Document:

Registration Rights Agreement with Daniel Kern

 Exhibit 10.9 
  
 EX-10.9 REGISTRATION RIGHTS AGREEMENT with Daniel Kern 
  
 REGISTRATION RIGHTS AGREEMENT 
  

This Registration Rights Agreement (this “Agreement”) is made and entered into as of November 19, 2004, by and between Rentech, Inc., a
Colorado corporation (the “Company”), and DANIEL KERN, an individual residing in the state of California (“Investor”). 
  
 This Agreement is made pursuant to the Securities Purchase Agreement, dated as of the date hereof, by and between Investor and the Company (the
“Securities Purchase Agreement”), and pursuant to the Note and the Warrants referred to therein. 
  
 The Company and Investor hereby agree as follows: 
  
 1. Definitions. Capitalized terms used and not otherwise defined herein that are defined in the Securities Purchase Agreement shall have the meanings given such
terms in the Securities Purchase Agreement. As used in this Agreement, the following terms shall have the following meanings: 
  
 “Commission” means the Securities and Exchange Commission. 
  
 “Common Stock” means shares of the Company’s common stock, par value $0.01 per share. 
  
 “Exchange Act” means the Securities Exchange Act of 1934, as
amended, and any successor statute. 
  
 “Filing
Date” means, with respect to the Registration Statement required to be filed hereunder, a date no later than one hundred thirty (130) days following the date hereof. 
  
 “Holder” or “Holders” means Investor or any of its affiliates or transferees to the extent
any of them hold Registrable Securities. 
  
 “Indemnified
Party” shall have the meaning set forth in Section 5(c). 
  
 “Indemnifying Party” shall have the meaning set forth in Section 5(c). 
  
 “Note” has the meaning set forth in the Securities Purchase Agreement. 
  
 “Proceeding” means an action, claim, suit, investigation or proceeding (including, without limitation, an
investigation or partial proceeding, such as a deposition), whether commenced or threatened. 
  
 “Prospectus” means the prospectus included in the Registration Statement (including, without limitation, a prospectus that includes any information previously omitted from a prospectus filed as part
of an effective registration statement in reliance upon Rule 430A promulgated under the Securities Act), as amended or supplemented by any prospectus supplement, with respect to the terms of the offering of any portion of the Registrable Securities
covered by the Registration Statement, and all other amendments and supplements to the Prospectus, including post-effective amendments, and all material incorporated by reference or deemed to be incorporated by reference in such Prospectus.

  
 “Registrable Securities” means the shares of
Common Stock and issuable upon exercise of the Warrants. 
  
 “Registration Statement” means each registration statement required to be filed hereunder, including the Prospectus, amendments and supplements to such registration statement or Prospectus, including pre- and post-effective
amendments, all exhibits thereto, and all material incorporated by reference or deemed to be incorporated by reference in such registration statement. 

 “Rule 144” means Rule 144 promulgated by the Commission pursuant to the Securities Act,
as such Rule may be amended from time to time, or any similar rule or regulation hereafter adopted by the Commission having substantially the same effect as such Rule. 
  
 “Rule 415” means Rule 415 promulgated by the Commission pursuant to the Securities Act, as such Rule may be
amended from time to time, or any similar rule or regulation hereafter adopted by the Commission having substantially the same effect as such Rule. 
  
 “Securities Act” means the Securities Act of 1933, as amended, and any successor statute. 
  
 “Securities Purchase Agreement” means the agreement between
the parties hereto calling for the issuance by the Company of a Promissory Note in a maximum principal amount of $1,000,000 plus the Warrants. 
  
 “Trading Market” means any of the NASD OTC Bulletin Board, NASDAQ SmallCap Market, the Nasdaq National Market, the American Stock
Exchange or the New York Stock Exchange. 
  
 “Warrants” means the Common Stock purchase warrants issued pursuant to the Securities Purchase Agreement. 
  
 2. Registration. 
  
 (a) The Company shall prepare and file with the Commission as soon as practical after the date hereof a Registration Statement covering the Registrable
Securities for an offering to be made on a continuous basis pursuant to Rule 415. The Registration Statement shall be on Form S-3 (except if the Company is not then eligible to register for resale the Registrable Securities on Form S-3, in which
case such registration shall be on another appropriate form in accordance herewith). The Company shall use its best efforts to cause the Registration Statement to become effective and remain effective as provided herein. The Company shall use its
reasonable commercial efforts to cause the Registration Statement to be declared effective under the Securities Act as promptly as possible after the filing thereof (the “Effectiveness Date”). The Company shall use its reasonable
commercial efforts to keep the Registration Statement continuously effective under the Securities Act until the date which is the earlier date of when (i) all Registrable Securities have been sold, or (ii) all Registrable Securities may be sold
immediately without registration under the Securities Act and without volume restrictions pursuant to Rule 144(k), as determined by the counsel to the Company pursuant to a written opinion letter to such effect, addressed and acceptable to the
Company’s transfer agent and the affected Holders, or (iii) the second (2nd) anniversary of the expiration of the term of the Warrant, as it may be extended, provided Rule 144(k) or similar successor rule is then applicable to the Registrable
Securities (the “Effectiveness Period”). 
  
 (b) Within
five business days of the Effectiveness Date, the Company shall cause its counsel to issue a blanket opinion in the form attached hereto as Exhibit A, to the transfer agent stating that the shares are subject to an effective registration statement
and can be reissued free of restrictive legend upon notice of a sale by Investor and confirmation by Investor that it has complied with the prospectus delivery requirements, provided that the Company has not advised the transfer agent orally or in
writing that the opinion has been withdrawn. Copies of the blanket opinion required by this Section 2(c) shall be delivered to Investor within the time frame set forth above. 
  
