Document:

Form of Restricted Stock Award

 Exhibit 10.3 
 August 21, 2006 
 NAME 
 Street 
 City    State    Zip 
  

	Re:	WESTLAKE CHEMICAL CORPORATION 

 RESTRICTED STOCK
AWARD 
 Dear XXXXX: 
 Westlake Chemical Corporation (the “Company”) is pleased to notify you that you have been granted an award (“Award”) of 831 shares of Common Stock of the Company (“Restricted Stock”). This Award is
granted effective August 21, 2006 (the “Grant Date”), subject to the following terms and conditions: 
 1.
Relationship to Plan. This Award is subject to all of the terms, conditions and provisions of the Westlake Chemical Corporation 2004 Omnibus Incentive Plan (the “Plan”) and administrative interpretations thereunder, if any, which
have been adopted by the Administrator and are in effect on the date hereof. Except as defined herein, capitalized terms shall have the same meanings ascribed to them under the Plan. 
 2. Vesting Schedule. 
 (a) This Award shall vest in accordance with the following schedule: 
  

				
	 3. Period Beginning
	  	4. Per Cent of Shares
Vested	 
	 August 21, 2007
	  	33 1/3	%
	 August 21, 2008
	  	33 1/3	%
	 August 21, 2009
	  	33 1/3	%

 You must be in continuous service as a director of the Company from the Grant Date through the
date this Award is scheduled to vest in order for the Award to vest. During the period of time between the Grant Date and the earlier of the date the Restricted Stock vests or is forfeited, the Restricted Stock will be evidenced by a book entry
account in the Company’s records. Fractional shares will be rounded for purposes of vesting in accordance with Plan policy. 
 (b) All
Restricted Stock subject to this Award shall vest, irrespective of the limitations set forth in subparagraph (a) above, if your service as a director of the Company is terminated 1) due to your death, 2) because you fail to be re-elected

 Page 2 
 Restricted Stock Award 
 August 21, 2006 
 or re-nominated for service as a director for any reason other than cause (as
determined by the Administrator), or 3) because you resign as a director at the request of the Board of Directors based upon a determination made by the Board of Directors, in its sole discretion, that your resignation would be in the best interests
of the Company. 
 3. Forfeiture of Award. If your service as a director terminates other than by one of the reasons noted in 2.(b)
above, all unvested Restricted Stock as of the termination date shall be forfeited. 
 4. Distribution Following Termination of
Restrictions. Subject to the other provisions of this Award and the Plan, the Restricted Stock shall vest as set forth in Paragraph 2 and shall be distributed to you (or your beneficiary) as soon as practicable after the Restricted Stock vests.
Distribution of Common Stock may be in a form selected by the Company, in its discretion, including deposit into a custodial account or delivery of a stock certificate. 
 5. Withholding. At the time of issuance of Common Stock upon the vesting of the Restricted Stock, you will be responsible for any federal, state, and local tax obligations with respect to this Award.

 6. Assignment of Award. Your rights under the Plan and this Restricted Stock Award are personal; no assignment or transfer of your
rights under and interest in this Award may be made by you other than by will or by the laws of descent and distribution. 
 7. Dividends
and Voting Rights. You are entitled to receive all dividends and other distributions made with respect to Restricted Stock registered or held in book entry in your name and you are entitled to vote or execute proxies with respect to such
Restricted Stock, unless and until the Restricted Stock is forfeited. 
 8. Requirements of Law and Stock Exchanges. Your rights to the
Restricted Stock and the issuance and delivery of the Common Stock are subject to compliance with all applicable requirements of law. In addition, the Company shall not be obligated to deliver any shares of Common Stock if counsel to the Company
determines that such delivery would violate any applicable law or any rule or regulations of any governmental authority or any rule or regulation of, or agreement of the Company with, any securities exchange or association upon which the Common
Stock is listed or quoted. 

 Page 3 
 Restricted Stock Award 
 August 21, 2006 
 9. Governing Law. This Restricted Stock Award shall be governed by, construed,
and enforced in accordance with the laws of the State of Texas. 
 In conjunction with this Award we are required to provide you with the latest relevant SEC
filings by the Company; therefore, we refer you to the SEC Filings section of our web page, www.westlakechemical.com. If you have any questions regarding this Award, you may contact Mr. David Hansen, Sr. VP, Administration at
713-960-9111. 
 Yours very truly, 
 Albert Chao 
 President & Chief Executive OfficerWarrant Solicitation Agreement

