Document:

EX-10.7

 Exhibit 10.7 

AMENDED AND RESTATED 

AGREEMENT OF LIMITED PARTNERSHIP 

OF 
 WESTLAKE CHEMICAL
OPCO LP 
 DATED AS OF AUGUST 4, 2014 

 AMENDED AND RESTATED 

AGREEMENT OF LIMITED PARTNERSHIP 

OF 
 WESTLAKE CHEMICAL
OPCO LP 
 THIS AMENDED AND RESTATED AGREEMENT OF LIMITED PARTNERSHIP OF WESTLAKE CHEMICAL OPCO LP, dated as of August 4,
2014, is entered into and executed by WESTLAKE CHEMICAL OPCO GP LLC, a Delaware limited liability company, as the General Partner, and WPT LLC, a Delaware limited liability company, WESTLAKE PETROCHEMICALS LLC, a Delaware limited liability
company, WESTLAKE LONGVIEW CORPORATION, a Delaware corporation, WESTLAKE VINYLS, INC., a Delaware corporation, and WESTLAKE CHEMICAL PARTNERS LP, a Delaware limited partnership, as Limited Partners. 

RECITALS 
 WHEREAS, the
Partnership (as defined below) was formed on May 6, 2014 pursuant to the Act (as defined below), subject to an Agreement of Limited Partnership dated as of May 6, 2014 (the “Agreement of Limited Partnership”) entered into by WPT
LLC, a Delaware limited liability company, as limited partner, and the General Partner (as defined below), as general partner; 
 WHEREAS,
the Partnership, through various transactions, issued additional limited partner interests in the Partnership to WPT LLC, Westlake Petrochemicals LLC, Westlake Vinyls, Inc. and Westlake Longview Corporation; 

WHEREAS, WPT LLC contributed a portion of its limited partner interest in the Partnership to Westlake Chemical Partners LP; 

WHEREAS, the General Partner and the Limited Partners now desire to amend and restate the Agreement of Limited Partnership in its entirety
upon the terms and conditions stated below; and 
 WHEREAS, for U.S. federal income tax purposes, the General Partner is a disregarded
entity and the general partner interest owned by the General Partner is treated as owned by Westlake Chemical Partners LP. 
 NOW,
THEREFORE, the Agreement of Limited Partnership is hereby amended and restated in its entirety as follows: 
 ARTICLE I 

DEFINITIONS 
 The following
definitions shall for all purposes, unless otherwise clearly indicated to the contrary, apply to the terms used in this Agreement. 

“Act” means the Delaware Revised Uniform Limited Partnership Act, as amended from time to time, and any successor to
such act. 

  
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 “Adjusted Capital Account” means the Capital Account
maintained for each Partner (a) increased by any amounts that the Partner is deemed obligated to contribute or restore to the Partnership pursuant to the penultimate sentences of Treasury Regulations Sections 1.704-2(g)(1) and
1.704-2(i)(5), and (b) decreased by any amounts described in Treasury Regulations Sections 1.704-1(b)(2)(ii)(d)(4), (5), or (6) with respect to such Partner. 

“Adjusted Capital Account Deficit” means a deficit balance in the Adjusted Capital Account of a
Partner. 
 “Affiliate” means, 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. As used herein, the term “control” means 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. 

“Agreement” means this Amended and Restated Agreement of Limited Partnership of Westlake Chemical OpCo
LP, as it may be amended, supplemented or restated from time to time. This Agreement shall constitute a “partnership agreement” as such term is defined in the Act. 

“Agreement of Limited Partnership” has the meaning set forth in the recitals. 

“Bad Faith” means with respect to any determination, action or omission, of any Person, board or
committee, that such Person, board or committee reached such determination, or engaged in or failed to engage in such act or omission, with the belief that such determination, action or omission was adverse to the interest of the Partnership.

 “Capital Account” means, with respect to any Partner, the capital account maintained for
such Member in accordance with the provisions of Section 5.1. 
 “Capital
Contribution” means, with respect to any Partner, the aggregate amount of cash and the initial Gross Asset Value of any property other than cash contributed to the Partnership by such Partner. Any reference in this Agreement to a
Capital Contribution of a Partner shall include a Capital Contribution contributed by its predecessors in interest. 

“Certificate of Limited Partnership” means the Certificate of Limited Partnership filed with the
Secretary of State of the State of Delaware pursuant to which the Partnership was formed as a Delaware limited partnership and as described in the first sentence of Section 2.5, as amended or restated from time to time.

 “Code” means the Internal Revenue Code of 1986, as amended, and in effect from time to
time. Any reference herein to a specific section or sections of the Code shall be deemed to include a reference to any corresponding provision of any successor law. 

“Depreciation” means, for each Fiscal Year, an amount equal to the depreciation, amortization or other
cost recovery deduction allowable for federal income tax purposes with respect to an asset for the Fiscal Year as determined by the General Partner; provided that if the Gross Asset Value of an asset differs from
its adjusted basis for federal income tax purposes at  

  
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the beginning of the Fiscal Year or other period, Depreciation for the Fiscal Year or other period shall equal to the amount of book basis recovered for the Fiscal Year or other period under the
rules prescribed by Treasury Regulations Section 1.704-3(d)(2) and provided, further, that if the federal income tax depreciation, amortization or other cost recovery deduction for the
Fiscal Year or other period is zero, Depreciation shall be determined with reference to the beginning Gross Asset Value using any reasonable method selected by the General Partner. 

“Fiscal Year” has the meaning set forth in Section 2.6 of this Agreement. 

“General Partner” means Westlake Chemical OpCo GP LLC, a Delaware limited liability company, in its
capacity as the general partner of the Partnership, and any successor to Westlake Chemical OpCo GP LLC, as the general partner of the Partnership. 

“Gross Asset Value” means, with respect to any asset, such asset’s adjusted basis for federal
income tax purposes, except as follows: 
 (a) the initial Gross Asset Value of any asset contributed by a Partner to the
Partnership shall be the gross fair market value of such asset, as agreed to by the Partners; 
 (b) the Gross Asset Value of all Partnership
assets shall be adjusted to equal their respective gross fair market values, as determined by the Partners, in connection with: (i) the acquisition of an additional interest in the Partnership by any new or existing Partner in exchange for more
than a de minimis Capital Contribution; (ii) the distribution by the Partnership to a Partner of more than a de minimis amount of Partnership assets as consideration for an interest in the Partnership; (iii) the liquidation
of the Partnership within the meaning of Treasury Regulations Section 1.704-1(b)(2)(ii)(g) (other than pursuant to Section 708(b)(1)(B) of the Code); (iv) the issuance of a Noncompensatory Option; or (v) any other event to the
extent determined by the Partners to be necessary to properly reflect the Gross Asset Values in accordance with the standards set forth in Treasury Regulations Section 1.704-1(b)(2)(iv)(q); provided, however, that in the event of
the issuance of an interest in the Partnership pursuant to the exercise of a Noncompensatory Option where the right to share in Partnership capital represented by the Partnership interest differs from the consideration paid to acquire and exercise
the Noncompensatory Option, the Gross Asset Value of each Partnership asset immediately after the issuance of the Partnership interest shall be adjusted upward or downward to reflect any unrealized gain or unrealized loss attributable to the
Partnership asset and the Capital Accounts of the Partners shall be adjusted in a manner consistent with Treasury Regulations Section 1.704-1(b)(2)(iv)(s); and provided further, however,
that adjustments pursuant to clause (i) and clause (ii) of this sentence (or clause (iv) of this sentence in the event of the issuance of a Noncompensatory Option to acquire a de minimis Interest in the Partnership) shall be
made only if the General Partner reasonably determines that the adjustments are necessary or appropriate to reflect the relative economic interests of the Partners in the Partnership. If any Noncompensatory Options are outstanding upon the
occurrence of an event described in this paragraph (b)(i) through (b)(v), the Partnership shall adjust the Gross Asset Values of its properties in accordance with Treasury Regulations Sections
1.704-1(b)(2)(iv)(f)(1) and 1.704-1(b)(2)(iv)(h)(2). 

  
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 (c) the Gross Asset Value of any Partnership asset distributed to any Partner shall be the gross
fair market value of such asset on the date of distribution, as determined by the distributee Partner and the other Partners; and 
 (d) the
Gross Asset Values of Partnership assets shall be adjusted to reflect any adjustments to the adjusted basis of such assets pursuant to Code Section 734(b) (including Treasury Regulation Section 1.734-2(b)(1)), but only to the extent that
such adjustments are taken into account in determining Capital Accounts pursuant to Treasury Regulations Section 1.704-1(b)(2)(iv)(m); provided, however, that Gross Asset Value shall not be adjusted pursuant to this paragraph (d) to the
extent that an adjustment pursuant to paragraph (b) above is made in connection with a transaction that would otherwise result in an adjustment pursuant to this paragraph (d). 

If the Gross Asset Value of an asset has been determined or adjusted pursuant to paragraph (a), paragraph (b) or paragraph (d) above, such
Gross Asset Value shall thereafter be adjusted by the depreciation taken into account with respect to such asset for purposes of computing Profits and Losses. 

“Gross Liability Value” means, with respect to any liability of the Partnership described in Treasury
Regulations Section 1.752-7(b)(3)(i), the amount of cash that a willing assignor would pay to a willing assignee to assume the liability in an arm’s-length transaction. 

“Indemnitee” means (a) the General Partner, (b) any former General Partner, (c) any
Person who is or was an Affiliate of the General Partner or any former General Partner, (d) any Person who is or was a member, partner, director, officer, fiduciary or trustee of any Person which any of the preceding clauses of this definition
describes, (e) any Person who is or was serving at the request of the General Partner or any former General Partner or any Affiliate of the General Partner or any former General Partner as an officer, director, member, partner, fiduciary or
trustee of another Person, (provided, however, that that Person shall not be an Indemnitee by reason of providing, on a fee-for-services basis, trustee,
fiduciary or custodial services), and (f) any other Person the General Partner designates as an “Indemnitee” for purposes of this Agreement. 

“Law” means any applicable statute, law (including any obligation arising under the common law), rule,
regulation, ordinance, order, code, ruling, writ, injunction, decree or other official act of or by any Governmental Authority. 

“Limited Partner” means the Persons listed as Limited Partners on Schedule I, as it may be
updated, amended, supplemented or restated from time to time by the General Partner, and any other limited partner admitted to the Partnership from time to time following the date of this Agreement. 

“Noncompensatory Option” has the meaning set forth in Treasury Regulations
Section 1.721-2(f). 
 “Nonrecourse Deductions” shall have the meaning assigned to
that term in Treasury Regulation Section 1.704-2(b). 

  
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 “Partner” means the General Partner or any Limited
Partner. 
 “Partner Nonrecourse Debt” has the meaning set forth in Treasury Regulations
Section 1.704-2(b)(4). 
 “Partner Nonrecourse Debt Minimum
Gain” has the meaning set forth in Treasury Regulations Section 1.704-2(i)(2). 

