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Share Name | Share Symbol | Market | Type |
---|---|---|---|
LyondellBasell Industries NV | NYSE:LYB | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.34 | 0.34% | 99.12 | 99.77 | 98.90 | 99.09 | 1,506,978 | 01:00:00 |
LyondellBasell Industries N.V. (LYB) filed a Form 8K - Entry Into a Definitive Agreement - with the U.S Securities and Exchange Commission on March 10, 2015.
LyondellBasell Industries N.V. (the "Company") has entered into an Amended and Restated Nomination Agreement (the "Amendment"), dated March 10, 2015, with AI International Chemicals S. .R.L., an affiliate of Access Industries ("Access"). The Amendment amends and restates the Nomination Agreement, dated April 30, 2010, entered into between the Company and Access (the "Original Agreement"), a copy of which was filed as Exhibit 4.5 to the Company's Amendment No. 2 to Form 10 July 26, 2010.
The Amendment was entered into to clarify the share ownership Access must have to allow it to nominate individuals to the Company's Supervisory Board. The Original Agreement stated that Access had the right to nominate one individual to the Supervisory Board as long as it owned five percent (5%) or more of the Company's issued share capital; two individuals as long as it owned twelve percent (12%) or more of issued share capital; and three individuals as long as it owned eighteen percent (18%) or more of issued share capital. The Amendment clarifies that the percentage of shares owned by Access in determining its nomination rights is based on Access' percentage of the Company's voting shares and therefore uses the term "outstanding shares" rather than "issued share capital," which could include shares held by the Company in treasury in addition to shares outstanding.
Two of the current eleven members of the Company's Supervisory Board, Stephen F. Cooper and Robin Buchanan, were nominated by Access pursuant to the Original Agreement. Based on the number of Company's shares currently outstanding and the number of shares currently held by Access, it has the right to nominate a third director pursuant to the Amendment.
The foregoing is a summary of the material terms of the Amendment. Reference should be made to the full text of the Original Agreement and the Amendment, which is filed herewith as Exhibit 10.1, for a complete understanding of its terms.
The full text of this SEC filing can be retrieved at: http://www.sec.gov/Archives/edgar/data/1489393/000119312515094084/d889984d8k.htm
Any exhibits and associated documents for this SEC filing can be retrieved at: http://www.sec.gov/Archives/edgar/data/1489393/000119312515094084/0001193125-15-094084-index.htm
Public companies must file a Form 8-K, or current report, with the SEC generally within four days of any event that could materially affect a company's financial position or the value of its shares.
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