Document:

Form of Series 3 Warrant

 Exhibit 4.1 
 Warrant No.              
 HECLA MINING COMPANY

 SERIES 3 COMMON STOCK PURCHASE WARRANT 
  

					
	Warrant Shares:             	  		  	Initial Exercise Date: August 10, 2009

  

					
		  		  	Issue Date:                     ,
        

 THIS SERIES 3 COMMON STOCK PURCHASE WARRANT (this “Warrant”) certifies that, for
value received,                      (the “Holder”) is entitled, upon the terms and subject to the limitations on exercise
and the conditions hereinafter set forth, at any time on or after August 10, 2009 (the “Initial Exercise Date”) and on or prior to the close of business on the five-year anniversary of the Initial Exercise Date (the
“Termination Date”) but not thereafter, to subscribe for and purchase from Hecla Mining Company, a Delaware corporation (the “Company”), up to
                     shares (the “Warrant Shares”) of Common Stock, par value $0.25 per share (the “Common
Stock”), of the Company. The purchase price of one share of Common Stock under this Warrant shall be equal to the Exercise Price, as defined in Section 1(b). 
 Section 1. Exercise. 
 a) Exercise of Warrant. Exercise of the purchase rights represented by this Warrant may be made, in whole or in part, at any time or times on or after the Initial Exercise Date and on or before the Termination
Date by delivery to the principal executive office of the Company (or such other office or agency of the Company as it may designate by notice in writing to the registered Holder at the address of the Holder appearing on the books of the Company) of
a duly executed facsimile copy of the Notice of Exercise Form annexed hereto (the “Notice of Exercise”); and, within 3 Trading Days of the date said Notice of Exercise is delivered to the Company, the Company shall have received
payment of the aggregate Exercise Price of the shares thereby purchased by wire transfer or cashier’s check drawn on a United States bank. (A “Trading Day” is a day on which the New York Stock Exchange is open for trading.)
Notwithstanding anything herein to the contrary, the Holder shall not be required to physically surrender this Warrant to the Company until the Holder has purchased all of the Warrant Shares available hereunder and this Warrant has been exercised in
full, in which case, the Holder shall surrender this Warrant to the Company for cancellation within 3 Trading Days of the date the final Notice of Exercise is delivered to the Company. Partial exercises of this Warrant resulting in purchases of a
portion of the total number of Warrant Shares available hereunder shall have the effect of lowering the outstanding number of Warrant Shares purchasable hereunder in an amount equal to the applicable number of Warrant Shares purchased. The Holder
and the Company shall maintain records showing the number of Warrant Shares purchased and the date of such purchases. The Company shall deliver any objection to any Notice of Exercise Form within 2 Business Days of receipt of such notice. The
Holder and any assignee, by acceptance of this Warrant, acknowledge and 

  

 1 

 
agree that, by reason of the provisions of this paragraph, following the purchase of a portion of the Warrant Shares hereunder, the number of Warrant
Shares available for purchase hereunder at any given time may be less than the amount stated on the face hereof. 
 b)
Exercise Price. The exercise price per share of the Common Stock under this Warrant shall be $2.50, subject to adjustment hereunder (the “Exercise Price”). Notwithstanding anything herein to the contrary, in no event
shall the Exercise Price be adjusted to below the per share par value of the Company’s Common Stock. 
 c) Cashless
Exercise. If at the time of exercise hereof there is no effective registration statement registering, or no current prospectus available for, the resale of the Warrant Shares by the Holder, then this Warrant must be exercised at such time by
means of a “cashless exercise” in which the Holder shall be entitled to receive a certificate for the number of Warrant Shares equal to the quotient obtained by dividing [(A-B)(X)] by (A), where: 
  

					
	(A)	  	=	  	the VWAP on the Trading Day immediately preceding the date of such election;
	(B)	  	=	  	the Exercise Price of this Warrant, as adjusted; and
	(X)	  	=	  	the number of Warrant Shares issuable upon exercise of this Warrant in accordance with the terms of this Warrant by means of a cash exercise rather than a cashless exercise.

 “VWAP” means, for any date, the price determined by the first of
the following clauses that applies: (a) if the Common Stock is then listed or quoted on a Trading Market, the daily volume weighted average price of the Common Stock for such date (or the nearest preceding date) on the Trading Market on which
the Common Stock is then listed or quoted for trading as reported by Bloomberg L.P. (based on a Trading Day from 9:30 a.m. (New York City time) to 4:02 p.m. (New York City time); (b) if the OTC Bulletin Board is not a Trading Market, the volume
weighted average price of the Common Stock for such date (or the nearest preceding date) on the OTC Bulletin Board; (c) if the Common Stock is not then listed or quoted for trading on the OTC Bulletin Board and if prices for the Common Stock
are then reported in the “Pink Sheets” published by Pink OTC Markets, Inc. (or a similar organization or agency succeeding to its functions of reporting prices), the most recent bid price per share of the Common Stock so reported; or
(d) in all other cases, the fair market value of a share of Common Stock as determined by an independent appraiser selected in good faith by the Holder and reasonably acceptable to the Company, the fees and expenses of which shall be paid by
the Company. 
 d) Mechanics of Exercise. 
 i. Delivery of Certificates Upon Exercise. Certificates for shares of Common Stock purchased hereunder shall be transmitted by the
transfer agent of the Company to the Holder by crediting the account of the Holder’s prime broker with 

  

 2 

 
the Depository Trust Company through its Deposit Withdrawal Agent Commission (“DWAC”) system if the Company is a participant in such system
and either (A) there is an effective Registration Statement permitting the resale of the Warrant Shares by the Holder or (B) this Warrant is being exercised via cashless exercise, and otherwise by physical delivery to the address specified
by the Holder in the Notice of Exercise within 3 Trading Days from the delivery to the Company of the Notice of Exercise Form, surrender of this Warrant (if required) and payment of the aggregate Exercise Price as set forth above (including by
cashless exercise, if permitted) (the “Warrant Share Delivery Date”). This Warrant shall be deemed to have been exercised on the date the Exercise Price is received by the Company. The Warrant Shares shall be deemed to have been
issued, and the Holder or any other person so designated to be named therein shall be deemed to have become a holder of record of such shares for all purposes, as of the date this Warrant has been exercised by payment to the Company of the Exercise
Price (or by cashless exercise, if permitted) and all taxes required to be paid by the Holder, if any, pursuant to Section 1(d)(vi) prior to the issuance of such shares, have been paid. 
 ii. Delivery of New Warrants Upon Exercise. If this Warrant shall have been exercised in part and shall not have expired, the
Company shall, at the request of the Holder and upon surrender of this Warrant certificate, at the time of delivery of the certificate or certificates representing Warrant Shares, deliver to the Holder a new Warrant evidencing the rights of the
Holder to purchase the unpurchased Warrant Shares called for by this Warrant, which new Warrant shall in all other respects be identical with this Warrant. 
 iii. Rescission Rights. If the Company fails to cause its transfer agent to transmit to the Holder a certificate or certificates representing the Warrant Shares pursuant to this Section 1(d)(i) by the
Warrant Share Delivery Date, then the Holder will have the right to rescind such exercise. 
 iv. Compensation for Buy-In
on Failure to Timely Deliver Certificates Upon Exercise. In addition to any other rights available to the Holder, if the Company fails to cause its transfer agent to transmit to the Holder a certificate or certificates representing the Warrant
Shares pursuant to a proper exercise on or before the second Trading Day following the Warrant Share Delivery Date, and if after such date the Holder is required by its broker to purchase (in an open market transaction or otherwise) or the
Holder’s brokerage firm otherwise purchases, shares of Common Stock to deliver in satisfaction of a sale by the Holder of the Warrant Shares which the Holder anticipated receiving upon such exercise (a “Buy-In”), then the
Company shall (1) pay in cash to the Holder the amount by which (x) the Holder’s total purchase price (including brokerage commissions, if any) for the shares of Common Stock so purchased exceeds (y) the amount obtained by

  

 3 

 
multiplying (A) the number of Warrant Shares that the Company was required to deliver to the Holder in connection with the exercise at issue times
(B) the price at which the sell order giving rise to such purchase obligation was executed, and (2) at the option of the Holder, either reinstate the portion of this Warrant and equivalent number of Warrant Shares for which such exercise
was not honored or deliver to the Holder the number of shares of Common Stock that would have been issued had the Company timely complied with its exercise and delivery obligations hereunder against payment of the Exercise Price. For example, if the
Holder purchases Common Stock having a total purchase price of $11,000 to cover a Buy-In with respect to an attempted exercise of shares of Common Stock with an aggregate sale price giving rise to such purchase obligation of $10,000, under clause
(1) of the immediately preceding sentence the Company shall be required to pay the Holder $1,000. The Holder shall provide the Company written notice indicating the amounts payable to the Holder in respect of the Buy-In and, upon request of the
Company, evidence of the amount of such loss. Nothing herein shall limit the Holder’s right to pursue any other remedies available to it hereunder, at law or in equity including, without limitation, a decree of specific performance and/or
injunctive relief with respect to the Company’s failure to timely deliver certificates representing shares of Common Stock upon exercise of this Warrant as required pursuant to the terms hereof. 
 v. No Fractional Shares or Scrip. No fractional shares or scrip representing fractional shares shall be issued upon the exercise of
this Warrant. As to any fraction of a share which the Holder would otherwise be entitled to purchase upon such exercise, the Company shall at its election, either pay a cash adjustment in respect of such final fraction in an amount equal to such
fraction multiplied by the Exercise Price or round up to the next whole share. 
 vi. Charges, Taxes and Expenses.
Issuance of certificates for Warrant Shares shall be made without charge to the Holder for any issue or transfer tax or other incidental expense in respect of the issuance of such certificate, all of which taxes and expenses shall be paid by the
Company, and such certificates shall be issued in the name of the Holder or in such name or names as may be directed by the Holder; provided, however, that in the event certificates for Warrant Shares are to be issued in a name other
than the name of the Holder, this Warrant when surrendered for exercise shall be accompanied by the Assignment Form annexed hereto duly executed by the Holder; and the Company may require, as a condition thereto, the payment of a sum sufficient to
reimburse it for any transfer tax incidental thereto. 
  

