Document:

exv10w1

Exhibit 10.1

October 10, 2011

C. Kent Potter

Lyondell Chemical Company

One Houston Center, Suite 700

1221 McKinney Street

Houston, TX 77010

Dear Kent:

     As the Company’s Executive Vice President and Chief Financial Officer, you have been
instrumental in guiding Lyondell Chemical Company (the “Company”) through bankruptcy, its
successful emergence, and its strong performance
since that time. Because you have worked tirelessly during this assignment without a written
executive employment agreement and without participation in the Company’s post-emergence equity
plans, I would like to set forth in this letter our agreement (this “Agreement”) regarding your
voluntary decision to retire from the Company.

     In this Agreement you will find the terms and conditions that govern your retirement and
separation of employment with the Company, and which provide for an orderly transition of your role
and responsibilities. Because of this, the Agreement is necessarily formal. However, on behalf of the
Company, I want to reiterate our appreciation for the invaluable contributions that you have made during
your employment.

     1. Executive Resignation. The Company agrees to accept your resignation as Executive Vice
President and Chief Financial Officer of the Company, and as a director of any of the Company’s
subsidiaries or affiliates, effective as of October 17, 2011 (the “Resignation Date”). You will
continue to serve in the capacity of Principal Financial Officer of the Company, capable of signing
the Company’s third quarter 2011 periodic report and related certifications. After the filing of
that report, you will no longer serve as the Principal Financial Officer.

     2. Transition. The Company agrees to employ you as a non-executive employee, effective as of
the Resignation Date and continuing through December 31, 2011 (the “Separation Date”), which will
be your last day of employment with the Company. During this period, you will be paid your regular
base salary and participate in the same benefit plans that you were participating in immediately
prior to the date of this Agreement, subject to applicable payroll deductions and withholdings.
The Company will not be obligated to institute, maintain, or refrain from changing, amending, or
discontinuing any benefit plan, or perquisite, so long as such changes are similarly applicable to
similarly situated employees generally.

 

 

Mr. C. Kent Potter

October 10, 2011

Page 2 of 5

     3. Compensation. On or before December 31, 2011, the Company will pay you a guaranteed annual
incentive bonus for 2011 in the gross amount of $2,546,557 (the “Annual Bonus”), subject to
applicable payroll deductions and withholdings. This Annual Bonus is in lieu of any other bonus,
including under the terms of the Company’s Short-Term Incentive Plan. On or promptly after the
Separation Date, the Company also will pay you all accrued salary, and all accrued and unused
vacation, earned through the Separation Date, subject to applicable payroll deductions and
withholdings. In addition, the Company will promptly reimburse you for the ordinary and necessary
business expenses you incur in the performance of your duties through your Separation Date in
accordance with the Company’s expense reimbursement policy. The Company will also pay for the
transportation and other reasonable expenses to relocate your personal property from your residence
in Texas to your residence in Colorado consistent with the Company’s policies.

     4. Other Compensation or Benefits. You acknowledge and agree that, except as expressly
provided in this Agreement, you will not receive any additional compensation, bonus, severance, or
other benefits after the Separation Date. Though you are retiring (as that term is generally
known), you acknowledge and agree that this Agreement does not confer to you any retirement
benefits under any of the Company’s benefit programs to which you are not otherwise entitled in
absence of this Agreement.

     5. Cooperation and Consulting. You agree to cooperate and consult with the Company for up to
twelve (12) months following the Separation Date (the
“Consulting Period”) on the following basis. During the Consulting
Period, if the Chief Executive Officer specifically requests you to
perform consulting services, you agree to provide such services as an
independent contractor and not as an employee of the Company. The
Company will pay you for such services on an hourly rate basis in an
amount equal to your current annual base salary divided by 2000 hours.
You will in voice the Company for the actual time spent by you at the
request of the Chief Executive Officer and you
 will be reimbursed for the ordinary and necessary business
expenses you incur in the performance of your duties during the Consulting Period in accordance
with the Company’s expense reimbursement policy.

