Document:

Warrant Agreement

 EXHIBIT 10.24 
 THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR UNDER ANY STATE SECURITIES LAWS AND, ACCORDINGLY, MAY NOT BE SOLD, TRANSFERRED, OR OTHERWISE DISPOSED
OF EXCEPT (1) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER SUCH ACT AND APPLICABLE STATE SECURITIES LAWS OR (2) PURSUANT TO AN APPLICABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF SUCH ACT AND SUCH LAWS. 
 WARRANT AGREEMENT 
 To Purchase
Shares of Nonvoting Common Stock, par value $.10 per share of 
 RADNOR HOLDINGS CORPORATION 
 Dated as of April 4, 2006 (the “Effective Date”) 
 WHEREAS, Radnor Holdings Corporation, a Delaware corporation (the “Company”), has entered into a Purchase Agreement dated as of the date hereof (the “Purchase Agreement”) with
Special Value Expansion Fund, LLC, a Delaware limited liability company and Special Value Opportunities Fund, LLC, a Delaware limited liability company, pursuant to which such purchasers are entitled to receive warrants to purchase a number of
shares of the Company’s Nonvoting Common Stock equal to 7.0% (assuming the exercise of outstanding warrants, including this Warrant Agreement, to purchase 1,031 shares) as of the date hereof of the sum of the Company’s outstanding
Nonvoting Common Stock (as defined below) and Class B Nonvoting Common Stock, par value $0.01 per share (the “Class B Nonvoting Common Stock”); and 
 WHEREAS, pursuant to the Purchase Agreement, the Company desires to grant to Warrantholder, in consideration for its commitment under the Purchase Agreement, the right to purchase shares of the Company’s
Nonvoting Common Stock, $.10 par value per share (the “Nonvoting Common Stock”). 
 NOW, THEREFORE, in consideration
of the Warrantholder’s execution of the Purchase Agreement and providing the financial accommodations provided for therein, and the mutual covenants and agreements contained herein, the Company and the Warrantholder agree as follows:

 1. GRANT OF THE RIGHT TO PURCHASE NONVOTING COMMON STOCK. 
 The Company hereby grants to Special Value Opportunities Fund, LLC (the “Warrantholder”), and the Warrantholder is entitled, upon the terms and subject to the conditions hereinafter set forth, to
subscribe to and purchase, from the Company, at a purchase price per share equal to $0.01 (the “Exercise Price”) under this Warrant Agreement (“Warrant Agreement” or this “Warrant”), three hundred
thirty-two (332) fully paid and non-assessable shares of the Nonvoting Common Stock. The number of shares and Exercise Price for such shares set forth in this Section 1 are subject to adjustment as provided in Section 8 hereof.

 2. TERM OF THE WARRANT AGREEMENT. 
 Except as otherwise provided for herein, the term of this Warrant Agreement and the right to purchase Nonvoting Common Stock as granted herein shall commence on the Effective Date and shall be exercisable for a period ending on the seventh
(7th) anniversary of the Effective Date. 
 3. EXERCISE OF THE PURCHASE RIGHTS. 
 (a) Exercise. The purchase rights set forth in this Warrant Agreement are exercisable by the Warrantholder, in whole or in part, at any
time, or from time to time, prior to the expiration of the term set forth in Section 2 above, by tendering to the Company at its principal office a notice of exercise in the form attached hereto as Exhibit I (the “Notice of
Exercise”), duly completed and executed. Promptly upon receipt of the Notice of Exercise and the payment of the Exercise Price in accordance with the terms set forth below, and in no event later 

 than five (5) business days thereafter, the Company shall issue to the Warrantholder a certificate for the number of
shares of Nonvoting Common Stock purchased and shall execute the acknowledgment of exercise in the form attached hereto as Exhibit II (the “Acknowledgment of Exercise”) indicating the number of shares which remain subject to
future purchases, if any. Notwithstanding the foregoing, in the event that the Warrantholder elects to effect a Net Issuance (as defined below), the Company and the Warrantholder shall execute, and shall effect such Net Issuance pursuant to, an
exchange agreement in the form attached hereto as Exhibit III (the “Exchange Agreement”). 
 The Exercise Price may
be paid at the Warrantholder’s election either (i) by cash or check, or (ii) at any time on or after the Company completes a registered public offering of its common stock (the “Common Stock”), by surrender of
Warrants (“Net Issuance”) as determined below. 
 If the Warrantholder elects the Net Issuance method, the Company will
issue Nonvoting Common Stock in accordance with the following formula: 
  

					
		  		  	X= Y(A-B)
		  		  	          A
			
	Where:	  	X =	  	the number of shares of Nonvoting Common Stock to be issued to the Warrantholder.
			
		  	Y =	  	the number of shares of Nonvoting Common Stock requested to be exercised under this Warrant Agreement.
			
