Document:

AXS-2012.12.31-EX-10.34

Exhibit 10.34

2013 DIRECTORS ANNUAL COMPENSATION PROGRAM
AXIS Capital Holdings Limited (the “Company”) has established the 2013 Directors Annual Compensation Program (the “Program”) to compensate the directors of the Company for their service to the Board of Directors (the “Board”) and its committees.  The terms of the Program are as set forth herein.
1.Eligibility.  Any member of the Board who is not an employee of the Company or any of its subsidiaries shall be entitled to the compensation specified herein and shall be a “Participant” in the Program from and after January 1, 2013 or, if later, the date on which such person becomes a member of the Board and is otherwise eligible to participate in the Program.

2.Cash Compensation.  Each Participant shall be entitled to a cash amount determined annually by the Board, in consultation with the Compensation Committee of the Board (the “Committee”), and as set forth on Attachment A hereto, consisting of an annual retainer and meeting fees based on the number of committee meetings held during the fiscal year, the number of presentations by the Company at which members of the Board are requested to attend and whether the Participant serves as a chairman of a committee or as the lead independent director.

3.Election of Common Shares in Lieu of Cash. Participants may elect to receive common shares of the Company in lieu of all or 50% of the annual retainer and other fees otherwise payable to them by notifying the Company of such election prior to January 1 of the year for which the election will be effective.  The number of common shares issued to Participants pursuant to such election will be based on the closing fair market value of the shares of the Company's common stock on the tenth trading day in January of each year.  

4.Payment.  Prior to January 31, Participants shall receive a lump sum payment of the annual retainer for that year (or, in the case of any person who becomes a Participant after January 31 of a fiscal year, as soon as practicable after the date on which such person becomes a participant, pro rated as provided in Attachment A).  Also prior to January 31, Participants shall receive a lump sum payment of the meeting fees, committee chair fees and lead independent director fee for the prior fiscal year or, if earlier, within 60 days after retiring or resigning from the Board.

5.Interpretation of Program.  The Committee shall have the authority to administer and to interpret the Program.  Any such determinations or interpretations made by the Committee shall be binding on all Participants.

6.Governing Law.  The Program shall be governed by the laws of Bermuda.  

7.Successors.  All obligations of the Company under the Program shall be binding on any successor to the Company, whether the existence of such successor is the result of a direct or indirect merger, consolidation, purchase of all or substantially all of the business and/or assets of the Company or otherwise.

8.Amendment and Termination.  This Program may be amended or terminated at any time by the Board; provided, that no amendment shall be given effect to the extent that it would have the effect of reducing a Participant's existing awards under the Program.

ATTACHMENT A
AXIS CAPITAL HOLDINGS LIMITED
NON-EMPLOYEE DIRECTOR COMPENSATION 
(effective as of January 1, 2013)
 
Cash Compensation
 
		
	1) 
	Annual retainer of $200,000 for all non-employee directors serving on the Board as of January 1, 2013.  Members of the Board who become Participants after January 1 of any year shall be entitled to a pro-rated amount based on months of service in that year, with eligibility for the full annual retainer commencing as of January 1 of the subsequent year.

 
		
	2)
	Committee Chairs receive the following additional annual cash payments:

	
							
	 
	Committee Chair
	

	Annual Payments
	

	 
	Corporate Governance and Nominating Committee
	

	$
	7,500
	

	

	 
	Risk Committee
	

	$
	10,000
	

	 

	 
	Finance Committee
	

	$
	10,000
	

	 

	 
	Compensation Committee
	

	$
	10,000
	

	 

	 
	Audit Committee
	

	$
	30,000
	

	 

 
		
	3)
	The Lead Independent Director receives an additional annual cash payment of $15,000.

 
		
	4)
	Fees for attendance at meetings as follows:

	
							
	 
	Type of Meeting
	

	Attendance Fee
	

	 
	Committee meetings
	

	$
	1,500
	

	

 
Equity Compensation in lieu of Cash
 
Each non-employee director may elect to receive all or 50% of their annual retainer and other fees in shares of the Company's common stock, based on the closing fair market value of the common shares as of the tenth trading day in January of each year, pursuant to a Participation Agreement for the current plan year.

A-1Exhibit 4.16 12.31.12 10K

EXHIBIT 4.16

	
	
	 

WESTLAKE CHEMICAL CORPORATION AND THE SUBSIDIARY
GUARANTORS PARTY HERETO
3.600% Senior Notes due 2022
_________________________________
Seventh Supplemental Indenture
Dated as of February 12, 2013
_________________________________

THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A.
Trustee

	
	
	 

