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<TITLE>Form 8-K</TITLE>
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 <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES AND EXCHANGE COMMISSION
</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>WASHINGTON, DC 20549 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>FORM 8-K
</B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>CURRENT REPORT </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Pursuant
to Section&nbsp;13 or 15(d) </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>of the Securities Exchange Act of 1934 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Date of Report (Date of earliest event reported): September&nbsp;10, 2013 </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:24pt; font-family:Times New Roman" ALIGN="center"><B>LYONDELLBASELL INDUSTRIES N.V. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Exact Name of Registrant as Specified in Charter) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top" ALIGN="center"><B>The Netherlands</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>001-34726</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>98-0646235</B></TD></TR>
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<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(State or Other Jurisdiction</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>of Incorporation)</B></P></TD>
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<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Commission</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>File Number)</B></P></TD>
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<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(IRS Employer</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Identification No.)</B></P></TD></TR>
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<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>1221 McKinney St.,<BR>Suite 300</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Houston, Texas</B></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>USA
77010</B></P></TD>
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<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>1 Berkeley Street</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Mayfair, London</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>The
United Kingdom</B></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>W1J8DJ</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Stationsplein 45</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>3013 AK Rotterdam</B></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>The
Netherlands</B></P></TD></TR>
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<TD VALIGN="top" COLSPAN="5" ALIGN="center"><B>(Addresses of principal executive offices)</B></TD></TR>
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<TD VALIGN="top" ALIGN="center"><B>(713) 309-7200</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>+44 (0)20 7016 9527</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>+31 (0)10 275 5500</B></TD></TR>
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<TD VALIGN="top" COLSPAN="5" ALIGN="center"><B>(Registrant&#146;s Telephone number, including area code)</B></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Former Name or Former Address, if Changed Since Last Report) </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">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: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Item&nbsp;5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain
Officers; Compensatory Arrangements of Certain Officers. </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On September&nbsp;10, 2013, the Supervisory Board of LyondellBasell
Industries N.V. (the &#147;Company&#148;) approved a new employment contract with James L. Gallogly, Chief Executive Officer, and new compensation arrangements for Bob V. Patel and Timothy D. Roberts, each of whom was promoted to Executive Vice
President. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>CEO Employment Contract </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Mr.&nbsp;Gallogly&#146;s new contract will become effective May&nbsp;1, 2014, at which time his current Employment Agreement dated May&nbsp;14,
2009 will terminate. The new contract provides that Mr.&nbsp;Gallogly&#146;s base salary will be increased to $1.65 million per year. Mr.&nbsp;Gallogly&#146;s target award under the Company&#146;s Short Term Incentive Plan (&#147;STI&#148;), which
provides for annual cash bonuses, will be 150% of base salary. His target award for the Company&#146;s Medium Term Incentive Plan (&#147;MTI&#148;), which provides for grants of qualified performance awards, or QPAs, which are equity based awards
that are earned over a three-year period, is set at 125% of his base salary. Additionally, the contract provides that Mr.&nbsp;Gallogly will be granted new equity awards under the Company&#146;s Long Term Incentive Plan (&#147;LTI&#148;) valued at
600% of his base salary. The new LTI awards will be granted when the new contract becomes effective and his long-term equity awards that were granted effective April&nbsp;30, 2010 have all vested in full on May&nbsp;14, 2014. The types of awards
granted under the LTI will be determined by the Compensation Committee of the Supervisory Board in accordance with the LTI. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Additionally,
Mr.&nbsp;Gallogly&#146;s new agreement provides for certain severance payments in the event of termination of employment. If Mr.&nbsp;Gallogly&#146;s employment is terminated for cause or by Mr.&nbsp;Gallogly without good reason, he will be entitled
to all accrued but unpaid amounts of base salary and STI. If Mr.&nbsp;Gallogly retires or is terminated without cause, he will receive all earned but unpaid amounts of base salary and STI and prorated vesting of each of his unvested STI, MTI and LTI
awards. The stock options that vest pursuant to this provision will remain exercisable for the remainder of their term. Any of the awards that are based on performance results will be paid out based on the applicable percentage of attainment as
