Document:

EX-10.36

 Exhibit 10.36 
 “[*]” = confidential portions of this document that have been omitted and have been separately filed with the Securities and Exchange Commission pursuant to an application for confidential
treatment under Rule 24b-2 under the Securities Exchange Act of 1934, as amended. 
 MARKETING AGREEMENT 

THIS MARKETING AGREEMENT (“this Agreement”) is made and entered into as of
March 22nd, 2011, by and between INTEROCEANIC
CORPORATION, a New York corporation (“IOC”), and AGRIFOS FERTILIZER L.L.C., a Delaware limited liability company (“Agrifos”). 

W I T N E S S E T H: 

WHEREAS, Agrifos plans to produce approximately 400,000 short tons per year of granular ammonium sulfate (the
“Product”) at its plant in Pasadena, Texas (the “Plant”); and 
 WHEREAS,
IOC is a marketer and trader of fertilizer; and 
 WHEREAS, Agrifos and IOC desire to enter into a commercial arrangement
whereby IOC will have the exclusive right and obligation to market all of the Product manufactured by Agrifos at the Plant for sale in the Territory (as defined below), subject to the terms and conditions set forth below; 

NOW, THEREFORE, based on such premises, and for certain good and valuable considerations, the receipt and adequacy of which are
hereby acknowledged, and in reliance on the representations, warranties and covenants set forth herein, the parties hereto hereby agree as follows: 
 1. Product. 
 1.1 Volume. During the term of this
Agreement, and subject to the terms and conditions set forth herein, IOC shall market and sell all Product manufactured by Agrifos at the Plant up to a maximum of 400,000 short tons per year. In addition, Agrifos hereby grants IOC the option to
market and sell any Product manufactured at the Plant in excess of 400,000 short tons, if any. Agrifos will give IOC written notice of any tons manufactured in excess of such 400,000 short tons, and IOC shall have five (5) business days in
which to respond in writing that it wishes to exercise such option. For purposes of this Agreement, all short tons of Product manufactured by Agrifos at the Plant and so marketed and sold by IOC in the Territory shall be referred to as the
“Subject Tons”. [*] As used in this Agreement, “short ton” and “ton” each equals 2,000 pounds. 

  
 1 

 1.2 Efforts. IOC shall use commercially reasonable efforts to market the
Subject Tons so as to obtain the most advantageous Pasadena net back price for such Subject Tons FOB the Plant. As used in this Agreement, “commercially reasonable efforts” shall mean with respect to a given goal, the efforts
that a reasonable person, charged with the obligation and acting in good faith, would use so as to achieve that goal as expeditiously as possible and consistent with such person’s past commercial practices. Such efforts would be consistent with
such person’s practices in achieving similar goals on its own behalf and taking advantage of all of its marketing and distribution channels in a relevant territory. 
 1.3 Territory; Exclusivity. Subject to the penultimate sentence of Section 1.1, Agrifos hereby grants IOC the exclusive right to market and sell the Product in [*] IOC hereby agrees
that, in exchange for being granted the exclusive right to market and sell the Product manufactured at the Plant in the Territory, it shall not market nor sell ammonium sulfate of any grade from any other source in the Territory. 

1.4 Planned Minimum Volume; Delivery Requirements. (a) The parties shall agree annually upon the exact tonnage
and schedule for the production and delivery of the Product. At least thirty (30) days before the start of each calendar year (or any stub period within the term of this Agreement), the parties shall agree on a “Planned Minimum
Volume” for such year (or such stub period). In addition, at least ten (10) business days before the start of each calendar quarter, the parties would agree on forecast production tonnage and schedule for such quarter. The Planned
Minimum Volume shall reflect any planned plant turnarounds and be subject to force majeure conditions. Notice of planned plant turnarounds shall be provided in advance. Such forecasts are for planning purposes only and shall not increase or decrease
the parties’ respective obligations as to Product under Section 1.1 of this Agreement. For purposes of the short calendar year beginning on the Effective Date (as defined below) and running through December 31, 2011, the Planned
Minimum Volume shall be 150,000 short tons, subject to reasonable adjustment by Agrifos to reflect changes required by the start-up schedule of the Product manufacturing unit and the transition by Agrifos from the manufacture of phosphate
fertilizers to the Product. Commercial manufacture of the Product is anticipated to begin May 3rd, 2011, and the parties shall agree on the initial production tonnage and schedule for the partial quarter then starting not less than ten (10) business days prior to such anticipated start date.

 (b) IOC shall provide to Agrifos its good-faith, estimated written shipping schedules of IOC’s requirements for delivery
of Product for each month at least five (5) business days before the beginning of such month. Except as otherwise provided in Section 11, Agrifos shall use commercially reasonable efforts to deliver the Product to IOC in accordance with
IOC’s requirements as evidenced by the foregoing schedules, subject to the availability of all necessary transportation and other distribution equipment and services. Agrifos does not guarantee IOC a minimum volume of Product; provided,
however, that in the event Agrifos fails to produce the Planned Minimum Volume for any calendar year (which failure shall include, for the avoidance of doubt, any failure to provide tons of Product toward the Planned Minimum Volume by reason
of Agrifos electing to sell such tons outside of the Territory), IOC would have the right pursuant to Section 4.2 below to be reimbursed by Agrifos for any Logistics Expenses incurred by IOC for under-utilized Logistics Commitments (as defined
below) in such calendar year. 

