Document:

EX-10.1

 Exhibit 10.1 

Execution Version 
  

 
 SENIOR UNSECURED REVOLVING
CREDIT AGREEMENT 
 dated as of April 29, 2015 

between 
 Westlake
Chemical Partners LP 
 as Borrower 

and 
 Westlake Chemical
Finance Corporation 
 as Lender 
  

 

 TABLE OF CONTENTS 

 

							
	 ARTICLE I
		 DEFINITIONS; CONSTRUCTION
		 	1	  
			
	 Section 1.1
		 Definitions
		 	1	  
			
	 Section 1.2
		 Other Definitional Provisions
		 	5	  
			
	 Section 1.3
		 Accounting Terms and Principles
		 	6	  
			
	 ARTICLE II
		 AMOUNT AND TERMS OF THE LOANS
		 	6	  
			
	 Section 2.1
		 Loan Commitment
		 	6	  
			
	 Section 2.2
		 Borrowing Procedure
		 	6	  
			
	 Section 2.3
		 Optional Reduction and Termination of Loan Commitment
		 	6	  
			
	 Section 2.4
		 Repayment of Loans
		 	6	  
			
	 Section 2.5
		 Prepayment
		 	7	  
			
	 Section 2.6
		 Interest on Loans
		 	7	  
			
	 Section 2.7
		 Computation of Interest; Underpayment
		 	7	  
			
	 Section 2.8
		 Evidence of Debt
		 	7	  
			
	 Section 2.9
		 Payments Generally
		 	8	  
			
	 Section 2.10
		 Taxes
		 	8	  
			
	 Section 2.11
		 Illegality
		 	8	  
			
	 ARTICLE III
		 CONDITIONS PRECEDENT TO LOANS
		 	8	  
			
	 Section 3.1
		 Conditions to Effectiveness
		 	8	  
			
	 Section 3.2
		 Conditions to Making of each Loan
		 	9	  
			
	 ARTICLE IV
		 REPRESENTATIONS AND WARRANTIES OF BORROWER
		 	9	  
			
	 Section 4.1
		 Corporate Existence
		 	9	  
			
	 Section 4.2
		 Power; Authorization; Enforceable Obligations
		 	9	  
			
	 Section 4.3
		 No Legal Bar
		 	10	  
			
	 Section 4.4
		 No Default
		 	10	  
			
	 Section 4.5
		 Use of Proceeds
		 	10	  
			
	 ARTICLE V
		 REPRESENTATIONS AND WARRANTIES OF LENDER
		 	10	  
			
	 Section 5.1
		 Organization of Lender
		 	10	  
			
	 Section 5.2
		 Power; Authorization; Enforceable Obligations
		 	10	  
			
	 Section 5.3
		 No Legal Bar
		 	11	  
			
	 ARTICLE VI
		 COVENANTS
		 	11	  
			
	 Section 6.1
		 Delivery of Financial Information
		 	11	  

							
	 Section 6.2
		 Notice of Default
		 	12	  
			
	 Section 6.3
		 Conduct of Business and Maintenance of Existence, etc
		 	12	  
			
	 Section 6.4
		 Consolidated Leverage Ratio
		 	12	  
			
	 ARTICLE VII
		 EVENTS OF DEFAULT
		 	13	  
			
	 Section 7.1
		 Events of Default
		 	13	  
			
	 ARTICLE VIII
		 MISCELLANEOUS
		 	14	  
			
	 Section 8.1
		 Notices
		 	14	  
			
	 Section 8.2
		 Waiver; Amendments
		 	14	  
			
	 Section 8.3
		 Expenses; Indemnification
		 	14	  
			
	 Section 8.4
		 Successors and Assigns
		 	15	  
			
	 Section 8.5
		 Governing Law
		 	16	  
			
	 Section 8.6
		 Proceedings
		 	16	  
			
	 Section 8.7
		 Waiver of Jury Trial
		 	16	  
			
	 Section 8.8
		 Counterparts; Integration
		 	16	  
			
	 Section 8.9
		 Survival
		 	17	  
			
	 Section 8.10
		 Severability
		 	17	  
			
	 Section 8.11
		 No Waiver
		 	17	  

 SENIOR UNSECURED REVOLVING CREDIT AGREEMENT 

THIS SENIOR UNSECURED REVOLVING CREDIT AGREEMENT (this “Agreement”) is made and entered into as of April 29, 2015
by and among Westlake Chemical Finance Corporation, a Delaware corporation (the “Lender”) and Westlake Chemical Partners LP, a Delaware limited partnership (the “Borrower”). 

W I T N E S S E T H: 

WHEREAS, the Borrower has requested that the Lender make loans to the Borrower from time to time in an aggregate principal amount of up
to $300,000,000; and 
 WHEREAS, subject to the terms and conditions of this Agreement, the Lender is willing to make the
requested loans to the Borrower. 
 NOW, THEREFORE, in consideration of the premises and the mutual covenants herein
contained, the Borrower and the Lender agree as follows: 
 ARTICLE I 

DEFINITIONS; CONSTRUCTION 

Section 1.1 Definitions. The following terms used herein shall have the meanings herein specified (to be equally applicable to both
the singular and plural forms of the terms defined): 
 “Affiliate” shall mean, with respect to any Person, any other
Person that directly or indirectly through one or more intermediaries Controls, is Controlled by or is under common Control with, the Person in question. 

“Agreement” shall have the meaning assigned to such term in the opening paragraph of this Agreement. 

“Applicable Margin” shall mean, for any day, the applicable rate per annum as set forth in the table below: 

 

							
	 Category
	  	Consolidated
Leverage Ratio	  	Applicable
Margin for
Loan Interest
Rate	 
	 1
	  	£ 3.0x	  	 	2.00	% 
	 2
	  	> 3.0x to £ 3.5x	  	 	2.25	% 
	 3
	  	> 3.5x to £ 4.0x	  	 	2.50	% 
	 4
	  	> 4.0x to £ 4.5x	  	 	2.75	% 
	 5
	  	> 4.5x	  	 	3.00	% 

 Effective as of the beginning of each Interest Period, the Applicable Margin shall be adjusted upward or downward, as
applicable, to the respective percentages shown in the table above based on the Consolidated Leverage Ratio as of the end of the fiscal quarter ending immediately prior to such Interest Period. For purposes hereof, any such adjustment in the
respective amounts of the Applicable Margin, whether upward or downward, shall be determined based on the 

  
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Consolidated Leverage Ratio set forth in the Compliance Certificate with respect to such prior fiscal quarter in accordance with the terms of Section 6.1(c) (subject to
redetermination as set forth in Section 2.7, if applicable, in the case of the Compliance Certificate with respect to fourth fiscal quarter of each year) and shall be given retroactive effect to the beginning of such Interest Period;
provided, however, if any such Compliance Certificate is not delivered at least one (1) Business Day prior to the relevant Quarterly Payment Date, the Applicable Margin for the portion of the related Interest Period for which
interest is being paid on such Quarterly Payment Date will be the applicable rate per annum set forth above in Category 5; provided further, that the Applicable Margin commencing on the date hereof and continuing until the next
occurring upward or downward adjustment of the Applicable Margin, as hereinabove provided, shall be the applicable rate per annum set forth above in Category 1. 

“Availability Period” shall mean the period from and including the date hereof to but excluding the earlier of the Maturity
Date and the date of termination of the Loan Commitment. 
 “Borrower” shall have the meaning assigned to such term in the
opening paragraph of this Agreement. 
 “Business Day” shall mean any day other than Saturday, Sunday or a day on
which banks located in New York, New York or Houston, Texas are authorized or obligated to close. 
 “Cash Payment” shall
have the meaning set forth in Section 2.6(b). 
 “Code” shall mean the United States Internal Revenue Code of
1986, as amended from time to time. 
 “Compliance Certificate” shall mean a certificate substantially in the form of
Exhibit A. 
 “Consolidated EBITDA” shall mean, with respect to any period, (i) the consolidated net income of
the Borrower and its subsidiaries on a consolidated basis for such period as determined in accordance with GAAP and as reported on the financial statements for such period plus (ii) to the extent deducted in the determination of such
consolidated net income, interest expense, Federal, state, local and foreign income taxes, depreciation and amortization. 

“Consolidated Funded Indebtedness” shall mean, as of any date of determination, for the Borrower and its subsidiaries on a
consolidated basis, the sum of, without duplication, (a) the outstanding principal amount of all obligations, whether current or long-term, for borrowed money (including Obligations hereunder) and all
obligations evidenced by bonds, debentures, notes, loan agreements or other similar instruments, (b) all purchase money indebtedness, (c) all direct obligations arising under letters of credit (including standby and commercial),
bankers’ acceptances, bank guaranties, surety bonds and similar instruments, (d) all obligations in respect of the deferred purchase price of property or services (other than trade accounts payable in the ordinary course of business),
(e) all obligations and liabilities of any such Person secured by any lien on property of such Person, (f) all obligations or liabilities created or arising under any capital lease or conditional sale or other title retention agreement
with respect to property used or acquired by any such Person, (g) without duplication, all guarantees with respect to outstanding indebtedness of the types specified in clauses (a) through (f) above of Persons other than
the 

  
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Borrower or any subsidiary, and (h) all indebtedness of the types referred to in clauses (a) through (g) above of any partnership or joint venture (other than a joint
venture that is itself a corporation or limited liability company) in which the Borrower or any subsidiary is a general partner or joint venturer. 