determined by the Compensation Committee of the Supervisory Board. Under the new contract, Mr.&nbsp;Gallogly is eligible for retirement at any time upon three months advance notice to the Company. The contract also contains restrictive covenants,
including a non-interference covenant for one-year after termination of employment and a non-competition covenant that applies for one-year after termination for reasons other than retirement. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Executive Officer Compensation Arrangements </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In connection with the promotions of Messrs. Patel and Roberts, the Compensation Committee approved amendments to their compensation
arrangements. As Executive Vice President &#150; O&amp;P EAI and Technology, Mr.&nbsp;Patel will continue to have responsibility for the Company&#146;s Technology business and the operations of the Olefins and Polyolefins businesses in Europe, Asia
and International and will also be responsible for manufacturing operations in his region. As Executive Vice President &#150; O&amp;P &#150; Americas, Mr.&nbsp;Roberts will continue to have responsibility for the Company&#146;s Olefins and
Polyolefins businesses throughout the Americas and will also assume responsibility for manufacturing operations in that region. </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The new compensation arrangements provide for the following: </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><B>STI&nbsp;Target</B></TD>
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<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><B>MTI&nbsp;Target</B></TD>
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<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><B>LTI*</B></TD>
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<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><B>Base&nbsp;Salary</B></TD>
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<TD VALIGN="bottom" COLSPAN="10" ALIGN="center"><B></B>(as&nbsp;a&nbsp;percentage&nbsp;of&nbsp;base&nbsp;salary)<B></B></TD>
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<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Mr. Patel</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">600,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">80</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">50</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">125</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Mr. Roberts</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">600,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">80</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">50</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">125</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">*</TD>
<TD ALIGN="left" VALIGN="top">Mr. Patel&#146;s LTI award in 2014 will be prorated and is expected to be valued at 25% of the new base salary, given his currently outstanding &#147;front-loaded&#148; long-term equity awards that were granted when the
Company emerged from bankruptcy. The 125% target will be effective when and if the Compensation Committee determines to grant new LTI awards to executives that received the emergence grants. Mr.&nbsp;Roberts did not receive an emergence grant and
therefore currently is awarded annual grants by the Compensation Committee. To the extent he is granted LTI awards in 2014, they will be valued at 125% of his base salary. </TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The base salaries are effective October&nbsp;1, 2014, and the STI, MTI and LTI award targets are all effective for 2014. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">No new equity awards have been granted to either Mr.&nbsp;Patel or Mr.&nbsp;Roberts as a result of this change. The target percentages
outlined above will be used for grants that are expected to be made by the Compensation Committee at its first regularly scheduled meeting in 2014. The form of LTI awards will be decided by the Compensation Committee at that meeting. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Additionally, in connection with Mr.&nbsp;Patel&#146;s change in responsibility, certain provisions relating to his expatriate assignment have
been extended for a twelve month period from that which is included in his Employment Agreement. The amended expatriate provisions provide that Mr.&nbsp;Patel may be entitled to severance payments for good reason to the extent he is not offered
similarly situated U.S. based employment within 48 months of November 2010. </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SIGNATURES </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top" COLSPAN="3">LYONDELLBASELL INDUSTRIES N.V.</TD></TR>
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<TD VALIGN="top">Date: September 13, 2013</TD>
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<TD VALIGN="bottom">By:</TD>
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<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman"><I>/s/ Craig B. Glidden</I></P></TD></TR>
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<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
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<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">Craig B. Glidden</TD></TR>
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<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">Executive Vice President</TD></TR>
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Form 8-K
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 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): September 10, 2013
LYONDELLBASELL INDUSTRIES N.V.
(Exact Name of Registrant as Specified in Charter)
The Netherlands
001-34726
98-0646235
(State or Other Jurisdiction
of Incorporation)
(Commission
File Number)
(IRS Employer
Identification No.)
1221 McKinney St.,
Suite 300
Houston, Texas
USA
77010
1 Berkeley Street
Mayfair, London
The
United Kingdom
W1J8DJ
Stationsplein 45
3013 AK Rotterdam
The
Netherlands
(Addresses of principal executive offices)
(713) 309-7200
+44 (0)20 7016 9527
+31 (0)10 275 5500
(Registrant's Telephone number, including area code)
(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))
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain
Officers; Compensatory Arrangements of Certain Officers.
