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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, DC 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(h) of the Investment Company Act of 1940
|_| Check this box if no longer subject to Section 16. Form 4 or Form 5
obligations may continue. See Instruction 1(b).
(Print of Type Responses)
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1. Name and Address of Reporting Person*
Vercollone David L.
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(Last) (First) (Middle)
Millennium Chemicals Inc.
20 Wight Street
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(Street)
Hunt Valley, MD 21030
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(City) (State) (Zip)
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2. Issuer Name and Ticker or Trading Symbol
Millennium Chemicals Inc. (MCH)
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3. I.R.S. Identification Number of Reporting Person, if an entity (voluntary)
________________________________________________________________________________
4. Statement for Month/Day/Year
December 31, 2002
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5. If Amendment, Date of Original (Month/Day/Year)
________________________________________________________________________________
6. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
|_| Director |_| 10% Owner
|X| Officer (give title below) |_| Other (specify below)
Senior Vice President - Commercial, Operational Excellence Businesses
________________________________________________________________________________
7. Individual or Joint/Group Filing (Check Applicable line)
|X| Form Filed by One Reporting Person
|_| Form Filed by More than One Reporting Person
________________________________________________________________________________
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Table I -- Non-Derivative Securities Acquired, Disposed of,
or Beneficially Owned
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5.
Amount of 6.
4. Securities Owner-
Securities Acquired (A) or Beneficially ship
2A. 3. Disposed of (D) Owned Form: 7.
2. Deemed Transaction (Instr. 3, 4 and 5) Following Direct Nature of
Trans- Execution Code ------------------------------- Reported (D) or Indirect
1. action Date, if (Instr. 8) (A) Transaction(s) Indirect Beneficial
Title of Security Date any ------------ or (Instr. 3 & (I) Ownership
(Instr. 3) (mm/dd/yy) (mm/dd/yy) Code V Amount (D) Price Instr.4) (Instr.4) (Instr.4)
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Common Stock $0.01 par
value/share V 13,757 I 401(k)(1)
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Common Stock $0.01 par restricted
value/share 920 D stock (2)(2A)
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Common Stock $0.01 par
value/share 20,432 D (2A)
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Common Stock $0.01 par
value/share 12/31/02 A 59 A 9.52 3,628 I SSIP (3)
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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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9.
Number 10.
of Owner-
deriv- ship
ative Form
2. Secur- of
Conver- 5. 7. ities Deriv- 11.
sion Number of Title and Amount Bene- ative Nature
or Derivative 6. of Underlying 8. ficially Secur- of
Exer- 3A. 4. Securities Date Securities Price Owned ity: In-
cise Deemed Trans- Acquired (A) Exercisable and (Instr. 3 and 4) of Follow- Direct direct
Price 3. Execut- action or Disposed Expiration Date ---------------- Deriv- ing (D) or Bene-
1. of Trans- ion Code of(D) (Month/Day/Year) Amount ative Reported In- ficial
Title of Deriv- action Date if (Instr. (Instr. 3, ---------------- or Secur- Trans- direct Owner-
Derivative ative Date any 8) 4 and 5) Date Expira- Number ity action(s) (I) ship
Security Secur- (mm/dd/ (mm/dd/ ------ ------------ Exer- tion of (Instr. (Instr. (Instr. (Instr.
(Instr. 3) ity yy) yy) Code V (A) (D) cisable Date Title Shares 5) 4) 4) 4)
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Common
Option $16.87 5/18/01 A 25,000 A 5/18/02 5/18/11 Stock 25,000 - 25,000 D (4)
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Option $12.24 1/24/02 A 36,000 A 1/24/03 1/23/12 Stock 36,000 - 36,000 D (5)
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Explanation of Responses:
1. Represents the value of the Reporting Person's Stock Fund Account in
the Company's 401(k) plan as of December 31, 2002, expressed as share
equivalents. As of such date 97.2% of such fund was invested in Company
Common Stock, and the remainder was invested in cash.
2. Represents shares of restricted stock granted to the Reporting Person on
October 8, 1996 and October 23, 1997 under the Issuer's Long Term Stock
Incentive Plan that may vest over the next three years.
2A.On December 31, 2002, 920 shares of restricted stock vested under the
Issuer's Long Term Stock Incentive Plan and were distributed to the
Reporting Person.
3. Represents the value of the Reporting Person's Company Stock Fund Account in
the Company's Supplemental Savings and Investment Plan as of December 31,
2002, expressed as share equivalents. As of such date, approximately 96.5%
of such fund was invested in Company Common Stock, and the remainder was
invested in cash. Please note that share equivalent accounting affects the
total in column 5.
4. Represents an option granted to the Reporting Person on May 18, 2001 under
the Issuer's Omnibus Incentive Compensation Plan to purchase 25,000 shares
of the Issuer's Common Stock at $16.87 per share.
5. Represents an option granted to the Reporting Person on January 24, 2002
under the Issuer's Omnibus Incentive Compensation Plan to purchase 36,000
shares of the Issuer's common Stock at $12.24 per share.
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**Signature of Reporting Person Date
Reminder: Report on a separate line for each class of securities beneficially
owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction
4(b)(v).
** 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 is insufficient, see Instruction 6 for procedure.
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