“Consolidated Leverage Ratio” shall mean, as of any date of determination, the ratio of (a) Consolidated Funded
Indebtedness as of such date to (b) Consolidated EBITDA for the most recently completed four (4) fiscal quarters for which financial statements have been delivered hereunder. 

“Control” shall mean the possession, direct or indirect, of the power to direct or cause the direction of the management and
policies of a Person, whether through ownership of voting securities, by contract or otherwise. 
 “Corporate Facility”
shall mean that certain Third Amended and Restated Credit Agreement, dated as of July 17, 2014, among the lenders parties thereto, Bank of America, N.A., as agent for such lenders, and Parent and certain of its domestic subsidiaries, as
borrowers, as the same may be amended, restated, amended and restated, supplemented or otherwise modified from time to time. 

“Default” shall mean any of the events specified in Article VII, whether or not any requirement for the giving of
notice, the lapse of time, or both, has been satisfied. 
 “Default Interest” shall have the meaning set forth in
Section 2.6(c). 
 “Default Interest Rate” shall mean the Loan Interest Rate plus an additional
2% per annum. 
 “Dollars” and “$” shall mean the lawful currency of the United States of America.

 “Event of Default” shall mean any of the events specified in Article VII, provided that any requirement for the
giving of notice, the lapse of time, or both, has been satisfied. 
 “Excluded Taxes” shall mean, with respect to the
Lender, (a) taxes imposed on or measured by its overall net income, franchise taxes, and any branch profits or similar tax imposed on it by any jurisdiction or (b) any U.S. federal withholding tax that is imposed on amounts payable to the
Lender at the time the Lender becomes a party hereto (or designates a new lending office), except to the extent the Lender (or its assignor, if any) was entitled, at the time of designation of a new lending office (or assignment), to receive
additional amounts from the Borrower with respect to such withholding tax pursuant to Section 2.10. 
 “GAAP”
shall mean United States generally accepted accounting principles applied on a consistent basis. 
 “Governmental
Authority” shall mean any nation or government, any state or other political subdivision thereof and any entity exercising executive, legislative, judicial, regulatory or administrative authority or functions of or pertaining to government.

  
 3 

 “Interest Period” shall mean each fiscal quarter period ending on the last day
of March, June, September and December. 
 “Lender” shall have the meaning assigned to such term in the opening
paragraph of this Agreement. 
 “Lender Indemnitee” shall mean the Lender and each of the directors, officers,
employees, agents, trustees, representatives, attorneys and consultants of or to the Lender. 
 “LIBOR” shall mean, with
respect to any Loan, the three (3) month LIBOR rate as reported by Bloomberg.com, The Wall Street Journal or such other reputable source as the Lender may select, in each case as of the date that is two (2) Business Days before the first
day of each Interest Period. 
 “Loan” shall have the meaning set forth in Section 2.1(a). 

“Loan Commitment” shall mean the obligation of the Lender to make Loans hereunder in an aggregate principal amount at any
time outstanding not exceeding $300,000,000. 
 “Loan Documents” shall mean, collectively, this Agreement and each Notice
of Borrowing. 
 “Loan Interest Rate” shall mean, with respect to any Loan, LIBOR in effect from time to time (as the same
may vary from Interest Period to Interest Period) plus the Applicable Margin for Loan Interest Rate (as set forth in, and determined in accordance with, the definition of “Applicable Margin”). 

“Material Adverse Effect” shall mean a material adverse effect on any of the following: (a) the business, condition
(financial or otherwise), operations, performance or properties of the Borrower; (b) the ability of the Borrower to perform its obligations hereunder; or (c) the ability of the Lender to enforce its rights and remedies hereunder. 

“Maturity Date” shall mean April 29, 2018. 

“Notice of Borrowing” shall have the meaning set forth in Section 2.2. 

“Obligations” shall mean, with respect to the Borrower, the unpaid principal of and interest on (including, without
limitation, interest accruing after the maturity of the Loans and interest accruing after the filing of any petition in bankruptcy, or the commencement of any insolvency, reorganization or like proceeding, relating to the Borrower, whether or not a
claim for post-filing or post-petition interest is allowed in such proceeding) the Loans and all other obligations and liabilities of the Borrower to the Lender, whether direct or indirect, absolute or contingent, due or to become due, or now
existing or hereafter incurred, which may arise under, out of, or in connection with, any Loan Document. 
 “OpCo” shall
mean Westlake Chemical OpCo LP. 

  
 4 

 “Outstanding Amount” shall mean with respect to Loans on any date, the aggregate
principal amount of Loans outstanding on such date after giving effect to any borrowings and prepayments or repayments of Loans occurring on such date. 

“Parent” shall mean Westlake Chemical Corporation. 

“Payment Office” shall mean the office of the Lender located at 2801 Post Oak Boulevard, Suite 600, Houston, Texas 77056, or
such other location as to which the Lender shall have given written notice to the Borrower. 
 “Payment Period” shall mean
each period commencing on a Quarterly Payment Date and ending on the date preceding the next Quarterly Payment Date; provided that the first Payment Period shall begin on the date hereof. 

“Person” shall mean an individual, partnership, corporation, limited liability company, business trust, joint stock company,
trust, unincorporated association, joint venture, Governmental Authority or other entity of whatever nature. 
 “PIK
Payment” shall have the meaning set forth in Section 2.6(b). 
 “Quarterly Payment Date” shall mean
the last Business Day of each February, May, August and November. 
 “Specified Acquisition” shall mean the acquisition by
the Borrower, in one transaction or a series of related transactions, of (a) all or substantially all the assets of a Person or line of business of such Person, or not less than 100% of the equity interests of such Person, provided that
(i) at least 90% of the income of such acquired assets or Person shall constitute “qualifying income” within the meaning of Section 7704(d) of the Code and (ii) the aggregate fair market value of cash and non-cash
consideration for such acquisition is at least $75,000,000 or (b) limited partner interests in OpCo for which the aggregate fair market value of cash and non-cash consideration is at least $75,000,000. 

“Specified Acquisition Period” shall mean a period from and after a Specified Acquisition to and including the last day of
the fourth full fiscal quarter following the fiscal quarter in which such Specified Acquisition occurred. 
 “Taxes” shall
mean all present or future taxes, levies, imposts, duties, deductions, withholdings (including backup withholding), assessments, fees or other charges imposed by any Governmental Authority, including any interest, additions to tax or penalties
applicable thereto, provided that “Taxes” shall not include Excluded Taxes. 
 Section 1.2 Other Definitional
Provisions. 
 (a) Unless otherwise specified therein, all terms defined in this Agreement shall have the defined meanings when used in the
other Loan Documents or any certificate or other document made or delivered pursuant hereto or thereto. 

  
 5 

 (b) The words “hereof”, “herein” and
“hereunder” and words of similar import when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement, and Section, Schedule and Exhibit references are to this Agreement
unless otherwise specified. 
 (c) The meanings given to terms defined herein shall be equally applicable to both the singular and plural
forms of such terms. 
 (d) The term “Lender” shall include, without limitation, its successors. 

Section 1.3 Accounting Terms and Principles. Except as set forth below, all accounting terms not specifically defined herein shall
be construed in conformity with GAAP and all accounting determinations required to be made pursuant hereto shall, unless expressly otherwise provided herein, be made in conformity with GAAP. 

ARTICLE II 
 AMOUNT AND
TERMS OF THE LOANS 
 Section 2.1 Loan Commitment. 

(a) Subject to the terms and conditions set forth herein, the Lender agrees to make revolving loans (each a “Loan” and,
collectively, the “Loans”) to the Borrower during the Availability Period in an aggregate principal amount at any time outstanding not to exceed the Loan Commitment. The Loans shall be used for the purposes set forth in
Section 4.5. 
 (b) During the Availability Period, the Borrower shall be entitled to borrow, prepay or repay, and reborrow the
Loans in accordance with the provisions hereof. 
 Section 2.2 Borrowing Procedure. The Borrower shall give the Lender five
(5) Business Days’ prior written notice (or telephonic notice promptly confirmed in writing) of each borrowing to be made by the Borrower substantially in the form of Exhibit B (a “Notice of Borrowing”); provided that the Notice
of Borrowing with respect to the initial borrowing on the date hereof may be delivered on the date hereof. 
 Section 2.3
Optional Reduction and Termination of Loan Commitment. Upon three (3) Business Days’ written notice to the Lender signed by the Borrower, the Borrower may terminate the Loan Commitment, or permanently reduce the Loan Commitment to an
amount not less than the then Outstanding Amount of all Loans, provided that each partial reduction of the Loan Commitment shall be in integral multiples of $1,000,000 (or such lesser amount as agreed by the Lender). 

Section 2.4 Repayment of Loans. On the Maturity Date, the Borrower shall repay in full all Obligations. 

  
 6 

 Section 2.5 Prepayment. At any time, the Borrower may voluntarily prepay in whole or
in part the Loans (together with accrued and unpaid interest thereon) without premium or penalty. 
 Section 2.6 Interest on
Loans. 
 (a) The Loans shall accrue interest at the Loan Interest Rate. 

