UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
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CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): August 27, 2021
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LYONDELLBASELL INDUSTRIES N.V.
(Exact Name of Registrant as Specified in Charter)
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Netherlands | 001-34726 | 98-0646235 | ||||||
(State or Other Jurisdiction of Incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
1221 McKinney St., | 4th Floor, One Vine Street | |||||||||||||||||||||||||||||||
Suite 300 | London | Delftseplein 27E | ||||||||||||||||||||||||||||||
Houston, | Texas | W1J0AH | 3013AA | Rotterdam | ||||||||||||||||||||||||||||
USA | 77010 | United Kingdom | Netherlands |
(Addresses of principal executive offices)
(713) | 309-7200 | +44 (0) | 207 | 220 2600 | +31 (0) | 10 | 2755 500 |
(Registrant’s telephone numbers, including area codes)
(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:
☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Title of Each Class | Trading Symbol | Name of Each Exchange On Which Registered | ||||||||||||
Ordinary Shares, €0.04 Par Value | LYB | New York Stock Exchange |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Cash Award Grant
On August 27, 2021, LyondellBasell Industries N.V. (the “Company”) granted to each of Messrs. Ken Lane, Torkel Rhenman, Jim Guilfoyle, Michael McMurray and Jeff Kaplan (each, individually, a “Recipient”), a cash award amount of $2,000,000 (Messrs. Lane, Rhenman, and Guilfoyle) and $1,500,000 (Messrs. McMurray and Kaplan) that vests on December 30, 2022.
These grants were recommended by the Compensation and Talent Development Committee to, and approved by, the Board of Directors of the Company and are intended to retain executives, in accordance with the Company’s executive compensation philosophy and the purposes of the LyondellBasell Industries Long Term Incentive Plan. The grants are made pursuant to a 2021 Cash Incentive Award Agreement (the “Award”).
Under the terms of the Award, in the event the Company terminates a Recipient’s employment without cause, the award will fully vest. In the event a Recipient voluntarily terminates employment prior to the vesting period, the award will be forfeited. In the event a Recipient’s service as an employee terminates during the retention period due to death or disability, the award will vest pro-rata based on the number of months worked.
The foregoing description of the Award is not complete and is qualified in its entirety by reference to the full text of the form of the Award, a copy of which is attached as Exhibit 10.1 to this Current Report on Form 8-K.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
Exhibit Number | Description | |||||||
10.1 | ||||||||
104 | The cover page from this Current Report on Form 8-K, formatted in Inline XBRL | |||||||
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.
LYONDELLBASELL INDUSTRIES N.V. | |||||||||||||||||
Date: | August 27, 2021 | By: | /s/ Jeffrey A. Kaplan | ||||||||||||||
Jeffrey A. Kaplan | |||||||||||||||||
Executive Vice President and Chief Legal Officer | |||||||||||||||||