Westlake Chemical Partners LP Announces Special Meeting of Unitholders on May 8, 2024

TL;DR

<b>Westlake Chemical Partners LP is holding a special meeting on May 8, 2024, to vote on amending its incentive plan and ratifying its auditor.</b>

AI Summary

Westlake Chemical Partners LP (WLKP) filed a Proxy Statement (DEF 14A) with the SEC on March 18, 2024. Special meeting of unitholders scheduled for May 8, 2024, at 9:00 a.m. local time. Meeting agenda includes amending and restating the Partnership's Long-Term Incentive Plan. Unitholders will also vote to ratify the appointment of PricewaterhouseCoopers LLP as independent registered public accounting firm for FY 2024. Record date for determining unitholders entitled to notice and vote is March 12, 2024. Proxy materials mailed on March 18, 2024, with options for online, telephone, or in-person voting.

Why It Matters

For investors and stakeholders tracking Westlake Chemical Partners LP, this filing contains several important signals. The proposed amendment and restatement of the Long-Term Incentive Plan could impact future executive compensation and employee incentives. Ratifying PricewaterhouseCoopers LLP ensures continued independent oversight of the company's financial reporting for the upcoming fiscal year.

Risk Assessment

Risk Level: low — Westlake Chemical Partners LP shows low risk based on this filing. The filing is a routine proxy statement for a special meeting, with no immediate financial or operational risks indicated.

Analyst Insight

Unitholders should review the proposed amendments to the Long-Term Incentive Plan and cast their votes accordingly.

Key Numbers

• May 8, 2024 — Special Meeting Date (Date of special meeting of unitholders)
• March 12, 2024 — Record Date (Date for determining unitholders entitled to vote)
• March 18, 2024 — Mailing Date (Date proxy materials were mailed to unitholders)

Key Players & Entities

• Westlake Chemical Partners LP (company) — Registrant
• May 8, 2024 (date) — Date of special meeting
• PricewaterhouseCoopers LLP (company) — Independent registered public accounting firm
• December 31, 2024 (date) — Fiscal year end for auditor appointment
• March 12, 2024 (date) — Record date for unitholders
• March 18, 2024 (date) — Date proxy materials were mailed
• Westlake Chemical Partners GP LLC (company) — General partner

FAQ

Risk Factors

• Compliance with SEC Regulations [low — regulatory]: The company must comply with all SEC regulations regarding proxy solicitations and shareholder meetings.
• Effectiveness of Incentive Plan [medium — operational]: The success of the amended Long-Term Incentive Plan in motivating employees and aligning interests is crucial for future performance.

Industry Context

Westlake Chemical Partners LP operates in the chemicals sector, specifically industrial organic chemicals.

Regulatory Implications

The filing is a Definitive Proxy Statement (DEF 14A) filed under the Securities Exchange Act of 1934, requiring adherence to specific SEC disclosure and solicitation rules.

What Investors Should Do

1. Review the details of the proposed amendments to the Long-Term Incentive Plan.
2. Vote on the ratification of PricewaterhouseCoopers LLP as the independent registered public accounting firm.
3. Ensure proxy is submitted by the deadline or attend the meeting in person.

Key Dates

• 2024-05-08: Special Meeting of Unitholders — To vote on amending the Incentive Plan and ratifying the auditor.
• 2024-03-12: Record Date — Determines which unitholders are eligible to vote at the special meeting.
• 2024-03-18: Proxy Materials Mailed — Unitholders received information and instructions for voting.

Year-Over-Year Comparison

This filing is a DEF 14A for a special meeting, distinct from regular annual filings, focusing on specific proposals for unitholder approval.

Key Financial Figures

• $15,000 — by the Partnership, including a fee of $15,000 plus expenses to Georgeson LLC, 1290 Av

Filing Documents

• ny20022131x1_def14a.htm (DEF 14A) — 434KB
• logo_westlakex2.jpg (GRAPHIC) — 34KB
• ny20022131x1_pvpchart01.jpg (GRAPHIC) — 93KB
• ny20022131x1_pvpchart02.jpg (GRAPHIC) — 83KB
• ny20022131x1_pvpchart03.jpg (GRAPHIC) — 97KB
• sig_lbederington.jpg (GRAPHIC) — 14KB
• 0001140361-24-013767.txt (&nbsp;) — 1614KB
• wlkp-20240508.xsd (EX-101.SCH) — 2KB
• ny20022131x1_def14a_htm.xml (XML) — 46KB

