Simplify the following text for a Grade 7 native English-speaking person.
Original: Lead ( IV ) acetate or lead tetraacetate is a chemical compound with chemical formula Pb ( C2H3O2 ) 4 and is a lead salt of acetic acid .
Simplified: Lead ( IV ) acetate , also known as plumbic acetate , is a chemical compound . Its chemical formula is Pb ( C2H3O2 ) 4 .