“Partner Nonrecourse Deductions” shall have the meaning assigned to that term in Treasury Regulation
Section 1.704-2(i). 
 “Partnership” means Westlake Chemical OpCo LP, a Delaware
limited partnership. 
 “Partnership Minimum Gain” shall have the meaning assigned to
that term in Treasury Regulation Section 1.704-2(d). 
 “Percentage Interest”
means, with respect to any Partner, the percentage set forth on Schedule I next to such Partner’s name under the heading “Percentage Interest.” The Percentage Interest with respect to the General Partner shall at all times
be zero. 
 “Person” or “person” means an individual or a
corporation, firm, limited liability company, partnership, joint venture, trust, unincorporated organization, association, governmental agency or political subdivision thereof or other entity. 

“Profits” or “Losses” means, for each Fiscal Year, an amount equal to the
Partnership’s taxable income or loss for such Fiscal Year, determined in accordance with Section 703(a) of the Code (but including in taxable income or loss, for this purpose, all items of income, gain, loss or deduction required to be
stated separately pursuant to Section 703(a)(1) of the Code), with the following adjustments: 
 (a) any income of the
Partnership exempt from federal income tax and not otherwise taken into account in computing Profits or Losses pursuant to this definition shall be added to such taxable income or loss; 

(b) any expenditures of the Partnership described in Section 705(a)(2)(b) of the Code (or treated as expenditures described in
Section 705(a)(2)(b) of the Code pursuant to Treasury Regulations Section 1.704-1(b)(2)(iv)(i)) and not otherwise taken into account in computing Profits or Losses pursuant to this definition shall be subtracted from such taxable income or
loss; 
 (c) in the event the Gross Asset Value of any Partnership asset is adjusted in accordance with paragraph (b) or paragraph
(c) of the definition of “Gross Asset Value,” the amount of such adjustment shall be taken into account as gain (if the adjustment increases the Gross Asset Value of the Partnership asset) or loss (if the adjustment decreases the
Gross Asset Value of the Partnership asset) from the disposition of such asset for purposes of computing Profits or Losses; 

  
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 (d) gain or loss resulting from any disposition of any Partnership asset with respect to which
gain or loss is recognized for federal income tax purposes shall be computed by reference to the Gross Asset Value of the asset disposed of, notwithstanding that the adjusted tax basis of such asset differs from its Gross Asset Value; 

(e) in lieu of the depreciation, amortization and other cost recovery deductions taken into account in computing such taxable income or loss,
there shall be taken into account Depreciation for such Fiscal Year or other period, computed in accordance with the definition of “Depreciation”; 

(f) to the extent an adjustment to the adjusted tax basis of any asset pursuant to Code Section 734(b) (including Treasury Regulation
Section 1.734-2(b)(1)) is required, pursuant to Treasury Regulation Section 1.704-1(b)(2)(iv)(m)(4), to be taken into account in determining Capital Account balances as a result of a distribution other than in liquidation of a
Partner’s interest in the Partnership, the amount of such adjustment shall be treated as an item of gain (if the adjustment increases the basis of the asset) or an item of loss (if the adjustment decreases such basis) from the disposition of
such asset and shall be taken into account for purposes of computing Profits or Losses; 
 (g) the Gross Liability Value of each liability of
the Partnership described in Treasury Regulations Section 1.752-7(b)(3)(i) will be adjusted at such times as are provided in this Agreement for an adjustment to the Gross Asset Values of the Partnership’s assets. The amount of any
adjustment will be treated as an item of loss (if the adjustment increases the Gross Liability Value of the liability) or an item of gain (if the adjustment decreases the Gross Liability Value of the liability); and 

(h) notwithstanding any other provisions of this definition, any items which are specially allocated pursuant to Section 7.2,
Section 7.3, or Section 10.2(b) shall not be taken into account in computing Profits or Losses. 

“Treasury Regulation” means the applicable Income Tax Regulations, including Temporary Regulations,
promulgated under the Code. Any and all references herein to a specific provision of a Treasury Regulation shall be deemed to refer to any corresponding successor provision. 

ARTICLE II 

ORGANIZATIONAL MATTERS 

Section 2.1 Formation. The General Partner and WPT LLC, as the initial limited partner, formed the Partnership as a limited
partnership pursuant to the provisions of the Act. The General Partner and the Limited Partners hereby enter into this Agreement to set forth the rights and obligations of the Partners and certain matters related thereto. Except as otherwise
provided herein, the rights and obligations of the Partners and the administration, dissolution and termination of the Partnership shall be governed by the Act. 

Section 2.2 Name. The name of the Partnership shall be, and the business of the Partnership shall be conducted under the name of,
“Westlake Chemical OpCo LP.” 

  
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 Section 2.3 Principal Office; Registered Office. 

(a) The principal office of the Partnership shall be at 2801 Post Oak Boulevard, Suite 600, Houston, Texas 77056, or such other place as the
General Partner may from time to time designate. The Partnership may maintain offices at such other places as the General Partner deems advisable. 

(b) The registered office of the Partnership required by the Act to be maintained in the State of Delaware shall be the office of the initial
registered agent named in the Certificate of Limited Partnership, or such other place as the General Partner may from time to time designate in the manner provided by law. The registered agent for service of process at such address shall be the
initial registered agent named in the Certificate of Limited Partnership, or such other person as the General Partner may designate in the manner provided by law. 

Section 2.4 Term. The Partnership commenced on the date the Certificate of Limited Partnership was filed pursuant to
Section 2.5 and shall continue in existence until an election by the General Partner to dissolve the Partnership. 

Section 2.5 Organizational Certificate. A Certificate of Limited Partnership of the Partnership has been filed with the Secretary
of State of the State of Delaware as required by the Act. The General Partner shall file or cause to be filed such other certificates or documents as may be required for the formation, operation and qualification of a limited partnership in the
State of Delaware and any jurisdiction in which the Partnership may elect to do business. The General Partner shall file or cause to be filed any necessary amendments to the Certificate of Limited Partnership and any such other certificates and
documents and do all things requisite to the maintenance of the Partnership as a limited partnership (or as a partnership in which the Limited Partners have limited liability) under the laws of the State of Delaware and any jurisdiction in which the
Partnership may elect to do business. 
 Section 2.6 Fiscal Year. The fiscal year of the Partnership shall be January 1 to
December 31. 
 ARTICLE III 

PURPOSE 
 The purpose and
business of the Partnership shall be to engage in any lawful activity for which limited partnerships may be organized under the Act. 

ARTICLE IV 
 CAPITAL
CONTRIBUTIONS; PERCENTAGE INTERESTS 
 No Partner shall have the obligation to make any additional capital contribution to the
Partnership. The Percentage Interests of the Partners are set forth on Schedule I, as such schedule may be updated, amended, supplemented or restated from time to time. 

  
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 ARTICLE V 

CAPITAL ACCOUNTS ALLOCATIONS 

Section 5.1 Capital Accounts. 

(a) A separate Capital Account shall be established and maintained for each Partner in accordance with the requirements of Treasury Regulations
Section 1.704-1(b)(2)(iv). The Capital Account of each Partner shall be maintained in accordance with the following provisions: 

(i) to such Partner’s Capital Account there shall be credited such Partner’s Capital Contributions, such
Partner’s distributive share of Profits, special allocations of income and gain, and the net amount of any Partnership liabilities that are assumed by such Partner or that are secured by any Partnership assets distributed to such Partner; 

(ii) to such Partner’s Capital Account there shall be debited the amount of cash and the Gross Asset Value of any
Partnership assets distributed to such Partner pursuant to any provision of this Agreement, such Partner’s distributive share of Losses, special allocations of loss and deduction, and the net amount of any liabilities of such Partner that are
assumed by the Partnership or that are secured by any property contributed by such Partner to the Partnership; 
 (iii) In
the event an interest is transferred in accordance with the terms of this Agreement, the transferee will succeed to the Capital Account of the transferor to the extent it relates to the transferred interest 

(iv) in determining the amount of any liability for purposes of this Section 5.1(a), there shall be taken into
account Section 752(c) of the Code and any other applicable provisions of the Code and the Treasury Regulations. 
 The foregoing provisions and the
other provisions of this Agreement relating to the maintenance of Capital Accounts are intended to comply with Treasury Regulations Section 1.704-1(b), and will be interpreted and applied in a manner
consistent with those Treasury Regulations. In the event the General Partner determines in good faith and on a commercially reasonable basis that it is prudent to modify the manner in which the Capital Accounts, or any debits or credits thereto are
computed in order to comply with those Treasury Regulations, the General Partner may make the modification. The General Partner also shall, in good faith and on a commercially reasonable basis, (a) make any adjustments to the Capital Accounts
that are necessary or appropriate to maintain equality between the aggregate Capital Accounts of the Partners and the amount of capital reflected on the Partnership’s balance sheet, as computed for book purposes, in accordance with Treasury
Regulations Section 1.704-1(b)(2)(iv)(q) and (b) make any appropriate modifications to the Capital Accounts in the event unanticipated events might otherwise cause this Agreement not to comply with
Treasury Regulations Section 1.704-1(b). 

  
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 ARTICLE VI 

DISTRIBUTIONS 

Section 6.1 Reserves and Distributions. From time to time, but not less often than quarterly, the General Partner shall review the
Partnership’s accounts and determine the amount of the Partnership’s available cash and appropriate reserves (including cash reserves for future maintenance capital expenditures, working capital, turnaround reserves and other matters), and
the Partnership shall make a distribution to the Partners of the available cash, subject to the reserves. The General Partner’s determination of the amount of distributions and reserves shall be made on its behalf by its sole member, Westlake
Chemical Partners LP. The General Partner may make such cash distributions as it may determine and without being limited to current or accumulated income or gains from any Partnership funds, including, without limitation, Partnership revenues,
capital contributions or borrowed funds; provided, that no such distribution shall be made if, after giving effect thereto, the liabilities of the Partnership exceed the fair market value of the assets of the Partnership. The General Partner
may, subject to the foregoing proviso, also cause the Partnership to distribute to the Partners other Partnership property or other securities of the Partnership or other entities. Except as provided in Section 10.2, all distributions shall be
made to the Partners in accordance with their Percentage Interests. 
 ARTICLE VII 

ALLOCATIONS 

Section 7.1 Profits. After giving effect to the special allocations set forth in Section 7.3 and Section 7.4, and except
as provided in Section 7.2 and Section 11.2(b), all Profits from operations for each Fiscal Year (or part thereof) shall be allocated to the Partners in the following order and priority: 

(a) First, to the General Partner until the General Partner has been allocated an amount equal to the excess, if any, of (i) the absolute
value of cumulative Losses allocated to the General Partner pursuant to Section 7.2(b) for all prior Fiscal Years, over (ii) the cumulative amount of Profits allocated to the General Partner pursuant this Section 7.1(a) for all prior
Fiscal Years; 
 (b) Second, to the Limited Partners in proportion to, and to the extent of, an amount equal to the excess, if any, of
(i) the absolute value of cumulative Losses allocated to each such Limited Partner pursuant to Section 7.2(a) for all prior Fiscal Years, over (ii) the cumulative Profits allocated to such Limited Partner pursuant to this
Section 7.1(b) for all prior Fiscal Years; and 
 (c) Third, to the Limited Partners accordance with their Percentage Interests. 

