LyondellBasell Files 8K - Changes Executive Management

LyondellBasell Industries N.V. (LYB) filed a Form 8K - Changes in Company Executive Management - with the U.S Securities and Exchange Commission on March 06, 2017.

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 Company's 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. Patel's 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.

The full text of this SEC filing can be retrieved at: http://www.sec.gov/Archives/edgar/data/1489393/000119312517076318/d336962d8k.htm

Any exhibits and associated documents for this SEC filing can be retrieved at: http://www.sec.gov/Archives/edgar/data/1489393/000119312517076318/0001193125-17-076318-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.

(END) Dow Jones Newswires

March 09, 2017 13:00 ET (18:00 GMT)

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