 3. Registration Procedures. If and whenever the Company is required by the provisions hereof to effect the registration of any
Registrable Securities under the Securities Act, the Company will, as expeditiously as practical: 
  
 (a) prepare and file with the Commission the Registration Statement with respect to such Registrable Securities, respond as promptly as feasible to any
comments received from the Commission, and use its best efforts to cause the Registration Statement to become and remain effective for the Effectiveness Period with respect thereto; 

 (b) prepare and file with the Commission such amendments and supplements to the Registration Statement
and the Prospectus used in connection therewith as may be necessary to comply with the provisions of the Securities Act with respect to the disposition of all Registrable Securities covered by the Registration Statement and to keep such Registration
Statement effective until the expiration of the Effectiveness Period; 
  
 (c) furnish to Investor such number of copies of the Registration Statement and the Prospectus included therein (including each preliminary Prospectus) as Investor reasonably may request to facilitate the public sale or disposition of the
Registrable Securities covered by the Registration Statement; 
  
 (d) use its commercially reasonable efforts to register or qualify Investor’s Registrable Securities covered by the Registration Statement under the securities or “blue sky” laws of such jurisdictions within the United States
as Investor may reasonably request, provided, however, that the Company shall not for any such purpose be required to qualify generally to transact business as a foreign corporation in any jurisdiction where it is not so qualified or to consent to
general service of process in any such jurisdiction; 
  
 (e) list
the Registrable Securities covered by the Registration Statement with any securities exchange on which the Common Stock of the Company is then listed; 
  
 (f) promptly notify Investor at any time when a Prospectus relating thereto is required to be delivered under the Securities Act, of the happening of any
event of which the Company has knowledge as a result of which the Prospectus contained in such Registration Statement, as then in effect, includes an untrue statement of a material fact or omits to state a material fact required to be stated therein
or necessary to make the statements therein not misleading in light of the circumstances then existing; and 
  
 4. Registration Expenses. All expenses relating to the Company’s compliance with Sections 2 and 3 hereof, including, without limitation, all registration and filing fees, printing expenses, fees and
disbursements of counsel and independent public accountants for the Company, fees and expenses (including reasonable counsel fees) incurred in connection with complying with state securities or “blue sky” laws, fees of the NASD, transfer
taxes and fees of transfer agents and registrars are called “Registration Expenses”. The Company shall only be responsible for Registration Expenses. 
  

5. Indemnification. 
  
 (a) In the event of a registration of any Registrable Securities under the Securities Act pursuant to this Agreement, the Company will indemnify and hold
harmless Investor, and its officers, directors and each other person, if any, who controls Investor within the meaning of the Securities Act, against any losses, claims, damages or liabilities, joint or several, to which Investor, or such persons
may become subject under the Securities Act or otherwise, insofar as such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are based upon any untrue statement or alleged untrue statement of any material fact
contained in any Registration Statement under which such Registrable Securities were registered under the Securities Act pursuant to this Agreement, any preliminary Prospectus or final Prospectus contained therein, or any amendment or supplement
thereof, or arise out of or are based upon the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, and will reimburse Investor, and each such person
for any reasonable legal or other expenses incurred by them in connection with investigating or defending any such loss, claim, damage, liability or action; provided, however, that the Company will not be liable in any such case if and to the extent
that any such loss, claim, damage or liability arises out of or is based upon an untrue statement or alleged untrue statement or omission or alleged omission so made in conformity with information furnished by or on behalf of Investor or any such
person in writing specifically for use in any such document. 
  
 (b) In the event of a registration of the Registrable Securities under the Securities Act pursuant to this Agreement, Investor will indemnify and hold harmless the Company, and its officers, directors and each other person, if any, who
controls the Company within the meaning of the Securities Act, against all losses, claims, damages or liabilities, joint or several, to which the Company or such persons may become subject under the 

 Securities Act or otherwise, insofar as such losses, claims, damages or liabilities (or actions in respect thereof) arise
out of or are based upon any untrue statement or alleged untrue statement of any material fact which was furnished in writing by Investor to the Company expressly for use in (and such information is contained in) the Registration Statement under
which such Registrable Securities were registered under the Securities Act pursuant to this Agreement, any preliminary Prospectus or final Prospectus contained therein, or any amendment or supplement thereof, or arise out of or are based upon the
omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, and will reimburse the Company and each such person for any reasonable legal or other expenses
incurred by them in connection with investigating or defending any such loss, claim, damage, liability or action, provided, however, that Investor will be liable in any such case if and only to the extent that any such loss, claim, damage or
liability arises out of or is based upon an untrue statement or alleged untrue statement or omission or alleged omission so made in conformity with information furnished in writing to the Company by or on behalf of Investor specifically for use in
any such document. Notwithstanding the provisions of this paragraph, Investor shall not be required to indemnify any person or entity in excess of the amount of the aggregate net proceeds received by Investor in respect of Registrable Securities in
connection with any such registration under the Securities Act. 
  
 (c) Promptly after receipt by a party entitled to claim indemnification hereunder (an “Indemnified Party”) of notice of the commencement of any action, such Indemnified Party shall, if a claim for indemnification in respect
thereof is to be made against a party hereto obligated to indemnify such Indemnified Party (an “Indemnifying Party”), notify the Indemnifying Party in writing thereof, but the omission so to notify the Indemnifying Party shall not relieve
it from any liability which it may have to such Indemnified Party other than under this Section 5(c) and shall only relieve it from any liability which it may have to such Indemnified Party under this Section 5(c) if and to the extent the
Indemnifying Party is prejudiced by such omission. In case any such action shall be brought against any Indemnified Party and it shall notify the Indemnifying Party of the commencement thereof, the Indemnifying Party shall be entitled to participate
in and, to the extent it shall wish, to assume and undertake the defense thereof with counsel satisfactory to such Indemnified Party, and, after notice from the Indemnifying Party to such Indemnified Party of its election so to assume and undertake
the defense thereof, the Indemnifying Party shall not be liable to such Indemnified Party under this Section 5(c) for any legal expenses subsequently incurred by such Indemnified Party in connection with the defense thereof; if the Indemnified Party
retains its own counsel, then the Indemnified Party shall pay all fees, costs and expenses of such counsel, provided, however, that, if the defendants in any such action include both the indemnified party and the Indemnifying Party and the
Indemnified Party shall have reasonably concluded that there may be reasonable defenses available to it which are different from or additional to those available to the Indemnifying Party or if the interests of the Indemnified Party reasonably may
be deemed to conflict with the interests of the Indemnifying Party, the Indemnified Party shall have the right to select one separate counsel and to assume such legal defenses and otherwise to participate in the defense of such action, with the
reasonable expenses and fees of such separate counsel and other expenses related to such participation to be reimbursed by the Indemnifying Party as incurred. 
  

(d) In order to provide for just and equitable contribution in the event of joint liability under the Securities Act in any case in which either (i)
Investor, or any officer, director or controlling person of Investor, makes a claim for indemnification pursuant to this Section 5 but it is judicially determined (by the entry of a final judgment or decree by a court of competent jurisdiction and
the expiration of time to appeal or the denial of the last right of appeal) that such indemnification may not be enforced in such case notwithstanding the fact that this Section 5 provides for indemnification in such case, or (ii) contribution under
the Securities Act may be required on the part of Investor or such officer, director or controlling person of Investor in circumstances for which indemnification is provided under this Section 5; then, and in each such case, the Company and Investor
will contribute to the aggregate losses, claims, damages or liabilities to which they may be subject (after contribution from others) in such proportion so that Investor is responsible only for the portion represented by the percentage that the
public offering price of its securities offered by the Registration Statement bears to the public offering price of all securities offered by such Registration Statement, provided, however, that, in any such case, (A) Investor will not be required
to contribute any amount in excess of the public offering price of all such securities offered by it pursuant to such Registration Statement; and (B) no person or entity guilty of fraudulent misrepresentation (within the meaning of Section 10(f) of
the Act) will be entitled to contribution from any person or entity who was not guilty of such fraudulent misrepresentation. 