(b) The Borrower shall pay interest due and payable on the Loans in arrears on each Quarterly Payment Date for the Payment Period most recently
ended; provided that the Borrower may pay all or a portion of such interest by adding such amount to the principal amount hereunder (a “PIK Payment”), with the remaining interest (if any) to be paid fully in cash (a
“Cash Payment”). A PIK Payment shall be deemed to be made with respect to the portion (if any) of the interest due and payable hereunder for which a Cash Payment is not received by the Lender on the applicable Quarterly Payment
Date. For all purposes hereof, references to “principal amount” of the Loans includes any increase in the principal amount as a result of a PIK Payment. 

(c) While an Event of Default exists or after acceleration of the Loans in accordance with Article VII, at the option of the Lender,
interest on the unpaid principal amount of the Loans (and any unpaid interest with respect thereto) will accrue at the Default Interest Rate (the “Default Interest”). All Default Interest will be payable by the Borrower upon demand
by the Lender. 
 Section 2.7 Computation of Interest; Underpayment. All computations of interest shall be made by the Lender on
the basis of a year of 360 days. Each determination by the Lender of an interest amount hereunder shall, except for manifest error, be final, conclusive and binding for all purposes. To the extent the Lender determines that the Borrower has
paid less than the required interest payment (whether a PIK Payment or a Cash Payment) on a Quarterly Payment Date on account of any redetermination of the Applicable Margin resulting from a difference between the audited financial statements
delivered pursuant to Section 6.1(a) and the unaudited financial statements delivered pursuant to Section 6.1(b) for the fourth (4th) fiscal quarter of any year, the Lender may
request that the Borrower pay over such shortfall (as a PIK Payment or a Cash Payment, in accordance with Section 2.6(b)) at the next Quarterly Payment Date or, if earlier occurring, the Maturity Date. 

Section 2.8 Evidence of Debt. The Loans made by the Lender shall be evidenced by one or more accounts or records maintained by the
Lender. The accounts or records maintained by the Lender shall be conclusive absent manifest error of the amount of the Loans made by the Lender to the Borrower and the interest and payments thereon. Any failure so to record or any error in doing so
shall not, however, limit or otherwise affect the obligation of the Borrower hereunder to pay any amount owing with respect to the Loans. 

  
 7 

 Section 2.9 Payments Generally. (a) All payments by the Borrower to the Lender
hereunder shall be made to the Lender at the Payment Office in immediately available funds without setoff or counterclaim. If any payment hereunder shall be due on a day that is not a Business Day, the date for payment shall be extended to the
next succeeding Business Day, and, in the case of the payment accruing interest, interest thereon shall be made payable for the period of such extension. All payments hereunder shall be made in Dollars. 

(b) If on the Maturity Date insufficient funds are received by and available to the Lender to pay fully all amounts of principal and interest
due hereunder, such funds shall be applied (i) first, towards payment of interest, and (ii) second, towards payment of principal due hereunder. 

Section 2.10 Taxes. (a) Any and all payments by the Borrower under each Loan Document shall be made free and clear of and
without deduction for any and all present or future Taxes. If any Taxes shall be required by law to be deducted from or in respect of any sum payable under any Loan Document to the Lender, then the Borrower shall be entitled to make such deduction
or withholding and shall timely pay the full amount deducted or withheld to the relevant Governmental Authority in accordance with applicable law and the sum payable by the Borrower shall be increased as necessary so that after such deduction or
withholding has been made (including such deductions and withholdings of Taxes applicable to additional sums payable under this Section) the Lender receives an amount equal to the sum it would have received had no such deduction or withholding been
made. 
 (b) The Borrower and the Lender agree that the Loans shall be (and they expect the Loans to be) treated as debt for tax purposes,
and neither the Borrower nor the Lender shall take a position contrary to this position on any tax return or through any other action, unless required by a final judgment of a court of competent jurisdiction (as reasonably determined by the Borrower
and the Lender in good faith). 
 Section 2.11 Illegality. Notwithstanding any other provision of this Agreement, if the Lender
determines that it is unlawful for the Lender to make Loans or to continue to fund or maintain Loans, then, on notice thereof and demand therefor by the Lender to the Borrower, (i) the obligation of the Lender to make or to continue Loans shall
be suspended, and (ii) if Loans are then outstanding, the Borrower shall prepay such Loans within five (5) Business Days after notice thereof and demand therefor by the Lender; provided that prior to delivering any such notice or making
any such demand the Lender shall use commercially reasonable efforts to assign its rights and obligations hereunder to an Affiliate of the Lender if such assignment would eliminate the need for such notice or demand. 

ARTICLE III 
 CONDITIONS
PRECEDENT TO LOANS 
 Section 3.1 Conditions to Effectiveness. This Agreement shall become effective upon the execution and
delivery of this Agreement by the Borrower and the Lender. 

  
 8 

 Section 3.2 Conditions to Making of each Loan. The obligations hereunder of the
Lender to make each Loan are subject to the satisfaction (or waiver in accordance with Section 8.2) of the following conditions as of the date each Loan is made: 

(a) The Lender shall have received a signed Notice of Borrowing from the Borrower requesting the making of a Loan on the date specified therein
(which shall be no later than the last day of the Availability Period). 
 (b) At the time of and immediately after giving effect to the
making of the requested Loan, the aggregate Outstanding Amount shall not be in excess of the Loan Commitment. 
 (c) At the time of and
immediately after giving effect to the making of the requested Loan, no Default or Event of Default shall exist. 
 (d) At the time of and
immediately after giving effect to the making of the requested Loan, all representations and warranties of the Borrower set forth in the Loan Documents shall be true and correct in all material respects on and as of such date. 

ARTICLE IV 

REPRESENTATIONS AND WARRANTIES OF BORROWER 

To induce the Lender to enter into this Agreement and to make each Loan, the Borrower hereby represents and warrants to the Lender for itself
that: 
 Section 4.1 Corporate Existence. The Borrower is duly organized, validly existing and in good standing under the laws of
the jurisdiction of its organization. 
 Section 4.2 Power; Authorization; Enforceable Obligations. 

(a) The Borrower has the power and authority, and the legal right, to make, deliver and perform the Loan Documents to which it is a party and
to borrow hereunder. The Borrower has taken all necessary action to authorize the execution, delivery and performance of the Loan Documents to which it is a party and to authorize the borrowings on the terms and conditions of this Agreement. 

(b) No consent or authorization of, filing with, notice to or other act by or in respect of any Governmental Authority or any other Person is
required to be obtained by the Borrower in connection with (i) the borrowings hereunder, (ii) the execution, delivery, validity or enforceability of this Agreement or any of the other Loan Documents, or (iii) the performance of this
Agreement or any of the other Loan Documents, except, in each case, for routine consents, authorizations, filings and notices required to be made in the ordinary course of business. 

(c) This Agreement has been, and, upon execution, each Loan Document shall have been, duly executed and delivered on behalf of the Borrower.

 (d) This Agreement constitutes, and each other Loan Document upon execution will constitute, a legal, valid and binding obligation of the
Borrower, enforceable against the Borrower in accordance with its terms, except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the enforcement of creditors’ rights
generally and by general equitable principles (whether enforcement is sought by proceedings in equity or at law). 

  
 9 

 Section 4.3 No Legal Bar. The execution, delivery and performance of this Agreement
and the other Loan Documents by the Borrower, the borrowings hereunder and the use of the proceeds thereof will not violate any applicable law, the Borrower’s organizational documents or any material agreement of the Borrower. 

Section 4.4 No Default. No Default or Event of Default has occurred and is continuing. 

Section 4.5 Use of Proceeds. The proceeds of each Loan shall be used solely to repay funds borrowed under affiliate agreements for
expansion projects, and to fund corporate overhead, acquire assets and partnership interests in OpCo and/or equity interests in third parties, and pay distributions to the Borrower’s limited partners on a pro rata basis, and for other general
corporate purposes. 
 ARTICLE V 

REPRESENTATIONS AND WARRANTIES OF LENDER 

The Lender hereby represents and warrants to the Borrower for itself that: 

Section 5.1 Organization of Lender. The Lender is duly organized, validly existing and in good standing under the laws of
the jurisdiction of its organization. 
 Section 5.2 Power; Authorization; Enforceable Obligations. 

(a) The Lender has the power and authority, and the legal right, to execute and deliver this Agreement and to perform its obligations hereunder
and to consummate the transactions contemplated hereby. The execution and delivery by Lender of this Agreement, and the performance of its obligations hereunder, have been duly and validly authorized by all necessary actions of the Lender. 

(b) No consent or authorization of, filing with, notice to or other act by or in respect of any Governmental Authority or any other Person is
required to be obtained by the Lender in connection with (i) the Loans hereunder, (ii) the execution, delivery, validity or enforceability of this Agreement or any of the other Loan Documents, or (iii) the performance of this
Agreement or any of the other Loan Documents, except, in each case, for routine consents, authorizations, filings and notices required to be made in the ordinary course of business. 

  
 10 

 (c) This Agreement has been duly executed and delivered on behalf of the Lender. 

