Document:

EX-10.2

 Exhibit 10.2 

LYONDELLBASELL INDUSTRIES 

2017 RESTRICTED STOCK UNIT AWARD AGREEMENT 

By letter (the “Grant Letter”), effective as of the date specified in the Grant Letter (the “Grant Date”), LyondellBasell
Industries N.V. (the “Company”), pursuant to the LyondellBasell Industries 2017 Long-Term Incentive Plan (the “Plan”), has granted to the Participant the number of units of Common Stock (as defined in the Plan) specified in the
Grant Letter subject to transfer and forfeiture restrictions (“Restricted Stock Units”). These grants are all subject to adjustment as provided in the Plan, and the following terms and conditions (the “Award Agreement”): 

 

	 	1.	Relationship to Plan and Company Agreements. 

 This Restricted Stock Unit grant is
subject to all Plan terms, conditions, provisions and administrative interpretations, if any, adopted by the Committee. Except as defined in this Award Agreement, capitalized terms have the same meanings ascribed to them in the Plan. Notwithstanding
any provision of any employment agreement between the Participant and the Company regarding an award of restricted stock units of LyondellBasell Industries AF S.C.A., this Award Agreement is with respect to shares of common stock of LyondellBasell
Industries N.V. as required pursuant to the terms of the Company’s long term incentive program as in effect on the Grant Date. To the extent that this Award Agreement is intended to satisfy the Company’s obligations under any employment
agreement between the Company and the Participant, the Participant agrees and acknowledges that this Award Agreement fulfills the Company’s obligations under the employment agreement, this Award Agreement shall be interpreted and construed to
the fullest extent possible consistent with such employment agreement, and in the event of a conflict between the terms of such employment agreement and the terms of this Award Agreement, the terms of this Award Agreement shall control. 

 

	 	2.	Restriction Period and Vesting Schedule. 

 (a) The Restriction Period
applicable to the Restricted Stock Units shall lapse and Restricted Stock Units shall fully vest on the third anniversary of the Grant Date. The Participant must be in continuous Employment from the Grant Date through the third anniversary of the
Grant Date to vest in Restricted Stock Units on that date. 
 (b) If the Participant has been in continuous Employment since
the Grant Date, the Restriction Period shall lapse and the Restricted Stock Units shall become fully vested, irrespective of the limits in subparagraph (a), upon (1) an involuntary termination of Employment by the Company without Cause or a
constructive termination of Employment by the Participant with good reason as defined in Section 10 of the Plan, either of which occurs within one year after the occurrence of a Change of Control or (2) any termination of Employment due to
death or Disability. 
 (c) Irrespective of the limitations set forth in subparagraph (a) above, provided that the
Participant has been in continuous Employment since the Grant Date, upon termination of Employment due to Retirement or involuntary termination not for 

  
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Cause, the Restriction Period shall lapse with respect to a pro rata portion of the Restricted Stock Units which shall be determined by multiplying the full number of Restricted Stock Units
otherwise payable under this Award Agreement by a fraction, the numerator of which is the number of months (with any partial months being considered a full month) of the Participant’s Employment during the period beginning on the Grant Date and
ending on the third anniversary of the Grant Date and the denominator of which is the number of months in such period. Remaining Restricted Stock Units shall be forfeited. 

(d) The following definitions apply to this Award Agreement: 

(i) “Disability” (i) a permanent and total disability as defined in the Company’s long-term disability plan
in which the Participant is eligible to participate and (ii) the Participant is not eligible for Retirement. 
 (ii)
“Employment” means employment as an Employee with the Company or any Participating Employer. Neither the Participant’s transfer from Company employment to employment by any Participating Employer, the Participant’s transfer from
employment by any Participating Employer to Company employment, nor the Participant’s transfer between Participating Employers shall be deemed to be a termination of the Participant’s employment. Moreover, a Participant’s employment
shall not be deemed to terminate because the Participant is absent from active employment due to temporary illness, during authorized vacation, during temporary leaves of absence granted by the Company or a Participating Employer for professional
advancement, education, health or government service, during military leave for any period if the Participant returns to active employment within 90 days after military leave terminates, or during any period required to be treated as a leave of
absence by any valid law or agreement. 
 (iii) “Misconduct” means any act or failure to act that
(i) contributes to the Company having to restate all or a portion of its financial statements and (ii) materially increases the value of the compensation received by the Participant. 