Section 7.2 Losses. After giving effect to the special allocations set forth in Section 7.3, and Section 7.4, and except
as provided in Section 10.2(b), all Losses from operations for each Fiscal Year (or part thereof) shall be allocated to the Partners in the following order and priority: 

  
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 (a) First, to the Limited Partners in accordance with their Percentage Interests; provided, no
Losses shall be allocated to any Limited Partner to the extent that such allocation would result in a Limited Partner having an Adjusted Capital Account Deficit; and 

(b) Second, to the General Partner. 
 To the
extent Losses allocated to a Limited Partner would cause such Limited Partner to have an Adjusted Capital Account Deficit at the end of any Fiscal Year, the Losses will be reallocated to the other Limited Partners to the extent such reallocation
will not cause any such Limited Partner to have an Adjusted Capital Account Deficit. If any Limited Partner receives an allocation of Losses otherwise allocable to another Limited Partner pursuant to this provision, such Limited Partner shall be
allocated Profits in subsequent Fiscal Years necessary to reverse the effect of such reallocation of Losses and such allocation of Profits (if any) shall be made before any other Profit allocations under Section 7.1. 

Section 7.3 Special Allocations. The following special allocations shall be made in the following order: 

(a) Minimum Gain Chargeback. Except as otherwise provided in Treasury Regulations
Section 1.704-2(f), notwithstanding any other provision of this Article 7, if there is a net decrease in Partnership Minimum Gain during any Fiscal Year, each Partner will be allocated items of
Partnership income and gain for the Fiscal Year (and, if necessary, subsequent Fiscal Years) in an amount equal to the Partner’s share of the net decrease in Partnership Minimum Gain, determined in accordance with Treasury Regulations Section 1.704-2(g). Allocations pursuant to the previous sentence will be made in proportion to the respective amounts required to be allocated to each Partner pursuant thereto. The items to be so allocated
shall be determined in accordance with Treasury Regulations Sections 1.704-2(f)(6) and 1.704-2(j)(2). This Section 7.3(a) is intended to comply with the
minimum gain chargeback requirement in Treasury Regulations Section 1.704-2(f) and will be interpreted consistently therewith. 

(b) Partner Minimum Gain Chargeback. Except as otherwise provided in Treasury Regulations
Section 1.704-2(i)(4), notwithstanding any other provision of this Article 7, if there is a net decrease in Partner Nonrecourse Debt Minimum Gain attributable to a Partner Nonrecourse Debt during any
Fiscal Year, each Partner who has a share of the Partner Nonrecourse Debt Minimum Gain attributable to that Partner Nonrecourse Debt, determined in accordance with Treasury Regulations
Section 1.704-2(i)(5), will be allocated items of Partnership income and gain for the Fiscal Year (and, if necessary, subsequent Fiscal Years) in an amount equal to the Partner’s share of the net
decrease in Partner Nonrecourse Debt Minimum Gain attributable to the Partner Nonrecourse Debt, determined in accordance with Treasury Regulations Section 1.704-2(i)(4). Allocations pursuant to the
previous sentence will be made in proportion to the respective amounts required to be allocated to each Partner pursuant thereto. The items to be so allocated will be determined in accordance with Treasury Regulations
Sections 1.704-2(i)(4) and 1.704-2(j)(2). This Section 7.3(b) is intended to comply with the minimum gain chargeback requirement in Treasury Regulations Section 1.704-2(i)(4) and will be interpreted consistently therewith. 

  
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 (c) Qualified Income Offset. In the event that any Partner unexpectedly receives any
adjustments, allocations, or distributions described in Treasury Regulations Sections 1.704-1(b)(2)(ii)(d)(4), 1.704-1(b)(2)(ii)(d)(5) or
1.704-1(b)(2)(ii)(d)(6), items of Partnership income and gain will be allocated to the Partner in an amount and manner sufficient to eliminate, to the extent required by the Treasury Regulations, the Adjusted
Capital Account Deficit of the Partner as quickly as possible; provided that an allocation pursuant to this Section 7.2(c) will be made only if and to the extent that the Partner would have an Adjusted Capital Account Deficit after all
other allocations provided for in this Article 7 have been tentatively made as if this Section 7.3(c) were not in this Agreement. 

(d) Gross Income Allocation. In the event that any Partner has an Adjusted Capital Account Deficit at the end of any Fiscal Year, each
such Partner shall be allocated items of Partnership income and gain in the amount of the deficit as quickly as possible; provided that an allocation pursuant to this Section 7.3(d) will be made only if and to the extent that the Partner
would have an Adjusted Capital Account Deficit after all other allocations provided for in this Article 7 have been tentatively made as if Section 7.3(c) and this Section 7.3(d) were not in this Agreement. 

(e) Nonrecourse Deductions. Nonrecourse Deductions for any Fiscal Year shall be allocated to the Partners in accordance each
Partner’s Percentage Interest. 
 (f) Partner Nonrecourse Deductions. Any Partner Nonrecourse Deductions for any Fiscal Year will
be allocated to the Partner who bears the economic risk of loss with respect to the Partner Nonrecourse Debt to which the Partner Nonrecourse Deductions are attributable in accordance with Treasury Regulations
Section 1.704-2(i)(1). 
 (g) Section 754 Adjustments. To the extent an adjustment
to the adjusted tax basis of any Partnership asset, pursuant to Code Section 734(b) (including pursuant to Treasury Regulations Section 1.734-2(b)(1)) is required, pursuant to Treasury Regulations
Section 1.704-1(b)(2)(iv)(m)(2) or 1.704-1(b)(2)(iv)(m)(4), to be taken into account in determining Capital Accounts as the result of a distribution to a Partner in
complete liquidation of the Partner’s interest in the Partnership, the amount of the adjustment to Capital Accounts will be treated as an item of gain (if the adjustment increases the basis of the asset) or loss (if the adjustment decreases the
basis) and the gain or loss will be allocated to the Partners in proportion to their interests in the Partnership in the event Treasury Regulations Section 1.704-1(b)(2)(iv)(m)(2) applies, or to the
Partner to whom the distribution was made in the event Treasury Regulations Section 1.704-1(b)(2)(iv)(m)(4) applies. 

Section 7.4 Regulatory Allocations. The allocations set forth in Section 7.3 (the “Regulatory
Allocations”) are intended to comply with certain requirements of the Treasury Regulations. It is the intent of the Partners that, to the extent possible, all Regulatory Allocations shall be offset either with other Regulatory
Allocations or with special allocations of other items of Partnership income, gain, loss or deduction pursuant to this Section 7.4. Therefore, notwithstanding any other provision of this Article 7 (other than the Regulatory Allocations), but
subject to the Code and the Treasury Regulations, the General Partner shall make such offsetting special allocations of Partnership income, gain, loss or deduction in whatever manner it determines appropriate so that, after such offsetting
allocations are made, each Partner’s Capital 

  
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Account balance is, to the extent possible, equal to the Capital Account balance such Partner would have had if the Regulatory Allocations were not part of this Agreement. In making such
determination, the General Partner shall take into account future Regulatory Allocations that, although not yet made, are likely to offset other Regulatory Allocations previously made. 

Section 7.5 Income Tax Allocations. 

(a) Except as provided in this Section 7.5, each item of income, gain, loss and deduction of the Partnership for federal income tax
purposes shall be allocated among the Partners in the same manner as such items are allocated for book purposes under Section 7.1, Section 7.2, Section 7.3, Section 7.4, and
Section 10.2(b). 
 (b) In accordance with Code Section 704(c) and the applicable Treasury Regulations thereunder, income,
gain, loss and deduction with respect to any property contributed to the Partnership shall, solely for tax purposes, be allocated among the Partners so as to take account of any variation between the adjusted basis of such property to the
Partnership for federal income tax purposes and its Gross Asset Value at the time of its contribution to the Partnership. If the Gross Asset Value of any Partnership property is adjusted in accordance with clause (b) or (d) of the
definition of Gross Asset Value, then subsequent allocations of income, gain, loss and deduction shall take into account any variation between the adjusted basis of such property for federal income tax purposes and its Gross Asset Value as provided
in Code Section 704(c) and the related Treasury Regulations. For purposes of such allocations, the Partnership shall elect the remedial allocation method described in Treasury Regulation Section 1.704-3(d). 

(c) All items of income, gain, loss, deduction and credit allocated to the Partners in accordance with the provisions hereof and basis
allocations recognized by the Partnership for federal income tax purposes shall be determined without regard to any election under Section 754 of the Code which may be made by the Partnership. 

(d) If any deductions for depreciation or cost recovery are recaptured as ordinary income upon the Transfer of Partnership properties, the
ordinary income character of the gain from such Transfer shall be allocated among the Partners in the same ratio as the deductions giving rise to such ordinary character were allocated. 

Section 7.6 Allocation and Other Rules. 

(a) Profits, Losses, and any other items of income, gain, loss, or deduction will be allocated to the Partners pursuant to this Article
7 as of the last day of each Fiscal Year, provided that Profits, Losses, and the other items will also be allocated at any time the Gross Asset Values of the Partnership’s assets are adjusted pursuant to paragraph (b) of the
definition of “Gross Asset Value”. 
 (b) In the event Partners are admitted to the Partnership pursuant to this Agreement
on different dates, the Profits (or Losses) allocated to the Partners for each Fiscal Year during which Partners are so admitted shall be allocated among the Partners in proportion to their Percentage Interests during such Fiscal Year in accordance
with Section 706 of the Code, using any convention permitted by Law and selected by the General Partner that takes into account the varying interests of the Partners during such Fiscal Year. 

  
 12 

 (c) For purposes of determining the Profits, Losses or any other items allocable to any period,
Profits, Losses and any such other items shall be determined on a daily, monthly or other basis, as determined by the General Partner using any method that is permissible under Section 706 of the Code and the Treasury Regulations thereunder.

 (d) The Partners are aware of the income tax consequences of the allocations made by this Article 7 and hereby agree to be bound by the
provisions of this Article 7 in reporting their shares of Partnership income and loss for tax purposes. 
 ARTICLE VIII 

MANAGEMENT AND OPERATIONS OF BUSINESS 

Section 8.1 General Partner’s Authority; Reimbursement. Except as otherwise expressly provided in this Agreement, all powers
to control and manage the business and affairs of the Partnership shall be vested exclusively in the General Partner; and the Limited Partners shall not have any power to control or manage the Partnership. The General Partner shall be reimbursed on
a basis as the General Partner may determine for (a) all direct and indirect expenses it incurs or payments it makes on behalf of the Partnership (including salary, bonus, incentive compensation and other amounts paid to any Person, including
Affiliates of the General Partner, to perform services for the Partnership or for the General Partner in the discharge of its duties to the Partnership) and (b) all other direct and indirect expenses allocable to the Partnership or otherwise
incurred by the General Partner in connection with operating the Partnership’s business (including expenses allocated to the General Partner by its Affiliates). The General Partner shall determine the expenses that are allocable to the
Partnership. Reimbursements pursuant to this Section 8.1 shall be in addition to any reimbursement to the General Partner as a result of indemnification pursuant to Section 8.3. The General Partner may be removed or replaced
only with the written consent of the General Partner and Limited Partners having at least 95% of the Percentage Interests. 

