Document:

EX-10.12

 Exhibit 10.12 

FORM OF 
 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 

  
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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. 

(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 

  
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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, 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 

  
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is                     . 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 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 

  
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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 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

  
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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. 
 (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. The Committee may, in its discretion, waive in whole or in part such forfeiture with respect to a Participant’s Options
and UARs. 
 (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. 

  
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 (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). 

(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. 

  
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 (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. 
 (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. 

  
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 (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 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 

  
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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. 
 (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 

  
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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. 
 (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 

  
 12 

 
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 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 

  
 13 

 
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. 
 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. 

  
 14EX-10.14

 Exhibit 10.14 

FORM OF 
 PHANTOM
UNIT AGREEMENT 
 This Phantom Unit Agreement (this “Agreement”) is made as of [•] (the
“Grant Date”) between Westlake Chemical Partners GP LLC, a Delaware limited liability company (the “General Partner”), and [•] (the “Director”) pursuant to the terms and conditions
of the Westlake Chemical Partners LP Long-Term Incentive Plan (the “Plan”). Capitalized terms used in this Agreement but not otherwise defined herein shall have the meanings ascribed to such terms in the Plan, unless the context
requires otherwise. 
 WHEREAS, the General Partner has adopted the Plan to, among other things, attract, retain and motivate certain
directors, employees and consultants of the General Partner, Westlake Chemical Partners LP (the “Partnership”) and their respective Affiliates (collectively, the “Westlake Group”); and 

WHEREAS, subject to the terms and conditions set forth in this Agreement and the Plan, the General Partner desires to grant to the
Director on the terms and conditions set forth herein, and the Director desires to accept on such terms and conditions, the number of Phantom Units specified herein. 

NOW, THEREFORE, the parties hereto, intending to be legally bound, hereby agree as follows: 

1. Grant of Phantom Units. The General Partner hereby grants [•] Phantom Units to the Director,
effective as of the Grant Date, subject to all of the terms and conditions set forth in the Plan and in this Agreement (the “Phantom Units”). The Director acknowledges receipt of a copy of the Plan, and agrees that the terms
and provisions of the Plan, including any future amendments thereto, shall be deemed a part of this Agreement as if fully set forth herein. Unless and until a Phantom Unit vests pursuant to this Agreement, the Director will have no right to payment
in respect of such Phantom Unit. Prior to settlement of a vested Phantom Unit, each Phantom Unit will represent an unsecured obligation, payable (if at all) only from the general assets of the Partnership. The Phantom Units granted pursuant to this
Agreement do not and shall not entitle the Director to any rights of a holder of Units prior to the date, if any, on which Units are issued or recorded in book entry form on the records of the Partnership or its transfer agents or registrars, and
delivered in certificate or book entry form to the Director or any Person claiming under or through the Director. 
 2. Distribution
Equivalent Rights (DERs). This grant of Phantom Units includes a tandem grant of DERs with respect to each Phantom Unit. Each DER granted hereunder shall remain outstanding from the Grant Date until the earlier of the payment or forfeiture
of the Phantom Unit to which it corresponds. If the Partnership pays a cash distribution in respect of its outstanding Units and, on the record date for such distribution, the Participant holds Phantom Units granted pursuant to this Agreement that
have not vested and been settled, then the Partnership shall pay to the Director, within 30 days following the record date of such distribution, an amount equal to the aggregate cash distribution that would have been paid to the Director if the
Director were the record owner, as of the record date of such distribution, of a number of Units equal to the number of Phantom Units granted hereunder. 

 3. Vesting and Forfeiture of the Phantom Units. 

(a) Vesting Schedule. The Phantom Units will vest on the third anniversary of the Grant Date
(the “Vesting Date”) so long as the Director continuously serves as a member of the Board from the Grant Date through the Vesting Date. 

(b) Forfeiture. If, prior to the Vesting Date, the Director’s membership on the Board terminates for any reason or no reason
whatsoever, then all unvested Phantom Units and DERs granted hereunder then held by Director shall be automatically forfeited upon such termination. 

4. Settlement of Phantom Units. As soon as administratively practicable after the vesting of a Phantom Unit, but not later
than 30 days thereafter, the Director shall be issued one Unit in settlement of such Phantom Unit; provided, however, that the Committee may, in its sole discretion, direct that a cash payment be paid to the Director in lieu of the delivery of such
Unit. Any such cash payment shall be equal to the Fair Market Value of a Unit on the date such Phantom Unit becomes vested. 
 5.
Status of Units. The Phantom Units granted pursuant to this Agreement do not and shall not entitle the Director to any rights of a holder of Units prior to the date Units, if any, are issued to the Director in settlement of vested
Phantom Units. Any Units that the Director acquires upon vesting and settlement of the Phantom Units may not be sold or otherwise disposed of in any manner that would constitute a violation of any applicable federal or state securities laws or the
rules, regulations and other requirements of the SEC and any stock exchange upon which the Units are then listed. All certificates representing Units issued hereunder (and all Units issued pursuant to book entry procedures hereunder) may bear such
legend or legends as the Committee deems appropriate in order to assure compliance with applicable securities laws. The General Partner and the Partnership may refuse to issue or deliver the Units acquired under this award if such proposed issuance
or delivery would, in the opinion of counsel satisfactory to the General Partner, constitute a violation of any applicable securities law. In addition to the terms and conditions provided herein, the General Partner may require that the Director
make such covenants, agreements, and representations as the Committee, in its sole discretion, deems advisable in order to comply with applicable laws, rules, regulations, or requirements. 

