LyondellBasell Executive Vice President Appointment Letter for Kenneth Lane

Summary

LyondellBasell has appointed Kenneth Lane as Executive Vice President, Olefins and Polyolefins, effective October 1, 2022, with an annual base salary of $870,000. His incentives, benefits, and participation in the Executive Severance Plan remain unchanged. The letter confirms the new role and reporting structure but states it is not an employment contract for a specific term and does not alter the at-will employment relationship. Kenneth Lane is required to sign and return the letter to accept the position.

EX-10.2 3 a2022q3exhibit102.htm EX-10.2 Document

Exhibit 10.2

September 22, 2022

Kenneth Lane

Houston, TX

Dear Ken:

I am pleased to confirm on behalf of LyondellBasell that your new role will be Executive Vice President, Olefins and Polyolefins (O&P) reporting directly to me. This change will be effective October 1, 2022.

Your annualized base salary will be $870,000 per year (“annual base salary”).

Your incentives (both STI and LTI), prior benefits and perquisites as well as share ownership guidelines remain unchanged.

You will continue to be eligible to participate in the amended and restated Executive Severance Plan (the “Severance Plan”) in accordance with the terms of the Severance Plan and your applicable participation agreement.

Please read, sign, scan and return this letter to Michele Gest at [redacted] to indicate your acceptance as soon as possible.

Congratulations Ken, I look forward to welcoming you on the Executive Committee as we work together to align our business strategy with execution towards our North Star.

Sincerely,

/s/ Peter Vanacker

Peter Vanacker

Chief Executive Officer

By signature, I acknowledge receipt of this letter and my intent to carry out the work that this new role will involve.



/s/ Kenneth Lane						September 26, 2022
Signature						Date

Kenneth Lane
Printed Name

This does not change the existing terms and conditions of your current employment status. This letter is not a contract of employment for any specific or minimum term. Any prior oral or written representations to the contrary are void and our at-will relationship may not be modified except by a formal written employment contract signed by the senior officer for Human Resources at Lyondell Chemical Company.