  
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 1.5 Loading. IOC shall be responsible for the supply and coordination of rail
cars, trucks, vessels and barges moving to and from the Plant. Agrifos shall load Subject Tons promptly upon placement of distribution equipment, subject to the volume limitations described in this Article 1. IOC shall give Agrifos reasonable notice
of distribution equipment estimated arrivals. 
 1.6 Weight. Agrifos shall weigh the rail cars and trucks using a
certified scale and, with respect to vessels and barges, a draft survey, to determine the weight of Subject Tons to be specified on each bill of lading. Agrifos shall determine the weight and assay of the Subject Tons delivered hereunder.
Agrifos’ bill of lading weights and measurements of assay shall govern settlement, unless proven to be in manifest error. In the event of a dispute, both parties shall accept an independent determination of weight and chemical analysis by a
recognized surveyor or laboratory familiar with the properties of the Product. 
 1.7 Financing Expenses. The
parties agree that in order for IOC to carry out its obligations hereunder, IOC is authorized to incur reasonable out-of-pocket financing costs for carrying accounts receivable from customers that purchased Subject Tons from IOC (net of amounts owed
by IOC to Agrifos hereunder) and inventory of Subject Tons owned by IOC (the “Financing Expenses”). 
 2. Term. Subject to termination in accordance with the provisions of Section 15, the term of the Agreement shall run from March 22nd, 2011 (the “Effective Date”) to
February 28, 2014, and shall automatically renew annually for an additional 12-month period unless either party shall notify the other at least 180 days prior to the end of the initial term or any subsequent term that this Agreement will not be
renewed. 
 3. Specifications; Warranty. All Subject Tons shall conform substantially to the specifications set forth on Annex A,
attached hereto and incorporated herein by reference. IOC shall hold Agrifos harmless for defects caused by events that occur after delivery. Agrifos shall, if it determines that the Subject Tons do not conform to the foregoing warranty, replace the
affected Subject Tons. IOC agrees to cooperate with Agrifos in connection with remedying any nonconformity and with the return or disposal, on Agrifos’ instructions and at Agrifos’ expense, of any such nonconforming Subject Tons.
AGRIFOS MAKES NO OTHER WARRANTY, EXPRESS OR IMPLIED, OF OR WITH RESPECT TO THE SUBJECT TONS OR THE PERFORMANCE THEREOF, INCLUDING, WITHOUT LIMITATION, IMPLIED WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE, AND ALL SUCH
WARRANTIES ARE HEREBY EXPRESSLY EXCLUDED. 
 4. Compensation. 

4.1 Fees. For the services provided by IOC under this Agreement, IOC shall receive (as a [*] as set forth in
Section 6.1) fees equal to: 
  

	 	i.	A “Base Fee” per short ton for all Subject Tons of [*] of the Net FOB Price (as defined below) per short ton (before deducting the Base Fee and
the Incentive Fee), with a minimum of [*] and a maximum of [*]; 

  
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	 	ii.	An “Incentive Fee” per short ton for all Subject Tons calculated as follows: 

 

	 	a)	For any shipment of Subject Tons, [*] of the amount, if any, by which [*] but subject to the minimum and maximum Incentive Fee Cap. 

 

	 	b)	The “Incentive Fee Cap” for any shipment of Subject Tons shall be equal to [*], with a minimum of [*] per short ton and a maximum of [*] per
short ton. 

  

	 	c)	The “Agrifos Reference Cost” (per short ton) shall be calculated [*] and shall be equal to [*]. 

 

	 	d)	The “Sulfuric Acid Cost” would be calculated [*] and be equal to the weighted average [*] of [*], if any; such average would be calculating in
proportion to [*]. 

  

	 	e)	Agrifos will provide IOC timely information concerning its purchased costs [*] for purposes of calculating Incentive Fees. 

4.2 Logistics Commitments and Expenses. With the prior approval of Agrifos, IOC may make contractual commitments for
warehouse space, insurance and transportation capacity to optimize marketing the Planned Minimum Volume (“Logistics Commitments”). Reasonable, out-of-pocket expenses incurred by IOC for any Logistics Commitments
(“Logistics Expenses”) shall be allocated to the Subject Tons as appropriate. In the event that IOC uses such Logistics Commitments for products other than the Subject Tons, then the related Logistics Expenses would be
allocated pro rata by volume (i.e. the same unit rate would apply to the Subject Tons as the other products for a given shared logistics service). 
 4.3 Weekly Reconciliation. IOC will provide Agrifos a weekly reconciliation detailing all transactions for the preceding week on or about Wednesday of the following week. 

4.4 Audit Rights. Either party may audit the determination and allocation of the items identified in Sections 4.1 and 4.2
above. 
 5. Purchase; Title and Risk of Loss. IOC shall purchase the Product to be marketed FOB Pasadena at the Net FOB Price
(defined below). Delivery of Product shall occur, and the ownership of, and legal title to, the Product, and all risks of loss of or damage to the Product, shall pass from Agrifos to IOC (and such Product shall become Subject Tons), with respect to
vessels and barges, at the point and at such time as the Product enters the vessel or barge, and, with respect to rail cars, and trucks or trailers, at the point and at such time as the Product leaves Agrifos’ plant gate for transportation to
IOC’s destinations. In the event that IOC purchases Product that is to be held in the Agrifos warehouse, title to such Product would pass to IOC at the time of purchase. In such an event, (i) Agrifos shall issue IOC a warehouse receipt,
(ii) such Product/Subject Tons shall be identified as property of IOC and segregated from other Product in the Agrifos warehouse, and (iii) IOC would be added by Agrifos as an additional insured with respect to such Product/Subject Tons
under Agrifos’ property insurance policy. 

