Document:

Google Inc. 2004 Stock Plan, as amended

 Exhibit 10.17 
  
 GOOGLE INC. 
  
 2004 STOCK PLAN 
  
 1. Purposes of the Plan. The purposes of this Plan are: 
  

	 	•	 	to attract and retain the best available personnel for positions of substantial responsibility, 

  

	 	•	 	to provide additional incentive to Employees, Directors and Consultants, and 

  

	 	•	 	to promote the success of the Company’s business. 

  
 The Plan permits the grant of Incentive Stock Options, Nonstatutory Stock Options, Restricted Stock, Stock Appreciation Rights, Restricted Stock Units,
Performance Units, Performance Shares and Other Stock Based Awards. 
  
 2. Definitions. As used herein, the following definitions will apply: 
  
 (a) “Administrator” means the Board or any of its Committees as will be administering the Plan, in accordance with Section 4 of the Plan. 
  
 (b) “Annual Revenue” means the Company’s or a business unit’s net sales for the Fiscal Year,
determined in accordance with generally accepted accounting principles; provided, however, that prior to the Fiscal Year, the Committee shall determine whether any significant item(s) shall be excluded or included from the calculation of Annual
Revenue with respect to one or more Participants. 
  
 (c)
“Applicable Laws” means the requirements relating to the administration of equity-based awards or equity compensation plans under U.S. state corporate laws, U.S. federal and state securities laws, the Code, any stock exchange or
quotation system on which the Common Stock is listed or quoted and the applicable laws of any foreign country or jurisdiction where Awards are, or will be, granted under the Plan. 
  
 (d) “Award” means, individually or collectively, a grant under the Plan of Options, SARs, Restricted Stock,
Restricted Stock Units, Performance Units, Performance Shares or Other Stock Based Awards. 
  
 (e) “Award Agreement” means the written or electronic agreement setting forth the terms and provisions applicable to each Award granted under the Plan. The Award Agreement is subject to the terms and
conditions of the Plan. 
  
 (f) “Award Transfer
Program” means any program instituted by the Administrator which would permit Participants the opportunity to transfer any outstanding Awards to a financial institution or other person or entity selected by the Administrator. 

 (g) “Awarded Stock” means the Common Stock subject to an Award. 
  
 (h) “Board” means the Board of Directors of the Company.

  
 (i) “Cash Position” means the Company’s
level of cash and cash equivalents. 
  
 (j) “Change in
Control” means the occurrence of any of the following events: 
  
 (i) Any “person” (as such term is used in Sections 13(d) and 14(d) of the Exchange Act) becomes the “beneficial owner” (as defined in Rule 13d-3 of the Exchange Act), directly or indirectly, of
securities of the Company representing fifty percent (50%) or more of the total voting power represented by the Company’s then outstanding voting securities and within three (3) years from the date of such acquisition, a merger or consolidation
of the Company with or into the person (or affiliate thereof) holding such beneficial ownership of securities of the Company is consummated; or 
  
 (ii) The consummation of the sale or disposition by the Company of all or substantially all of the Company’s assets; 
  
 (iii) A change in the composition of the Board occurring within a two-year
period, as a result of which fewer than a majority of the directors are Incumbent Directors. “Incumbent Directors” means directors who either (A) are Directors as of the effective date of the Plan, or (B) are elected, or nominated for
election, to the Board with the affirmative votes of at least a majority of the Incumbent Directors at the time of such election or nomination (but will not include an individual whose election or nomination is in connection with an actual or
threatened proxy contest relating to the election of directors to the Company); or 
  
 (iv) The consummation of a merger or consolidation of the Company with any other corporation, other than a merger or consolidation which would result in the voting securities of the Company outstanding immediately
prior thereto continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity or its parent) at least fifty percent (50%) of the total voting power represented by the voting securities of
the Company or such surviving entity or its parent outstanding immediately after such merger or consolidation. 
  
 For purposes of this Section, “affiliate” will mean, with respect to any specified person, any other person that directly or indirectly, through
one or more intermediaries, controls, is controlled by, or is under common control with, such specified person (“control,” “controlled by” and “under common control with” will mean the possession, directly or
indirectly, of the power to direct or cause the direction of the management and policies of a person, whether through ownership of voting securities, by contact or credit arrangement, as trustee or executor, or otherwise). 
  
 (k) “Code” means the Internal Revenue Code of 1986, as
amended. Any reference to a section of the Code herein will be a reference to any successor or amended section of the Code. 
  
 (l) “Committee” means a committee of Directors or other individuals satisfying Applicable Laws appointed by the Board in accordance with
Section 4 of the Plan. 
  

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 (m) “Common Stock” means the Class A Common Stock of the Company, or in the case of
Performance Units and certain Other Stock Based Awards, the cash equivalent thereof. 
  
 (n) “Company” means Google Inc., a Delaware corporation, or any successor thereto. 
  
 (o) “Consultant” means any person, including an advisor, engaged by the Company or a Parent or Subsidiary to render services to such
entity. 
  
 (p) “Controllable Profits” means as
to any Plan Year, a business unit’s Annual Revenue minus (a) cost of sales, (b) research, development, and engineering expense, (c) marketing and sales expense, (d) general and administrative expense, (e) extended receivables expense, and (f)
shipping requirement deviation expense. 
  
 (q) “Customer
Satisfaction MBOs” means as to any Participant for any Plan Year, the objective and measurable individual goals set by a “management by objectives” process and approved by the Committee, which goals relate to the satisfaction of
external or internal customer requirements. 
  
 (r)
“Director” means a member of the Board. 
  
 (s)
“Disability” means total and permanent disability as defined in Section 22(e)(3) of the Code, provided that in the case of Awards other than Incentive Stock Options, the Administrator in its discretion may determine whether a
permanent and total disability exists in accordance with uniform and non-discriminatory standards adopted by the Administrator from time to time. 
  
 (t) “Dividend Equivalent” means a credit, made at the discretion of the Administrator, to the account of a Participant in an amount equal
to the cash dividends paid on one Share for each Share represented by an Award held by such Participant. 
  
 (u) “Earnings Per Share” means as to any Fiscal Year, the Company’s or a business unit’s Net Income, divided by a weighted average
number of common shares outstanding and dilutive common equivalent shares deemed outstanding, determined in accordance with generally accepted accounting principles. 
  
 (w) “Employee” means any person, including Officers and Directors, employed by the Company or any Parent or
Subsidiary of the Company. Neither service as a Director nor payment of a director’s fee by the Company will be sufficient to constitute “employment” by the Company. 
  
 (x) “Exchange Act” means the Securities Exchange Act of 1934, as amended. 
  
 (y) “Exchange Program” means a program under which (i)
outstanding Awards are surrendered or cancelled in exchange for Awards of the same type (which may have lower exercise prices and different terms), Awards of a different type, and/or cash, and/or (ii) the exercise price of an outstanding Award is
reduced. The terms and conditions of any Exchange Program will be determined by the Administrator in its sole discretion. 
  

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 (z) “Fair Market Value” means, as of any date and unless the Administrator determines
otherwise, the value of Common Stock determined as follows: 
  
 (i) If the Common Stock is listed on any established stock exchange or a national market system, including without limitation the Nasdaq National Market or The Nasdaq SmallCap Market of The Nasdaq Stock Market, its Fair Market Value will be
the closing sales price for such stock (or the closing bid, if no sales were reported) as quoted on such exchange or system for the day of determination, as reported in The Wall Street Journal or such other source as the Administrator deems
reliable; 
  
 (ii) If the Common Stock is regularly quoted by a
recognized securities dealer but selling prices are not reported, the Fair Market Value of a Share of Common Stock will be the mean between the high bid and low asked prices for the Common Stock for the day of determination, as reported in The
Wall Street Journal or such other source as the Administrator deems reliable; or 
  
 (iii) In the absence of an established market for the Common Stock, the Fair Market Value will be determined in good faith by the Administrator. 
  
 (iv) Notwithstanding the preceding, for federal, state, and local income tax reporting purposes and for such other purposes
as the Administrator deems appropriate, the Fair Market Value shall be determined by the Administrator in accordance with uniform and nondiscriminatory standards adopted by it from time to time. 
  