 Exhibit 10.1 
 WARRANT SOLICITATION AGREEMENT 
 THIS WARRANT SOLICITATION AGREEMENT (“Agreement”) is dated
as of August 1, 2006, by and between ACTION PRODUCTS INTERNATIONAL, INC. (the “Company”) and BROOKSTREET SECURITIES
CORPORATION (“Broker”). 
 RECITALS 
 WHEREAS, the Company desires to retain Broker to act as a nonexclusive Warrant Solicitation Agent in connection with the solicitation of the exercise of
the Company’s publicly traded warrants; and 
 WHEREAS, as of July 31, 2006, the Company had outstanding 5,197,185 redeemable
common share purchase warrants (the “Public Warrants”) issued pursuant to that Warrant Agreement by and between the Company and Registrar and Transfer Company dated June 16, 2006, as amended July 20, 2006 (the “Warrant
Agreement”); and 
 WHEREAS, each Public Warrant entitles the holder to purchase one share of the Company’s Common Shares for $3.25
per share until January 31, 2007 and for $3.75 per share until January 31, 2008; and 
 WHEREAS, the Company desires Broker to act
on behalf of the Company, and Broker is willing to do so in connection with the exercise of the Public Warrants; 
 NOW, THEREFORE, in
consideration of the premises and the mutual agreements herein set forth, the parties hereto agree as follows: 
 1. Appointment of the Solicitation
Agent. The Company hereby appoints Broker to act as a nonexclusive Solicitation Agent for the Company in connection with the exercise of the Public Warrants and Broker hereby accepts such appointment. Broker shall, consistent with its
obligations under applicable laws and the rules and regulations of the National Association of Securities Dealers (“NASD”), use its reasonable best efforts to maximize the number of Public Warrants which are exercised, including
appropriate communications with the record owners and beneficial owners of the Public Warrants, as well as with said owners’ brokers, agents or other representatives. 
 2. Warrant Solicitation Fee. 
 (a) Amount of Solicitation Fee. The Company shall pay Broker a fee
consisting of a cash payment equal to 10% percent of the total proceeds received from the exercise of those Public Warrants for whom Broker was properly designated as the soliciting broker on the Exercise Form of the Warrant Certificate evidencing
the Public Warrants exercised (the “Solicitation Fee”). 
 (b) Conditions to Payment of Solicitation Fee. The Company shall only be
obligated to pay the Solicitation Fee to Broker if all of the following conditions are met: (i) the exercise of the Public Warrants are in accordance with the Warrant Agreement, (ii) the actions of Broker in soliciting the exercise of the
Public Warrants have been consistent with applicable federal and state securities laws, the guidelines of the NASD and applicable SEC rules and regulations, including Regulation M; and (iii) disclosure of the Company’s compensation
arrangement with Broker is made by Broker in documents provided to the holders of the Public Warrants. 

 (c) Timing of Payment of Solicitation Fee. Within fifteen (15) days after the end of each month, the
Company will deliver a notice to Broker setting forth the number of Public Warrant certificates which have been properly completed for exercise by holders of the Public Warrants for which Broker has solicited in accordance with this Agreement and
the Warrant Agreement, together with payment of the Solicitation Fee with respect to the Public Warrants so exercised and any documentation requested by Broker. 
 (d) Entire Solicitation Fee. The amounts to be paid to Broker under Section 2(a) above represent the entire amount payable by the Company to Broker, its agents, brokers or representatives in connection with the
services described under Section 1 of this Agreement and shall also include any amounts which are adjudicated to be owed to any third parties as a result of Broker’s commitments to such third parties. 
 (e) Broker shall be responsible for compliance with applicable state securities and “blue sky” laws in connection with the solicitation of the
Public Warrants. Broker shall notify the Company of the states of residence of holders of the Public Warrants in which Broker intends to solicit the exercise of the Public Warrants. 
 3. Representations and Warranties of the Company. The Company represents and warrants as follows: 
 (a) The Company is a corporation duly organized, validly existing and in good standing under the laws of the State of Florida and has full corporate power and authority to execute and deliver this Agreement and to consummate the
transactions contemplated hereby. This Agreement constitutes the legal, valid and binding agreement and obligation of the Company, enforceable against it in accordance with its terms, except as enforceability may be limited by bankruptcy,
insolvency, moratorium or other similar laws affecting creditors’ rights generally, including, without limitation laws regarding fraudulent or preferential transfers, or by the principles governing the availability of equitable remedies.