  
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 6. Invoices. 
 6.1. Form and Content; Invoiced Price. Each Monday during the term of this Agreement Agrifos shall prepare and deliver to IOC an invoice for the prior week’s shipments (Monday through
Sunday) of Subject Tons. The invoices shall be in writing or an equivalent electronic data interchange message, and the invoice amounts shall be stated in currency of the United States. For any shipment of Subject Tons marketed and purchased by IOC
hereunder, the invoiced price (the “Net FOB Price”) would be equal to: [*]. In the event that the Net FOB Price cannot be determined for a given quantity of Subject Tons at the time of invoicing, then Agrifos shall [*]. Such
final adjustments shall be made not less frequently than monthly. 
 6.2. Payment. IOC shall pay amounts owed to
Agrifos, subject to any manifest error, in currency of the United States, transmitted by electronic funds transfer in a format specified by Agrifos, within four (4) business days of invoicing. 

6.3 Exposure Cap. Notwithstanding anything in this Agreement to the contrary, IOC shall not be obligated to pay Agrifos
more than [*] at any given time for Subject Tons that have not been resold by IOC. Upon such Subject Tons being sold, IOC shall pay Agrifos promptly for same within four (4) days of such sale. IOC shall grant to Agrifos a first priority
security interest in and to any such Subject Tons until the same are resold by IOC and payment with respect to same is received by Agrifos. Any such Subject Tons would be stored in a bonded warehouse (or such other warehouse as may be satisfactory
to Agrifos) and insured by IOC, with Agrifos being named as an additional insured under IOC’s insurance policy. 
 7. Mitigation of
Non-Performance. Notwithstanding anything to the contrary set forth in this Agreement, if IOC fails to take delivery of sufficient tons of Product to avoid a reduction in planned production of Product by Agrifos at the Plant below the
Planned Minimum Volume, then Agrifos shall have the right to sell Product in the Territory to other parties without any obligation or liability to IOC for such Product. Agrifos shall provide IOC with not less than ten (10) days notice prior to
exercising such right. 
 8. Assessments. Agrifos shall be responsible for and pay when due, except when contested in good faith,
any and all assessments, charges, duties, fees, taxes and other costs (collectively “Assessments”) now or hereafter imposed by the government or any governmental authority of the United States or any state, county, municipality or other
subdivision thereof on or with respect to the Product prior to the transfer of title under Section 5 of this Agreement, and (b) IOC shall be responsible for and pay when due, except when contested in good faith, any and all Assessments,
now or hereafter imposed by the government or any governmental authority of the United States or any state, county, municipality or other subdivision thereof, on or with respect to Subject Tons, or the transportation thereof, at the time of or after
the transfer of title under Section 5 of this Agreement. 

  
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 9. Representations and Warranties of Agrifos. Agrifos represents and warrants to IOC as
follows: 
 9.1. Existence. Agrifos is a limited liability company duly organized, validly existing and in good
standing under the laws of the State of Delaware, and is duly authorized to conduct business in the State of Texas. 
 9.2.
Authority. Agrifos has full authority and power to transact the business in which it is engaged, own and operate its properties, assets and rights, execute and deliver this Agreement, and perform its obligations hereunder. 

9.3. Authorization. Agrifos has taken all actions necessary to authorize the execution and delivery of this Agreement and
the performance of its obligations hereunder. 
 9.4. Enforceability. This Agreement has been executed and
delivered by a duly authorized officer of Agrifos, constitutes the legal, valid and binding obligation of Agrifos, and is enforceable against Agrifos in accordance with its terms. 

9.5. Specifications. Subject to Section 3, all Subject Tons sold and purchased hereunder, when delivered to IOC will
meet the Specifications. 
 10. Representations and Warranties of IOC. IOC represents and warrants to Agrifos as follows:

 10.1. Existence. IOC is a corporation duly organized, validly existing and in good standing under the laws of
the State of New York. 
 10.2. Authority. IOC has full corporate authority and power to transact the business in
which it is engaged, own and operate its properties, assets and rights, execute and deliver this Agreement, and perform its obligations hereunder. 
 10.3. Authorization. IOC has taken all corporate actions necessary to authorize the execution and delivery of this Agreement and the performance of its obligations hereunder. 

10.4. Enforceability. This Agreement has been executed and delivered by a duly authorized officer of IOC, constitutes the
legal, valid and binding obligation of IOC, and is enforceable against IOC in accordance with its terms. 
 10.5. Known
Characteristics. IOC is familiar with the characteristics, qualities and potentialities of the Product. IOC agrees to: (a) review and retain product safety information supplied by Agrifos, adopt and follow safe handling, storage,
transportation, use and disposal practices with respect to Product, including, but not limited to those required by federal, state and local statutes, rules, regulations or ordinances; (b) make all reasonable efforts to ensure that Product is
sold or provided to persons who or entities that can and will properly handle, use, store, transport and dispose of it; and (c) share appropriate safety, health and environmental information with employees, customers and contractors involved in
the handling or distribution of Product. 

