SC 13G/A 1 ff744070_13g-westlake.htm





UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934

(Amendment No. 17)*

WESTLAKE CHEMICAL CORPORATION
(Name of Issuer)
 
 COMMON STOCK
(Title of Class of Securities)
 
 960413102
(CUSIP Number)
 
December 31, 2021
(Date of Event Which Requires Filing of this Statement)
 
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

☐ Rule 13d-1(b)
☐ Rule 13d-1(c)
☑ Rule 13d-1(d)

*The remainder of this cover page shall be filled out for a reporting person's initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter the disclosures provided in a prior cover page.

The information required in the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).
 

 

CUSIP No. 960413102
13G
 

1
NAMES OF REPORTING PERSONS
 
 
 TTWF LP
 
 
 
 
2
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
   
(a) ☑
   
(b)
 
 
3
SEC USE ONLY
 
 
 
 
 
 
 
4
CITIZENSHIP OR PLACE OF ORGANIZATION
 
 
Delaware
 
 
 
 
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
5
SOLE VOTING POWER
 
 
0
 
 
 
 
6
SHARED VOTING POWER
 
 
92,010,554
 
 
 
 
7
SOLE DISPOSITIVE POWER
 
 
0
 
 
 
 
8
SHARED DISPOSITIVE POWER
 
 
92,010,554
 
 
 
 
9
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
 
 
92,010,554
 
 
 
 
10
CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)
 
 
 
 
 
 
11
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
 
 
71.9% (1)
 
 
 
 
12
TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
 
 
PN
 
 
 
 
 
(1)
Based upon 127,915,673 shares of Westlake Chemical Corporation’s (“Issuer”) common stock, par value $0.01 per share (“Common Stock”) outstanding as of December 31, 2021, based upon information provided by the Issuer.


CUSIP No. 960413102
13G
 

1
NAMES OF REPORTING PERSONS
 
 
TTWFGP LLC
 
 
 
 
2
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
   
(a) ☑
   
(b)
 
 
3
SEC USE ONLY
 
 
 
 
 
 
 
4
CITIZENSHIP OR PLACE OF ORGANIZATION
 
 
Delaware
 
 
 
 
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
5
SOLE VOTING POWER
 
 
1,395,000
 
 
 
 
6
SHARED VOTING POWER
 
 
92,010,554
 
 
 
 
7
SOLE DISPOSITIVE POWER
 
 
1,395,000
 
 
 
 
8
SHARED DISPOSITIVE POWER
 
 
92,010,554
 
 
 
 
9
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
 
 
93,405,554
 
 
 
 
10
CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)
 
 
 
 
 
 
11
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
 
 
73.0% (1)
 
 
 
 
12
TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
 
 
OO
 
 
 
 

(1)
Based upon 127,915,673 shares of the Issuer’s Common Stock outstanding as of December 31, 2021.


CUSIP No. 960413102
13G
 

1
NAMES OF REPORTING PERSONS
 
 
James Chao
 
 
 
 
2
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
   
(a)
   
(b)
 
 
3
SEC USE ONLY
 
 
 
 
 
 
 
4
CITIZENSHIP OR PLACE OF ORGANIZATION
 
 
United States
 
 
 
 
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
5
SOLE VOTING POWER
 
 
424,751 (1)
 
 
 
 
6
SHARED VOTING POWER
 
 
93,405,554
 
 
 
 
7
SOLE DISPOSITIVE POWER
 
 
424,751 (1)
 
 
 
 
8
SHARED DISPOSITIVE POWER
 
 
93,405,554
 
 
 
 
9
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
 
 
93,830,305 (1)
 
 
 
 
10
CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)
 
 
 
 
 
 
11
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
 
 
73.2% (1) (2)
 
 
 
 
12
TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
 
 
IN
 
 
 
 

(1)
Includes: (i) 100,512 shares of the Issuer’s Common Stock of which James Chao is the owner, (ii) 294,829 shares of Issuer’s Common Stock that James Chao has the right to obtain, within 60 days of December 31, 2021, upon the conversion of 237,799 vested Stock Options and 57,030 unvested Stock Options that will vest within 60 days of December 31, 2021, at a ratio of one share of Common Stock for each Stock Option, (iii) 14,683 unvested Restricted Stock Units (“RSUs”), each of which represents a contingent right to receive one share of the Issuer’s Common Stock, that will vest in favor of James Chao within 60 days of December 31, 2021, and (iv) 14,727 unvested Performance Stock Units (“PSUs”), each of which represents one share of the Issuer’s Common Stock, that will vest in favor of James Chao within 60 days of December 31, 2021. The foregoing number of PSUs reflects the target number of PSUs issuable to James Chao pursuant to a February 2019 Performance Stock Unit Award and is subject to adjustment pending final determination of the Issuer’s compensation committee.