 6. Representations and Warranties. 
  
 (a) The Common Stock of the Company is registered pursuant to Section 12(b) or 12(g) of the Exchange Act and, except with
respect to certain matters which the Company has disclosed to Investor in the Securities Purchase Agreement, the Company has timely filed all proxy statements, reports, schedules, forms, statements and other documents required to be filed by it
under the Exchange Act. The Company has filed (i) its Annual Report on Form 10-K for the fiscal year ended September 30, 2003 and (ii) its Quarterly Report on Form 10-Q for the fiscal quarters ended December 31, 2003, March 31, 2004 and June 30,
2004 (collectively, the “SEC Reports”). Each SEC Report was, at the time of its filing, in substantial compliance with the requirements of its respective form and, to the knowledge of the Company, none of the SEC Reports, nor the financial
statements (and the notes thereto) included in the SEC Reports, as of their respective filing dates, contained any untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary to make the
statements therein, in light of the circumstances under which they were made, not misleading. The financial statements of the Company included in the SEC Reports comply, to the knowledge of the Company, as to form in all material respects with
applicable accounting requirements and the published rules and regulations of the Commission or other applicable rules and regulations with respect thereto. Such financial statements have been prepared in accordance with generally accepted
accounting principles (“GAAP”) applied on a consistent basis during the periods involved (except (i) as may be otherwise indicated in such financial statements or the notes thereto or (ii) in the case of unaudited interim statements, to
the extent they may not include footnotes or may be condensed) and, to the knowledge of the Company, fairly present in all material respects the financial condition, the results of operations and the cash flows of the Company and its subsidiaries,
on a consolidated basis, as of, and for, the periods presented in each such SEC Report. 
  
 (b) The Common Stock is listed for trading on the American Stock Exchange (“AMEX”) and satisfies all requirements for the continuation of such listing. The Company has not received any notice that its Common
Stock will be delisted from the AMEX (except for prior notices which have been fully remedied) or that the Common Stock does not meet all requirements for the continuation of such listing. 
  
 (c) The Warrants, the Note and the shares of Common Stock which Investor may
acquire pursuant to the Warrants are all restricted securities under the Securities Act as of the date of this Agreement. The Company will not issue any stop transfer order or other order impeding the sale and delivery of any of the Registrable
Securities at such time as such Registrable Securities are registered for public sale or an exemption from registration is available, except as required by federal or state securities laws. 
  
 (d) The Company understands the nature of the Registrable Securities issuable
upon the exercise of the Warrant and recognizes that the issuance of such Registrable Securities may have a potential dilutive effect. The Company specifically acknowledges that its obligation to issue the Registrable Securities is binding upon the
Company and enforceable regardless of the dilution such issuance may have on the ownership interests of other shareholders of the Company. 
  
 (e) Except for agreements made in the ordinary course of business, there is no agreement that has not been filed with the Commission as an exhibit to a
registration statement or to a form required to be filed by the Company under the Exchange Act, the breach of which could reasonably be expected to have a material and adverse effect on the Company and its subsidiaries, or would prohibit or
otherwise interfere with the ability of the Company to enter into and perform any of its obligations under this Agreement in any material respect. 
  
 (f) The Company will at all times have authorized and reserved a sufficient number of shares of Common Stock for the full exercise of the Warrants.

  
 7. Cooperation Respecting Registration. The Holder shall cooperate in
connection with the preparation of the Registration Statement, including providing information necessary for inclusion in the Registration Statement, as requested by the Company or the Commission. 

 8. Miscellaneous. 
  
 (a) Compliance. Each Holder covenants and agrees that it will comply with the prospectus delivery requirements of the Securities Act as applicable
to it in connection with sales of Registrable Securities pursuant to the Registration Statement. 
  
 (b) Discontinued Disposition. Each Holder agrees by its acquisition of such Registrable Securities that, upon receipt of a notice from the Company
of the occurrence of a Discontinuation Event (as defined below), such Holder will forthwith discontinue disposition of such Registrable Securities under the applicable Registration Statement until such Holder’s receipt of the copies of the
supplemented Prospectus and/or amended Registration Statement or until it is advised in writing by the Company that the use of the applicable Prospectus may be resumed, and, in either case, has received copies of any additional or supplemental
filings that are incorporated or deemed to be incorporated by reference in such Prospectus or Registration Statement. The Company may provide appropriate stop orders to enforce the provisions of this paragraph. For purposes of this Section 8(b), a
“Discontinuation Event” shall mean (i) when the Commission notifies the Company whether there will be a “review” of such Registration Statement and whenever the Commission comments in writing on such Registration Statement (the
Company shall provide true and complete copies thereof and all written responses thereto to each of the Holders); (ii) any request by the Commission or any other Federal or state governmental authority for amendments or supplements to such
Registration Statement or Prospectus or for additional information; (iii) the issuance by the Commission of any stop order suspending the effectiveness of such Registration Statement covering any or all of the Registrable Securities or the
initiation of any Proceedings for that purpose; (iv) the receipt by the Company of any notification with respect to the suspension of the qualification or exemption from qualification of any of the Registrable Securities for sale in any
jurisdiction, or the initiation or threatening of any Proceeding for such purpose; and/or (v) the occurrence of any event or passage of time that makes the financial statements included in such Registration Statement ineligible for inclusion therein
or any statement made in such Registration Statement or Prospectus or any document incorporated or deemed to be incorporated therein by reference untrue in any material respect or that requires any revisions to such Registration Statement,
Prospectus or other documents so that, in the case of such Registration Statement or Prospectus, as the case may be, it will not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or
necessary to make the statements therein, in light of the circumstances under which they were made, not misleading. 
  
 (c) Piggy-Back Registrations. If at any time during the Effectiveness Period there is not an effective Registration Statement covering all of the
Registrable Securities and the Company shall determine to prepare and file with the Commission a registration statement relating to an offering for its own account or the account of others under the Securities Act of any of its equity securities,
other than on Form S-4 or Form S-8 (each as promulgated under the Securities Act) or their then equivalents relating to equity securities to be issued solely in connection with any acquisition of any entity or business or equity securities issuable
in connection with stock option or other employee benefit plans, then the Company shall send to each Holder written notice of such determination and, if within fifteen days after receipt of such notice, any such Holder shall so request in writing,
the Company shall include in such registration statement all or any part of such Registrable Securities such holder requests to be registered to the extent the Company may do so without violating registration rights of others which exist as of the
date of this Agreement, subject to customary underwriter cutbacks subject to obtaining any required the consent of any selling stockholder(s) to such inclusion under such registration statement. 
  