  
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 11. Force Majeure. If either party hereto is rendered unable by force majeure to perform its
obligations under this Agreement, then upon such party notifying the other party of such force majeure, the notifying party shall not be liable to the other party for any failure or delay in its performance hereunder (except for the payment with
respect to the Subject Tons previously delivered hereunder) to the extent that the failure or delay is due to such force majeure. For the purposes hereof, the term “force majeure” includes, without limitation, war whether declared or
undeclared; fire, flood, lightning, earthquake, storm, or any act of God; strikes, lockouts, or other labor difficulties or disruptions; civil disturbances, riots or sabotage; accidents, explosions, breakages, freezing or partial or entire failure
of machines, equipment, pipelines or other property; inoperability of railroads or other third party distribution equipment essential to the transportation of the Subject Tons; any official order, directive or industry-wide request or suggestion by
any government or governmental authority which, in the reasonable judgment of the party affected, makes it necessary to cease or reduce production; any inability to secure necessary fuel, power, equipment, transportation, or raw materials, including
the inability to secure such items by reason of allocations promulgated by any government or governmental authority; or any other contingency, whether similar or dissimilar to the foregoing, beyond the reasonable control of the affected party which
interferes with continued performance hereunder. Performance under this Agreement shall be suspended during the period of any such force majeure event to the extent made necessary thereby. Any force majeure event shall, so far as reasonably
possible, be remedied with all reasonable dispatch, provided that the settlement of strikes, lockouts, industrial disputes or disturbances shall be entirely within the discretion of the affected party. Performance under this Agreement shall resume
to the extent made possible by the end or amelioration of the force majeure event. During any force majeure event impacting the performance of Agrifos’ obligations hereunder, Agrifos shall have the right to allocate its available supply of
Product among the Subject Tons and its commitments, if any, for sales of Product outside the Territory. If Agrifos is prevented from supplying the Product by reason of a force majeure event for more than thirty (30) days, then IOC will have the
right to make other arrangements to acquire Product to satisfy its commitments to third parties until Agrifos is capable of supplying the Subject Tons. If during a force majeure hereunder, customers of IOC invoke the force majeure provisions of
their purchase agreement with IOC and cancel an order for Subject Tons, then IOC would not be obligated to pay the Net FOB Price otherwise due for such Subject Tons, and such Subject Tons would be resold by IOC in a timely manner following cessation
of the force majeure and payment for such Subject Tons at the Net FOB Price would then be due and payable. 
 12. Confidentiality.
Neither Agrifos nor IOC shall reveal the terms of this Agreement to any third party, excluding affiliates, auditors and attorneys, except with the written permission of the other party, or as required to be disclosed by applicable law. Further, each
party shall maintain as confidential and not disclose to third parties any business, technical, proprietary or other similar information (including, without limitation, production cost, pricing information and data, customer and sales information)
of the other party received or acquired in the course of entering into or performing this Agreement or the exercise of any rights or remedies hereunder. The forgoing obligations shall survive the termination, expiration or cancellation of this
Agreement for a period of two (2) years. These confidentiality obligations shall not apply to information which (i) is required to be disclosed by law; (ii) is disclosed in connection with mediation or other legal proceedings
concerning this Agreement; or (iii) is received from a third party not under an obligation of confidentiality with respect to such information. 

  
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 13. Indemnification. Agrifos shall defend, indemnify and hold harmless IOC from and against
all liability, loss, costs, damages, expenses, judgments and other liabilities (including, without limitation, reasonable legal fees and expenses and court costs) incurred as the result of any third-party claim, action, suit or other legal
proceeding (collectively, “Losses”) which result from the failure of the Subject Tons to comply with the Specifications but only to the extent that such failure is not caused by IOC, its affiliates, successors or assigns. IOC shall
defend, indemnify and hold harmless Agrifos from and against all Losses that result from the failure of the Subject Tons to comply with the Specifications as the result of the action or inaction of IOC. In no event shall either party be liable to
the other party for consequential, special, punitive or exemplary damages. The indemnity obligations set forth in this Section 13 shall survive the termination or expiration of this Agreement for a period of one year. 

14. Dispute Resolution. Prior to initiating any legal or other action or proceeding against the other, the parties shall attempt in good
faith to resolve any controversy or claim arising from or relating to this Agreement promptly by negotiations between the respective Presidents of the parties. The disputing party shall give the other party written notice of the dispute. Within
twenty (20) days after receipt of such notice, the receiving party shall submit a written response to the other party. The notice and response shall include a statement of each party’s position and arguments supporting its position. The
Presidents shall meet at a mutually acceptable time and place within thirty (30) days after the date of the disputing party’s notice and thereafter as often as they reasonably deem necessary to exchange relevant information and to attempt
to resolve the dispute. If the matter has not been resolved through negotiation within sixty (60) days after the date of the disputing party’s notice, or if either party will not meet with the other party within thirty (30) days after
the date of the disputing party’s notice, then either party may take such action or inaction as it deems appropriate. All deadlines specified in this Section 14 may be extended by the mutual agreement of the parties. 

15. Termination. 

15.1. Grounds for Termination. This Agreement and the interests, rights and obligations of Agrifos and IOC hereunder may be
terminated only in the following manners and for the indicated reasons: 
 15.1.1. by Agrifos and IOC in a written agreement
executed and delivered by said parties, with the termination of this Agreement to be effective as of the date set forth therein; 
 15.1.2. by Agrifos pursuant to 180 days written notice given to IOC; 
 15.1.3. by
IOC, pursuant to 180 days written notice given to Agrifos; 
 15.1.4. by Agrifos or IOC, upon written notice given to the other
party, if the other party (a) voluntarily files a petition, or allows the filing of an involuntary petition, under any federal, state or other bankruptcy, reorganization, arrangement, insolvency or other similar statute or regulation, which
remains undismissed, unvacated or unstayed for a total of 60 days after the filing thereof, (b) has a trustee, receiver or liquidator voluntarily or involuntarily appointed for all or any substantial part of its business or assets, which
remains undisrnissed, unvacated or unstayed for a total of 60 days after the appointment thereof; (c) voluntarily commences dissolution, or allows the commencement of an involuntary dissolution proceeding, under any federal, state or other
dissolution, liquidation, winding-up or other similar statute or regulation, which remains undismissed, unvacated or unstayed for a total of 60 days after the commencement thereof; or (d) makes a general assignment for the benefit of creditors;
in each such case with the termination of this Agreement to be effective as of the date set forth in the termination notice; 