(2)
Based upon 127,915,673 shares of Issuer’s Common Stock outstanding as of December 31, 2021, together with the 324,239 shares of Common Stock that, as of December 31, 2021, James Chao had the right to obtain, within 60 days, upon the conversion of (i) 294,829 Stock Options of which he is the owner or that will vest and be exercisable within 60 days of December 31, 2021, (ii) 14,683 unvested RSUs that will vest in favor of James Chao within 60 days of December 31, 2021, and (iii) 14,727 unvested PSUs that will vest in favor of James Chao within 60 days of December 31, 2021.


CUSIP No. 960413102
13G
 

1
NAMES OF REPORTING PERSONS
 
 
Dorothy C. Jenkins
 
 
 
 
2
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
   
(a)
   
(b)
 
 
3
SEC USE ONLY
 
 
 
 
 
 
 
4
CITIZENSHIP OR PLACE OF ORGANIZATION
 
 
United States
 
 
 
 
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
5
SOLE VOTING POWER
 
 
72,015
 
 
 
 
6
SHARED VOTING POWER
 
 
93,405,554
 
 
 
 
7
SOLE DISPOSITIVE POWER
 
 
72,015
 
 
 
 
8
SHARED DISPOSITIVE POWER
 
 
93,405,554
 
 
 
 
9
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
 
 
93,477,569 (1)
 
 
 
 
10
CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)
 
 
 
 
 
 
11
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
 
 
73.1% (1)
 
 
 
 
12
TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
 
 
IN
 
 
 
 

(1)
Based upon 127,915,673 shares of Issuer’s Common Stock outstanding as of December 31, 2021.


CUSIP No. 960413102
13G
 

1
NAMES OF REPORTING PERSONS
 
 
Albert Chao
 
 
 
 
2
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
   
(a)
   
(b)
 
 
3
SEC USE ONLY
 
 
 
 
 
 
 
4
CITIZENSHIP OR PLACE OF ORGANIZATION
 
 
United States
 
 
 
 
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
5
SOLE VOTING POWER
 
 
970,824 (1)
 
 
 
 
6
SHARED VOTING POWER
 
 
93,405,554
 
 
 
 
7
SOLE DISPOSITIVE POWER
 
 
970,824 (1)
 
 
 
 
8
SHARED DISPOSITIVE POWER
 
 
93,405,554
 
 
 
 
9
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
 
 
94,376,378 (1)
 
 
 
 
10
CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)
 
 
 
 
 
 
11
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
 
 
73.5% (1) (2)
 
 
 
 
12
TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
 
 
IN
 
 
 
 

(1)
Includes: (i) 441,939 shares of the Issuer’s Common Stock of which Albert Chao is the owner, (ii) 492,122 shares of Issuer’s Common Stock that Albert Chao has the right to obtain, within 60 days of December 31, 2021, upon the conversion of 409,596 vested Stock Options and 82,526 unvested Stock Options that will vest within 60 days of December 31, 2021, at a ratio of one share of Common Stock for each Stock Option, (iii) 18,354 unvested RSUs that will vest in favor of Albert Chao within 60 days of December 31, 2021, and (iv) 18,409 unvested PSUs, each of which represents one share of the Issuer’s Common Stock, that will vest in favor of Albert Chao within 60 days of December 31, 2021. The foregoing number of PSUs reflects the target number of PSUs issuable to Albert Chao pursuant to a February 2019 Performance Stock Unit Award and is subject to adjustment pending final determination of the Issuer’s compensation committee.

(2)
Based upon 127,915,673 shares of Issuer’s Common Stock outstanding as of December 31, 2021, together with 528,885 shares of Common Stock that, as of December 31, 2021, Albert Chao had the right to obtain, within 60 days, upon the conversion of (i) 492,122 Stock Options of which he is the owner or that will vest and be exercisable within 60 days of December 31, 2021, (ii) 18,354 unvested RSUs that will vest in favor of Albert Chao within 60 days of December 31, 2021, and (iii) 18,409 unvested PSUs that will vest in favor of Albert Chao within 60 days of December 31, 2021.


Item 1(a).
Name of Issuer:

Westlake Chemical Corporation
 
Item 1(b). Address of Issuer's Principal Executive Offices:

2801 Post Oak Boulevard, Suite 600
Houston, Texas 77056

Item 2(a). Name of Person Filing:

This Amendment No. 17 to Schedule 13G is being filed by and on behalf of the following persons (the “Reporting Persons”)*:

(i)
 TTWF LP (“TTWF”);
(ii)
 TTWFGP LLC (“TTWFGP”);
(iii)
 James Chao;
(iv)
 Dorothy C. Jenkins; and
(v)
 Albert Chao

* Attached as Exhibit A is a copy of an agreement among the Reporting Persons that this Schedule 13G is being filed on behalf of each of them.
 