 (d) Amendments and Waivers. The provisions of this Agreement,
including the provisions of this sentence, may not be amended, modified or supplemented, and waivers or consents to departures from the provisions hereof may not be given, unless the same shall be in writing and signed by the Company and the Holders
of the then outstanding Registrable Securities. Notwithstanding the foregoing, a waiver or consent to depart from the provisions hereof with respect to a matter that relates exclusively to the rights of certain Holders and that does not directly or
indirectly affect the rights of other Holders may be given by Holders of at least a majority of the Registrable Securities to which such waiver or consent relates; provided, however, that the provisions of this sentence may not be amended, modified,
or supplemented except in accordance with the provisions of the immediately preceding sentence. 

 (e) Notices. Any notice or request hereunder may be given to the Company or Investor at the
respective addresses set forth below or as may hereafter be specified in a notice designated as a change of address under this Section 8(e). Any notice or request hereunder shall be given by registered or certified mail, return receipt requested,
hand delivery, overnight mail, Federal Express or other national overnight next day carrier (collectively, “Courier”) or telecopy (confirmed by mail). Notices and requests shall be, in the case of those by hand delivery, deemed to have
been given when delivered to any party to whom it is addressed, in the case of those by mail or overnight mail, deemed to have been given three (3) business days after the date when deposited in the mail or with the overnight mail carrier, in the
case of a Courier, the next business day following timely delivery of the package with the Courier, and, in the case of a telecopy, when confirmed. The address for such notices and communications shall be as follows: 
  

			
	 If to the Company:
	  	 Rentech, Inc.
 1331 17th Street, Suite 720

Denver, Colorado 80202
 Attention:
        Ronald C. Butz
 Facsimile:          (303)
298-8010

		
	 If to Investor:
	  	To the address set forth under Investor’s name on the signature page hereto.
		
	 If to any other Person who is then the registered
 Holder:
	  	To the address of such Holder as it appears in the stock transfer books of the Company

  
  
 or such other address as may be designated in writing hereafter in accordance with this Section 7(g) by such Person. 
  
 (f) Successors and Assigns. This Agreement shall inure to the benefit
of and be binding upon the successors and permitted assigns of each of the parties and shall inure to the benefit of each Holder. The Company may not assign its rights or obligations hereunder without the prior written consent of each Holder. Each
Holder may assign their respective rights hereunder to such persons who become Holders of Registrable Securities in accordance with the terms of the Warrant. 
  
 (g) Execution and Counterparts. This Agreement may be executed in any number of counterparts, 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. In the event that any signature is delivered by facsimile transmission, such signature shall create a valid binding obligation of the party executing (or on
whose behalf such signature is executed) the same with the same force and effect as if such facsimile signature were the original thereof. 
  
 (h) Governing Law. All questions concerning the construction, validity, enforcement and interpretation of this Agreement shall be governed by and
construed and enforced in accordance with the internal laws of the State of Colorado, without regard to the principles of conflicts of law thereof. Each party agrees that all Proceedings concerning the interpretations, enforcement and defense of the
transactions contemplated by this Agreement shall be commenced exclusively in the state and federal courts sitting in the City of Denver, State of Colorado. Each party hereto hereby irrevocably submits to the exclusive jurisdiction of the state and
federal courts sitting in the City of Denver, State of Colorado for the adjudication of any dispute hereunder or in connection herewith or with any transaction contemplated hereby or discussed herein, and hereby irrevocably waives, and agrees not to
assert in any Proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that such Proceeding is improper. Each party hereto hereby irrevocably waives personal service of process and consents to process being
served in any such Proceeding by mailing a copy thereof via registered or certified mail or overnight delivery (with evidence of delivery) to such party at the address in effect for notices to it under this Agreement and agrees that such service
shall constitute good and sufficient service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process in any manner permitted by law. Each party hereto hereby irrevocably waives, to the
fullest extent permitted by applicable law, any and all right to trial by jury in any legal proceeding arising out of or relating to this Agreement or the transactions contemplated hereby. If either party shall commence a Proceeding to enforce any
provisions of a Transaction Document, then the prevailing party in such Proceeding shall be reimbursed by the other party for its reasonable attorneys fees and other costs and expenses incurred with the investigation, preparation and prosecution of
such Proceeding. 

 (i) Severability. If any term, provision, covenant or restriction of this Agreement is held by a court of
competent jurisdiction to be invalid, illegal, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions set forth herein shall remain in full force and effect and shall in no way be affected, impaired or invalidated,
and the parties hereto shall use their reasonable efforts to find and employ an alternative means to achieve the same or substantially the same result as that contemplated by such term, provision, covenant or restriction. It is hereby stipulated and
declared to be the intention of the parties that they would have executed the remaining terms, provisions, covenants and restrictions without including any of such that may be hereafter declared invalid, illegal, void or unenforceable. 

 
 (j) Headings. The headings in this Agreement are for convenience of
reference only and shall not limit or otherwise affect the meaning hereof. 
  
 IN WITNESS WHEREOF, the parties have executed this Registration Rights Agreement as of the date first written above. 
  

							
	 Rentech, Inc., a Colorado Corporation
	 	 DANIEL KERN
 An Individual residing in the state of California

				
	 By:
	 	 /s/ Dennis L. Yakobson

	 	By:	 	 /s/ Daniel Kern

	 Name:
	 	Dennis L. Yakobson	 	Name:	 	  

	 Title:
	 	President and Chief Executive Officer	 	Title:	 	  

				
	 By:
	 	 /s/ Ronald C. Butz

	 	 	 	 
	 Name:
	 	Ronald C. Butz	 	 	 	 
	 Title:
	 	Secretary	 	 	 	 
		
	 Address for Notices:
  
	 	 Address for Notices:
  

	 Rentech, Inc.
 1331 17th Street, Suite 720
 Denver, CO 80202
	 	 Daniel Kern
 1027 Goldenrod
Ave.
 Corona Del Mar, CA 92625Teleglobe International Holdings Ltd 2004 Equity Incentive Plan.

 Exhibit 4.1 
  

TELEGLOBE INTERNATIONAL HOLDINGS LTD 2004 
 EQUITY INCENTIVE PLAN 
  
 1. Purpose. The purpose of the Teleglobe International Holdings Ltd 2004 Equity Incentive Plan is to attract, motivate and retain eligible individuals who are important to the success of Teleglobe International Holdings Ltd.

