On Thursday, LyondellBasell Industries NV (NYSE:LYB)’s shares inclined 1.14% to $104.82.
LyondellBasell Industries NV (LYB) designated Lincoln E. Benet, Chief Executive Officer of Access Industries, as a Class III director, with a term expiring at the Annual General Meeting of Shareholders in 2016. This appointment enhances the size of the Supervisory Board from eleven to twelve members. It is unknown at this time on which committee(s) of the Supervisory Board, if any, Mr. Benet may serve.
Mr. Benet was designated to the Supervisory Board following the Amended and Restated Nomination Agreement (the “Nomination Agreement”), dated March 10, 2015, with AI International Chemicals S..R.L., an associate of Access Industries (“Access”), following which Access has the right to nominate three individuals to the Supervisory Board as long as it owns eighteen percent (18%) or more of the Company’s shares outstanding. As of June 5, 2015, there were 470,834,115 shares of the Company outstanding. Prior to Mr. Benet’s appointment, two of the eleven existing Supervisory Board members, Stephen F. Cooper and Robin Buchanan, were nominated by Access following the Nomination Agreement. For a description of the Nomination Agreement, please see the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on March 16, 2015.
Except for the Nomination Agreement, there were no arrangements or understandings following which Mr. Benet was designated to the Supervisory Board, and there are no transactions between Mr. Benet and the Company since the starting of the Company’s last fiscal year or any presently projected transaction, or series of similar transactions, in which the amount involved exceeds $120,000.
As a member of the Supervisory Board, Mr. Benet will receive compensation from the Company following the Company’s annual compensation arrangements for Supervisory Board members, counting (i) a cash retainer of $115,000 payable in quarterly installments; (ii) a cash retainer of $10,000 ($15,000 for Audit Committee), payable in quarterly installments, for any committees on which he serves, if applicable; and (iii) a grant of restricted stock units under the Company’s Long-Term Incentive Plan, as amended and restated, valued at $170,000. Mr. Benet’s grant of restricted stock units in 2015 is pro-rated for services to be rendered from the date of appointment through May 7, 2016, the one-year anniversary of the Supervisory Board members’ 2015 equity grant.
LyondellBasell Industries N.V. operates as a manufacturer of chemicals and polymers, refiner of crude oil, producer of gasoline blending components, and developer and licensor of technologies for production of polymers. The company operates in five segments: Olefins and Polyolefins Americas; Olefins and Polyolefins Europe, Asia, International; Intermediates and Derivatives; Refining; and Technology.
Amazon.com, Inc. (NASDAQ:AMZN)’s shares gained 2.71% to $439.39.
Amazon.com, Inc. (AMZN) confirmed its plans for a nearly 1 million-square-foot fulfillment center in Shakopee, Minn. Amazon will create more than 1,000 full-time jobs at the site when the fulfillment center opens.
At the facility, Amazon employees will pick, pack and ship small items to customers such as books, electronics and consumer goods. Associates will work alongside innovative technologies, counting Amazon Robotics, which will be used on a daily basis to fulfill customer orders.
Amazon.com, Inc. operates as an online retailer in North America and internationally. It operates in two segments, North America and International. The company serves consumers through retail Websites, such as amazon.com and amazon.ca, which primarily comprise merchandise and content purchased for resale from vendors and those offered by third-party sellers.
At the end of Thursday’s trade, Dominion Resources, Inc. (NYSE:D)‘s shares surged 1.22% to $68.83.
California’s Glendale Water & Power (GWP), in collaboration with Dominion Voltage Inc. (DVI), a grid-optimization subsidiary of Dominion Resources (D), has executed a full deployment license agreement for the use of DVI’s EDGE® advanced grid optimization solution.
GWP selected one feeder with about 3,800 electric meters for the pilot. DVI and GWP monitored the system and calculated energy savings from October 2014 through November 2014. The testing validated the predictable energy savings of 2.95 percent, well within the anticipated range of 2-4 percent. This reduction resulted in a savings of 87 megawatt hours (MWh) without requiring a change in customer behavior; when fully deployed, GWP anticipates to save more than 14,500 MWh each year.
EDGE® seamlessly integrates into a utility’s existing IT infrastructure and can obtain voltage readings from the existing AMI system. EDGE® optimizes the utilities’ field devices by issuing commands over an existing wide area network to optimize the distribution system voltage.
Dominion Resources, Inc. produces and transports energy in the United States. The company operates through three segments: Dominion Virginia Power (DVP), Dominion Generation, and Dominion Energy. The DVP segment engages in regulated electric transmission and distribution operations that serve residential, commercial, industrial, and governmental customers in Virginia and North Carolina.
Investors Bancorp, Inc. (NASDAQ:ISBC), ended its Thursday’s trading session with 0.61% gain, and closed at $12.44.
Investors Bancorp, Inc. (ISBC) declared that its Board of Directors approved the Company’s second share repurchase program which authorizes the repurchase of an additional 10% of the Company’s outstanding shares of common stock, or about 34 million shares. The new repurchase program will commence right away upon completion of the first repurchase plan declared in March 2015. The Company will repurchase the shares from time to time for cash in open market transactions in accordance with applicable federal securities laws.
Investors Bancorp, Inc. operates as the holding company for Investors Bank that provides various banking products and services for businesses and individuals in the United States. It offers deposit products, such as savings, checking, and money market accounts, in addition to certificates of deposit.
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