Document:

Exhibit 10.1

 

 

 

December 7, 2021

 

Mr. Peter Zeno Erik Vanacker

[address omitted]

Sent via email

 

Dear Mr. Vanacker,

 

We are pleased to extend an offer of employment to
you for the position of Chief Executive Officer of LyondellBasell (“LYB.” and together with its subsidiaries, the “Company”).
As Chief Executive Officer, you will report solely and directly to the LYB Board of Directors (the “Board”) and be designated
as a Section 16 Officer. In accordance with LYB’s articles of association, you also will be appointed to the Board and serve as
an executive director, subject to annual election by the shareholders.

 

This letter establishes the terms of your employment
with the Company, and this offer is conditioned upon your satisfactory completion of certain requirements, as more fully explained below.

 

Duties and Commencement

 

In your capacity as Chief
Executive Officer, you will perform duties and responsibilities that are reasonably consistent with such position as may be assigned from
time to time. You agree to devote your full business time, attention, and best efforts to the furtherance of LYB’s interests. Notwithstanding
the foregoing, your employment with the Company will not prevent you from participating in charitable and community activities, provided
that these activities do not interfere with the performance of your employment duties and responsibilities or create a conflict of interest.
Additionally, this confirms we have no objection to you continuing as a member of the Supervisory Board of Symrise AG, provided that you
will be subject to the LYB Corporate Governance Guidelines, including Section 8 (Director Service on Other Public Boards) thereof.

 

Location

 

Your principal place of employment will be at our
corporate headquarters in Houston, Texas or other location as mutually agreed between you and the Board, subject to business travel as
needed to fulfill your employment duties and responsibilities.

 

Start Date

 

Subject to satisfaction of the conditions described
in this letter, your anticipated start date will be as soon as practical once your obligations are fulfilled with your current employer
and as agreed between you and the Board. (“Start Date”).

 

     

     

    

 

Compensation Package

 

In consideration for your services to the Company,
your compensation package will include the following:

 

Base Salary

 

Your annual base salary will be $1.4 million, payable
in accordance with the Company’s standard payroll practices. Your base salary will be subject to review annually by the Board or
a committee thereof. Any adjustment to base salary would typically occur on April 1 of each year.

 

Incentive Compensation

 

You will be eligible to participate in the following
incentive programs. Participation in these incentive programs is subject to the terms and conditions of the programs, which may be modified
by the Company at any time.

 

		·	Short-Term Incentive Plan. You will be eligible to participate in the LyondellBasell Industries Short-Term Incentive Plan (the
 “STI Plan”). Your STI Plan target opportunity will be 150% of your annual base salary. The bonus can range from 0% to a maximum
of 200% of target with the actual payout dependent upon the achievement of performance objectives as determined by the Board. Your initial
bonus will be pro-rated based on the portion of the calendar year you are employed at the Company.

 

		·	Long-Term Incentive Plan. You will be eligible to participate in the LyondellBasell Industries Long-Term Incentive Plan (the
 “LTI Plan”), under which you will receive equity-based incentive awards in the first quarter of each year. Currently, your
annual LTI Plan target is $10 million. Future grants will range between $8 million and $12 million depending on performance and as approved
by the Compensation & Talent Development Committee of the Board. Long-term Incentive awards will be apportioned as follows:

 

		·	50% in Performance Share Units or “PSUs” with a three-calendar-year performance period. Currently, PSUs pay out
from 0% to 200% of target based on the Company’s Total Shareholder Return or “TSR” compared to peers and free cash flow
per share over each of the three-year performance periods.

		·	25% in Restricted Stock Units or “RSUs” (based on the average closing price of the underlying shares for the 20
trading days preceding the grant date). RSUs are subject to cliff vesting on the third anniversary of the date of grant.

		·	25% in Stock Options (Black-Sholes value as of date of grant). Options vest in cumulative installments on the first three anniversaries
of the date of grant.

 

As an executive officer of LYB, future grants of incentive
compensation will also be subject to approval by the Board.

 

		·	New Hire Awards. As a new hire, in addition to the ongoing incentive programs described above, you will receive the following
one-time awards:

 

		·	Cash Award. As soon as practicable following the Start Date, you will receive a one-time cash bonus in the amount of $1,900,000
in consideration for a portion of the value of rewards that will be forfeited upon giving notice of termination at your current employer.
This award is subject to repayment if any of the following conditions apply; (a) your employment is terminated by the Company for “cause”
(as defined in the Severance Agreement (defined below)); (b) you terminate
your employment voluntarily prior to the first anniversary of your Start Date; (c) your current employer compensates you for your 2019-2021
long-term incentive grant . You agree to repay the full amount of this bonus within 30 days following the trigger of any of these provisions.

 

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		·	Equity Award. Effective as of your Start Date, you will receive a new hire equity grant in the form of an RSU award with a
value of $2,300,000 (based on the average closing price of the underlying shares for the 20 trading days preceding the grant date) as
additional consideration for a portion of the value of rewards that will be forfeited upon giving notice of termination at your current
employer. The award will vest in equal installments on the first two anniversaries of the date of grant.

 

Benefits and Perquisites

 

Employee Benefit Plans. You will be eligible to participate
in the employee benefit plans and programs generally available to the Company’s senior executives, including group medical, dental,
vision and life insurance coverage, disability benefits, and retirement benefits, subject to the terms and conditions of the plans and
programs. You will receive information regarding these benefits, including enrollment instructions, during your first week of employment.

 

In addition, on the seventh anniversary of your Start Date (assuming
you have been employed continuously during that period), you will become eligible for retirement treatment under the STI Plan (prorated
payment for the year of retirement) and under the LTI Plan (prorated vesting of your outstanding LTI awards in the year of retirement). 
You will also be eligible to receive retirement treatment for other incentives and benefits provided to similarly situated executive officers.

