Westlake Chemical Partners (WLKP) Insider Adds Equity via Phantom Unit Conversion

Rhea-AI Filing Summary

Director G. Steven Finley filed a Form 4 for Westlake Chemical Partners LP (WLKP) covering two transactions on 8-6-25 and 8-7-25.

• 8 Aug 2025 grant: Finley received 5,005 phantom units (economic equivalent of common units). These vest/exercisable 8-6-26 and expire 9-6-26; cost basis reported as $0.
• 7 Aug 2025 conversion: Finley exercised 4,882 phantom units (Code M), acquiring the same number of WLKP common units at no cash cost. Direct common-unit holdings rose to 31,930 units from approximately 27,048, an ~18% increase.

No open-market purchases or sales were reported, and derivative holdings after the reported transactions stand at the newly granted 5,005 phantom units. The filing signals continued equity alignment by a board member but does not involve cash transactions or changes to public float.

Positive

• Director’s direct ownership rose by 4,882 units (~18%), modestly strengthening insider alignment with common unitholders.
• New 5,005-unit phantom award indicates ongoing long-term incentive structure without immediate cash outflow.

Negative

• No open-market purchase; conversion at zero cost provides weaker bullish signal than buying on the market.
• Immaterial impact on float and earnings, limiting relevance to near-term valuation.

Insights

Securities Analyst

TL;DR: Director converted 4,882 phantom units, increased direct stake 18%; received 5,005 new phantom units—neutral cash impact, mildly positive alignment.

The conversion simply turns deferred compensation into equity, adding 4,882 common units to Finley’s direct holdings. Although no cash was spent, the larger personal stake modestly tightens insider alignment with unitholders. The fresh 5,005-unit phantom award is routine board compensation and vests in one year. Overall impact on valuation, liquidity, and float is negligible; the signal is mildly constructive but not market-moving.

Corporate Governance Expert

TL;DR: Routine board compensation; equity mix reinforces incentive structure, no red flags or significant dilution.

The grant and subsequent exercise are in line with standard LP governance practices, indicating WLKP continues to compensate directors with equity-linked awards to promote long-term orientation. No accelerated vesting, discounted pricing, or unusual structures are present. Because the units come from existing equity plans, dilution is de minimis. Governance quality appears intact; the disclosure is largely procedural.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

FINLEY G STEPHEN

(Last) (First) (Middle)

2801 POST OAK BLVD., STE. 600

(Street)

HOUSTON TX 77056

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Westlake Chemical Partners LP [ WLKP ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
08/06/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Units	08/07/2025		M		4,882	A	(1)	31,930	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Phantom Units	(1)	08/06/2025		A		5,005		08/06/2026	09/06/2026	Common Units	5,005	$0	0	D
Phantom Units	(1)	08/07/2025		M			4,882	08/07/2025	09/07/2025	Common Units	4,882	$0	0	D

Explanation of Responses:

1. Each Phantom Unit is the economic equivalent of one Common Unit of the Issuer.

Remarks:

Mr. Finley is a Director of Westlake Chemical Partners GP LLC, the general partner of Westlake Chemical Partners LP.

	G. Steven Finley by J Feng POA	08/08/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
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FAQ

What insider transactions were reported for WLKP on 8 Aug 2025?

Director G. Steven Finley was granted 5,005 phantom units and converted 4,882 phantom units into common units.

How many WLKP common units does the director own after the filing?

Finley now holds 31,930 common units directly.

Was any cash paid for the units acquired?

No. Both the grant and the conversion carried a $0 exercise price.

When do the newly granted phantom units vest?

The 5,005 phantom units become exercisable on 08/06/2026 and expire on 09/06/2026.

Does the filing materially affect WLKP’s share count or earnings?

The amounts are immaterial to float and earnings; no immediate financial impact is expected.