     6. Removal and Return of Company Property. All written materials, records, data, and other
documents prepared or possessed by you during your employment with the Company are the Company’s
property. On or before your Separation Date, you will return to the Company’s designated
representatives all Company property, including all Confidential Information and any and all
documents and materials that contain, refer to, or relate in any way to any Confidential
Information, as well as any other property of the Company in your possession or control, including
all electronic and telephonic equipment, credit cards, security badges, and passwords.

     7. Confidential Information.

          (a) You acknowledge that during the course of your employment with the Company, the Company
gave you access to trade secrets, confidential information and proprietary materials (the
“Confidential Information”). You also acknowledge that the Company

2

 

Mr. C. Kent Potter

October 10, 2011

Page 3 of 5

regularly creates new Confidential Information in the course of its regular business activities.
Because of this, the Company provides you with new Confidential Information on a regular basis and
you will receive such new Confidential Information through your Separation Date. You also may
receive such information during your Consulting Period.

          (b) Unless otherwise specifically authorized in writing by the Company, you agree: (i) to hold
Confidential Information in the strictest confidence; (ii) not to, directly or indirectly,
disclose, divulge or reveal any Confidential Information to any person or entity other than as
authorized by the Company; (iii) to use such Confidential Information only within the scope of your
employment and consulting with the Company for the benefit of the Company; and (iv) to take such
protective measures as may be reasonably necessary to preserve the secrecy and interest of the
Company in the Confidential Information. You agree to immediately notify the Company of any
unauthorized disclosure or use of any Confidential Information of which you become aware. The
obligations in this paragraph do not replace any other obligations under a confidentiality
agreement you signed in the course of employment with the Company, which will remain in full force
and effect.

     8. Covenant not to Compete. In exchange for the consideration provided by this Agreement, you
agree that during the remainder of your employment and for the Consulting Period, you will not,
directly or indirectly:

	 	i.	 	Solicit for hire or attempt to solicit for hire
any employees of the Company;
	 
	 	ii.	 	Solicit the business of or attempt to do any
business with any customers of the Company; and
	 
	 	iii.	 	Be employed by or otherwise provide any
services to any petrochemicals or polymer business that directly
competes with the Company in any respect, regardless of geographic
location.

     9. Mutual Release. In exchange for the consideration provided by this Agreement, the Company
agrees to release you from any and all claims, liabilities and obligations, both known and unknown,
that arise out of or are in any way related to events, acts, conduct, or omissions occurring prior
to your signing this Agreement, except for any acts that constitute a breach of your fiduciary
obligations to the Company for which you would not be entitled to indemnification if you were to
have remained an officer of the Company. Likewise, you agree to release the Company and its
directors, officers, employees, stockholders, members, partners, agents, attorneys, predecessors,
successors, parent and subsidiary entities, insurers, affiliates, and assigns from any and all
claims, liabilities and obligations, both known and unknown, that arise out of or are in any way
related to events, acts, conduct, or omissions occurring prior to your signing this Agreement,
including claims related to your employment, your compensation or benefits, breach of contract and
tort claims, and all federal, state, and local statutory claims, including, but not limited to,
claims for discrimination, harassment, retaliation, attorneys’ fees, or other claims arising under
the federal Civil Rights Act of 1964 (as amended), the federal Americans with Disabilities Act of
1990, the federal Age Discrimination in Employment Act of

3

 

Mr. C. Kent Potter

October 10, 2011

Page 4 of 5

1967 (as amended) ( “ADEA” ), the Employee Retirement Income Security Act, or any state or
local law. Notwithstanding the foregoing, you are in no way waiving any rights contemplated by
this Agreement.