On September 10, 2013, the Supervisory Board of LyondellBasell
Industries N.V. (the "Company") approved a new employment contract with James L. Gallogly, Chief Executive Officer, and new compensation arrangements for Bob V. Patel and Timothy D. Roberts, each of whom was promoted to Executive Vice
President.
CEO Employment Contract
Mr. Gallogly's new contract will become effective May 1, 2014, at which time his current Employment Agreement dated May 14,
2009 will terminate. The new contract provides that Mr. Gallogly's base salary will be increased to $1.65 million per year. Mr. Gallogly's target award under the Company's Short Term Incentive Plan ("STI"), which
provides for annual cash bonuses, will be 150% of base salary. His target award for the Company's Medium Term Incentive Plan ("MTI"), which provides for grants of qualified performance awards, or QPAs, which are equity based awards
that are earned over a three-year period, is set at 125% of his base salary. Additionally, the contract provides that Mr. Gallogly will be granted new equity awards under the Company's Long Term Incentive Plan ("LTI") valued at
600% of his base salary. The new LTI awards will be granted when the new contract becomes effective and his long-term equity awards that were granted effective April 30, 2010 have all vested in full on May 14, 2014. The types of awards
granted under the LTI will be determined by the Compensation Committee of the Supervisory Board in accordance with the LTI.
Additionally,
Mr. Gallogly's new agreement provides for certain severance payments in the event of termination of employment. If Mr. Gallogly's employment is terminated for cause or by Mr. Gallogly without good reason, he will be entitled
to all accrued but unpaid amounts of base salary and STI. If Mr. Gallogly retires or is terminated without cause, he will receive all earned but unpaid amounts of base salary and STI and prorated vesting of each of his unvested STI, MTI and LTI
awards. The stock options that vest pursuant to this provision will remain exercisable for the remainder of their term. Any of the awards that are based on performance results will be paid out based on the applicable percentage of attainment as
determined by the Compensation Committee of the Supervisory Board. Under the new contract, Mr. Gallogly is eligible for retirement at any time upon three months advance notice to the Company. The contract also contains restrictive covenants,
including a non-interference covenant for one-year after termination of employment and a non-competition covenant that applies for one-year after termination for reasons other than retirement.
Executive Officer Compensation Arrangements
In connection with the promotions of Messrs. Patel and Roberts, the Compensation Committee approved amendments to their compensation
arrangements. As Executive Vice President – O&P EAI and Technology, Mr. Patel will continue to have responsibility for the Company's Technology business and the operations of the Olefins and Polyolefins businesses in Europe, Asia
and International and will also be responsible for manufacturing operations in his region. As Executive Vice President – O&P – Americas, Mr. Roberts will continue to have responsibility for the Company's Olefins and
Polyolefins businesses throughout the Americas and will also assume responsibility for manufacturing operations in that region.
The new compensation arrangements provide for the following:
STI Target
MTI Target
LTI*
Base Salary
(as a percentage of base salary)
Mr. Patel
$
600,000
80
%
50
%
125
%
Mr. Roberts
$
600,000
80
%
50
%
125
%
*
Mr. Patel's LTI award in 2014 will be prorated and is expected to be valued at 25% of the new base salary, given his currently outstanding "front-loaded" long-term equity awards that were granted when the
Company emerged from bankruptcy. The 125% target will be effective when and if the Compensation Committee determines to grant new LTI awards to executives that received the emergence grants. Mr. Roberts did not receive an emergence grant and
therefore currently is awarded annual grants by the Compensation Committee. To the extent he is granted LTI awards in 2014, they will be valued at 125% of his base salary.
The base salaries are effective October 1, 2014, and the STI, MTI and LTI award targets are all effective for 2014.
No new equity awards have been granted to either Mr. Patel or Mr. Roberts as a result of this change. The target percentages
outlined above will be used for grants that are expected to be made by the Compensation Committee at its first regularly scheduled meeting in 2014. The form of LTI awards will be decided by the Compensation Committee at that meeting.
Additionally, in connection with Mr. Patel's change in responsibility, certain provisions relating to his expatriate assignment have
been extended for a twelve month period from that which is included in his Employment Agreement. The amended expatriate provisions provide that Mr. Patel may be entitled to severance payments for good reason to the extent he is not offered
similarly situated U.S. based employment within 48 months of November 2010.
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: September 13, 2013
By:
/s/ Craig B. Glidden
Craig B. Glidden
Executive Vice President