(d) This Agreement constitutes a legal, valid and binding obligation of the Lender, enforceable against the Lender in accordance with its
terms, except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the enforcement of creditors’ rights generally and by general equitable principles (whether enforcement is
sought by proceedings in equity or at law). 
 Section 5.3 No Legal Bar. The execution, delivery and performance of this
Agreement by the Lender and the consummation by the Lender of the transactions contemplated hereby will not (i) contravene, result in any breach of, or constitute a default under, any charter or bylaws or other organizational documents of the
Lender, or any material agreement or instrument to which the Lender is a party, (ii) conflict with or result in a breach of any of the terms, conditions or provisions of any order of any court, arbitrator or Governmental Authority applicable to
the Lender, or (iii) violate any applicable law. To the knowledge of Lender, no “Default” or “Event of Default” or similar event has occurred and is continuing under the Corporate Facility or the other material debt
instruments of Parent nor will a “Default” or “Event of Default” or similar event exist under the Corporate Facility or the other material debt instruments of Parent after giving effect to the transactions contemplated hereby,
including, without limitation, each borrowing hereunder. 
 ARTICLE VI 

COVENANTS 

Section 6.1 Delivery of Financial Information. The Borrower shall deliver to the Lender: 

(a) within ninety (90) days after the end of each fiscal year of the Borrower (commencing with the fiscal year ending December 31,
2015), its audited consolidated balance sheet and related consolidated statements of income, stockholders’ equity and cash flows as of the end of and for such fiscal year, setting forth in each case in comparative form the figures for the prior
fiscal year, all audited by and accompanied by the opinion of an independent registered public accounting firm of recognized national standing to the effect that such consolidated financial statements present fairly, in all material respects, the
financial position, results of operations and cash flows of the Borrower and its consolidated subsidiaries on a consolidated basis as of the end of and for such year in accordance with GAAP; 

  
 11 

 (b) within forty-five (45) days after the end of each of the four (4) fiscal quarters
of each fiscal year of the Borrower, its consolidated balance sheet and related consolidated statements of income, stockholders’ equity and cash flows as of the end of and for such fiscal quarter and the then elapsed portion of the fiscal year,
setting forth in each case in comparative form the figures for the corresponding period or periods of (or, in the case of the balance sheet, as of the end of) the prior fiscal year, all certified by a financial officer of the Borrower as presenting
fairly, in all material respects, the financial position, results of operations and cash flows of the Borrower and its consolidated subsidiaries on a consolidated basis as of the end of and for such fiscal quarter and such portion of the fiscal year
in accordance with GAAP, subject to normal year-end audit adjustments and the absence of certain footnotes; 
 (c) concurrently with the
financial statements provided for in clauses (a) and (b), a Compliance Certificate with respect to the period to which such financial statements relate; and 

(d) such financial or other information in respect of its business and financial status as the Lender may reasonably require. 

Information required to be delivered pursuant to clauses (a) and (b) above shall be deemed to have been delivered if such information,
or one or more annual or quarterly reports containing such information, shall be available on the website of the Securities Exchange Commission at http://www.sec.gov. 

Section 6.2 Notice of Default. The Borrower shall give notice to the Lender of the occurrence of any Default or Event of Default as
soon as reasonably practicable after obtaining knowledge of the occurrence thereof. 
 Section 6.3 Conduct of Business and
Maintenance of Existence, etc. The Borrower will (a) (i) preserve, renew and keep in full force and effect its corporate or other existence and (ii) take all reasonable action to maintain all rights, privileges and franchises
necessary or desirable in the normal conduct of its business, in each case to the extent that failure to do so could not reasonably be expected to have a Material Adverse Effect; and (b) comply with all agreements and requirements of applicable
law, except to the extent (1) the same are being contested in good faith by appropriate proceedings diligently conducted or (2) that failure to comply therewith could not reasonably be expected to have a Material Adverse Effect. 

Section 6.4 Consolidated Leverage Ratio. Commencing with the fiscal quarter ending June 30, 2015, the Borrower will not permit
the Consolidated Leverage Ratio as of the last day of any fiscal quarter to be greater than 4.50:1.00 or, as of the last day of any fiscal quarter during a Specified Acquisition Period, to be greater than 5.50:1.00. 

  
 12 

 ARTICLE VII 

EVENTS OF DEFAULT 

Section 7.1 Events of Default. If any of the following events shall occur and be continuing: 

(a) The Borrower shall fail to pay the principal of the Loans on the date when due (including the Maturity Date) in accordance with the terms
hereof; or the Borrower shall fail to pay any interest on the Loans, or any other amount payable hereunder, within five (5) Business Days after any such interest or other amount becomes due in accordance with the terms hereof; or 

(b) Any representation or warranty made or deemed made by the Borrower herein or in any other Loan Document shall prove to have been inaccurate
in any material respect on or as of the date made or deemed made or furnished; or 
 (c) The Borrower shall default in the observance or
performance of any agreement contained in this Agreement to be performed by it (other than as provided in clause (a) of this Section 7.1), and such default shall continue unremedied for a period of thirty (30) days after
written notice thereof shall have been given to the Borrower by the Lender; or 
 (d) (i) The Borrower or OpCo (each, a “Subject
Person”) shall commence any case, proceeding or other action (A) under any existing or future law of any jurisdiction, domestic or foreign, relating to bankruptcy, insolvency, reorganization or relief of debtors, seeking to have an
order for relief entered with respect to it, or seeking to adjudicate it a bankrupt or insolvent, or seeking reorganization, arrangement, adjustment, winding up, liquidation, dissolution, composition or other relief with respect to it or its debts,
or (B) seeking appointment of a receiver, trustee, custodian, conservator or other similar official for it or for all or any substantial part of its assets, or any Subject Person shall make a general assignment for the benefit of its creditors;
or (ii) there shall be commenced against any Subject Person any case, proceeding or other action of a nature referred to in clause (i) above that (A) results in the entry of an order for relief or any such adjudication or
appointment or (B) remains undismissed, undischarged or unbonded for a period of sixty (60) days; or (iii) there shall be commenced against any Subject Person any case, proceeding or other action seeking issuance of a warrant of
attachment, execution, distraint or similar process against all or any substantial part of its assets that results in the entry of an order for any such relief that shall not have been vacated, discharged, or stayed or bonded pending appeal within
sixty (60) days from the entry thereof; or (iv) any Subject Person shall take any action in furtherance of, or indicating its consent to, approval of, or acquiescence in, any of the acts set forth in clause (i), (ii) or
(iii) above; or (v) any Subject Person shall generally not, or shall be unable to, or shall admit in writing its inability to, pay its debts as they become due; 

then, and in any such event, (A) if such event is an Event of Default specified in clause (d) above, the Loan Commitment shall terminate
immediately and all Obligations shall immediately become due and payable, and (B) if such event is any other Event of Default, the Lender may, by notice to the Borrower, terminate the Loan Commitment, whereupon the Loan Commitment shall
terminate immediately, and declare all Obligations to be due and payable forthwith, whereupon the same shall immediately become due and payable. 

  
 13 

 ARTICLE VIII 

MISCELLANEOUS 

Section 8.1 Notices. 

(a) Addresses for Notices. All notices, demands, requests, consents and other communications provided for in this Agreement shall
be given in writing, and addressed to the party to be notified as follows: 
  

			
	To the Borrower:		Westlake Chemical Partners LP
			Attention: M. Steven Bender
			Senior Vice President and Chief Financial Officer
			2801 Post Oak Blvd, Suite 600
			Houston, TX 77056
			Fax: 713-629-6239
		
	To the Lender:		Westlake Chemical Finance Corporation
			Attention: Bruce P. Robertson
			Assistant Treasurer
			2801 Post Oak Blvd, Suite 600
			Houston, TX 77056
			Fax: 713-629-6239

 Any party hereto may change its address, telephone number or facsimile number for notices and other communications
hereunder by notice to the other parties hereto. 
 (b) Effectiveness of Notices. All notices, demands, requests, consents and
other communications described in Section 8.1(a) shall be effective (i) if delivered by hand, including any overnight courier service, upon personal delivery, (ii) if delivered by facsimile, when transmitted in legible form by
facsimile machine and (iii) if mailed, upon the third Business Day after the date deposited into the mail or, if delivered, upon delivery. 

Section 8.2 Waiver; Amendments. No amendment or waiver of any provision of this Agreement or any other Loan Document nor consent to
any departure by the Borrower therefrom shall in any event be effective unless the same shall be in writing and (x) in the case of any such waiver or consent, signed by the Lender and (y) in the case of any other amendment, signed by the
Lender and the Borrower, and then any such waiver or consent shall be effective only in the specific instance and for the specific purpose for which given. 

Section 8.3 Expenses; Indemnification. 

(a) The Borrower shall be obligated to pay all out-of-pocket costs and expenses (including, without limitation, the reasonable fees,
charges and 

  
 14 

 
disbursements of outside counsel for the Lender) incurred by the Lender in connection with the enforcement or protection of its rights in connection with this Agreement, including its rights
under this Section 8.3, including all such out-of-pocket expenses incurred during any workout, restructuring or negotiations in respect of the Loans. 