SEVENTH SUPPLEMENTAL INDENTURE dated as of February 12, 2013 (this "Seventh Supplemental Indenture"), to the Indenture dated as of January 1, 2006 (the "Indenture"), by and among WESTLAKE CHEMICAL CORPORATION, a Delaware corporation (the "Company"), each of the Subsidiary Guarantors (as defined in the Sixth Supplemental Indenture (as defined below)) and THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A. (as successor to JPMorgan Chase Bank, National Association), as trustee (the "Trustee").
RECITALS OF THE COMPANY
WHEREAS, on July 17, 2012, the Company, the Subsidiary Guarantors and the Trustee executed the Sixth Supplemental Indenture, dated as of July 17, 2012, to the Indenture (the "Sixth Supplemental Indenture") in order to establish and provide for the issuance by the Company of a series of Securities designated as its 3.600% Senior Notes due 2022 (the "Notes"), guaranteed by the Subsidiary Guarantors, on the terms set forth therein;
WHEREAS, Section 9.01 of the Indenture provides that the Company, the Subsidiary Guarantors and the Trustee may enter into a supplemental indenture without the consent of Holders of Securities to cure any ambiguity, omission, defect or inconsistency;
WHEREAS, the Sixth Supplemental Indenture, the form of Note attached thereto as Exhibit A (the "Form of Notes"), and Note No. 001 in the original principal amount of $250,000,000 of Notes ("Note No. 001") mistakenly omitted certain words in Section 3.12(a) and the corresponding optional redemption provisions in the Form of Notes and Note No. 001 thereby being inconsistent with the description of the Notes set forth in (i) the "Summary─The Offering─Optional Redemption" section of (x) the Preliminary Prospectus Supplement of the Company dated July 10, 2012 relating to the Notes and filed with the SEC on July 10, 2012, and (y) the Final Prospectus Supplement of the Company dated July 10, 2012 relating to the Notes and filed with the SEC on July 11, 2012, and (ii) the Final Term Sheet for the Notes dated July 10, 2012 and filed with the SEC as a "Free Writing Prospectus" on July 10, 2012;
WHEREAS, the Company and the Subsidiary Guarantors desire, pursuant to Section 9.01(1) of the Indenture, to correct Section 3.12(a) of the Sixth Supplemental Indenture and the corresponding optional redemption provisions in the Form of Notes and Note No. 001 in order to cure the omission and inconsistency described above;
WHEREAS, the conditions set forth in the Indenture for the execution and delivery of this Seventh Supplemental Indenture have been complied with; and
WHEREAS, all things necessary to make this Seventh Supplemental Indenture a valid agreement of the Company, the Subsidiary Guarantors and the Trustee, in accordance with its terms, and a valid amendment of, and supplement to, the Indenture have been done;
NOW, THEREFORE:
In consideration of the premises, the Company, the Subsidiary Guarantors and the Trustee mutually covenant and agree as follows:
ARTICLE ONE
Definitions
		
	Section 1.01.
	Definitions.

Capitalized terms used herein without definition shall have the meanings assigned to them in the Indenture and the Sixth Supplemental Indenture, as the case may be.

1

ARTICLE TWO
Amendments
		
	Section 2.01.
	Amendment of Optional Redemption Provision.

(a)    Amendment to Section 3.12(a) of the Sixth Supplemental Indenture.
Section 3.12(a) of the Sixth Supplemental Indenture is hereby amended by replacing such Section in its entirety with the following:
"(a)    The Company may redeem the Notes, in whole or in part, at any time and from time to time prior to April 15, 2022, in principal amounts of $1,000 and integral multiples of $1,000 in excess thereof, provided that the unredeemed portion of a Note must be in a minimum principal amount of $2,000, for a Redemption Price equal to the greater of:
(i)100% of the principal amount of the Notes to be redeemed; and
(ii)the sum, as determined by an Independent Investment Banker, of the present values of the Remaining Scheduled Payments on the Notes being redeemed (excluding accrued and unpaid interest to the Redemption Date), discounted to the Redemption Date on a semiannual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 35 basis points,
plus, in each case, accrued and unpaid interest to the Redemption Date."
(b)    Amendment to Section 5 (Optional Redemption) of the Form of Notes.
Section 5 (Optional Redemption) of the Form of Notes is hereby amended by replacing such Section in its entirety with the following:
		
	"5.
	Optional Redemption.

The Company may redeem the Notes, in whole or in part, at any time and from time to time prior to April 15, 2022, in principal amounts of $1,000 and integral multiples of $1,000 in excess thereof, provided that the unredeemed portion of a Note must be in a minimum principal amount of $2,000, for a Redemption Price equal to the greater of:
		
	(a)
	100% of the principal amount of the Notes to be redeemed; and

		
	(b)
	the sum, as determined by an Independent Investment Banker, of the present values of the Remaining Scheduled Payments on the Notes being redeemed (excluding accrued and unpaid interest to the Redemption Date), discounted to the Redemption Date on a semiannual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 35 basis points,

plus, in each case, accrued and unpaid interest to the Redemption Date.
The Company may redeem the Notes, in whole or in part, at any time and from time to time on or after April 15, 2022, in principal amounts of $1,000 and integral multiples of $1,000 in excess thereof, provided that the unredeemed portion of a Note must be in a minimum principal amount of $2,000, at a Redemption Price equal to 100% of the principal amount of the Notes being redeemed plus accrued and unpaid interest to the Redemption Date."
(c)    Amendment to Section 5 (Optional Redemption) of Note No. 001.