Item 2(b). Address of Principal Business Office or, if none, Residence:

The business address of each of the Reporting Persons is c/o Westlake Chemical Corporation, 2801 Post Oak Boulevard, Suite 600, Houston, Texas, 77056.

Item 2(c). Citizenship:

TTWF is a Delaware limited partnership. TTWFGP is a Delaware limited liability company. James Chao is a citizen of the United States. Dorothy Jenkins is a citizen of the United States. Albert Chao is a citizen of the United States.
 
Item 2(d). Title of Class of Securities:

Common stock, par value $0.01 per share.
 
Item 2(e). CUSIP Number:

960413102
 

Item 3.

Not applicable.
 
Item 4. Ownership.

TTWF is the owner of 92,010,554 shares of Common Stock of Westlake Chemical Corporation. TTWFGP is the owner of an additional 1,395,000 shares of Common Stock of Westlake Chemical Corporation and also serves as the General Partner of TTWF and may be deemed to share beneficial ownership of the 92,010,554 shares of Common Stock of which TTWF is the owner.

Two trusts held for the benefit of the members of the Chao family, including James Chao, Dorothy C. Jenkins and Albert Chao, are the managers of TTWFGP, which is the general partner of TTWF. The limited partners of TTWF are five trusts held principally for the benefit of the members of the Chao family, including James Chao, Dorothy C. Jenkins and Albert Chao, and two corporations owned, directly or indirectly, by certain of these trusts and by other entities owned by the Chao family, including James Chao, Dorothy C. Jenkins and Albert Chao. The Reporting Persons share voting and dispositive power with respect to the shares of which TTWF is the owner and the shares of which TTWFGP is the owner. James Chao, Dorothy C. Jenkins and Albert Chao disclaim beneficial ownership of the 92,010,554 shares held by TTWF and the 1,395,000 shares owned by TTWFGP except to the extent of their respective pecuniary interests therein.

James Chao is the owner of 100,512 shares of Common Stock, and 237,799 vested Stock Options, as well as 57,030 unvested Stock Options, 14,683 unvested RSUs, and 14,727 unvested PSUs that will vest in favor of James Chao within 60 days of December 31, 2021.  The 237,799 vested Stock Options, along with the 57,030 unvested Stock Options that will vest in favor of James Chao within 60 days of December 31, 2021, are each convertible within 60 days of December 31, 2021, at a ratio of one Stock Option per share of Common Stock.  The 14,683 unvested RSUs and the 14,727 unvested PSUs that will vest in favor of James Chao within 60 days of December 31, 2021, each represent a contingent right to receive one shares of the issuer’s Common Stock within 60 days of December 31, 2021.  The foregoing number of PSUs reflects the target number of PSUs issuable to James Chao pursuant to a February 2019 Performance Stock Unit Award and is subject to adjustment pending final determination of the Issuer’s compensation committee.  The shares of Common Stock, vested and unvested Stock Options, and unvested RSUs and PSUs of which James Chao is the owner, together with the 92,010,554 shares of Common Stock of which TTWF is the owner, and the 1,395,000 shares of Common Stock of which TTWFGP is the owner add up to the number of shares listed in Item 9 of James Chao’s respective cover page. James Chao disclaims beneficial ownership of the shares of Common Stock over which Albert Chao and Dorothy C. Jenkins have sole voting and dispositive power. James Chao also disclaims beneficial ownership over the 92,010,554 shares held by TTWF and the 1,395,000 shares held by TTWFGP, except to the extent of his pecuniary interest therein.

Dorothy C. Jenkins is the owner of 72,015 shares of Common Stock, which together with the 92,010,554 shares of Common Stock of which TTWF is the owner and the 1,395,000 shares of Common Stock of which TTWFGP is the owner, add up to the number of shares listed in Item 9 of Dorothy C. Jenkins’ respective cover page. Dorothy C. Jenkins disclaims beneficial ownership of the shares of Common Stock over which Albert Chao and James Chao have sole voting and dispositive power. Dorothy C. Jenkins also disclaims beneficial ownership over the 92,010,554 shares held by TTWF and the 1,395,000 shares held by TTWFGP, except to the extent of her pecuniary interest therein.

