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OMB APPROVAL
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OMB Number 3235-0287
Expires: April 30, 1997
Estimated average burden
hours per response ....... 0.5
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U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 4
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934,
Section 17(a) of the Public Utility Holding Company Act of 1935 or
Section 30(f) of the Investment Company Act of 1940
[ ] Check this box if no longer subject of Section 16. Form 4 or Form 5
obligations may continue. See Instruction 1(b).
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1. Name and Address of Reporting Person
Lee Robert E.
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(Last) (First) (Middle)
c/o Millennium Inorganic Chemicals Inc.
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(Street)
200 International Circle, Suite 5000
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(City) (State) (Zip)
Hunt Valley, Maryland 21030
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2. Issuer Name and Ticker or Trading Symbol
Millennium Chemicals Inc. (MCH)
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3. IRS or Social Security Number of Reporting Person (Voluntary)
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4. Statement for Month/Year
July/1997
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5. If Amendment, Date of Original (Month/Year)
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6. Relationship of Reporting Person to Issuer
(Check all applicable)
[ X ] Director [ ] 10% Owner
[ X ] Officer (give title below) [ ] Other (specify below)
Director of Millennium Chemicals Inc. and President and
Chief Operating Officer of Millennium Inorganic Chemicals Inc.
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<PAGE>
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Table I -- Non-Derivative Securities Acquired, Disposed of,
or Beneficially Owned
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<TABLE>
<CAPTION>
6.
4. 5. Owner-
Securities Acquired (A) or Amount of ship
3. Disposed of (D) Securities Form: 7.
Transaction (Instr. 3, 4 and 5) Beneficially Direct Nature of
2. Code ------------------------------- Owned at End (D) or Indirect
1. Transaction (Instr. 8) (A) of Month Indirect Beneficial
Title of Security Date ------------ Amount or Price (Instr. 3 (I) Ownership
(Instr. 3) (mm/dd/yy) Code V (D) and 4) (Instr.4) (Instr. 4)
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<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Common Stock $0.01 par value/share 6/2/97 P V 524 A 19.48 D (1)
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Common Stock $0.01 par value/share 7/9/97 P V 463 A 22.04 3,261 D (1)
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Common Stock $0.01 par value/share 6,537 I 401(k)(2)
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Common Stock $0.01 par value/share 11,140 D (3)
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Common Stock $0.01 par value/share 313,637 D (4)
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</TABLE>
Reminder: Report on a separate line for each class of securities beneficially
owned directly or indirectly
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FORM 4 (continued)
Table II -- Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
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<TABLE>
<CAPTION>
9. 10.
Number Owner-
of ship
2. Deriv- of
Conver- 5. 7. ative Deriv- 11.
sion Number of Title and Amount Secur- ative Nature
of Derivative 6. of Underlying 8. ities Secur- of
Exer- 4. Securities Date Securities Price Bene- ity: In-
cise 3. Trans- Acquired (A) Exercisable and (Instr. 3 and 4) of ficially Direct direct
Price Trans- action or Disposed Expiration Date ---------------- Deriv- Owned (D) or Bene-
1. of action Code of(D) (Month/Day/Year) Amount ative at End In- ficial
Title of Deriv- Date (Instr. (Instr. 3, ---------------- or Secur- of direct Owner-
Derivative ative (Month/ 8) 4 and 5) Date Expira- Number ity Month (I) ship
Security Secur- Day/ ------ ------------ Exer- tion of (Instr. (Instr. (Instr. (Instr.
(Instr. 3) ity Year) Code V (A) (D) cisable Date Title Shares 5) 4) 4) 4)
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<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
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</TABLE>
Explanation of Responses:
1. Represents shares held in the Reporting Person's account under the Company's
Salary and Bonus Deferral Plan.
2. Represents the value of the Reporting Person's Stock Fund Account in the
Company's 401(k) plan as of March 31, 1997, expressed as share
equivalents. As of such date, approximately 87.6% of such fund was invested
in Company Common Stock, and the remainder was invested in cash.
3. Includes 6 shares owned directly by the Reporting Person's spouse and 3
shares owned directly by the Reporting Person's son as to which the
Reporting Person disclaims beneficial ownership.
4. Includes shares of restricted stock granted to the Reporting Person on
October 8, 1996 under the Issuer's Long-term Stock Incentive Plan as
follows: (i) 78,409 shares which will vest in equal installments on
October 8, 1999, 2000 and 2001, and (ii) 235,228 shares which may vest in
equal installments on December 31, 1999, 2000 and 2001 subject to the
achievement of performance goals based on a cash flow return on investment
formula, 50% of which will be distributed upon vesting and 50% of which will
be distributed over a five-year period commencing on the date of vesting.
Please note that, due to a typographical error, the January 1997 Form 4
incorrectly stated the total number of shares granted to the Reporting
Person as 313,277 shares.
Robert E. Lee August 6, 1997
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**Signature of Reporting Person Date
** Intentional misstatements or omissions of facts constitute Federal Criminal
Violations.
See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed.
If space provided is insufficient, see Instruction 6 for procedures.
