Form 4: LyondellBasell Executive Sells Shares to Cover Tax Obligations
SEC Form 4
Jeffrey A. Kaplan, EVP and General Counsel of LyondellBasell, disposed of shares to cover tax obligations related to vesting restricted stock units.
Summary
- On February 25, 2024, Jeffrey A. Kaplan, EVP and General Counsel of LyondellBasell Industries N.V., disposed of 1,955 Class A Ordinary Shares at a price of $99.27.
- The transaction was to cover tax withholding obligations related to the vesting of 4,967 shares of restricted stock units granted on February 25, 2021.
- Following the transaction, Kaplan beneficially owns 68,567 Class A Ordinary Shares, which includes 20,369 restricted stock units vesting at various dates in the future.
Sentiment
Score: 6
Explanation: The sentiment is neutral. It's a routine transaction related to tax obligations and doesn't indicate any significant positive or negative outlook for the company.
Industry Context
Executive share disposals to cover tax obligations are a common occurrence, especially after the vesting of restricted stock units. This is a normal part of executive compensation and doesn't necessarily indicate a change in the executive's confidence in the company.
Comparison to Industry Standards
- LyondellBasell's executive compensation practices, including the use of restricted stock units, are generally in line with industry standards for large chemical companies.
- Companies like Dow, BASF, and ExxonMobil also utilize similar equity-based compensation plans for their executives.
- The vesting schedules and tax implications are also comparable across these companies.
Key Dates
| Date | Description |
|---|---|
| 02/25/2021 | Date of grant of restricted stock units related to the tax obligation. |
| 02/24/2022 | Date of grant of 5,210 restricted stock units that vest on February 24, 2025. |
| 02/23/2023 | Date of grant of 5,504 restricted stock units that vest on February 23, 2026. |
| 02/22/2024 | Date of grant of 9,655 restricted stock units of which 3,219 vest on February 22, 2025, 3,218 vest on February 22, 2026 and 3,218 vest on February 22, 2027. |
| 02/25/2024 | Date of transaction: Disposal of 1,955 shares to cover tax obligations. |
| 02/27/2024 | Date of signature on the Form 4 filing. |
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