2

Section 5 (Optional Redemption) of Note No. 001 is hereby amended by replacing such Section in its entirety with the following:
		
	"5.
	Optional Redemption.

The Company may redeem the Notes, in whole or in part, at any time and from time to time prior to April 15, 2022, in principal amounts of $1,000 and integral multiples of $1,000 in excess thereof, provided that the unredeemed portion of a Note must be in a minimum principal amount of $2,000, for a Redemption Price equal to the greater of:
		
	(a)
	100% of the principal amount of the Notes to be redeemed; and

		
	(b)
	the sum, as determined by an Independent Investment Banker, of the present values of the Remaining Scheduled Payments on the Notes being redeemed (excluding accrued and unpaid interest to the Redemption Date), discounted to the Redemption Date on a semiannual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 35 basis points,

plus, in each case, accrued and unpaid interest to the Redemption Date.
The Company may redeem the Notes, in whole or in part, at any time and from time to time on or after April 15, 2022, in principal amounts of $1,000 and integral multiples of $1,000 in excess thereof, provided that the unredeemed portion of a Note must be in a minimum principal amount of $2,000, at a Redemption Price equal to 100% of the principal amount of the Notes being redeemed plus accrued and unpaid interest to the Redemption Date."
ARTICLE THREE
Miscellaneous
		
	Section 3.01.
	Miscellaneous Provisions.

This Seventh Supplemental Indenture is executed by the Company and the Subsidiary Guarantors, and by the Trustee upon the Company's request, pursuant to the provisions of Section 9.01 of the Indenture, and the terms and conditions hereof shall be deemed to be part of the Indenture for all purposes. The Indenture, the Sixth Supplemental Indenture and Note No. 001, as supplemented and amended by this Seventh Supplemental Indenture, are in all respects hereby adopted, ratified and confirmed.
		
	Section 3.02.
	Governing Law.

The laws of the State of New York shall govern this Seventh Supplemental Indenture, the Notes and the related Guarantees.
		
	Section 3.03.
	No Adverse Interpretation of Other Agreements.

This Seventh Supplemental Indenture may not be used to interpret another indenture (other than the Indenture), loan or debt agreement of the Company, any Subsidiary Guarantor or a Subsidiary. Any such indenture, loan or debt agreement may not be used to interpret this Seventh Supplemental Indenture.
		
	Section 3.04.
	Duplicate Originals.

The parties may sign any number of copies of this Seventh Supplemental Indenture. Each signed copy shall be an original, but all of them together represent the same agreement.
		
	Section 3.05.
	No Recitals, etc.

The Trustee shall not be responsible in any manner whatsoever for or in respect of the validity or sufficiency of this Seventh Supplemental Indenture or for or in respect of the recitals contained herein, all of which are made solely by the Company and the Subsidiary Guarantors.
[Remainder of Page Intentionally Left Blank]

3

SIGNATURES
IN WITNESS WHEREOF, the parties have caused this Seventh Supplemental Indenture to be duly executed, all as of the date first above written.

	
		
	WESTLAKE CHEMICAL CORPORATION

	 
	 

	By:
	  /s/ M. Steven Bender

	Name:
	M. Steven Bender

	Title:
	Senior Vice President, Chief Financial 
   Officer and Treasurer

[Signature Page to Seventh Supplemental Indenture]

SUBSIDIARY GUARANTORS:
Geismar Holdings, Inc.
GVGP, Inc.
North American Pipe Corporation
Westech Building Products, Inc.
Westlake Chemical Investments, Inc.
Westlake Development Corporation
Westlake Ethylene Pipeline Corporation
Westlake Geismar Power Company LLC
By Westlake Vinyls Company LP,
  its Manager
By GVGP, Inc., 
  its General Partner
Westlake Longview Corporation
Westlake Management Services, Inc.
Westlake NG I Corporation
Westlake NG IV Corporation
Westlake NG V Corporation
Westlake Olefins Corporation
Westlake Petrochemicals LLC,
By Westlake Chemical Investments, Inc.,
  its Manager
Westlake Pipeline Investments LLC,
By Westlake Chemical Investments, Inc.,
  its Manager
Westlake Polymers LLC,
By Westlake Chemical Investments, Inc.,
  its Manager
Westlake PVC Corporation
Westlake Resources Corporation
Westlake Styrene LLC,
By Westlake Chemical Investments, Inc.,
  its Manager
Westlake Supply and Trading Company
Westlake Vinyl Corporation
Westlake Vinyls Company LP,
By GVGP, Inc., 
  its General Partner
Westlake Vinyls, Inc.
WPT LLC,
By Westlake Chemical Investments, Inc.
  its Manager

	
		
	By:
	  /s/ M. Steven Bender

	Name:
	M. Steven Bender

	Title:
	Senior Vice President, Chief Financial 
   Officer and Treasurer

[Signature Page to Seventh Supplemental Indenture]

	
		
	The Bank of New York Mellon Trust Company, N.A.,

	   as Trustee

	 
	 

	By:
	  /s/ Lawrence M. Kusch

	Name:
	Lawrence M. Kusch

	Title:
	Vice President

[Signature Page to Seventh Supplemental Indenture]

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