(b) The Borrower shall be obligated to indemnify each Lender Indemnitee against, and hold each Lender Indemnitee harmless from, any and all
losses, claims, damages, liabilities and related expenses (including the fees, charges and disbursements of any outside counsel for any Lender Indemnitee) incurred by any Lender Indemnitee or asserted against any Lender Indemnitee by any third party
or by the Borrower arising out of, in connection with, or as a result of (i) the execution or delivery of this Agreement, any other Loan Document or any agreement or instrument contemplated hereby or thereby, the performance by the parties
hereto of their respective obligations hereunder or thereunder or the consummation of the transactions contemplated hereby or thereby, or (ii) any actual or prospective claim, litigation, investigation or proceeding relating to any of the
foregoing, whether based on contract, tort or any other theory, whether brought by a third party or by the Borrower, and regardless of whether any Lender Indemnitee is a party thereto, provided that such indemnity shall not, as to any Lender
Indemnitee, be available to the extent that such losses, claims, damages, liabilities or related expenses (x) are determined by a court of competent jurisdiction by final judgment to have resulted from the gross negligence or willful misconduct
of such Lender Indemnitee or (y) result from a claim brought by the Borrower against any Lender Indemnitee for breach in bad faith of such Lender Indemnitee’s obligations hereunder or under any other Loan Document, if the Borrower has
obtained a final judgment in its favor on such claim as determined by a court of competent jurisdiction. 
 (c) The Borrower shall be
obligated to pay, and hold the Lender harmless from and against, any and all Taxes with respect to this Agreement and any other Loan Documents or any payments due thereunder, and save the Lender harmless from and against any and all liabilities with
respect to or resulting from any delay or omission to pay such Taxes. 
 (d) To the extent permitted by applicable law, each party shall not
assert, and hereby waives, any claim against any Lender Indemnitee or the other party, on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to actual or direct damages) arising out of, in connection with
or as a result of, this Agreement or any agreement or instrument contemplated hereby, the transactions contemplated therein, the Loans or the use of proceeds thereof. 

(e) All amounts due under this Section 8.3 shall be payable promptly after written demand therefor. 

Section 8.4 Successors and Assigns. The provisions of this Agreement shall be binding upon and inure to the benefit of the parties
hereto and their respective successors 

  
 15 

 
and assigns permitted hereby. The parties hereto may not transfer or assign any of their respective rights or obligations hereunder without the consent of the non-assigning party (such consent
not to be unreasonably withheld); provided that the Lender may transfer and assign this Agreement to any of its Affiliates without the consent of the Borrower; provided further, that no such transfer or assignment shall be made to a Person other
than a “United States person” (as defined in the Code) without the consent of the Borrower (such consent not to be unreasonably withheld); provided further, that any assignment agreement to a successor “Lender” hereunder shall
provide that (i) such successor “Lender” represents and warrants that all of the representations and warranties contained in Article V of this Agreement are true and correct in all respects with respect to such successor
“Lender” and (ii) such successor “Lender” shall have the rights and obligations of a “Lender” hereunder and shall thereafter be a party hereto and a “Lender” for all purposes hereof. Any other
attempted assignment or transfer by any party hereto shall be null and void. Nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person (other than the parties hereto, their respective successors and assigns
permitted hereby and, to the extent expressly contemplated hereby, each Lender Indemnitee) any legal or equitable right, remedy or claim under or by reason of this Agreement. 

Section 8.5 Governing Law. This Agreement and the rights and obligations of the parties hereto shall be governed by, and construed
and interpreted in accordance with, the law of the State of New York. 
 Section 8.6 Proceedings. All judicial proceedings
brought against any party hereto or arising out of or relating hereto or to any of such party’s obligations hereunder, may be brought in any state or Federal court of competent jurisdiction in the State, County and City of New York. Each party
hereto, for itself and in connection with its properties, irrevocably: (a) accepts generally and unconditionally the nonexclusive jurisdiction and venue of such courts; (b) waives any defense of forum non conveniens; (c) agrees
that service of all process in any such proceeding in any such court may be made by registered or certified mail, return receipt requested, at its address provided in Section 8.1; (d) agrees that service as provided in clause
(c) above is sufficient to confer personal jurisdiction over such Party in any such proceeding in any such court, and otherwise constitutes effective and binding service in every respect; and (e) agrees that each party hereto retains the
right to serve process in any other manner permitted by law or to bring proceedings against the other party in the courts of any other jurisdiction 

Section 8.7 Waiver of Jury Trial. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL ACTION OR
PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY AND AGREES THAT ANY SUCH ACTION OR PROCEEDING SHALL BE TRIED BEFORE A COURT AND NOT BEFORE A JURY. 

Section 8.8 Counterparts; Integration. This Agreement may be executed in any number of counterparts and by electronic means
(including “pdf”) and by different parties in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. 

  
 16 

 Section 8.9 Survival. All covenants, agreements, representations and warranties made
by the Borrower herein and in the certificates or other instruments delivered in connection with or pursuant to this Agreement shall be considered to have been relied upon by the Lender and shall survive the execution and delivery of this Agreement
and the making of the Loans. The provisions of Section 8.3 shall survive and remain in full force and effect regardless of the consummation of the transactions contemplated hereby, the repayment of the Loans or the termination of this
Agreement or any provision hereof.
 Section 8.10 Severability. Any provision of this Agreement or any other Loan Document held
to be illegal, invalid or unenforceable in any jurisdiction, shall, as to such jurisdiction, be ineffective to the extent of such illegality, invalidity or unenforceability without affecting the legality, validity or enforceability of the remaining
provisions hereof or thereof; and the illegality, invalidity or unenforceability of a particular provision in a particular jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. 

Section 8.11 No Waiver. The non-exercise by the Lender of any of its rights hereunder in any particular instance shall not
constitute a waiver thereof in that or any subsequent instance. 
 [Signature Page Follows] 

  
 17 

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

					
	WESTLAKE CHEMICAL PARTNERS LP
	
	By: Westlake Chemical Partners GP LLC, its general partner
	
	as Borrower
		
	By:		 /s/ M. Steven Bender

			
			Name:		M. Steven Bender
			
			Title:		Senior Vice President and Chief Financial Officer
	
	WESTLAKE CHEMICAL FINANCE CORPORATION
	
	as Lender
		
	By:		 /s/ Bruce P. Robertson

			
			Name:		Bruce P. Robertson
			
			Title:		Assistant Treasurer

 Signature Page to Senior Unsecured Revolving Credit Agreement 

 EXHIBIT A 

FORM OF COMPLIANCE CERTIFICATE 

[DATE] 
 Westlake Chemical Finance Corporation 

[Address] 
 Dear Sirs: 

Reference is made to that certain Senior Unsecured Revolving Credit Agreement, dated as of April 29, 2015 (the “Credit
Agreement”), by and among Westlake Chemical Finance Corporation, a Delaware corporation (the “Lender”) and Westlake Chemical Partners LP, a Delaware limited partnership (the “Borrower”). Capitalized terms
used and not defined in this Certificate have the meanings assigned to them in the Credit Agreement. I hereby certify to you as follows, in my capacity as an officer of the Borrower and not in my individual capacity, as of the date first set forth
above: 
 (a) I have reviewed the terms of the Credit Agreement and have made, or have caused to be made under my supervision, a detailed
review of the transactions and the condition of the Borrower and its subsidiaries during the four fiscal quarter period ending [            ], 201[  ] (the “Compliance
Date”). 
 (b) Except as disclosed on Annex A attached hereto, the review described in paragraph (a) above did
not disclose the existence during or at the end of such period, and I have no knowledge of the existence as of the date hereof, of any condition or event which constitutes a Default or an Event of Default. 

(c) The financial statements and information required to be furnished to the Lender pursuant to Section 6.1([a][b]) of the Credit
Agreement [are provided in Annex B to this Certificate][available on the website of the Securities Exchange Commission at http://www.sec.gov]. Such financial statements fairly present, in all material respects, the financial position, results
of operations and cash flows of the Borrower and its consolidated subsidiaries on a consolidated basis as of the end of and for the period shown thereon in accordance with GAAP[, subject to normal year-end audit adjustments and the absence of
certain footnotes]. 
 (d) The Consolidated Leverage Ratio as of the Compliance Date is [    ]:1.00. The
maximum permitted Consolidated Leverage Ratio as of the Compliance Date pursuant to Section 6.4 (Consolidated Leverage Ratio) of the Credit Agreement is [4.50][5.50]:1.00. The Borrower is [not] in compliance with Section 6.4
(Consolidated Leverage Ratio) of the Credit Agreement as of the Compliance Date. Provided in Annex C to this Certificate are financial data and computations evidencing the determination of the Consolidated Leverage Ratio as of the Compliance
Date, all of which data and computations are true, correct and complete in all material respects. 

 
			
	Very truly yours,
	
	Westlake Chemical Partners LP
	By: Westlake Chemical Partners GP LLC, its general partner
		
	By:		  

	Name:		  

	Title:		  

 EXHIBIT B 

FORM OF NOTICE OF BORROWING 

[DATE] 
 Westlake Chemical Finance Corporation 

[Address] 
 Dear Sirs: 

Reference is made to that certain Senior Unsecured Revolving Credit Agreement, dated as of April 29, 2015 (the “Credit
Agreement”), by and among Westlake Chemical Finance Corporation, a Delaware corporation (the “Lender”) and Westlake Chemical Partners LP, a Delaware limited partnership (the “Borrower”). 

