4/A: LyondellBasell Executive Torkel Rhenman Reports Share Transactions
SEC Form 4/A
Torkel Rhenman, EVP at LyondellBasell, reports acquisition and disposal of Class A Ordinary Shares to cover tax obligations and vesting of performance-based stock units.
Summary
- Torkel Rhenman, an Executive Vice President at LyondellBasell Industries N.V., filed an amended Form 4 on February 28, 2024, to correct a computer systems error in the originally filed form.
- The report details transactions from February 21, 2024, involving Class A Ordinary Shares.
- Rhenman disposed of 7,751 shares at $97.38 to cover tax obligations related to the vesting of 23,512 performance-based stock units granted on February 25, 2021.
- An additional 1,877 shares were disposed of at $97.38 to cover tax obligations for dividend equivalents accrued on those performance-based stock units.
- Rhenman acquired 23,512 shares related to the vesting of performance-based stock units at $97.38.
- He also acquired 4,768 shares from the settlement of dividend equivalents that accrued on the performance-based stock units prior to vesting at $97.38.
- Following these transactions, Rhenman beneficially owns 67,983 Class A Ordinary Shares, including 18,209 restricted stock units (RSUs) vesting in February 2024, 2025, and 2026.
Sentiment
Score: 6
Explanation: The document primarily reports routine executive stock transactions related to compensation. The correction of a computer error is a minor issue, but overall the information is neutral.
Industry Context
Executive stock transactions are a routine part of corporate governance and are closely watched by investors for insights into management's perspective on the company's value and future prospects.
Comparison to Industry Standards
- Executive compensation practices, including the use of stock units and RSUs, are common across publicly traded companies like LyondellBasell.
- Companies such as Dow, BASF, and ExxonMobil also utilize similar long-term incentive plans to align executive interests with shareholder value.
- The vesting schedules and performance metrics associated with these stock units are typically benchmarked against industry peers to ensure competitiveness and effectiveness.
Stakeholder Impact
- The transactions have a minimal direct impact on stakeholders, as they primarily reflect internal compensation mechanisms.
- Shareholders may be interested in the details of executive compensation and alignment with company performance.
Key Dates
| Date | Description |
|---|---|
| 2019-06-17 | Date of Power of Attorney execution by Torkel Rhenman. |
| 2021-02-25 | Date of grant of 5,878 restricted stock units that vest on February 25, 2024. |
| 2021-02-25 | Date of grant of performance-based stock units to the Reporting Person. |
| 2022-02-24 | Date of grant of 5,970 restricted stock units that vest on February 24, 2025. |
| 2023-02-23 | Date of grant of 6,361 restricted stock units that vest on February 23, 2026. |
| 2024-02-21 | Date of share transactions reported in Form 4/A. |
| 2024-02-23 | Date of original Form 4 filing. |
| 2024-02-25 | Date that 5,878 restricted stock units vest. |
| 2024-02-28 | Date of amended Form 4/A filing. |
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