  
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 (iv) “Retirement” means a Participant’s voluntarily initiated
termination of service on or after the earliest of (i) age 65, (ii) age 55 with 10 years of participation service credited under the qualified defined benefit pension plan maintained by the Company or a Subsidiary or an Affiliate in which
the Participant is eligible to participate, (iii) the time of retirement as defined in a written agreement between a Participant and a Participating Employer, or (iv) outside the U.S., the time when retirement is permitted and the
Participant is eligible to receive a company retirement benefit under applicable law with respect to the Participant’s primary place of employment (as determined by the Committee in its sole judgment). 

 

	 	3.	Terms and Conditions. 

 Each Restricted Stock Unit shall be subject to the restrictions
below and a substantial risk of forfeiture during the Restriction Period. A Participant shall not be entitled to any payment under Section 5 until the Restriction Period for affected Restricted Stock Units lapses. No rights related to a
Restricted Stock Unit may be sold, transferred, assigned, pledged or otherwise encumbered or disposed of during the Restriction Period. Restricted Stock Units shall be forfeited on the date the Participant’s Employment terminates except as
otherwise provided in Section 2 hereof. 
  

	 	4.	Registration of Units. 

 The Participant’s right to receive Common Stock in
settlement of the Restricted Stock Units shall be evidenced by book entry (or by such other manner as the Committee may determine). 
  

	 	5.	Settlement. 

 Subject to Section 13 hereof, when the Restriction Period lapses and
Restricted Stock Units vest under Section 2, a Participant shall become entitled to receive, within 60 days of the date the Restricted Stock Units vested, the number of shares of Common Stock equal to the number of Restricted Stock Units which
have vested on the particular vesting date. Any shares of Common Stock paid under this Award shall remain subject to the Company Clawback Policy as set forth in Section 14. 

 

	 	6.	Dividend Equivalents.  

 The Company will pay Dividend Equivalents for each
outstanding Restricted Stock Unit as soon as administratively practicable after dividends, if any, are paid on the Company’s outstanding shares of Common Stock; provided, however, that (i) such payment shall be made no later than
March 15th following the year in which the dividends are paid and (ii) the Participant must be in Employment as of the date of such dividend payment. 
  

	 	7.	Withholding. 

 The Company shall withhold from any distribution under this Award shares
of Common Stock having a Fair Market Value equal to all taxes required to be withheld with 

  
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respect to the Award. In the event all federal, state and other governmental withholding tax requirements imposed upon the Company with respect to the Award cannot be satisfied in this manner, no
shares of Common Stock shall be delivered to or for a Participant unless provision to pay required withholding has been made to the Committee’s satisfaction. 
  

	 	8.	Expatriate Participants. 

 Payments of Awards made to expatriate Participants will be,
pursuant to the applicable expatriate assignment policy of the Participating Employer, tax normalized based on typical income taxes and social security taxes in the expatriate Participant’s home country relevant to the expatriate
Participant’s domestic circumstances. 
  

	 	9.	Currency Exchange Rates.  

 For Participants who are not paid on a
U.S. Dollar payroll, the currency exchange rate used to calculate the number of Restricted Stock Units was determined by the published intercompany exchange rate in effect for the month in which the Grant Date occurred; provided if such rate
had not been determined at the Grant Date, the currency exchange rate was determined by using the published intercompany exchange rate for the month prior to the month in which the Grant Date occurred. 

 

	 	10.	No Fractional Shares. 

 No fractional shares of Common Stock are permitted in connection
with this Award Agreement. For purposes of pro-ration in Section 2(c), Restricted Stock Units shall be rounded up to the nearest whole share of Common Stock. Any shares of Common Stock withheld pursuant to Section 8 shall be rounded to
whole shares in the manner determined by the Committee to be appropriate to satisfy the minimum statutory withholding requirements. 
  

