Form 4: LyondellBasell Executive Vice President Dale D. Friedrichs Reports Share Withholding for Tax Obligations
SEC Form 4
Dale D. Friedrichs, EVP at LyondellBasell, reports the withholding of 1,101 Class A Ordinary Shares to cover tax obligations related to vesting restricted stock units.
Summary
- On February 25, 2024, Dale D. Friedrichs, an Executive Vice President at LyondellBasell Industries N.V., had 1,101 Class A Ordinary Shares withheld by the issuer to satisfy tax obligations.
- This withholding was related to the vesting of 2,796 shares of restricted stock units granted on February 25, 2021.
- Following this transaction, Friedrichs beneficially owns 39,190 Class A Ordinary Shares, which includes 15,272 restricted stock units that will vest in tranches between February 2025 and February 2027.
Sentiment
Score: 7
Explanation: The document reflects a routine transaction related to executive compensation and tax obligations, which is neutral to slightly positive as it indicates ongoing equity-based incentives.
Industry Context
This is a routine Form 4 filing related to executive compensation and tax obligations, common in publicly traded companies.
Comparison to Industry Standards
- Executive compensation practices, including the use of restricted stock units and subsequent share withholding for taxes, are standard across publicly traded companies like LyondellBasell.
- Companies such as Dow, BASF, and ExxonMobil also utilize similar equity-based compensation plans for their executives.
- The vesting schedules and tax withholding mechanisms are generally aligned with industry norms to incentivize performance and ensure compliance with tax regulations.
Stakeholder Impact
- The transaction has a minimal direct impact on shareholders as it involves the withholding of shares for tax purposes related to executive compensation.
- Employees may be indirectly affected as this reflects the company's compensation practices.
Key Dates
| Date | Description |
|---|---|
| August 7, 2017 | Date of Power of Attorney execution, granting authority to Jeffrey A. Kaplan, Lara A. Mason, and N. Elizabeth Campbell to act on behalf of Dale D. Friedrichs for SEC filings. |
| February 25, 2021 | Date of grant of 2,796 restricted stock units that vested, leading to the share withholding. |
| February 24, 2022 | Date of grant of 3,503 restricted stock units that vest on February 24, 2025. |
| October 15, 2022 | Date of grant of 188 restricted stock units that vest on October 15, 2025. |
| February 23, 2023 | Date of grant of 4,296 restricted stock units that vest on February 23, 2026. |
| February 22, 2024 | Date of grant of 7,285 restricted stock units of which 2,429 vest on February 22, 2025, 2,428 vest on February 22, 2026 and 2,428 vest on February 22, 2027. |
| February 25, 2024 | Date of transaction: 1,101 Class A Ordinary Shares withheld for tax obligations. |
| February 27, 2024 | Date of Form 4 filing. |
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