4/A: LyondellBasell Executive Kimberly Foley Reports Share Transactions Following Vesting of Performance-Based Stock Units
SEC Form 4/A
Kimberly Foley, EVP at LyondellBasell, reports acquisition and disposal of Class A Ordinary Shares related to vesting of performance-based stock units and tax obligations.
Summary
- Kimberly Foley, an Executive Vice President at LyondellBasell Industries N.V., filed an amended Form 4/A on February 28, 2024, to report changes in beneficial ownership of the company's Class A Ordinary Shares.
- The transactions occurred on February 21, 2024, and involve the acquisition and disposal of shares related to the vesting of performance-based stock units and associated tax withholding obligations.
- Foley disposed of 1,451 shares and 286 shares to cover tax obligations at a price of $97.38 per share.
- She also acquired 5,774 shares from the vesting of performance-based stock units and 1,172 shares from the settlement of dividend equivalents, both at a price of $97.38 per share.
- Following these transactions, Foley's total beneficial ownership is 36,089.547 Class A Ordinary Shares, which includes 10,084 restricted stock units (RSUs) vesting at various dates in the future.
Sentiment
Score: 6
Explanation: The sentiment is neutral. The document primarily reports routine transactions related to executive compensation. The vesting of performance-based units is a slightly positive indicator, but the overall impact is not significant.
Positives
- The vesting of performance-based stock units indicates that certain performance objectives were met, which is a positive sign for the company's performance.
- The increase in Foley's shareholding, even after accounting for tax obligations, suggests confidence in the company's future prospects.
Industry Context
Executive stock transactions are common and are closely watched by investors as they can provide insights into management's confidence in the company's prospects. Vesting of performance-based units suggests the company is meeting its performance targets.
Comparison to Industry Standards
- Executive compensation packages often include stock options, restricted stock units, and performance-based stock units to align management's interests with those of shareholders.
- The vesting schedules and performance metrics associated with these units are typically benchmarked against industry peers to ensure competitiveness and effectiveness.
- LyondellBasell's long-term incentive plan, as described in the document, is a common practice among large, publicly traded companies.
Stakeholder Impact
- The transactions have a minimal direct impact on stakeholders.
- The vesting of performance-based units may indirectly benefit shareholders if it reflects strong company performance.
Key Dates
| Date | Description |
|---|---|
| October 21, 2019 | Date of the Power of Attorney document, granting authority to Jeffrey A. Kaplan, Lara A. Mason and N. Elizabeth Campbell to act on behalf of Kimberly A. Foley for SEC filings. |
| February 25, 2021 | Date of grant of 5,774 performance-based stock units to Kimberly Foley. |
| February 25, 2021 | Grant date of 1,444 restricted stock units (RSUs) that vest on February 25, 2024. |
| February 24, 2022 | Grant date of 2,193 restricted stock units (RSUs) that vest on February 24, 2025. |
| October 15, 2022 | Grant date of 881 restricted stock units (RSUs) that vest on October 15, 2025. |
| February 23, 2023 | Grant date of 5,566 restricted stock units (RSUs) that vest on February 23, 2026. |
| February 21, 2024 | Date of transactions involving Class A Ordinary Shares, including vesting of performance-based stock units and tax withholding. |
| February 23, 2024 | Date of original filing that was amended. |
| February 25, 2024 | Vesting date of 1,444 restricted stock units (RSUs). |
| February 28, 2024 | Date of amended Form 4/A filing. |
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