 (b) The Company’s Registration Statement (“Registration Statement”) on Form S-3 (File No. 333-135078), registering the
sale of the Common Shares issuable upon exercise of the Public Warrants (the “Warrant Shares”), was declared effective by the Securities and Exchange Commission (the “Commission”) on July 20, 2006. The Commission has not
issued any orders preventing or suspending the use of the Prospectus contained in the Registration Statement and the Prospectus (as modified or supplemented by information incorporated by reference into such Prospectus) as well as the Company’s
other public filings (the “SEC filings”) conforms, and during the effectiveness of this Agreement will conform, in all material respects with the requirements of the Securities Act of 1933, as amended (the “Securities Act”) and
the Securities Exchange Act of 1934, as amended, (the “Exchange Act”) and do not, and during the effectiveness of this Agreement will not, include any untrue statement of material fact or omit to state any material fact required to be
stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading. 
 (c)
The Warrant Shares have been duly authorized, have been duly reserved for issuance and upon exercise of the Public Warrants and payment to the Company of the exercise price therefor, the Warrant Shares will be validly issued, fully paid and
non-assessable. 
  

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 (d) Neither the execution and delivery of this Agreement by the Company nor the consummation of the
transactions contemplated hereby will (i) conflict with or result in any breach of any provision of the Articles of Incorporation or Bylaws of the Company, each as amended to date; (ii) require any consent, approval, authorization or
permit from, or filing with or notification to, any United States or foreign governmental or regulatory authority or other third party, except for any such consents, approvals, authorizations, permits, filings or notifications, the absence of which
would not have a material adverse effect on the Company or the Public Warrants; (iii) result in a breach of the terms, conditions or provisions of, constitute a default (or an event which, upon notice or lapse of time or both, would constitute
a default) under or cause, permit or give rise to any right of termination, cancellation or acceleration under any of the terms, conditions or provisions of any material agreement or other material instrument or obligation to which the Company is a
party or by which the Company is bound; or (iv) conflict with or result in a violation of any provision of (A) any statute, rule, regulation or ordinance which conflict or violation might have a material adverse impact on the Company or
the Public Warrants, or (B) any material order, writ, injunction, judgment, award, decree, permit or license applicable to the Company or any of the Company’s properties or assets. 
 4. Representations and Warranties of Broker. Broker represents and warrants as follows: 
 (a) Broker is a corporation or other entity duly organized, validly existing and in good standing under the laws of the state of its organization or
incorporation and has full power and authority to execute and deliver this Agreement and to consummate the transactions contemplated hereby. All proceedings on the part of Broker necessary to authorize this Agreement and the transactions
contemplated hereby have been duly and validly taken. This Agreement has been duly and validly authorized, executed and delivered by Broker, constitutes the legal, valid and binding agreement and obligation of Broker, enforceable against it in
accordance with its terms, except as enforceability may be limited by bankruptcy, insolvency, moratorium or other similar laws affecting creditors’ rights generally, including, without limitation laws regarding fraudulent or preferential
transfers, or by the principles governing the availability of equitable remedies. 
 (b) Neither the execution and delivery of this Agreement
by Broker nor the consummation of the transactions contemplated hereby will (i) conflict with or result in any breach of any provision of the governing instruments of Broker, each as amended to date; (ii) require any consent, approval,
authorization or permit from, or filing with or notification to, any United States or foreign governmental or regulatory authority or other third party, including the Securities and Exchange Commission, and the National Association of Securities
Dealers by Broker; (iii) result in a breach of the terms, conditions or provisions of, constitute a default (or an event which, upon notice or lapse of time or both, would constitute a default) under or cause, permit or give rise to any right
of termination, cancellation or acceleration under any of the terms, conditions or provisions of any material agreement or other material instrument or obligation to which Broker is a party or by which Broker is bound; or (iv) conflict with or
result in a violation of any provision of (A) any statute, rule, regulation or ordinance which conflict or violation might have a material adverse impact on Broker, including the Rules of the National Association of Securities Dealers and the
Rules and Regulations of the Commission or (B) any material order, writ, injunction, judgment, award, decree, permit or license applicable to Broker or any of Broker’s properties or assets. 
 (c) Broker is familiar with the terms of the Warrant Agreement. 
  

