Following what it refers to as a successful transformation since emerging from bankruptcy protection in 2010, the board of directors of Netherlands-based chemical manufacturer LyondellBasell (LYB 1.52%) has entered into a new compensation agreement with CEO James Gallogly, the company announced today.

According to LyondellBasell's Sept. 10 SEC filing, Gallogly's annual base compensation has been raised to $1.65 million effective May 1, 2014, up from last year's $1.5 million. That amounts to a 10% increase. In addition to his base salary, Gallogly is eligible for LyondellBasell's annual cash bonus short-term incentive plan equal to as much as 150% of his base pay.

Gallogly can also qualify for equity-based awards as part of LyondellBasell's mid-term incentive plan, earned over a three-year period, of 125% of his annual salary, along with the company's long-term incentive plan in which Gallogly could earn up to 600% of his annual salary in equity compensation.

Commenting on the new compensation agreement, Chairman of LyondellBasell's supervisory board Robert Gwin said in the company press release that the company has "advanced every facet of its business goals, including safe and reliable operations, strict cost control, asset refurbishments and a significant capital growth program."

The new pay agreement also includes severance-related terms, including Gallogly receiving unpaid accrued salary and short-term incentive awards, if applicable, in addition to prorated vesting in LyondellBasell's mid and long-term incentive plans, according to the SEC filing.