  
 2. Definitions. When used herein, the following terms
shall have the following meanings. 
  
 “Administrator”
means the Board, or a committee of the Board, duly appointed to administer the Plan, shall be composed to meet the requirements of Section 162(m) of the Code, the Companies Act 1981 of Bermuda and/or the requirements established by the securities
exchange or system on which the Shares are traded or listed if such requirements are applicable. 
  
 “Award” means, individually or collectively, a grant under this Plan of Nonqualified Stock Options, Incentive Stock Options, Restricted Stock or
Restricted Share Units. 
  
 “Award Agreement” means an
agreement entered into by the Company and each Participant setting forth the terms and provisions applicable to an Award. 
  
 “Board” means the Board of Directors of the Company. 
  
 “Cause” means, with respect to a Participant, as determined by the Board in its reasonable judgment, (a) the Participant’s continued
failure to substantially perform the Participant’s duties, (b) the Participant’s repeated acts of insubordination, or failure to execute Company plans and/or strategies, (c) the Participant’s acts of dishonesty resulting or intending
to result in personal gain or enrichment at the expense of the Company, (d) the Participant’s commission of a felony, (e) reasonable evidence presented in writing to the Participant that the Participant engaged in a criminal act, misconduct or
dishonesty, (f) violation of any written policy of the Company including, but not limited to, the Company’s employment manuals, rules and regulations after one (1) written notice from the Company regarding such violation, or (g) the Participant
engaging in any act that is intended, or may reasonably be expected to harm the reputation, business, prospects or operations of the Company, its officers, directors, stockholders or employees; provided that, in the event a Participant
is subject to an employment agreement or other agreement with the Company that contains a definition of “Cause,” Cause under the Plan shall have the meaning in such agreement. 
  
 “Code” means the Internal Revenue Code of 1986, as amended, or any successor statute thereto. 
  
 “Common Stock” means the common shares in the share capital of the
Company. 
  
 “Company” means Teleglobe International
Holdings Ltd, a Bermuda company and its successors. 
  

 “Disability” means, with respect to a Participant, a determination by the Administrator that
such Participant is unable to perform his or her job as a result of a physical or mental impairment sufficient to prevent the Participant from performing the essential functions of his position, even after a reasonable accommodation. 
  
 “Effective Date” means the date set forth in Section 21 hereof.

  
 “Fair Market Value” means, on any day, with respect
to Common Stock which is (a) listed on a United States securities exchange, the last sales price of such Stock on such day on the largest United States securities exchange on which such Stock shall have traded on such day, or if such day is not a
day on which a United States securities exchange is open for trading, on the immediately preceding day on which such securities exchange was open, (b) not listed on a United States securities exchange but is included in The NASDAQ Stock Market
System (including The NASDAQ National Market), the last sales price on such system of such Stock on such day, or if such day is not a trading day, on the immediately preceding trading day, or (c) neither listed on a United States securities exchange
nor included in The NASDAQ Stock Market System, the fair market value of such Stock as determined from time to time by the Administrator in good faith in its sole discretion. 
  
 “Grant Date” means the date on which an Option under the Plan is granted to a Participant. 
  
 “Incentive Stock Option” means an Option that is designated by the
Administrator as an incentive stock option and qualifies as such within the meaning of Section 422 of the Code and is granted by the Administrator to a Participant. 
  
 “Key Employee” means an employee who owns more than 10% of the total combined voting power of all classes of Stock
of the Company, determined at the time an Option is proposed to be granted. 
  
 “Liquidity Event” means (1) any Person who is not an affiliate of the Company becomes the beneficial owner, directly or indirectly, of fifty percent (50%) or more of the combined voting power of the then
issued and outstanding securities of the Company, (2) the sale, transfer or other disposition of all or substantially all of the business and assets of the Company, whether by sale of assets, merger or otherwise, or (3) the dissolution and
liquidation of the Company. 
  
 “Nonqualified Stock
Option” means an Option, which is not an Incentive Stock Option, granted by the Administrator to a Participant. 
  
 “Option” means a right granted under the Plan to a Participant to purchase a stated number of Shares as an Incentive Stock Option or
Nonqualified Stock Option. 
  
 “Option Period” means the
period within which an Option may be exercised pursuant to the Plan. 
  
 “Participant” means any employee, director or consultant of the Company or any of its subsidiaries who is selected to participate in the Plan in accordance with Section 4 hereof. 
  

 -2- 

 “Period of Restriction” means the period, if any, specified in an Award Agreement during which
the transfer of Shares of Restricted Stock or Restricted Share Units is limited in some way (based on the passage of time, the achievement of a performance target, if applicable, or upon the occurrence of other events as determined by the
Administrator, at its discretion), and the Common Stock is subject to a substantial risk of forfeiture, as provided in Section 7 or Section 8 herein. 
  
 “Person” means any individual, partnership, firm, trust, corporation, limited liability company or other similar entity. When two or more
Persons act as a partnership, limited partnership, syndicate or other group for the purpose of acquiring, holding or disposing of Shares of the Company, such partnership, limited partnership, syndicate or group shall be deemed a “Person.”

  
 “Plan” means the Teleglobe International Holdings
Ltd 2004 Equity Incentive Plan, as amended from time to time. 
  
 “Plan Year” means the fiscal year of the Company. 
  
 “Restricted Share Unit” means an Award for Shares granted to a Participant pursuant to Section 8 herein. 
  
 “Restricted Stock” means an Award of Shares granted to a Participant pursuant to Section 7 herein. 
  
 “Shares” means the Common Shares of the Company, par value $.01 per
Share. 
  
 “Stock” means shares of the share capital of
the Company. 
  
 3. Administration. The Plan shall be
administered by the Administrator. Subject to the provisions of the Plan, the Administrator shall have the authority to: 
  

	 	(a)	select the Participants; 

  

	 	(b)	determine the number of Shares covered by any Award granted to a Participant; provided, however, that no Award shall be granted after the expiration of the period of
ten (10) years from the Effective Date; 

  

	 	(c)	determine whether each Award shall be a grant of an Incentive Stock Option, a Nonqualified Stock Option, Restricted Stock or Restricted Share Unit; and 

  

	 	(d)	establish from time to time regulations for the administration of the Plan, interpret the Plan, delegate in writing administrative matters to committees of the Board or to other
persons, and make such other determinations and take such other action, as it deems necessary or advisable for the administration of the Plan. 

  

 -3- 

 All decisions, actions and interpretations of the Administrator shall be final, conclusive and binding
upon all parties. With respect to Awards granted or to be granted to a Participant who is a nonemployee director, the Plan shall be administered by the full Board and any references to the Administrator shall be deemed to be references to the Board.