 (aa) “Fiscal Year” means the fiscal year of the Company.

  
 (bb) “Incentive Stock Option” means an Option
intended to qualify as an incentive stock option within the meaning of Section 422 of the Code and the regulations promulgated thereunder. 
  
 (cc) “Individual Objectives” means as to a Participant, the objective and measurable goals set by a “management by objectives”
process and approved by the Committee (in its discretion). 
  
 (dd) “Net Income” means as to any Fiscal Year, the income after taxes of the Company for the Fiscal Year determined in accordance with generally accepted accounting principles, provided that prior to the Fiscal Year, the
Committee shall determine whether any significant item(s) shall be included or excluded from the calculation of Net Income with respect to one or more Participants. 
  
 (ee) “New Orders” means as to any Plan Year, the firm orders for a system, product, part, or service that
are being recorded for the first time as defined in the Company’s Order Recognition Policy. 
  
 (ff) “Nonstatutory Stock Option” means an Option that by its terms does not qualify or is not intended to qualify as an Incentive Stock
Option. 
  

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 (gg) “Officer” means a person who is an officer of the Company within the meaning of
Section 16 of the Exchange Act and the rules and regulations promulgated thereunder. 
  
 (hh) “Operating Cash Flow” means the Company’s or a business unit’s sum of Net Income plus depreciation and amortization less capital expenditures plus changes in working capital comprised
of accounts receivable, inventories, other current assets, trade accounts payable, accrued expenses, product warranty, advance payments from customers and long-term accrued expenses, determined in accordance with generally acceptable accounting
principles. 
  
 (ii) “Operating Income” means the
Company’s or a business unit’s income from operations but excluding any unusual items, determined in accordance with generally accepted accounting principles. 
  
 (jj) “Option” means a stock option granted pursuant to the Plan. 
  
 (kk) “Other Stock Based Awards” means any other awards not
specifically described in the Plan that are valued in whole or in part by reference to, or are otherwise based on, Shares and are created by the Administrator pursuant to Section 12. 
  
 (ll) “Outside Director” means a Director who is not an Employee. 
  
 (mm) “Parent” means a “parent corporation,”
whether now or hereafter existing, as defined in Section 424(e) of the Code. 
  
 (nn) “Participant” means the holder of an outstanding Award granted under the Plan. 
  
 (oo) “Performance Goals” means the goal(s) (or combined goal(s)) determined by the Committee (in its discretion) to be applicable to a
Participant with respect to an Award. As determined by the Committee, the Performance Goals applicable to an Award may provide for a targeted level or levels of achievement using one or more of the following measures: (a) Annual Revenue, (b) Cash
Position, (c) Controllable Profits, (d) Customer Satisfaction MBOs, (e) Earnings Per Share, (f) Individual Objectives, (g) Net Income, (h) New Orders (i) Operating Cash Flow, (j) Operating Income, (k) Return on Assets, (l) Return on Equity, (m)
Return on Sales, and (n) Total Shareholder Return. The Performance Goals may differ from Participant to Participant and from Award to Award. Any criteria used may be measured, as applicable, in absolute or relative terms (including passage of time
and/or against another company or companies), on a per share basis, against the performance of the Company as a whole or any segment of the Company, and on a pre-tax or after-tax basis. 
  
 (pp) “Performance Share” means an Award granted to a Service Provider pursuant to Section 10 of the Plan.

  
 (qq) “Performance Unit” means an Award
granted to a Service Provider pursuant to Section 10 of the Plan. 
  
 (rr) “Period of Restriction” means the period during which the transfer of Shares of Restricted Stock are subject to restrictions and therefore, the Shares are subject to a substantial risk of forfeiture. Such restrictions
may be based on the passage of time, the achievement of target levels of performance, or the occurrence of other events as determined by the Administrator. 
  

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 (ss) “Plan” means this 2004 Stock Plan. 
  
 (tt) “Restricted Stock” means shares of Common Stock issued
pursuant to a Restricted Stock award under Section 8, Section 11 or Section 12 of the Plan or issued pursuant to the early exercise of an Option. 
  
 (uu) “Restricted Stock Unit” means an Award that the Administrator permits to be paid in installments or on a deferred basis pursuant to
Section 11 of the Plan. 
  
 (vv) “Return on
Assets” means the percentage equal to the Company’s or a business unit’s Operating Income before incentive compensation, divided by average net Company or business unit, as applicable, assets, determined in accordance with
generally accepted accounting principles. 
  
 (ww) “Return
on Equity” means the percentage equal to the Company’s Net Income divided by average stockholder’s equity, determined in accordance with generally accepted accounting principles. 
  
 (ww) “Return on Sales” means the percentage equal to the
Company’s or a business unit’s Operating Income before incentive compensation, divided by the Company’s or the business unit’s, as applicable, revenue, determined in accordance with generally accepted accounting principles.

  
 (xx) “Rule 16b-3” means Rule 16b-3 of the
Exchange Act or any successor to Rule 16b-3, as in effect when discretion is being exercised with respect to the Plan. 
  
 (yy) “Section 16(b) “ means Section 16(b) of the Exchange Act. 
  
 (zz) “Service Provider” means an Employee, Director or Consultant. 
  
 (aaa) “Share” means a share of the Common Stock, as adjusted
in accordance with Section 15 of the Plan. 
  
 (bbb)
“Stock Appreciation Right” or “SAR” means an Award, granted alone or in connection with an Option, that pursuant to Section 9 of the Plan is designated as a SAR. 
  
 (ccc) “Subsidiary” means a “subsidiary
corporation”, whether now or hereafter existing, as defined in Section 424(f) of the Code. 
  
 (ddd) “Total Shareholder Return” means the total return (change in share price plus reinvestment of any dividends) of a Share.

  
 (eee) “Unvested Awards” means Options or
Restricted Stock that (i) were granted to an individual in connection with such individual’s position as a Service Provider and (ii) are still subject to vesting or lapsing of Company repurchase rights or similar restrictions. 
  

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 3. Stock Subject to the Plan. 
  
 (a) Stock Subject to the Plan. Subject to the provisions of Section 15 of the Plan, the maximum aggregate number of
Shares that may be issued under the Plan is 13,431,660. The Shares may be authorized, but unissued, or reacquired Common Stock. Shares shall not be deemed to have been issued pursuant to the Plan (i) with respect to any portion of an Award that is
settled in cash, or (ii) to the extent such Shares are withheld in satisfaction of tax withholding obligations. Upon payment in Shares pursuant to the exercise of an Award, the number of Shares available for issuance under the Plan shall be reduced
only by the number of Shares actually issued in such payment. If a Participant pays the exercise price (or purchase price, if applicable) of an Award through the tender of Shares, the number of Shares so tendered shall again be available for
issuance pursuant to future Awards under the Plan. Notwithstanding anything in the Plan, or any Award Agreement to the contrary, Shares attributable to Awards transferred under any Award Transfer Program shall not be again available for grant under
the Plan. 
  
 (b) Lapsed Awards. If any outstanding Award
expires or is terminated or canceled without having been exercised or settled in full, or if Shares acquired pursuant to an Award subject to forfeiture or repurchase are forfeited or repurchased by the Company, the Shares allocable to the terminated
portion of such Award or such forfeited or repurchased Shares shall again be available for grant under the Plan. 
  
 4. Administration of the Plan. 
  
 (a) Procedure. 
  
 (i) Multiple Administrative Bodies. Different Committees with respect to different groups of Service Providers may administer the Plan.

  
 (ii) Section 162(m). To the extent that the
Administrator determines it to be desirable and necessary to qualify Awards granted hereunder as “performance-based compensation” within the meaning of Section 162(m) of the Code, the Plan will be administered by a Committee of two or more
“outside directors” within the meaning of Section 162(m) of the Code. 
  
 (iii) Rule 16b-3. To the extent desirable to qualify transactions hereunder as exempt under Rule 16b-3, the transactions contemplated hereunder will be structured to satisfy the requirements for exemption under
Rule 16b-3. 
  