	 	11.	Successors and Assigns. 

 This Award Agreement shall bind and inure to the benefit of
and be enforceable by the Participant, the Company and their respective permitted successors and assigns (including personal representatives, heirs and legatees), but the Participant may not assign any rights or obligations under this Award
Agreement except to the extent and in the manner expressly permitted. 
  

	 	12.	No Guaranteed Employment. 

 No provision of this Award Agreement shall confer any right
to continued employment. 
  

	 	13.	Section 409A. 

 It is intended that the provisions of this Award Agreement satisfy
the requirements of Section 409A of the Code and the accompanying U.S. Treasury Regulations and pronouncements thereunder, and that the Award Agreement be operated in a manner consistent with such requirements to the extent applicable. 

  
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 For purposes of Section 409A of the Code, (a) if the Participant is Retirement
Eligible, the time of settlement in Section 5 hereof constitutes a specified date within the meaning of Section 1.409A-3(a)(4) of the Treasury Regulations and is within the 90-day period described in Section 1.409A-3(b) of the
Treasury Regulations and (b) if the Participant is not Retirement Eligible, the time of settlement in Section 5 hereof is within the short-term deferral period described in Section 1.409A-1(b)(4) of the Treasury Regulations. For
purposes of this Section 13, “Retirement Eligible” means that the Participant will be eligible to terminate Employment by reason of Retirement prior to the date such Retirement would qualify for short-term deferral treatment under
Section 409A of the Code. 
 If the Company is publicly-traded and the Participant is identified by the Company as a “specified
employee” within the meaning of Section 409A(a)(2)(B)(i) of the Code on the date on which the Participant has a “separation from service” (other than due to death) within the meaning of Section 1.409A-1(h) of the Treasury
Regulations, notwithstanding the provisions of Section 5 hereof, any transfer of shares payable on account of a separation from service that are deferred compensation shall take place on the earlier of (i) the first business day following
the expiration of six months from the Participant’s separation from service, (ii) the date of the Participant’s death, or (iii) such earlier date as complies with the requirements of Section 409A of the Code. 

 

	 	14.	Company Clawback Policy. 

 If (a) the Committee determines that the Participant has
either engaged in, or benefitted from, Misconduct and (b) the Participant is classified at a level of M-4 or above in the LyondellBasell Group compensation classification system at the time of such determination, upon notice from the Company,
the Participant shall reimburse to the Company all or a portion of the payments received under this Award Agreement (or forfeit all or any portion of such payments to the extent they have not yet been paid) 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 Misconduct or the second anniversary of the Participant’s date of termination. 

LYONDELLBASELL INDUSTRIES N.V. 

  
 5EX-10.3

 Exhibit 10.3 

LYONDELLBASELL INDUSTRIES 

2017 LONG-TERM INCENTIVE PLAN 

2017 PERFORMANCE SHARE UNIT AWARD AGREEMENT 

By letter (the “Grant Letter”), effective as of the date specified in the Grant Letter (the “Grant Date”), LyondellBasell
Industries N.V. (the “Company”), pursuant to the LyondellBasell Industries 2017 Long-Term Incentive Plan (the “Plan”), has granted to the Participant a number of Stock Units (as defined in the Plan) equal to the Target multiplied
by the Earned Percentage certified for the Performance Cycle, subject to the vesting provisions specified herein (the “PSU Award”). The applicable Target and Performance Cycle are set forth in the Grant Letter. The Earned Percentage shall
be determined after the Performance Cycle based on the Performance Goals specified in the Grant Letter. This PSU Award is subject to adjustment as provided in the Plan, and the following terms and conditions (the “Award Agreement”): 

 

	 	1.	Relationship to Plan and Company Agreements. 

 This PSU Award is a Performance Award
under the Plan and is subject to all applicable Plan terms, conditions, provisions and administrative interpretations, if any, adopted by the Committee. Except as defined in this Award Agreement, capitalized terms have the same meanings ascribed to
them in the Plan. This Award Agreement is intended to satisfy any obligation of the Company to provide a performance share unit award to the Participant under any employment agreement between the Company and the Participant or otherwise, and the
Participant agrees and acknowledges that this Award Agreement fulfills the Company’s obligations under the employment agreement, this Award Agreement shall be interpreted and construed to the fullest extent possible consistent with such
employment agreement, and in the event of a conflict between the terms of such employment agreement and the terms of this Award Agreement, the terms of this Award Agreement shall control. 