		  	A =	  	the fair market value of one (1) share of Common Stock at the time the net issuance election is made.
			
		  	B =	  	the Exercise Price.

 For purposes of the above calculation, current fair market value of Common Stock shall mean with
respect to each share of Common Stock: 
 (i) if the exercise is in connection with an initial public offering of the
Company’s Common Stock, and if the Company’s Registration Statement relating to such public offering has been declared effective by the SEC, then the fair market value per share shall be the initial “Price to Public” of the
Common Stock specified in the final prospectus with respect to the offering; 
 (ii) if this Warrant is exercised after, and
not in connection with the Company’s initial public offering, and: 
 (a) if the Common Stock is traded on a securities
exchange, the fair market value shall be deemed to be the average of the closing prices over a ten (10) day period ending three days before the day the current fair market value of the Nonvoting Common Stock is being determined; or 

(b) if the Common Stock is traded over-the-counter, the fair market value shall be deemed to be the average of the closing bid and
asked prices quoted on the NASDAQ system (or similar system) over the ten (10) day period ending three days before the day the current fair market value of the Nonvoting Common Stock is being determined. 
 (iii) if at any time the Common Stock is not listed on any securities exchange or quoted in the NASDAQ system or over-the-counter market,
then the Exercise Price may be paid only by cash or check. 
 Upon partial exercise by either cash or Net Issuance, the Company shall
promptly issue an amended Warrant Agreement representing the remaining number of shares purchasable hereunder. All other terms and conditions of such amended Warrant Agreement shall be identical to those contained herein, including, but not limited
to, the Effective Date hereof. 
 (b) Exercise Prior to Expiration. Notwithstanding any other provision of this Warrant
Agreement and to the extent this Warrant is not previously exercised as to all Nonvoting Common Stock subject hereto, and if the fair market value of one share of Common Stock, calculated as set forth above, is greater than the Exercise Price then
in effect, this Warrant shall be deemed automatically exercised by Net Issuance pursuant to Section 3(a) above (even if not surrendered) immediately before its expiration. For purposes of such automatic exercise, the fair market value of one
share of Common Stock upon such expiration shall be determined pursuant to Section 3(a) above. To 
  

 2 

 the extent this Warrant or any portion thereof is deemed automatically exercised pursuant to this Section 3(b), the
Company agrees to promptly notify the Warrantholder of the number of shares of Nonvoting Common Stock the Warrantholder is to receive by reason of such automatic exercise. 
 4. RESERVATION OF SHARES. 
 During the term of this Warrant Agreement, the Company will at all
times have authorized and reserved a sufficient number of shares of its Nonvoting Common Stock to provide for the exercise of the rights to purchase Nonvoting Common Stock as provided for herein. 
 5. NO FRACTIONAL SHARES OR SCRIP. 
 No
fractional shares or scrip representing fractional shares shall be issued upon the exercise of the Warrant, but in lieu of such fractional shares the Company shall make a cash payment therefor upon the basis of the Exercise Price then in effect.

 6. NO RIGHTS AS STOCKHOLDER. 
 This Warrant Agreement alone does not entitle the Warrantholder to any voting rights or other rights as a stockholder of the Company prior to the exercise of the Warrant. 
 7. WARRANTHOLDER REGISTRY. 
 The Company shall maintain a registry showing the name and address
of the registered holder of this Warrant Agreement. 
 8. ADJUSTMENT RIGHTS. 
 The purchase price per share and the number of shares of Nonvoting Common Stock purchasable hereunder are subject to adjustment, as follows: 

(a) Merger and Sale of Assets. If at any time there shall be a capital reorganization of the shares of the Company’s stock (other
than a combination, reclassification, exchange or subdivision of shares otherwise provided for herein), or a merger or consolidation of the Company with or into another corporation whether or not the Company is the surviving corporation, or the sale
of all or substantially all of the Company’s properties and assets to any other person (hereinafter referred to as a “Merger Event”), then, as a part of such Merger Event, lawful provision shall be made so that the
Warrantholder shall thereafter be entitled to receive, upon exercise of the Warrant, the number of shares of stock, property, money or other securities of the successor corporation resulting from such Merger Event, equivalent in value to that which
would have been issuable if Warrantholder had exercised this Warrant immediately prior to the Merger Event. In any such case, appropriate adjustment (as determined in good faith by the Company’s Board of Directors) shall be made in the
application of the provisions of this Warrant Agreement with respect to the rights and interest of the Warrantholder after the Merger Event to the end that the provisions of this Warrant Agreement (including adjustments of the Exercise Price and
number of shares of Nonvoting Common Stock purchasable) shall be applicable to the greatest extent possible. 
 (b) Reclassification of
Shares. If the Company at any time shall, by combination, reclassification, exchange or subdivision of securities or otherwise, change any of the securities as to which purchase rights under this Warrant Agreement exist into the same or a
different number of securities of any other class or classes, this Warrant Agreement shall thereafter represent the right to acquire such number and kind of securities as would have been issuable as the result of such change with respect to the
securities which were subject to the purchase rights under this Warrant Agreement immediately prior to such combination, reclassification, exchange, subdivision or other change. 
 (c) Subdivision or Combination of Shares. If the Company at any time shall combine its Nonvoting Common Stock or its Class B Nonvoting
Common Stock, the number of shares exercisable under this Warrant Agreement shall be proportionately decreased (on a weighted average with regard to the class or classes of shares being adjusted) and the Exercise Price shall be proportionately
increased (on a weighted average with regard to the class or classes of shares being adjusted), and if the Company at any time shall subdivide its Nonvoting Common Stock or its Class B Nonvoting Common Stock, the number of shares exercisable under
this Warrant Agreement shall be proportionately increased (on a weighted average with regard to the class or classes of shares being adjusted) and the Exercise Price shall be proportionately decreased (on a weighted average with regard to the class
or classes of shares being adjusted). 
  

