Form 4: Access Industries Affiliates Enter into Significant Capped Call Agreement on LyondellBasell Shares

Access Industries, a major shareholder and director of LyondellBasell Industries N.V., has entered into a cash-settled capped-call agreement referencing over 8 million ordinary shares, signaling a structured bullish position.

Summary

• Access Industries, LLC and its affiliates, including AI Investments Holdings LLC, Access Industries Holdings LLC, Access Industries Management, LLC, and Len Blavatnik, who are directors and 10% owners of LyondellBasell Industries N.V. (LYB), filed a Form 4.
• The filing reports that AI Securities Holdings 1 LLC ("AISH"), an affiliate indirectly controlled by Len Blavatnik, entered into a cash-settled European-style capped-call agreement with an unaffiliated third-party financial institution.
• The final terms of this agreement were set on June 13, 2025.
• The agreement provides AISH with economic results comparable to owning a call option on 8,122,120 ordinary shares of LyondellBasell.
• Key terms include a per share premium of $4.4196, a strike price of $79.9887 per share, and a cap price of $122.6493 per share.
• The capped-call agreement is exercisable in 30 separate tranches, each for 270,737 shares (except the first tranche of 270,747 shares), with staggered expiration dates beginning June 7, 2030.
• Crucially, the settlement of the Capped-Call Agreement is in cash only, meaning the reporting persons do not beneficially own the underlying ordinary shares.

Sentiment

Score: 6

Explanation: The sentiment is moderately positive. While a Form 4 primarily reports a transaction rather than company performance, the entry into a capped-call agreement by a significant insider (Access Industries/Len Blavatnik) suggests a structured, potentially bullish, view on LyondellBasell's stock, indicating confidence in its future value up to the cap price. The cash-settled nature also implies a strategic financial management decision.

Positives

• The entry into a capped-call agreement by a significant shareholder and director (Access Industries/Len Blavatnik) suggests a structured, potentially bullish, view on LyondellBasell's stock performance up to the cap price.
• The cash-settled nature of the agreement means the reporting persons avoid direct ownership of the shares, which can be beneficial for managing their equity exposure and regulatory compliance.

Future Outlook

The Capped-Call Agreement has staggered expiration dates beginning June 7, 2030, indicating a long-term structured position on LyondellBasell's stock performance. The agreement's terms are subject to adjustments in certain circumstances, including dividends paid by the Issuer.

Industry Context

This filing reflects a specific financial transaction by a major shareholder and director within the chemicals industry. While not directly indicative of broader industry trends, it shows how large institutional investors and insiders manage their exposure and express their views on specific companies within the sector through sophisticated derivative instruments.

Comparison to Industry Standards

• This is a specific insider derivative transaction, not a financial performance report. Therefore, direct comparisons to industry-standard financial metrics or project results are not applicable.
• The use of capped call options is a common strategy for large shareholders to manage exposure, generate income, or express a directional view while limiting upside participation beyond a certain price.

Related Party Transactions

• AI Securities Holdings 1 LLC ("AISH"), an affiliate of Access Industries, LLC (which is indirectly controlled by Len Blavatnik), is party to the Capped-Call Agreement. Access Industries, LLC, AI Investments Holdings LLC, Access Industries Holdings LLC, Access Industries Management, LLC, and Len Blavatnik are all reporting persons and affiliates.

Stakeholder Impact

• Shareholders: Provides transparency into the structured equity positions of a significant insider, which may influence investor sentiment regarding the stock's future performance.
• Regulatory Authorities: Fulfills SEC reporting requirements for insider transactions involving derivatives.

Next Steps

• The Capped-Call Agreement will be exercisable in 30 separate tranches with staggered expirations beginning June 7, 2030.

Key Dates

Keywords

LyondellBasell Industries N.V., LYB, Access Industries, Len Blavatnik, SEC Form 4, Capped Call, Derivative, Beneficial Ownership, Insider Transaction, Call Option, Equity Securities, Chemical Industry