 

Vacation and Holidays. You will be entitled
to 200 hours of paid vacation and personal time per year. You will be eligible for paid holidays designated by the Company as well as
floating holidays. Eligibility for paid holidays and vacation is subject to the terms and conditions of the Company’s applicable
policies.

 

Relocation. The Company will reimburse you
for all reasonable relocation expenses you incur in relocating to Houston. You will be subject to the terms of the Company’s relocation
policies, which require an executed Relocation Repayment Agreement and mandate repayment of all, or part of your relocation expenses should
your employment be terminated for cause or by you voluntarily within the first two years of your relocation effective date.

 

Other. You will be entitled to the fringe
benefits and perquisites that are made available to other senior executives. The Company reserves the right to amend, modify or terminate
any of its benefit plans or programs at any time and for any reason.

 

Severance

 

As an executive of LYB, you will be eligible to participate
in the Executive Severance Plan (the “Severance Plan”), which generally provides severance benefits to you if your employment
with the Company is severed without "cause" or you leave for "good reason” as defined in the Severance Plan. To participate,
you must execute a Participation Agreement, which evidences your agreement to comply with the terms, conditions, and restrictions of the
Participation Agreement and the Severance Plan, including confidentiality provisions and restrictive covenants.

 

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Stock Ownership Requirements

 

You will be subject to the LyondellBasell Share Ownership
Guidelines. In summary, these guidelines require you to accumulate LYB shares at a rate equal to six times your base salary as outlined
in the guidelines which are subject to change periodically.

 

Company Policies

 

You must comply with LYB and Company policies, procedures
and guidelines, including the LyondellBasell Code of Conduct.

 

Withholding Taxes

 

All forms of compensation referred to in this letter
are subject to reduction to reflect applicable withholding and payroll taxes and other deductions required by law.

 

At-Will Employment

 

Your employment with the Company will be for no specific
period. Rather, your employment will be at-will, meaning that you or the Company may terminate the employment relationship at any time,
with or without cause, and with or without notice and for any reason or no particular reason. Although your compensation and benefits
may change from time to time, the at-will nature of your employment may only be changed with the approval of the Board.

 

Contingent Offer

 

This offer is contingent upon:.

 

		a.	Successfully passing a pre-employment drug screening within 30 days prior to the Start Date. A Company representative will contact
you to schedule an appointment for the test. Please note that the Company performs random and for cause drug and alcohol testing in compliance
with local law and submitting to testing when requested is a continuing condition of employment with the Company.

 

		b.	Satisfactory completion of a background investigation.

 

		c.	Your execution of the Company’s Employee Confidentiality and Invention Agreement.

 

		d.	If any agreements with a prior employer exists that may affect or relate to your employment with the Company, it is required to provide
such agreements to the Company. The Company has no interest in using any other person’s patents, copyrights, trade secrets, or trademarks
in an unlawful manner. You must not disclose to the Company any intellectual property or confidential information of your prior employers
or anyone else or misapply proprietary rights that the Company has no right to use.

 

Governing Law

 

This offer letter shall be governed by the laws of
the state of Texas, without regard to conflict of law principles.

 

Representations

 

By accepting this offer, you represent that you can
accept this job and carry out the work that it would involve without breaching any legal restrictions on your activities, such as non-competition, non-solicitation or other work-related
restrictions imposed by a current or former employer. You also represent that you will inform the Company about any such restrictions
and provide the Company with as much information about them as possible, including any agreements between you and your current or former
employer describing such restrictions on your activities. You further confirm that you will not remove or take any documents or proprietary
data or materials of any kind, electronic or otherwise, with you from your current or former employer to the Company without written authorization
from your current or former employer, nor will you use or disclose any such confidential information during the course and scope of your
employment with the Company. If you have any questions about the ownership of documents or other information, you should discuss such
questions with your former employer before removing or copying the documents or information.

 

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If you wish to accept this position, please sign
below and return this letter to me no later than December 13, 2021. If you do not accept this offer by December 13, 2021, it will be deemed
to be withdrawn. If you have any questions about the above details, I am happy to discuss them at your convenience. Please contact me
at [number omitted].

 

We are excited at the prospect of your being our
next Chief Executive Officer.

 

	 	Sincerely,
	 	 
	 	/s/ Dale Friedrichs
	 	By:	Dale Friedrichs
	 	 
	 	 	SVP, Chief Human Resources Officer

 

Acceptance of Offer

 

I have read and understood, and I accept all the
terms of the offer of employment as set forth in the foregoing letter. I have not relied on any representations, express or implied, that
are not set forth expressly in this letter, and this letter supersedes all prior communications, both written and oral, relating to my
employment with the Company.

 

Peter Vanacker

 

	Signed:	/s/ Peter Vanacker	 	Date:	8
    December 2021           	 

 

    5 of 5Exhibit 10.3

 

LYONDELLBASELL EXECUTIVE SEVERANCE PLAN

 

Amended and Restated, Effective as
of December 13, 2021

 

LyondellBasell Executive Severance Plan

 

     

     

    

 

LYONDELLBASELL
EXECUTIVE SEVERANCE PLAN

(Amended and Restated, Effective as
of December 13, 2021)

  

1.           
Purpose. This LyondellBasell Executive Severance Plan (the “Plan”) is intended to assure that
Lyondell Chemical Company (the “Company”) and its affiliates will have the continued dedication of specified executives, who
are members of a select group of management and highly compensated employees, by providing for certain severance benefit payments to those
executives on an involuntary termination of employment or resignation for Good Reason.

 

		2.	Definitions. The terms set forth below have the following meanings:

 

“Base
Salary” means the annualized rate of regular base salary determined as of the last day of the Participant’s employment.