 3 

 (d) Stock Dividends. If the Company at any time shall pay a dividend payable in, or make
any other distribution (except any distribution specifically provided for in the foregoing subsections (a) or (b) or a distribution payable in cash or any other property other than capital stock) on the Company’s Nonvoting Common
Stock or its Class B Nonvoting Common Stock, then the number of shares exercisable under this Warrant Agreement shall be adjusted, from and after the record date of such dividend or distribution, to that number and type of shares of Nonvoting Common
Stock that would have been received by the holder of this Warrant had the Warrantholder exercised this Warrant immediately prior to the payment of such dividend or distribution. After such adjustment, such adjusted number of shares receivable upon
exercise of this Warrant shall be further adjusted from time as set forth in this Section 8. 
 (e) Exercise of Options.
If at any time any of the options to purchase 661 shares of the Company’s Nonvoting Common Stock outstanding on the date hereof (the “Options”) are duly exercised, then the number of shares exercisable under this Warrant
Agreement shall be adjusted, from and after any such exercise date, to that number of shares that would have been issuable hereunder had such options been exercised on or prior to the date hereof reduced by any shares as to which the Warrantholder
has previously exercised this Warrant Agreement, including any exercise of the rights in Section 13 hereof. 
 (f) Notice of
Amendments. The Company shall promptly provide the Warrantholder with any restatement, amendment, modification or waiver of the Company’s Certificate of Incorporation that pertains to the Nonvoting Common Stock or the Class B Nonvoting
Common Stock. 
 (g) Notice of Adjustments. If: (i) the Company shall declare any dividend or distribution upon its stock,
whether in cash, property, stock or other securities; (ii) the Company shall offer for subscription prorata to the holders of any class of its stock any additional shares of stock of any class or other rights; (iii) there shall be any
Merger Event; (iv) there shall be an initial public offering or any Options shall be duly exercised; or (v) there shall be any voluntary dissolution, liquidation or winding up of the Company; then, in connection with each such event, the
Company shall send to the Warrantholder: (A) no later than the date such notice, if any, is provided to the Company’s stockholders, written notice of the date on which the books of the Company shall close or a record shall be taken for
such dividend, distribution, subscription rights (specifying the date on which the holders of Nonvoting Common Stock or Class B Nonvoting Common Stock shall be entitled thereto) or for determining rights to vote in respect of such Merger Event,
dissolution, liquidation or winding up; (B) in the case of any such Merger Event, dissolution, liquidation or winding up, no later than the date such notice, if any, is provided to the Company’s stockholders, written notice of the date
when the same shall take place (and specifying the date on which the holders of Nonvoting Common Stock shall be entitled to exchange their Nonvoting Common Stock for securities or other property deliverable upon such Merger Event, dissolution,
liquidation or winding up); (C) in the case of a public offering, the Company shall give the Warrantholder no later than the date such notice, if any, is provided to the Company’s stockholders, written notice prior to the effective date
thereof; and (D) in the case of any exercise of Options, the Company shall give the Warrantholder written notice of such exercise. To the extent the foregoing provisions conflict with any term of the Investor Rights Agreement (as defined
below), the Investor Rights Agreement shall control. 
 Each such written notice shall set forth, in reasonable detail, (i) the event
requiring the adjustment, (ii) the amount of the adjustment, (iii) the method by which such adjustment was calculated, (iv) the Exercise Price, and (v) the number of shares subject to purchase hereunder after giving effect to
such adjustment, and shall be given by first class mail, postage prepaid, addressed to the Warrantholder, at the address as shown on the books of the Company. 
 (h) Timely Notice. Failure to timely provide such notice required by subsection (f) above shall entitle Warrantholder to retain the benefit of the applicable notice period notwithstanding anything
to the contrary contained in any insufficient notice received by Warrantholder. 
 9. REPRESENTATIONS, WARRANTIES AND COVENANTS OF THE COMPANY .