 4 

 vii. Closing of Books. The Company will not close its stockholder books or records
in any manner which prevents the timely exercise of this Warrant, pursuant to the terms hereof. 
 Section 2. Certain
Adjustments. 
 a) Stock Dividends and Splits. If the Company, at any time while this Warrant is outstanding:
(A) pays a stock dividend or otherwise make a distribution or distributions on shares of its Common Stock or any other equity or equity equivalent securities payable in shares of Common Stock (which, for avoidance of doubt, shall not include
any shares of Common Stock issued by the Company upon exercise of this Warrant or by the terms of any preferred stock or other warrant which is outstanding on the issuance date hereof or issued coincident herewith), (B) subdivides outstanding
shares of Common Stock into a larger number of shares, (C) combines (including by way of reverse stock split) outstanding shares of Common Stock into a smaller number of shares, or (D) issues by reclassification of shares of the Common
Stock any shares of capital stock of the Company, then in each case the Exercise Price shall be multiplied by a fraction of which the numerator shall be the number of shares of Common Stock (excluding treasury shares, if any) outstanding immediately
before such event and of which the denominator shall be the number of shares of Common Stock outstanding immediately after such event and the number of shares issuable upon exercise of this Warrant shall be proportionately adjusted such that the
aggregate Exercise Price of this Warrant shall remain unchanged. Any adjustment made pursuant to this Section 2(a) shall become effective immediately after the record date for the determination of stockholders entitled to receive such dividend
or distribution and shall become effective immediately after the effective date in the case of a subdivision, combination or re-classification. 
 b) Subsequent Rights Offerings. If the Company, at any time while this Warrant is outstanding, shall issue rights, options or warrants to all holders of Common Stock (and not to the Holder) entitling them to
subscribe for or purchase shares of Common Stock at a price per share less than the VWAP at the record date mentioned below, then the Exercise Price shall be multiplied by a fraction, of which the denominator shall be the number of shares of the
Common Stock outstanding on the date of issuance of such rights or warrants plus the number of additional shares of Common Stock offered for subscription or purchase, and of which the numerator shall be the number of shares of the Common Stock
outstanding on the date of issuance of such rights or warrants plus the number of shares which the aggregate offering price of the total number of shares so offered (assuming receipt by the Company in full of all consideration payable upon exercise
of such rights, options or warrants) would purchase at such VWAP. Such adjustment shall be made whenever such rights or warrants are issued, and shall become effective immediately after the record date for the determination of stockholders entitled
to receive such rights, options or warrants. 
 c) Pro Rata Distributions. If the Company, at any time while this
Warrant is outstanding, shall distribute to all holders of Common Stock (and not to the Holder) evidences of its indebtedness or assets (including cash and cash dividends) or rights or 

  

 5 

 
warrants to subscribe for or purchase any security other than the Common Stock, then in each such case the Exercise Price shall be adjusted by multiplying
the Exercise Price in effect immediately prior to the record date fixed for determination of stockholders entitled to receive such distribution by a fraction of which the denominator shall be the VWAP determined as of the record date mentioned
above, and of which the numerator shall be such VWAP on such record date less the then per share fair market value at such record date of the portion of such assets or evidence of indebtedness so distributed applicable to one outstanding share of
the Common Stock as determined by the Board of Directors in good faith. In either case the adjustments shall be described in a statement provided to the Holder of the portion of assets or evidences of indebtedness so distributed or such subscription
rights applicable to one share of Common Stock. Such adjustment shall be made whenever any such distribution is made and shall become effective immediately after the record date mentioned above. 
 d) Fundamental Transaction. If, at any time while this Warrant is outstanding, (A) the Company, directly or indirectly, in one
or more related transactions effects any merger or consolidation of the Company with or into another person, (B) the Company, directly or indirectly, effects any sale, lease, license, assignment, transfer, conveyance or other disposition of all
or substantially all of its assets in one or a series of related transactions, (C) any direct or indirect purchase offer, tender offer or exchange offer (whether by the Company or another person) is completed pursuant to which holders of Common
Stock are permitted to sell, tender or exchange their shares for other securities, cash or property, (D) the Company, directly or indirectly, in one or more related transactions effects any reclassification, reorganization or recapitalization
of the Common Stock or any compulsory share exchange pursuant to which the Common Stock is effectively converted into or exchanged for other securities, cash or property, or (E) the Company, directly or indirectly, in one or more related
transactions consummates a stock or share purchase agreement or other business combination (including, without limitation, a reorganization, recapitalization, spin-off or scheme of arrangement) with another person whereby such other person acquires
more than 50% of the outstanding shares of Common Stock (not including any shares of Common Stock held by the other person or other persons making or party to, or associated or affiliated with the other persons making or party to, such stock or
share purchase agreement or other business combination) (each a “Fundamental Transaction”), then, upon any subsequent exercise of this Warrant, the Holder shall have the right to receive, for each Warrant Share that would have been
issuable upon such exercise immediately prior to the occurrence of such Fundamental Transaction, the number of shares of Common Stock of the successor or acquiring corporation or of the Company, if it is the surviving corporation, and any additional
consideration (the “Alternate Consideration”) receivable as a result of such Fundamental Transaction by a holder of the number of shares of Common Stock for which this Warrant is exercisable immediately prior to such Fundamental
Transaction. For purposes of any such exercise, the determination of the Exercise Price shall be appropriately adjusted to apply to such Alternate Consideration based on the amount of Alternate Consideration issuable in respect of one share of
Common Stock in such Fundamental Transaction, and the Company shall apportion the Exercise Price among the Alternate Consideration in a reasonable manner reflecting the relative value of any different components of the Alternate Consideration. If
holders of Common Stock are given any choice as to the securities, cash 

  

 6 

 
or property to be received in a Fundamental Transaction, then the Holder shall be given the same choice as to the Alternate Consideration it receives upon
any exercise of this Warrant following such Fundamental Transaction. To the extent necessary to effectuate the foregoing provisions, any successor to the Company or surviving entity in such Fundamental Transaction shall issue to the Holder a new
warrant consistent with the foregoing provisions and evidencing the Holder’s right to exercise such warrant into Alternate Consideration. The terms of any agreement pursuant to which a Fundamental Transaction is effected shall include terms
requiring any such successor or surviving entity to comply with the provisions of this Section 2(e) and insuring that this Warrant (or any such replacement security) will be similarly adjusted upon any subsequent transaction analogous to a
Fundamental Transaction. Notwithstanding anything to the contrary, in the event of a Fundamental Transaction that is (1) an all cash transaction, (2) a “Rule 13e-3 transaction” as defined in Rule 13e-3 under the Securities
Exchange Act of 1934, as amended, or (3) a Fundamental Transaction involving a person or entity not traded on a national securities exchange, the Nasdaq Global Select Market, the Nasdaq Global Market, or the Nasdaq Capital Market, the Company
or any successor entity shall at the Holder’s option, exercisable at any time concurrently with, or within 30 days after, the consummation of the Fundamental Transaction, purchase this Warrant from the Holder by paying to the Holder an amount
of cash equal to the value of the remaining unexercised portion of this Warrant as determined in accordance with the Black Scholes Option Pricing Model obtained from the “OV” function on Bloomberg L.P. using (i) a price per share of
Common Stock equal to the VWAP of the Common Stock for the Trading Day immediately preceding the date of consummation of the applicable Fundamental Transaction, (ii) a risk-free interest rate corresponding to the U.S. Treasury rate for a period
equal to the remaining term of this Warrant as of the date of consummation of the applicable Fundamental Transaction and (iii) an expected volatility equal to the 100 day volatility obtained from the “HVT” function on Bloomberg L.P.
determined as of the Trading Day immediately following the public announcement of the applicable Fundamental Transaction. 
 e) Calculations. All calculations under this Section 2 shall be made to the nearest cent or the nearest 1/100th of a share, as the case may be. For purposes of this Section 2, the number of shares of Common Stock deemed to
be issued and outstanding as of a given date shall be the sum of the number of shares of Common Stock (excluding treasury shares, if any) issued and outstanding. No adjustment in the number of Warrant Shares purchasable hereunder shall be required
unless such adjustment would require an increase or decrease of at least 1% in the number of Warrant Shares purchasable upon the exercise of this Warrant, provided, that any adjustments not required by this Section 3(e) shall be carried forward
and taken into account in any subsequent adjustment. 
 f) Notice to the Holder. 
 i. Adjustment to Exercise Price. Whenever the Exercise Price is adjusted pursuant to any provision of this Section 2, the
Company shall promptly mail to the Holder a notice setting forth the Exercise Price after such adjustment and setting forth a brief statement of the facts requiring such adjustment. 
  

