Document:

Form of Long-Term Cash Performance Award Letter

 EXHIBIT 10.29 
             , 2011 

[Name] 
 [Title] 

 

	Re:	WESTLAKE CHEMICAL CORPORATION 

 LONG-TERM CASH PERFORMANCE AWARD 
 Dear
                    : 
 Westlake
Chemical Corporation (the “Company”) is pleased to notify you that you have been granted an award for the 2011-2013 performance cycle with a target value of $         (“Performance Award”).
This Performance Award is granted effective                          (the “Grant Date”), subject to the following terms
and conditions: 
  

	 	1.	Relationship to Plan. This Performance Award is subject to all of the terms, conditions and provisions of the Westlake Chemical Corporation 2004 Omnibus
Incentive Plan (the “Plan”) and administrative interpretations thereunder, if any, which have been adopted by the Administrator and are in effect on the date hereof. Except as defined herein, capitalized terms shall have the same meanings
ascribed to them under the Plan. 

  

	 	2.	Payment Schedule. 

  

	 	a.	The amount of the Performance Award shall be calculated based on the Company’s achievement of certain performance conditions, as set forth on Exhibit A (the
“Performance Condition”) during the 2011-2013 performance cycle, which is the period from January 1, 2011 through December 31, 2013. The Performance Award shall be paid to you in cash as soon as practicable following the date the
Administrator determines to what extent the Performance Conditions were satisfied, provided, however, that you are employed by the Company or any of its Subsidiaries on such payment date. 

 

	 	    	For the avoidance of doubt, you must be in continuous regular, full-time employment with the Company or any of its Subsidiaries from the Grant Date through the date
this Performance Award is paid in order to be eligible to receive this Performance Award. 

  

	 	b.	The Performance Award shall be paid to you at the target level, irrespective of the limitations set forth in subparagraph (a) above, in the event of your
termination of employment with the Company or any of its Subsidiaries due to death, with such amount multiplied by a fraction, the numerator of which is the number of days of employment with the Company or any of its Subsidiaries you completed after
December 31, 2010 and prior to your death, and the denominator of which is the total number of days in the period from January 1, 2011 through December 31, 2013. Such Performance Award shall be paid to your beneficiary within 70 days
following your death. 

  

	 	3.	Forfeiture of Performance Award. If your employment with the Company or any of its Subsidiaries terminates other than by reason of death, your Performance Award
shall be forfeited. 

  

	 	4.	Withholding. At the time of the payment of the Performance Award, the Company shall withhold an amount of cash equal to the amount necessary to satisfy the
minimum federal, state and local tax withholding obligation with respect to this Performance Award. 

  

	 	5.	Assignment of Performance Award. Your rights under the Plan and this Performance Award are personal; no assignment or transfer of your rights under and interest
in this Performance Award may be made by you other than by will or by the laws of descent and distribution. 

  

	 	6.	No Employment Guaranteed. No provision of this Performance Award shall give you any right to continued employment with the Company or any Subsidiary.

	 	7.	Governing Law. This Performance Award shall be governed by, construed, and enforced in accordance with the laws of the State of Texas. 

 

	 	8.	Section 409A. Any payments under this Performance Award are intended to be exempt from Section 409A of the Internal Revenue Code of 1986, as amended,
by compliance with the short-term deferral exemption as specified in Treas. Reg. § 1.409A-1(b)(4), and the provisions of this Performance Award shall be administered, interpreted and construed accordingly. 

 EXHIBIT A 
 Performance Conditions 
  

	1.	Definition of Performance Condition. The Performance Condition for the 2011-2013 performance cycle shall be based on the greater of the average annual economic
value added (“EVA”) results for Westlake Chemical Corporation and relative total shareholder return (“TSR”) as compared to a peer group of companies. EVA is equal to net operating profit after tax (“NOPAT”) less a
capital charge based upon the weighted average cost of capital. TSR means stock price growth for a defined measurement period, with any dividends paid. 

  

	    	Average annual EVA results will be determined by averaging the annual EVA results for Westlake Chemical Corporation over the 2011-2013 three-year period. For purposes
of determining TSR, the stock price shall be calculated based on the daily average stock price for the fourth calendar quarter 2010 and the fourth calendar quarter 2013. TSR shall be measured against the peer companies determined by the
Administrator and shall be based on a measurement period starting on January 1, 2011 and ending on December 31, 2013 (the “Determination Date”). 

