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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
Hempstead George H.
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(Last) (First) (Middle)
Millennium Chemicals Inc.
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(Street)
230 Half Mile Road
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(City) (State) (Zip)
Red Bank NJ 07701
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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
February 1999
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5. If Amendment, Date of Original (Month/Year)
February 1999
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6. Relationship of Reporting Person to Issuer
(Check all applicable)
[ ] Director [ ] 10% Owner
[ X ] Officer (give title below) [ ] Other (specify below)
Senior Vice President - Law and Administration and Secretary
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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 V 9,454 I 401(k)(1)
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Common Stock $0.01 par value/share 178 D 401(k)
window (2)
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Common Stock $0.01 par value/share 224,026 D restricted
stock (3)
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Common Stock $0.01 par value/share 10,157 D (4)
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Common Stock $0.01 par value/share 9/02/98 P 48 A 22 I (5)
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Common Stock $0.01 par value/share 9/30/98 P 85 A 19.875 I (5)
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Common Stock $0.01 par value/share 9/30/98 P 55 A 19.975 I (5)
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Common Stock $0.01 par value/share 12/18/98 P 86 A 19.813 I (5)
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Common Stock $0.01 par value/share 12/18/98 P 56 A 19.812 I (5)
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Common Stock $0.01 par value/share 2/17/99 P 3,194 A 17.7034 25,351 I (5)
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Common Stock $0.01 par value/share (6)
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</TABLE>
Reminder: Report on a separate line for each class of securities beneficially
owned directly or indirectly
<PAGE>
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 the value of the Reporting Person's Company Stock Fund Account
in the Company's 401(k) plan as of January 31, 1999, expressed as share
equivalents. As of such date, approximately 96.45% of the Company Stock Fund
was invested in Company Common Stock, and the remainder was invested in cash.
2. Represents the numer of shares of Company Common Stock in the Reporting
Person's Individual Brokered Account within the Company's 401(k) plan as of
December 31, 1997.
3. Represents 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) 56,006 shares which will vest in equal installments on
October 8, 1999, 2000 and 2001, and (ii) 168,020 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 may be distributed upon vest and 50% of which may
be distributed over a five-year period commencing on the date of vesting.
4. Represents the number of directly owned shares acquired at various times
and prices by the Reporting Person since March, 1997.
5. Represents shares acquired for the Reporting Person's account under the
Company's Salary and Bonus Deferral Plan. The shares allocated to the
Reporting Person's account on the specified transaction dates were acquired
by the plan trustee at various times and prices, resulting in the average
prices indicated in the "Price" column.
6. The Reporting Person made contributions to the Company's Supplemental
Savings and Investment Plan in February 1999, but share equivalents have
not yet been allocated to the Reporting Person's Company Stock Fund Account
under such Plan.
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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.
