EXHIBIT 10.22

WESTLAKE CHEMICAL PARTNERS LP

Common Units Representing Limited Partner Interests
Having an Aggregate Offering Price of
up to $50,000,000

FIRST AMENDMENT TO EQUITY DISTRIBUTION AGREEMENT

February 28, 2020
UBS SECURITIES LLC
BARCLAYS CAPITAL INC.
BOFA SECURITIES, INC.
CITIGROUP GLOBAL MARKETS INC.
DEUTSCHE BANK SECURITIES INC.
RBC CAPITAL MARKETS, LLC
WELLS FARGO SECURITIES, LLC
c/o UBS Securities LLC
1285 Avenue of the Americas
New York, New York 10019

Ladies and Gentlemen:
This First Amendment (this “Amendment”) to the Equity Distribution Agreement,
dated as of October 4, 2018 (the “Equity Distribution Agreement”), by and among
Westlake Chemical Partners LP, a Delaware limited partnership (the
“Partnership”), and Westlake Chemical Partners GP LLC, a Delaware limited
liability company and the sole general partner of the Partnership (the “General
Partner” and, together with the Partnership, the “Partnership Parties”), UBS
Securities LLC, Barclays Capital Inc., BofA Securities, Inc., Citigroup Global
Markets Inc., Deutsche Bank Securities Inc., RBC Capital Markets, LLC and Wells
Fargo Securities, LLC (each, a “Manager” and, collectively, the “Managers”), is
being made and entered into as of the date first set forth above by the
Partnership Parties and the Managers. Capitalized terms used but not otherwise
defined herein shall have the respective meanings ascribed to them in the Equity
Distribution Agreement.
WHEREAS, each of the Partnership Parties and the Managers, by executing this
agreement, hereby consent to the amendment of the Equity Distribution Agreement,
on the terms and conditions set forth herein.
NOW, THEREFORE, in consideration of the mutual covenants and promises contained
herein and for other good and valuable consideration, the receipt and
sufficiency of which is hereby acknowledged, each of the Partnership Parties and
the Managers agree as follows:

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SECTION 1.Amendment to Equity Distribution Agreement.
(a)    The third sentence of the first paragraph of Section 2(a) of the Equity
Distribution Agreement is hereby amended and restated in its entirety as
follows:
“Except where the context otherwise requires, “Registration Statement,” as used
herein, means the registration statement, as amended at the time of such
registration statement’s effectiveness for purposes of Section 11 of the
Securities Act, as such section applies to the Managers, including (1) all
documents filed as a part thereof or incorporated or deemed to be incorporated
by reference therein, (2) any information contained or incorporated by reference
in a prospectus filed with the Commission pursuant to Rule 424(b) under the
Securities Act, to the extent such information is deemed, pursuant to Rule 430B
or Rule 430C under the Securities Act, to be part of the registration statement
at the time of such registration statement’s effectiveness for purposes of
Section 11 of the Securities Act, as such section applies to the Managers, (3)
any registration statement filed to register the offer and sale of Units
pursuant to Rule 462(b) under the Securities Act and (4) any new registration
statement as may have been filed and taken effective pursuant to Section 4(bb)
of this Agreement.”
(b)    The eighth sentence of the first paragraph of Section 2(a) of the Equity
Distribution Agreement is hereby amended and restated in its entirety as
follows:
“Notwithstanding the foregoing, if any revised registration statement, base
prospectus, prospectus supplement or prospectus shall be provided to the
Managers by the Partnership for use in connection with the offering and sale of
the Units that differs from the Registration Statement, Base Prospectus,
Prospectus Supplement or Prospectus, as the case may be (whether or not such
revised registration statement, base prospectus, prospectus supplement or
prospectus is required to be filed by the Partnership pursuant to Rule 424(b)
under the Securities Act), the terms “Registration Statement,” “Base
Prospectus,” “Prospectus Supplement” and “Prospectus” shall refer to such
revised registration statement, base prospectus, prospectus supplement or
prospectus, as the case may be, from and after the time it is first provided to
the Managers for such use.”
(c)    Section 4 of the Equity Distribution Agreement is hereby amended and
supplemented by adding the following clause (bb):
“(bb) Renewal of Registration Statement. If, prior to the third anniversary (the
“Renewal Deadline”) of the initial effective date of the Registration Statement,
any of the Units remain unsold by the Managers, the Partnership may, in its sole
discretion, file, prior to the Renewal Deadline, and cause to become effective a
new shelf registration statement relating to, among other things, the Units, and
file, following the effectiveness of such new shelf registration statement, a
new prospectus supplement relating to the Units, in each case in a form
reasonably satisfactory to the Managers. For avoidance of doubt, references
herein to the “Registration