 

	2.	Calculation of Performance Award. The amount of the Performance Award shall be determined as set forth on the following chart: 

 

													
	 	  	Threshold
Performance
	 	  	Target
Performance
	 	  	Maximum
Performance
	 
	 Payment Rate
	  	 	25% of target value	  	  	 	100% of target value	  	  	 	200% of target value	  
				
	 Performance Rate

(relative TSR)
	  	 	33.3% ile	  	  	 	50% ile	  	  	 	75% ile	  
				
	 Performance Rate

(Westlake EVA)
	  	 	.5X	  	  	 	1X *	  	  	 	>2X	  

 * “1X”
equals returns equivalent to the cost of capital 
 As soon as practicable after the Determination Date, the Administrator
shall evaluate the level of achievement of the Performance Condition and if at least a threshold level of the Performance Condition was achieved, the Administrator shall certify the level of achievement of the Performance Condition in writing and
shall pay the amount of the Performance Award no later than April 1 after the Determination Date. 
 The Performance Award
for performance between Threshold Performance and Target Performance, or between Target Performance and Maximum Performance, shall be determined by linear interpolation between the values listed in the chart above. However, in no event shall the
amount potentially payable to you under this Performance Award exceed the payment rate for Maximum Performance. For the avoidance of doubt, if the Threshold Performance condition is not satisfied, no amount shall be payable to you pursuant to this
Performance Award. 
  

	3.	Adjustments. If a change in control of the Company occurs, and as a result the Administrator determines that the relative TSR calculation would no longer be
fairly representative of the Company’s performance, the Administrator may make such adjustments to the Performance Condition as it deems necessary in the calculation of the Company’s TSR.EIGHTH AMENDMENT TO RECEIVABLES PURCHASE AGREEMENT

 Exhibit 10(j) 
 EIGHTH AMENDMENT TO RECEIVABLES PURCHASE AGREEMENT 
 THIS EIGHTH
AMENDMENT TO RECEIVABLES PURCHASE AGREEMENT (the “Amendment”) dated as of February 15, 2011, is made by and among HARRISON STREET FUNDING, LLC, as seller (the “Seller”), CHURCH & DWIGHT CO., INC.,
as initial servicer (the “Servicer”), MARKET STREET FUNDING LLC (formerly known as Market Street Funding Corporation), as issuer (the “Issuer”), and PNC BANK, NATIONAL ASSOCIATION, as administrator (the
“Administrator”). 
 W I T N E S S E T H: 

WHEREAS, the parties hereto are parties to that certain Receivables Purchase Agreement dated as of January 16, 2003, as
amended by that First Amendment to Receivables Purchase Agreement dated as of September 26, 2003, as amended by that Second Amendment to Receivables Purchase Agreement dated as of July 20, 2004, as amended by that Third Amendment to
Receivables Purchase Agreement dated as of April 12, 2006, as amended by that Fourth Amendment to Receivables Purchase Agreement dated as of March 15, 2007, as amended by that Fifth Amendment to Receivables Purchase Agreement dated as of
April 10, 2007, as amended by that Sixth Amendment to Receivables Purchase Agreement dated as of February 17, 2009, and as further amended by that Seventh Amendment to Receivables Purchase Agreement dated as of February 16, 2010 (as
so amended, the “Receivables Purchase Agreement”), and desire to amend the terms thereof as set forth herein. 

NOW, THEREFORE, the parties hereto, in consideration of their mutual covenants and agreements hereinafter set forth and intending
to be legally bound hereby, covenant and agree as follows: 
 1. Definitions. 

Defined terms used herein unless otherwise defined herein shall have the meanings ascribed to them in the Receivables Purchase Agreement.

 2. Amendments to the Receivables Purchase Agreement. 

i. Clause (a) of the definition of “Eligible Receivable” set forth in Exhibit I of the Receivable Purchase
Agreement is hereby amended and restated in its entirety to read as follows: 
 “(a) the Obligor of which is (i) a
United States resident; provided, however, that up to 5% of otherwise Eligible Receivables may consist of Receivables the Obligor of which is not a United States resident; provided, further, that only 2% of otherwise
Eligible Receivables may consist of Receivables the Obligor of which is a resident of any country (other than the United States) that has a long-term currency rating that is less than “A” by Standard & Poor’s and
“A2” by Moody’s, (ii) not a government or a governmental subdivision, affiliate or agency; provided, however, that up to 1% of otherwise Eligible Receivables may consist of Receivables the Obligor of which is the
federal government of the United States, (iii) not 

 
subject to any action of the type described in paragraph (f) of Exhibit V to the Agreement, and (iv) not an Affiliate of Church & Dwight,”. 

ii. Clause (c) of the definition of “Eligible Receivable” set forth in Exhibit I of the Receivable Purchase
Agreement is hereby amended and restated in its entirety to read as follows: 
 “(c) that does not have a stated maturity
which is more than 37 days after the original invoice (or the electronic equivalent of an invoice) date of such Receivable, provided, however, that (i) up to 10% of all Eligible Receivables, as calculated prior to giving effect to
this proviso, may have a stated maturity of more than 37 but less than or equal to 67 days after the original invoice (or the electronic equivalent of an invoice) date and (ii) up to 2% of all Eligible Receivables, as calculated prior to giving
effect to this proviso, may have a stated maturity of more than 67 but less than or equal to 120 days after the original invoice (or the electronic equivalent of an invoice) date,”. 