 (iv) Other Administration. Other than as
provided above, the Plan will be administered by (A) the Board or (B) a Committee, which committee will be constituted to satisfy Applicable Laws. 
  
 (v) Delegation of Authority for Day-to-Day Administration. Except to the extent prohibited by Applicable Law, the Administrator may delegate to
one or more individuals the day-to-day administration of the Plan and any of the functions assigned to it in this Plan. Such delegation may be revoked at any time. 
  

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 (b) Powers of the Administrator. Subject to the provisions of the Plan, and in the case of a
Committee, subject to the specific duties delegated by the Board to such Committee, the Administrator will have the authority, in its discretion: 
  
 (i) to determine the Fair Market Value; 
  
 (ii) to select the Service Providers to whom Awards may be granted hereunder; 
  
 (iii) to determine the number of Shares to be covered by each Award granted hereunder; 
  
 (iv) to approve forms of agreement for use under the Plan; 
  
 (v) to determine the terms and conditions, not inconsistent with the terms
of the Plan, of any Award granted hereunder. Such terms and conditions include, but are not limited to, the exercise price, the time or times when Awards may be exercised (which may be based on performance criteria), any vesting acceleration or
waiver of forfeiture or repurchase restrictions, and any restriction or limitation regarding any Award or the Shares relating thereto, based in each case on such factors as the Administrator, in its sole discretion, will determine; 
  
 (vi) to reduce the exercise price of any Award to the then current Fair
Market Value if the Fair Market Value of the Common Stock covered by such Award shall have declined since the date the Award was granted; 
  
 (vii) to institute an Exchange Program; 
  
 (viii) to construe and interpret the terms of the Plan and Awards granted pursuant to the Plan; 
  
 (ix) to prescribe, amend and rescind rules and regulations relating to the
Plan, including rules and regulations relating to sub-plans established for the purpose of satisfying applicable foreign laws and/or qualifying for preferred tax treatment under applicable foreign tax laws; 
  
 (x) to modify or amend each Award (subject to Section 18(c) of the Plan),
including the discretionary authority to extend the post-termination exercisability period of Awards longer than is otherwise provided for in the Plan; 
  
 (xi) to allow Participants to satisfy withholding tax obligations by electing to have the Company withhold from the Shares or cash to be issued upon
exercise or vesting of an Award that number of Shares or cash having a Fair Market Value equal to the minimum amount required to be withheld. The Fair Market Value of any Shares to be withheld will be determined on the date that the amount of tax to
be withheld is to be determined. All elections by a Participant to have Shares or cash withheld for this purpose will be made in such form and under such conditions as the Administrator may deem necessary or advisable; 
  

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 (xii) to authorize any person to execute on behalf of the Company any instrument required to effect the
grant of an Award previously granted by the Administrator; 
  
 (xiii) to allow a Participant to defer the receipt of the payment of cash or the delivery of Shares that would otherwise be due to such Participant under an Award; 
  
 (xiv) to implement an Award Transfer Program; 
  
 (xv) to determine whether Awards will be settled in Shares, cash or in any combination thereof; 
  
 (xvi) to determine whether Awards will be adjusted for Dividend Equivalents;

  
 (xvii) to create Other Stock Based Awards for issuance under
the Plan; 
  
 (xviii) to establish a program whereby Service
Providers designated by the Administrator can reduce compensation otherwise payable in cash in exchange for Awards under the Plan; 
  
 (xix) to impose such restrictions, conditions or limitations as it determines appropriate as to the timing and manner of any resales by a Participant or
other subsequent transfers by the Participant of any Shares issued as a result of or under an Award, including without limitation, (A) restrictions under an insider trading policy, and (B) restrictions as to the use of a specified brokerage firm for
such resales or other transfers; and 
  
 (xx) to make all other
determinations deemed necessary or advisable for administering the Plan. 
  
 (c) Effect of Administrator’s Decision. The Administrator’s decisions, determinations and interpretations will be final and binding on all Participants and any other holders of Awards. 
  
 5. Eligibility. Nonstatutory Stock Options, Restricted Stock, Stock
Appreciation Rights, Performance Units, Performance Shares, Restricted Stock Units and Other Stock Based Awards may be granted to Service Providers. Incentive Stock Options may be granted only to Employees. 
  
 6. Limitations. 
  
 (a) ISO $100,000 Rule. Each Option will be designated in the Award
Agreement as either an Incentive Stock Option or a Nonstatutory Stock Option. However, notwithstanding such designation, to the extent that the aggregate Fair Market Value of the Shares with respect to which Incentive Stock Options are exercisable
for the first time by the Participant during any calendar year (under all plans of the Company and any Parent or Subsidiary) exceeds $100,000, such Options will be treated as Nonstatutory Stock Options. For purposes of this Section 6(a), Incentive
Stock Options will be taken into account in the order in which they were granted. The Fair Market Value of the Shares will be determined as of the time the Option with respect to such Shares is granted. 
  

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 (b) No Rights as a Service Provider. Neither the Plan nor any Award shall confer upon a
Participant any right with respect to continuing his or her relationship as a Service Provider, nor shall they interfere in any way with the right of the Participant or the right of the Company or its Parent or Subsidiaries to terminate such
relationship at any time, with or without cause. 
  
 (c) 162(m)
Limitation. The following limitations shall apply to Awards under the Plan: 
  
 (i) Option and SAR Share Annual Limit. No Service Provider will be granted, in any Fiscal Year, Options and/or SARs to purchase more than 1,000,000 Shares. 
  
 (ii) Restricted Stock, Restricted Stock Units, Performance Units and
Performance Shares Annual Limit. No Service Provider will be granted, in any Fiscal Year, Restricted Stock, Restricted Stock Units, Performance Units and/or Performance Shares to purchase more than 500,000 Shares. 
  
 (iii) Section 162(m) Performance Restrictions. For purposes of
qualifying grants of Restricted Stock, Restricted Stock Units, Performance Shares or Performance Units as “performance-based compensation” under Section 162(m) of the Code, the Administrator, in its discretion, may set restrictions based
upon the achievement of Performance Goals. The Performance Goals shall be set by the Administrator on or before the latest date permissible to enable the Restricted Stock Units, Restricted Stock, Performance Shares or Performance Units to qualify as
“performance-based compensation” under Section 162(m) of the Code. In granting Restricted Stock Units, Restricted Stock, Performance Shares or Performance Units which are intended to qualify under Section 162(m) of the Code, the
Administrator shall follow any procedures determined by it from time to time to be necessary or appropriate to ensure qualification of the Award under Section 162(m) of the Code (e.g., in determining the Performance Goals). 
  
 (iv) The foregoing limitations will be adjusted proportionately in
connection with any change in the Company’s capitalization as described in Section 15 of the Plan. 
  
 (v) If an Award is cancelled in the same Fiscal Year in which it was granted (other than in connection with a transaction described in Section 15 of the
Plan), the cancelled Award will be counted against the limits set forth in subsections (i) and (ii) above. For this purpose, if the exercise price of an Option is reduced, the transaction will be treated as a cancellation of the Option and the grant
of a new Option. 
  
 7. Stock Options. 
  
 (a) Term of Option. The term of each Option will be stated in the
Award Agreement. In the case of an Incentive Stock Option, the term will be ten (10) years from the date of grant or such shorter term as may be provided in the Award Agreement. Moreover, in the case of an Incentive Stock Option granted to a
Participant who, at the time the Incentive Stock Option is granted, owns stock representing more than ten percent (10%) of the total combined voting power of all classes of stock of the Company or any Parent or Subsidiary, the term of the Incentive
Stock Option will be five (5) years from the date of grant or such shorter term as may be provided in the Award Agreement. 
  

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 (b) Option Exercise Price and Consideration. 
  
 (i) Exercise Price. The per Share exercise price for the Shares to
be issued pursuant to exercise of an Option will be determined by the Administrator, subject to the following: 
  
 (1) In the case of an Incentive Stock Option 
  
 (A) granted to an Employee who, at the time the Incentive Stock Option is granted, owns stock representing more than ten percent (10%) of the voting
power of all classes of stock of the Company or any Parent or Subsidiary, the per Share exercise price will be no less than 110% of the Fair Market Value per Share on the date of grant. 
  