 7 

 ii. Notice to Allow Exercise by the Holder. If (A) the Company shall declare
a dividend (or any other distribution in whatever form) on the Common Stock; (B) the Company shall declare a special nonrecurring cash dividend on or a redemption of the Common Stock; (C) the Company shall authorize the granting to all
holders of the Common Stock rights or warrants to subscribe for or purchase any shares of capital stock of any class or of any rights; (D) the approval of any stockholders of the Company shall be required in connection with any reclassification
of the Common Stock, any consolidation or merger to which the Company is a party, any sale or transfer of all or substantially all of the assets of the Company, of any compulsory share exchange whereby the Common Stock is converted into other
securities, cash or property; (E) the Company shall authorize the voluntary or involuntary dissolution, liquidation or winding up of the affairs of the Company; then, in each case, the Company shall cause to be mailed to the Holder at its last
address as it shall appear upon the Warrant Register of the Company, at least 20 calendar days prior to the applicable record or effective date hereinafter specified, or such shorter period of time as the Company reasonably determines is necessary
so as not to negatively impact in a material way the transaction that is the subject of the notice, a notice stating (x) the date on which a record is to be taken for the purpose of such dividend, distribution, redemption, rights or warrants,
or if a record is not to be taken, the date as of which the holders of the Common Stock of record to be entitled to such dividend, distributions, redemption, rights or warrants are to be determined or (y) the date on which such
reclassification, consolidation, merger, sale, transfer or share exchange is expected to become effective or close, and the date as of which it is expected that holders of the Common Stock of record shall be entitled to exchange their shares of the
Common Stock for securities, cash or other property deliverable upon such reclassification, consolidation, merger, sale, transfer or share exchange; provided that the failure to mail such notice or any defect therein or in the mailing thereof shall
not affect the validity of the corporate action required to be specified in such notice. The Holder is entitled to exercise this Warrant during the period commencing on the date of such notice to the effective date of the event triggering such
notice. 
 Section 3. Transfer of Warrant. 
 a) Transferability. Subject to compliance with any applicable securities laws, this Warrant and all rights hereunder (including,
without limitation, any registration rights) are transferable, in whole or in part, upon surrender of this Warrant at the principal office of the Company or its designated agent, together with a written assignment of this Warrant substantially in
the form annexed hereto duly executed by the Holder or its agent or attorney and funds sufficient to pay any transfer taxes payable upon the making of such transfer. Upon such surrender and, if required, such payment, the Company shall execute and
deliver a new Warrant or Warrants in the name of the assignee or assignees and in the denomination or denominations specified in such 

  

 8 

 
instrument of assignment, and shall issue to the assignor a new Warrant evidencing the portion of this Warrant not so assigned, and this Warrant shall
promptly be cancelled. A Warrant, if properly assigned, may be exercised by a new holder for the purchase of Warrant Shares without having a new Warrant issued. 
 b) New Warrants. This Warrant may be divided or combined with other Warrants upon presentation hereof at the aforesaid office of
the Company, together with a written notice specifying the names and denominations in which new Warrants are to be issued, signed by the Holder or its agent or attorney. Subject to compliance with Section 3(a), as to any transfer which may be
involved in such division or combination, the Company shall execute and deliver a new Warrant or Warrants in exchange for the Warrant or Warrants to be divided or combined in accordance with such notice, if permitted by applicable law. All Warrants
issued on transfers or exchanges shall be dated the original Issue Date and shall be identical with this Warrant except as to the number of Warrant Shares issuable pursuant thereto. 
 c) Warrant Register. The Company shall register this Warrant, upon records to be maintained by the Company for that purpose (the
“Warrant Register”), in the name of the record Holder hereof from time to time. The Company may deem and treat the registered Holder of this Warrant as the absolute owner hereof for the purpose of any exercise hereof or any distribution to
the Holder, and for all other purposes, absent actual notice to the contrary. 
 Section 4. Miscellaneous. 
 a) No Rights as Stockholder Until Exercise. This Warrant does not entitle the Holder to any voting rights or other rights as a
stockholder of the Company prior to the exercise hereof as set forth in Section 1(d)(i). 
 b) Loss, Theft,
Destruction or Mutilation of Warrant. The Company covenants that upon receipt by the Company of evidence reasonably satisfactory to it of the loss, theft, destruction or mutilation of this Warrant or any stock certificate relating to the Warrant
Shares, and in case of loss, theft or destruction, of indemnity or security reasonably satisfactory to it (which, in the case of this Warrant, shall not include the posting of any bond), and upon surrender and cancellation of such Warrant or stock
certificate, if mutilated, the Company will make and deliver a new Warrant or stock certificate of like tenor and dated as of such cancellation, in lieu of such Warrant or stock certificate. 
 c) Saturdays, Sundays, Holidays, etc. If the last or appointed day for the taking of any action or the expiration of any right
required or granted herein shall not be a Business Day, then such action may be taken or such right may be exercised on the next succeeding Business Day. “Business Day” shall mean any day other than a Saturday, a Sunday or a legal
holiday or a day on which banking institutions or trust companies are authorized or obligated by law to close in New York City. 
  

 9 

 d) Authorized Shares. The Company covenants that during the period this Warrant is
outstanding, it will reserve from its authorized and unissued Common Stock a sufficient number of shares to provide for the issuance of the Warrant Shares upon the exercise of any purchase rights under this Warrant. The Company further covenants
that its issuance of this Warrant shall constitute full authority to its officers who are charged with the duty of executing stock certificates to execute and issue the necessary certificates for the Warrant Shares upon the exercise of the purchase
rights under this Warrant. The Company will take all such reasonable action as may be necessary to assure that such Warrant Shares may be issued as provided herein without violation of any applicable law or regulation, or of any requirements of the
New York Stock Exchange (or any other trading market on which the Company applies to have its Common Stock traded) upon which the Common Stock may be listed. The Company covenants that all Warrant Shares which may be issued upon the exercise of the
purchase rights represented by this Warrant will, upon exercise of the purchase rights represented by this Warrant, be duly authorized, validly issued, fully paid and nonassessable and free from all taxes, liens and charges created by the Company in
respect of the issue thereof (other than taxes in respect of any transfer occurring contemporaneously with such issue). 
 Except and to the extent as waived or consented to by the Holder, the Company shall not by any action, including, without limitation, amending its certificate of incorporation or through any reorganization, transfer of assets,
consolidation, merger, dissolution, issue or sale of securities or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms of this Warrant, but will at all times in good faith assist in the carrying out
of all such terms and in the taking of all such actions as may be necessary or appropriate to protect the rights of Holder as set forth in this Warrant against impairment. Without limiting the generality of the foregoing, the Company will
(a) not increase the par value of any Warrant Shares above the amount payable therefor upon such exercise immediately prior to such increase in par value, (b) take all such action as may be necessary or appropriate in order that the
Company may validly and legally issue fully paid and nonassessable Warrant Shares upon the exercise of this Warrant, and (c) use commercially reasonable efforts to obtain all such authorizations, exemptions or consents from any public
regulatory body having jurisdiction thereof as may be necessary to enable the Company to perform its obligations under this Warrant. 
 Before taking any action which would result in an adjustment in the number of Warrant Shares for which this Warrant is exercisable or in the Exercise Price, the Company shall obtain all such authorizations or exemptions thereof, or consents
thereto, as may be necessary from any public regulatory body or bodies having jurisdiction thereof. 
 e) Restrictions.
The Holder acknowledges that the Warrant Shares acquired upon the exercise of this Warrant, if not registered, will have restrictions upon resale imposed by state and federal securities laws. 
 f) Nonwaiver and Expenses. No course of dealing or any delay or failure to exercise any right hereunder on the part of the Holder
shall operate as a waiver of such right or otherwise prejudice the Holder’s rights, powers or remedies, notwithstanding 

  