 (a) Reservation of Common Stock. The Nonvoting Common Stock issuable upon exercise of the Warrantholder’s rights has
been duly and validly reserved and, when issued in accordance with the provisions of this Warrant Agreement, will be validly issued, fully paid and non-assessable, and will be free of any taxes, liens, charges or encumbrances of any nature
whatsoever; provided, however, that the Nonvoting Common Stock issuable pursuant to this Warrant Agreement may be subject to restrictions on transfer under state and/or Federal securities laws. The Company has made available to the Warrantholder
true, correct and complete copies of its Charter and Bylaws, as amended. The issuance of certificates for shares of Nonvoting Common Stock upon exercise of the Warrant Agreement shall be made without charge to the Warrantholder for any issuance tax
in respect thereof, or other cost incurred by the Company in connection with such exercise and the related issuance of shares of Nonvoting Common Stock. The Company shall not be required to pay any tax which may be payable in respect of any transfer
involved and the issuance and delivery of any certificate in a name other than that of the Warrantholder. 
  

 4 

 (b) Due Authority. The execution and delivery by the Company of this Warrant Agreement and
the performance of all obligations of the Company hereunder, including the issuance to Warrantholder of the right to acquire the shares of Nonvoting Common Stock, have been duly authorized by all necessary corporate action on the part of the
Company, and this Warrant Agreement is not inconsistent with the Company’s Charter or Bylaws, does not contravene any law or governmental rule, regulation or order applicable to it, does not and will not contravene any provision of, or
constitute a default under, any indenture, mortgage, contract, shareholders agreement, registration rights agreement or other instrument to which it is a party or by which it is bound, and constitutes a legal, valid and binding agreement of the
Company, enforceable in accordance with its terms. 
 10. TRANSFERS. 
 Subject to the terms and conditions contained in the Investor Rights Agreement dated as of even date herewith (as amended from time to time, the
“Investor Rights Agreement”) among the Company, the Warrantholder and other holders of the Company’s securities, this Warrant Agreement and all rights hereunder are transferable in whole or in part by the Warrantholder and any
successor transferee. The transfer shall be recorded on the books of the Company upon receipt by the Company of a notice of transfer in the form attached hereto as Exhibit IV (the “Transfer Notice”), at its principal offices
and the payment to the Company of all transfer taxes and other governmental charges imposed on such transfer. 
 11. REGISTRATION RIGHTS.
Warrantholder shall be entitled, with respect to the shares of Nonvoting Common Stock issued upon exercise hereof or the shares of Common Stock or other securities issued upon conversion of such Nonvoting Common Stock as the case may be, to all of
the registration rights set forth in the Investor Rights Agreement. 
 12. DEFINITIONS. 
 (a) For the purposes of this Warrant Agreement, the following terms shall have the meanings indicated: 
 “Acknowledgment of Exercise” shall have the meaning given thereto in Section 3(a) hereof. 
 “Capital Stock” means, with respect to any Person, any common stock, preferred stock and any other capital stock of such Person and
shares, interests, participations or other ownership interest (however designated), of any Person and any rights (other than debt securities convertible into, or exchangeable for, capital stock), warrants or options to purchase any of the foregoing,
including (without limitation) each class of common stock and preferred stock of such Person if such Person is a corporation and each general and limited partnership interest of such Person if such Person is a partnership. 
 “Class B Nonvoting Common Stock” shall have the meaning given thereto in the preambles hereof. 
 “Common Stock” shall have the meaning given thereto in Section 3(a) hereof. 
 “Company” shall have the meaning given thereto in the preambles hereof. 
 “Company Independent Appraiser” shall have the meaning given thereto in Section 13(a) hereof. 
 “Effective Date” shall have the meaning given thereto in the heading of this Warrant Agreement. 
 “Equity Interests” means shares, interests, participations or other equivalents (however designated) of Capital Stock and all warrants,
options or other rights to acquire Capital Stock (but excluding any debt security that is convertible into, or exchangeable for, Capital Stock). 
 “Exchange Agreement” shall have the meaning given thereto in Section 3(a) hereof. 
 “Exercise
Price” shall have the meaning given thereto in Section 1 hereof. 
 “Investor Rights Agreement” shall have the
meaning given thereto in Section 10 hereof. 
  

 5 

 “Merger Event” shall have the meaning given thereto in Section 8(a) hereof.

 “Mutual Determination” shall have the meaning given thereto in Section 13(a) hereof. 
 “Mutual Independent Appraiser” shall have the meaning given thereto in Section 13(a) hereof. 
 “Net Issuance” shall have the meaning given thereto in Section 3(a) hereof. 
 “Nonvoting Common Stock” shall have the meaning given thereto in the preambles hereof. 
 “Notice of Exercise” shall have the meaning given thereto in Section 3(a) hereof. 
 “Options” shall have the meaning given thereto in Section 8(e) hereof. 
 “Party Determination” shall have the meaning given thereto in Section 13(a) hereof. 
 “Person” means any individual, corporation, partnership, limited partnership, limited liability company, joint venture, association,
joint-stock company, trust, unincorporated organization, government or any agency or political subdivision thereof or any other entity. 
 “Purchase Agreement” shall have the meaning given thereto in the preambles hereof. 
 “Put Notice”
shall have the meaning given thereto in Section 13(a) hereof. 
 “Put Option” shall have the meaning given thereto in
Section 13(a) hereof. 
 “Transfer Notice” shall have the meaning given thereto in Section 10 hereof. 

“Warrant” or “Warrant Agreement” shall have the meaning given thereto in Section 1 hereof. 
 “Warrantholder” shall have the meaning given thereto in Section 1 hereof. 
 “Warrantholder Independent Appraiser” shall have the meaning given thereto in Section 13(a) hereof. 
 (b) Capitalized terms used but not defined herein shall have the respective meanings given thereto in the Purchase Agreement. 
 13. PUT OPTION. 
 (a) At any time after
March 31, 2010, upon written demand from the Warrantholder (such written demand, the “Put Notice”), the Company shall purchase and the Warrantholder shall sell the number of Warrants indicated in the Put Notice (the
“Put Option”) at a price equal to the Fair Market Value of such Warrants. For purposes of this Section 13, “Fair Market Value” of a Warrant shall be the fair market value of the Warrant determined as of the date of
delivery of the Put Notice to the Company by reference to the current fair market value of Common Stock if such current fair market value can be determined pursuant to Section 3(a) hereof. If such current fair market value cannot be determined
pursuant to Section 3(a) hereof, “Fair Market Value” of a Warrant shall be the fair market value of the Warrant, determined as of the date of delivery of the Put Notice to the Company, as agreed between the Company and the
Warrantholder as the result of good faith negotiations between them, within fifteen (15) days of the date of delivery of the Put Notice to the Company. If the Company and the Warrantholder are not able to agree on the Fair Market Value of a
Warrant pursuant to the preceding sentence within fifteen (15) days of the date of delivery of the Put Notice to the Company, “Fair Market Value” of a Warrant shall be the fair market value of the Warrant, determined in each case as
of the date of delivery of the Put Notice to the Company, by an independent appraiser or independent appraisers as follows: 
 (i) within 15 days of delivery of the Put Notice to the Company, the Warrantholder shall select an independent appraiser (the “Warrantholder Independent Appraiser”) and provide written notice to the Company of the identity
of such independent appraiser, and the Company shall select an independent appraiser (the “Company Independent Appraiser”) and provide written notice to the Warrantholder of the identity of such independent appraiser. The Company
and the Warrantholder shall instruct the Company Independent Appraiser and the Warrantholder Independent Appraiser to work together in good faith to select a third independent appraiser (the “Mutual Independent Appraiser”) within 20
days of delivery of the Put Notice to the Company. 
  