  
 4. Participation. Participants in the Plan shall be
limited to those employees, directors and consultants of the Company or any subsidiary thereof who have been notified in writing by the Administrator or the Chief Executive Officer of the Company that they have been selected by the administrator to
participate in the Plan. 
  
 5. Shares Subject to the Plan.
Awards may be granted by the Administrator to Participants from time to time. The Shares issued with respect to Awards granted under the Plan may be authorized and unissued Shares, or, if applicable and done pursuant to applicable law or regulation,
Shares purchased on the open market by the Company (at such time or times and in such manner as it may determine). The Company shall be under no obligation to acquire Common Stock for distribution to optionholders before payment in Shares is due. If
any Award granted under the Plan shall be canceled or shall expire without the Shares covered by such Award being purchased by the applicable Award holder thereunder, new Awards may thereafter be granted covering such Shares. 
  
 The maximum aggregate number of Shares available to be granted under the Plan
is equal to two million three hundred thirty-four thousand one hundred twenty-five (2,334,125) Shares and such Shares shall be reserved from the Company’s authorized and unissued share capital for Awards granted under the Plan (subject to
adjustment as provided in Section 10). 
  
 6. Terms and
Conditions of Options. Each Option granted under the Plan shall be evidenced by an Award Agreement, in a form approved by the Administrator, which shall be subject to the following express terms and conditions and to such other terms and
conditions as the Administrator may deem appropriate: 
  

	 	(a)	Option Period. Each Option agreement shall specify that the Option thereunder is granted for a period of ten (10) years, or such shorter period as the Administrator may
determine, from the date of grant and shall provide that the Option shall expire on such ten (10) year anniversary, or shorter period, as the case may be (unless earlier exercised or terminated pursuant to its terms); provided,
however, that any Incentive Stock Option granted to a Key Employee shall specify that the Incentive Stock Option is granted for a period of five (5) years from the date of grant and shall expire on such five (5) year anniversary.

  

	 	(b)	Option Price. The Option price per Share shall be the Fair Market Value at the time the Option is granted or, with respect to a Nonqualified Stock Option, such other price as
the Administrator shall determine; provided, however, that the Option price per Share for any Incentive Stock Option granted to a Key Employee shall equal 110% of the Fair Market Value at the time the Incentive Stock Option is granted;
provided further that the Option price per Share shall be at least equal to the par value of a Share. 

  

 -4- 

	 	(c)	Vesting. The Administrator, in its sole discretion shall determine the vesting provisions applicable to the Options under the Plan and such vesting provisions shall be set
forth under the Award Agreement. The Administrator reserves the right, in its sole discretion, to waive or reduce the vesting requirements applicable to any Options at any time. 

  

	 	(d)	Limitation on Amount of Incentive Stock Options Granted. Options shall be treated as Incentive Stock Options only to the extent that the aggregate Fair Market Value of Stock
with respect to which Incentive Stock Options are exercisable for the first time by any optionholder during any calendar year (whether under the terms of the Plan or any other stock option plan of the Company or of its parent or any subsidiary
corporation) is $100,000 or less. To the extent that such aggregate Fair Market Value exceeds $100,000, the Options shall be treated as Nonqualified Stock Options. Fair Market Value shall be determined as of the time the Option with respect to such
Stock is granted. 

  

	 	(e)	Limitations on Granting of Options. The Administrator shall have the authority and discretion to grant to an eligible employee either Incentive Stock Options or Nonqualified
Stock Options or both, but shall clearly designate the nature of each Option at the time of grant in the stock option agreement. Participants who are consultants or non-employee directors on the date an Option is granted may only receive
Nonqualified Stock Options. 

  

	 	(f)	Payment of Option Price Upon Exercise. The option price of the Shares as to which an Option shall be exercised shall be paid to the Company at the time of exercise in cash or
such other method approved by the Administrator and which results in the Shares being issued as fully paid under Bermuda law. 

  

	 	(g)	Termination of Employment or Relationship. Unless otherwise determined by the Administrator, in its sole discretion or as otherwise set forth in an Award Agreement:

  

	 	(i)	In the event of a Participant’s termination of employment or relationship for Cause, all unexercised Options granted to a Participant will terminate as of the date of such
termination of employment or relationship. 

  

	 	(ii)	 In the event of a Participant’s termination of employment or relationship by the Company other than for Cause or the Participant resigns from employment or
relationship for any reason, including, but not limited to, on account of retirement (other than on account of death or Disability), (i) any unvested portion of the Participant’s Option shall terminate and (ii) any portion of the
Participant’s Option that was vested and exercisable 

  

 -5- 

	 	 
on the date of his or her termination of employment or relationship shall remain exercisable for a period of 3 months after the date of termination, and any
portion of such Option not exercised within such 3 month period shall be forfeited; provided, however, that in no event may such Option be exercised after the expiration of the Option Period. 

  

	 	(iii)	In the event a Participant’s employment or relationship shall terminate on account of death or Disability, (i) any unvested portion of the Participant’s Option shall
terminate and (ii) the Participant (or his or her personal representative) may exercise all vested and exercisable Options within the earlier of (x) one year from the date of such death or Disability or (y) the expiration of the Option Period.

  

	 	(h)	Transferability of Options. No Option granted under the Plan and no right arising under such Option shall be transferable other than by will or by the applicable laws of
descent and distribution of Bermuda. During the lifetime of the Participant an Option shall be exercisable only by such Participant. Any Option exercisable at the date of the Participant’s death and transferred by will or by the applicable laws
of descent and distribution as shall be exercisable in accordance with the terms of such Option by the executor or administrator, as the case may be, of the Participant’s estate (each a “Designated Beneficiary”) for a period provided
in paragraph (g)(iii) above or such longer period as the Administrator may determine, and shall then terminate. 

  

	 	(i)	Investment Representation. Each Award Agreement may contain an undertaking that, upon demand by the Administrator for such a representation, the Participant or his Designated
Beneficiary, as the case may be, shall deliver to the Administrator at the time of any exercise of an Option a written representation that the Shares to be acquired upon such exercise are to be acquired for such Participant’s or Designated
Beneficiary’s own account and not with a view to, or for resale in connection with, any distribution. Upon such demand, delivery of such representation prior to the delivery of any Shares issued upon exercise of an Option shall be a condition
precedent to the right of the Participant or his Designated Beneficiary to purchase any Shares. 

  

	 	(j)	Optionholders to Have No Rights as Stockholders. No optionholder shall have any rights as a stockholder with respect to any Shares subject to such optionholder’s Option
prior to the date on which such optionholder is recorded as the holder of such Shares on the Register of Members of the Company. 

  

	 	(k)	 Other Option Provisions. The form of Award Agreement applicable to Options authorized by the Plan may contain such other provisions, 

  

 -6- 

	 	 
consistent with this Plan, as the Administrator may, from time to time, determine. 

