Lyondell Chemical Company 2005 Executive Officer Base Salary Approval

Contract Categories: Human Resources › Compensation Agreements
Summary

Lyondell Chemical Company's Compensation and Human Resources Committee approved the 2005 base salaries for its officers, including the five named executive officers, effective January 1, 2005. The agreement lists the specific base salaries for each executive for both 2004 and 2005. Additional details about executive compensation will be provided in the company's 2005 proxy statement. This document formalizes the annual salary adjustments for the company's top executives.

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EX-10.20 2 dex1020.htm EXECUTIVE COMPENSATION Executive Compensation

Exhibit 10.20

 

On December 9, 2004, the Compensation and Human Resources Committee of the Board of Directors of Lyondell Chemical Company (the “Company”) approved the 2005 base salaries (effective as of January 1, 2005) for the officers of the Company, including the five named executive officers. The following table sets forth the base salaries for the named executive officers of the Company for 2005 and 2004:

 

Name and Position

    Year
      Base Salary

Dan F. Smith

President and

Chief Executive Officer

    2005
2004		      1,150,000
1,050,036

Morris Gelb

Executive Vice President and

Chief Operating Officer

    2005
2004		      684,996
581,828

T. Kevin DeNicola

Senior Vice President and

Chief Financial Officer

    2005
2004		      434,980
367,536

Kerry A. Galvin

Senior Vice President, General Counsel

and Secretary

    2005
2004		      415,012
364,468

John A. Hollinshead

Vice President,

Human Resources

    2005
2004		      350,012
337,818

 

For further discussion of executive compensation programs, see “Executive Compensation” beginning on page 21 and “Compensation Committee Report” beginning on page 30 of the Company’s 2004 Proxy Statement. The Company intends to provide additional information regarding the compensation awarded to the named executive officers in respect of and during the year ended December 31, 2004 in the proxy statement for the Company’s 2005 annual meeting of shareholders, which is expected to be filed with the Securities and Exchange Commission in March 2005.