 6 

 (ii) Fair Market Value shall be as determined by the Warrantholder Independent Appraiser;
provided that if, within five days of receipt of the determination of Fair Market Value made by the Warrantholder Independent Appraiser, the Company provides written notice to the Warrantholder that the Company objects to such determination,
the Company shall obtain, as promptly as is reasonably practicable and in any event within 30 days of receipt of the determination of Fair Market Value made by the Warrantholder Independent Appraiser, a determination of fair market value from the
Company Independent Appraiser (each of the determination of fair market value of the Warrantholder Independent Appraiser and the determination of fair market value of the Company Independent Appraiser, a “Party Determination” and
together the “Party Determinations”) and shall, within five days of receipt thereof, provide written notice of such determination to the Warrantholder. 
 (iii) In the event that the Company obtains a determination of fair market value from the Company Independent Appraiser pursuant to the
foregoing subclause (ii), (A) in the event that the lower of the Party Determinations is not more than 10% lower that the higher of the Party Determinations, Fair Market Value shall be the average of the Party Determinations, and (B) in
the event that the lower of the Party Determinations is 10% or more lower than the higher of the Party Determinations, the parties shall obtain, as promptly as is reasonably practicable and in any event within 30 days of the receipt of the
determination of the Company Independent Appraiser, a determination of fair market value from the Mutual Independent Appraiser (a “Mutual Determination”). 
 (iv) In the event that the parties obtain a Mutual Determination pursuant to the foregoing subclause (iii), (X) if the Mutual
Determination is greater than the lower of the Party Determinations, but lesser than the higher of the Party Determinations, then Fair Market Value shall be the Mutual Determination, (Y) if the Mutual Determination is less than or equal to the
lower of Party Determinations, then Fair Market Value shall be the lower of the Party Determinations, and (Z) if the Mutual Determination is equal to or greater than the higher of the Party Determinations, then Fair Market Value shall be the
higher of the Party Determinations. 
 The Company agrees to cooperate with the appraisers and to provide the appraisers with such access to the
Company’s books, records and personnel as the appraisers might reasonably require in making such determinations. The fees and expenses of any such determination made by the appraisers shall be borne by the Company. The Fair Market Value of the
Warrants shall be based upon a valuation of the Company as if all of its operations were being sold to a single purchaser in an arm’s length transaction between a willing purchaser and a willing seller through a disposition of all of its stock
or assets and such valuation shall be determined without regard to the fact that the shares issuable upon exercise of the Warrants may constitute a minority ownership interest in a closely held corporation and shall not give effect to any discount
for lack of liquidity of the Warrants or the shares issuable upon exercise of the Warrants, the fact that the Warrants or the shares issuable upon exercise of the Warrants may not be registered under the Securities Act or any contractual
restrictions limiting the ability of the Warrantholder to dispose of the Warrants or the shares issuable upon exercise of the Warrants or limiting the ability of a transferee of such shares to transfer such shares. 
 (b) The Put Option can be exercised for all or some of the Warrants and on up to three (3) occasions; provided that the
Put Option cannot be exercised more than twice in any calendar year.  
 (c) The consummation of any exercise of the Put Option shall
occur on such date as may be agreed between the Warrantholder and the Company but in no event later than thirty (30) days after the later of (i) delivery of the applicable Put Notice and (ii) the determination of the Fair Market Value
of the Warrants subject to the Put Option pursuant to Section 13(a) hereof. 
 14. MISCELLANEOUS. 
 (a) Effective Date. The provisions of this Warrant Agreement shall be construed and shall be given effect in all respects as if it had been
executed and delivered by the Company on the date hereof. This Warrant Agreement shall be binding upon any successors or assigns of the Company. 
 (b) Attorneys’ Fees. In any litigation, arbitration or court proceeding between the Company and the Warrantholder relating hereto, the prevailing party shall be entitled to attorneys’ fees and expenses and all costs
of proceedings incurred in enforcing this Warrant Agreement. 
 (c) Governing Law. This Warrant Agreement shall be governed by
and construed for all purposes under and in accordance with the laws of the State of New York. 
  

 7 

 (d) Counterparts. This Warrant Agreement may be executed in two or more counterparts, each
of which shall be deemed an original, but all of which together shall constitute one and the same instrument. 
 (e) Notices.
Any notice required or permitted hereunder shall be given in writing and shall be deemed effectively given upon personal delivery, facsimile transmission (provided that the original is sent by personal delivery or mail as hereinafter set forth)
or seven (7) days after deposit in the United States mail, by registered or certified mail, addressed (i) to the Warrantholder at 2951 28th Street, Suite 1000, Santa Monica, CA 90405 (and/or, if by facsimile, (310) 899-4967); and (ii) to the Company at Radnor Financial Center, Suite 300, 150 Radnor Chester Road, Radnor,
Pennsylvania 19087, Attention: Michael T. Kennedy (Fax: (610) 995-2697), with a copy to Duane Morris LLP, 30 South 17th Street, Philadelphia, Pennsylvania 19103-4196, Attention: Thomas G. Spencer (Fax: (215) 979-1020); or at such other address as any such party may subsequently designate by written notice to the other party. 
 (f) Remedies. In the event of any default hereunder, the non-defaulting party may proceed to protect and enforce its rights either by suit
in equity and/or by action at law, including but not limited to an action for damages as a result of any such default, and/or an action for specific performance for any default where Warrantholder will not have an adequate remedy at law and where
damages will not be readily ascertainable. The Company expressly agrees that it shall not oppose an application by the Warrantholder or any other person entitled to the benefit of this Warrant Agreement requiring specific performance of any or all
provisions hereof or enjoining the Company from continuing to commit any such breach of this Warrant Agreement. 
 (g) No Impairment of
Rights. The Company will not, by amendment of its Charter or through any other means, avoid or seek to avoid the observance or performance of any of the terms of this Warrant, but will at all times in good faith assist in the carrying out of
all such terms and in the taking of all such actions as may be necessary or appropriate in order to protect the rights of the Warrantholder against impairment. The foregoing notwithstanding, the Company shall not be deemed to have impaired the
Warrantholder’s rights hereunder if it amends its Charter, or the holders of the Nonvoting Common Stock or Class B Nonvoting Common Stock waive rights thereunder, in a manner that does not affect the Warrantholder in a manner different from the
effect that such amendments or waivers have on the rights of the holders of the Nonvoting Common Stock or Class B Nonvoting Common Stock. 
 (h) Survival. The representations, warranties, covenants and conditions of the respective parties contained herein or made pursuant to this Warrant Agreement shall survive the execution and delivery of this Warrant Agreement.