Albert Chao is the owner of 441,939 shares of Common Stock, and 409,596 vested Stock Options, as well as 82,526 unvested Stock Options, 18,354 unvested RSUs, and 18,409 unvested PSUs that will vest in favor of Albert Chao within 60 days of December 31, 2021.  The 409,596 vested Stock Options, along with the 82,526 unvested Stock Options that will vest in favor of Albert Chao within 60 days of December 31, 2021, are each convertible within 60 days of December 31, 2021, at a ratio of one Stock Option per share of Common Stock.  The 18,354 unvested RSUs and the 18,409 unvested PSUs that will vest in favor of Albert Chao within 60 days of December 31, 2021 each represent a contingent right to receive one shares of the issuer’s Common Stock within 60 days of December 31, 2021.  The foregoing number of PSUs reflects the target number of PSUs issuable to Albert Chao pursuant to a February 2019 Performance Stock Unit Award and is subject to adjustment pending final determination of the Issuer’s compensation committee.  The shares of Common Stock, vested and unvested Stock Options, and unvested RSUs and PSUs of which Albert Chao is the owner, together with the 92,010,554 shares of Common Stock of which TTWF is the owner, and the 1,395,000 shares of Common Stock of which TTWFGP is the owner add up to the number of shares listed in Item 9 of Albert Chao’s respective cover page.  Albert Chao disclaims beneficial ownership of the shares of Common Stock over which James Chao and Dorothy C. Jenkins have sole voting and dispositive power. Albert Chao also disclaims beneficial ownership over the 92,010,554 shares held by TTWF and the 1,395,000 shares held by TTWFGP, except to the extent of his pecuniary interest therein.
 

Item 5. Ownership of Five Percent or Less of a Class.

Not applicable.

Item 6. Ownership of More Than Five Percent on Behalf of Another Person.

Not applicable.
 
Item 7. Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company.

Not applicable.
 
Item 8. Identification and Classification of Members of the Group.

See Item 2.
 
Item 9. Notice of Dissolution of Group.

Not applicable.
  
Item 10.
Certification.
 
 Not applicable.


SIGNATURE PAGE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Dated: January 21, 2022
 
   
TTWF LP
 
 
 
 
 
  By: 
TTWFGP LLC
its General Partner
 
       
 
By:
/s/ Albert Chao
 
 
 
Name:
Albert Chao
 
 
 
Title:
Authorized Representative
 
 
 
 
 
 
By:
/s/ James Chao
 
 
 
Name:
James Chao 
 
 
 
Title:
Authorized Representative
 
 
 
 
 

   
TTWFGP LLC
 
 
 
 
 
 
By:
/s/ Albert Chao
 
 
 
Name:
Albert Chao
 
 
 
Title:
Authorized Representative
 
 
 
 
 
 
By:
/s/ James Chao
 
 
 
Name:
James Chao 
 
 
 
Title:
Authorized Representative
 
 
 
 
 

   
James Chao
 
 
 
 
 
 
By:
/s/ James Chao
 
 
 
James Chao 
 

   
Dorothy C. Jenkins
 
 
 
 
 
 
By:
/s/ Dorothy C. Jenkins
 
 
 
Dorothy C. Jenkins
 

   
Albert Chao
 
 
 
 
 
 
By:
/s/ Albert Chao
 
 
 
Albert Chao
 




EXHIBIT A
JOINT FILING AGREEMENT

The undersigned agree that the foregoing Statement of Schedule 13G (including any and all amendments thereto) is being filed with the Securities and Exchange Commission on behalf of each of the undersigned pursuant to Rule 13d-1(k) under the Act and further agree that this Joint Filing Agreement be included as an Exhibit to such joint filings.

Dated: January 21, 2022

   
TTWF LP
 
 
 
 
 
  By: 
TTWFGP LLC
its General Partner
 
       
 
By:
/s/ Albert Chao
 
 
 
Name:
Albert Chao
 
 
 
Title:
Authorized Representative
 
 
 
 
 
 
By:
/s/ James Chao
 
 
 
Name:
James Chao 
 
 
 
Title:
Authorized Representative
 
 
 
 
 

   
TTWFGP LLC
 
 
 
 
 
 
By:
/s/ Albert Chao
 
 
 
Name:
Albert Chao
 
 
 
Title:
Authorized Representative
 
 
 
 
 
 
By:
/s/ James Chao
 
 
 
Name:
James Chao 
 
 
 
Title:
Authorized Representative
 
 
 
 
 

   
James Chao
 
 
 
 
 
 
By:
/s/ James Chao
 
 
 
James Chao 
 

   
Dorothy C. Jenkins
 
 
 
 
 
 
By:
/s/ Dorothy C. Jenkins
 
 
 
Dorothy C. Jenkins
 

   
Albert Chao
 
 
 
 
 
 
By:
/s/ Albert Chao
 
 
 
Albert Chao