 

“Cause”
means: (i) the Participant’s continued failure (except where due to physical or mental incapacity) to substantially perform
his or her duties; (ii) the Participant’s intentional misconduct or gross neglect in the performance of his or her duties; (iii)
the Participant’s conviction of, or plea of guilty or nolo contendere to, a felony; (iv) the commission by the Participant of an
act of fraud or embezzlement against the Company or any affiliate; (v) the Participant’s breach of fiduciary duty; (vi) a Participant’s
violation of the Code of Conduct of the LyondellBasell Group; or (vii) the Participant’s willful breach of any material provision
of any employment or other written agreement between the Participant and the Company or an affiliate (as determined in good faith by the
Committee) that is not remedied within fifteen (15) days after written notice is received from the Company or affiliate specifying such
breach. Any determination of whether Cause exists shall be made by the Committee in its sole discretion.

 

“Chief Executive Officer” means
the Chief Executive Officer of the LyondellBasell Group.

 

“Code” means the United States Internal
Revenue Code of 1986, as amended from time to time.

 

“Committee” means the Compensation
and Talent Development Committee of the Board of LyondellBasell Industries N.V. (the “Board”) or its delegate.

 

“Company” means Lyondell Chemical Company
and any successor entity.

 

“Disability”
means a permanent and total disability as defined in the employer-sponsored long- term disability plan applicable to the Participant.

 

“Effective Date of First Restatement” means
June 1, 2015.

 

“Employee” means an individual employed
by the Company.

 

“Employer” means the employer of
a Participant.

 

“ERISA” means the Employee Retirement
Income Security Act of 1974, as amended.

 

“Good Reason” means the occurrence, without
the Participant’s express written consent, of:

 

		(i)	a material diminution in the Participant’s duties, responsibilities or authority;

 

		(ii)	any material diminution of the Participant’s Base Salary; or

 

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(iii)            
 the involuntary relocation of the Participant’s principal place of employment by more than fifty miles from the Participant’s
principal place of employment immediately prior to the relocation.

 

Notwithstanding
the foregoing, any assertion by a Participant of a termination of employment for “Good Reason” shall not be effective unless
all of the following conditions are satisfied: (1) the Participant must provide written notice to the Company of the condition constituting
Good Reason within forty-five (45) days of the initial existence of the condition; (2) the condition specified in such notice must remain
uncorrected for thirty (30) days after receipt of the such notice by the Company; and (3) the date of the Participant’s termination
of employment on account of the condition specified in such notice must occur within ninety (90) days after the initial existence of such
condition.

 

“Key
Employee” means a Participant who at any time during the prior calendar year was identified as (i) an officer of the Company
with annual compensation greater than $170,000, as adjusted, (ii) a five percent (5%) owner of the Company, or (iii) a one percent (1%)
owner of the Company with annual compensation from the Company of more than $150,000, as adjusted, as determined according to the requirements
of Code Sections 409A and 416(i) (applied without regard to Code Section 416(i)(5)). For Plan distribution purposes, an Employee identified
as a Key Employee during a year ending on the identification date shall be considered a Key Employee for a twelve month period beginning
on the following April 1. December 31 of the prior calendar year shall be used as the identification date to identify Key Employees under
Code Section 409A.

 

“LyondellBasell Group” means LyondellBasell
Industries N.V. and its affiliates.

 

“Participant” means an Employee eligible
for a Plan benefit under Section 3.

 

“Participation
Agreement” means the form agreement presented to each eligible Employee selected for participation following the Effective Date
of First Restatement by the Committee or its delegate prior to his or her entry into this Plan that shall evidence the Employee’s
agreement to participate in this Plan and to comply with the terms, conditions, and restrictions within this Plan, including without limitation
the confidentiality and covenant provisions of Section 7 of this Plan and of the Participation Agreement.

 

“Plan” means
the LyondellBasell Executive Severance Plan, as amended from time to time.

 

“Target Annual
Bonus” means the Participant’s “Target STI Award” as such term is defined in the LyondellBasell
Industries Short-Term Incentive Plan.

 

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		3.	Administration and Eligibility.

 

(a)               
Administration. The Plan shall be administered by the Committee, which shall have full and exclusive power to interpret
this Plan and to adopt rules, regulations and guidelines to carry out this Plan as it deems necessary or appropriate. The Committee, in
its discretion, may retain the services of an outside administrator to perform any of its Plan functions or may delegate any of its duties
under the Plan to such agents as it may appoint from time to time, provided that the Committee may not delegate its duties where such
delegation would violate state or foreign corporate law. Any Committee decision in interpreting and administering this Plan shall lie
within its sole and absolute discretion and shall be final, conclusive and binding on all parties concerned.

 

(b)           
Eligibility to Participate. The Committee in its sole discretion shall designate each Employee
who is eligible to be a Participant under this Plan; provided, however, that any such Employee so designated as a Participant must also
satisfy the following additional requirements in order to remain a Participant entitled to severance benefits pursuant to Section 3(c)
below: (i) the Employee must be a full-time salaried U.S.-based Employee holding a position of an executive officer with the title of
Chief Executive Officer, Executive Vice President, Senior Vice President, or Vice President as of the date the Employee is selected to
participate in the Plan, (ii) the Employee must have accepted the designation as a Participant (as evidenced, for any Employee who is
designated as eligible to be a Participant by the Committee on or after the Effective Date of First Restatement, by execution of a Participation
Agreement within 30 days of notification of such designation), and (iii) the Employee must not be ineligible to qualify as a Participant
due to (A) the Employee having waived coverage under this Plan, (B) the Employee being covered by an employment, severance or separation
agreement or other arrangement with an Employer under which he or she is entitled to severance pay or salary continuation upon or after
termination of employment, or (C) Employee being covered by an employment, severance, or separation agreement or other arrangement with
an Employer which states that he or she is not to receive benefits under this Plan. The Committee may at any time terminate any such designation,
and the affected Employee shall not be eligible to receive benefits under the Plan after the effective date of such termination; provided,
however, that no such termination shall adversely affect any claims to benefits incurred by the Employee prior to the effective date of
the termination. The Chief Executive Officer shall provide written notice of any such termination of eligibility to the affected Employee
with a copy sent to the Committee, except that the Committee shall provide written notice of termination of eligibility if the affected
Employee is the Chief Executive Officer.