 (i) Severability. In the event any one or more of the provisions of this Warrant Agreement shall for any reason be held
invalid, illegal or unenforceable, the remaining provisions of this Warrant Agreement shall be unimpaired, and the invalid, illegal or unenforceable provision shall be replaced by a mutually acceptable valid, legal and enforceable provision, which
comes closest to the intention of the parties underlying the invalid, illegal or unenforceable provision. 
 (j) Amendments.
Any provision of this Warrant Agreement may be amended or waived by a written instrument signed by the Company and by the Warrantholder, except as may otherwise be provided in the Purchase Agreement. 
  

 8 

 IN WITNESS WHEREOF, the parties hereto have caused this Warrant Agreement to be executed by its
officers thereunto duly authorized as of the Effective Date. 
  

					
	 COMPANY:
	 	RADNOR HOLDINGS CORPORATION
			
		 	By:	 	 /s/ Michael T. Kennedy

		 	Title:	 	President and CEO
		
	 WARRANTHOLDER:
	 	SPECIAL VALUE OPPORTUNITIES FUND, LLC
			
		 	By:	 	 /s/ José Feliciano

		 	Title:	 	Authorized Signatory

  
 [Signature page to Warrant]

 EXHIBITS OMITTEDStock Purchase Agreement

 EXHIBIT 10.25 
 STOCK PURCHASE AGREEMENT 
 THIS STOCK PURCHASE AGREEMENT (this “Agreement”)is made
as of the 4th day of April, 2006, by and between Radnor Holdings Corporation (the “Company”), a Delaware corporation, and Michael T. Kennedy (the “Buyer”). 
 Recitals: 
 The Company wishes to sell to the Buyer, and the Buyer wishes
to purchase from the Company, 50 shares of the Company’s Series B Convertible Preferred Stock, in accordance with the terms and provisions of this Agreement. 
 NOW, THEREFORE, in consideration of the mutual covenants and agreements set forth herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and intending to be
legally bound hereby, the parties agree as follows: 
 1. Purchase and Sale. 
 (a) Number of Shares. On the date hereof the Company is selling to the Buyer, and the Buyer is purchasing from the Company, 50 shares of the
Company’s Series B Convertible Preferred Stock. The shares being purchased and sold pursuant to this Agreement are hereinafter sometimes referred to individually as a “Share” and collectively as the “Shares.” 
 (b) Purchase Price. The purchase price for the Shares being purchased hereunder is $20,000 per Share, an aggregate of $1,000,000. 
 2. Representations and Warranties of the Company. The Company represents and warrants to the Buyer as follows: 
 (a) Validity of Issuance. The Shares being sold by the Company hereunder have been duly authorized, and, upon the issuance of such Shares to the
Buyer in accordance with the terms and provisions of this Agreement, the Shares will be validly issued, fully paid and nonassessable. 
 (b) Organization. The Company (i) is a corporation duly organized and validly existing and in good standing under the laws of the jurisdiction of its incorporation, and (ii) has the corporate power and authority to own its
property and assets and to transact the business in which it is engaged. 
 (c) Authority. The Company has the corporate power to
execute, deliver and carry out the terms and provisions of this Agreement and has taken all necessary corporate action to authorize the execution, delivery and performance of this Agreement by the Company. 
 (d) No Consent Required. No authorization, consent or approval of, or exemption by, any governmental or public body or authority is required to
authorize, or is required in connection with, the execution, delivery and performance of any of this Agreement, or the taking of any action contemplated hereby, by the Company, except those that have been obtained or are available. 