 

	 	2.	Definitions. 

 The following definitions apply to this Award Agreement: 

(a) “Date of Termination” means the date on which the Participant ceases to be an Employee. 

(b) “Disability” means a permanent and total disability as defined in the applicable long-term disability plan of the
Participating Employer. “Disabled” has the correlative meaning. 
 (c) “Earned Percentage” means the
percentage of the Target that is earned during the Performance Cycle. The Earned Percentage is multiplied by the Target to determine the number of Stock Units granted under this PSU Award. The Earned Percentage shall be determined in accordance with
the following: 
 (i) Following the close of the Performance Cycle, the Committee shall determine and certify the Earned
Percentage for the Performance Cycle. 

  
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 (ii) The Earned Percentage shall not exceed 200 percent. 

(iii) In the event any action or failure to act by the Participant constitutes Cause, the Committee may reduce the
Participant’s Earned Percentage to the extent the Committee deems appropriate under the circumstances. 
 (iv) In the
event of a Change of Control, the Earned Percentage shall be calculated by reference to the attainment of Performance Goals as of the close of the last quarter ending on or before the Change of Control. 

(d) “Misconduct” means any act or failure to act that (i) contributes to the Company having to restate all or a
portion of its financial statements and (ii) materially increases the value of the compensation received by the Participant. 

(e) “Performance Cycle” means the three-calendar-year period set forth in the Grant Letter. 

(f) “Performance Goals” means the performance goal or goals as set forth in the Grant Letter. 

(g) “Retirement” means the Participant’s voluntarily initiated termination of service on or after the earliest
of (i) age 65, (ii) age 55 with 10 years of participation service credited under the qualified defined benefit pension plan maintained by the Company or an Affiliate in which the Participant is eligible to participate, (iii) the time
of retirement as defined in a written agreement between a Participant and the Company or an Affiliate, or (iv) outside the U.S., the time when retirement is permitted and the Participant is eligible to receive a retirement benefit from the
Company or an Affiliate under applicable law with respect to the Participant’s primary place of employment (as determined by the Committee in its sole judgment). 

(h) “Target” means the projected target number of Stock Units, as determined by the Committee and set forth in the
Grant Letter, that may be payable to the Participant in satisfaction of this Award Agreement if the Committee determines that all Performance Goals for the Performance Cycle have been achieved and certifies an Earned Percentage of 100%. 

 

	 	3.	Vesting Schedule. 

 (a) The PSU Award shall fully vest upon the date
following the end of the Performance Cycle upon which the Committee certifies the Earned Percentage applicable to the Performance Cycle, provided that the Participant is in continuous employment with a Participating Employer from the Grant Date
through such date. Except as provided below, the PSU Award shall be forfeited if the Participant terminates employment prior to vesting. 

(b) Notwithstanding paragraph (a), the Participant shall become vested in a pro-rated
portion of the PSU Award upon the earliest of (i) the date the Participant 

  
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becomes Disabled while employed by a Participating Employer or (ii) the Participant’s Date of Termination due to Retirement, death or involuntary termination not for Cause. The portion
of the PSU Award that shall vest under this paragraph shall be determined by multiplying the number of Stock Units granted under the PSU Award (which is equal to product of the Target and the Earned Percentage for the Performance Cycle) by a
fraction, the numerator of which shall be the number of whole calendar months of the Participant’s employment in such Performance Cycle ending on the earliest of the date of Disability or Date of Termination, as applicable, and the denominator
of which shall be the number of whole calendar months in the Performance Cycle; provided that for purposes of this Section 3(b), partial service in a calendar month shall be considered service for the whole calendar month. 