 (B) granted to any Employee other than an Employee described in paragraph (A) immediately above, the per Share exercise
price will be no less than 100% of the Fair Market Value per Share on the date of grant. 
  
 (2) In the case of a Nonstatutory Stock Option, the per Share exercise price will be determined by the Administrator. In the case of a Nonstatutory Stock Option intended to qualify as “performance-based
compensation” within the meaning of Section 162(m) of the Code, the per Share exercise price will be no less than 100% of the Fair Market Value per Share on the date of grant. 
  
 (3) Notwithstanding the foregoing, Incentive Stock Options may be granted with a per Share exercise price of less than 100%
of the Fair Market Value per Share on the date of grant pursuant to a merger or other corporate transaction. 
  
 (ii) Waiting Period and Exercise Dates. At the time an Option is granted, the Administrator will fix the period within which the Option may be
exercised and will determine any conditions that must be satisfied before the Option may be exercised. 
  
 (c) Form of Consideration. The Administrator will determine the acceptable form of consideration for exercising an Option, including the method of
payment. In the case of an Incentive Stock Option, the Administrator will determine the acceptable form of consideration at the time of grant. Such consideration to the extent permitted by Applicable Laws may consist entirely of: 
  
 (i) cash; 
  
 (ii) check; 
  
 (iii) promissory note; 
  
 (iv) other Shares which meet the conditions established by the Administrator to avoid adverse accounting consequences (as determined by the
Administrator); 
  
 (v) consideration received by the Company
under a cashless exercise program implemented by the Company in connection with the Plan; 
  

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 (vi) a reduction in the amount of any Company liability to the Participant, including any liability
attributable to the Participant’s participation in any Company-sponsored deferred compensation program or arrangement; 
  
 (vii) any combination of the foregoing methods of payment; or 
  
 (viii) such other consideration and method of payment for the issuance of Shares to the extent permitted by Applicable Laws. 
  
 (d) Exercise of Option. 
  
 (i) Procedure for Exercise; Rights as a Stockholder. Any Option
granted hereunder will be exercisable according to the terms of the Plan and at such times and under such conditions as determined by the Administrator and set forth in the Award Agreement. An Option may not be exercised for a fraction of a Share.

  
 An Option will be deemed exercised when the Company receives:
(x) written or electronic notice of exercise (in accordance with the Award Agreement) from the person entitled to exercise the Option, and (y) full payment for the Shares with respect to which the Option is exercised. Full payment may consist of any
consideration and method of payment authorized by the Administrator and permitted by the Award Agreement and the Plan. Shares issued upon exercise of an Option will be issued in the name of the Participant or, if requested by the Participant, in the
name of the Participant and his or her spouse. Until the Shares are issued (as evidenced by the appropriate entry on the books of the Company or of a duly authorized transfer agent of the Company), no right to vote or receive dividends or any other
rights as a stockholder will exist with respect to the Awarded Stock, notwithstanding the exercise of the Option. The Company will issue (or cause to be issued) such Shares promptly after the Option is exercised. No adjustment will be made for a
dividend or other right for which the record date is prior to the date the Shares are issued, except as provided in Section 15 of the Plan or the applicable Award Agreement. 
  
 Exercising an Option in any manner will decrease the number of Shares thereafter available for sale under the Option, by
the number of Shares as to which the Option is exercised. 
  
 (ii) Termination of Relationship as a Service Provider. If a Participant ceases to be a Service Provider, other than upon the Participant’s death or Disability, the Participant may exercise his or her Option within such period
of time as is specified in the Award Agreement to the extent that the Option is vested on the date of termination (but in no event later than the expiration of the term of such Option as set forth in the Award Agreement). In the absence of a
specified time in the Award Agreement, the Option will remain exercisable for three (3) months following the Participant’s termination. Unless otherwise provided by the Administrator, if on the date of termination the Participant is not vested
as to his or her entire Option, the Shares covered by the unvested portion of the Option will revert to the Plan on the date one (1) month following the Participant’s termination. If after termination the Participant does not exercise his or
her Option within the time specified by the Administrator, the Option will terminate, and the Shares covered by such Option will revert to the Plan. 
  

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 (iii) Disability of Participant. If a Participant ceases to be a Service Provider as a result of
the Participant’s Disability, the Participant may exercise his or her Option within such period of time as is specified in the Award Agreement to the extent the Option is vested on the date of termination (but in no event later than the
expiration of the term of such Option as set forth in the Award Agreement). In the absence of a specified time in the Award Agreement, the Option will remain exercisable for twelve (12) months following the Participant’s termination. Unless
otherwise provided by the Administrator, if on the date of termination the Participant is not vested as to his or her entire Option, the Shares covered by the unvested portion of the Option will revert to the Plan on the date one (1) month following
the Participant’s termination. If after termination the Participant does not exercise his or her Option within the time specified herein, the Option will terminate, and the Shares covered by such Option will revert to the Plan. 
  
 (iv) Death of Participant. If a Participant dies while a Service
Provider, the Option may be exercised following the Participant’s death within such period of time as is specified in the Award Agreement to the extent that the Option is vested on the date of death (but in no event may the option be exercised
later than the expiration of the term of such Option as set forth in the Award Agreement), by the Participant’s designated beneficiary, provided such beneficiary has been designated prior to Participant’s death in a form acceptable to the
Administrator. If no such beneficiary has been designated by the Participant, then such Option may be exercised by the personal representative of the Participant’s estate or by the person(s) to whom the Option is transferred pursuant to the
Participant’s will or in accordance with the laws of descent and distribution. In the absence of a specified time in the Award Agreement, the Option will remain exercisable for twelve (12) months following Participant’s death. Unless
otherwise provided by the Administrator, if at the time of death Participant is not vested as to his or her entire Option, the Shares covered by the unvested portion of the Option will immediately revert to the Plan on the date one (1) month
following the Participant’s death. If the Option is not so exercised within the time specified herein, the Option will terminate, and the Shares covered by such Option will revert to the Plan. 
  
 (e) Buyout Provisions. The Administrator may at any time offer to buy
out for a payment in cash or Shares an Option previously granted based on such terms and conditions as the Administrator shall establish and communicate to the Participant at the time that such offer is made. 
  
 8. Restricted Stock. 
  
 (a) Grant of Restricted Stock. Subject to the terms and provisions of
the Plan, the Administrator, at any time and from time to time, may grant Shares of Restricted Stock to Service Providers in such amounts as the Administrator, in its sole discretion, will determine. Subject to Section 6(c)(ii) hereof, the
Administrator shall have complete discretion to determine (i) the number of Shares subject to a Restricted Stock award granted to any Participant, and (ii) the conditions that must be satisfied, which typically will be based principally or solely on
continued provision of services but may include a performance-based component, upon which is conditioned the grant, vesting or issuance of Restricted Stock. 
  
 (b) Restricted Stock Agreement. Each Award of Restricted Stock will be evidenced by an Award Agreement that will specify the Period of Restriction,
the number of Shares granted, and such other terms and conditions as the Administrator, in its sole discretion, will determine. Unless the Administrator determines otherwise, Shares of Restricted Stock will be held by the Company as escrow agent
until the restrictions on such Shares have lapsed. 
  

 -13- 

 (c) Transferability. Except as provided in this Section 8, Shares of Restricted Stock may not be
sold, transferred, pledged, assigned, or otherwise alienated or hypothecated until the end of the applicable Period of Restriction. 
  
 (d) Other Restrictions. The Administrator, in its sole discretion, may impose such other restrictions on Shares of Restricted Stock as it may deem
advisable or appropriate. 
  
 (e) Removal of Restrictions.
Except as otherwise provided in this Section 8, Shares of Restricted Stock covered by each Restricted Stock grant made under the Plan will be released from escrow as soon as practicable after the last day of the Period of Restriction. The
Administrator, in its discretion, may accelerate the time at which any restrictions will lapse or be removed. 
  
