U.S. 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(f) of the Investment Company Act of 1940 [_] Check box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b). ________________________________________________________________________________ 1. Name and Address of Reporting Person* Lushefski John E. -------------------------------------------------------------------------------- (Last) (First) (Middle) Millennium Chemicals Inc. 230 Half Mile Road -------------------------------------------------------------------------------- (Street) Red Bank NJ 07701 -------------------------------------------------------------------------------- (City) (State) (Zip) ________________________________________________________________________________ 2. Issuer Name and Ticker or Trading Symbol Millennium Chemicals Inc. (MCH) ________________________________________________________________________________ 3. IRS Identification Number of Reporting Person, if an Entity (Voluntary) ________________________________________________________________________________ 4. Statement for Month/Year April 2002 ________________________________________________________________________________ 5. If Amendment, Date of Original (Month/Year) ________________________________________________________________________________ 6. Relationship of Reporting Person to Issuer (Check all applicable) [_] Director [_] 10% Owner [X] Officer (give title below) [_] Other (specify below) Senior Vice President and Chief Financial Officer ________________________________________________________________________________ 7. Individual or Joint/Group Filing (Check applicable line) [X] Form filed by one Reporting Person [_] Form filed by more than one Reporting Person ________________________________________________________________________________ ================================================================================ Table I -- Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned ================================================================================ 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) ------------------------------------------------------------------------------------------------------------------------------------ Common Stock $0.01 par value/share V 17,689 I 401(k)(1) (1A) ------------------------------------------------------------------------------------------------------------------------------------ Common Stock $0.01 par value/share 13,135 D restricted stock(2)(2A) ------------------------------------------------------------------------------------------------------------------------------------ Common Stock $0.01 par value/share 66,669 D (3) ------------------------------------------------------------------------------------------------------------------------------------ Common Stock $0.01 par value/share 4/1/02 V 69 A 14.58 I (4) ------------------------------------------------------------------------------------------------------------------------------------ Common Stock $0.01 par value/share 4/1/02 V 14 A 14.64 I (4) ------------------------------------------------------------------------------------------------------------------------------------ Common Stock $0.01 par value/share 4/1/02 V 18 A 14.6685 I (4) ------------------------------------------------------------------------------------------------------------------------------------ Common Stock $0.01 par value/share 4/1/02 V 49 A 14.6871 16,415 I (4) ------------------------------------------------------------------------------------------------------------------------------------ Common Stock $0.01 par value/share V 7,608 I (5) SSIP ------------------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------------------------ ==================================================================================================================================== * If the Form is filed by more than one Reporting Person, see Instruction 4(b)(v). Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly. (Print or Type Response) (Over) FORM 4 (continued) Table II -- Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities) ================================================================================ 10. 9. Owner- Number ship of Form 2. Deriv- of Conver- 5. 7. ative Deriv- 11. sion Number of Title and Amount Secur- ative Nature or 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) ------------------------------------------------------------------------------------------------------------------------------------ Common Option $16.87 5/18/01 A 34,000 A 5/18/02 5/17/11 Stock 34,000 - 34,000 D (6) ------------------------------------------------------------------------------------------------------------------------------------ Option $12.24 1/24/02 A 50,000 A 1/24/03 1/23/12 Stock 50,000 - 50,000 D (7) ------------------------------------------------------------------------------------------------------------------------------------ ==================================================================================================================================== 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 April 30, 2002, expressed as share equivalents. As of such date, approximately 97.16% of the Company Stock Fund was invested in Company Common Stock, and the remainder was invested in cash. 1A.As a result of the appointment of a new trustee and record keeper for the Company's 401(k) plan, shares previously reported as held in the 401(k) window account were automatically transferred to, and are now reported as being in, the Company Stock Fund Account in the 401(k) plan. 2. Represents shares of restricted stock granted to the Reporting Person on October 8, 1996 under the Issuer's Long Term Stock Incentive Plan which may vest over the next three years. 2A.On February 15, 2002, 56,007 shares of restricted stock awarded under the Issuer's Long Term Stock Incentive Plan were forfeited. 3. Includes 221 shares held in the Reporting Person's Individual Retirement Account. 4. Represents shares allocated to the Reporting Person's account under the Company's Salary and Bonus Deferral Plan. 5. Represents amounts contributed to, and the total holdings in, the Reporting Person's Company Stock Fund Account in the Company's Supplemental Savings and Investment Plan as of April 30, 2002, expressed as share equivalents. 6. Represents an option granted to the Reporting Person on May 18, 2001 under the Issuer's Omnibus Incentive Compensation Plan to purchase 34,000 shares of the Issuer's Common Stock at $16.87 per share. 7. Represents an option granted to the Reporting Person on January 24, 2002 under the Issuer's Omnibus Incentive Compensation Plan to purchase 50,000 shares of the Issuer's Common Stock at $12.24 per share. --------------------------------------------- ----------------------- **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 procedure. Page 2