     10. ADEA Waiver. You acknowledge that you are knowingly and voluntarily waiving and releasing
any rights you may have under ADEA (as defined in the preceding Paragraph), and that the
consideration given for your waiver and release in this Agreement is in addition to anything of
value to which you were already entitled. You further acknowledge that you have been advised by
this writing that: (a) your waiver and release does not apply to any rights or claims that may
arise after the execution date of this Agreement; (b) you should consult with an attorney prior to
executing this Agreement; (c) you have twenty-one (21) days to consider this Agreement (although
you may choose to voluntarily execute this Agreement earlier); (d) you have seven (7) days
following the execution of this Agreement by the parties to revoke the Agreement; and (e) this
Agreement will not be effective until the date upon which the revocation period has expired without
revocation being exercised by you. You will not receive any of the payments or benefits set forth
in this Agreement unless and until the Agreement becomes effective.

     11. Miscellaneous.

          (a) If any portion of this Agreement is held not to be valid and enforceable, then the
invalidity or unenforceability of that portion will not affect any other portion of this Agreement.

          (b) The Company and you intend that this Agreement will not result in an unfavorable tax
consequence to you under Internal Revenue Code Section 409A (“Code Section 409A”). Accordingly,
you consent to any amendment of this Agreement as the Company may reasonably make in furtherance of
such intention, and the Company will promptly provide, or make available to, you a copy of such
amendment. Any such amendments will be made in a manner that preserves to the maximum extent
possible the intended benefits to you. This paragraph does not create an obligation on the part of
Company to modify this Agreement and does not guarantee that the amounts or benefits owed under the
Agreement will not be subject to interest and penalties under Code Section 409A. For purposes of
clarity, it is understood that the Annual Bonus payment under Paragraph 3 of this Agreement is
exempt from Code Section 409A as a short-term deferral and is not made in lieu of any other payment
that would be subject to Code Section 409A.

          (c) This Agreement contains the entire agreement and understanding of the parties with respect
to its subject matter, other than any subsequent agreements executed by the parties to further
accomplish the purposes of this Agreement. No change, modification or waiver of any provision of
this Agreement will be valid or binding unless it is in writing and signed.

          (d) This Agreement will be governed by and construed in accordance with the laws of the State
of Texas without regard to conflict of laws principles.

4

 

Mr. C. Kent Potter

October 10, 2011

Page 5 of 5

          (e) Except as otherwise provided in this Agreement, this Agreement will inure to the benefit
of and be binding upon the parties hereto and their respective heirs, representatives, successors
and assigns. This Agreement will not be assignable by you (but any payments due hereunder which
would be payable at a time after your death will be paid to your designated beneficiary or, if
none, his or her estate) and will be assignable by the Company.

          (f) This Agreement may be executed in counterparts or with facsimile signatures, which shall
be deemed equivalent to originals.

If this Agreement is acceptable to you, please sign below and return one original to me.

	 	 	 	 	 
	 	Sincerely,

LYONDELL CHEMICAL COMPANY

 	 
	 	By:  	/s/ Paul G. Davies
 	 
	 	 	Paul G. Davies 	 
	 	 	Vice President and Chief Human Resources Officer 	 
	 

	 	 	 

	AGREED AND ACCEPTED:
	 	 
	 
	 	 
	C. Kent Potter
 

C. Kent Potter

	 	 
	 
	 	 
	October 10, 2011
 

Date

	 	 

5exv10w2

Exhibit 10.2

October 7, 2011

	 	 	 

	Ms. Karyn F. Ovelmen

	 	Via Email: karynovelmen@gmail.com
	119 Vía Palacio
	 	 
	Palm Beach Gardens, Florida 33418
	 	 

Dear Karyn:

     I am pleased to confirm our offer of employment with Lyondell Chemical Company (“Company”) as
the Executive Vice President and Chief Financial Officer and Executive Vice President and Chief
Financial Officer of LyondellBasell Industries N.V. (“Parent Company”) and its subsidiaries (the
“LBI Group”).

     1. Effective Date. Your employment by the Company shall commence on October 17, 2011
(“Effective Date”).

     2. Position, Duties and Location. In your capacity as Executive Vice President and Chief
Financial Officer of the LBI Group, you shall have the duties and responsibilities customarily
assigned to such positions (including responsibility for the oversight and management of the
financial affairs of the LBI Group and such other customary duties as may reasonably be assigned to
you by the Chief Executive Officer of the LBI Group (the “Chief Executive Officer”), consistent
with such positions. You shall report directly to the Chief Executive Officer, and will be a
member of the most senior management team of the LBI Group. Your principal place of employment
shall be located in Houston, Texas; provided that you shall travel and shall render services at
other locations, both as may reasonably be required by your duties.