 10 

 
the fact that all rights hereunder terminate on the Termination Date. If the Company willfully and knowingly fails to comply with any provision of this
Warrant, which results in any material damages to the Holder, the Company shall pay to the Holder such amounts as shall be sufficient to cover any costs and expenses including, but not limited to, reasonable attorneys’ fees, including those of
appellate proceedings, incurred by the Holder in collecting any amounts due pursuant hereto or in otherwise enforcing any of its rights, powers or remedies hereunder. 
 g) Notices. All notices, requests, claims, demands and other communications hereunder shall be in writing and shall be given or
made (and shall be deemed to have been duly given or made upon receipt) by delivery in person, by an internationally recognized overnight courier service, by facsimile, or by registered or certified mail (postage prepaid, return receipt requested)
to the respective parties at the following addresses (or at such other address for a party as shall be specified in a notice given in accordance with this Section 4(g)): 
 if to the Company, at its address at 6500 North Mineral Drive, Suite 200, Coeur d’Alene, Idaho 83815, Fax: (208) 769-7612, Attention: General
Counsel; and 
 if to the Holder, at the last address and to the attention of the last person as it shall appear upon the Warrant Register of
the Company. 
 If the Company should at any time change the location of its principal office to a place other than as set
forth above, it shall give prompt notice to the Holder and thereafter all references in this Warrant to the location of its principal office at the particular time shall be as so specified in such notice. 
 h) Limitation of Liability. No provision hereof, in the absence of any affirmative action by the Holder to exercise this Warrant to
purchase Warrant Shares, and no enumeration herein of the rights or privileges of the Holder, shall give rise to any liability of the Holder for the purchase price of any Common Stock or as a stockholder of the Company, whether such liability is
asserted by the Company or by creditors of the Company. 
 i) Remedies. The Holder, in addition to being entitled to
exercise all rights granted by law, including recovery of damages, will be entitled to specific performance of its rights under this Warrant. The Company agrees that monetary damages would not be adequate compensation for any loss incurred by reason
of a breach by it of the provisions of this Warrant and hereby agrees to waive and not to assert the defense in any action for specific performance that a remedy at law would be adequate. 
 j) Successors and Assigns. Subject to applicable securities laws, this Warrant and the rights and obligations evidenced hereby
shall inure to the benefit of and be binding upon the successors of the Company and the successors and permitted assigns of the Holder. The provisions of this Warrant are intended to be for the benefit of all holders from time to time of this
Warrant and shall be enforceable by any such Holder or holder of Warrant Shares. 
  

 11 

 k) Amendment. This Warrant (together with all other Warrants of this Series (the
“Series 3 Warrants”)) may be modified or amended or the provisions hereof waived with the written consent of the Company and holders holding Series 3 Warrants at least equal to 90% of the Warrant Shares issuable upon exercise of all then
outstanding Series 3 Warrants, provided that no amendment may increase the Exercise Price or reduce the number of Warrant Shares without the consent of the Holder. 
 l) Governing Law. This Warrant shall be governed by, and construed in accordance with, the Laws of the State of New York applicable
to contracts executed in and to be performed in that State, without regard to principles of the conflict of laws. 
 m)
Severability. Wherever possible, each provision of this Warrant shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Warrant shall be prohibited by or invalid under applicable
law, such provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such provisions or the remaining provisions of this Warrant. 
 n) Headings. The headings used in this Warrant are for the convenience of reference only and shall not, for any purpose, be deemed
a part of this Warrant. 
 o) Facsimile Signature. This Warrant may be executed by facsimile signature. 
 ******************** 
  

 12 

 IN WITNESS WHEREOF, the Company has caused this Warrant to be executed by its officer thereunto duly
authorized as of the date first above indicated. 
  

			
	HECLA MINING COMPANY
		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	

  

 13 

 NOTICE OF EXERCISE 
 TO: HECLA MINING COMPANY 
 (1) The undersigned hereby elects to purchase
             shares of the Common Stock of Hecla Mining Company pursuant to the terms of the attached Series 3 Common Stock Purchase Warrant (attached only if exercised in full), and
tenders herewith payment of the Exercise Price in full, together with all applicable transfer taxes, if any. 
 (2) Payment shall take the
form of (check applicable box): 
  ̈ in lawful money of the United States; or 
  ̈ [if permitted] the cancellation of such number of Warrant Shares as is necessary, in accordance with the formula set
forth in subsection 1(c), to exercise this Warrant with respect to the maximum number of Warrant Shares purchasable pursuant to the cashless exercise procedure set forth in subsection 1(c). 
 (3) Please issue a certificate or certificates representing said shares of Common Stock in the name of the undersigned or in such other name as is
specified below: 
  

							
		 	  
	 		 	

 The shares of Common Stock shall be delivered to the following DWAC Account Number or by physical
delivery of a certificate to: 
  

							
		 	  
	 		 	
		 	  
	 		 	
		 	  
	 		 	

  

	
	  

	[SIGNATURE OF HOLDER]

  

			
	 Series 3 Common Stock Purchase Warrant No.:
	  	  

			
		
	Name of Investing Entity:	  	  

			
		
	Signature of Authorized Signatory of Investing Entity:	  	  

			
		
	Name of Authorized Signatory:	  	  

			
		
	Title of Authorized Signatory:	  	  

			
		
	Date:	  	  

 ASSIGNMENT FORM 
 (To assign the foregoing warrant, execute 
 this form and supply required information. 
 Do not use this form to exercise the warrant.) 
 FOR VALUE RECEIVED, (check or fill in) [    ] all of or [            ] shares of the foregoing Warrant and all rights evidenced thereby are hereby
assigned to 
  

					
	  
	 	,	  	whose address is
	  

	  

  

									
	Dated:	 	                        ,	 	                              	 		 	

  

			
	 Holder’s Signature:
	 	  

	 Holder’s Address:
	 	  

		 	  

  

			
	Signature Guaranteed:	 	  

 NOTE: The signature to this Assignment Form must correspond with the name as it appears on the face of the
Warrant, without alteration or enlargement or any change whatsoever, and must be guaranteed by a bank or trust company. Officers of corporations and those acting in a fiduciary or other representative capacity should file proper evidence of
authority to assign the foregoing Warrant.First Amendment to Credit Agreement

 Exhibit 10.1 
 FIRST AMENDMENT TO CREDIT AGREEMENT 
 This FIRST AMENDMENT TO CREDIT AGREEMENT (this
“Amendment”) is entered into as of February 5, 2009, among WESTLAKE CHEMICAL CORPORATION (“Westlake”) and certain of its domestic subsidiaries listed as Borrowers to the Credit Agreement
described below (collectively, the “Borrowers”), Lenders under the Credit Agreement, BANK OF AMERICA, N.A., in its capacity as Agent for Lenders under the Credit Agreement (the “Agent”), and
Guarantors under the Credit Agreement. 
 Reference is made to the Amended and Restated Credit Agreement, dated as of September 8, 2008
(as amended, modified, and supplemented, the “Credit Agreement”), among the Borrowers, the Guarantors, the Agent, and Lenders party thereto. Unless otherwise defined in this Amendment, capitalized terms used herein shall have
the meanings set forth in the Credit Agreement and all Section references herein are to Sections in the Credit Agreement. 
 RECITALS 

 A. The Borrowers have requested that Required Lenders agree to amend certain provisions of the Credit Agreement, including without
limitation, amending the relevant provisions relating to Distributions and Acquisitions. 
 B. Subject to the terms and conditions of this
Amendment, Required Lenders are willing to make such amendments. 
 Accordingly, for adequate and sufficient consideration, the parties
hereto agree as follows: 
 Paragraph 1. Amendments to Credit Agreement. 
 1.1. The definition of “2009 Acquisition Basket” is added to Annex A to the Credit Agreement in the appropriate
alphabetic order: 
 “2009 Acquisition Basket” means $100,000,000. 
 1.2. The definition of “Acquisition Basket Carryforward” is added to Annex A to the Credit Agreement in the
appropriate alphabetic order: 
 “Acquisition Basket Carryforward” means, to the extent the entire amount of the 2009
Acquisition Basket is not utilized in Fiscal Year 2009, the difference between (a) the 2009 Acquisition Basket and (b) the Acquisition Consideration of all Acquisitions consummated in Fiscal Year 2009 pursuant to Section 7.26
hereof; provided that if such difference exceeds $25,000,000, the Acquisition Basket Carryforward shall be $25,000,000. 
 1.3. The definition of “Acquisition Consideration” is added to Annex A to the Credit Agreement in the appropriate alphabetic order: 
 “Acquisition Consideration” means, with respect to an Acquisition, the entire amount of consideration (cash or non-cash, including
assumed obligations, all indemnities, earnouts and other contingent payment obligations) paid by any Loan Party in connection with such Acquisition; provided that (a) consideration consisting of Capital Stock of Westlake or cash proceeds
from a contemporaneous Equity Issuance by Westlake (in either case, other than issuance or exchange to a Loan Party or any Subsidiary thereof) and (b) any prior Investments in the acquired Person permitted under the Agreement when made, shall
not be included in calculating such Acquisition Consideration. 

 1.4. The definition of “Applicable Margin” in Annex A to the Credit
Agreement is amended in its entirety to read as follows: 
 “Applicable Margin” means, 
  

	 	(i)	with respect to Base Rate Loans, (A) from February 5, 2009 to and including February 28, 2009, 1.50% per annum, and (B) on and from March 1, 2009, as
set forth in the pricing grid below; 

  

	 	(ii)	with respect to LIBOR Rate Loans, (A) from February 5, 2009 to and including February 28, 2009, 3.00% per annum, and (B) on and from March 1, 2009, as
set forth in the pricing grid below; and 

  

	 	(iii)	with respect to the Unused Line Fee, (A) 0.875% per annum if the average Aggregate Revolver Outstandings for the applicable month are less than 50% of the Total Facility,
or (B) 0.75% per annum in all other cases. 

  

							
	 Average Daily Excess Availability
	  	Applicable Margin
for LIBOR Rate
Loans	 	 	Applicable Margin for Base
Rate Loans	 
	 < $100,000,000
	  	3.50	%	 	2.00	%
	 > $100,000,000 but < $200,000,000
	  	3.25	%	 	1.75	%
	 > $200,000,000 but < $300,000,000
	  	3.00	%	 	1.50	%
	 > $300,000,000
	  	2.75	%	 	1.25	%

 On and from March 1, 2009, the Applicable Margins for LIBOR Rate Loans and Base Rate Loans
will be adjusted monthly based upon the above pricing grid. The average daily Availability is calculated monthly and each new Applicable Margin shall be effective as of the first day of the subsequent month based on the average daily Availability
with respect to the immediately preceding month with respect to all outstanding Obligations. 
 1.5. The definition of “Base
Rate” in Annex A to the Credit Agreement is amended in its entirety to read as follows: 
 “Base
Rate” means, for any day, a per annum rate equal to the greatest of (a) the Prime Rate for such day; (b) the Federal Funds Rate for such day, plus 0.50%; or (c) LIBOR Rate for a 30 day interest period as
determined on such day, plus 1.0%. 
 1.6. The definition of “Borrowing Base” in Annex
A to the Credit Agreement is amended in its entirety to read as follows: 
 “Borrowing Base”
means, at any time, an amount equal to (a) the sum of (i) eighty-five percent (85%) of the Net Amount of Eligible Accounts; plus (ii) the lesser of (y) seventy percent (70%) of the value of the lower of cost or
market of Eligible Inventory or (z) eighty-five percent (85%) of the Net Orderly Liquidation Value of all Eligible Inventory; plus (iii) one hundred percent (100%) of cash held in an account maintained at the Bank or its
Affiliates and satisfactory to the Bank, and subject to a control agreement in form and substance satisfactory to the Agent (the “Eligible Cash”); minus (b) Reserves from time to time established by the Agent in
its reasonable credit judgment, including Reserves required under the Agreement in connection with any Permitted Quarterly Distribution; provided that the aggregate Revolving Loans advanced against Eligible Inventory shall not exceed the
Maximum Inventory Loan Amount. 

 1.7. The definition of “Defaulting Lender” in Annex A to the Credit
Agreement is amended in its entirety to read as follows: 
 “Defaulting Lender” means any Lender that (a) fails
to make any payment or provide funds to the Agent or any Borrower as required hereunder or fails otherwise to perform its obligations under any Loan Document, and such failure is not cured within one (1) Business Day, or (b) is not Solvent
or is subject to any bankruptcy, reorganization or similar proceedings. 
 1.8. The definition of “First Amendment”
is added to Annex A to the Credit Agreement in the appropriate alphabetic order: 
 “First Amendment”
means that certain First Amendment dated as of February 5, 2009, by and among the Borrowers, the Guarantors, the Agent, and Required Lenders. 
 1.9. The definition of “Insolvent Lender” in Annex A to the Credit Agreement is deleted. 
 1.10. The definition of “Letter of Credit Obligations” is added to Annex A to the Credit Agreement in the appropriate alphabetic order: 
 “Letter of Credit Obligations” means the sum (without duplication) of (a) all amounts owing by the Borrowers for any drawings
under Letters of Credit; (b) the stated amount of all outstanding Letters of Credit; and (c) all fees and other amounts owing with respect to Letters of Credit. 
 1.11. The definition of “Permitted Quarterly Distribution” is added to Annex A to the Credit Agreement in the appropriate alphabetic order: 
 “Permitted Quarterly Distribution” means the quarterly Distributions made and/or declared and permitted under Option
C of Section 7.10(a)(ii). 
 1.12. The definition of “Prime Rate” is added to Annex
A to the Credit Agreement in the appropriate alphabetic order: 
 “Prime Rate” means the rate of interest
announced by the Bank from time to time as its prime rate. Such rate is set by the Bank on the basis of various factors, including its costs and desired return, general economic conditions and other factors, and is used as a reference point for
pricing some loans, which may be priced at, above or below such rate. Any change in such rate announced by the Bank shall take effect at the opening of business on the day specified in the public announcement of such change. 
 1.13. The definition of “Prior Permitted Acquisition” is added to Annex A to the Credit Agreement in the
appropriate alphabetic order: 
 “Prior Permitted Acquisition” means any Acquisition consummated in compliance with
Section 7.26 as existing prior to the effective date of the First Amendment. 
 1.14. The definition of “Prior
Permitted Distributions” is added to Annex A to the Credit Agreement in the appropriate alphabetic order: 
 “Prior Permitted Distributions” means any Distribution made and/or declared and permitted under Option A of Section 7.10(a)(ii). 
 1.15. The definition of “Release Conditions” is added to Annex A to the Credit Agreement in the appropriate
alphabetic order: 
 “Release Conditions” has the meaning set forth in Option C of
Section 7.10(a)(ii). 

 1.16. The definition of “Triggering Date” in Annex A to the Credit
Agreement is amended in its entirety to read as follows: 
 “Triggering Date” means the date upon which Availability
is less than (a) $75,000,000 for at least three (3) consecutive Business Days, or (b) $65,000,000 at any time; provided that in the event (x) Availability has been greater than $75,000,000 at all times for ninety
(90) consecutive days and (y) the Adjusted Fixed Charge Coverage Ratio on such date of determination is not less than 1.0 to 1.0, commencing on the first day of any month after the criteria set forth above is satisfied, then the Triggering
Date shall be deemed to not be continuing for purposes of this Agreement, and the requirements of Section 7.21 shall not be required unless a subsequent Triggering Date occurs. 
 1.17. Section 1.3(c) of the Credit Agreement is amended by (i) deleting the word “and” at the end of
clause (i) thereof, (ii) renumbering clause (ii) thereof as “(iii)”, and (iii) adding the following clause (ii) immediately after clause (i):

 (ii) If a Defaulting Lender exists, no Letter of Credit Issuer shall have any obligation to issue any Letter of Credit and the Agent shall
not have any obligation to provide any Credit Support, until such Lender or the Borrowers have entered into arrangements satisfactory to the Agent and the applicable Letter of Credit Issuer to eliminate any funding risk associated with the
Defaulting Lender; and 
 1.18. Section 1.3(g) of the Credit Agreement is amended in its entirety to read as follows:

 (g) Supporting Letter of Credit; Cash Collateral. (i) If, notwithstanding the provisions of
Section 1.3(b) and Section 10.1, any Letter of Credit or Credit Support is outstanding upon the termination of this Agreement, then upon such termination the Borrowers shall deposit with the Agent, for the
ratable benefit of the Agent and the Lenders, with respect to each Letter of Credit or Credit Support then outstanding, a standby letter of credit (a “Supporting Letter of Credit”) in form and substance satisfactory to the
Agent, issued by an issuer satisfactory to the Agent in an amount equal to the greatest amount for which such Letter of Credit or such Credit Support may be drawn plus any fees and expenses associated with such Letter of Credit or such Credit
Support, under which Supporting Letter of Credit the Agent is entitled to draw amounts necessary to reimburse the Agent and the Lenders for payments to be made by the Agent and the Lenders under such Letter of Credit or Credit Support and any fees
and expenses associated with such Letter of Credit or Credit Support. Such Supporting Letter of Credit shall be held by the Agent, for the ratable benefit of the Agent and the Lenders, as security for, and to provide for the payment of, the
aggregate undrawn amount of such Letters of Credit or such Credit Support remaining outstanding. In the event Supporting Letters of Credit are not delivered, then the Loan Parties shall provide cash collateral for all remaining Letters of Credit in
an amount equal to 110% of the aggregate face amount of such Letters of Credit. (ii) If a Defaulting Lender exists, the Borrowers shall, on demand by any Letter of Credit Issuer or the Agent from time to time, cash collateralize the Pro Rata
Share of any Defaulting Lender of the Letter of Credit Obligations. 
 1.19. Section 7.10(a) of the Credit Agreement is
amended in its entirety to read as follows: 
 (a) directly or indirectly declare or make, or incur any liability to make, any
Distribution (other than Distributions payable in Capital Stock (other than Disqualified Stock) of Westlake), except: 
 (i)
Distributions made and/or declared by wholly owned Subsidiaries; and 

 (ii)(A) Distributions permitted under Option A, if the Fixed Charge
Coverage Ratio, after giving effect to such Distribution, is at least 1:0:1.0, (B) Distributions permitted under Option B, if the Fixed Charge Coverage Ratio, after giving effect to such Distribution, is less than 1:0:1.0, and
(C) Distributions permitted under Option C, if no Distribution may be made and/or declared under either Option A or Option B. 
 Option A: 
 Distributions made and/or declared by Westlake and non-wholly owned Subsidiaries, if, after giving effect to such Distribution, (A) Availability equals or exceeds $75,000,000, and (B) the Fixed Charge Coverage Ratio is at
least 1:0:1.0. 
 Option B: 
 (i) Distributions made and/or declared by Westlake and non-wholly owned Subsidiaries in the aggregate of up to $40,000,000 in Fiscal Year 2009; provided that (A) the sum of (1) the aggregate amount of
all Distributions made and/or declared by Westlake and non-wholly owned Subsidiaries in Fiscal Year 2009 and (2) the aggregate Acquisition Consideration of all Acquisitions consummated in Fiscal Year 2009 shall not exceed $125,000,000, and
(B) Availability, after giving effect to such Distribution, is at least $200,000,000. 
 (ii) Distributions made and/or
declared by Westlake and non-wholly owned Subsidiaries in the aggregate of up to $30,000,000 in Fiscal Year 2010; provided that (A) the sum of (1) the aggregate amount of all Distributions made and/or declared by Westlake and
non-wholly owned Subsidiaries in Fiscal Year 2010 and (2) the aggregate Acquisition Consideration of all Acquisitions consummated in Fiscal Year 2010 shall not exceed the sum of (I) $175,000,000 and (II) the Acquisition Basket
Carryforward, and (B) Availability, after giving effect to such Distribution, is at least $200,000,000. 
 (iii)
Distributions made and/or declared by Westlake and non-wholly owned Subsidiaries in the aggregate of up to $30,000,000 in each Fiscal Year from January 1, 2011 to December 31, 2013; provided that (A) the sum of (1) the
aggregate amount of all Distributions made and/or declared by Westlake and non-wholly owned Subsidiaries in each such Fiscal Year and (2) the aggregate Acquisition Consideration of all Acquisitions consummated in the same Fiscal Year shall not
exceed $140,000,000, and (B) Availability, after giving effect to such Distribution, is at least $200,000,000. 
 For
purposes of calculating the amount of Distributions in connection with the foregoing (i), (ii), and (iii), any Prior Permitted Distribution made and/or declared during the applicable period shall be excluded, but any Permitted
Quarterly Distribution made during the applicable period shall be included; and for purposes of calculating the aggregate Acquisition Consideration, any Prior Permitted Acquisition consummated during the applicable period shall be excluded.

 Option C: 
 In each fiscal quarter, Distributions made and/or declared by Westlake and non-wholly owned Subsidiaries of up to $4,500,000 (excluding any Prior Permitted Distribution and any Distribution made and/or declared under
 

 
Option B in such fiscal quarter); provided that (A) Availability, after giving effect to such Distribution, is at least
$125,000,000, (B) the aggregate amount of all Distributions made and/or declared by Westlake and non-wholly owned Subsidiaries under Option B and those under this Option C in the applicable Fiscal Year shall not
exceed $30,000,000 (or $40,000,000 with respect to Fiscal Year 2009), and (C) the aggregate amount of annual Distributions permitted under this Option C is reserved from the Borrowing Base until either (x) (1) the Fixed
Charge Coverage Ratio is at least 1.0:1.0 and (2) Availability is at least $75,000,000, or (y) Availability is at least $200,000,000 (the “Release Conditions”). In the event (I) a Distribution is made and/or
declared under this Option C, (II) the Release Conditions have been met, and (III) the Release Conditions cease to be met, then the aggregate amount of annual Distributions permitted under this Option C will be
reserved from the Borrowing Base until the Release Conditions are met again; provided that (x) Availability shall be calculated after giving effect to each Distribution made or declared, and (y) with respect to the Release
Conditions, Availability shall be calculated after giving effect to the Reserves in connection with any Permitted Quarterly Distribution. 
 provided that for purposes of a Distribution, Availability shall be calculated based on the most recent Borrowing Base Certificate delivered pursuant to this Agreement prior to such Distribution (provided that the amount of
Eligible Cash shall be the amount on deposit on the date of such Distribution and provided further that the Aggregate Revolver Outstandings shall be calculated on the date of such Distribution) and Distributions are permitted hereunder only
if no Default or Event of Default then exists and only to the extent that any such Distribution is made and/or declared in accordance with applicable Requirement of Law and constitutes a valid, non-voidable transaction. 
 1.20. Section 7.14(b)(iv) of the Credit Agreement is amended in its entirety to read as follows: 
 (iv) so long as no Default or Event of Default has occurred and is continuing after giving effect to such redemption, defeasance or prepayment, if, after
giving effect to such redemption, defeasance or prepayment, (A) Availability equals or exceeds $75,000,000, and (B) the Fixed Charge Coverage Ratio is at least 1:0:1.0; provided that for purposes of this
Section 7.14(b)(iv), Availability shall be calculated based on the most recent Borrowing Base Certificate delivered pursuant to this Agreement prior to such redemption, defeasance, or prepayment (provided that the amount of
Eligible Cash shall be the amount on deposit on the date of such redemption, defeasance, or prepayment, and provided further that the Aggregate Revolver Outstandings shall be calculated on the date of such redemption, defeasance, or
prepayment; 
 1.21. Section 7.14(c)(ii) of the Credit Agreement is amended in its entirety to read as follows:

 (ii) so long as no Default or Event of Default has occurred and is continuing after giving effect to such prepayment, redemption, or
defeasance, redemptions, defeasance, or prepayments (whether voluntary or mandatory) (“Bond Debt Prepayment”) of the Bond Debt, if, after giving effect to such Bond Debt Prepayment, (A) Availability equals or exceeds
$75,000,000, and (B) the Fixed Charge Coverage Ratio is at least 1:0:1.0; provided that for purposes of this Section 7.14(c)(ii), Availability shall be calculated based on the most recent Borrowing Base Certificate
delivered pursuant to this Agreement prior to such Bond Debt Prepayment (provided that the amount of Eligible Cash shall be the amount on deposit on the date of such Bond Debt Prepayment, and provided further that the Aggregate
Revolver Outstandings shall be calculated on the date of such Bond Debt Prepayment); 

 1.22. Section 7.26(j) of the Credit Agreement is amended in its entirety to read as
follows: 
 (j) immediately after giving effect to any Acquisition, including any Revolving Loans to be made in connection with any
Acquisition, (i) Availability equals or exceeds $75,000,000, and (ii) the Pro Forma Fixed Charge Coverage Ratio is at least 1:0:1.0; and 
 1.23. Section 7.26 to the Credit Agreement is amended by adding the following immediately after clause (k) (as separate paragraphs): 
 provided that with respect to clause (j) above, if the Pro Forma Fixed Charge Coverage Raito, after giving effect to any
Acquisition, including any Revolving Loans to be made in connection with any Acquisition, is less than 1.0:1.0, Loan Parties may consummate Acquisitions so long as all the requirements set forth in (1) the above clauses of this
Section 7.26 (other than clause (j)) and (2) the following are met: 
 (i) Loan Parties
may consummate Acquisitions to the extent the aggregate Acquisition Consideration of all such Acquisitions do not exceed $100,000,000 in Fiscal Year 2009; provided that (A) the sum of (1) the aggregate amount of all Distributions
made and/or declared by Westlake and non-wholly owned Subsidiaries in Fiscal Year 2009 and (2) the aggregate Acquisition Consideration of all Acquisitions consummated in Fiscal Year 2009 shall not exceed $125,000,000, and (B) Availability,
immediately after giving effect to any Acquisition, including any Revolving Loans to be made in connection with such Acquisition, is at least $200,000,000. 
 (ii) Loan Parties may consummate Acquisitions to the extent the aggregate Acquisition Consideration of all such Acquisitions do not
exceed the sum of (A) $150,000,000 and (B) the Acquisition Basket Carryforward in Fiscal Year 2010; provided that (A) the sum of (1) the aggregate amount of all Distributions made and/or declared by Westlake and non-wholly
owned Subsidiaries in Fiscal Year 2010 and (2) the aggregate Acquisition Consideration of all Acquisitions consummated in Fiscal Year 2010 shall not exceed the sum of (I) $175,000,000 and (II) the Acquisition Basket Carryforward, and
(B) Availability, immediately after giving effect to any Acquisition, including any Revolving Loans to be made in connection with such Acquisition, is at least $200,000,000. 
 (iii) Loan Parties may consummate Acquisitions to the extent the aggregate Acquisition Consideration of all such Acquisitions do not
exceed $125,000,000 in each Fiscal Year from January 1, 2011 to December 31, 2013; provided that (A) the sum of (1) the aggregate amount of all Distributions made and/or declared by Westlake and non-wholly owned
Subsidiaries in each such Fiscal Year and (2) the aggregate Acquisition Consideration of all Acquisitions consummated in the same Fiscal Year shall not exceed $140,000,000, and (B) Availability, immediately after giving effect to any
Acquisition, including any Revolving Loans to be made in connection with such Acquisition, is at least $200,000,000. 

 For purposes of calculating the amount of Distributions in connection with the foregoing
(i), (ii), and (iii), any Prior Permitted Distribution made and/or declared during the applicable period shall be excluded, but any Permitted Quarterly Distribution made and/or declared during the applicable period shall be
included; and for purposes of calculating the aggregate Acquisition Consideration, any Prior Permitted Acquisition consummated during the applicable period shall be excluded. 
 Additionally, for purposes of calculating Availability in connection with the foregoing Sections 7.26(j) and
(k), Availability shall be calculated based on the most recent Borrowing Base Certificate delivered pursuant to this Agreement prior to such Acquisition (provided that the amount of Eligible Cash shall be the amount on deposit on the
date of such Acquisition and provided further that the Aggregate Revolver Outstandings shall be calculated on the date of such Acquisition). 
 For purposes of Sections 7.26 and 7.10(c) only, (i) a series of investments not to exceed $200,000,000 in a Joint Venture which will own a chlor-alkali manufacturing facility as and to
the extent disclosed to Lenders in writing prior to the effective date of the First Amendment, and (ii) investments in Suzhou Huasu Plastics Co., Ltd. made on or after the effective date of the First Amendment, shall each be deemed an
Acquisition and not a Restricted Investment, and no assets at any time owned by such Joint Venture or Suzhou Huasu Plastics Co., Ltd. shall be included in the Borrowing Base. 
 1.24. Section 12.14(a)(ii) of the Credit Agreement is amended by adding the following at the end of clause (ii):

 If any settlement amount is not transferred to the Agent by any Lender on the Business Day after demand, the Agent will notify the
Borrowers of such Lender’s failure to transfer and, upon demand by the Agent, the Borrowers shall pay such amount to the Agent, together with interest thereon for each day elapsed since the date of the applicable advance, at a rate per annum
equal to the Interest Rate applicable at the time to the Revolving Loans comprising that particular advance. 
 1.25.
Section 12.14(c) of the Credit Agreement is amended by deleting the parenthetical therein. 
 1.26.
Section 12.14(d) of the Credit Agreement is amended in its entirety to read as follows: 
 (d) Retention of Defaulting
Lender’s Payments. The Agent shall not be obligated to transfer to a Defaulting Lender any payments made by any Borrower to the Agent for the Defaulting Lender’s benefit; nor shall a Defaulting Lender be entitled to the sharing of any
payments hereunder, or any interest on the amounts so held by the Agent. Amounts payable to a Defaulting Lender shall instead be paid to or retained by the Agent. In its discretion, the Agent may loan the Borrowers the amount of all such payments
received or retained by it for the account of such Defaulting Lender. Any amounts so loaned to the Borrowers shall bear interest at the rate applicable to Base Rate Loans and for all other purposes of this Agreement shall be treated as if they were
Revolving Loans, provided, however, that for purposes of voting or consenting to matters 

 
with respect to the Loan Documents and determining Pro Rata Shares, such Defaulting Lender shall be deemed not to be a “Lender”. Until all of the
defaulted obligations of a Defaulting Lender have been cured, (i) such Defaulting Lender shall not be entitled to any portion of the Unused Line Fee and the Unused Line Fee shall accrue in favor of the Lenders which have funded their respective
Pro Rata Shares of such requested Borrowing and shall be allocated among such performing Lenders ratably based upon their relative Commitments; and (ii) such Defaulting Lender shall not be entitled to any portion of the proceeds from any
Collateral. This Section shall remain effective with respect to such Lender until such time as the Defaulting Lender shall no longer be in default of any of its obligations under this Agreement. The terms of this Section shall not be construed to
increase or otherwise affect the Commitment of any Lender, or relieve or excuse the performance by the Borrowers of their duties and obligations hereunder. 
 1.27. Section 12.14(e) of the Credit Agreement is amended in its entirety to read as follows: 
 (e) Removal of Defaulting Lender. At the Borrowers’ request and to the extent permitted by applicable law, the Agent or an Eligible Assignee reasonably acceptable to the Agent shall have the right (but not the obligation) to
purchase from any Defaulting Lender, and each Defaulting Lender shall, upon such request, sell and assign to the Agent or such Eligible Assignee, all of such Lender’s outstanding Commitment hereunder. Such sale shall be consummated promptly
after the Agent has arranged for a purchase by the Agent or an Eligible Assignee pursuant to an Assignment and Acceptance, and at a price equal to the outstanding principal balance of such Lender’s Revolving Loans, plus accrued interest and
fees, without premium or discount. To the extent permitted by applicable law, the Agent is irrevocably appointed as attorney-in-fact of such Defaulting Lender to execute any such Assignment and Acceptance if such Lender fails to execute same within
twenty (20) days of such request of assignment. 
 Paragraph 2. Effective Date. Notwithstanding any contrary provision, this
Amendment is not effective until the date (the “Effective Date”) upon which: 
 2.1. the Agent has received
counterparts of this Amendment executed by each Borrower, each Guarantor, the Agent, and the Required Lenders; 
 2.2. the Agent has received
such opinions of in-house counsel for the Loan Parties in form, scope, and substance reasonably satisfactory to the Agent; 
 2.3. the Agent
has received duly executed Officers’ Certificates and resolutions evidencing the authorization of this Amendment and the transactions contemplated hereby; 
 2.4. all representations and warranties made hereunder and in the other Loan Documents shall be true and correct as of the date hereof as though made on and as of the date hereof, except to the extent that
(i) any of them speak to a different specific date or (ii) the facts on which any of them were based have been changed by transactions contemplated or permitted by the Credit Agreement; 
 2.5. after giving effect to this Amendment, no Default or Event of Default shall have occurred and be continuing; 
 2.6. the Borrowers shall have paid each Lender that has consented to and executed this Amendment on or prior to the Effective Date an amendment fee equal
to 0.20% of such Lender’s Commitment as set forth on Schedule 1.2 to the Credit Agreement; such fees, once paid, shall be fully earned and nonrefundable for any reason whatsoever; 

 2.7. the Borrowers shall have paid Attorney Costs of the Agent incurred in connection with the Loan
Documents, including any outstanding Attorney Costs of the Agent on or prior to the Effective Date; and 
 2.8. the Borrowers shall have paid
all other fees due and payable on or prior to the Effective Date, including without limitation, the fees set forth in the Fee Letter dated the date hereof between the Agent and Westlake. 
 Paragraph 3. Acknowledgment and Ratification. As a material inducement to the Agent and Lenders to execute and deliver this Amendment, each Borrower and each Guarantor (a) consent to the
agreements in this Amendment, and (b) agree and acknowledge that the execution, delivery, and performance of this Amendment shall in no way release, diminish, impair, reduce, or otherwise affect the respective obligations of the Borrowers or
the Guarantors under their respective Loan Documents, which Loan Documents shall remain in full force and effect, and all Liens, guaranties, and rights thereunder are hereby ratified and confirmed. The receipt of each Guarantor’s consent and
acknowledgement hereunder shall not constitute a requirement that the Agent and Lenders obtain such consent or acknowledgement in connection with any other amendment, modification, or waiver of any term or provision of any Loan Documents.

 Paragraph 4. Representations. As a material inducement to Lenders to execute and deliver this Amendment, each Borrower and each
Guarantor represent and warrant to Lenders (with the knowledge and intent that Lenders are relying upon the same in entering into this Amendment) that as of the Effective Date and as of the date of execution of this Amendment, (a) all
representations and warranties in the Loan Documents are true and correct in all material respects as though made on the date hereof, except to the extent that (i) any of them speak to a different specific date or (ii) the facts on
which any of them were based have been changed by transactions contemplated or permitted by the Credit Agreement, (b) no Default or Event of Default exists, (c) the attachments to, and the certifications made in, the Officer’s
Certificates most recently executed and delivered to the Agent and Lenders by each Borrower and Guarantor, have not been modified or amended, remain in full force and effect, and are hereby ratified and confirmed, and (d) the execution,
delivery, and performance of this Amendment have been duly authorized by all necessary partnership, limited liability company, and corporate action and this Amendment constitutes the valid and binding obligation of each of them. 
 Paragraph 5. Fees and Expenses. The Borrowers shall pay all reasonable costs, fees, and expenses paid or incurred by the Agent in connection with
this Amendment, including, without limitation, Attorney Costs of the Agent in connection with the negotiation, preparation, delivery, and execution of this Amendment and any related documents. 
 Paragraph 6. Waiver. Each Loan Party (a) acknowledges and agrees that, as of the date hereof, it has no actual or potential claim or cause of
action against the Agent or any Lender relating to any Loan Documents or any actions or events occurring on or before the date of this Amendment and (b) waives and releases any right to assert such claim or cause of action to the extent based
on actions or events occurring on or before the date hereof. 
 Paragraph 7. Miscellaneous. 
 7.1. This Amendment is a “Loan Document” referred to in the Credit Agreement, and the provisions relating to Loan Documents in
Article 13 of the Credit Agreement are incorporated in this Amendment by reference. Unless stated otherwise (a) the singular number includes the plural and vice versa and words of any gender include each other gender, in
each case, as appropriate, (b) headings and captions may not be construed in interpreting provisions, (c) this Amendment must be construed, and its performance enforced, under the substantive laws of the State of New York, (d) if any
part of this Amendment is for any reason found to be unenforceable, all other portions of it nevertheless remain enforceable, and (e) this Amendment may be executed in any number of counterparts with the same effect as if all signatories had
signed the same document, and all of those counterparts must be construed together to constitute the same document. 

 7.2. The Loan Documents shall remain unchanged and in full force and effect, except as provided in this
Amendment, and are hereby ratified and confirmed. On and after the Effective Date, all references to the “Credit Agreement” shall be to the Credit Agreement as herein amended. The execution, delivery, and effectiveness of this
Amendment shall not operate as a waiver of any rights of Lenders under any Loan Document, nor constitute a waiver under any of the Loan Documents. 
 Paragraph 8. Entire Agreement. THIS AMENDMENT REPRESENTS THE FINAL AGREEMENT BETWEEN THE
PARTIES ABOUT THE SUBJECT MATTER OF THIS AMENDMENT AND MAY NOT BE
CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OF
THE PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES.

 Paragraph 9. Parties. This Amendment binds and inures to the Borrowers, the Guarantors, the Agent, Lenders, and their respective
successors and assigns. 
 The parties hereto have executed this Amendment in multiple counterparts to be effective as of the Effective Date.

 Remainder of Page Intentionally Blank. 
 Signature Pages to Follow. 

			
	BORROWERS AND GUARANTORS:
	
	WESTLAKE CHEMICAL CORPORATION,
	a Delaware corporation
	 WESTLAKE PVC CORPORATION,
 a
Delaware corporation

	 WESTLAKE VINYLS, INC.,
 a
Delaware corporation

	NORTH AMERICAN BRISTOL CORPORATION,
	a Delaware corporation
	WESTLAKE LONGVIEW CORPORATION,
	a Delaware corporation
	WESTLAKE ETHYLENE PIPELINE CORPORATION,
	a Delaware corporation
	WESTLAKE SUPPLY AND TRADING COMPANY,
	a Delaware corporation
		
	By:	 	 /s/ Albert Chao

		 	Albert Chao
		 	President of the above Borrowers

 Signature Page to First Amendment to 
 Westlake A&R Credit Agreement 

			
	NORTH AMERICAN PIPE CORPORATION,
	a Delaware corporation
	 VAN BUREN PIPE CORPORATION,
 a
Delaware corporation

	 WESTECH BUILDING PRODUCTS, INC.,
 a
Delaware corporation

	 WESTECH PROFILES LIMITED,
 a Delaware
corporation

		
	By:	 	 /s/ Wayne D. Morse

		 	Wayne D. Morse
		 	President of the above Borrowers

 Signature Page to First Amendment to 
 Westlake A&R Credit Agreement 

			
	WESTLAKE VINYLS COMPANY LP,
	a Delaware limited partnership
		
	By:	 	GVGP, Inc., its general partner
		
	By:	 	 /s/ Albert Chao

		 	Albert Chao
		 	President of the general partner of the above Borrower
	
	 WESTLAKE PETROCHEMICALS LLC,
 a
Delaware limited liability company

	 WESTLAKE POLYMERS LLC,
 a Delaware
limited liability company

	 WESTLAKE STYRENE LLC,
 a Delaware
limited liability company

	 WPT LLC,
 a Delaware limited liability
company

		
	By:	 	Westlake Chemical Investments, Inc., its manager
		
	By:	 	 /s/ Albert Chao

		 	Albert Chao
		 	President of the manager of the above Borrowers

 Signature Page to First Amendment to 
 Westlake A&R Credit Agreement 

			
	GUARANTORS:
	
	GEISMAR HOLDINGS, INC.,
	a Delaware corporation
	WESTLAKE DEVELOPMENT CORPORATION,
	a Delaware corporation
	 GVGP, INC.,
 a Delaware
corporation

	WESTLAKE CHEMICAL INVESTMENTS, INC.,
	a Delaware corporation
	WESTLAKE MANAGEMENT SERVICES, INC.,
	a Delaware corporation
	WESTLAKE OLEFINS CORPORATION,
	a Delaware corporation
	WESTLAKE RESOURCES CORPORATION,
	a Delaware corporation
	WESTLAKE VINYL CORPORATION,
	a Delaware corporation
	WESTLAKE NG I CORPORATION,
	a Delaware corporation
	WESTLAKE NG III CORPORATION,
	a Delaware corporation
	WESTLAKE NG IV CORPORATION,
	a Delaware corporation
	WESTLAKE NG V CORPORATION,
	a Delaware corporation
		
	By:	 	 /s/ Albert Chao

		 	Albert Chao
		 	President of the above Guarantors

 Signature Page to First Amendment to 
 Westlake A&R Credit Agreement 

			
	BANK OF AMERICA, N.A.,
	as the Agent and a Lender
		
	By:	 	 /s/ David T. Knoblauch

		 	David T. Knoblauch
		 	Senior Vice President

 Signature Page to First Amendment to 
 Westlake A&R Credit Agreement 

			
	WELLS FARGO FOOTHILL, LLC,
	as a Lender
		
	By:	 	 /s/ Juan Barrera

	Name:	 	Juan Barrera
	Title:	 	Vice President

 Signature Page to First Amendment to 
 Westlake A&R Credit Agreement 

			
	BURDALE CAPITAL FINANCE INC.,
	as a Lender
		
	By:	 	 /s/ Phillip R. Webb

	Name:	 	Phillip R. Webb
	Title:	 	Director
		
	By:	 	 /s/ Antimo Barbieri

	Name:	 	Antimo Barbieri
	Title:	 	Senior Vice President

 Signature Page to First Amendment to 
 Westlake A&R Credit Agreement 

			
	JPMORGAN CHASE BANK, N.A.,
	as a Lender
		
	By:	 	 /s/ Christy West

	Name:	 	Christy West
	Title:	 	Vice President

 Signature Page to First Amendment to 
 Westlake A&R Credit Agreement 

			
	COMPASS BANK,
	as a Lender
		
	By:	 	 /s/ Eric E. Ensmann

	Name:	 	Eric E. Ensmann
	Title:	 	Senior Vice President

 Signature Page to First Amendment to 
 Westlake A&R Credit Agreement 

			
	DEUTSCHE BANK TRUST COMPANY AMERICAS,
	as a Lender
		
	By:	 	 /s/ Marguerite Sutton

	Name:	 	Marguerite Sutton
	Title:	 	Director
		
	By:	 	 /s/ Enrique Landaeta

	Name:	 	Enrique Landaeta
	Title:	 	Vice President

 Signature Page to First Amendment to 
 Westlake A&R Credit Agreement 

			
	CAPITAL ONE LEVERAGE FINANCE CORPORATION,
	as a Lender
		
	By:	 	 /s/ Ari Kaplan

	Name:	 	Ari Kaplan
	Title:	 	Senior Vice President

 Signature Page to First Amendment to 
 Westlake A&R Credit Agreement 

			
	CREDIT SUISSE, CAYMAN ISLANDS BRANCH,
	as a Lender
		
	By:	 	 /s/ Alain Discust

	Name:	 	Alain Discust
	Title:	 	Director
		
	By:	 	 /s/ Christopher Reo Day

	Name:	 	Christopher Reo Day
	Title:	 	Associate

 Signature Page to First Amendment to 
 Westlake A&R Credit Agreement 

			
	PNC BANK, NATIONAL ASSOCIATION,
	as a Lender
		
	By:	 	 /s/ Timothy S. Culver

	Name:	 	Timothy S. Culver
	Title:	 	Vice President

 Signature Page to First Amendment to 
 Westlake A&R Credit Agreement 

			
	SIEMENS FINANCIAL SEVICES, INC.,
	as a Lender
		
	By:	 	 /s/ Jim Fuller

	Name:	 	Jim Fuller
	Title:	 	Senior Vice President
		
	By:	 	 /s/ Mark Pacillo

	Name:	 	Mark Pacillo
	Title:	 	Vice President

 Signature Page to First Amendment to 
 Westlake A&R Credit Agreement

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00152-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00152-of-00352.parquet"}]]