 

(c)               
Eligibility for Severance Benefits. If a Participant’s employment is terminated (i) by the Participant for
Good Reason, or (ii) by the Employer for reasons other than (A) Cause or (B) the Participant’s death or Disability, then the Company
will provide or cause to be provided to the Participant the rights and benefits described in Section 4. A Participant’s employment
shall not be considered terminated for purposes of this Plan merely because of a transfer of employment to another entity within the LyondellBasell
Group.

 

For all purposes
under the Plan, a Participant shall be considered to have terminated from employment when the Participant incurs a “separation from
service” with the Company within the meaning of Code Section 409A(a)(2)(A)(i) and applicable guidance issued thereunder.

 

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4.                  
Severance Benefits. If a Participant is eligible for severance benefits under Section 3(c), then the Company
shall provide or cause to be provided to the Participant the following benefits and rights:

 

(a)               
Salary and Other Payment at Termination. Subject to Section 7 and subject to the Participant’s delivery, within
45 days after his or her termination from employment, and non-revocation of an executed release and waiver described in Section 7(c),
the Company shall: (i) pay to the Participant a lump sum cash payment in an amount equal to the sum of (A) the Participant’s Base
Salary, (B) the Participant’s Target Annual Bonus amount for the year immediately preceding the year of the Participant’s
termination (or, if the Participant did not have a Target Annual Bonus opportunity for such preceding year, the Target Annual Bonus amount
for the year of the Participant’s termination), and (C) an amount equal to the cost of 18 months of continuation coverage premiums
for medical coverage for the Participant and his or her eligible dependents (to the extent such dependents are covered under the Company’s
group health plan immediately prior to the date of termination) under the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended,
at the subsidized rates that active employees pay to effectuate similar coverage; (ii) continue to provide subsidized coverage at active
employee rates under the Company’s life insurance plan for 18 months following the date of termination, but only to the extent such
continued coverage is permissible under such programs and is in compliance with all applicable provisions of the Code; and (iii) provide
outplacement assistance through the last day of the second calendar year following the calendar year in which the termination of employment
occurred, not to exceed $20,000. A written agreement between the Participant and Company may provide additional or alternative severance
benefits than are provided herein. To the extent that a written agreement between the Participant and the Company does provide additional
or alternative severance benefits, the Participant shall be subject to all other terms and conditions of this Plan.

 

(b)             
No Duty to Mitigate; Offsets. A Participant’s entitlement to severance benefits under the Plan shall not be
governed by any duty to mitigate the Participant’s damages by seeking further employment nor offset by any compensation which the
Participant may receive from future employment. However, a Participant’s payment under Section 4(a) shall be reduced by any payment
required by law, regulation, custom, contract, agreement or other Company or Employer severance plan related to the Participant’s
employment termination, including but not limited to, any salary continuation during any notice period required by law (other than the
notice period applicable to a Participant’s termination for Good Reason), except to the extent any such reduction or offset results
in a violation of Section 409A of the Code.

 

(c)               
Time of Payments. The cash payment under Section 4(a)(i) shall be paid to a Participant in a single lump sum sixty
(60) days after the Participant’s employment termination. Any reimbursements payable under Section 4(a)(iii) shall be paid no later
than the end of the third year following the year in which the termination of employment occurred. Notwithstanding the foregoing, if a
Participant is a Key Employee, to the extent that any amount payable to the Participant under this Plan would be subject to additional
taxes and interest under Code Section 409A if not delayed as provided in Code Section 409A(a)(2)(B)(i), the payment will be paid to the
Participant on the earlier of (i) the date that is six (6) month after the date of the Participant’s termination of employment or
(ii) the Participant’s death. Such delayed payment will not be adjusted for interest.

 

5.                   Company
Benefit Plans. The specific arrangements referred to in this Plan are not intended (i) to exclude or limit a
Participant’s participation in other benefit plans or programs in which the Participant currently participates or may
participate including, without limit, retiree benefits, or benefits which are available to executive personnel generally in the same
class or category as the Participant or (ii) to preclude or limit other compensation or benefits as may be authorized by the Company
from time to time. If not otherwise paid or provided, the Company shall timely pay or provide to the Participants and/or the
Participant’s dependents any other amounts or benefits required to be paid or provided or which the Participant or the
Participant’s dependents are eligible to receive under this Plan and under any plan, program, policy, practice, contract or
agreement of the Company as in effect and applicable generally to executive personnel in the same class or category of a
Participant.

 

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6.               
Payment Adjustments. The Company may reduce the benefit payable to a Participant under the Plan by the amount
of any advances, loans or other monies the Participant owes the Company. If Plan benefits are paid to a person who is not entitled to
Plan benefits because of an administrative error or intentional or accidental misstatement or information, it shall be the person’s
responsibility and obligation to repay the amount of any payment to the Plan. If the payment is not repaid within thirty (30) days, the
Plan may recover the overpayment by withholding up to the amount of payment owed from any future benefits or compensation otherwise payable
under any Company plan, including payments from any other Company welfare plan payable to or on behalf of the Participant.