	     3. Compensation.

	 	a.	 	Base Salary. While employed by the Company, you shall
receive a base salary (the “Base Salary”) at an annual rate of not less than
$700,000. Base Salary shall be paid at such times and in such manner as the
Company customarily pays the base salaries of its employees. In the event that
your Base Salary is increased by the Supervisory Board of the Parent Company
(or a duly authorized committee thereof) (“Board”) in its discretion, such
increased amount shall thereafter constitute your Base Salary.

	 	 	 

	Lyondell Chemical Company

	 	Tel +1 713 309 4970
	One Houston Center, Suite 700

	 	Fax +1 713 309 2120
	1221 McKinney Street

	 	lyondellbasell.com
	Houston, TX 77010
	 	 
	P.O. Box 3646 (77253-3646)
	 	 
	USA
	 	 

 

 

Ms. Karyn F. Ovelmen

October 7, 2011

Page 2

	 	b.	 	Annual Bonus. You shall be paid an annual cash bonus
calculated in accordance with the Company’s short-term incentive plan as in
effect from time to time (the “Annual Bonus”) based on the attainment of
performance targets established by the Board. For each calendar year beginning
on and after January 1, 2012, the Annual Bonus shall be targeted at not less
than 75% of Base Salary (as in effect at the beginning of each such year). The
actual amount of the Annual Bonus (if any) for any year shall depend on the
level of achievement of the applicable performance criteria established with
respect to such bonus by the Board in its discretion. Notwithstanding the
foregoing, provided you remain with the Company through December 31, 2011, you
shall receive an Annual Bonus for 2011 in an amount equal to the greater of (i)
$229,150 or (ii) 200% of Base Salary earned from the Effective Date to such
year end. The Annual Bonus shall be payable at such time as bonuses are paid
to other senior executive officers of the Company and the payment terms shall
comply with or be exempt from the requirements of Section 409A of the Internal
Revenue Code (“Section 409A).
	 
	 	c.	 	Incentive Awards. With respect to each calendar year
of employment with the Company, you shall be eligible to receive a long-term
incentive award in the form of an equity award with respect to the Parent
Company’s common stock (the “Common Stock”), which award may consist of
restricted stock, restricted stock units, stock options, stock appreciation
rights or other types of equity-based awards consistent with the Company’s
long-term incentive program as in effect from time to time (the “LTI Plan), or
any combination thereof, as determined by the Board in its discretion,
consistent with the Company’s LTI Plan (the “LTI Award”) and/or a mid-term
incentive award (“MTI Award”) consistent with the Company’s mid-term incentive
program as in effect from time to time (the “MTI Plan”) with a targeted total
collective value of not less than 245% of the aggregate amount of Base Salary
earned by you during such calendar year, as determined by the Board in its
discretion. For the period commencing on the Effective Date and ending
December 31, 2011, you shall receive an MTI Award with a targeted value of
$245,000 and an LTI Award comprising (i) restricted stock units valued at
$245,000 and (ii) stock options valued $510,000. The terms and conditions of
the LTI Awards (including, without limitation, the form of awards, the purchase
price (if any), vesting conditions, exercise rights, payment terms, termination
provisions, transfer restrictions and repurchase rights) shall be determined in
a manner consistent with the LTI Plan. The terms of an MTI Award shall be
determined consistent with the Company’s MTI Plan. The payment terms under the
MTI Plan and LTI Plan shall comply with or be exempt from the requirements of
Section 409A.

