secwatch.observer — SEC 8-K summary
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Issuer:     LyondellBasell Industries N.V. (LYB)
CIK:        0001489393
Form:       8-K
Filed at:   2023-11-17T23:59:59+00:00
Accession:  0001489393-23-000045
Event type: other_material
Sentiment:  neutral
Materiality: 0.40
Item codes: 5.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

LyondellBasell amends Executive Severance Plan, effective Nov 17, 2023
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- CEO severance: lump sum of 2x base salary + target bonus plus 18 months subsidized COBRA coverage.
- Direct reports to CEO receive 1x base salary + target bonus plus 18 months COBRA subsidy.
- On change of control, CEO severance multiplier increases to 3x base salary + target bonus; direct reports to 2x.
- Participation requires execution of a Participation Agreement and a release of claims.
- Committee may amend or terminate plan but cannot reduce benefits already incurred.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1489393/000148939323000045/0001489393-23-000045-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1489393/000148939323000045/lyb-20231116.htm
  HTML page:      https://secwatch.observer/filing/0001489393-23-000045

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer