WESTLAKE CORP — Director's Dealing 2014

Jul 29, 2014

SEC Form 3 — Initial Statement of Beneficial Ownership

Issuer: Westlake Chemical Partners LP (WLKP)
CIK: 0001604665
Period of Report: 2014-07-29

Reporting Person: WPT LLC (10% Owner)
Reporting Person: WESTLAKE CHEMICAL CORP (10% Owner, Director by Deputization)
Reporting Person: WESTLAKE POLYMERS LLC (10% Owner)
Reporting Person: WESTLAKE CHEMICAL INVESTMENTS, INC. (10% Owner)
Reporting Person: WESTLAKE OLEFINS CORP (10% Owner, Director by Deputization)
Reporting Person: TTWF LP (10% Owner)
Reporting Person: TTWFGP LLC (10% Owner)

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Units (Limited Partner Interests)	1436115	Direct
Common Units (Limited Partner Interests)	1436115	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Subordinated Units (Limited Partner Interests)	$0		Common Units (12686115)		Direct
Subordinated Units (Limited Partner Interests)	$0		Common Units (12686115)		Indirect

Footnotes

F1: This Form 3 is being filed in connection with the effectiveness of the Issuer's Registration Statement on Form S-1. Immediately following the closing of the initial public offering of the Issuer, WPT LLC ("WPT") will own 1,436,115 common units ("Common Units") and 12,686,115 subordinated units ("Subordinated Units"), representing 55.7% of the outstanding limited partner interests in the Issuer. Westlake Chemical Corporation ("Westlake") owns 100% of Westlake Olefins Corporation, which owns 100% of Westlake Chemical Investments, Inc., which owns 100% of Westlake Polymers LLC, which owns 100% of WPT. TTWF LP, a Delaware limited partnership, holds 92,010,554 shares of Westlake. TTWF GP LLC, a Delaware limited liability company, is the general partner of TTWF LP. Each of the reporting persons in the above described ownership chain of WPT may be deemed to indirectly own the Common Units and the Subordinated Units directly held by WPT.

F2: Each subordinated unit will convert into one common unit at the end of the subordination period, which will end if the Issuer has earned and paid an aggregate amount of at least the minimum quarterly distribution multiplied by the total number of outstanding common and subordinated units for each of three consecutive on each outstanding unit for any three consecutive, non-overlapping four-quarter periods ending on or after June 30, 2017, but may end as soon as June 30, 2015 if the Issuer meets additional financial tests described in its partnership agreement. The subordinated units have no expiration date.