Document:

Form of Director Option Award

 Exhibit 10.21 
  
 Appendix A 
 to Award Letter 
 dated 
 August 16, 2004 
  
 Terms
and Conditions of 
 Director Stock Option Award 
  
 The nonqualified stock option (the “Option”) granted to you by Westlake Chemical Corporation (the “Company”) to purchase
common stock of the Company (“Common Stock”) is subject to the terms and conditions set forth in the Westlake Chemical Corporation 2004 Omnibus Incentive Plan (the “Plan”), any rules and regulations adopted by the Administrator
(as defined in the Plan), and any additional terms and conditions set forth in this Appendix A which forms a part of the attached award letter to you (the “Award Letter”). Any terms used in this Appendix A and not defined in the Award
Letter or this Appendix A have the meanings set forth in the Plan. In the event there is an inconsistency between the terms of the Plan and this Appendix A, the terms of the Plan will control. 
  

	1.	Grant Price 

  
 You may purchase the shares of Common Stock covered by the Option for the Grant Price stated in your Award Letter. 
  

	2.	Term of Option 

  
 Your Option expires on the Expiration Date stated in your Award Letter. However, your Option will terminate prior to the Expiration Date as provided in
Paragraph 6 of this Appendix A upon the occurrence of one of the events described in that paragraph. Regardless of the provisions of Paragraph 6, in no event can your Option be exercised after the Expiration Date. 
  

	3.	Earn-out of Option 

  

	 	(a)	Unless it becomes vested and exercisable on an earlier date as provided in Paragraph 6 below, your Option will become vested and exercisable in cumulative installments as set forth
in the Schedule in your Award Letter. 

  

	 	(b)	To the extent your Option has become vested and exercisable, you may exercise the Option as to all or any part of the shares covered by the Option, at any time on or before the date
the Option expires or terminates, subject to any limitations imposed by law or by Company policy regarding transactions in Common Stock. 

	4.	Exercise of Option 

  
 Subject to the limitations set forth in this Appendix A and in the Plan, your Option may be exercised from time to time, in accordance with its terms, by
written notice signed and delivered by you or another person entitled to exercise the Option to the General Counsel of the Company at its principal executive office in Houston, Texas, or as it may hereafter be located, as set forth below. Such
written notice shall (a) state the number of shares of Common Stock with respect to which your Option is being exercised and (b) be accompanied by a wire transfer, cashier’s check, cash, money order or other form of payment deemed acceptable by
the Administrator or its designee and made payable to Westlake Chemical Corporation in the full amount of the Grant Price for any shares of Common Stock being acquired and any appropriate withholding taxes (as provided in Paragraph 7 of this
Appendix A), or by other consideration in the form and manner approved by the Administrator or its designee pursuant to Paragraphs 5 and 7 of this Appendix A. In the alternative, the Administrator or its designee may prescribe other procedures for
exercise of your Option. If any law or regulation requires the Company to take any action with respect to the shares specified in such notice, the time for delivery thereof, which would otherwise be as promptly as possible, shall be postponed for
the period of time necessary to take such action. You shall have no rights of a shareholder with respect to shares of Common Stock subject to your Option unless and until such time as your Option has been exercised and ownership of such shares of
Common Stock has been transferred to you. 
  

	5.	Satisfaction of Grant Price 

  

	 	(a)	Payment of Cash or Common Stock. Your Option may be exercised by payment in cash (including check, bank draft, money order or wire transfer payable to the Company), in Common
Stock, in a combination of cash and Common Stock or in such other manner as the Administrator in its discretion may provide. 

  

	 	(b)	Payment of Common Stock. The Fair Market Value of any shares of Common Stock tendered as all or part of the Grant Price shall be determined as provided in the Plan. The
certificates evidencing shares of Common Stock tendered must be duly endorsed or accompanied by appropriate stock powers. Only stock certificates issued solely in your name may be tendered in exercise of your Option. Fractional shares may not be
tendered in satisfaction of the Grant Price; any portion of the Grant Price which is in excess of the aggregate Fair Market Value of the number of whole shares tendered must be paid in cash. If a certificate tendered in exercise of the Option
evidences more shares than are required pursuant to the immediately preceding sentence for satisfaction of the portion of the Grant Price being paid in Common Stock, an appropriate replacement certificate will be issued to you for the number of
excess shares. 

  

 -2- 

	 	(c)	Broker-Assisted Exercise. At your request or the request of another person entitled to exercise this Option, and to the extent permitted by applicable law, the Administrator
in its discretion may selectively approve “cashless exercise” arrangements with a brokerage firm under which such brokerage firm, on behalf of you or such other person exercising the Option, shall pay to the Company or its designee the
Grant Price of the Option or of the portion being exercised, and the Company or its designee, pursuant to an irrevocable notice from you or such other person exercising the Option, shall promptly deliver the shares being purchased to such
firm. 

