Form 4: LyondellBasell Executive Vice President van der Laan Reports Share Withholding for Taxes
SEC Form 4
Yvonne van der Laan, EVP at LyondellBasell, reports the withholding of 53 Class A Ordinary Shares to cover tax obligations related to vesting restricted stock units.
Summary
- On April 1, 2024, Yvonne van der Laan, an Executive Vice President at LyondellBasell Industries N.V., had 53 Class A Ordinary Shares withheld by the issuer to satisfy tax obligations.
- This withholding was related to the vesting of 110 restricted stock units granted on April 1, 2022.
- Following the transaction, van der Laan beneficially owns 8,264 Class A Ordinary Shares, which includes 6,468 restricted stock units vesting at various dates in the future.
Sentiment
Score: 5
Explanation: This Form 4 filing is a routine disclosure of share withholding for tax purposes, indicating a neutral sentiment. It reflects standard executive compensation practices and doesn't suggest any positive or negative developments for the company.
Industry Context
This is a routine Form 4 filing, reflecting standard executive compensation practices involving restricted stock units and tax obligations. It doesn't indicate any specific strategic shift or competitive development for LyondellBasell.
Comparison to Industry Standards
- Tax withholding for vesting RSUs is a standard practice across publicly traded companies.
- Executive compensation packages, including RSUs, are common in the chemical industry to incentivize performance and align executive interests with shareholder value.
- LyondellBasell's RSU vesting schedules (annual vesting over a 3-year period) are typical compared to companies like Dow or BASF.
Key Dates
| Date | Description |
|---|---|
| September 27, 2022 | Date of Power of Attorney execution. |
| April 1, 2022 | Date of grant for 110 restricted stock units related to the tax withholding. |
| February 24, 2022 | Date of grant for 400 restricted stock units that vest on February 24, 2025. |
| October 15, 2022 | Date of grant for 273 restricted stock units that vest on October 15, 2025. |
| February 23, 2023 | Date of grant for 1,595 restricted stock units that vest on February 23, 2026. |
| February 22, 2024 | Date of grant for 4,200 restricted stock units of which 1,400 vest on February 22, 2025, 1,400 vest on February 22, 2026 and 1,400 vest on February 22, 2027. |
| April 1, 2024 | Date of transaction: 53 shares withheld for taxes. |
| April 3, 2024 | Date of Form 4 signature. |
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