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 5. Indemnification. 
 (a) The Company agrees to indemnify and hold harmless Broker and each person who controls Broker within the meaning of Section 15 of the Securities Act from and against any and all losses, claims, damages or
liabilities, joint or several, to which such indemnified parties or any of them may become subject under the Securities Act, the Exchange Act, or the common law or otherwise, and the Company agrees to reimburse Broker and controlling person for any
legal or other expenses incurred by the respective indemnified parties in connection with defending against such losses, claims or liabilities or in connection with any investigation or inquiry of, or other proceeding which may be brought against,
the respective indemnified parties, in each case arising out of or based upon any untrue statement or alleged untrue statement of a material fact contained in the Registration Statement (including the Prospectus as part thereof) or any
post-effective amendment thereto, or the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading; provided, however, that the indemnity agreements
of the Company contained in this paragraph (a) shall not apply to any such losses, claims, damages, liabilities or expenses if such statement or omission was made in reliance upon and in conformity with information furnished to the Company by
or on behalf of Broker. 
 (b) Broker agrees to indemnify and hold harmless the Company, each of its officers and directors, and each person
who controls the Company within the meaning of Section 15 of the Securities Act, from and against any and all losses, claims, damages or liabilities, joint or several, to which such indemnified parties or any of them may become subject under
the Securities Act, the Exchange Act, or the common law or otherwise and to reimburse each of them for any legal or other expenses incurred by the respective indemnified parties in connection with defending against any such losses, claims, damages
or liabilities or in connection with any investigation of inquiry of, or other proceeding which may be brought against, the respective indemnified parties, in each case arising out of or based upon any untrue statement or alleged untrue statement of
a material fact or the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, if such statement or omission was made by or on behalf of Broker other
than as provided in the Registration Statement and Prospectus. 
 (c) Each party indemnified under the provision of paragraphs (a) and
(b) of this Section 5 agrees that, upon its receipt of written notification of the commencement of any investigation or inquiry of, or proceeding against, it in respect of which indemnity may be sought on account of any indemnity agreement
contained in such paragraphs, it will promptly give written notice (the “Notice”) of such notification to the party or parties from whom indemnification may be sought hereunder. No indemnification provided for in such paragraphs shall be
available to any party who shall fail so to give the Notice if the party to whom such Notice was not given was unaware of the action, suit, investigation, inquiry or proceeding to which the Notice would have related and was prejudiced by the failure
to give the Notice. Any indemnifying party shall be entitled at its own expense to participate in the defense of any action, suit or proceeding against, or investigation or inquiry of, an indemnified party. Any indemnifying party shall be entitled,
if it so elects within a reasonable amount of time after receipt of the Notice by giving written notice (herein called the Notice of Defense) to the indemnified party, to assume (alone or in conjunction with any other indemnifying party or parties)
the entire defense of such action, suit, investigation, inquiry or proceeding, in which event such defense shall be conducted, at the expense of the indemnifying party or parties, by counsel chosen by such indemnifying party or parties reasonably
satisfactory to the indemnified party or parties; provided, however, that (i) if the indemnified party or parties reasonably determine that there may be a conflict between the positions of the indemnifying party or parties and of the
indemnified party or parties in 
  

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 conducting the defense of such action, suit, investigation, inquiry or proceeding or that there may be legal defenses
available to such indemnified party or parties different from or in addition to those available to the indemnifying party or parties, then counsel for the indemnified party or parties shall be entitled to conduct the defense to the extent reasonably
determined by such counsel to be necessary to protect the interests of the indemnified party or parties and (ii) in any event, the indemnified party or parties shall be entitled to have counsel chosen by such indemnified party or parties
participate in, but not conduct, the defense. If, within a reasonable time after receipt of the Notice, an indemnifying party gives a Notice of Defense and the counsel chosen by the indemnifying party or parties is reasonably satisfactory to the
indemnified party or parties, the indemnifying party or parties will not be liable under paragraphs (a) and (b) of this Section 5 for any legal or other expenses subsequently incurred by the indemnified party or parties in connection
with the defense of the action, suit, investigation, inquiry or proceeding, except that (A) the indemnifying party or parties shall bear the legal and other expenses incurred in connection with the conduct of the defense as referred to in
clause (i) of the proviso to the preceding sentence and (B) the indemnifying party or parties shall bear such other expenses as it or they have authorized to be incurred by the indemnified party or parties. If, within a reasonable time
after receipt of the Notice, no Notice of Defense has been given, the indemnifying party or parties shall be responsible for any legal or other expenses incurred by the indemnified party or parties in connection with the defense of the action, suit,
investigation, inquiry or proceeding. 
 (d) No indemnifying party will, without the prior written consent of the indemnified party, settle
or compromise or consent to the entry of any judgment in any pending or threatened claim, action, suit or proceeding in respect of which indemnification may be sought hereunder (whether or not such indemnified party or any person who controls such
indemnified party within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act is a party to such claim, action, suit or proceeding) unless such settlement, compromise or consent includes an unconditional
release of such indemnified party and each controlling person from all liability arising out of such claim, action, suit or proceeding. 
 6.
Termination. Notwithstanding anything in this Agreement to the contrary, this Agreement may be terminated by the Company at any time and for any reason effective the close of the Company’s next business day after delivery of written notice
of termination to Broker in accordance with Section 7(e) herein. If this Agreement is terminated pursuant to this Section 6, this Agreement shall thereafter have no effect except for (i) the Company’s obligation to pay the
Solicitation Fee for exercises of Public Warrants prior to the effectiveness of said termination and (ii) both parties’ indemnification obligations under Section 5 above, all of which shall survive the termination of this Agreement.