  

	6.	Termination of Service 

  

	 	(a)	General. The following rules apply to your Option in the event of your death, disability or other termination of service as a Director. 

  

	 	(i)	Death or Disability. If your service terminates by reason of death or disability, your Option will become fully vested and exercisable and will remain exercisable until the
first to occur of (A) in the event of your termination due to disability, 180 days after the date of your termination, (B) in the event of your termination due to death, one year after the date of your death or (C) the Expiration Date.

  

	 	(ii)	Failure to be Re-Elected or Re-nominated; Termination at the Request of the Board of Directors. If your service is terminated because (A) you fail to be re-elected or
re-nominated for service as a Director for any reason other than cause (as determined by the Administrator) or (B) you resign as a Director at the request of the Board of Directors based upon a determination made by the Board of Directors, in its
sole discretion, that your resignation would be in the best interests of the Company, your Option will become fully vested and exercisable and will remain exercisable until the first to occur of (X) 30 days following your last day in the capacity of
a Director, or (Y) the Expiration Date. 

  

	 	(iii)	Other Termination of Service. If your service as a Director terminates for any reason other than those provided in clauses (i) and (ii) above, your Option will terminate 30
days after your termination of service. Following the termination of your service, no additional portions of your Option will become vested and exercisable, and your Option will be limited to the number of shares of Common Stock which you were
entitled to purchase under the Option on the date of the termination of your service. 

  

	 	(iv)	 Adjustments by the Administrator. The Administrator may, in its sole discretion, exercised before or after your termination of service, declare all or any
portion of your Option immediately vested and exercisable and/or permit all or any part of your Option to remain exercisable for such period 

  

 -3- 

 
designated by it after the time when the Option would have otherwise terminated as provided in the applicable portion of this Paragraph 6(a), but not beyond
the Expiration Date of your Option. 
  

	 	(b)	Administrator Determinations. The Administrator shall have absolute discretion to determine the date and circumstances of termination of your service, and its determination
shall be final, conclusive and binding upon you. 

  

	7.	Tax Consequences and Withholding 

  

	 	(a)	You should consult the Plan Prospectus for a general summary of the federal income tax consequences of your Option based on currently applicable provisions of the Internal Revenue
Code (the “Code”) and related regulations. The summary does not discuss state and local tax laws, which may differ from the federal tax law. For these reasons, you are urged to consult your own tax advisor regarding the application of the
tax laws to your particular situation. 

  

	 	(b)	The Option is not intended to be an “incentive stock option,” as defined in Section 422 of the Code. 

  

	 	(c)	You must make arrangements satisfactory to the Company to satisfy any applicable federal, state or local withholding tax liability arising from the grant or exercise of your Option.
You can either make a cash payment to the Company of the required amount or you can elect to satisfy your withholding obligation by having the Company retain shares of Common Stock having a Fair Market Value (as prescribed by the Plan) equal to the
amount of your withholding obligation from the shares otherwise deliverable to you upon the exercise of your Option. You may not elect to have the Company withhold shares of Common Stock having a Fair Market Value in excess of the minimum statutory
withholding tax liability. 

  

	8.	Restrictions on Resale 

  
 There are no restrictions imposed by the Plan on the resale of shares of Common Stock acquired under the Plan. However, under the provisions of the
Securities Act of 1933 (the “Securities Act”) and the rules and regulations of the Securities and Exchange Commission (the “SEC”), resales of shares acquired under the Plan by certain officers and directors of the Company who may
be deemed to be “affiliates” of the Company must be made pursuant to an appropriate effective registration statement filed with the SEC, pursuant to the provisions of Rule 144 issued under the Securities Act, or pursuant to another
exemption from registration provided in the Securities Act. At the present time, the Company does not have a currently effective registration statement pursuant to which such resales may be made by affiliates. There are no restrictions imposed by
the SEC on the resale of shares acquired under the Plan by persons who are not affiliates of the Company. However, the timing of sales of shares may be restricted by applicable law, and the Company may, from time to time, adopt policies regarding
timing of sales of shares by employees. 
  

 -4- 

 If you have any questions regarding your Option or would like to obtain additional information about the Plan or the
Administrator, please contact the Senior Vice President, Administration or the General Counsel of the Company, Westlake Chemical Corporation, 2801 Post Oak Boulevard, Suite 600, Houston, Texas 77056 (telephone (713) 960-9111). Your Award Letter and
this Appendix A contain the formal terms and conditions of your award and accordingly should be retained in your files for future reference. 
  