 

		7.	Confidentiality, Covenants, and Cooperation.

 

(a)                Confidentiality
and Covenants. A Participant’s entitlement to Plan benefits shall be further conditioned upon the Participant’s
compliance with this Section 7(a), in addition to the provisions of any separate Participation Agreement (including any covenants
contained therein) executed by the Participant in accordance with Section 3(b). During the course of the Participant’s
employment with the Company and its affiliates, the Participant has obtained or will obtain private or confidential information,
trade secrets, and proprietary data relating to the Company and its affiliates that is not readily available to the public
(collectively, “Confidential Information”). In exchange for participation in the Plan, the Participant shall not,
either directly or indirectly, knowingly or purposely disclose or use Confidential Information acquired during his or her
relationship with the Company and its affiliates except in connection with his or her duties or unless compelled to do so by law.
Furthermore, the Participant, if compelled by law to disclose Confidential Information, shall, unless prohibited by law, provide the
Company prior written notice to permit the Company to seek a protective order or other protective measure. The Participant shall
provide notice as soon as reasonably practicable and with all due diligence, recognizing that disclosure of Confidential Information
could be harmful to the Company or its affiliates. In the event that a Participant fails to comply with this Section 7(a), such
Participant shall repay to the Company any payments received under Section 4(a), and no further benefits shall be payable under the
Plan. Notwithstanding the foregoing, nothing herein will prohibit a Participant from: (i) disclosing Confidential Information when
compelled to do so by law; (ii) making a good faith report of possible violations of applicable law to any governmental agency or
entity; or (iii) making disclosures that are protected under the whistleblower provisions of applicable law.

 

(b)               
Cooperation. A Participant’s entitlement to Plan benefits shall be further conditioned upon the Participant’s
compliance with this Section 7(b) and the provisions of any applicable Participation Agreement. For a period of two years following termination,
Participants will furnish information and render assistance and cooperation as reasonably requested in connection with any litigation
or legal proceedings concerning the Company, any of its affiliates (other than any legal proceedings arising out of or concerning Participant’s
employment or Participant’s termination). The Company will pay or reimburse Participants for reasonable expenses in connection with
this cooperation. In the event that a Participant fails to comply with this Section 7(b) or the provisions of any applicable Participation
Agreement, such Participant shall repay to the Company any payments received under Section 4(a), and no further benefits shall be payable
under the Plan.

 

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(c)                Release
of Liability. Each Participant, as a further eligibility condition for Plan benefits under Section 4, must execute and deliver
to the Company, in a form acceptable to the Company, a separate release and waiver (the “Release”), which, without
limiting the generality of the foregoing, shall include a release and discharge of the Company, its affiliates, and its and their
directors, board of directors, officers, employees, owners, agents, successors and assigns from any and all suits, causes of action,
demands, claims, charges, complaints, liabilities, costs, losses, damages, injuries, bonds, judgments, attorneys’ fees and
expenses, in any form whatsoever, in law or in equity, whether known or unknown, whether suspect or unsuspected, arising out of the
Participant’s employment with Company or any affiliate through his or her termination. In the event that the Participant
breaches any provision of the Release, the Participant shall repay to the Company any payments received under Section 4(a), and no
further benefits shall be payable under the Plan.

 

8.                  
Amendment. The Committee may amend, substitute, revoke or terminate the Plan at any time; provided,
however, that no amendment, substitution, revocation or termination shall adversely affect claims for Plan benefits incurred prior to
the effective date of such action. Notwithstanding the foregoing, if any Plan provision would result in an additional tax under Code Section
409A, that provision may be reformed in accordance with Code Section 409A to avoid the additional tax, and no action taken to comply with
Code Section 409A shall be deemed to adversely affect a Participant’s benefits.

 

9.                  
Notices. All notices, requests, demands and other communications required or permitted to be given under this
Plan (“notices”) shall be in writing and shall be deemed to have been given if delivered by-hand, given by facsimile or telegram,
or mailed via certified or registered U.S. mail, to the party to receive the notice at the party’s address set forth below; provided
that either party may change its address for notice by giving the other party written notice of that change.

 

If to the Company, Attn: Chief Legal Officer:

 

Lyondell Chemical

 Company 1221

 McKinney, Suite 700

Houston, TX 77010

 

or by facsimile at (713) 309-4631

 

If to a Participant:

 

Last address on the books of the Employer.

 

Any notice given under this Plan
shall be deemed received (i) when delivered if delivered by hand or mailed and (ii) 24 hours after sending, if sent by electronic mail.

 

10.             
Claims Procedure. If a Participant or his or her authorized representative (“claimant”)
makes a written request alleging a right to receive Plan benefits or alleging a right to receive an adjustment in Plan benefits being
paid, the Committee shall treat it as a benefit claim. All benefit claims under the Plan shall be sent to the Committee and must be received
within thirty (30) days after employment termination. The decision will be made within ninety (90) days after the Committee receives the
claim unless the Committee determines additional time due to special circumstances is needed. If the Committee determines that an extension
to process a claim is required, the final decision may be deferred up to one hundred eight (180) days after the claim is received, if
the claimant is notified in writing of (i) the need for the extension; (ii) the circumstances necessitating the extension of time, and
(iii) the anticipated date of a final decision before the end of the initial ninety (90) day period.

 

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If the Committee
decides that any individual who has claimed a right to receive benefits, or different benefits, under the Plan is not entitled to receive
all or any part of the benefits claimed, it will inform the claimant in writing, in terms calculated to be understood by the claimant,
of the specific reasons for the denial; the Plan provisions on which the denial is based; a description of additional material of information
necessary to perfect the claim; an explanation of why the material or information is needed; and an explanation of the Plan’s claim
review procedures and the time limits applicable to such procedures, including a statement of the claimant’s right to bring a civil
action pursuant to Section 502(a) of ERISA following a claim denial on review. In order to exhaust the Plan’s claims procedures
following an initial claim denial, a claimant must file an appeal with the Committee in accordance with the paragraph below.