The Borrower hereby requests the following Loan under the Credit Agreement, and in that connection the Borrower specifies the following information with
respect to such Loan: 
 (a) Principal amount of Loan: $[        ] 

(b) Date of Loan: [                    ]

 The Borrower hereby certifies that, at the time of and immediately after giving effect to the making of the requested Loan: 

(c) The aggregate Outstanding Amount is not in excess of the Loan Commitment. 

(d) No Default or Event of Default exists. 

(e) All representations and warranties of the Borrower set forth in the Loan Documents are true and correct in all material respects on and as
of such date. 

 IN WITNESS WHEREOF, the undersigned has caused this Notice of Borrowing to be executed on
the date first written above. 
  

					
	WESTLAKE CHEMICAL PARTNERS LP
	
	By: Westlake Chemical Partners GP LLC, its general partner
	
	as Borrower
		
	By:		  

			
			Name:		
			
			Title:EXH 10.1 Indemnification Agreement

Exhibit 10.1

Execution Version
INDEMNIFICATION AGREEMENT
THIS INDEMNIFICATION AGREEMENT (the “Agreement”), dated April 24, 2015, is between West Pharmaceutical Services, Inc., a Pennsylvania corporation, (the “Company”) and Eric M. Green (the “Indemnitee”).
Background
The Company and the Indemnitee recognize the substantial increase in corporate litigation, in general, subjecting officers and directors to expensive litigation risks at the same time as liability insurance has been severely limited.  The Indemnitee does not regard the current protection available as adequate given the present circumstances, and the Indemnitee and other officers and directors of the Company may not be willing to serve as officers and directors without adequate protection.
The Company desires to attract and retain the services of highly qualified individuals, such as the Indemnitee, to serve as officers and directors of the Company and to indemnify its officers and directors so as to provide them with the maximum protection permitted by law.
In order to accomplish these goals, the Company considers it appropriate to offer a contractual indemnification agreement on the terms set out below.
Terms
In light of the foregoing, the Company and the Indemnitee hereby agree as follows:
1.Indemnification.

a.Third Party Proceedings. The Company shall indemnify the Indemnitee if the Indemnitee is or was a party or is threatened to be made a party to any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative (other than an action by or in the right of the Company) by reason of the fact that the Indemnitee is or was a director, officer, trustee, fiduciary, employee or agent of the Company, or any affiliate of the Company, by reason of any action or inaction on the part of the Indemnitee while an officer or director, or by reason of the fact that the Indemnitee is or was serving at the request of the Company as a director, officer, trustee, fiduciary, employee or agent of another corporation, partnership, joint venture, trust or other enterprise, including an employee benefit plan, against any liability, penalty, damages, excise tax assessed with respect to an employee benefit plan, costs, expenses (including attorneys’ fees), judgments, fines and amounts paid in settlement (if such settlement is approved pursuant to Section 2(g)) (“Expenses”) actually and reasonably incurred by the Indemnitee or on the Indemnitee’s behalf in connection with such action, suit or proceeding if the Indemnitee acted in good faith and in a manner the Indemnitee reasonably believed to be in or not opposed to the best interests of the Company, and, with respect to any criminal action or proceeding, had no reasonable cause to believe the Indemnitee’s conduct was unlawful. The termination of any action, suit or proceeding by judgment, order, settlement, conviction, or upon a plea of nolo contendere or its equivalent, shall not, in and of itself, create a presumption that (i) the Indemnitee did not act in good faith and in a manner which the Indemnitee reasonably believed to be in or not opposed to the best interests of the Company, and, (ii) with respect to any criminal action or proceeding, the Indemnitee did not have reasonable cause to believe her conduct was lawful. 

b.Proceedings By or in the Right of the Company. The Company shall indemnify the Indemnitee if the Indemnitee was or is a party or is threatened to be made a party to any threatened, pending or completed action or suit by or in the right of the Company or any subsidiary of the Company to procure a judgment in its favor by reason of the fact that the Indemnitee is or was a director, officer, trustee, fiduciary, 

employee or agent of the Company, or any affiliate of the Company, by reason of any action or inaction on the part of the Indemnitee while an officer or director or by reason of the fact that the Indemnitee is or was serving at the request of the Company as a director, officer, trustee, fiduciary, employee or agent of another corporation, partnership, joint venture, trust or other enterprise, including an employee benefit plan, against Expenses actually and reasonably incurred by the Indemnitee in connection with the defense or settlement of such action or suit if the Indemnitee acted in good faith and in a manner the Indemnitee reasonably believed to be in or not opposed to the best interests of the Company, except that no indemnification shall be made in respect of any claim, issue or matter as to which the Indemnitee shall have been adjudged to be liable to the Company unless and only to the extent that the court in which such action or suit was brought shall determine upon application that, despite the adjudication of liability but in view of all the circumstances of the case, the Indemnitee is fairly and reasonably entitled to indemnity for such Expenses which the court shall deem proper.

c.Mandatory Indemnification.  Notwithstanding any other provisions of this Agreement, to the fullest extent permitted by applicable law:

(1)To the extent that the Indemnitee has been successful on the merits or otherwise in defense of any action, suit or proceeding referred to in Sections 1(a) and 1(b) or in defense of any claim, issue or matter therein, the Indemnitee shall be indemnified against all Expenses actually and reasonably incurred by the Indemnitee in connection therewith. 

(2)If the Indemnitee is successful, on the merits or otherwise, as to one or more but less than all claims, issues or matters in such proceeding, the Company shall indemnify the Indemnitee against all Expenses actually and reasonably incurred by or on behalf of the Indemnitee in connection with (i) each successfully resolved claim, issue or matter and (y) each claim, issue, or matter related to any claim, issue or matter on which the Indemnitee was successful.

For purposes of this Section 1(c), and without limitation, the termination of any claim, issue or matter in such a proceeding by dismissal, with or without prejudice, shall be deemed to be a successful result as to such claim, issue or matter.
d.Indemnification for Expenses of a Witness.  Notwithstanding any other provision of this Agreement, to the extent that the Indemnitee is, by reason of the fact that the Indemnitee is or was a director, officer, trustee, fiduciary, employee or agent of the Company, or any affiliate of the Company, by reason of any action or inaction on the part of the Indemnitee while an officer or director or by reason of the fact that the Indemnitee is or was serving at the request of the Company as a director, officer, trustee, fiduciary, employee or agent of another corporation, partnership, joint venture, trust or other enterprise, including an employee benefit plan, a witness in any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative (other than an action by or in the right of the Company) to which the Indemnitee is not a party, the Indemnitee shall be indemnified against all expenses actually and reasonably incurred by the Indemnitee or on the Indemnitee’s behalf in connection therewith.

2.Expenses and Indemnification Procedure.

a.Advancement of Expenses. The Company shall advance all Expenses actually and reasonably incurred by or on behalf of the Indemnitee in connection with any civil or criminal action, suit or proceeding referenced in Section 1 unless and until such defense may be finally adjudicated by court order or judgment from which no further right of appeal exists, subject to the terms and in accordance with the procedures set forth in this Section 2.  

b.Presumptions Regarding Advances. For purposes of any advancement hereunder, the Indemnitee shall be deemed to have acted (i) in good faith and in a manner she reasonably believed to be in or not opposed to the best interest of the Company, and (ii) with respect to any criminal action or procedure, to have had no reasonable cause to believe her conduct was unlawful if, under either (i) or (ii), her action is based on the records or books of account of the Company, or the records or books of account of another corporation, 

partnership, joint venture, trust or other enterprise (collectively, the “other enterprises”), including financial statements, or on information supplied to her by the officers of the Company or other enterprises in the course of their duties, or on the advice of legal counsel for the Company or other enterprises or on information or records given or reports made to the Company or other enterprises by an independent certified public accountant or by an appraiser or other expert selected with reasonable care by the Company or other enterprises.  The Indemnitee hereby undertakes to repay such amounts advanced only if, and to the extent that, it shall ultimately be determined that the Indemnitee is not entitled to be indemnified by the Company as authorized hereby. 

c.Notice/Cooperation by the Indemnitee.  The Indemnitee shall, as a condition precedent to her right to be indemnified under this Agreement, give the Company notice in writing as soon as practicable of any claim made against the Indemnitee for which indemnification will or could be sought under this Agreement. Notice to the Company shall be directed to West Pharmaceutical Services, Inc., 530 Herman O. West Drive, Exton, Pennsylvania 19341, Facsimile: (610) 594-5931, Attention:  Ryan M. Metz (or such other address as the Company may from time to time designate in writing to the Indemnitee); provided, however, that the failure to so notify the Company shall not relieve the Company of any obligation which it may have to the Indemnitee under this Agreement or otherwise unless and only to the extent that such failure or delay materially prejudices the Company.  Notice shall be deemed received on the third business day after the date postmarked if sent by domestic certified or registered mail, properly addressed; otherwise, notice shall be deemed received when such notice shall actually be received by the Company. In addition, the Indemnitee shall give the Company such information and cooperation as it may reasonably require and as shall be within the Indemnitee’s power.