Section 8.2 Approval Required for Certain Action. In addition to matters set forth in Section 6.1, the General Partner
shall not cause the Partnership to, and the Partnership shall not, take any of the following actions without the approval or consent of the Limited Partners (which consent may be made categorically or by policy): 

(a) effecting any merger or consolidation involving the Partnership; 

(b) effecting any sale or exchange of all or substantially all of Partnership’s assets; 

(c) dissolving or liquidating the Partnership; 

(d) creating or causing to exist any consensual restriction on the ability of the Partnership or its subsidiaries to make distributions, pay
any indebtedness, make loans or advances or transfer assets to its Limited Partners or their subsidiaries; 

  
 13 

 (e) settling or compromising any claim, dispute or litigation directly against, or otherwise
relating to indemnification by the Partnership of, any of the directors or officers of the General Partner; or 
 (f) issuing additional
interests in the Partnership. 
 Section 8.3 Indemnification. 

(a) To the fullest extent permitted by law, all Indemnitees shall be indemnified and held harmless by the Partnership from and against any and
all losses, claims, damages, liabilities, joint or several, expenses (including legal fees and expenses), judgments, fines, penalties, interest, settlements or other amounts arising from any and all threatened, pending or completed claims, demands,
actions, suits or proceedings, whether civil, criminal, administrative or investigative, and whether formal or informal and including appeals, in which any Indemnitee may be involved, or is threatened to be involved, as a party or otherwise, by
reason of its status as an Indemnitee and acting (or refraining to act) in such capacity; provided, that the Indemnitee shall not be indemnified and held harmless if there has been a final and non-appealable judgment entered by a court of
competent jurisdiction determining that, in respect of the matter for which the Indemnitee is seeking indemnification pursuant to this Section 8.3, the Indemnitee acted in Bad Faith or, in the case of a criminal matter, acted with
knowledge that the Indemnitee’s conduct was unlawful. Any indemnification pursuant to this Section 8.3 shall be made only out of the assets of the Partnership, it being agreed that the Partners shall not be personally liable for
such indemnification and shall have no obligation to contribute or loan any monies or property to the Partnership to enable it to effectuate such indemnification. 

(b) To the fullest extent permitted by law, expenses (including legal fees and expenses) incurred by an Indemnitee who is indemnified pursuant
to Section 8.3(a) in appearing at, participating in or defending any claim, demand, action, suit or proceeding shall, from time to time, be advanced by the Partnership prior to a final and non-appealable judgment entered by a court of
competent jurisdiction determining that, in respect of the matter for which the Indemnitee is seeking indemnification pursuant to this Section 8.3, that the Indemnitee is not entitled to be indemnified upon receipt by the Partnership of
any undertaking by or on behalf of the Indemnitee to repay such amount if it shall be ultimately determined that the Indemnitee is not entitled to be indemnified as authorized by this Section 8.3. 

(c) The indemnification provided by this Section 8.3 shall be in addition to any other rights to which an Indemnitee may be
entitled under any agreement, as a matter of law, in equity or otherwise, both as to actions in the Indemnitee’s capacity as an Indemnitee and as to actions in any other capacity, and shall continue as to an Indemnitee who has ceased to serve
in such capacity and shall inure to the benefit of the heirs, successors, assigns and administrators of the Indemnitee. 
 (d) The
Partnership may purchase and maintain (or reimburse any Partner or its Affiliates for the cost of) insurance, on behalf of any Partner, its Affiliates, the Indemnitees and such other Persons as the General Partner shall determine, against any
liability that may be asserted against, or expense that may be incurred by, such Person in connection with the Partnership’s activities or such Person’s activities on behalf of the Partnership, regardless of whether the Partnership would
have the power to indemnify such Person against such liability under the provisions of this Agreement. 

  
 14 

 (e) For purposes of this Section 8.3, the Partnership shall be deemed to have
requested an Indemnitee to serve as fiduciary of an employee benefit plan whenever the performance by it of its duties to the Partnership also imposes duties on, or otherwise involves services by, it to the plan or participants or beneficiaries of
the plan; excise taxes assessed on an Indemnitee with respect to an employee benefit plan pursuant to applicable law shall constitute “fines” within the meaning of Section 8.3(a); and action taken or omitted by it with respect
to any employee benefit plan in the performance of its duties for a purpose reasonably believed by it to be in the best interest of the participants and beneficiaries of the plan shall be deemed to be for a purpose that is in the best interests of
the Partnership. 
 (f) In no event may an Indemnitee subject any of the Partners to personal liability by reason of the indemnification
provisions set forth in this Agreement. 
 (g) An Indemnitee shall not be denied indemnification in whole or in part under this
Section 8.3 because the Indemnitee had an interest in the transaction with respect to which the indemnification applies if the transaction was otherwise permitted by the terms of this Agreement. 

(h) The provisions of this Section 8.3 are for the benefit of the Indemnitees and their heirs, successors, assigns, executors and
administrators and shall not be deemed to create any rights for the benefit of any other Persons. 
 (i) No amendment, modification or repeal
of this Section 8.3 or any provision hereof shall in any manner terminate, reduce or impair the right of any past, present or future Indemnitee to be indemnified by the Partnership, nor the obligations of the Partnership to indemnify any
such Indemnitee under and in accordance with the provisions of this Section 8.3 as in effect immediately prior to such amendment, modification or repeal with respect to claims arising from or relating to matters occurring, in whole or in
part, prior to such amendment, modification or repeal, regardless of when such claims may arise or be asserted. 
 Section 8.4
Limitation of Liability of Indemnitees. 
 (a) Notwithstanding anything to the contrary set forth in this Agreement or under the Act
or any other law, rule or regulation at equity, no Indemnitee shall be liable for monetary damages or otherwise to the Partnership, to another Partner, to any other Person who acquires an interest in the Partnership or to any other Person bound by
this Agreement, for losses sustained or liabilities incurred, of any kind or character, as a result of its or any other Indemnitee’s determinations, act(s) or omission(s) in their capacities as Indemnitees; provided however, that an Indemnitee
shall be liable for losses or liabilities sustained or incurred by the Partnership, any Partners, any other Persons who acquire an interest in the Partnership or any other Person bound by this Agreement, if it is determined by a final non-appealable
judgment entered by a court of competent jurisdiction that such losses or liabilities were the result of the conduct engaged by such Indemnitee being in in Bad Faith or with respect to any criminal conduct, with the knowledge that such
Indemnitee’s conduct was unlawful. 

  
 15 

 (b) To the extent that, at law or in equity, an Indemnitee has duties (including fiduciary
duties) and liabilities relating thereto to the Partnership, any Partners, any other Persons who acquire an interest in the Partnership or any other Person bound by this Agreement, the General Partner and any other Indemnitee acting in connection
with the Partnership’s business or affairs shall not be liable to the Partnership, to any Partner, to any person who acquires an interest in the Partnership or to any other Person bound by this Agreement for its reliance on the provisions of
this Agreement. 
 (c) Any amendment, modification or repeal of this Section 8.4 or any provision hereof shall be prospective
only and shall not in any way affect the limitations on the liability of the Indemnitees under this Section 8.4 as in effect immediately prior to such amendment, modification or repeal with respect to claims arising from or relating to
matters occurring, in whole or in part, prior to such amendment, modification or repeal, regardless of when such claims may arise or be asserted. 

Section 8.5 Loans or Contributions from the Partnership. The Partnership may lend or contribute to any Affiliate or Limited
Partner, and any Affiliate or Limited Partner may borrow from the Partnership, funds on terms and conditions determined by the General Partner. 

ARTICLE IX 
 RIGHTS
AND OBLIGATIONS OF LIMITED PARTNERS 
 The Limited Partners shall have no liability under this Agreement except as otherwise provided by
Law. 
 ARTICLE X 

TAX MATTERS 

Section 10.1 Tax Matters Partner. The “tax matters partner” of the Partnership for purposes of Section 6231(a)(7)
of the Code shall be the General Partner, and shall have the power to manage and control, on behalf of the Partnership, any administrative proceeding at the Partnership level with the Internal Revenue Service relating to the determination of any
item of Partnership income, gain, loss, deduction or credit for federal income tax purposes. 
 Section 10.2 Section 754
Election. The tax matters partner shall make, on behalf of the Partnership, an election in accordance with Section 754 of the Code, so as to adjust the basis of Partnership property in the case of a distribution of property within the
meaning of Section 734 of the Code, and in the case of a transfer of interests within the meaning of Section 743 of the Code. 

ARTICLE XI 

DISSOLUTION AND LIQUIDATION 

Section 11.1 Events Causing Dissolution. The Partnership shall be dissolved, and its affairs shall be wound up, upon the
expiration of its term as provided in Section 2.4. Upon the dissolution of the Partnership, the General Partner shall promptly notify the Partners of such dissolution. 

  
 16 

 Section 11.2 Liquidation. 

(a) Upon dissolution of the Partnership, the General Partner shall carry out the winding up of the Partnership and shall immediately commence
to wind up the Partnership’s affairs; provided, a reasonable time shall be allowed for the orderly liquidation of the assets of the Partnership and the satisfaction of liabilities to creditors so as to enable the Partners to minimize the normal
losses attendant upon a liquidation. The proceeds of liquidation shall be applied first to payment of all expenses and debts of the Partnership and setting up of such reserves as the General Partner reasonably deems necessary to wind up the
Partnership’s affairs and to provide for any contingent liabilities or obligations of the Partnership; provided, the unpaid principal of and interest on any loans made to the Partnership by Partners (and their Affiliates) shall be distributed
pro rata to the Partners (and their Affiliates) who made such loans, in proportion to the total amount of principal and interest payable on such loans, such distributions being treated first as a payment of accrued interest on such loans and next as
a payment of principal on such loans. Any remaining proceeds shall be distributed to the Partners in accordance with their positive Capital Account balances after giving effect to all contributions, distributions and allocations for all periods.