  
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 15.1.5 by Agrifos or IOC, pursuant to a notice given to the other party, if the other party
breaches any material covenant or fails to perform any material obligation set forth in this Agreement and such breach is not waived by the terminating party or cured by the breaching party within 60 days after the breaching party is notified of
such breach by the terminating party or otherwise, with the termination of this Agreement to be effective as of the date set forth in the termination notice. 
 15.2 Automatic Termination. Unless otherwise agreed in writing by the parties, this Agreement will automatically terminate and be of no further force and effect if any time from and after
September 30, 2011, Agrifos fails to produce granular ammonium sulfate and such failure to produce lasts for 180 consecutive days. 
 15.3. Effects of Termination. If this Agreement is terminated as provided in Sections 15.l.l or 15.1.3, the fact of such termination shall not create any liability on the part of Agrifos or
IOC. If this Agreement is terminated as provided in Sections 15.1.4, and 15.1.5, such termination shall not prejudice, and the parties shall continue to be entitled to pursue, any and all other available claims, rights and remedies that they may
have against each other under this Agreement, or at law or in equity. If this Agreement is terminated as provided in Sections 15.1.2 or 15.2, then upon such termination, Agrifos shall (a) reimburse IOC for any out-of-pocket costs incurred by
IOC for under-utilized Logistics Commitments and (b) as liquidated damages and not as a penalty, pay IOC a lump-sum fee equal to $100,000 in compensation for IOC’s other wind-down costs which are uncertain and difficult to ascertain, and
thereafter neither party shall have any obligation to the other with respect to this Agreement. 
 16. Miscellaneous Provisions.

 16.1. Independent Contractors. The parties hereto are independent contractors, and nothing contained herein
shall be construed as appointing either party an agent or representative of the other party. 
 16.2. Notices and Other
Communications. Any notice or other communication in respect of this Agreement may be given in any manner set forth below to the addresses or numbers or in accordance with the e-mail or electronic messaging system details provided in or
pursuant to this Agreement with respect to the receiving party (the “recipient”) and will be deemed effective as indicated: 
 (i) if in writing and delivered in person or by courier, on the date it is delivered; 
 (ii) if sent by facsimile transmission, on the date that transmission is received in legible form (it being agreed that the burden of proving receipt will be on the sender and will not be met by a
transmission report generated by the sender’s facsimile machine); 

  
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 (iii) if sent by certified or registered mail (airmail, if overseas) or the equivalent
(return receipt requested), on the date that mail is delivered or its delivery is attempted; 
 (iv) if sent by electronic
messaging system, on the date that electronic message is received; or 
 (v) if sent by e-mail, on the date that e-mail is
delivered. 
  

			
	 If to Agrifos, then to:
	 	Agrifos Fertilizer L.L.C.
		 	2001 Jackson Road
		 	Pasadena, TX 77506
		 	Attn.: President
		 	Phone No.: (713) 920-5378
		 	Facsimile No.: (713) 920-5350
		 	Email: dgutacker@agrifos.com
		
	 If to IOC, then to:
	 	Interoceanic Corporation
		 	500 Executive Blvd.
		 	Ossining, NY 10562
		 	Attn: Elio Mazzella, Sr.
		 	Phone No.: (914) 762-7800
		 	Facsimile No.: (914) 762-8001
		 	Email: e.mazzella@ioccorp.com

 Either party may by notice to the other change the address, telephone number, facsimile number or e-mail
or electronic messaging system details at which notices or other communications are to be given to it. 
 16.3. Entire
Agreement. This Agreement including specifically identified attached Annexes constitutes the full understanding of the parties, a complete allocation of risks between them, and a complete and exclusive statement of the terms and conditions
of their agreement relating to the subject matter hereof and supersedes any and all prior negotiations, understandings and agreements, whether written or oral, between the parties with respect thereto. Except as otherwise specifically provided in
this Agreement, no term, condition, usage of trade, course of dealing or performance, understanding or agreement purporting to modify, vary, explain or supplement the provisions of this Agreement shall be effective or binding on the parties, unless
the same hereafter is effected in accordance with Section 16.4. 
 16.4. Amendments. This Agreement may be
altered, modified, amended or changed (other than any waiver of any provision hereof which shall be effective only if made in accordance with Section 16.5) but only by a written agreement executed and delivered by both parties. 

16.5. Waivers. No waiver by either party of any breach of the covenants set forth herein or any claim, right or remedy
provided for hereunder and no course of dealing shall be deemed a waiver of the same or any other breach, claim, right or remedy, unless such waiver is in writing and is signed by the party sought to be bound. The failure of a party to assert or
exercise any claim, right or remedy shall not be deemed a waiver of such claim, right or remedy in the future. 
  

  
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 16.6. Modification and Severability. If a court of competent jurisdiction
declares that any provision of this Agreement is illegal, invalid or unenforceable, then such provision shall be modified automatically to the extent necessary to make such provision fully legal, valid or enforceable. If such court does not modify
any such provision as contemplated herein, but instead declares it to be wholly illegal, invalid or unenforceable, then such provision shall be severed from this Agreement, this Agreement and the rights and obligations of the parties hereto shall be
construed as if this Agreement did not contain such severed provision, and this Agreement otherwise shall remain in full force and effect. 
 16.7. Enforceability. Subject to compliance with Section 16.8 below, this Agreement shall be enforceable by and against Agrifos and IOC and their respective successors, permitted
assignees and legal representatives. 
 16.8. Assignment. Neither party shall assign, convey, transfer or
otherwise dispose of all or any portion of its interest in, or its rights and obligations under, this Agreement, including by operation of law pursuant to a merger or consolidation, without the prior written consent of the other party, which consent
shall not be unreasonably withheld or delayed. Any assignment, conveyance, transferor other disposition made, or attempted, in violation of this Section 16.8 shall be void and of no force or effect. 