(c) Notwithstanding paragraph (a), upon a Change of Control, the Earned Percentage shall be calculated by reference to the
attainment of Performance Goals as of the close of the last quarter ending on or before the Change of Control in accordance with Section 2(c)(iv). Following the Change of Control, the Participant shall fully vest in the PSU Award on the last
day of the Performance Cycle, if the Participant is in continuous employment with a Participating Employer from the Grant Date through such date and shall forfeit the PSU Award if the Participant terminates prior to vesting. Notwithstanding the
foregoing, the Participant shall become vested in a pro-rated portion of the PSU Award upon the earlier to occur of (i) a vesting event under Section 3(b) or (ii) an involuntary termination of
employment of the Participant within one year following the Change of Control for any reason other than Cause (including a constructive termination of employment for good reason (as defined in Section 10 of the Plan)). The portion that shall
vest shall be determined by multiplying the number of Stock Units granted under the PSU Award (which is equal to product of the Target and the Earned Percentage determined at the time of the Change of Control) by a fraction, the numerator of which
shall be the number of whole calendar months of the Participant’s employment in such Performance Cycle ending on the earliest vesting event and the denominator of which shall be the number of whole calendar months in the Performance Cycle. For
this purpose, partial service in a calendar month shall be considered service for the whole calendar month. 
 (d)
Notwithstanding the foregoing, in the event a Participant: (1) takes a leave of absence from the Company for personal reasons or as a result of entry into the Armed Forces of the United States, or (2) terminates employment for reasons
which, in the judgment of the Committee, are deemed to be special circumstances, the Committee may consider such circumstances and may take such action (to the extent consistent with Section 409A of the Code) as it may deem appropriate under
the circumstances, including extending the rights of a Participant to continue participation in the Plan beyond his Date of Termination; provided, however, that in no event may participation be extended beyond the term of the Performance Cycle in
question. 
 (e) Notwithstanding the foregoing, if the entity that is deemed to be the plan sponsor with respect to this PSU
Award is or becomes a “nonqualified entity” (within the meaning of Section 457A(b) of the Code and applicable guidance thereunder), the provisions of Sections 3(b), 3(c) and 3(d) shall not apply with respect to any Participant who is
a U.S. taxpayer if and to the extent such provisions would cause any amounts payable hereunder to be subject to Section 457A of the Code. 

  
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 (f) For all purposes of this PSU Award, involuntary termination not for Cause
does not include the Participant’s voluntary termination of employment pursuant to a voluntary separation plan of a Participating Employer. 
  

	 	4.	Terms and Conditions. 

 The Participant shall not be entitled to any payment under
Section 6 until the PSU Award vests under Section 3. No rights related to the PSU Award may be sold, transferred, assigned, pledged or otherwise encumbered or disposed of prior to the vesting of the PSU Award. The PSU Award shall be
forfeited on the date the Participant’s employment terminates except as otherwise provided in this Award Agreement. 
  

	 	5.	Registration of Units. 

 The Participant’s right to receive Common Stock in
settlement of the PSU Award shall be evidenced by book entry (or by such other manner as the Committee may determine). 
  

	 	6.	Settlement. 

 When the PSU Award, or a portion thereof, vests under Section 3, the
Participant shall become entitled to receive a number of shares of Common Stock equal to the number of Stock Units granted under the PSU Award that have vested. Subject to Section 14 hereof, such shares of Common Stock shall be paid in a single
lump sum payment on March 31 following the end of the Performance Cycle; provided, however, that in the event a pro-rata portion of the PSU Award vests upon an involuntary termination of employment of the
Participant within one year following a Change of Control pursuant to Section 3(c), the shares of Common Stock shall be paid in a single lump sum payment within sixty (60) days after the Participant’s termination of employment. Any
shares of Common Stock paid under this PSU Award shall remain subject to the Company Clawback Policy as set forth in Section 15. 
  

	 	7.	Dividend Equivalents. 

 If, prior to the date shares of Common Stock are settled on the
Participant in accordance with Section 6, the Company declares a dividend on shares of Common Stock, then, the Participant’s Target shall be increased by the amount of the dividend the Participant would have received if he had been the
actual owner on the dividend date of one share of Common Stock for each Stock Unit of the Participant’s Target. The increase in the Target shall be calculated as follows: 

(a) In the event of a stock dividend, the Target shall be increased by one Stock Unit for each share of Common Stock (rounded
to the nearest whole share) the Participant would have received under the dividend. 
 (b) In the event of a cash dividend,
after the Performance Cycle the Target shall be increased by the number of Stock Units determined by dividing the value of 

  
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all cash dividends the Participant would have received during the Performance Cycle by the fair market value of one share of Common Stock as of the last day of the Performance Cycle (rounded to
the nearest whole share). 
 Any increase in the Target granted under this Section 7 shall be subject to the same terms and conditions
as the original Target and shall vest and be forfeited (if applicable) at the same time as the original Target. 
  