 

The claimant must
file a written request for review with the Committee within sixty (60) days after notice setting forth the grounds for the request and
any supporting facts, comments or arguments he or she wishes to make. If a written request for review is not received within this sixty
(60) day period, the denial will be final. Upon a timely request for review, the claimant is entitled to a full and fair review of the
initial denied claim. The claimant shall have, upon request and free of charge, reasonable access to all relevant documents pertaining
to the claim and shall have the opportunity to submit written comments, documents, records, and other information relating to the claim.

 

The Committee
or the persons responsible to conduct the review on the Committee’s behalf shall conduct a full review of the claim and shall take
into account all information submitted by the claimant relating to the claim, without regard to whether such information was submitted
or considered in the initial denial. Unless special circumstances require an extension of the review period, the Committee will render
its decision no later than the date of its next regularly scheduled meeting unless the request is filed less than thirty (30) days before
that meeting. If the request is filed less than thirty (30) days before a regularly scheduled meeting, the Committee will render its decision
no later than the date of the second regularly scheduled meeting after it receives the request. However, if special circumstances require
an extension of the review period, a final decision shall be rendered no later than the third regularly scheduled meeting after it receives
the request for review, if the claimant is notified in writing of the special circumstances and the date of the expected decision, before
the time is extended due to special circumstances. Committee decisions shall be in writing and provided no later than five (5) days after
the decision is made. The decision shall include specific reasons for the action taken, including the specific Plan provisions on which
the decision is based. The claimant shall also be notified of the right to reasonable access, on request, to relevant documents or other
information without charge and of his or her right to bring an action under Section 502(a) of ERISA.

 

If the Committee
determines that a claimant is entitled to a benefit hereunder, payment of such benefit will be made to such claimant (or commence, as
applicable) as soon as administratively practicable after the date the Committee determines that such claimant is entitled to such benefit,
subject to Section 4(c).

 

Timely completion
of the claims procedures described in this Section 10 is a condition precedent to the commencement of any legal or equitable action in
connection with a claim for benefits under the Plan by a claimant. Any such action must be filed no later than one year after the date
of the Committee’s denial of the appeal.

 

		11.	Miscellaneous.

 

(a)                Assignment.
No right, benefit or interest hereunder shall be subject to assignment, anticipation, alienation, sale, encumbrance, charge, pledge,
hypothecation or set-off for any claim, debt or obligation, or subject to execution, attachment, levy or similar process; but a
Participant may assign any right, benefit or interest if the assignment is permitted under the terms of any plan or insurance
policy, or annuity contract governing that right, benefit or interest.

 

 

    8

     

    

 

(b)               
Construction. Nothing in this Plan shall be construed to amend any provision of any plan or policy of the Company
or any affiliate except as otherwise expressly noted herein. This Plan is not, and shall not, be deemed to create any commitment by the
Company or any affiliate to continue a Participant’s employment. The captions of this Plan are not part of the provisions and shall
have no force or effect. Whenever the context requires, the masculine gender includes the feminine gender, and words used in the singular
or plural will include the other.

 

(c)               
Successors. A Participant’s rights under this Plan are personal to the Participant and shall not be assignable
by a Participant other than by will or the laws of descent and distribution without the Company’s prior written consent. This Plan
shall inure to the benefit of and be enforceable by a Participant’s legal representatives.

 

This Plan shall
be binding upon and inure to the benefit of the Company and any successor organization or organizations which shall succeed to substantially
all of the Company’s business and/or assets (whether directly or indirectly by merger, consolidation, acquisition of substantially
all the Company’s assets or otherwise, including by operation of law).

 

(d)               
Taxes. Any payment or delivery required under this Plan shall be subject to all legal requirements regarding tax
withholding, filing, reporting and other obligations.

 

(e)               
Governing Law. TO THE EXTENT THIS PLAN IS NOT GOVERNED BY FEDERAL LAW, THIS PLAN SHALL BE GOVERNED AND CONSTRUED
IN ACCORDANCE WITH THE LAWS OF THE STATE OF TEXAS, WITHOUT GIVING EFFECT TO ITS CONFLICTS OF LAW PRINCIPLES.

 

(f)                
Clawback. To the extent required by (i) applicable law, including, without limitation, the requirements of the Dodd-Frank
Wall Street Reform and Consumer Protection Act of 2010, any Securities Exchange Commission rule or any applicable securities exchange
listing standards, (ii) any policy that may be adopted by the Board, or (iii) the provisions of any Participation Agreement executed by
a Participant, amounts and benefits paid, payable, provided, or to be provided pursuant to the Plan shall be subject to clawback to the
extent necessary to comply with such law(s), policy, and/or Participation Agreement, which clawback may include forfeiture and/or recoupment
of such amounts or benefits.

 

(g)               
Severability. In case any provision of the Plan is held to be illegal, invalid, or unenforceable for any reason,
such illegal, invalid, or unenforceable provision will not affect the remaining provisions of the Plan, but the Plan will be construed
and enforced as if such illegal, invalid, or unenforceable provision had not been included therein.