 (b) In the event of any liquidation and winding up of the Partnership under this Section 10.2 or a sale, exchange or other
disposition of all or substantially all of the assets of the Partnership, either voluntary or involuntary, Profits and Losses and each item of gross income, gain, loss and deduction for such period shall be allocated to the Partners so that, to the
maximum extent possible, the Partners’ Capital Account balances are in proportion to their Percentage Interests, and no other allocation of Profit or Loss pursuant to this Agreement shall reverse the effect of such allocation. If in the year of
such liquidation, dissolution or winding up, the Partners’ Capital Accounts are not in proportion to their Percentage Interests after the application of the preceding sentence, then to the extent permitted by Law and notwithstanding anything to
the contrary contained in this Agreement, items of gross income and gain for any preceding taxable period(s) with respect to which IRS Form 1065 Schedules K-1 have not been filed by the Partnership shall be reallocated among the Partners
until the Partners’ Capital Accounts are in proportion to their Percentage Interests, and no other allocation of Profit or Loss pursuant to this Agreement shall reverse the effect of such allocation. 

Section 11.3 Termination. The Partnership shall terminate when all of the assets of the Partnership, after payment of or due
provision for all debts, liabilities and obligations of the Partnership, shall have been distributed to the Partners in the manner provided for in this Article 11 and the Certificate shall have been canceled, or such other documents required under
the Act to be executed and filed with the Secretary of State of the State of Delaware have been so executed and filed, in the manner required by the Act. 

Section 11.4 Claims of the Partners or Third Parties. The Partners and former Partners shall look first to the Partnership’s
assets for the return of their Capital Contributions, and if the assets of the Partnership remaining after payment of or due provision for all debts, liabilities and obligations of the Partnership are insufficient to return such Capital
Contributions, the Partners 

  
 17 

 
shall look to the General Partner for a return of their Capital Contributions; provided, nothing contained herein shall be deemed to limit the rights of a Partner under applicable Law. In the
event any Partner other than the General Partner has a deficit balance in its Capital Account at the time of the Partnership’s dissolution, it shall not be required to restore such account to a positive balance or otherwise make any payments to
the Partnership or its creditors or other third parties in respect of such deficiency. 
 Section 11.5 Distributions In-Kind. If
any assets of the Partnership shall be distributed in kind, such assets shall be distributed to the Partner(s) entitled thereto as tenants-in-common in the same proportions as such Partner(s) would have been entitled to cash distributions if
(i) such assets had been sold for cash by the Partnership at the fair market value of such property (taking the Gross Asset Value definition herein and Code Section 7701(g) into account) on the date of distribution; (ii) any
unrealized income, gain, loss and deduction inherent in such property (that has not been reflected in the Capital Accounts previously) that would be realized by the Partnership from such sale were allocated among the Partner(s) as Profits or Losses
in accordance with this Agreement; and (iii) the cash proceeds were distributed to the Partner(s) in accordance with this Article 11. The Capital Accounts of the Partner(s) shall be increased by the amount of any unrealized income or gain
inherent in such property or decreased by the amount of any loss or deduction inherent in such property that would be allocable to them, and shall be reduced by the fair market value of the assets distributed to them under the preceding sentence.
Notwithstanding the foregoing, the Partners shall have the right to assign their interest to such in-kind distribution to any Person. 

ARTICLE XII 

AMENDMENT OF PARTNERSHIP AGREEMENT 

Subject to Section 8.3, the General Partner may amend any provision of this Agreement with the consent of the Limited Partners having at
least 75% of the Percentage Interests, and may execute, swear to, acknowledge, deliver, file and record whatever documents may be required in connection therewith. 

ARTICLE XIII 

GENERAL PROVISIONS 

Section 13.1 Addresses and Notices. Any notice to the Partnership shall be deemed given if received by it in writing at the
principal office of the Partnership designated pursuant to Section 2.3(a). Any notice to the General Partner or a Limited Partner shall be deemed given if received by it in writing at the address designated in Schedule I, or
such other place as the General Partner or Limited Partner may from time to time designate. 
 Section 13.2 Binding Effect. This
Agreement shall be binding upon and inure to the benefit of the parties hereto and their successors and assigns. 
 Section 13.3
Integration. This Agreement constitutes the entire agreement among the parties pertaining to the subject matter hereof and supersedes all prior agreements and understandings pertaining thereto. 

  
 18 

 Section 13.4 Severability. If any provision of this Agreement is or becomes invalid,
illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions hereof, or of such provision in other respects, shall not be affected thereby. 

Section 13.5 Applicable Law. This Agreement shall be governed by and construed and enforced in accordance with the laws of the
State of Delaware. 
 Section 13.6 No Third Party Beneficiary. This Agreement is made solely and specifically for the benefit of
the Partners and their successors and assigns and no other Persons shall have any rights, interest or claims hereunder or be entitled to any benefits under or on account of this Agreement as a third party beneficiary or otherwise. None of the
provisions of this Agreement shall be for the benefit of, or shall be enforceable by, any creditor of the Partnership. 
 [Remainder of Page
Intentionally Left Blank] 

  
 19 

 WHEREFORE, this Amended and Restated Agreement of Limited Partnership has been duly
executed by the General Partner and the Limited Partners as of the date first above written. 
  

			
	GENERAL PARTNER:
	
	WESTLAKE CHEMICAL OPCO GP LLC
		
	By:	 	/s/ Lawrence E. Teel
	Name:	 	Lawrence E. Teel
	Title:	 	Principal Operating Officer
	
	LIMITED PARTNERS:
	
	WPT LLC
	By:	 	Westlake Chemical Investments, Inc., its manager
		
	By:	 	/s/ Albert Chao
	Name:	 	Albert Chao
	Title:	 	President and Secretary
	
	WESTLAKE PETROCHEMICALS LLC
	By:	 	Westlake Chemical Investments, Inc., its manager
		
	By:	 	/s/ Albert Chao
	Name:	 	Albert Chao
	Title:	 	President and Secretary

 SIGNATURE PAGE TO 

AMENDED AND RESTATED AGREEMENT OF LIMITED
PARTNERSHIP 

 
			
	WESTLAKE LONGVIEW CORPORATION
		
	By:	 	/s/ Albert Chao
	Name:	 	Albert Chao
	Title:	 	President
	
	WESTLAKE VINYLS, INC.
		
	By:	 	/s/ Albert Chao
	Name:	 	Albert Chao
	Title:	 	President and Secretary
	
	WESTLAKE CHEMICAL PARTNERS LP
	By:	 	Westlake Chemical Partners GP LLC, its general partner
		
	By:	 	/s/ Albert Chao
	Name:	 	Albert Chao
	Title:	 	President and Chief Executive Officer

 SIGNATURE PAGE TO 

AMENDED AND RESTATED AGREEMENT OF LIMITED
PARTNERSHIP 

 SCHEDULE I 

 

			
	 Limited Partner Name and Address
	  	 Percentage Interest

	 WPT LLC
 2801 Post Oak Boulevard, Suite
600
 Houston, Texas 77056
	  	39.260%
		
	 Westlake Petrochemicals LLC
 2801 Post
Oak Boulevard, Suite 600
 Houston, Texas 77056
	  	34.340%
		
	 Westlake Longview Corporation
 2801 Post
Oak Boulevard, Suite 600
 Houston, Texas 77056
	  	2.090%
		
	 Westlake Vinyls, Inc.
 2801 Post Oak
Boulevard, Suite 600
 Houston, Texas 77056
	  	13.733%
		
	 Westlake Chemical Partners LP
 2801
Post Oak Boulevard, Suite 600
 Houston, Texas 77056
	  	10.577%
		
	General Partner Name and Address	  	
	 Westlake Chemical OpCo GP LLC
 2801
Post Oak Boulevard, Suite 600
 Houston, Texas 77056
	  	0.000%EX-10.8

 Exhibit 10.8 

WESTLAKE CHEMICAL PARTNERS LP 

LONG-TERM INCENTIVE PLAN 

Section 1. Purpose of the Plan. The Westlake Chemical Partners LP Long-Term Incentive Plan (the “Plan”)
has been adopted by Westlake Chemical Partners GP LLC, a Delaware limited liability company (the “General Partner”), the general partner of Westlake Chemical Partners LP, a Delaware limited partnership (the
“Partnership”). The Plan is intended to promote the interests of the Partnership and its Affiliates by providing to Employees, Consultants and Directors incentive compensation awards denominated in or based on Units to encourage
superior performance. The Plan is also intended to enhance the ability of the General Partner, the Partnership and their respective Affiliates to attract and retain the services of individuals who are essential for the growth and profitability of
the Partnership and to encourage such individuals to devote their best efforts to advancing the business of the Partnership and its Affiliates. 

Section 2. Definitions. As used in the Plan, the following terms shall have the meanings set forth below: 

(a) “Affiliate” means, 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. As used herein, the term “control” means 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. 
 (b) “ASC
Topic 718” means Accounting Standards Codification Topic 718, Compensation – Stock Compensation, or any successor accounting standard. 

(c) “Award” means an Option, Restricted Unit, Phantom Unit, DER, Unit Appreciation Right, Other Unit-Based Award or Unit
Award granted under the Plan. 
 (d) “Award Agreement” means the written or electronic agreement by which an Award shall be
evidenced. 
 (e) “Board” means the board of directors of the General Partner. 

(f) “Code” means the Internal Revenue Code of 1986, as amended. 

(g) “Committee” means the Board or such committee of, and appointed by, the Board to administer the Plan; provided,
however, that in the absence of the Board’s appointment of a committee to administer the Plan, the Compensation Committee of the Board shall serve as the Committee. 

(h) “Consultant” means an individual, other than a Director or Employee, who renders bona fide consulting or advisory
services to the General Partner, the Partnership or any of their respective Affiliates. 
 (i) “DER” means a distribution
equivalent right representing a contingent right to receive an amount in cash, Units, Restricted Units and/or Phantom Units, as determined by the Committee in its sole discretion, equal in value to the distributions made by the Partnership with
respect to a Unit during the period such Award is outstanding. 

 (j) “Director” means a member of the Board who is not an Employee. 

(k) “Employee” means an employee of the General Partner, the Partnership or any of their respective Affiliates. 

(l) “Exchange Act” means the Securities Exchange Act of 1934, as amended. 

(m) “Fair Market Value” means, as of any given date, (i) if the Units are traded on a national securities exchange on
such date, the closing sales price of a Unit on such date during normal trading hours (or, if there are no reported sales on such date, on the last date prior to such date on which there were reported sales) on the New York Stock Exchange or, if the
Units are not then-listed on such exchange, on any other national securities exchange on which the Units are listed or on an inter-dealer quotation system, in any case, as reported in such source as the Committee shall select or (ii) if there
is no regular public trading market for the Units at the time a determination of fair market value is required to be made hereunder, the amount determined in good faith by the Committee and, to the extent applicable, in compliance with the
requirements of Section 409A, to be the fair market value of a Unit as of such date. 
 (n) “Option” means an option
to purchase Units granted pursuant to Section 6(a) of the Plan. 
 (o) “Other Unit-Based Award” means an Award granted
pursuant to Section 6(e) of the Plan. 
 (p) “Participant” means an Employee, Consultant or Director granted an Award
under the Plan. 
 (q) “Person” means an individual or a corporation, limited liability company, partnership, joint
venture, trust, unincorporated organization, association, governmental agency or political subdivision thereof or other entity. 
 (r)
“Phantom Unit” means a notional interest granted under the Plan that, to the extent vested, entitles the Participant to receive a Unit (or such greater or lesser number of Units as may be provided pursuant to the applicable Award
Agreement), an amount of cash equal to the Fair Market Value of a Unit (or such greater or lesser number of Units as may be provided pursuant to the applicable Award Agreement) or a combination thereof, as determined by the Committee in its
discretion and as provided in the applicable Award Agreement. 
 (s) “Qualified Member” means a member of the Committee who
is a “nonemployee director” within the meaning of Rule 16b-3. 
 (t) “Restricted Period” means the period
established by the Committee with respect to an Award during which the Award or Unit remains subject to restrictions established by the Committee, including, without limitation, a period during which an Award or Unit is subject to forfeiture or
restrictions on transfer, or is not yet exercisable by or payable to the Participant, as the case may be. As the context requires, the word “vest” and its derivatives refers to the lapse of some or all, as the case may be, of the
restrictions imposed during such Restricted Period. 