 (f) Voting Rights. During the Period of Restriction, Service Providers holding Shares of Restricted Stock granted hereunder may exercise full
voting rights with respect to those Shares, unless the Administrator determines otherwise. 
  
 (g) Dividends and Other Distributions. During the Period of Restriction, Service Providers holding Shares of Restricted Stock will be entitled to receive all dividends and other distributions paid with respect
to such Shares unless otherwise provided in the Award Agreement. If any such dividends or distributions are paid in Shares, the Shares will be subject to the same restrictions on transferability and forfeitability as the Shares of Restricted Stock
with respect to which they were paid. 
  
 (h) Return of
Restricted Stock to Company. On the date set forth in the Award Agreement, the Restricted Stock for which restrictions have not lapsed will revert to the Company and again will become available for grant under the Plan. 
  
 9. Stock Appreciation Rights. 
  
 (a) Grant of SARs. Subject to the terms and conditions of the Plan, a
SAR may be granted to Service Providers at any time and from time to time as will be determined by the Administrator, in its sole discretion. 
  
 (b) Number of Shares. Subject to Section 6(c)(i) of the Plan, the Administrator will have complete discretion to determine the number of SARs
granted to any Service Provider. 
  
 (c) Exercise Price and
Other Terms. The Administrator, subject to the provisions of the Plan, will have complete discretion to determine the terms and conditions of SARs granted under the Plan. 
  
 (d) Exercise of SARs. SARs will be exercisable on such terms and conditions as the Administrator, in its sole
discretion, will determine. 
  

 -14- 

 (e) SAR Agreement. Each SAR grant will be evidenced by an Award Agreement that will specify the
exercise price, the term of the SAR, the conditions of exercise, and such other terms and conditions as the Administrator, in its sole discretion, will determine. 
  
 (f) Expiration of SARs. An SAR granted under the Plan will expire upon the date determined by the Administrator, in
its sole discretion, and set forth in the Award Agreement. Notwithstanding the foregoing, the rules of Sections 7(d)(ii), 7(d)(iii) and 7(d)(iv) also will apply to SARs. 
  
 (g) Payment of SAR Amount. Upon exercise of an SAR, a Participant will be entitled to receive payment from the
Company in an amount determined by multiplying: 
  
 (i) The
difference between the Fair Market Value of a Share on the date of exercise over the exercise price; times 
  
 (ii) The number of Shares with respect to which the SAR is exercised. 
  
 At the discretion of the Administrator, the payment upon SAR exercise may be in cash, in Shares of equivalent value, or in
some combination thereof. 
  
 (h) Buyout Provisions. The
Administrator may at any time offer to buy out for a payment in cash or Shares a Stock Appreciation Right previously granted based on such terms and conditions as the Administrator shall establish and communicate to the Participant at the time that
such offer is made. 
  
 10. Performance Units and Performance
Shares. 
  
 (a) Grant of Performance Units/Shares.
Subject to the terms and conditions of the Plan, Performance Units and Performance Shares may be granted to Service Providers at any time and from time to time, as will be determined by the Administrator, in its sole discretion. Subject to Section
6(c)(ii), the Administrator will have complete discretion in determining the number of Performance Units and Performance Shares granted to each Participant. 
  
 (b) Value of Performance Units/Shares. Each Performance Unit will have an initial value that is established by the Administrator on or before the
date of grant. Each Performance Share will have an initial value equal to the Fair Market Value of a Share on the date of grant. 
  
 (c) Performance Objectives and Other Terms. The Administrator will set performance objectives in its discretion which, depending on the extent to
which they are met, will determine the number or value of Performance Units/Shares that will be paid out to the Service Providers. The time period during which the performance objectives must be met will be called the “Performance Period.”
Each Award of Performance Units/Shares will be evidenced by an Award Agreement that will specify the Performance Period, and such other terms and conditions as the Administrator, in its sole discretion, will determine. The Administrator may set
performance objectives based upon the achievement of Company-wide, divisional, or individual goals, applicable federal or state securities laws, or any other basis determined by the Administrator in its discretion. 
  

 -15- 

 (d) Earning of Performance Units/Shares. After the applicable Performance Period has ended, the
holder of Performance Units/Shares will be entitled to receive a payout of the number of Performance Units/Shares earned by the Participant over the Performance Period, to be determined as a function of the extent to which the corresponding
performance objectives have been achieved. After the grant of a Performance Unit/Share, the Administrator, in its sole discretion, may reduce or waive any performance objectives for such Performance Unit/Share. 
  
 (e) Form and Timing of Payment of Performance Units/Shares. Payment of
earned Performance Units/Shares will be made as soon after the expiration of the applicable Performance Period at the time determined by the Administrator. The Administrator, in its sole discretion, may pay earned Performance Units/Shares in the
form of cash, in Shares (which have an aggregate Fair Market Value equal to the value of the earned Performance Units/Shares at the close of the applicable Performance Period) or in a combination thereof. 
  
 (f) Cancellation of Performance Units/Shares. On the date set forth in
the Award Agreement, all unearned or unvested Performance Units/Shares will be forfeited to the Company, and again will be available for grant under the Plan. 
  

11. Restricted Stock Units. Restricted Stock Units shall consist of a Restricted Stock, Performance Share or Performance Unit Award that the
Administrator, in its sole discretion permits to be paid out in installments or on a deferred basis, in accordance with rules and procedures established by the Administrator. 
  
 12. Other Stock Based Awards. Other Stock Based Awards may be granted either alone, in addition to, or in tandem
with, other Awards granted under the Plan and/or cash awards made outside of the Plan. The Administrator shall have authority to determine the Service Providers to whom and the time or times at which Other Stock Based Awards shall be made, the
amount of such Other Stock Based Awards, and all other conditions of the Other Stock Based Awards including any dividend and/or voting rights. 
  
 13. Leaves of Absence. Unless the Administrator provides otherwise, vesting of Awards granted hereunder will be suspended during any unpaid leave
of absence and will resume on the date the Participant returns to work on a regular schedule as determined by the Company; provided, however, that no vesting credit will be awarded for the time vesting has been suspended during such leave of
absence. A Service Provider will not cease to be an Employee in the case of (i) any leave of absence approved by the Company or (ii) transfers between locations of the Company or between the Company, its Parent, or any Subsidiary. For purposes of
Incentive Stock Options, no such leave may exceed ninety (90) days, unless reemployment upon expiration of such leave is guaranteed by statute or contract. If reemployment upon expiration of a leave of absence approved by the Company is not so
guaranteed, then three months following the 91st day of such leave any Incentive Stock Option held by the
Participant will cease to be treated as an Incentive Stock Option and will be treated for tax purposes as a Nonstatutory Stock Option. 
  
 14. Non-Transferability of Awards. Unless determined otherwise by the Administrator, an Award may not be sold, pledged, assigned, hypothecated,
transferred, or disposed of in any manner other than by will or by the laws of descent or distribution and may be exercised, during the lifetime of the Participant, only by the Participant. If the Administrator makes an Award transferable, such
Award will contain such additional terms and conditions as the Administrator deems appropriate. 
  

 -16- 

 15. Adjustments; Dissolution or Liquidation; Merger or Change in Control. 
  
 (a) Adjustments. In the event that any dividend or other distribution
(whether in the form of cash, Shares, other securities, or other property), recapitalization, stock split, reverse stock split, reorganization, merger, consolidation, split-up, spin-off, combination, repurchase, or exchange of Shares or other
securities of the Company, or other change in the corporate structure of the Company affecting the Shares occurs such that an adjustment is determined by the Administrator (in its sole discretion) to be appropriate in order to prevent dilution or
enlargement of the benefits or potential benefits intended to be made available under the Plan, then the Administrator shall, in such manner as it may deem equitable, adjust the number and class of Shares which may be delivered under the Plan, the
162(m) annual share issuance limits under Section 6(c) of the Plan, and the number, class, and price of Shares subject to outstanding Awards. Notwithstanding the preceding, the number of Shares subject to any Award always shall be a whole number.

  
 (b) Dissolution or Liquidation. In the event of the
proposed dissolution or liquidation of the Company, the Administrator will notify each Participant as soon as practicable prior to the effective date of such proposed transaction. The Administrator in its discretion may provide for a Participant to
have the right to exercise his or her Award, to the extent applicable, until ten (10) days prior to such transaction as to all of the Awarded Stock covered thereby, including Shares as to which the Award would not otherwise be exercisable. In
addition, the Administrator may provide that any Company repurchase option or forfeiture rights applicable to any Award shall lapse 100%, and that any Award vesting shall accelerate 100%, provided the proposed dissolution or liquidation takes place
at the time and in the manner contemplated. To the extent it has not been previously exercised or vested, an Award will terminate immediately prior to the consummation of such proposed action. 
  
 (c) Merger or Change in Control. 
  
 (i) Stock Options and SARS. In the event of a merger or Change in
Control, each outstanding Option and SAR shall be assumed or an equivalent option or SAR substituted by the successor corporation or a Parent or Subsidiary of the successor corporation. With respect to Options and SARs granted to an Outside Director
that are assumed or substituted for, if immediately prior to or after the merger or Change in Control the Participant’s status as a Director or a director of the successor corporation, as applicable, is terminated other than upon a voluntary
resignation by the Participant, then the Participant shall fully vest in and have the right to exercise such Options and SARs as to all of the Awarded Stock, including Shares as to which it would not otherwise be vested or exercisable. Unless
determined otherwise by the Administrator, in the event that the successor corporation refuses to assume or substitute for the Option or SAR, the Participant shall fully vest in and have the right to exercise the Option or SAR as to all of the
Awarded Stock, including Shares as to which it would not otherwise be vested or exercisable. If an Option or SAR is not assumed or substituted in the event of a merger or Change in Control, the Administrator shall notify the Participant in writing
or electronically that the 
  

 -17- 

 Option or SAR shall be exercisable, to the extent vested, for a period of up to fifteen (15) days from the date of such
notice, and the Option or SAR shall terminate upon the expiration of such period. For the purposes of this paragraph, the Option or SAR shall be considered assumed if, following the merger or Change in Control, the option or stock appreciation right
confers the right to purchase or receive, for each Share of Awarded Stock subject to the Option or SAR immediately prior to the merger or Change in Control, the consideration (whether stock, cash, or other securities or property) received in the
merger or Change in Control by holders of Common Stock for each Share held on the effective date of the transaction (and if holders were offered a choice of consideration, the type of consideration chosen by the holders of a majority of the
outstanding Shares); provided, however, that if such consideration received in the merger or Change in Control is not solely common stock of the successor corporation or its Parent, the Administrator may, with the consent of the successor
corporation, provide for the consideration to be received upon the exercise of the Option or SAR, for each Share of Awarded Stock subject to the Option or SAR, to be solely common stock of the successor corporation or its Parent equal in fair market
value to the per share consideration received by holders of Common Stock in the merger or Change in Control. Notwithstanding anything herein to the contrary, an Award that vests, is earned or paid-out upon the satisfaction of one or more performance
goals will not be considered assumed if the Company or its successor modifies any of such performance goals without the Participant’s consent; provided, however, a modification to such performance goals only to reflect the successor
corporation’s post-merger or post-Change in Control corporate structure will not be deemed to invalidate an otherwise valid Award assumption. 
  
 (ii) Restricted Stock, Performance Shares, Performance Units, Restricted Stock Units and Other Stock Based Awards. In the event of a merger or
Change in Control, each outstanding Restricted Stock, Performance Share, Performance Unit, Other Stock Based Award and Restricted Stock Unit awards shall be assumed or an equivalent Restricted Stock, Performance Share, Performance Unit, Other Stock
Based Award and Restricted Stock Unit award substituted by the successor corporation or a Parent or Subsidiary of the successor corporation. With respect to Awards granted to an Outside Director that are assumed or substituted for, if immediately
prior to or after the merger or Change in Control the Participant’s status as a Director or a director of the successor corporation, as applicable, is terminated other than upon a voluntary resignation by the Participant, then the Participant
shall fully vest in such Awards, including Shares as to which it would not otherwise be vested. Unless determined otherwise by the Administrator, in the event that the successor corporation refuses to assume or substitute for the Restricted Stock,
Performance Share, Performance Unit, Other Stock Based Award or Restricted Stock Unit award, the Participant shall fully vest in the Restricted Stock, Performance Share, Performance Unit, Other Stock Based Award or Restricted Stock Unit including as
to Shares which would not otherwise be vested. For the purposes of this paragraph, a Restricted Stock, Performance Share, Performance Unit, Other Stock Based Award and Restricted Stock Unit award shall be considered assumed if, following the merger
or Change in Control, the award confers the right to purchase or receive, for each Share subject to the Award immediately prior to the merger or Change in Control, the consideration (whether stock, cash, or other securities or property) received in
the merger or Change in Control by holders of Common Stock for each Share held on the effective date of the transaction (and if holders were offered a choice of consideration, the type of consideration chosen by the holders of a majority of the
outstanding Shares); provided, however, that if such consideration received in the merger or Change in Control is not solely common stock of the successor corporation or its Parent, the Administrator may, with the consent of the successor
corporation, provide for the consideration to be received, for each Share and each unit/right to acquire a Share subject to the Award, to be solely common stock of the successor corporation or its Parent equal in fair market value to the per share
consideration received by holders of Common Stock in the merger or Change in Control. Notwithstanding 
  

 -18- 

 anything herein to the contrary, an Award that vests, is earned or paid-out upon the satisfaction of one or more
performance goals will not be considered assumed if the Company or its successor modifies any of such performance goals without the Participant’s consent; provided, however, a modification to such performance goals only to reflect the successor
corporation’s post-merger or post-Change in Control corporate structure will not be deemed to invalidate an otherwise valid Award assumption. 
  
 16. Date of Grant. The date of grant of an Award will be, for all purposes, the date on which the Administrator makes the determination granting
such Award, or such other later date as is determined by the Administrator. Notice of the determination will be provided to each Participant within a reasonable time after the date of such grant. 
  
 17. Term of Plan. Subject to Section 22 of the Plan, the Plan will
become effective upon its adoption by the Board. It will continue in effect for a term of ten (10) years unless terminated earlier under Section 18 of the Plan. 
  

18. Amendment and Termination of the Plan. 
  
 (a) Amendment and Termination. The Board may at any time amend, alter, suspend or terminate the Plan. 
  
 (b) Stockholder Approval. The Company will obtain stockholder approval
of any Plan amendment to the extent necessary and desirable to comply with Applicable Laws. 
  
 (c) Effect of Amendment or Termination. Subject to Section 20 of the Plan, no amendment, alteration, suspension or termination of the Plan will impair the rights of any Participant, unless mutually agreed
otherwise between the Participant and the Administrator, which agreement must be in writing and signed by the Participant and the Company. Termination of the Plan will not affect the Administrator’s ability to exercise the powers granted to it
hereunder with respect to Awards granted under the Plan prior to the date of such termination. 
  
 19. Conditions Upon Issuance of Shares. 
  
 (a) Legal Compliance. Shares will not be issued pursuant to the exercise of an Award unless the exercise of such Award and the issuance and delivery of such Shares will comply with Applicable Laws and will be
further subject to the approval of counsel for the Company with respect to such compliance. 
  
 (b) Investment Representations. As a condition to the exercise or receipt of an Award, the Company may require the person exercising or receiving such Award to represent and warrant at the time of any such
exercise or receipt that the Shares are being purchased only for investment and without any present intention to sell or distribute such Shares if, in the opinion of counsel for the Company, such a representation is required. 
  
 20. Severability. Notwithstanding any contrary provision of the Plan
or an Award to the contrary, if any one or more of the provisions (or any part thereof) of this Plan or the Awards shall be held invalid, illegal or unenforceable in any respect, such provision shall be modified so as to make it valid, legal and
enforceable, and the validity, legality and enforceability of the remaining provisions (or any part thereof) of the Plan or Award, as applicable, shall not in any way be affected or impaired thereby. 
  