 

    9

     

    

  

FORM OF 

 

LYONDELLBASELL EXECUTIVE SEVERANCE PLAN 

PARTICIPATION AGREEMENT

 

This Executive Severance Plan
Participation Agreement (the “Participation Agreement”) is entered into effective as of __________________________, 20__ (the
 “Participation Date”), by and between Lyondell Chemical Company (the “Company”) and you (the “Participant”),
pursuant to the LyondellBasell Executive Severance Plan (the “Plan” or “LYB Executive Severance Plan”). The Participant
agrees that the terms and conditions of this Agreement and the Plan will govern the Participant’s rights with respect to the severance
benefits provided under the Plan (the “Severance Benefits”), notwithstanding any contrary provision in any employment agreement
or other severance plan. The Participant and the Company agree to execute such further instruments and to take such further action as
may reasonably be necessary to carry out the intent of this Participation Agreement. Except as defined in this Participation Agreement
(including Exhibit A attached hereto), capitalized terms have the same meanings ascribed to them in the Plan.

 

The Participant and the Company
have entered into this Participation Agreement and have agreed to the terms and conditions included in Exhibit A as an express incentive
for the Participant and the Company to enter into the Participation Agreement and in consideration for the Company or any of its affiliates
providing (i) the consideration set forth in the Participation Agreement and (ii) Confidential Information to the Participant, to
further protect the trade secrets and Confidential Information disclosed or entrusted to the Participant, to protect the business goodwill
of the Company and its affiliates, to protect the business opportunities disclosed or entrusted to the Participant, and to protect the
other legitimate business interests of the Company and its affiliates. In executing this Participation Agreement, the Participant expressly
acknowledges and agrees that (a) the Participation Agreement aligns the Participant’s interests with the Company’s and its
affiliates’ long-term business interests and creates a further incentive for the Participant to build the Company’s and its
affiliates’ goodwill, and (b) the provisions contained in Exhibit A are reasonably related to the Company’s and its affiliates’
legitimate interests in protecting their goodwill. [Include the following for new employees:  The Participant understands
that the Company has hereby promised to provide to the Participant Confidential Information during the Participant’s employment
with the Company.] [Include the following for promoted employees:  The Participant understands that the Company has hereby
promised to provide to the Participant new Confidential Information following the Participant’s promotion to the position of _________________.]
[Include the following for employees without promotion: The Participant understands that the Company has hereby promised
to provide to the Participant new Confidential Information following the Participant’s designation of eligibility under the Plan
and Participant’s acceptance of this Agreement.]

 

The Participant and the Company
also expressly agree that any long-term incentive awards that may hereafter be granted to the Participant pursuant to the LyondellBasell
Industries (“LYB”) Long-Term Incentive Plan (the “LTIP”) similarly aligns the Participant’s interests with
LYB’s and the Company’s long-term business interests and creates a further incentive for the Participant to build the Company’s
and LYB’s goodwill, and that the provisions contained in Exhibit A and Section 2 of this Agreement as they relate to such LTIP awards
are reasonably related to the Company’s and LYB’s legitimate interest in protecting its goodwill. Accordingly, Section 2 of
this Agreement (regarding recovery of payments) also applies to any awards made to the Participant under the LTIP to the extent such awards
(1) are granted after the Participant signs this Participation Agreement and (2) vest or become exercisable on account of termination
of employment for any reason other than the Participant’s death or disability.

 

    10

     

    

  

The terms and conditions
of this Participation Agreement as offered herein must be accepted by the Participant prior to _____________________, 20____. Failure
to timely accept the terms by such time will result in immediate and irrevocable cancellation of the participation offered.

 

1.         
 Participation. In accordance with, and subject to, the terms and conditions of the Plan, the Company hereby allows the
Participant to participate in the LYB Executive Severance Plan.

 

2.          Covenants; Recovery of Payments. If the Committee determines
that the Participant has committed a breach of any of the Covenants set forth in Exhibit A, upon notice from the Company, the Participant
shall reimburse to the Company all or a portion of the Severance Benefits or LTIP payments, or both, subject to this Participation Agreement,
as the Committee deems appropriate under the circumstances. Such notice shall be provided within the earlier to occur of one year after
discovery of the alleged breach or the second anniversary of the Participant’s date of termination.

 

3.        Interpretation and Construction.     This Participation
Agreement and the Plan shall be interpreted and construed to the fullest extent possible consistent with the LTIP and any applicable grant
letter or award agreement thereunder. In the event of a conflict between the terms of any such document and this Participation Agreement,
this Participation Agreement shall control. For the avoidance of doubt, LTIP awards are subject to the terms of this Participation Agreement
only to the extent they (a) are granted after the Participant signs this Participation Agreement and (b) vest or become exercisable on
account of termination of employment for any reason other than the Participant’s death or disability. Incentive compensation awards
issued by the Company or LYB pursuant to the LTIP or any other incentive program or arrangement shall remain subject to other provisions
of such other award agreements and incentive arrangements, which shall not be affected by this Participation Agreement.

  

4.        This
Participation Agreement is governed by Texas law, without giving effect to its conflicts of law principles. The Participant consents to
the jurisdiction of the Harris County District State Court in Houston, Texas, although the Company may choose to seek enforcement of the
Covenants in any jurisdiction where the Participant may be found.

  

[SIGNATURE PAGE TO FOLLOW]

 

    11

     

    

 

	LYONDELL
    CHEMICAL COMPANY	 	 
	 	 	 
	By:	 	 	Date:	 
	 	 	 
	 	[Insert
    Name and Title]	 	 
	 	 	 
	 	 	 
	PARTICIPANT	 	 
	 	 	 
	 	 	Date:	 
	 	 	 
	[Insert Name]	 	 

  

    12

     

    

  

EXHIBIT A

 

TO LYONDELLBASELL EXECUTIVE SEVERANCE PLAN 

PARTICIPATION AGREEMENT

 

		1.	As used in this Exhibit A, the following terms have the meanings set out below:

 

“Business”
means the business in which the Company and its affiliates are engaged and for which the Participant has direct or indirect responsibilities
during the term of Participant’s employment with the Company or any affiliate.

 

“Competitor”
means any business or enterprise engaged in the Business.

