What did Stephen G. Finley do with his phantom units on August 6, 2026, and how did it affect his direct holdings?

Stephen G. Finley, a director of Westlake Chemical Partners GP LLC, converted 5,005 phantom units into an equal number of common units of Westlake Chemical Partners LP on August 6, 2026; this transaction increased his direct holdings to 36,935 common units. The conversion is described as an exercise of derivative security, with each phantom unit being economically equivalent to one common unit.

Why is the conversion of phantom units significant in the context of Westlake Chemical Partners LP's governance or compensation structure?

The conversion is significant because it reflects the economic alignment between directors and unitholders, as each phantom unit is explicitly stated to be 'economically equivalent to one common unit', indicating that such awards function as deferred equity compensation tied directly to the value of the partnership’s common units. As a director of the general partner (Westlake Chemical Partners GP LLC), Finley’s conversion demonstrates the realization of previously granted derivative-based incentives, reinforcing transparency in executive/management compensation practices within the master limited partnership (MLP) structure. The transaction was formally reported as an 'exercise of derivative security', confirming its treatment under securities reporting rules for insiders.

Westlake Chemical Director Finley Converts Phantom Units to Common Shares

Aug 7, 2026

Stephen G. Finley, director of Westlake Chemical Partners GP LLC, converted 5,005 phantom units into common units on August 6, increasing his direct holdings to 36,935.

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