 7. Miscellaneous. 
 (a) Survival of
Representations and Warranties. The parties’ respective representations and warranties contained in this Agreement shall survive until three years after the termination of this Agreement at which time they shall expire and be deemed terminated
and thereafter neither party may claim any damage for breach thereof. 
 (b) Amendment and Waiver. Any term or provision of this Agreement
may be waived at any time by the party which is entitled to the benefits thereof, but only in a writing signed by such party, and this Agreement may be amended or supplemented at any time, but only by written agreement of the Company and Broker. Any
such waiver with respect to a failure to observe any such provision shall not operate as a waiver of any subsequent failure to observe such provision unless otherwise expressly provided in such waiver. 
  

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 (c) Expenses. Except as otherwise provided in this Agreement, the Company and Broker shall pay their
respective fees, commissions, costs, and other expenses, separately incurred in connection with the preparation and execution of this Agreement and the consummation of the transactions contemplated hereby. 
 (d) Entire Agreement. This Agreement contains the entire agreement between the Company and Broker with respect to the solicitation of the exercise of the
Public Warrants and the related transactions and supersedes all prior arrangements or understandings with respect thereto. 
 (e) Notices.
All notices, consents, requests, instructions, approvals and other communications provided for herein shall be validly given, made or served, if in writing and delivered personally or sent by fax (except for legal process) or certified mail, postage
prepaid, to: 
  

			
	 	  	Company:
		
		  	Action Products International, Inc.
		  	1101 No. Keller Rd., Suite E
		  	Orlando, FL 32810
		  	Attn: John R. Oliver
		  	Chief Financial Officer
		  	Fax No: (419) 781-3805
		
		  	With copies to:
		
		  	Tarter Krinsky & Drogin LLP
		  	470 Park Avenue South, 14th Floor
		  	New York, NY 10016
		  	Attn: James G. Smith, Esq.
		  	Fax No: (212) 481-9062
		
	Broker:	  	Brookstreet Securities Corporation
		  	5207 Razorback Ct.
		  	Orlando, FL 32819
		  	Attn: Keith T. Zdrowak
		  	Financial Consultant
		  	Fax No: 407-296-4588

 or to such other address or fax number as any party hereto may, from time to time, designate in a written notice
given in a like manner. Notice given by fax shall be deemed delivered on the day the sender receives confirmation that such notice was received at the fax number of the addressee, provided that if the faxed notice is transmitted by the sender after
5:00 p.m. (Eastern time), it shall be deemed to have been delivered the following day. Notice given by mail as set out above shall be deemed delivered three calendar days after the date the same is postmarked. 
 (f) Assignment. Except as provided in the following sentence, this Agreement may not be assigned, by operation of law or otherwise, and any attempt to do
so shall be void. This Agreement shall be binding upon and inure to the benefit of successors and assigns of the parties hereto. 
  

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 (g) Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the
State of New York without giving effect to conflicts of laws. 
 (h) Arbitration. The parties agree that any controversy, claim or dispute
arising out of or relating to this Agreement shall be settled by arbitration before a single arbitrator to be in the City of New York, State of New York in accordance with the Commercial Arbitration Rules of the American Arbitration Association then
in effect. Judgment may be entered on the Arbitrator’s award in any court having jurisdiction, and the parties consent to the jurisdiction of the courts of New York for this purpose. 
 (i) Construction of Agreement. Each of the parties hereto acknowledges and agrees that no provision in this Agreement is to be interpreted for or against
any party because that party or that party’s legal representative drafted the provision. 
 (j) Counterparts. This Agreement may be
executed in one or more counterparts, each of which shall be deemed to be an original, but all of which together shall constitute one and the same instrument. 
 [remainder of page intentionally left blank] 
  

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 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed as of the date and
year first above written. 
  

			
	ACTION PRODUCTS INTERNATIONAL, INC.
		
	By:	 	 /s/ JOHN R. OLIVER

	Name:	 	John R. Oliver
	Title:	 	Chief Financial Officer
	
	BROOKSTREET SECURITIES CORPORATION
		
	By:	 	 /s/ KATHLEEN M. MCPHERSON

	Name:	 	Kathleen M. McPherson
	Title:	 	Executive Vice President of Administration

  

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