16.9. Remedies. Except as otherwise expressly set forth in Section 15.3, in the event of any breach by a party hereto
of any covenant contained in this Agreement, the other party shall be entitled to assert and pursue a claim for equitable relief to which such party may be entitled including, without limitation, specific performance of such covenant, in addition to
any and all other remedies to which said party may be entitled hereunder or by law. Any party’s full or partial exercise of any remedy shall not preclude any subsequent exercise by said party of the same or any other remedy. 

16.10 GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY, CONSTRUED UNDER, AND ENFORCED IN ACCORDANCE WITH THE LAWS OF THE
STATE OF NEW YORK, EXCLUDING THE CONFLICT-OF-LAWS PROVISIONS THEREOF. 
 16.11. Multiple Counterparts. This
Agreement may be executed by the parties hereto in multiple counterparts, each of which shall be deemed an original for all purposes, and all of which together shall constitute one and the same instrument. 

IN WITNESS WHEREOF, the parties have executed this Agreement by their duly authorized representatives as of the day and year
stated above. 

  
 11 

 
	
	AGRIFOS FERTILIZER L.L.C.
	
	
By:                       
                                         
                

	 Name: David Gutacker

	 Title: CEO/President

	
	INTEROCEANIC CORPORATION
	
	
By:                       
                                         
                

	 Name: Elio Mazzella, Sr.

	 Title: President

  
 12 

 ANNEX A 
 SPECIFICATIONS 
  

			
	 Nitrogen content (N)
	 	20.2% w/w (min)
	 Sulfur content (S)
	 	23.8 w/w (min)
	 Moisture content
	 	0.5% w/w (max)
	 Free Acidity (as H2SO4
)
	 	0.1% w/w (max)
	 Median Particle Size (SGN)
	 	250 (2.50mm min)

  
 13EX-10.8.8

 Exhibit 10.8.8 
 RAIT FINANCIAL TRUST 
 2012 INCENTIVE AWARD PLAN 

Share Award Grant Agreement for Non-Employee Trustees 

This is a Share Award dated as of [GRANT DATE] (the “Date of Grant”) from RAIT Financial Trust, a Maryland real estate
investment trust (the “Company”), to [INSERT NAME] (“Participant”) a Non-Employee Trustee, (together with the Company, the “Parties”), under the terms of the RAIT Financial Trust 2012 Incentive
Award Plan (the “Plan”). 
 1. Defined Terms. Except as set forth below, all capitalized terms shall
have the respective meaning as set forth thereto in Section 1.02 of the Plan. 
 (a) “Disability” shall
mean the inability of a Participant to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not
less than twelve months, as provided in Code section 409A(a)(2)(C) and Treas. Reg. § 1.409A-3(i)(4). 
 (b)
“Share Award” means the [            ] ([    ]) Common Shares which are the subject of this Grant. 

(c) “Restriction Period” means, with respect to each Common Share which is the subject of this Grant, the period
beginning on the Date of Grant and ending on the applicable Vesting Date. 
 (d) “Vesting Date” means the date
on which the Participant has a non-forfeitable right to the Common Shares and related dividends subject to this Share Award following the lapse of all restrictions set forth in Section 4. 

2. Grant of Share Award. Subject to the terms and conditions set forth herein, the Company hereby grants to Participant the Share
Award and Participant hereby acknowledges the restrictions on the Share Award. The Share Award is subject to the terms and conditions of the Plan now in effect and as they may be amended from time to time in accordance with the Plan. The terms and
conditions of the Plan are and automatically shall be incorporated herein by reference and made a part hereof. 
 3.
Restrictions on Share Award and Related Dividends. Subject to the terms and conditions set forth in the Plan and herein and notwithstanding any other agreement to which the Participant is a party, during the Restriction Period, Participant
shall not be permitted to sell, transfer, pledge, hypothecate, assign or otherwise dispose of the Common Shares and related dividends subject to this Share Award. The Company or its transfer agent, American Stock Transfer & Trust Company,
LLC or any successor thereto (“Transfer Agent”), shall maintain a record of uncertificated Common Shares and related dividends subject to this Share Award during the Restriction Period. Any attempted sale, transfer, pledge,
hypothecation, assignment 

 
or other disposition (each, a “Disposition”) of any Common Shares and related dividends subject to this Share Award in violation of this Share Award shall be void and of no
effect, and the Company (or Transfer Agent, as appropriate) shall have the right to disregard any such Disposition on its books and records, to issue (or execute) “stop transfer” instructions and/or take such other action as the Company
deems necessary or advisable to enforce the restrictions in this Share Award. 
 4. Vesting. The
restrictions set forth in Section 3 shall not apply to twenty-five percent (25%) of the Common Shares and related dividends subject to this Share Award. Such Common Shares shall be immediately vested as of the Date of Grant. Subject
to Section 5, the restrictions set forth in Section 3 on the Share Award shall lapse with respect to the following portion of Common Shares and related dividends subject to the Share Award: (i) twenty five percent
(25%) on the 90th day following the Date of Grant;
(ii) twenty five percent (25%) on the 180th day
following the Date of Grant; and (iii) twenty five percent (25%) on the 270th day following the Date of Grant. The date on which the restrictions lapse for a particular portion of the Share Award and related dividends shall be the Vesting Date for such portion. If the foregoing
vesting schedule would produce fractional Common Shares, the number of Common Shares that are vested shall be rounded down to the nearest whole Restricted Unit; provided, however, that on the final vesting date, the number of Common Shares vesting
shall be adjusted to the extent necessary so that 100% of the Share Award shall have vested. On or before the thirtieth
(30th) day following each Vesting Date, the Company
will direct the Transfer Agent to note that the restrictions on the applicable Common Shares subject to this Share Award arising out of this Share Award have lapsed. 
 5. Forfeiture of Share Award. Except as otherwise provided below, if Participant’s service as a Non-Employee Trustee terminates during the Restriction Period for any reason other than death or
Disability, Participant shall forfeit any remaining unvested Common Shares and related dividends subject to the Share Award as of the date of such termination of service as a Non-Employee Trustee. Upon a forfeiture of unvested Common Shares and
related dividends subject to the Share Award as provided in this Section 5, the Share Award shall be deemed canceled and such Common Shares and dividends shall be transferred to the Company. If Participant’s service relationship
with the Company and all Subsidiaries terminates during the Restriction Period as a result of death or Disability, the restrictions on the unvested Share Award shall lapse as of the date of such termination. If Participant’s service as a
Non-Employee Trustee of the Company terminates during the Restriction Period, but the Participant commences or continues services an Employee or Consultant of the Company, then such termination of service shall not result in the forfeiture of
unvested Common Shares and related dividends. 
 6. Lapse of Restrictions. Upon the lapse of the Restriction Period with
respect to the applicable Common Shares and related dividends subject to this Share Award, the Participant’s ability to hold, sell, transfer, pledge, assign or otherwise encumber the stock and dividends shall be unrestricted. 

