Exhibit 10.23

 

Named Executive Officer Compensation Schedule

 

On February 16, 2006, the Compensation Committee of the Board of Directors of
Westlake Chemical Corporation (the “Company”) set 2006 base salaries and bonus
targets for certain executive officers of the Company and determined the amount
of 2005 bonuses payable in 2006 to such executive officers. Set forth below are
the amounts for the “named executive officers” of the Company.

 

Name/Position

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   2006 Annual Base Salary

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2006 Bonus Target (% of
Base Salary)

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2005 Bonus Payable in 2006

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Albert Chao

President and

Chief Executive Officer

   $640,000    75%    $689,034

James Chao

Chairman of the Board

   $470,000    75%    $505,292

Wayne D. Morse

Sr. Vice President

Vinyls

   $297,000    40%    $270,059

Stephen Wallace

Vice President

General Counsel &

Secretary

   $272,000    35%    $152,549

Warren W. Wilder

Vice President

Olefins and Styrene

   $265,000    40%    $175,375

David R. Hansen

Sr. Vice President

Administration

   $278,000    40%    $184,902

 

The 2006 bonus targets set forth above relate to the Company’s EVA Incentive
Plan (the “EVAIP”). The EVAIP provides for awards that are principally
contingent upon the attainment of specific targeted EVA® results. EVA, or
“economic value added,” is a measure of financial performance based upon the
achievement of returns for shareholders above the invested cost of capital.
Under the plan, if the expected improvement in EVA is met in 2006, participants
will be awarded a cash bonus equal to one times their target bonus. This is
referred to as a 1X bonus. If

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2006 results exceed the expected improvement, awards will be granted at a rate
corresponding to the rate of increase above expectation. Similarly, if 2006
results do not meet the expected improvement, the awards will be correspondingly
lower. The gross EVA declared bonus is subject to modification by an Individual
Performance Factor as recommended by management and approved by the Compensation
Committee of the Board of Directors.