	 	8.	Withholding. 

 The Company shall withhold from the PSU Award shares of Common Stock
having a Fair Market Value equal to all taxes required to be withheld with respect to the award of the PSU Award. In the event all federal, state and other governmental withholding tax requirements imposed upon the Company with respect to the PSU
Award cannot be satisfied in this manner, no shares of Common Stock shall be delivered to or for a Participant unless provision to pay required withholding has been made to the Committee’s satisfaction. 

 

	 	9.	Expatriate Participants. 

 Payments of Awards made to expatriate Participants will be,
pursuant to the applicable expatriate assignment policy of the Participating Employer, tax normalized based on typical income taxes and social security taxes in the expatriate Participant’s home country relevant to the expatriate
Participant’s domestic circumstances. 
  

	 	10.	Currency Exchange Rates. 

 For Participants who are not paid on a U.S. Dollar
payroll, the currency exchange rate used to calculate the Target was determined using the published intercompany exchange rate in effect on the first day of the Performance Cycle. 

 

	 	11.	No Fractional Shares. 

 No fractional shares of Common Stock are permitted in connection
with this Award Agreement. Any fractional number of Stock Units payable under the PSU Award shall be rounded up to the nearest whole share of Common Stock. Any shares of Common Stock withheld pursuant to Section 8 shall be rounded to whole
shares in the manner determined by the Committee to be appropriate to satisfy the minimum statutory withholding requirements. 
  

	 	12.	Successors and Assigns. 

 This Award Agreement shall bind and inure to the benefit of
and be enforceable by the Participant, the Company and their respective permitted successors and assigns (including personal representatives, heirs and legatees), but the Participant may not assign any rights or obligations under this Award
Agreement except to the extent and in the manner expressly permitted. 

  
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	 	13.	No Guaranteed Employment. 

 No provision of this Award Agreement shall confer any right
to continued employment. 
  

	 	14.	Section 409A. 

 It is intended that the provisions of this Award Agreement satisfy the
requirements of Section 409A of the Code and the accompanying U.S. Treasury Regulations and pronouncements thereunder, and that the Award Agreement be operated in a manner consistent with such requirements to the extent applicable. 

For purposes of Section 409A of the Code, (i) if the Participant vested pursuant to Section 3(b) or 3(c), other than under
clause (ii) of Section 3(c), the time of settlement under Section 6 constitutes a specified time within the meaning of Section 1.409A-3(a)(4) of the Treasury Regulations and (ii) if
the Participant vested pursuant to Section 3(a) or 3(c)(ii), the time of settlement under Section 6 is within the short-term deferral period described in Section 1.409A-1(b)(4) of the Treasury
Regulations. 
 If the Participant is a U.S. taxpayer and is treated as a “specified employee” within the meaning of
Section 409A as of the date of the Participant’s termination, then any transfer of shares payable upon the Participant’s “separation from service” within the meaning of Section 409A which are subject to the provisions
of Section 409A and are not otherwise excluded under Section 409A and would otherwise be payable during the first six-month period following such separation from service shall be paid on the
fifteenth business day next following the earlier of (1) the expiration of six months from the date of the Participant’s termination or (2) the Participant’s death. 

 

	 	15.	Company Clawback Policy. 

 If (a) the Committee determines that the Participant has
either engaged in, or benefitted from, Misconduct and (b) the Participant is classified at a level of M-4 or above in the LyondellBasell Group compensation classification system at the time of such
determination, upon notice from the Company, the Participant shall reimburse to the Company all or a portion of the payments received under this PSU Award (or forfeit all or any portion of this PSU Award to the extent it has not yet been paid) 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 Misconduct or the second anniversary of the Participant’s Date of Termination. 

LYONDELLBASELL INDUSTRIES N.V. 

  
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