From the Filing

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 14A Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934 Filed by the Registrant Filed by a Party other than the Registrant Check the appropriate box: Preliminary Proxy Statement Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2)) Definitive Proxy Statement Definitive Additional Materials Soliciting Material under 240.14a-12 WESTLAKE CHEMICAL PARTNERS LP (Name of Registrant as Specified In Its Charter) (Name of Person(s) Filing Proxy Statement, if other than the Registrant) Payment of Filing Fee (Check all boxes that apply): No fee required Fee paid previously with preliminary materials Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules 14a-6(i)(1) and 0-11 WESTLAKE CHEMICAL PARTNERS LP 2801 Post Oak Boulevard, Suite 600 Houston, Texas 77056 NOTICE OF SPECIAL MEETING OF UNITHOLDERS To Be Held on May 8, 2024 To the Unitholders: A special meeting of unitholders of Westlake Chemical Partners LP (the "Partnership") will be held at Westlake Center, 2801 Post Oak Blvd., Houston, Texas 77056, on Wednesday, May 8, 2024 at 9:00 a.m. local time for the following purposes: (1) To amend and restate the Partnership's Long-Term Incentive Plan (the "Incentive Plan"); (2) To ratify the appointment of PricewaterhouseCoopers LLP to serve as our independent registered public accounting firm for the fiscal year ending December 31, 2024; and (3) To act upon any other matters that may properly come before the special meeting. The board of directors (the "Board of Directors") of Westlake Chemical Partners GP LLC, our general partner, has fixed the close of business on March 12, 2024 as the record date for the determination of unitholders entitled to notice of, and to vote at, the special meeting. On March 18, 2024, we mailed to unitholders of record the Partnership's printed proxy materials, which include instructions on how to access the Partnership's proxy materials via the Internet and how to vote online, by telephone or in person at the special meeting. All unitholders are requested to be present in person or by proxy. Please vote your proxy whether or not you plan to attend the special meeting. You can vote your proxy either by the Internet, telephone or by returning the proxy card enclosed with the printed materials in the envelope furnished for that purpose. Any unitholder may revoke a proxy for any reason and at any time before it is voted at the special meeting. Voting by the Internet or telephone is fast, convenient and your vote is immediately confirmed and tabulated. By using the Internet or telephone you help the Partnership reduce postage and proxy tabulation costs. Your cooperation is appreciated as a majority of the common units must be represented, either in person or by proxy, to constitute a quorum for the conduct of business. By Order of the Board of Directors of Westlake Chemical Partners GP LLC L. Benjamin Ederington Executive Vice President, Performance & Essential Materials, General Counsel, Chief Administrative Officer and Director Dated: March 18, 2024 IMPORTANT NOTICE REGARDING THE AVAILABILITY OF PROXY MATERIALS FOR THE SPECIAL MEETING OF UNITHOLDERS TO BE HELD ON MAY 8, 2024: The Notice of Special Meeting of Unitholders, the Proxy Statement and the form of proxy card for the special meeting are available on the Internet at www.proxyvote.com and at https://investors.wlkpartners.com/sec-filings. WESTLAKE CHEMICAL PARTNERS LP 2801 Post Oak Boulevard, Suite 600 Houston, Texas 77056 PROXY STATEMENT For the Special Meeting of Unitholders to be Held on May 8, 2024 GENERAL MATTERS This Proxy Statement and the accompanying form of proxy are being furnished to the unitholders of Westlake Chemical Partners LP (the "Partnership") on or about March 18, 2024 in connection with the solicitation of proxies by the board of directors (the "Board of Directors") of Westlake Chemical Partners GP LLC, our general partner, for use at the special meeting of unitholders to be held on Wednesday, May 8, 2024 at 9:00 a.m. local time at Westlake Center, 2801 Post Oak Blvd., Houston, Texas 77056, and any postponement or adjournment of the special meeting. Purpose The following matters will be acted upon at the special meeting: (1) To amend and restate the Partnership's Long-Term Incentive Plan (the "Incentive Plan"); (2) To ratify the appointment of PricewaterhouseCoopers LLP to serve as our independent registered public accounting firm for the fiscal year ending December 31, 2024; and (3) To act upon any other matters that may properly come before the special meeting. The Board of Directors does not know of any other business to be brought before the special meeting, but if any other business is properly brought before the special meeting, proxies will be voted upon thos

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