 -19- 

 21. Inability to Obtain Authority. The inability of the Company to obtain authority from any
regulatory body having jurisdiction, which authority is deemed by the Company’s counsel to be necessary to the lawful issuance and sale of any Shares hereunder, will relieve the Company of any liability in respect of the failure to issue or
sell such Shares as to which such requisite authority will not have been obtained. 
  
 22. Stockholder Approval. The Plan will be subject to approval by the stockholders of the Company within twelve (12) months after the date the Plan is adopted. Such stockholder approval will be obtained in the
manner and to the degree required under Applicable Laws. 
  

 -20-Restated Revolving Credit and Security Agreemen

 EXHIBIT 10.1 
  
 TWELFTH AMENDMENT TO FOURTH AMENDED AND RESTATED 
 REVOLVING CREDIT AND SECURITY AGREEMENT 
  
 THIS TWELFTH AMENDMENT TO FOURTH AMENDED AND
RESTATED REVOLVING CREDIT AND SECURITY AGREEMENT (the “Amendment”) is made this 8th day of April, 2005, by and among WinCup Holdings, Inc., Radnor
Chemical Corporation, StyroChem U.S., Ltd., Radnor Holdings Corporation (“Radnor”), Radnor Delaware II, Inc., StyroChem Delaware, Inc., WinCup Texas, Ltd., StyroChem GP, L.L.C., StyroChem LP, L.L.C., WinCup GP, L.L.C., and WinCup LP,
L.L.C. (each individually a “Borrower” and collectively, “Borrowers”), and PNC Bank, National Association (“PNC”), as Lead Arranger and Administrative Agent (defined below), Fleet Capital Corporation
(“Fleet”), as Documentation Agent (defined below) and Lenders (defined below). 
  
 BACKGROUND 
  
 A. On
December 26, 2001, Borrowers, the financial institutions which are now or which hereafter become a party thereto (individually, a “Lender” and collectively, the “Lenders”), and PNC, as agent for Lenders (PNC in such capacity, the
“Agent”) entered into a certain Fourth Amended and Restated Revolving Credit and Security Agreement (as amended, modified, renewed, extended, replaced or substituted from time to time, the “Loan Agreement”) to reflect certain
financing arrangements between the parties thereto. The Loan Agreement and all other documents executed in connection therewith are collectively referred to as the “Existing Financing Agreements.” All capitalized terms not otherwise
defined herein shall have the meaning ascribed thereto in the Loan Agreement. In the case of a direct conflict between the provisions of the Loan Agreement and the provisions of this Amendment, the provisions hereof shall prevail. 
  
 B. Borrowers, Agent and Lenders modified certain definitions, terms and
conditions contained in the Loan Agreement pursuant to that (i) certain First Amendment to Revolving Credit and Security Agreement dated February 4, 2002 to facilitate the execution of a Commitment Transfer Supplement by and between Lenders and
Fleet Capital Corporation, (ii) certain Letter Agreement, dated as of March 21, 2002, among Borrowers, Agent and Lenders, (iii) certain Second Amendment to Revolving Credit, Term Loan and Security Agreement dated March 5, 2003, (iv) certain Third
Amendment to Revolving Credit, Term Loan and Security Agreement dated August 1, 2003, (v) certain Fourth Amendment to Revolving Credit, Term Loan and Security Agreement dated September 12, 2003, (vi) certain Fifth Amendment to Revolving Credit, Term
Loan and Security Agreement dated October 27, 2003, (vii) certain Sixth Amendment to Revolving Credit, Term Loan and Security Agreement dated November 17, 2003, (viii) certain Seventh Amendment to Revolving Credit, Term Loan and Security Agreement
dated March 12, 2004, (ix) certain Eighth Amendment to Revolving Credit, Term Loan and Security Agreement dated April 27, 2004, (x) certain Ninth Amendment to Revolving Credit and Security Agreement dated September 27, 2004, (xi) certain Tenth
Amendment to Fourth Amended and Restated Revolving Credit and Security Agreement dated February 15, 2005 and (xii) certain Eleventh Amendment to Fourth Amended and Restated Revolving Credit and Security Agreement dated March 30, 2005. 

 C. The Borrowers have requested and the Agent has agreed to modify certain definitions, terms and
conditions in the Loan Agreement. 
  
 D. The parties have agreed,
subject to the terms and conditions of this Amendment, to modify and amend the Existing Financing Agreements. 
  
 NOW THEREFORE, with the foregoing background hereinafter deemed incorporated by reference herein and made part hereof, the parties hereto, intending to be
legally bound, promise and agree as follows: 
  
 1. Upon the
Effective Date (as defined below), Sections I and VII and of the Loan Agreement shall be amended as follows: 
  
 (a) 
  
 (i) The definitions of “Applicable Margin”, “Maximum Loan Amount”, “Maximum Revolving Advance Amount”
and “Revolving Interest Rate” shall be deleted in their entirety and replaced as follows: 
  
 “Applicable Margin” for any period shall be determined by the Fixed Charge Coverage Ratio of Radnor on a Consolidated Basis calculated
for the most recent fiscal quarter with respect to the four fiscal quarters then ended which shall be increased or decreased from time to time, as the case may be, so long as no Default or Event of Default shall have occurred and be continuing, as
of the first day of each fiscal quarter following the fiscal quarter reported upon in the financial statements delivered pursuant to Sections 9.7 and 9.8 hereof. The Applicable Margin with respect to Eurodollar Rate Loans shall be the percentage set
forth below as corresponds to the applicable ratio set forth below: 
  

				
	 Fixed Charge
 Coverage
Ratio

	  	 Revolving Advances
Eurodollar
 Rate Margin

	 
	 Less than 1.15:1
	  	3.50	%
	 1.15:1 to less than 1.50:1
	  	3.25	%
	 1.50:1 to less than 1.75:1
	  	3.00	%
	 1.75:1 or greater
	  	2.75	%

  
 In the event of a
Default or Event of Default hereunder, the Applicable Margin shall at all times thereafter be 3.50%. 
  
 “Maximum Loan Amount” shall mean Seventy Eight Million Dollars ($78,000,000); provided that, upon the earlier of (i) May 1, 2005 or (ii)
Borrowers’ repayment of 
  

 2 

 the outstanding principal balance of Advances by an amount not less than Twenty Million Dollars ($20,000,000) from the
net proceeds of one or more Capital Event(s), Maximum Loan Amount shall mean Seventy Five Million Dollars ($75,000,000). 
  
 “Maximum Revolving Advance Amount” shall mean Seventy Eight Million Dollars ($78,000,000); provided that, upon the earlier of (i) May 1,
2005 or (ii) Borrowers’ repayment of the outstanding principal balance of Advances by an amount not less than Twenty Million Dollars ($20,000,000) from the net proceeds of one or more Capital Event(s), Maximum Revolving Advance Amount shall
mean Seventy Five Million Dollars ($75,000,000). 
  
 “Revolving Interest Rate” shall mean an interest rate per annum equal to (a) the Alternate Base Rate plus fifty (50) basis points with respect to Domestic Rate Loans or (b) the sum of the Eurodollar Rate plus
the Applicable Margin. 
  
 (ii) Section 7.6 shall be deleted in
its entirety and replaced as follows: 
  
 7.6 Capital
Expenditures. Purchase or make any expenditure for fixed or capital assets (including capitalized leases) in an amount in excess of (i) $10,000,000 (or $20,000,000 in the event that (A) Borrowers repay the Advances by an amount not less than
$20,000,000 from the net proceeds of one or more Capital Events, and (B) the Note Advance has been terminated and any Advances outstanding thereunder have been repaid) during fiscal year ending December 31, 2005 with respect to Radnor on a
Consolidated Basis and (ii) $20,000,000 during any fiscal year thereafter with respect to Radnor on a Consolidated Basis. 
  
 (iii) Section 7.17 shall be deleted in its entirety and replaced as follows: 
  
 7.17. Senior Notes. At any time, directly or indirectly, pay, prepay, repurchase, redeem, retire or
otherwise acquire or make any payment on account of any principal of, interest on or premium payable in connection with the repayment or redemption of the Senior Notes, except that Radnor may pay all regularly scheduled payments of interest on the
Senior Notes and principal thereof at maturity, so long as no Event of Default has occurred and is continuing and after giving effect to such payment Borrowers’ Undrawn Availability is not less than $10,000,000. 
  