d.Procedure. Any indemnification and advances provided for in Section 1 and this Section 2 shall be made no later than 45 days after receipt of the written request of the Indemnitee, coupled with appropriate documentation to support the requested payment. If a claim under this Agreement, under any statute, or under any provision of the Company’s Articles of Incorporation or Bylaws providing for indemnification is not paid in full by the Company within 45 days after receipt of a fully documented written request for payment thereof has first been received by the Company, the Indemnitee may, but need not, at any time thereafter bring an action against the Company to recover the unpaid amount of the claim and, subject to Section 13, the Indemnitee shall also be entitled to be paid for the expenses (including attorneys’ fees) of bringing such action. It shall be a defense to any such action (other than an action brought to enforce a claim for expenses incurred in connection with any action, suit or proceeding in advance of its final disposition) that the Indemnitee has not met the standards of conduct which make it permissible under applicable law for the Company to indemnify the Indemnitee for the amount claimed, but the burden of proving such defense shall be on the Company, and the Indemnitee shall be entitled to receive interim payments of Expenses pursuant to Section 2(a) unless and until such defense may be finally adjudicated by court order or judgment from which no further right of appeal exists. It is the parties’ intention that if the Company contests the Indemnitee’s right to indemnification, the question of the Indemnitee’s right to indemnification shall be for the court to decide, and neither the failure of the Company (including its Board of Directors, any committee or subgroup of the Board of Directors, independent legal counsel, or its shareholders) to have made a determination that indemnification of the Indemnitee is proper in the circumstances because the Indemnitee has met the applicable standard of conduct required by applicable law, nor an actual determination by the Company (including its Board of Directors, any committee or subgroup of the Board of Directors, independent legal counsel, or its shareholders) that the Indemnitee has not met such applicable standard of conduct, shall create a presumption that the Indemnitee has or has not, as the case may be, met the applicable standard of conduct.

e.Notice to Insurers. If, at the time of the receipt of a notice of claim pursuant to Section 2(c), the Company has directors’ and officers’ liability insurance in effect, the Company shall give prompt notice of the commencement of such proceeding to the insurers in accordance with the procedures set forth in the respective policies. The Company shall thereafter take all necessary or desirable action to cause such insurers to pay, on behalf of the Indemnitee, all amounts payable as a result of such proceeding in accordance with the terms of such policies.

f.Selection of Counsel. If the Company shall be obligated under Section 1 or Section 2 to pay the Expenses of any proceeding against the Indemnitee, the Company, if appropriate, shall be entitled to assume the defense of such proceeding, with counsel approved by the Indemnitee, upon the delivery to 

the Indemnitee of written notice of its election to do so. After delivery of such notice, approval of such counsel by the Indemnitee and the retention of such counsel by the Company, the Company will not be liable to the Indemnitee under this Agreement for any fees of counsel subsequently incurred by the Indemnitee with respect to the same proceeding; provided that (i) the Indemnitee shall have the right to employ separate counsel in any such proceeding at the Indemnitee’s expense; and (ii) if (A) the employment of counsel by the Indemnitee has been previously authorized by the Company, (B) the Indemnitee shall have reasonably concluded that there may be a conflict of interest between the Company and the Indemnitee in the conduct of any such defense, or (C) the Company shall not, in fact, have employed counsel to assume the defense of such proceeding, then the reasonable fees and expenses of the Indemnitee’s counsel shall be at the expense of the Company.

g.Settlements. The Company shall not be liable to the Indemnitee under the Agreement for any amounts paid in settlement of any action or claim effected without its written consent.  The Company shall not settle any action or claim in any manner which would impose any penalty or limitation on the Indemnitee without the Indemnitee’s written consent, which consent will not unreasonably be withheld.

h.Change in Control. 

(1)If, at any time subsequent to the date of this Agreement, members of the Incumbent Board do not constitute a majority of the members of the Board of Directors, or there is otherwise a Change in Control, then upon the request of the Indemnitee, the Company shall cause the determination of indemnification and advances required by Section 2 to be made by independent legal counsel, to be selected by the Company and the Indemnitee or failing such agreement, as determined by the Chief Judge of the Federal District Court for the Eastern District of Pennsylvania. The fees and expenses incurred by the independent legal counsel in making the determination of indemnification and advances shall be borne solely by the Company. If such independent legal counsel is unwilling and/or unable to make the determination of indemnification and advances, then the Company shall cause the indemnification and advances to be made by a majority vote or consent of a Board of Directors committee consisting solely of members of the Incumbent Board.

(2)For purposes of this Agreement, “Change in Control” means the occurrence of any of the following events:

(a)The acquisition by any individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) (each, a “Person”) of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of 20% or more of either (1) the then-outstanding shares of common stock of the Company (the “Outstanding Company Common Stock”) or (2) the combined voting power of the then-outstanding voting securities of the Company entitled to vote generally in the election of directors (the “Outstanding Company Voting Securities”);  provided, however, that, for purposes of this clause (a), the following acquisitions shall not constitute a Change in Control: (A) any acquisition directly from the Company, (B) any acquisition by the Company, (C) any acquisition by any employee benefit plan (or related trust) sponsored or maintained by the Company or any company controlled by, controlling or under common control with the Company, or (D) any acquisition by any entity pursuant to a transaction that complies with clauses (c)(1), (c)(2) and (c)(3) of this definition;

(b)Individuals who, as of April 24, 2015, constitute the Board of Directors (the “Incumbent Board”) cease for any reason to constitute at least a majority of the Board of Directors; provided, however, that any individual becoming a director subsequent to April 24, 2015 whose election, or nomination for election by the Company’s shareholders, was approved by a vote of at least a majority of the directors then comprising the Incumbent Board shall be considered as though such individual were a member of the Incumbent Board, but excluding, for this purpose, any such individual whose initial assumption of office occurs as a result of an actual or threatened election contest with respect to the election or removal of directors or other actual or threatened solicitation of proxies or consents by or on behalf of a Person other than the Board of Directors;

(c)Consummation of a reorganization, merger, statutory share exchange or consolidation or similar corporate transaction involving the Company or any of its subsidiaries, a sale 

or other disposition of all or substantially all of the assets of the Company, or the acquisition of assets or stock of another entity by the Company or any of its subsidiaries (each, a “Business Combination”), in each case unless, following such Business Combination, (1) all or substantially all of the individuals and entities that were the beneficial owners of the Outstanding Company Common Stock and the Outstanding Company Voting Securities immediately prior to such Business Combination beneficially own, directly or indirectly, more than 50% of the then-outstanding shares of common stock and the combined voting power of the then-outstanding voting securities entitled to vote generally in the election of directors, as the case may be, of the corporation resulting from such Business Combination (including, without limitation, a corporation that, as a result of such transaction, owns the Company or all or substantially all of the Company’s assets either directly or through one or more subsidiaries) in substantially the same proportions as their ownership immediately prior to such Business Combination of the Outstanding Company Common Stock and the Outstanding Company Voting Securities, as the case may be, (2) no Person (excluding any corporation resulting from such Business Combination or any employee benefit plan (or related trust) of the Company or such corporation resulting from such Business Combination) beneficially owns, directly or indirectly, 20% or more of, respectively, the then-outstanding shares of common stock of the corporation resulting from such Business Combination or the combined voting power of the then-outstanding voting securities of such corporation, except to the extent that such ownership existed prior to the Business Combination, and (3) at least a majority of the members of the board of directors of the corporation resulting from such Business Combination were members of the Incumbent Board at the time of the execution of the initial agreement or of the action of the Board of Directors providing for such Business Combination; or 

(d)Approval by the shareholders of the Company of a complete liquidation or dissolution of the Company.

3.Additional Indemnification Rights:

a.Scope. Notwithstanding any other provision of this Agreement, the Company shall indemnify the Indemnitee to the fullest extent permitted by law, notwithstanding that such indemnification is not specifically authorized by the other provisions of this Agreement, the Company’s Articles of Incorporation, and the Company’s Bylaws or by statute. In the event of any change, after the date of this Agreement, in any applicable law, statute, or rule which expands the right of a Pennsylvania corporation to indemnify a member of its board of directors or an officer, such changes shall be, ipso facto, within the purview of the Indemnitee’s rights and Company’s obligations under this Agreement. In the event of any change in any applicable law, statute or rule which narrows the right of a Pennsylvania corporation to indemnify a member of its board of directors or an officer, such changes (to the extent not otherwise required by such law, statute or rule to be applied to this Agreement) shall have no effect on this Agreement or the parties’ rights and obligations hereunder.

b.Non-exclusivity. The indemnification provided by this Agreement shall not be deemed exclusive of any rights to which an the Indemnitee may be entitled under the Company’s Articles of Incorporation, its Bylaws, any agreement, any vote of Shareholders or disinterested directors, the Pennsylvania Business Corporation Law of 1988, as amended (the “BCL”), or otherwise, both as to action in the Indemnitee’s official capacity and as to action in another capacity while holding such office.

4.Continuation of Indemnity. All agreements and obligations of the Company contained herein shall vest upon the Indemnitee’s commencement of service and shall continue during the period the Indemnitee is a director, officer, employee or agent of the Company (or is or was serving at the request of the Company as a director, officer, employee or agent of other enterprises) and shall continue thereafter, so long as the Indemnitee shall be subject to any possible claim or threatened, pending or completed action, suit or proceeding, whether civil, criminal or investigative, by reason of the fact that the Indemnitee was a director, officer, employee or agent of the Company or serving in any other capacity referred to herein.

