Document:

Stock Purchase Warrant issued to David P. Zimel

 Exhibit 10.16 
  
 THE SECURITIES REPRESENTED BY THIS CERTIFICATE, AND THE SECURITIES ISSUED UPON EXERCISE HEREOF, MAY NOT BE OFFERED FOR SALE, SOLD OR
OTHERWISE TRANSFERRED EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT FILED UNDER THE SECURITIES ACT OF 1933 (THE “ACT”), OR PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE ACT WHICH SHALL BE ESTABLISHED TO THE SATISFACTION OF
THE COMPANY. 
  
 Void after 3:30 P.M., Denver Time, on April 7,
2008 
  

			
	 	 	Warrant to Purchase
	 	 	575,733 Shares
	 	 	of Common Stock

  
 WARRANT TO
PURCHASE SHARES OF COMMON STOCK 
  
 OF 
  
 RENTECH, INC. 
  
 This Warrant dated May 20, 2005, is to certify that, FOR VALUE RECEIVED, David P. Zimel, or permitted assigns
(“Holder”), is entitled to purchase, subject to the provisions of this Warrant, from RENTECH, INC., a Colorado corporation (“Company”), at any time not later than 3:30 P.M., Denver time, on April 7, 2008 (the “Expiration
Date”) five hundred seventy five thousand seven hundred thirty three (575,733) shares of common stock, having $0.01 par value per share, of the Company (“Common Stock”) at an exercise price, subject to adjustment as set forth below,
of $1.61 per share. The number of shares of Common Stock to be received upon the exercise of this Warrant and the price to be paid for a share of Common Stock are subject to adjustment from time to time as hereinafter set forth. The shares of the
Common Stock deliverable upon such exercise, and as adjusted from time to time, are hereinafter sometimes referred to as “Warrant Stock” and the exercise price of a share of Common Stock in effect at any time and as adjusted from time to
time is hereinafter sometimes referred to as the “Exercise Price.” 
  
 1. Exercise of Warrant. Subject to the provisions of Section 4 hereof, this Warrant may be exercised in whole or in part at any time or from time to time not later than 3:30 P.M., Denver Time, on April 7, 2008
or if that date falls on a day on which banking institutions are authorized by law to close, then on the next succeeding day which shall not be such a day, by presentation and surrender of this Warrant to the Company with the Purchase Form annexed
hereto duly executed and accompanied by payment of the Exercise Price for the number of shares specified in such form, together with all federal and state taxes applicable upon such exercise. If this Warrant should be exercised in part only, the
Company shall, upon surrender of this Warrant for cancellation, execute and deliver a new Warrant evidencing the right of the Holder to purchase the balance of the shares. Upon receipt by the Company of this Warrant at the office or agency of the
Company, in proper form for exercise, the Holder shall be deemed to be the holder of record of the shares of Common Stock issuable upon such exercise, notwithstanding that the stock transfer books of the Company shall then be closed or that
certificates representing such securities shall not then be actually delivered to the Holder. The Exercise Price shall be paid in immediately available funds by wire transfer to a bank account designated by the Company. 

 2. Reservation of Shares. The Company hereby agrees that at all times there shall be reserved for
issuance and delivery, upon exercise of this Warrant, such number of shares of its Common Stock as shall be required for issuance or delivery upon exercise of this Warrant. 
  
 3. Fractional Shares. No fractional shares or scrip representing fractional shares shall be issued upon any exercise
of this Warrant. With respect to any fraction of a share called for upon any exercise hereof, the Company shall pay to the Holder an amount in cash equal to such fraction multiplied by the current market value of such fractional share, determined as
follows: 
  
 (a) The current value shall be the
last reported sale price of the Common Stock on The American Stock Exchange on the last trading day prior to the date of exercise of this Warrant, or if no such sale is made on such day, the average closing bid and asked prices for such day on the
composite tape of the exchange for all exchanges on which sales were made that day; or 
  
 (b) If the Common Stock is not so listed or admitted to unlisted trading privileges, the current value shall be the mean of the last
reported bid and asked prices reported by the National Association of Securities Dealers Quotation System (or, if not so quoted on The American Stock Exchange, by the National Quotation Bureau, Inc.) on the last trading day prior to the date of the
exercise of this Warrant; or 
  
 (c) If the
Common Stock is not so listed or admitted to unlisted trading privileges and bid and asked prices are not so reported, the current value shall be an amount, not less than book value, determined in such reasonable manner as may be prescribed by the
Board of Directors of the Company, such determination to be final and binding on the Holder. 
  