6. Transferability and Assignment. This Agreement and the Phantom Units granted hereunder may not be assigned, alienated,
pledged, attached, sold or otherwise transferred or encumbered by the Director (or any permitted transferee) other than by will or the laws of descent and distribution. Any purported assignment, alienation, pledge, attachment, sale, transfer or
encumbrance shall be null, void and unenforceable against the Westlake Group. 
 7. Tax Withholding. Upon any taxable
event arising in connection with the Phantom Units, the General Partner shall have the authority and the right to deduct or withhold (or cause another member of the Westlake Group to deduct or withhold), or to require the Director to remit to the
General Partner (or another member of the Westlake Group), an amount sufficient to satisfy all applicable federal, state and local taxes required by law to be withheld with respect to such event. 

  
 2 

 8. General Provisions. 

(a) Administration. This Agreement shall at all times be subject to the terms and conditions of the Plan. The Committee shall have sole
and complete discretion with respect to all matters reserved to it by the Plan and all decisions of a majority of the Committee with respect thereto and this Agreement shall be final and binding upon the Director and the General Partner. In the
event of any conflict between the terms and conditions of this Agreement and the Plan, the provisions of the Plan shall control. 
 (b)
Tax Consultation. Neither the Board, the Committee nor any member of the Westlake Group has made any warranty or representation to the Director with respect to the income tax consequences of the grant, vesting or settlement of the Phantom
Units or the DERs or the transactions contemplated by this Agreement, and the Director represents that the Director is in no manner relying on such entities or any of their respective managers, directors, officers, employees or authorized
representatives (including attorneys, accountants, consultants, bankers, lenders, prospective lenders and financial representatives) for tax advice or an assessment of such tax consequences. The Director represents that the Director has consulted
with any tax consultants that the Director deems advisable in connection with the Phantom Units. 
 (c) Successors. This Agreement
shall be binding upon the Director, the Director’s legal representatives, heirs, legatees and distributees, and upon the General Partner, its successors and assigns. 

(d) No Liability for Good Faith Determinations. The General Partner, the Partnership and their Affiliates, and the members of the Board
and the Committee, shall not be liable for any act, omission or determination taken or made in good faith with respect to this Agreement or the Phantom Units granted hereunder. 

(e) Membership on the Board. Nothing in the adoption of the Plan, nor the grant of Phantom Units pursuant to this Agreement, shall
confer upon the Director the right to continued membership on the Board or affect in any way the right of the General Partner to terminate such membership at any time. Any question as to whether and when there has been a termination of the
Director’s membership on the Board, and the cause of such termination, shall be determined by the Committee or its delegate, and its determination shall be final and conclusive for all purposes. 

(f) Entire Agreement. This Agreement constitutes the entire agreement of the parties with regard to the subject matter hereof, and
contains all the covenants, promises, representations, warranties and agreements between the parties with respect to the Phantom Units granted hereby. Without limiting the scope of the preceding sentence, all prior understandings and agreements, if
any, among the parties hereto relating to the subject matter hereof are hereby null and void and of no further force and effect. 

  
 3 

 (g) Governing Law. This Agreement shall be governed by, and construed in accordance with,
the laws of the State of Delaware, without regard to conflicts of law principles thereof. 
 (h) Amendments, Suspension and
Termination. This Agreement may be wholly or partially amended or otherwise modified, suspended or terminated at any time or from time to time by the Board or the Committee (i) to the extent permitted by the Plan, (ii) to the extent
necessary to comply with applicable laws and regulations or to conform the provisions of this Agreement to any changes thereto and/or (iii) to settle vested Phantom Units pursuant to all applicable provisions of the Plan. Except as provided in
the preceding sentence, this Agreement cannot be modified, altered or amended, except by a written agreement signed by both the General Partner and the Director. 

(i) Clawback. The Director acknowledges that the Phantom Units granted and the Units (if any) issued hereunder are subject to clawback
as provided in Section 8(p) of the Plan. 
 (j) Consent to Electronic Delivery; Electronic Signature. In lieu of receiving
documents in paper format, the Director agrees, to the fullest extent permitted by law, to accept electronic delivery of any documents that any member of the Westlake Group may be required to deliver (including, without limitation, prospectuses,
prospectus supplements, grant or award notifications and agreements, account statements, annual and quarterly reports, and all other forms of communications) in connection with this and any other award made or offered by the General Partner under
the Plan. Electronic delivery may be made via the electronic mail system of the General Partner or one of its Affiliates or by reference to a location on an intranet site to which the Director has access. The Director hereby consents to any and all
procedures the General Partner has established or may establish for an electronic signature system for delivery and acceptance of any such documents that the General Partner may be required to deliver, and agrees that the Director’s electronic
signature is the same as, and shall have the same force and effect as, the Director’s manual signature. 
 (k) Code
Section 409A. Neither the Phantom Units nor any amounts payable pursuant to this Agreement are intended to constitute or provide for a deferral of compensation that is subject to Section 409A. Notwithstanding the foregoing, the General
Partner makes no representations that the payments and benefits provided under this Agreement are exempt from Section 409A and in no event shall the General Partner be liable for all or any portion of any taxes, penalties, interest or other
expenses that may be incurred by the Director on account of non-compliance with Section 409A. 
 [Remainder of Page Intentionally Blank;

 Signature Page Follows] 

  
 4 

 IN WITNESS WHEREOF, the General Partner has caused this Agreement to be executed by its
duly authorized officer and the Director has executed this Agreement as of the         day of             , 20    , effective for
all purposes as provided above. 
  

					
	WESTLAKE CHEMICAL PARTNERS GP LLC
		
	By:	 	 
		 	Name:	 	 
		 	Title:	 	 
	
	DIRECTOR
	
	  

[Insert name of Director]

 SIGNATURE PAGE TO 

PHANTOM UNIT AGREEMENT

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