iii. Clause (a) of the definition of “Facility Termination Date” set forth in Exhibit I of the Receivable
Purchase Agreement is hereby amended by replacing the date “February 15, 2011” where it appears therein with “February 14, 2012”. 
 3. Conditions of Effectiveness of this Amendment. The effectiveness of this Amendment is expressly conditioned upon satisfaction of the following conditions precedent: all legal details and
proceedings in connection with the transactions contemplated by this Amendment shall be in form and substance satisfactory to the Administrator, and the Administrator shall have received (a) from the Seller, the Issuer, and the Servicer, as
applicable, original or certified or other executed counterparts of: (i) this Amendment, (ii) that certain
2nd Amended and Restated Fee Letter, dated as of the date
hereof, among the Administrator, the Seller and the Issuer (the “2nd A&R Fee Letter”), and (iii) all such other documents and proceedings in connection with such transactions, in each case, in
form and substance satisfactory to the Administrator, and (b) from the Seller, the Amendment Fee (as defined in the
2nd A&R Fee Letter). 

4. Representations and Warranties; No Default. Each of the Seller and the Servicer hereby represents and warrants to the Issuer
and the Administrator as follows: 
 i. Representations and Warranties. The representations and warranties
contained in Exhibit III to the Receivable Purchase Agreement are true and correct as of the date hereof (unless stated to relate solely to an earlier date, in which case such representations or warranties were true and correct as of
such earlier date). 
 ii. Enforceability. The execution and delivery by each of the Seller and the
Servicer of this Amendment, and the performance of each of its obligations under this Amendment and the Receivable Purchase Agreement, as amended hereby, are within each of its organizational powers and have been duly authorized by all necessary

  
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organizational action on each of its parts. This Amendment and the Receivable Purchase Agreement, as amended hereby, are each of the Seller’s and the Servicer’s valid and legally
binding obligations, enforceable in accordance with its terms. 
 iii. No Default. Both before and
immediately after giving effect to this Amendment and the transactions contemplated hereby, no Termination Event or Unmatured Termination Event exists or shall exist. 
 5. Amendment. The Receivables Purchase Agreement and other Transaction Documents referred to herein and certain of the exhibits and schedules thereto are hereby amended in accordance with the terms
hereof and any reference to the Receivables Purchase Agreement or other Transaction Documents in any document, instrument, or agreement shall hereafter mean and include the Receivables Purchase Agreement or such Transaction Document, including such
schedules and exhibits, as amended hereby. 
 6. Force and Effect. Each of the Seller and the Servicer reconfirms,
restates, and ratifies the Receivables Purchase Agreement, the Transaction Documents and all other documents executed in connection therewith except to the extent any such documents are expressly modified by this Amendment and each of the Seller and
the Servicer confirms that all such documents have remained in full force and effect since the date of their execution. 
 7.
Governing Law. This Amendment shall be deemed to be a contract made under and governed by the internal laws of the State of New York (including for such purposes Section 5-1401 of the General Obligations Law of the State of New York).

 8. Counterparts. This Amendment may be signed in any number of counterparts each of which shall be deemed an original,
but all of which together shall constitute one and the same instrument. 
 9. Effective Date. This Amendment shall be
effective as of and shall be dated as of the date of satisfaction of the condition set forth in Section 3 of this Amendment. 
 10. Section Headings. The various headings of this Amendment are inserted for convenience only and shall not affect the meaning or interpretation of this Amendment or the Receivables Purchase
Agreement or any provision hereof or thereof. 
 [SIGNATURES BEGIN ON NEXT PAGE] 

  
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 [SIGNATURE PAGE 1 OF 3 TO EIGHTH AMENDMENT TO 

RECEIVABLES PURCHASE AGREEMENT] 
 IN WITNESS WHEREOF and intending to be legally bound hereby, the parties hereto have executed this Amendment as of the date first above written. 

 

					
	 HARRISON STREET FUNDING, LLC,
 as Seller

		
	By:	 	  

		 	Name:	 	  

		 	Title:	 	  

  

					
	 CHURCH & DWIGHT CO., INC.
 as initial Servicer

		
	By:	 	  

		 	Name:	 	  

		 	Title:	 	  

 [SIGNATURE PAGE 2 OF 3 TO EIGHTH AMENDMENT TO 

RECEIVABLES PURCHASE AGREEMENT] 
  

					
	 MARKET STREET FUNDING LLC,
 as Issuer

		
	 By:
	 	  

		 	 Name:
	 	  

		 	 Title:
	 	  

 [SIGNATURE PAGE 3 OF 3 TO EIGHTH AMENDMENT TO 

RECEIVABLES PURCHASE AGREEMENT] 
  

					
	 PNC BANK, NATIONAL ASSOCIATION
 as Administrator

		
	 By:
	 	  

		 	 Name:
	 	  

		 	 Title:

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