5.Mutual Acknowledgment. Both the Company and the Indemnitee acknowledge that, in certain instances, federal law or public policy may override applicable state law and prohibit the Company from indemnifying its directors and officers under this Agreement or otherwise. For example, the Company and the Indemnitee acknowledge that the Securities and Exchange Commission (the “SEC”) has taken the position that 

indemnification is not permissible for liabilities arising under certain federal securities laws, and federal legislation prohibits indemnification for certain violations of the Employee Retirement Income Security Act of 1974 (“ERISA”).  The Indemnitee understands and acknowledges that the Company has undertaken with the SEC to submit the question of indemnification to a court in certain circumstances for a determination of the Company’s right under public policy to indemnify the Indemnitee.

6.Officer and Director Liability Insurance. The Company shall, from time to time, make the good faith determination whether or not it is practicable for the Company to obtain and maintain a policy or policies of insurance with reputable insurance companies providing the officers and directors of the Company with coverage for losses from wrongful acts, or to ensure the Company’s performance of its indemnification obligations under this Agreement.  Among other considerations, the Company will weigh the costs of obtaining such insurance coverage against the protection afforded by such coverage. In all policies of directors’ and officers’ liability insurance, the Indemnitee shall be insured in such a manner as to provide the Indemnitee the same rights and benefits as are accorded to the most favorably insured of the Company’s directors, if the Indemnitee is a director; or of the Company’s officers, if the Indemnitee is not a director of the Company but is an officer; or one of the Company’s key employees, if the Indemnitee is not an officer or director but is a key employee. Notwithstanding the foregoing, the Company shall have no obligation to obtain or maintain such insurance if the Company determines in good faith that such insurance is not reasonably available, if the premium costs for such insurance are disproportionate to the amount of coverage provided, if the coverage provided by such insurance is limited by exclusions so as to provide an insufficient benefit, or if the Indemnitee is covered by similar insurance maintained by an affiliate of the Company.

7.Severability. Nothing in this Agreement is intended to require or shall be construed as requiring the Company to do or fail to do any act in violation of applicable law. The Company’s inability, pursuant to court order, to perform its obligations under this Agreement shall not constitute a breach of this Agreement. The provisions of this Agreement shall be severable as provided in this Section 7. If this Agreement or any portion hereof shall be invalidated on any ground by any court of competent jurisdiction, then the Company shall nevertheless indemnify the Indemnitee to the full extent permitted by any applicable portion of this Agreement that shall not have been invalidated, and the balance of this Agreement not so invalidated shall be enforceable in accordance with its terms.

8.Modification and Waiver.  No supplement, modification, termination or amendment of this Agreement shall be binding unless executed in writing by both of the parties hereto.  No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any other provisions hereof (whether or not similar) nor shall such waiver constitute a continuing waiver.

9.Exceptions. Any other provision herein to the contrary notwithstanding, the Company shall not be obligated pursuant to the terms of this Agreement:

a.Claims Initiated by the Indemnitee. To indemnify or advance expenses to the Indemnitee with respect to proceedings or claims initiated or brought voluntarily by the Indemnitee and not by way of defense, except with respect to proceedings brought to establish or enforce a right to indemnification under this Agreement or any other statute or law or otherwise as required under the BCL, but such indemnification or advancement of expenses may be provided by Company in specific cases if the Board of Directors, at its sole discretion, finds it to be appropriate;

b.Insured Claims. To indemnify the Indemnitee for expenses or liabilities of any type whatsoever (including, but not limited to, judgments, fines, ERISA excise taxes or penalties, and amounts paid in settlement) which have been paid directly to the Indemnitee by an insurance carrier under a policy of officers’ and directors’ liability insurance maintained by the Company or other enterprise;

c.Claims Under Section 16(b). To indemnify the Indemnitee for expenses or the payment of profits arising from the purchase and sale, or sale and purchase, by the Indemnitee of securities in violation of Section 16(b) of the Exchange Act, or any similar successor statute; or

d.Illegal Activity.  To indemnify the Indemnitee if a court of competent jurisdiction finally adjudges that such indemnification is illegal, including, without limitation, by virtue of such indemnification being in violation of public policy or any provision of law.

10.Interpretation; Construction of Certain Phrases.

a.The headings of particular provisions of this Agreement are inserted for convenience only and will not be construed as a part of this Agreement or serve as a limitation or expansion on the scope of any term or provision of this Agreement.  The words “include,” “includes” or “including” shall be deemed to be followed by the words “without limitation.”  The words “hereof,” “herein” and “herewith” and words of similar import shall, unless otherwise stated, be construed to refer to this Agreement as a whole and not to any particular provision of this Agreement.

b.For purposes of this Agreement:

(1)references to the “Company” shall include, in addition to the resulting corporation, any constituent corporation (including any constituent of a constituent) absorbed in a consolidation or merger which, if its separate existence had continued, would have had power and authority to indemnify its directors, officers, and employees or agents, so that if the Indemnitee is or was a director, officer, employee or agent of such constituent corporation, or is or was serving at the request of such constituent corporation as a director, officer, employee or agent of other enterprises, the Indemnitee shall stand in the same position under the provisions of this Agreement with respect to the resulting or surviving corporation as the Indemnitee would have with respect to such constituent corporation if its separate existence had continued;

(2)references to “other enterprises” shall include employee benefit plans; references to “fines” shall include any excise taxes assessed on the Indemnitee with respect to an employee benefit plan; 

(3)references to “serving at the request of the Company” shall include any service as a director, officer, employee or agent of the Company which imposes duties on, or involves services by, the Indemnitee with respect to an employee benefit plan, its participants, or beneficiaries; 

(4)if the Indemnitee acted in good faith and in a manner the Indemnitee reasonably believed to be in the interest of the participants and beneficiaries of an employee benefit plan, the Indemnitee shall be deemed to have acted in a manner “not opposed to the best interests of the Company” as referred to in this Agreement;

(5)references to “affiliates” shall mean any entity which, directly or indirectly, is in the control of, is controlled by, or is under common control with, the Company; and

(6)references to “Sections” or “clauses” shall be to Sections or clauses of this Agreement.

11.Counterparts; Effectiveness.  This Agreement may be executed in two or more counterparts, each of which shall be deemed to be an original but both of which shall constitute one and the same agreement. This Agreement shall become effective when each party hereto shall have received counterparts thereof signed and delivered (by telecopy or other electronic means) by the other party hereto.

12.Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of the Company and its successors and assigns, and the Indemnitee and the Indemnitee’s estate, heirs, legal representatives and assigns.

13.Attorneys’ Fees. If any action is instituted by the Indemnitee under this Agreement to enforce or interpret any of the terms hereof, the Indemnitee shall be entitled to be paid all court costs and expenses, including reasonable attorneys’ fees incurred by the Indemnitee with respect to such action, unless as a part of such action, the court of competent jurisdiction determines that each of the material assertions made by the Indemnitee as a basis for such action was not made in good faith or was frivolous. In the event of an action instituted by or in the name of the Company under this Agreement or to enforce or interpret any of the terms of this Agreement, the Indemnitee shall be entitled to be paid all court costs and expenses, including attorneys’ fees incurred by the Indemnitee in defense of such action (including with respect to the Indemnitee’s counterclaims and cross-claims made in such action), unless as a part of such action the court determines that each of the Indemnitee’s material defenses to such action was made in bad faith or was frivolous. 

14.Notice. All notices, requests, demands, consents and other communications hereunder shall be in writing and shall be given or made (and shall be deemed to have been duly given or made upon receipt) by delivery in person, by overnight courier service, or by facsimile with receipt confirmed (followed by delivery of an original via overnight courier service). The address for notice to the Company shall be as set forth in Section 2(c), and the address for notice to the Indemnitee shall be as set forth on the signature page of this Agreement, or as subsequently modified in a notice given in accordance with this Section 14.

15.Consent to Jurisdiction. The Company and the Indemnitee each hereby irrevocably consent to the jurisdiction of the courts of the Commonwealth of Pennsylvania for all purposes in connection with any action or proceeding which arises out of or relates to this Agreement. Any action or proceeding instituted under or to enforce this Agreement shall be brought only in the state courts of the Commonwealth of Pennsylvania.

16.Subrogation. In the event of payment under this Agreement, Company shall be subrogated to the extent of such payment to all of the rights of recovery of the Indemnitee, who shall execute all papers required and shall do everything that may be necessary to secure such rights, including the execution of such documents necessary to enable Company effectively to bring suit to enforce such rights.

17.Choice of Law. This Agreement shall be governed by and its provisions construed in accordance with the laws of the Commonwealth of Pennsylvania, as applied to contracts between Pennsylvania residents entered into and to be performed within Pennsylvania.

[Remainder of Page Left Blank; Signature Page Follows]

IN WITNESS WHEREOF, the parties hereto have signed this Agreement on the date first above written.
West Pharmaceutical Services, Inc.

By: /s/ Ryan M. Metz                                           
       Ryan M. Metz, Acting Corporate Secretary    

/s/ Eric M. Green                                     
Eric M. Green

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