 

 

Ms. Karyn F. Ovelmen

October 7, 2011

Page 3

	 	d.	 	Employee Benefits. While employed by the Company, the
Company shall provide, and you shall be entitled to participate in or receive
benefits under any pension plan, profit sharing plan, stock option plan, stock
purchase plan or arrangement, health, disability and accident plan or any other
employee benefit plan or arrangement made available now or in the future to
senior executives of the Company; provided that you comply with the conditions
attendant with coverage under such plans or arrangements. You shall be
entitled to no less than four (4) weeks of paid vacation per calendar year
(pro-rated for the portion of the 2011 calendar year you are employed by the
Company).
	 
	 	e.	 	Business Expenses. While employed by the Company, the
Company shall promptly pay or reimburse you for all reasonable expenses that
you incur during your employment with the Company in carrying out your duties,
including, without limitation, those incurred in connection with business
related travel or entertainment, upon presentation of expense statements and
customary supporting documentation.
	 
	 	f.	 	Moving Expenses. The Company shall reimburse
relocation expenses incurred by you in accordance with the Company’s U.S.
Relocation — Renter Plan (“Relocation Policy”).

     4. Termination of Employment. You shall be an at-will employee of the Company, which means
either the Company or you may terminate your employment with the Company at any time for any
reason, with or without cause or notice. The Company agrees to adopt an executive severance pay
plan or program to provide, to the extent consistent with Section 409A and subject to your
execution of a general release of claims in favor of the Company and the LBI Group and any
affiliate and their respective current and former officers and directors in form and substance and
at the time acceptable to the Company, a lump sum cash payment, subsidized coverage under the
Company’s medical and life insurance plans for 18 months following the date of termination, and
outplacement assistance, as provided for in the executive severance pay plan or program .

     5. Removal and Return of Company Property. At the time of your termination of employment, you
will return to the Company’s designated representatives all written materials, records, data, and
other documents prepared or possessed by you during your employment with the Company, including all
Confidential Information and any and all documents and materials that contain, refer to, or relate
in any way to any Confidential Information, as well as any other property of the Company in your
possession or control, including all electronic and telephonic equipment, credit cards, security
badges, and passwords.

 

 

Ms. Karyn F. Ovelmen

October 7, 2011

Page 4

     6. Confidential Information. You acknowledge that during the course of your employment with
the Company, the Company will give you access to trade secrets, confidential information and
proprietary materials (the “Confidential Information”). You also acknowledge that the Company
regularly creates new Confidential Information in the course of its regular business activities.
Unless otherwise specifically authorized in writing by the Company, you agree: (i) to hold
Confidential Information in the strictest confidence; (ii) not to, directly or indirectly,
disclose, divulge or reveal any Confidential Information to any person or entity other than as
authorized by the Company; (iii) to use such Confidential Information only within the scope of your
employment with the Company for the benefit of the Company; and (iv) to take such protective
measures as may be reasonably necessary to preserve the secrecy and interest of the Company in the
Confidential Information. You agree to immediately notify the Company of any unauthorized
disclosure or use of any Confidential Information of which you become aware. The obligations in
this paragraph do not replace any other obligations under a confidentiality agreement you have
signed or will sign in the course of employment with the Company, which will remain in full force
and effect.

     7. Noninterference. During your employment with the Company (other than in carrying out your
duties) and for a period of one year after any termination of employment, you will not, directly or
indirectly i) solicit for hire or attempt to solicit for hire any employees of the Company, or ii)
solicit the business of or attempt to do any business with any customers of the Company.

Congratulations and welcome to LyondellBasell. Please acknowledge your receipt and acceptance of
this employment relationship by reading, signing and returning this letter.

	 	 	 	 	 
	 	Sincerely,

LYONDELL CHEMICAL COMPANY

 	 
	 	By:  	/s/ Paul G. Davies
 	 
	 	 	Paul G. Davies 	 
	 	 	Vice President and Chief Human Resources Officer 	 
	 

	 	 	 

	ACKNOWLEDGED AND ACCEPTED:
	 	 
	 
	 	 
	/s/ Karyn F. Ovelmen
 

Karyn F. Ovelmen

	 	 
	 
	 	 
	October 10, 2011
 

Date

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