 2. Representations and Warranties. Each Borrower hereby: 

 
 (a) reaffirms all representations and warranties made to Agent and
Lenders under the Loan Agreement and all of the other Existing Financing Agreements and confirms that all are true and correct as of the date hereof; 
  
 (b) reaffirms all of the covenants contained in the Loan Agreement, as amended hereby, and covenants to abide thereby until all Advances, Obligations and
other liabilities of Borrowers to Agent and Lenders, of whatever nature and whenever incurred, are satisfied and/or released by Agent and Lenders; 
  

 3 

 (c) represents and warrants that no Default or Event of Default has occurred and is continuing under any
of the Existing Financing Agreements; 
  
 (d) represents and
warrants that it has the authority and legal right to execute, deliver and carry out the terms of this Amendment, that such actions were duly authorized by all necessary corporate, partnership or limited liability company action, as applicable, and
that the officers executing this Amendment on its behalf were similarly authorized and empowered, and that this Amendment does not contravene any provisions of its organizational documents or of any contract or agreement to which it is a party or by
which any of its properties are bound; and 
  
 (e) represents and
warrants that this Amendment and all assignments, instruments, documents, and agreements executed and delivered in connection herewith, are valid, binding and enforceable in accordance with their respective terms. 
  
 3. Conditions Precedent/Effectiveness Conditions. This Amendment shall
be effective upon satisfaction of the following conditions precedent (the “Effective Date”) (all documents to be in form and substance satisfactory to Agent and Agent’s counsel): 
  
 (a) Agent shall have received all fees which are due and payable to Agent or
to the Lenders as required by the Loan Agreement, this Amendment or any fee letter entered into by Borrowers and Agent and/or Lenders; 
  
 (b) Each Lender, to the extent required by Agent and/or its counsel, shall have received a fully executed copy of its revolving credit note; 

 
 (c) Agent shall have received the executed legal opinion of Duane Morris
LLP and such other counsel as requested by Agent each in form and substance satisfactory to Agent which shall cover such matters incident to the transactions contemplated by this Amendment, and related agreements as Agent may reasonably require and
each Borrower hereby authorizes and directs such counsel to deliver such opinions to Agent and Lenders; 
  
 (d) Agent shall have received a copy of the resolutions in form and substance reasonably satisfactory to Agent, of the Board of Directors of each Borrower
and Guarantor authorizing the execution, delivery and performance of this Amendment and any related agreements; and 
  
 (e) Agent shall have received all other documents, agreements or information as required by Agent in its sole discretion. 
  
 4. Further Assurances and Affirmative Covenants. Each Borrower hereby
agrees to take all such actions and to execute and/or deliver to Agent and Lenders all such documents, assignments, financing statements and other documents, as Agent and Lenders may reasonably require from time to time, to effectuate and implement
the purposes of this Amendment. 
  
 5. Payment of Expenses.
Borrowers shall pay or reimburse Agent and Lenders for their reasonable attorneys’ fees and expenses in connection with the preparation, negotiation and execution of this Amendment and the documents provided for herein or related hereto.

  

 4 

 6. Reaffirmation of Loan Agreement. Except as modified by the terms hereof, all of the terms and
conditions of the Loan Agreement and all other of the Existing Financing Agreements are hereby reaffirmed and shall continue in full force and effect as therein written. 
  
 7. Miscellaneous. 
  
 (a) Third Party Rights. No rights are intended to be created hereunder for the benefit of any third party donee, creditor, or incidental
beneficiary. 
  
 (b) Headings. The headings of any
paragraph of this Amendment are for convenience only and shall not be used to interpret any provision hereof. 
  
 (c) Modifications. No modification hereof or any agreement referred to herein shall be binding or enforceable unless in writing and signed on
behalf of the party against whom enforcement is sought. 
  
 (d)
Governing Law. The terms and conditions of this Amendment shall be governed by the laws of the Commonwealth of Pennsylvania. 
  
 (e) Counterparts. This Amendment may be executed in any number of counterparts and by facsimile, each of which when so executed shall be deemed to
be an original and all of which taken together shall constitute one and the same agreement. 
  
 [SIGNATURES TO FOLLOW ON SEPARATE PAGES] 
  

 5 

 IN WITNESS WHEREOF, the parties have caused this Amendment to be executed and delivered by their duly
authorized officers as of the date first above written. 
  

			
	RADNOR CHEMICAL CORPORATION
	STYROCHEM DELAWARE, INC.
	RADNOR DELAWARE II, INC.
	STYROCHEM GP, LLC
	By:	 	Radnor Chemical Corporation,
	 	 	its Sole Member
	STYROCHEM LP, LLC
	By:	 	Radnor Chemical Corporation,
	 	 	its Sole Member
	STYROCHEM U.S., LTD.,
	By:	 	StyroChem GP, LLC, its General Partner
	By:	 	Radnor Chemical Corporation,
	 	 	its Sole Member
		
	By:	 	 /s/ R. Radcliffe Hastings

	 	 	R. Radcliffe Hastings, Executive Vice President
	
	RADNOR HOLDINGS CORPORATION
	WINCUP HOLDINGS, INC.
	WINCUP GP, LLC
	By:	 	WinCup Holdings, Inc.,
	 	 	its Sole Member
	WINCUP LP, LLC
	By:	 	WinCup Holdings, Inc.
	 	 	its Sole Member
	WINCUP TEXAS, LTD.
	By:	 	WinCup GP, LLC
	 	 	its General Partner
	By:	 	WinCup Holdings, Inc.
	 	 	its Sole Member
		
	By:	 	 /s/ R. Radcliffe Hastings

	 	 	R. Radcliffe Hastings, Executive Vice President

  
 (Signature
Page to Twelfth Amendment) 
  

 S-1 

			
	Agents:
	PNC BANK, NATIONAL ASSOCIATION,
	as Lead Arranger and Administrative Agent
		
	By:	 	 /s/ Janeann Fehrle

	 	 	Janeann Fehrle, Vice President
	
	FLEET CAPITAL CORPORATION,
	as Documentation Agent
		
	By:	 	 /s/ Robert Anchundia

	 	 	Robert Anchundia, Vice President
	
	Lenders:
	PNC BANK, NATIONAL ASSOCIATION,
	as Lender
		
	By:	 	 /s/ Janeann Fehrle

	 	 	Janeann Fehrle, Vice President

			
	
	Commitment Percentage
		
	 Maximum Revolving Loan
Amount

	 	 Commitment Percentage

	If less than or equal to $75,000,000	 	33.33333332%
	If greater than $75,000,000	 	33.760683756%

			
	
	FLEET CAPITAL CORPORATION,
	as Lender
		
	By:	 	 /s/ Robert Anchundia

	 	 	Robert Anchundia, Vice President

			
	
	Commitment Percentage
		
	 Maximum Revolving Loan
Amount

	 	 Commitment Percentage

	If less than or equal to $75,000,000	 	27.7777777867%
	If greater than $75,000,000	 	27.777777782%

  
 (Signature
Page to Twelfth Amendment) 
  

 S-2 

			
	LASALLE BUSINESS CREDIT, LLC,
	as Lender
		
	By:	 	 /s/ Ellen T. Cook

	 	 	Ellen T. Cook, First Vice President
	
	Commitment Percentage

			
		
	 Maximum Revolving Loan
Amount

	 	 Commitment Percentage

	If less than or equal to $75,000,000	 	27.7777777867%
	If greater than $75,000,000	 	27.777777782%

			
	
	FIFTH THIRD BANK,
	as Lender
		
	By:	 	 /s/ Donald K. Mitchell

	 	 	Donald K. Mitchell, Vice President

			
	
	Commitment Percentage
		
	 Maximum Revolving Loan
Amount

	 	 Commitment Percentage

	If less than or equal to $75,000,000	 	11.1111111067%
	If greater than $75,000,000	 	10.683760679%

  
 (Signature
Page to Twelfth Amendment) 
  

 S-3

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