 -5-Form of Restricted Stock Unit Award

 Exhibit 10.22 
  

			
	WESTLAKE CHEMICAL CORPORATION	 	August 16, 2004
	RESTRICTED STOCK UNIT AWARD	 	 

  
 EMPLOYEE NAME:
                     
  
 Westlake Chemical Corporation (the “Company”) hereby grants to you, as an employee of the Company or a Subsidiary for at least six months prior
to the Grant Date (as defined below), an award (“Award”) of 100 units (“Restricted Stock Units”), each representing a share of Common Stock of the Company. This Award is granted effective August 16, 2004 (the “Grant
Date”), subject to the following terms and conditions: 
  
 1.
Relationship to Plan. This Award is subject to all of the terms, conditions and provisions of the Westlake Chemical Corporation 2004 Omnibus Incentive Plan (the “Plan”) and administrative interpretations thereunder, if any, which
have been adopted by the Administrator and are in effect on the date hereof. Except as defined herein, capitalized terms shall have the same meanings ascribed to them under the Plan. 
  
 2. Vesting Schedule. 
  
 (a) This Award shall vest with respect to 100% of the Restricted Stock Units subject to this Award on the date which is six months after
the Grant Date; provided, however, that 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 Award is scheduled to vest in order for the Award to vest. During
the period of time between the Grant Date and the earlier of the date the Restricted Stock Units vest or are forfeited, the Restricted Stock Units will be evidenced by a book entry account in the Company’s records. 
  
 (b) All Restricted Stock Units subject to this Award shall
vest, 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. 
  
 3. Forfeiture of Award. If your employment terminates other than by reason of death, all unvested Restricted Stock
Units as of the termination date shall be forfeited. 
  
 4.
Distribution Following Termination of Restrictions. Subject to the other provisions of this Award and the Plan, the Restricted Stock Units shall vest as set forth in Paragraph 2, and shares of Common Stock shall be issued to you (or your
beneficiary) in exchange for your Restricted Stock Units as soon as practicable after the Restricted Stock Units vest. Distribution of Common Stock in exchange for your Restricted Stock Units will be net of withholding taxes as described in
Paragraph 5, and may be in a form selected by the Company, in its discretion, including deposit in a custodial account or delivery of a stock certificate. 
  
 5. Withholding. At the time of issuance of Common Stock upon the vesting of the Restricted Stock Units, the Company shall withhold an appropriate
number of shares of Common Stock, having a Fair Market Value determined in accordance with the Plan, equal to 

 
the amount necessary to satisfy the minimum federal, state and local tax withholding obligation with respect to this Award. The distribution of Common Stock
described in Paragraph 4 will be net of such shares of Common Stock that are withheld to satisfy applicable taxes pursuant to this Paragraph. In lieu of withholding of shares of Common Stock, the Administrator may, in its discretion, authorize tax
withholding to be satisfied by a cash payment to the Company, by withholding an appropriate amount of cash from base pay, or by such other method as the Administrator determines may be appropriate to satisfy all obligations for withholding of such
taxes. 
  
 6. Assignment of Award. Your rights under
the Plan and this Restricted Stock Unit Award are personal; no assignment or transfer of your rights under and interest in this Award may be made by you other than by will or by the laws of descent and distribution. 
  
 7. No Shareholder Rights. You shall have no shareholder rights,
including voting or dividend rights, with respect to shares of Common Stock represented by the Restricted Stock Units subject to the Award unless and until such time as shares of Common Stock have been issued to you pursuant to Paragraph 4.

  
 8. No Employment Guaranteed. No provision of this
Restricted Stock Unit Award shall give you any right to continued employment with the Company or any Subsidiary. 
  
 9. Requirements of Law and Stock Exchanges. Your rights to the Restricted Stock Units and the issuance and delivery of the Common Stock in exchange
for such Restricted Stock Units are subject to compliance with all applicable requirements of law. In addition, the Company shall not be obligated to deliver any shares of Common Stock if counsel to the Company determines that such delivery would
violate any applicable law or any rule or regulations of any governmental authority or any rule or regulation of, or agreement of the Company with, any securities exchange or association upon which the Common Stock is listed or quoted. 

 
 10. Governing Law. This Restricted Stock Unit Award shall be
governed by, construed, and enforced in accordance with the laws of the State of Texas. 
  
 WESTLAKE CHEMICAL CORPORATION 
  

 -2-

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00080-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00080-of-00352.parquet"}]]