 (c) No Violation. Neither the execution and delivery of this Agreement, nor compliance with any of
the terms and provisions hereof, nor the consummation of any of the transactions herein contemplated will: (i) violate any law, regulation, order, writ, injunction or decree of any court or governmental department, commission, board, bureau,
agency or instrumentality applicable to the Company, or (ii) conflict or be inconsistent with, or result in any breach of, any of the terms, covenants, conditions or provisions of, or constitute a default under, or result in the creation or
imposition of (or the obligation to create or impose) any lien, charge or encumbrance upon any of the property or assets of the Company pursuant to the terms of any indenture, mortgage, deed of trust, agreement or other instrument, to which the
Company is a party or by which it may be bound or to which it may be subject, or (iii) violate any provision of any of the organizational documents of the Company. 
 3. Representations and Warranties of the Buyer. The Buyer represents and warrants to the Company as follows: 
 (a) No Registration of the Shares. The Buyer understands that: (i) the Shares are being sold to the Buyer under certain exemptions from the registration provisions of the Securities Act of 1933 (the “Securities Act”);
(ii) the Buyer is purchasing such Shares without being furnished any offering literature or prospectus; and (iii) the sale of the Shares has not been examined by the Securities and Exchange Commission or by any agency charged with the
administration of the securities laws of any state or other jurisdiction. The Buyer represents and warrants that he has such knowledge and experience in financial and business matters that he is capable of evaluating the merits and risks of an
investment in the Shares and of making an informed investment decision with respect thereto. The Buyer understands that the Company is relying on the truth and accuracy of the representations, declarations and warranties made herein by the Buyer in
selling the Shares hereunder without having first registered such Shares under the Securities Act or under the securities laws of any state or other jurisdiction. 
 (b) Investment Intent. The Buyer confirms that: (i) he understands that there are substantial restrictions on the transferability of the Shares and, accordingly, it may not be possible for him to liquidate
his investment in the Shares in case of emergency; and (ii) he is able to bear the economic risk of this investment in the Shares, to hold the Shares for an indefinite period of time, and currently to afford a complete loss of this investment.
The Shares being acquired by the Buyer hereunder are being acquired in good faith solely for his own personal account, for investment purposes only, and are not being purchased with a view to or for the resale, distribution, subdivision or
fractionalization thereof. The Buyer does not have any contract, undertaking, understanding, agreement or arrangement, formal or informal, with any person to sell, transfer or pledge to any person the Shares being acquired hereunder, or any part
thereof, and has no current plan to enter into any such contract, undertaking, agreement or arrangement. The Buyer understands that the legal consequences of the foregoing representations and warranties are that he must bear the economic risk of
this investment in the Shares for an indefinite period of time because the Shares have not been registered under the Securities Act. 
  

 2 

 (c) Decision to Invest. The Buyer confirms that, in making his decision to invest in the Shares,
he has relied solely upon independent investigations made by him or his representatives and advisors, and that he and such representatives and advisors have been given the opportunity to ask questions of, and to receive answers from, management of
the Company with respect to the Company and the Company’s Series B Convertible Preferred Stock. 
 (d) Authority. The Buyer has
the power to execute, deliver and carry out the terms and provisions of this Agreement. 
 (e) No Consent Required. No authorization,
consent or approval of, or exemption by, any governmental or public body or authority is required to authorize, or is required in connection with, the execution, delivery and performance of any of this Agreement, or the taking of any action
contemplated hereby, by the Buyer, except those that have been obtained or are available. 
 4. Restrictive Legend. Each certificate
for the Shares, and any shares of capital stock received in respect thereof, whether by reason of a stock split or share reclassification thereof, a stock dividend thereon or otherwise, shall be stamped or otherwise imprinted with a legend in
substantially the following form: 
 THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE BEEN ACQUIRED FOR INVESTMENT AND HAVE NOT BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933 OR THE SECURITIES LAWS OF ANY STATE. THESE SECURITIES MAY NOT BE SOLD OR TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN EXEMPTION THEREFROM UNDER SUCH ACT AND APPLICABLE STATE SECURITIES LAWS.

 5. Miscellaneous. 
 (a) Choice of Law. This Agreement shall be construed and enforced in accordance with and pursuant to the laws of the Commonwealth of Pennsylvania. 
 (b) Binding Effect. This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective heirs, successors, personal representatives and assigns. 
 (c) Notices. All notices, requests or other communications hereunder shall be in writing and shall be deemed to have been duly given if delivered
in person; sent by overnight courier, charges prepaid; or mailed by certified or registered mail, postage prepaid, to the address of the respective party set forth below: 
  

 3 

 If to the Buyer: 
 Michael T. Kennedy 
 __________________ 
 __________________ 
 If to the Company:

 Radnor Holdings Corporation 
 Radnor Financial Center, Suite 300 
 150 Radnor Chester Road 
 Radnor, Pennsylvania 
 Attention: Chief
Financial Officer 
 (d) Counterparts. This Agreement may be executed in multiple counterparts, each of which shall be deemed an
original Agreement, and all of which shall constitute one Agreement to be effective as of the date of this Agreement. 
 IN WITNESS WHEREOF,
the undersigned have hereunto executed this Agreement the day and year first above written. 
  

			
	RADNOR HOLDINGS CORPORATION
		
	By:	 	 /s/ R. Radcliffe Hastings

	Name:	 	R. Radcliffe Hastings
	Title:	 	Executive Vice President
	
	 /s/ Michael T. Kennedy

	Michael T. Kennedy

  

 4

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00105-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00105-of-00352.parquet"}]]