  
 2 

 (u) “Restricted Unit” means a Unit granted pursuant to Section 6(b) of the
Plan that is subject to a Restricted Period. 
 (v) “Rule 16b-3” means Rule 16b-3 promulgated by the SEC under the Exchange
Act or any successor rule or regulation thereto as in effect from time to time. 
 (w) “SEC” means the Securities and
Exchange Commission, or any successor thereto. 
 (x) “Section 409A” means Section 409A of the Code and the Department
of Treasury regulations and other interpretive guidance issued thereunder, including, without limitation, any such regulations or guidance that may be amended or issued after the effective date of the Plan. 

(y) “UDR” means a distribution made by the Partnership with respect to a Restricted Unit. 

(z) “Unit” means a common unit of the Partnership. 

(aa) “Unit Appreciation Right” or “UAR” means an Award that, upon exercise, entitles the holder to receive
the excess of the Fair Market Value of a Unit on the exercise date of the UAR over the exercise price established for such UAR. Such excess may be paid in cash and/or in Units as determined by the Committee in its discretion and as provided in the
applicable Award Agreement. 
 (bb) “Unit Award” means an Award granted pursuant to Section 6(d) of the Plan. 

Section 3. Administration. 

(a) Authority of the Committee. The Plan shall be administered by the Committee, subject to Section 3(b); provided,
however, that in the event that the Board is not also serving as the Committee, the Board, in its sole discretion, may at any time and from time to time exercise any and all rights and duties of the Committee under the Plan. The governance of
the Committee shall be subject to the charter, if any, of the Committee as approved by the Board. Subject to the following and applicable law, the Committee, in its sole discretion, may delegate any or all of its powers and duties under the Plan,
including the power to grant Awards under the Plan, to the Chief Executive Officer of the General Partner, subject to such limitations on such delegated powers and duties as the Committee may impose, if any. Upon any such delegation all references
in the Plan to the “Committee”, other than in Section 7, shall be deemed to include the Chief Executive Officer; provided, however, that such delegation shall not limit the Chief Executive Officer’s right to receive Awards
under the Plan. Notwithstanding the foregoing, the Chief Executive Officer may not grant Awards to, or take any action with respect to any Award previously granted to, a person who is then an officer subject to Rule 16b-3 or a member of the Board.
Subject to the terms of the Plan and applicable law, and in addition to other express powers and authorizations conferred on the Committee by the Plan, the Committee shall have full power and authority to: (i) designate Participants;
(ii) determine the type or types of Awards to be granted to a Participant; (iii) determine the number of Units to be covered by Awards; (iv) determine the terms and conditions of any Award, consistent with the terms of the Plan,

  
 3 

 
which terms may include any provision regarding the acceleration of vesting or waiver of forfeiture restrictions or any other condition or limitation regarding an Award, based on such factors as
the Committee shall determine, in its sole discretion; (v) determine whether, to what extent, and under what circumstances Awards may be vested, settled, exercised, canceled, or forfeited; (vi) interpret and administer the Plan and any
instrument or agreement relating to an Award made under the Plan; (vii) establish, amend, suspend, or waive such rules and regulations and appoint such agents as it shall deem appropriate for the proper administration of the Plan; and
(viii) make any other determination and take any other action that the Committee deems necessary or desirable for the administration of the Plan. The Committee may correct any defect, supply any omission, or reconcile any inconsistency in the
Plan, in any Award or in any Award Agreement in such manner and to such extent as the Committee deems necessary or appropriate. Unless otherwise expressly provided in the Plan, all designations, determinations, interpretations, and other decisions
under or with respect to the Plan or any Award shall be within the sole discretion of the Committee, may be made at any time and shall be final, conclusive, and binding upon all Persons, including the General Partner, the Partnership, any of their
respective Affiliates, any Participant, and any beneficiary of any Award. 
 (b) Authority of a Subcommittee of the Committee. At any
time that a member of the Committee is not a Qualified Member, any action of the Committee relating to an Award granted or to be granted to a Participant who is then subject to Section 16 of the Exchange Act in respect of the Partnership may be
taken either (i) by a subcommittee, designated by the Committee, composed solely of two or more Qualified Members, (ii) by the Committee but with each such member who is not a Qualified Member abstaining or recusing himself or herself from
such action; provided, however, that upon such abstention or recusal the Committee remains composed solely of two or more Qualified Members, or (iii) by the full Board. Such action, authorized by such a subcommittee, by the Committee
upon the abstention or recusal of such non-Qualified Member(s) or by the full Board, shall be the action of the Committee for all purposes of the Plan. 

(c) Limitation of Liability. The Committee and each member thereof shall be entitled to, in good faith, rely or act upon any report or
other information furnished to him or her by any officer or employee of the General Partner, the Partnership or their respective Affiliates, the General Partner’s or the Partnership’s legal counsel, independent auditors, consultants or any
other agents assisting in the administration of the Plan. Members of the Committee and any officer or employee of the General Partner, the Partnership or any of their respective Affiliates acting at the direction or on behalf of the Committee shall
not be personally liable for any action or determination taken or made in good faith with respect to the Plan, and shall, to the fullest extent permitted by law, be indemnified and held harmless by the General Partner with respect to any such action
or determination. 
 Section 4. Units. 

(a) Limits on Units Deliverable. Subject to adjustment as provided in Section 4(c) and Section 7, the number of Units that
may be delivered with respect to Awards under the Plan is 1,270,000. If any Award is forfeited, cancelled, exercised, settled in cash or otherwise terminates or expires without the actual delivery of Units pursuant to such Award (the grant of
Restricted Units is not a delivery of Units for this purpose unless and until the Restricted Period for such Restricted Units lapses), or if any Units under an Award are held back to cover the 

  
 4 

 
exercise price or tax withholding (including the withholding of Units with respect to an Award of Restricted Units), then, in either such case, the Units underlying such Awards that are so
forfeited, cancelled, exercised, settled in cash or that otherwise terminate or expire without the actual delivery of Units and Units so held back shall be available to satisfy future Awards under the Plan. There shall not be any limitation on the
number of Awards that may be paid in cash. 
 (b) Sources of Units Deliverable under Awards. Any Units delivered pursuant to an Award
shall consist, in whole or in part, of (i) Units acquired in the open market, (ii) Units acquired from the Partnership (including newly issued Units), any Affiliate of the Partnership or any other Person or (iii) any combination of
the foregoing, as determined by the Committee in its discretion. 
 (c) Adjustments. 

(i) Certain Restructurings. Upon the occurrence of any “equity restructuring” event that could result in an additional
compensation expense to the General Partner or the Partnership pursuant to the provisions of ASC Topic 718 if adjustments to Awards with respect to such event were discretionary, the Committee shall equitably adjust the number and type of Units (or
other securities or property) covered by each outstanding Award and the terms and conditions, including the exercise price and performance criteria (if any), of such Award to equitably reflect such event and shall adjust the number and type of Units
(or other securities or property) with respect to which Awards may be granted under the Plan after such event. Upon the occurrence of any other similar event that would not result in an accounting charge under ASC Topic 718 if the adjustment to
Awards with respect to such event were subject to discretionary action, the Committee shall have complete discretion to adjust Awards and the number and type of Units (or other securities or property) with respect to which Awards may be granted
under the Plan in such manner as it deems appropriate with respect to such other event. In the event the Committee makes any adjustment pursuant to the foregoing provisions of this Section 4(c), the Committee shall make a corresponding and
proportionate adjustment with respect to the maximum number of Units that may be delivered with respect to Awards under the Plan as provided in Section 4(a) and the kind of Units or other securities available for grant under the Plan. 

(ii) Other Adjustments. Subject to, and without limiting the scope of, the provisions of Section 4(c)(i), in the event that the
Committee determines that any distribution (whether in the form of cash, Units, other securities, or other property), recapitalization, split, reverse split, reorganization, merger, change of control, consolidation, split-up, spin-off, combination,
repurchase, or exchange of Units or other securities of the Partnership, issuance of warrants or other rights to purchase Units or other securities of the Partnership, or other similar transaction or event affects the Units such that an adjustment
is determined by the Committee, in its sole discretion, to be appropriate in order to prevent dilution or enlargement of the benefits or potential benefits intended to be made available under the Plan, then the Committee shall, in such manner as it
may deem equitable, adjust any or all of (A) the number and type of Units (or other securities or property) with respect to which Awards may be granted, (B) the number and type of Units (or other securities or property) subject to
outstanding Awards, and (C) the grant or exercise price with respect to any Award or, if deemed appropriate, make provision for a cash payment to the holder of an outstanding Award; provided, that the number of Units subject to any Award
shall always be a whole number. Further, upon the occurrence of any event 

  
 5 

 
described in the preceding sentence, the Committee, acting in its sole discretion without the consent or approval of any holder, may effect one or more of the following alternatives, which may
vary among individual holders and which may vary among Awards: (I) remove any applicable forfeiture restrictions on any Award; (II) accelerate the time of exercisability or the time at which the Restricted Period shall lapse to a specific date
specified by the Committee; (III) require the mandatory surrender to the General Partner or the Partnership by selected holders of some or all of the outstanding Awards held by such holders (irrespective of whether such Awards are then subject
to a Restricted Period or other restrictions pursuant to the Plan) as of a date specified by the Committee, in which event the Committee shall thereupon cancel such Awards and cause the General Partner, the Partnership or an Affiliate thereof to pay
to each holder an amount of cash per Unit equal to the per Unit value as determined by the Committee as of the date determined by the Committee to be the date of cancellation and surrender of such Awards less the exercise price, if any, applicable
to such Awards; provided, however, that to the extent the exercise price of an Option or UAR exceeds such per Unit value as determined by the Committee, no consideration will be paid with respect to that Award; (IV) cancel Awards that remain
subject to a Restricted Period as of a date specified by the Committee without payment of any consideration to the Participant for such Awards; or (V) make such adjustments to Awards then outstanding as the Committee deems appropriate to
reflect such event (including, without limitation, the substitution of new awards for Awards); provided, however, that the Committee may determine in its sole discretion that no adjustment is necessary to Awards then outstanding. 