 

“Confidential
Information” means any trade secret, proprietary or confidential information of the Company or its affiliates.

 

“Restricted Area” means those locations
for which the Participant had responsibility, at any time during the twelve (12) months prior to termination of Participant’s employment
with the Company, and including any geographical area in which the Company (a) conducts any portion of its Business and for which Participant had
responsibility, or (b) has plans to conduct any portion of its Business, where those plans are known to the Participant.

 

2.           Subject to the exceptions
set forth in this Exhibit A, the Participant agrees and expressly promises that the Participant shall not, during the Participant’s
employment with the Company or its affiliates and for a period of one (1) year after the Participant’s termination of employment
with the Company and all affiliates (the “Prohibited Period”), regardless of the reason for such termination,
directly or indirectly, anywhere in the Restricted Area:

 

(a)               
carry on or engage in the Business in competition with the Company, or

 

(b)               
render services to, or be affiliated with, a Competitor.

 

3.       Nothing
herein shall prevent the Participant during the Prohibited Period from rendering professional services to a Competitor (but not as an
employee of a Competitor) or being affiliated with a diversified entity, so long as the Participant’s affiliation with that Competitor
or entity, as applicable, does not:

 

(a)               
cause the Participant to use or disclose any Confidential Information, and

 

(b)               
involve the Participant having direct or indirect responsibilities with respect to any aspect of the entity’s business that
engages in the Business.

 

4.       The
Participant agrees and expressly promises that, during the Prohibited Period, the Participant shall not directly or indirectly:

 

(a) recruit, solicit
or induce any employee, consultant, or independent contractor of the Company or any of its affiliates to terminate or lessen such person’s
employment or other relationship with the Company or any affiliate, or

 

(b)               
directly or indirectly solicit any then-current customer or business partner of the Company or any affiliate to terminate, alter,
or modify its relationship with the Company or any affiliate.

 

    13

     

    

 

5.       Notwithstanding
the restrictions in this Exhibit A, nothing herein prohibits:

 

(a)               
the Participant from making general advertisements for employment or engagement, so long as such advertisements are not specifically
targeted at any employees, consultants, or independent contractors of the Company or any affiliate, or

 

(b)               
any other person or entity from hiring, inducing, or attempting to induce, solicit, or encourage any employee or other service
provider of the Company or any of its affiliates to leave their employ or service, provided that the Participant does not directly or
indirectly participate in or direct the prohibited activity and provided further that this clause (b) of paragraph 5 shall not apply
with respect to the solicitation of any employee of the Company who is at that time an executive officer of the Company or an employee
of the Company directly reporting to any such executive officer.

 

6.       The
Participant agrees that during the Prohibited Period, and at all times thereafter, the Participant will not, in public or in private and
whether orally or in writing, make (or encourage any other third party to make) any disparaging or defamatory comments regarding (or otherwise
place in a false light or criticize) the Company or any affiliate, or any of the Company’s or its affiliates’ business, products,
policies, decisions, or current or former directors, officers, members, partners, or employees in any respect or make any comments concerning
any aspect of the Participant’s relationship with the Company or any affiliate or any conduct or events which precipitated any termination
of the Participant’s employment with or service to the Company or any affiliate. However, the Participant’s obligations under
this Section 6 shall not prohibit the Participant from making a good faith report of possible violations of applicable law to any
governmental agency or entity, from making disclosures that are protected under the whistleblower provisions of applicable law, or from
making any other truthful disclosures required by applicable law, regulation, or order of a court or governmental agency.

 

7.       The
Participant acknowledges and agrees that: (a) the purpose of the covenants set forth in this Exhibit A (the “Covenants”)
is to protect the goodwill, trade secrets and other Confidential Information of the Company and its affiliates; (b) because of the
nature of the business in which the Company and its affiliates is engaged and because of the nature of the Confidential Information to
which the Participant has or will have access, it would be impractical and excessively difficult to determine the actual damages of the
Company and its affiliates in the event the Participant breached any such covenants; and (c) remedies at law (such as monetary damages)
for any breach of the Participant’s obligations under the Covenants would be inadequate. The Participant therefore agrees and consents
that if the Participant commits any breach of a Covenant, the Company shall have the right (in addition to, and not in lieu of, any other
right or remedy that may be available to it) to temporary and permanent injunctive relief from a court of competent jurisdiction, without
posting any bond or other security and without the necessity of proof of actual damage.

 

The parties expressly represent
that the Covenants are reasonable in all respects and are necessary to protect the legitimate business interests of the Company and its
affiliates. The parties further acknowledge and agree that the Company and its affiliates conduct the Business on a worldwide basis and
the Participant will have Confidential Information regarding the business conducted by the Company and its affiliates in each location
where it is conducted and the Participant will be materially associated with the Company’s and its affiliates’ goodwill. The
Participant expressly acknowledges and agrees that any violation of the Covenants would inevitably cause the Participant to disclose Confidential
Information of the Company and its affiliates.

 

If any portion of the
Covenants is hereafter determined to be invalid or unenforceable in any respect, such determination shall not affect the remainder
thereof, which shall be given the maximum effect possible and shall be fully enforced, without regard to the invalid portions. In
particular, without limiting the generality of the foregoing, if the covenants set forth in this Exhibit A are found by a court or
an arbitrator to be unreasonable, the Participant and the Company agree that the maximum period, scope or geographical area that is
found to be reasonable shall be substituted for the stated period, scope or area, and that the court or arbitrator shall revise the
restrictions contained herein to cover the maximum period, scope and area permitted by law. If any of the Covenants are determined
to be wholly or partially unenforceable in any jurisdiction, such determination shall not be a bar to or in any way diminish the
Company’s right to enforce any such covenant in any other jurisdiction.

 

    14

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