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Statement” shall include such new shelf registration statement and references
herein to the “Prospectus Supplement” shall include such new prospectus
supplement.”
(d)    The following Section 24 is hereby added immediately after Section 23 of
the Equity Distribution Agreement:
“24. Recognition of the U.S. Special Resolution Regimes.
(a) In the event that any Manager that is a Covered Entity becomes subject to a
proceeding under a U.S. Special Resolution Regime, the transfer from such
Manager of this Agreement, and any interest and obligation in or under this
Agreement, will be effective to the same extent as the transfer would be
effective under the U.S. Special Resolution Regime if this Agreement, and any
such interest and obligation, were governed by the laws of the United States or
a state of the United States.
(b) In the event that any Manager that is a Covered Entity or a BHC Act
Affiliate of such Manager becomes subject to a proceeding under a U.S. Special
Resolution Regime, Default Rights under this Agreement that may be exercised
against such Manager are permitted to be exercised to no greater extent than
such Default Rights could be exercised under the U.S. Special Resolution Regime
if this Agreement were governed by the laws of the United States or a state of
the United States.
As used in this Section 24, “BHC Act Affiliate” has the meaning assigned to the
term “affiliate” in, and shall be interpreted in accordance with, 12 U.S.C. §
1841(k); “Covered Entity” means any of the following: (i) a “covered entity” as
that term is defined in, and interpreted in accordance with, 12 C.F.R. §
252.82(b), (ii) a “covered bank” as that term is defined in, and interpreted in
accordance with, 12 C.F.R. § 47.3(b) or (iii) a “covered FSI” as that term is
defined in, and interpreted in accordance with, 12 C.F.R. § 382.2(b); “Default
Right” has the meaning assigned to that term in, and shall be interpreted in
accordance with, 12 C.F.R. §§ 252.81, 47.2 or 382.1, as applicable; and “U.S.
Special Resolution Regime” means each of (i) the Federal Deposit Insurance Act
and the regulations promulgated thereunder and (ii) Title II of the Dodd-Frank
Wall Street Reform and Consumer Protection Act and the regulations promulgated
thereunder.”
SECTION 2.    Counterparts. This Amendment may be signed by the parties in one
or more counterparts which together shall constitute one and the same agreement
among the parties.
SECTION 3.    Effect on Agreement. Except as specifically modified herein, the
Equity Distribution Agreement shall continue to be in full force and effect. The
execution and delivery of this Amendment shall not, except as expressly provided
herein, operate as a waiver of any right, power or remedy of any party thereto.
From and after the date hereof, all references in the Equity Distribution
Agreement to the “Agreement” shall mean the Equity Distribution Agreement as
modified by this Amendment.

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SECTION 4.    Other Miscellaneous Terms. The provisions of Sections 10 and 18-21
of the Equity Distribution Agreement shall apply mutatis mutandis to this
Amendment.
[Signature pages follow]

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If the foregoing correctly sets forth the understanding among the Partnership
Parties and the Managers, please so indicate in the space provided below for
that purpose, whereupon this Amendment and your acceptance shall constitute a
binding agreement among the Partnership Parties and the Managers.
Very truly yours,

 
 
 
WESTLAKE CHEMICAL PARTNERS GP LLC
 
 
By:
 
/s/ M. Steven Bender
 
 
Name: M. Steven Bender
 
 
Title:   Senior Vice President and Chief Financial
 
 
            Officer
 
WESTLAKE CHEMICAL PARTNERS LP
 
 
By:
 
Westlake Chemical Partners GP LLC, its general partner
 
 
By:
 
/s/ M. Steven Bender
 
 
Name: M. Steven Bender
 
 
Title:   Senior Vice President and Chief Financial
 
 
            Officer

Signature Page to First Amendment to Equity Distribution Agreement

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ACCEPTED as of the date first above written.

UBS SECURITIES LLC
 
 
By:
 
/s/ Anthony Faria
 
 
Name:
 
Anthony Faria
 
 
Title:
 
Director
 
 
By:
 
/s/ Jesse O’Neill
 
 
Name:
 
Jesse O’Neill
 
 
Title:
 
Executive Director

Signature Page to First Amendment to Equity Distribution Agreement

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BARCLAYS CAPITAL INC.
 
 
By:
 
/s/ Robert Jeffries
 
 
Name:
 
Robert Jeffries
 
 
Title:
 
Vice Chairman & Global Head of Chemicals

Signature Page to First Amendment to Equity Distribution Agreement

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BOFA SECURITIES, INC.
 
 
By:
 
/s/ John Griffith
 
 
Name:
 
John Griffith
 
 
Title:
 
Managing Director

Signature Page to First Amendment to Equity Distribution Agreement

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CITIGROUP GLOBAL MARKETS INC.
 
 
By:
 
/s/ Nick Regas
 
 
Name:
 
Nick Regas
 
 
Title:
 
Managing Director

Signature Page to First Amendment to Equity Distribution Agreement

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DEUTSCHE BANK SECURITIES INC.
 
 
By:
 
/s/ Samir Abu-Khadra
 
 
Name:
 
Samir Abu-Khadra
 
 
Title:
 
Director
 
 
By:
 
/s/ Ben Darsney
 
 
Name:
 
Ben Darsney
 
 
Title:
 
Director

Signature Page to First Amendment to Equity Distribution Agreement

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RBC CAPITAL MARKETS, LLC
 
 
By:
 
/s/ Michael Davis
 
 
Name:
 
Michael Davis
 
 
Title:
 
Managing Director

Signature Page to First Amendment to Equity Distribution Agreement

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WELLS FARGO SECURITIES, LLC
 
 
By:
 
/s/ Micahel Tiedemann
 
 
Name: Michael Tiedemann
 
 
Title: Managing Director

Signature Page to First Amendment to Equity Distribution Agreement