Section 5. Eligibility. Any Employee, Consultant or Director shall be eligible to be designated a Participant and receive
an Award under the Plan. 
 Section 6. Awards. 

(a) Options and UARs. The Committee shall have the authority to determine the Employees, Consultants and Directors to whom Options
and/or UARs shall be granted, the number of Units to be covered by each Option or UAR, the exercise price therefor, the Restricted Period and other conditions and limitations applicable to the exercise of the Option or UAR, including the following
terms and conditions and such additional terms and conditions, as the Committee shall determine, that are not inconsistent with the provisions of the Plan. 

(i) Exercise Price. The exercise price per Unit purchasable under an Option or subject to a UAR shall be determined by the Committee at
the time the Option or UAR is granted but, except with respect to substitute Awards pursuant to Section 6(f)(viii), may not be less than the Fair Market Value of a Unit as of the date of grant of such Option or UAR. 

(ii) Time and Method of Exercise. The Committee shall determine the exercise terms and the Restricted Period, if any, with respect to
an Option or UAR, which may include, without limitation, a provision for accelerated vesting upon the achievement of specified performance goals and/or other events, and the method or methods by which payment of the exercise price with respect to an
Option or UAR may be made or deemed to have been made, which may include, without limitation, cash, check acceptable to the General Partner, withholding Units having a Fair Market Value on the exercise date equal to the relevant exercise price from
the Award, a “cashless-broker” exercise through procedures approved by the General Partner, other securities or other property, a note (in a form acceptable to the General Partner), or any combination of the foregoing methods. 

  
 6 

 (iii) Forfeitures. Except as otherwise provided in the terms of the Award Agreement, upon
termination of a Participant’s employment with (or service to) the General Partner and its Affiliates or membership on the Board, whichever is applicable, for any reason during the applicable Restricted Period, all outstanding Options and UARs
awarded to the Participant shall be automatically forfeited on such termination. 
 (b) Restricted Units and Phantom Units. The
Committee shall have the authority to determine the Employees, Consultants and Directors to whom Restricted Units or Phantom Units shall be granted, the number of Restricted Units or Phantom Units to be granted to each such Participant, the
applicable Restricted Period, the conditions under which the Restricted Units or Phantom Units may become vested or forfeited and such other terms and conditions as the Committee may establish with respect to such Awards, including whether DERs are
granted with respect to the Phantom Units. 
 (i) UDRs. To the extent determined by the Committee, in its discretion, the Award
Agreement for a grant of Restricted Units may provide that distributions made by the Partnership with respect to the Restricted Units shall be subject to the same forfeiture and other restrictions as the Restricted Unit and, if restricted, such
distributions shall be held, without interest, until the Restricted Unit vests or is forfeited with the UDR being paid or forfeited at the same time, as the case may be. Absent such a restriction on the UDRs in the Award Agreement, UDRs shall be
paid to the holder of the Restricted Unit without restriction at the same time as cash distributions are paid by the Partnership to its unitholders. 

(ii) Forfeitures. Except as otherwise provided in the terms of the applicable Award Agreement, upon termination of a Participant’s
employment with (or service to) the General Partner and its Affiliates or membership on the Board, whichever is applicable, for any reason during the applicable Restricted Period, all outstanding, unvested Restricted Units and Phantom Units awarded
to the Participant shall be automatically forfeited on such termination. 
 (iii) Lapse of Restrictions. 

(A) Phantom Units. Unless otherwise provided in the applicable Award Agreement, upon or as soon as reasonably practical
following the vesting of each Phantom Unit, subject to Section 8(b), the Participant shall be entitled to settlement of such Phantom Unit and shall receive one Unit (or such greater or lesser number of Units as may be provided pursuant to the
applicable Award Agreement) or an amount in cash equal to the Fair Market Value (for purposes of this Section 6(b)(iii), as calculated on the last day of the Restricted Period) of a Unit (or such greater or lesser number of Units as may be
provided pursuant to the applicable Award Agreement) or a combination thereof, as determined by the Committee in its discretion and as provided in the applicable Award Agreement. 

(B) Restricted Units. Upon or as soon as reasonably practicable following the vesting of each Restricted Unit, subject
to Section 8(b), the Participant shall be entitled to have the restrictions removed from his or her Unit certificate (or book entry account, as applicable). 

  
 7 

 (c) DERs. The Committee shall have the authority to determine the Employees, Consultants
and/or Directors to whom DERs are granted, whether such DERs are tandem or separate Awards, whether such DERs shall be paid directly to the Participant, be credited to a bookkeeping account (with or without interest), any vesting restrictions and
payment provisions applicable to the DERs, and such other provisions or restrictions as determined by the Committee in its discretion, all of which shall be specified in the applicable Award Agreements. Distributions in respect of DERs shall be
credited as of the distribution dates during the period between the date an Award is granted to a Participant and the date such Award vests, is exercised, is distributed or expires, as determined by the Committee. Such DERs shall be converted to
cash, Units, Restricted Units and/or Phantom Units by such formula and at such time(s) and subject to such limitations as may be determined by the Committee. Tandem DERs may be subject to the same or different vesting restrictions as the underlying
Award, or be subject to such other provisions or restrictions as determined by the Committee in its discretion. Notwithstanding the foregoing, DERs shall only be paid in a manner that is either exempt from or in compliance with Section 409A.

 (d) Unit Awards. Unit Awards may be granted under the Plan (i) to such Employees, Consultants and/or Directors and in such
amounts as the Committee, in its discretion, may select and (ii) subject to such other terms and conditions, including, without limitation, restrictions on transferability, as the Committee may establish with respect to such Awards. 

(e) Other Unit-Based Awards. Other Unit-Based Awards may be granted under the Plan to such Employees, Consultants and/or Directors as
the Committee, in its discretion, may select. An Other Unit-Based Award shall be an award denominated or payable in, valued in or otherwise based on or related to Units, in whole or in part. The Committee shall determine the terms and conditions of
any Other Unit-Based Award. An Other Unit-Based Award may be paid in cash, Units (including Restricted Units) or any combination thereof as provided in the applicable Award Agreement. 

(f) Certain Provisions Applicable to Awards. 

(i) Awards May Be Granted Separately or Together. Awards may, in the discretion of the Committee, be granted either alone or in
addition to, in tandem with, or in substitution for any other Award granted under the Plan or any award granted under any other plan of the General Partner or any Affiliate of the General Partner. Awards granted in addition to or in tandem with
other Awards or awards granted under any other plan of the General Partner, the Partnership or any of their respective Affiliates may be granted either at the same time as or at a different time from the grant of such other Awards or awards. 

(ii) Limits on Transfer of Awards. 

(A) Except as provided in Section 6(f)(ii)(C), each Option and UAR shall be exercisable only by the Participant during
the Participant’s lifetime, or by the Person to whom the Participant’s rights shall pass by will or the laws of descent and distribution. 

(B) Except as provided in Section 6(f)(ii)(C), no Award and no right under any such Award may be assigned, alienated,
pledged, attached, sold or otherwise transferred or encumbered by a Participant other than by will or the laws of descent and distribution and any such purported assignment, alienation, pledge, attachment, sale, transfer or encumbrance shall be void
and unenforceable against the General Partner, the Partnership or any of their respective Affiliates. 

  
 8 

 (C) The Committee may provide in an Award Agreement or in its discretion that an
Award may, on such terms and conditions as the Committee may from time to time establish, be transferred by a Participant without consideration to any “family member” of the Participant, as defined in the instructions to use of the Form
S-8 Registration Statement under the Securities Act of 1933, as amended, or any related family trust, limited partnership or other transferee specifically approved by the Committee. 

(iii) Term of Awards. The term of each Award shall be for such period as may be determined by the Committee. 

(iv) Issuance of Units. The Units or other securities of the Partnership delivered pursuant to an Award may be evidenced in any manner
deemed appropriate by the Committee in its sole discretion, including, without limitation, in the form of a certificate issued in the name of the Participant or by book entry, electronic or otherwise and shall be subject to such stop transfer orders
and other restrictions as the Committee may deem advisable under the Plan or the rules, regulations, and other requirements of the SEC, any securities exchange upon which such Units or other securities are then listed, and any applicable laws, and
the Committee may cause a legend or legends to be inscribed on any certificates, if applicable, to make appropriate reference to such restrictions. 

(v) Consideration for Grants. To the extent permitted by applicable law, Awards may be granted for such consideration, including
services, as the Committee shall determine. 
 (vi) Delivery of Units or other Securities and Payment by Participant of
Consideration. Notwithstanding anything in the Plan or any Award Agreement to the contrary, subject to compliance with Section 409A, the Partnership shall not be required to issue or deliver any certificates or make any book entries
evidencing Units pursuant to the exercise or vesting of any Award unless and until the Board or the Committee has determined, with advice of counsel, that the issuance of such Units is in compliance with all applicable laws, regulations of
governmental authorities and, if applicable, the requirements of any securities exchange on which the Units are listed or traded, and the Units are covered by an effective registration statement or applicable exemption from registration. In addition
to the terms and conditions provided herein, the Board or the Committee may require that a Participant make such reasonable covenants, agreements, and representations as the Board or the Committee, in its discretion, deems advisable in order to
comply with any such laws, regulations, or requirements. Without limiting the generality of the foregoing, the delivery of Units pursuant to the exercise or vesting of an Award may be deferred for any period during which, in the good faith
determination of the Committee, the Partnership is not reasonably able to obtain or deliver Units pursuant to such Award without violating applicable law or the applicable rules or regulations of any governmental agency or authority or securities
exchange. No Units or other securities shall be delivered pursuant to any Award until payment in full of any amount required to be paid pursuant to the Plan or the applicable Award Agreement (including, without limitation, any exercise price or tax
withholding) is received by the General Partner. Such payment may be 

  
 9 

 
made by such method or methods and in such form or forms as the Committee shall determine, including, without limitation, cash, other Awards, withholding of Units, cashless broker exercises with
simultaneous sale, or any combination thereof; provided that the combined value, as determined by the Committee, of all cash and cash equivalents and the Fair Market Value of any such Units or other property so tendered to the General Partner, as of
the date of such tender, is at least equal to the full amount required to be paid to the General Partner pursuant to the Plan or the applicable Award Agreement. 

(vii) Change of Control. If specifically provided in an Award Agreement, upon a change of control (as defined in the Award Agreement)
the Award may automatically vest and be payable or become exercisable in full, as the case may be. 
 (viii) Substitute Awards.
Awards may be granted under the Plan in substitution of similar awards held by individuals who are or who become Employees, Consultants or Directors in connection with a merger, consolidation or acquisition by the Partnership or one of its
Affiliates of another entity or the securities or assets of another entity (including in connection with the acquisition by the Partnership or one of its Affiliates of additional securities of an entity that is an existing Affiliate of the
Partnership). To the extent permitted by Section 409A, such substitute Awards that are Options or UARs may have exercise prices less than the Fair Market Value of a Unit on the date of the substitution. 

