number
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Description
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10.1
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Amendment to Employment Agreement between the Company, Lyondell Chemical Company and Bhavesh V. Patel
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has caused this report to be signed on its behalf by the
undersigned, hereunto duly authorized.
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LYONDELLBASELL INDUSTRIES N.V.
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Date: March 9, 2017
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By:
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/s/ Jeffrey Kaplan
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Jeffrey A. Kaplan
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Executive Vice President
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Exhibit Index
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Exhibit
Number
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Description
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10.1
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Amendment to Employment Agreement between the Company, Lyondell Chemical Company and Bhavesh V. Patel.
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