7. Dividends, Voting and Recapitalization. 

 (a) Dividends. Pursuant to Section 5.06 of the Plan, Participant shall be
entitled to dividends attributable to Common Shares subject to this Share Award as follows: 
 (i) Dividends on Vested Common
Shares. With respect to Common Shares subject to this Share Award that have vested under Section 4, if any dividends are paid with respect to the Common Shares, Participant shall have the right to receive such dividends paid on such
vested Common Shares in such amount and at such times as received by all other shareholders of the Company. 
 (ii) Dividends
on Unvested Common Shares. With respect to Common Shares subject to this Share Award that have not vested under Section 4, if any dividends are paid with respect to the Common Shares, the Participant shall receive a credit to the
Participant’s Share Award dividend account equal to the value of the cash dividends that would have been distributed if the unvested Common Shares at the time of the payment date of the relevant cash dividend were vested Common Shares. Within
thirty (30) days following the Vesting Date of any unvested Common Shares, a cash payment will be paid to the Participant by the Company equal to the value of the aggregate amount of cash credited to the Participant’s Share Award dividend
account for the corresponding unvested Common Shares that vested as of the Vesting Date. No interest shall accrue with respect to any cash amounts credited to the Participant’s Share Award dividend account. If any unvested Common Shares are
forfeited for any reason prior to the Vesting Date, the aggregate amount credited to the Participant’s Share Award dividend account with respect to such unvested Common Shares shall terminate and the Participant shall not have any rights with
respect to any such amounts. 
 (b) Voting. Participant shall have the right to vote all Common Shares under this Share
Award regardless of vested status while such Common Shares remain outstanding and the Participant otherwise retains such voting rights. 
 (c) Recapitalization. In the event of any changes in the capital stock of the Company by reason of any stock dividends, split-ups or combinations of shares, reclassifications, mergers,
consolidations, reorganizations or liquidations while any Common Shares comprising the Share Award shall be subject to restrictions on transfer and forfeiture hereunder, any and all new, substituted or additional securities to which Participant is
entitled shall be subject immediately to the terms, conditions and restrictions of this Award. 
 8. Notices. Any notice
to the Company relating to this Share Award shall be addressed to the Company in care of the Chief Financial Officer of the Company at the principal office of the Company, and any notice to the Participant shall be addressed to such Participant at
the current address shown on the records of the Company, or to such other address as the Participant may designate to the Company in writing. Any notice shall be delivered by hand, sent by telecopy or enclosed in a properly sealed envelope addressed
as stated above, registered and deposited, postage prepaid, in a post office regularly maintained by the United States Postal Service. 

 9. Applicable Laws. The Company may from time to time impose any conditions on the
Share Award as it deems necessary or advisable to ensure that the Award satisfies the conditions of applicable laws. 
 10.
Tax Matters. 
 (a) The Common Shares and related dividends subject to this Share Award are intended to constitute
property that is subject to a substantial risk of forfeiture during the Restriction Period, and subject to federal income tax in accordance with Section 83 of the Code. Section 83 of the Code generally provides that Participant will
recognize compensation income with respect to each installment of the Share Award on such installment’s Vesting Date in an amount equal to the then fair market value of the shares for which restrictions have lapsed. Alternatively, Participant
may elect, pursuant to Section 83(b) of the Code, to recognize compensation income for all or any part of the Share Award at the Date of Grant in an amount equal to the fair market value of the Share Award subject to the election
on the Date of Grant. Such election must be made within 30 days of the Date of Grant and Participant shall immediately notify the Company if such an election is made. Participant should consult his or her tax advisors to determine whether a
Section 83(b) election is appropriate. If Participant (after consulting with his or her tax advisors) decides to file an 83(b) election, then instructions and an election form are attached hereto as Appendix A. 

(b) The grant of this Share Award is intended to be exempt from the requirements of Section 409A of the Code, and, to the extent
that further guidance is issued under Section 409A of the Code after the date of this Award, the Company may make any changes to this Award as are necessary to bring this award into compliance with the applicable exemptions under
Section 409A of the Code and the Treasury regulations issued thereunder. 
 11. Share Award Not to Affect Service
Relationship. The Share Award granted hereunder shall not confer upon Participant any right to continue as a Non-Employee Trustee or in any other service relationship of the Company or any Subsidiary or affiliate of the Company. 