(ix) Prohibition on Repricing of Options and UARs. Subject to the provisions of Section 4(c) and Section 7(c), the terms of
outstanding Award Agreements may not be amended without the approval of the Partnership’s unitholders so as to (A) reduce the Unit exercise price of any outstanding Options or UARs, (B) grant a new Option, UAR or other Award in
substitution for, or upon the cancellation of, any previously granted Option or UAR that has the effect of reducing the exercise price thereof, (C) exchange any Option or UAR for Units, cash or other consideration when the exercise price per
Unit under such Option or UAR exceeds the Fair Market Value of the underlying Units, or (iv) take any other action that would be considered a “repricing” of an Option or UAR under the listing standards of the New York Stock Exchange
or, if the Units are not then-listed on such exchange, to the extent applicable, on any other national securities exchange on which the Units are listed. Subject to Section 4(c), Section 7(c) and Section 8(n), the Committee shall have
the authority, without the approval of the Partnership’s unitholders, to amend any outstanding Award to increase the per Unit exercise price of any outstanding Options or UARs or to cancel and replace any outstanding Options or UARs with the
grant of Options or UARs having a per Unit exercise price that is equal to or greater than the per Unit exercise price of the original Options or UARs. 

Section 7. Amendment and Termination. Except to the extent prohibited by applicable law: 

(a) Amendments to the Plan. Except as required by applicable law or the rules of the principal securities exchange on which the Units
are traded and subject to Section 7(b) below, the Board or the Committee may amend, alter, suspend, discontinue, or terminate the Plan in any manner, including increasing the number of Units available for Awards under the Plan, without the
consent of any partner, Participant, other holder or beneficiary of an Award, or other Person. 

  
 10 

 (b) Amendments to Awards. Subject to Section 7(a), the Committee may waive any
conditions or rights under, amend any terms of, or alter any Award theretofore granted (including, without limitation, requiring or allowing for an election to settle an Award in cash), provided no change, other than pursuant to Section 4(c) or
Section 7(c), in any Award shall (i) materially reduce the benefit to a Participant without the consent of such Participant or (ii) cause such Award to fail to comply with the requirements of Section 409A (to the extent
applicable). 
 (c) Adjustment of Awards Upon the Occurrence of Certain Unusual or Nonrecurring Events. The Committee is hereby
authorized to make adjustments in the terms and conditions of, and the criteria included in, Awards in recognition of unusual or nonrecurring events (including, without limitation, the events described in Section 4(c)) affecting the Partnership
or the financial statements of the Partnership, or of changes in applicable laws, regulations, or accounting principles, whenever the Committee determines that such adjustments are appropriate in order to prevent dilution or enlargement of the
benefits or potential benefits intended to be made available under the Plan or such Award; provided, however, that no such adjustment may be made that would cause the Plan or such Award to fail to comply with the requirements of
Section 409A (to the extent applicable). 
 Section 8. General Provisions. 

(a) No Rights to Award. No Person shall have any claim to be granted any Award under the Plan, and there is no obligation for
uniformity of treatment of Participants. The terms and conditions of Awards need not be the same with respect to each recipient. 
 (b)
Tax Withholding. Unless other arrangements have been made that are acceptable to the General Partner or any of its Affiliates, the General Partner or any Affiliate of the General Partner is authorized to deduct, withhold, or cause to be
deducted or withheld, from any Award, from any payment due or transfer made under any Award or from any compensation or other amount owing to a Participant the amount (in cash, Units, including Units that would otherwise be issued pursuant to such
Award, or other property) of any applicable taxes payable in respect of the grant or settlement of an Award, its exercise, the lapse of restrictions thereon, or any other payment or transfer under an Award or under the Plan and to take such other
action as may be necessary in the opinion of the General Partner or any Affiliate of the General Partner to satisfy its withholding obligations for the payment of such taxes. In the event that Units that would otherwise be issued pursuant to an
Award are used to satisfy such withholding obligations, the number of Units that may be withheld or surrendered shall be limited to the number of Units that have a Fair Market Value on the date of withholding equal to the aggregate amount of such
liabilities based on the minimum statutory withholding rates for federal, state, local and foreign income tax and payroll tax purposes that are applicable to such supplemental taxable income. 

(c) No Right to Employment or Service Relationship. The grant of an Award shall not be construed as giving a Participant the right to
be retained in the employ of the General Partner or any of its Affiliates, to continue providing consulting services, or to remain on the Board, as applicable. Furthermore, the General Partner or an Affiliate of the General Partner may at any time
dismiss a Participant from employment or his or her service relationship, free from any liability or any claim under the Plan, unless otherwise expressly provided in the Plan, any Award Agreement or other written agreement between any such entity
and a Participant. 

  
 11 

 (d) Governing Law. The validity, construction, and effect of the Plan and any rules and
regulations relating to the Plan shall be determined in accordance with the laws of the State of Delaware without regard to its conflict of laws principles. 

(e) Severability. If any provision of the Plan or any Award is or becomes or is deemed to be invalid, illegal, or unenforceable in any
jurisdiction or as to any Person or Award, or would disqualify the Plan or any Award under any law deemed applicable by the Committee, such provision shall be construed or deemed amended to conform to the applicable law or, if it cannot be construed
or deemed amended without, in the determination of the Committee, materially altering the intent of the Plan or the Award, such provision shall be stricken as to such jurisdiction, Person or Award and the remainder of the Plan and any such Award
shall remain in full force and effect. 
 (f) Other Laws. The Committee may refuse to issue or transfer any Units or other
consideration under an Award if, in its sole discretion, it determines that the issuance or transfer of such Units or such other consideration might violate any applicable law or regulation, the rules of the principal securities exchange on which
the Units are then traded, or entitle the Partnership or an Affiliate of the Partnership to recover the same under Section 16(b) of the Exchange Act, and any payment tendered to the General Partner by a Participant, other holder or beneficiary
in connection with the exercise of such Award shall be promptly refunded to the relevant Participant, holder or beneficiary. 
 (g) No
Trust or Fund Created. Neither the Plan nor any Award shall create or be construed to create a trust or separate fund of any kind or a fiduciary relationship between the General Partner or any Affiliate of the General Partner and a Participant
or any other Person. To the extent that any Person acquires a right to receive payments from the General Partner or any Affiliate of the General Partner pursuant to an Award, such right shall be no greater than the right of any general unsecured
creditor of the General Partner or such Affiliate. 
 (h) No Fractional Units. No fractional Units shall be issued or delivered
pursuant to the Plan or any Award, and the Committee shall determine in its sole discretion whether cash, other securities, or other property shall be paid or transferred in lieu of any fractional Units or whether such fractional Units or any rights
thereto shall be canceled, terminated, or otherwise eliminated with or without consideration. 
 (i) Headings. Headings are given to
the Sections and subsections of the Plan solely as a convenience to facilitate reference. Such headings shall not be deemed in any way material or relevant to the construction or interpretation of the Plan or any provision hereof. 

(j) Facility Payment. Any amounts payable hereunder to any individual under legal disability or who, in the judgment of the Committee,
is unable to properly manage his financial affairs, may be paid to the legal representative of such individual, or may be applied for the benefit of such individual in any manner that the Committee may select, and the General Partner, the
Partnership and their respective Affiliates shall be relieved of any further liability for payment of such amounts. 
 (k) Participation
by Affiliates. In making Awards to Employees employed by, or Consultants providing services to, an Affiliate of the General Partner, the Committee shall be acting on behalf of the Affiliate of the General Partner, and to the extent the
Partnership has an 

  
 12 

 
obligation to reimburse the General Partner for compensation paid to Employees or Consultants for services rendered for the benefit of the Partnership, such reimbursement payments may be made by
the Partnership directly to the Affiliate of the General Partner, and, if made to the General Partner, shall be received by the General Partner as agent for the Affiliate of the General Partner. 

(l) Allocation of Costs. Nothing herein shall be deemed to override, amend, or modify any cost sharing arrangement, omnibus agreement,
or other arrangement between the General Partner, the Partnership, and any of their respective Affiliates regarding the sharing of costs between such entities. 

(m) Gender and Number. Words in the masculine gender shall include the feminine gender, the plural shall include the singular and the
singular shall include the plural. 
 (n) Compliance with Section 409A. Nothing in the Plan or any Award Agreement shall operate
or be construed to cause the Plan or an Award that is subject to Section 409A to fail to comply with the requirements of Section 409A. The applicable provisions of Section 409A are hereby incorporated by reference and shall control
over any Plan or Award Agreement provision in conflict therewith or that would cause a failure of compliance thereunder, to the extent necessary to resolve such conflict or obviate such failure. Subject to any other restrictions or limitations
contained herein, in the event that a “specified employee” (as defined under Section 409A) becomes entitled to a payment under an Award that constitutes a “deferral of compensation” (as defined under Section 409A) on
account of a “separation from service” (as defined under Section 409A), to the extent required by the Code, such payment shall not occur until the date that is six months plus one day from the date of such separation from service. Any
amount that is otherwise payable within the six-month period described herein will be aggregated and paid in a lump sum without interest. 

(o) No Guarantee of Tax Consequences. None of the Board, the Committee, the Partnership nor the General Partner (i) provides or
has provided any tax advice to any Participant or any other Person or makes or has made any assurance, commitment or guarantee that any federal, state, local or other tax treatment will (or will not) apply or be available to any Participant or other
Person or (ii) assumes any liability with respect to any tax or associated liabilities to which any Participant or other Person may be subject. 

(p) Clawback. To the extent required by applicable law or any applicable securities exchange listing standards, or as otherwise
determined by the Committee, Awards and amounts paid or payable pursuant to or with respect to Awards shall be subject to the provisions of any applicable clawback policies or procedures adopted by the General Partner or the Partnership, which
clawback policies or procedures may provide for forfeiture, repurchase and/or recoupment of Awards and amounts paid or payable pursuant to or with respect to Awards. Notwithstanding any provision of the Plan or any Award Agreement to the contrary,
the General Partner and the Partnership reserve the right, without the consent of any Participant or beneficiary of any Award, to adopt any such clawback policies and procedures, including such policies and procedures applicable to the Plan or any
Award Agreement with retroactive effect. 

  
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 Section 9. Term of the Plan. The Plan shall be effective on the date on which
it is adopted by the Board and shall continue until the earliest of (i) the date terminated by the Board or the Committee, (ii) the date that all Units available under the Plan have been delivered to Participants, or (iii) the 10th
anniversary of the date on which the Plan is adopted by the Board. However, unless otherwise expressly provided in the Plan or in an applicable Award Agreement, any Award granted prior to such termination, and the authority of the Board or the
Committee under the Plan or an Award Agreement to amend, alter, adjust, suspend, discontinue, or terminate any such Award or to waive any conditions or rights under such Award, shall extend beyond such termination date. 

  
 14

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