  

	 	(l)	Notification of Sales of Common Stock. Any optionholder who disposes of Shares acquired upon the exercise of an Incentive Stock Option either (a) within two (2) years from
the date of the grant of the Incentive Stock Option under which the Common Stock was acquired or (b) within one (1) year after the transfer of such Shares to the optionholder, shall notify the Company of such disposition and of the amount realized
upon such disposition. 

  

	 	(m)	Maximum Number of Options. The maximum aggregate number of Shares that may be granted in the form of Options in any one Plan Year to any one single Participant shall be 100%
of the maximum number of Shares provided under Section 5. 

  
 7. 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 Awards of Restricted Stock to
Participants in such amounts as the Administrator shall determine. 

  

	 	(b)	Restricted Stock Agreement. Each Award applicable to Restricted Stock shall be evidenced by an Award Agreement that shall specify the restrictions, including restrictions
creating a substantial risk of forfeiture, the Period(s) of Restriction, the number of Shares of Restricted Stock granted, and such other provisions as the Administrator shall determine. Restrictions on Restricted Stock shall lapse at such time(s)
and in such manner and subject to such conditions as the Administrator shall in each instance determine, which need not be the same for each Award or for each Participant. 

  

	 	(c)	Transferability. Except as provided in this Section 7, the Shares of Restricted Stock granted herein may not be sold, transferred, pledged, assigned, or otherwise alienated
or hypothecated until the end of the applicable Period of Restriction established by the Administrator and specified in the applicable Award Agreement, or upon earlier satisfaction of any other conditions, as specified by the Administrator in its
sole discretion and set forth in the Award Agreement. All rights with respect to the Restricted Stock granted to a Participant under the Plan shall be available during his or her lifetime only to such Participant, or in the event of the
Participant’s legal incapacity, to the Participant’s legal guardian or representative. 

  

	 	(d)	 Other Restrictions. The Administrator shall impose such other conditions and/or restrictions on any Shares of Restricted Stock granted pursuant to 

  

 -7- 

	 	 
the Plan as it may deem advisable and as set forth in an Award Agreement including, without limitation, a requirement that Participants pay a stipulated
purchase price for each Share of Restricted Stock, time-based restrictions on vesting following the attainment of a performance target, if applicable, and/or restrictions under applicable Federal, state or Bermuda securities laws.

  

	 	(e)	Certificates. The Company or its designee shall retain the certificates representing Shares of Restricted Stock in the Company’s possession until such time as all
conditions and/or restrictions applicable to such Shares have been satisfied and the Participant has been recorded as the holder of such Shares in the Register of Members of the Company. 

  

	 	(f)	Last Day of Period of Restriction. Except as otherwise provided in this Section 7, Shares of Restricted Stock covered by each Restricted Stock grant made under the Plan shall
become freely transferable by the Participant after the last day of the applicable Period of Restriction. 

  

	 	(g)	Voting Rights. During the Period of Restriction, Participants holding Shares of Restricted Stock granted hereunder may exercise full voting rights with respect to those
Shares. 

  

	 	(h)	Dividends and Other Distributions. During the Period of Restriction, Participants holding Shares of Restricted Stock granted hereunder may be credited with regular cash
dividends, if any, paid with respect to the underlying Shares while they are so held. The Administrator may apply any restrictions to the dividends that the Administrator deems appropriate. 

  

	 	(i)	Termination of Employment with the Company. Each Award Agreement shall set forth the extent to which the Participant shall have the right to receive unvested Restricted
Shares following termination of the Participant’s employment with the Company. Such provisions shall be determined in the sole discretion of the Administrator, shall be included in the Award Agreement entered into with each Participant, need
not be uniform among all Shares of Restricted Stock issued pursuant to the Plan, and may reflect distinctions based on the reasons for termination of employment with the Company. 

  

	 	(j)	Maximum Number of Shares of Restricted Stock The maximum aggregate number of Shares that may be granted in the form of Restricted Stock in any one Plan Year to any one single
Participant shall be 100% of the maximum number of Shares provided under Section 5. 

  
 8. Restricted Share Units. 
  

	 	(a)	 Grant of Restricted Share Units. Subject to the terms and provisions of the Plan, the Administrator, at any time and from time to time, may grant 

  

 -8- 

	 	 
Awards of Restricted Share Units to Participants in such amounts as the Administrator shall determine. 

  

	 	(b)	Restricted Share Unit Agreement. Each Award applicable to Restricted Share Units shall be evidenced by an Award Agreement that shall specify the restrictions, including
restrictions creating a substantial risk of forfeiture, the Period(s) of Restriction, the number of Restricted Share Units, and such other provisions as the Administrator shall determine. Restrictions on Restricted Share Units shall lapse or the
Restricted Share Units shall vest at such time(s) and in such manner and subject to such conditions as the Administrator shall in each instance determine, which need not be the same for each Award or for each Participant. 

 

	 	(c)	Transferability. Except as provided in this Section 8, the Restricted Share Units granted herein may not be sold, transferred, pledged, assigned, or otherwise alienated or
hypothecated until the end of the applicable Period of Restriction established by the Administrator and specified in the applicable Award Agreement, or upon earlier satisfaction of any other conditions, as specified by the Administrator in its sole
discretion and set forth in the Award Agreement. All rights with respect to the Restricted Share Units granted to a Participant under the Plan shall be available during his or her lifetime only to such Participant, or in the event of the
Participant’s legal incapacity, to the Participant’s legal guardian or representative. 

  

	 	(d)	Other Restrictions. The Administrator shall impose such other conditions and/or restrictions on any Restricted Share Units granted pursuant to the Plan as it may deem
advisable and as set forth in an Award Agreement including, without limitation, a requirement that Participants pay a stipulated purchase price for each Restricted Share Unit, time-based restrictions on vesting following the attainment of a
performance target, if applicable, and/or restrictions under applicable Federal, state or Bermuda securities laws. 

  

	 	(e)	Rights as a Shareholder. Until the Restricted Share Units have vested (the Period of Restriction has lapsed) and the Participant’s name is recorded in the Company’s
Register of Members, the Participant shall have no rights as a shareholder of the Company (including, but not limited to, voting or dividend rights). 

  

	 	(f)	Last Day of Period of Restriction. Except as otherwise provided in this Section 8, Restricted Share Units covered by each Restricted Share Unit grant made under the Plan
shall become freely transferable by the Participant after the last day of the applicable Period of Restriction. 

  

	 	(g)	 Termination of Employment with the Company. Each Award Agreement shall set forth the extent to which the Participant shall have the right to 

  

 -9- 

	 	 
receive unvested Restricted Share Units following termination of the Participant’s employment with the Company. Such provisions shall be determined in
the sole discretion of the Administrator, shall be included in the Award Agreement entered into with each Participant, need not be uniform among all Restricted Share Units issued pursuant to the Plan, and may reflect distinctions based on the
reasons for termination of employment with the Company. 

  

	 	(h)	Maximum Number of Restricted Share Units The maximum aggregate number of Shares that may be granted in the form of Restricted Share Units in any one Plan Year to any one
single Participant shall be 100% of the maximum number of Shares provided under Section 5. 

  

	 	(i)	Settlement in Cash. At the sole discretion of the Administrator, in lieu of issuing Shares to Participants for vested Restricted Share Units, the Participant may receive a
cash payment or a combination of Shares and cash for Restricted Share Units. 

  
 9. Effect of Liquidity Event. Notwithstanding any provision of the Plan to the contrary, unless otherwise determined by the Administrator, in its sole discretion or as otherwise set forth in an Award Agreement,
if there should be a Liquidity Event, the Company shall give each Participant written notice of such Liquidity Event as promptly as practicable prior to the effective date thereof and (i) any unvested Awards as of the date of the Liquidity Event
shall become immediately exercisable as of the effective date of such Liquidity Event and (ii) the Administrator may determine, in its sole discretion, the treatment of any Awards which are exercisable or vested at the time of the Liquidity Event or
become exercisable or vested pursuant to this Section 9. 
  
 10. Adjustments in Event of Change in Common Stock. In the event of any change in the Common Stock by reason of any Stock dividend, recapitalization, reorganization, merger, consolidation, split-up, combination or exchange of Shares,
or of any similar change affecting the Common Stock, the number and kind of Shares which thereafter may be optioned and sold under the Plan and the number and kind of Shares subject to Award in outstanding Award Agreements and the purchase price per
share thereof, if any, may be appropriately adjusted consistent with such change in such manner as the Board may deem equitable to prevent substantial dilution or enlargement of the rights granted to, or available for, Participants in the Plan.
Without limiting the generality of the foregoing, if the Common Stock is recapitalized into multiple classes of Common Stock, the kind of Shares subject to Award shall be those common Shares intended for broad general ownership rather than any class
of special super-voting or other control Stock. 
  
 11. Plan
and Awards Not to Confer Rights with Respect to Continuance of Employment or Relationship. Neither the Plan nor any action taken thereunder shall be construed as giving any Participant any right to continue such Participant’s relationship
with the Company or a subsidiary thereof, nor shall it give any employee the right to be retained in the employ of the Company, or interfere in any way with the right of the Company to terminate any Participant’s employment or relationship, as
the case may be, at any time with or without Cause. 
  

 -10- 

 12. No Claim or Right Under the Plan. No employee, director or consultant of the Company or any of
its subsidiaries shall at any time have the right to be selected as a Participant in the Plan nor, having been selected as a Participant and granted an Award, to be granted any additional Award. 
  
 13. Listing and Qualification of Shares. The Plan, the grant and
exercise of Awards thereunder, and the obligation of the Company to sell and deliver Shares under such Awards, shall be subject to all applicable Federal, state and Bermuda laws, rules and regulations and to such approvals by any government or
regulatory agency as may be required. The Company, in its discretion, may postpone the issuance or delivery of Shares upon any exercise of an Award until completion of any stock exchange listing, or other qualification of such Shares under any
Bermuda, state or Federal law, rule or regulation as the Company may consider appropriate, and may require any Award holder to make such representations and furnish such information as it may consider appropriate in connection with the issuance or
delivery of the Shares in compliance with applicable laws, rules and regulations. Certificates representing Shares acquired by the exercise of an Award may bear such legend as the Company may consider appropriate under the circumstances. 

 
 14. Taxes. The Company may make such provisions and take such steps
as it may deem necessary or appropriate for the withholding of all federal, state, local and other taxes required by law to be withheld with respect to Awards under the Plan including, but not limited to (a) reducing the number of Shares otherwise
deliverable, based upon their Fair Market Value on the date of exercise, to permit deduction of the amount of any such withholding taxes from the amount otherwise payable under the Plan, (b) deducting the amount of any such withholding taxes from
any other amount then or thereafter payable to a Participant, or (c) requiring a Participant, beneficiary or legal representative to pay to the Company the amount required to be withheld or to execute such documents as the Company deems necessary or
desirable to enable it to satisfy its withholding obligations as a condition of releasing the Share. 
  
 15. No Liability of Administrator. No member of the Administrator shall be personally liable by reason of any contract or other instrument executed
by such member or on his behalf in his capacity as a member of the Administrator nor for any mistake of judgment made in good faith, and the Company shall indemnify and hold harmless each employee, officer or director of the Company to whom any duty
or power relating to the administration or interpretation of the Plan may be allocated or delegated, against any cost or expense (including counsel fees) or liability (including any sum paid in settlement of a claim with the approval of the Board
arising out of any act or omission to act in connection with the Plan unless such act arises out of the member’s own fraud or bad faith. 
  
 16. Amendment or Termination. The Administrator may, with prospective or retroactive effect, amend, suspend or terminate the Plan or any portion
thereof at any time and for any reason; provided, however, that no amendment or other action that requires stockholder approval in order for the Plan to continue to comply with applicable law, rule or regulation shall be effective unless such
amendment or other action shall be approved by the requisite vote of stockholders of the Company entitled to vote thereon and no repricing of Awards under the Plan shall occur without stockholder approval. 
  

 -11- 

 17. Compliance with Section 162(m) of the Code. At all times when Section 162(m) of the Code is
applicable, all Awards granted under the Plan shall comply with the requirements of Section 162(m) of the Code; provided, however, that in the event the Administrator determines that such compliance is not desired with respect to any Award of
Restricted Stock or Restricted Share Units, compliance with Section 162(m) of the Code will not be required. In addition, in the event that changes are made to Section 162(m) of the Code to permit greater flexibility with respect to any Award or
Awards available under the Plan, the Administrator may, subject to Section 16, make any adjustments it deems appropriate. 
  
 18. Captions. The captions preceding the sections of the Plan have been inserted solely as a matter of convenience and shall not in any manner
define or limit the scope or intent of any provision of the Plan. 
  
 19. Governing Law. The Plan and all rights thereunder shall be governed by and construed in accordance with the laws of the State of New York applicable to contracts made and to be performed entirely within such State. 
  
 20. Severability. In the event that any provision of the Plan shall be
held illegal or invalid for any reason, such illegality or invalidity shall not affect the remaining parts of the Plan, and the Plan shall be construed and enforced as if the illegal or invalid provision had not been included. 
  
 21. Effective Date. The Plan shall become effective as of May 31,
2004. 
  

 -12-

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