12. Restrictions on Issuance or Transfer of Common Shares. 

(a) The obligation of the Company to issue, or remove the restrictions on, Common Shares shall be subject to the condition that if at any
time the Committee shall determine in its discretion that the listing, registration or qualification of the Common Shares upon any securities exchange or under any state or federal law, or the consent or approval of any governmental regulatory body
is necessary or desirable as a condition of, or in connection with, such issuance or removal, the Common Shares may not be issued or such restrictions removed in whole or in part unless such listing, registration, qualification, consent or approval
shall have been effected or obtained free of any conditions not acceptable to the Committee. The issuance of Common Shares and the payment of cash to the Participant pursuant to this Agreement are subject to any applicable taxes and other laws or
regulations of the United States or of any state having jurisdiction thereof. 

 (b) The Participant agrees to be bound by the Company’s policies regarding the transfer
of the Common Shares subject to this Share Award and understands that there may be certain times during the year in which the Participant will be prohibited from selling, transferring, pledging, donating, assigning, mortgaging, or encumbering Common
Shares. 
 13. Miscellaneous. 
 (a) Binding Effect. Subject to the limitations set forth herein, this Award shall inure to the benefit of and be binding upon the Parties hereto and their respective heirs, legal representatives,
successors and assigns. 
 (b) Entire Agreement; Amendments. This Award and the Plan constitute the entire agreement
between the parties with respect to the Award and cannot be changed or terminated orally. No modification or waiver of any of the provisions hereof shall be effective unless in writing and signed by the party against whom it is sought to be
enforced. 
 (c) Counterparts. This Award may be executed in one or more counterparts, both of which taken together shall
constitute one and the same agreement. 
 (d) Governing Law. This Award shall be governed and construed and the legal
relationships of the parties determined in accordance with the internal laws of the State of Maryland. 
 (e)
Severability. In the event that any provision in this Award shall be held invalid or unenforceable, such provision shall be severable from, and such invalidity or unenforceability shall not be construed to have any effect on, the remaining
provisions of this Award. 
 (f) Section Headings. The captions and section headings of this Award are for convenience of
reference only and shall not be deemed to alter or affect any provision hereof. 
  

			
		 	RAIT FINANCIAL TRUST
		
	By:	 	  

		 	Name:
		 	Title:

 ACKNOWLEDGMENT 
 The Participant acknowledges receipt of the Share Award, a copy of which is attached hereto; represents that he or she has read and is familiar with the terms and provisions thereof; hereby accepts this
Share Award subject to all of the terms and provisions thereof. The Participant hereby agrees to accept as binding, conclusive and final all decisions or interpretations of the Committee upon any questions arising hereunder. 

 

							
	Date:	 	  
	 		 	  

		 		 		 	Signature of Participant
				
		 		 		 	  

		 		 		 	Name of Participant

 SECTION 83(b) ELECTIONS 
 INSTRUCTIONS REGARDING SECTION 83(b) ELECTIONS: 
  

	1.	An 83(b) Election is Irrevocable. 

  

	2.	If you choose to make an 83(b) Election, an 83(b) Election Form must be filed with the Internal Revenue Service within 30 days after the date the Share Award is made
to you. No exceptions to this rule are made. 

  

	3.	You must provide a copy of the 83(b) Election Form to the Director of Human Resources or other designated officer of the Company. This copy should be provided to the
Company at the same time that you file your 83(b) Election Form with the Internal Revenue Service. 

  

	4.	In addition to making the filing under Item 2 above, you must attach a copy of your 83(b) Election Form to your tax return for the taxable year in which you
received the restricted stock. 

  

	5.	If you make an 83(b) Election and later forfeit the Common Shares, you will not be entitled to a deduction with respect to the gross income you recognized under the
83(b) Election. 

 You are urged to consult your personal tax advisor before making an 83(b) Election to discuss the
consequences thereof and consider whether such an election is advisable under the circumstances (and to complete the election form). 

 APPENDIX A 

SECTION 83(b) ELECTION FORM 
 Election Pursuant to Section 83(b) of the Internal Revenue Code 

to Include Property in Gross Income in Year of Transfer 

The undersigned hereby makes an election pursuant to Section 83(b) of the Internal Revenue Code with respect to the Share Award
described below and supplies the following information in accordance with the regulations promulgated thereunder: 
 1. The
name, address, and taxpayer identification number of the undersigned are: 

					
	  
	 		 	
	  
	 		 	
	  
	 		 	
	        -    -        	 		 	

 2. Description of the Share Award with respect to which the election is being made:
            (    ) Common Shares of Beneficial Interest, par value of $0.03 of RAIT Financial Trust awards pursuant to the attached Share Award and the RAIT Financial
Trust 2012 Incentive Award Plan. 
 3. Date on which the Share Award is made: [insert Date of Grant]. 

4. The taxable year of the taxpayer is 2013. 
 5. Nature of restrictions to which the Share Award is subject: The Share Award consists of Common Shares subject to potential forfeiture for (i) failure to remain in service as a Non-Employee
Trustee of the Company during the Restriction Period; or (ii) failure to comply with the restrictions and conditions of the Share Award and the Plan.  
 6. The fair market value of a Common Share on the Date of Grant (determined without regard to any restrictions other than restrictions which by their terms will never lapse) of the property with respect
to which this election is being made is: $            , the NYSE per Common Share closing price on the Date of Grant. The cumulative fair market value of Common Shares subject to this
Grant Award is $            (2. multiplied by 6.). 
 7. The
taxpayer did not pay any amount for these shares. 
 8. A copy of this statement was furnished to RAIT Financial Trust, for whom
taxpayer rendered the services underlying the transfer of such property. 
  

							
	Date:	 	  
	  		 	  

		 		  		 	Name:

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