ROTTERDAM, Netherlands, March 25, 2011 /PRNewswire/ -- LyondellBasell (NYSE: LYB) today announced that CEO Jim Gallogly has adopted a trading plan for LyondellBasell securities in accordance with Rule 10b5-1 under the Securities and Exchange Act of 1934, as amended. The transactions in the company's securities that will take place pursuant to the plan are part of Gallogly's strategy for personal financial planning in connection with his family charitable giving program.
Under the 10b5-1 plan, over a twelve month period beginning in May 2011 and in approximately equal amounts each month, Gallogly will exercise 1,127,804 options to purchase LyondellBasell shares. Gallogly intends to use broker assisted cashless exercises for the transactions. Shares underlying the options will be sold to cover the price to exercise the options and the remaining shares will be sold with the proceeds delivered to Gallogly.
In December 2010, Gallogly created the Gallogly Family Foundation, a charitable private foundation dedicated to education, conservation, medical research and other charitable causes, which has qualified under Section 501(c)(3) of the Internal Revenue Code. By entering into the 10b5-1 plan, Gallogly will diversify his investments to enable him to fund the Foundation on a tax-efficient basis.
Rule 10b5-1 allows officers, directors and others to adopt prearranged plans or contracts when they are not in possession of material, non-public information to trade in company securities under specified conditions and at specified times. Using 10b5-1 plans, individuals can diversify their investment portfolios and spread transactions out over an extended period of time to reduce market impact and/or avoid concerns about transactions occurring at a time when they might possess material non-public information.
Transactions under Gallogly's plan, if any, will be reported to the Securities and Exchange Commission in accordance with applicable law, rules and regulations.
LyondellBasell (NYSE: LYB) is one of the world's largest plastics, chemical and refining companies. The company manufactures products at 58 sites in 18 countries. LyondellBasell products and technologies are used to make items that improve the quality of life for people around the world including packaging, electronics, automotive parts, home furnishings, construction materials and biofuels. More information about LyondellBasell can be found at www.lyondellbasell.com.
David A. Harpole +1 713-309-4125
Douglas J. Pike +1 713-309-7141
SOURCE LyondellBasell Industries