 4. Exchange, Assignment or Loss of Warrant. This Warrant is assignable to permitted assignees and exchangeable, without expense, at the option of the Holder, upon presentation and surrender hereof to the
Company for other Warrants of different denominations entitling the holder thereof to purchase in the aggregate the same number of shares of Common Stock purchasable hereunder. Any such assignment shall be made by surrender of this Warrant to the
Company, with the Assignment Form annexed hereto duly executed and funds sufficient to pay any transfer tax; whereupon the Company shall, without charge, execute and deliver a new Warrant in the name of the permitted assignee named in such
instrument of assignment. Upon any permitted assignment or exchange, this Warrant promptly shall be canceled. This Warrant may be divided or combined with other Warrants which carry the same rights upon presentation hereof at the office of the
Company, together with a written notice specifying the denominations in which new Warrants are to be issued and signed by the Holder hereof. The term “Warrant” as used herein includes any Warrants issued in substitution for or replacement
of this Warrant, or into which this Warrant may be divided or exchanged. Upon receipt by the Company of evidence satisfactory to it of the loss, theft, destruction or mutilation of this Warrant, and (in the case of loss, theft or destruction) of
reasonably satisfactory indemnification including a surety bond, and upon surrender and cancellation of this Warrant, if mutilated, the Company will execute and deliver a new Warrant of like tenor and date. Any such new Warrant executed and
delivered shall constitute an additional contractual obligation on the part of the Company, whether or not this Warrant is lost, stolen, destroyed, or mutilated, and shall be at any time enforceable by a Holder. 
  
 5. Rights of the Holder. The Holder shall not, by virtue hereof, be
entitled to any rights of a shareholder of the Company, either at law or equity, and the rights of the Holder are limited to those expressed in this Warrant and are not enforceable against the Company except to the extent set forth herein.

 6. Anti-Dilution Provisions. 
  
 (a) Stock Splits and Stock Dividends. Anything in this Section 6 to the contrary notwithstanding, in
case the Company shall at any time issue Common Stock or securities convertible into or exercisable or exchangeable for Common Stock by way of dividend or other distribution on any stock of the Company or subdivide or combine the outstanding shares
of Common Stock, the Exercise Price shall be proportionately decreased in the case of such issuance (on the day following the date fixed for determining shareholders entitled to receive such dividend or other distribution) or decreased in the case
of such subdivision or increased in the case of such combination (on the date that such subdivision or combination shall become effective); provided, however, that the Exercise Price shall never be less than the par value per share of Common Stock.

  
 (b) Number of Shares Adjusted. Upon
any adjustment of the Exercise Price, the holder of this Warrant shall thereafter (until another such adjustment) be entitled to purchase, at the new Exercise Price, the number of Shares, calculated to the nearest full share, obtained by multiplying
the number of shares of Common Stock initially issuable upon exercise of this Warrant by the Exercise Price in effect on the date hereof and dividing the product so obtained by the new Exercise Price. 
  
 (c) Common Stock Defined. Whenever reference is made
in this Section 6 to the issue or sale of shares of Common Stock, the term “Common Stock” shall mean the Common Stock of the Company of the class authorized as of the date hereof and any other class of stock ranking on a parity with such
Common Stock. However, subject to the provisions of Section 9 hereof, shares issuable upon exercise hereof shall include only shares of the class designated as Common Stock of the Company as of the date hereof. 
  
 7. Officer’s Certificate. Upon request by the Holder, and if the
Exercise Price is adjusted as required by the provisions of Section 6 hereof, the Company shall forthwith file in the custody of its Secretary or an Assistant Secretary at its principal office, and with its stock transfer agent, if any, an
officer’s certificate showing the adjusted Exercise Price determined as herein provided and setting forth in reasonable detail the facts requiring such adjustment and the calculation thereof. Each such officer’s certificate shall be made
available at all reasonable times for inspection by the Holder and the Company shall, upon request after each such adjustment, mail a copy of such certificate to the Holder. 
  
 8. Notice to Holders. If, prior to the expiration of this Warrant either by its terms or by its exercise in full, any
of the following shall occur: 
  
 (a) the Company
shall declare a dividend or authorize any other distribution on its Common Stock; or 
  
 (b) the Company shall authorize the granting to the shareholders of its Common Stock of rights to subscribe for or purchase any securities
or any other similar rights; or 
  
 (c) any
reclassification, reorganization or similar change of the Common Stock, or any consolidation or merger to which the Company is a party, or the sale, lease, or exchange of any signification portion of the assets of the Company; or 

 (d) the voluntary or involuntary dissolution, liquidation or winding up of the Company;
or 
  
 (e) any purchase, retirement or redemption
by the Company of its Common Stock; 
  
 then, and in any such case, the Company
shall deliver to the Holder or Holders written notice thereof at least 30 days prior to the earliest applicable date specified below with respect to which notice is to be given, which notice shall state the following: 
  
 (f) the date on which a record is to be taken for the
purpose of such dividend, distribution or rights, or, if a record is not to be taken, the date as of which the shareholders of Common Stock of record to be entitled to such dividend, distribution or rights are to be determined; 
  
 (g) the date on which such reclassification, reorganization,
consolidation, merger, sale, transfer, dissolution, liquidation, winding up or purchase, retirement or redemption is expected to become effective, and the date, if any, as of which the Company’s shareholders of Common Stock of record shall be
entitled to exchange their Common Stock for securities or other property deliverable upon such reclassification, reorganization, consolidation, merger, sale, transfer, dissolution, liquidation, winding up, purchase, retirement or redemption; and

  
 (h) if any matters referred to in the
foregoing clauses (a) and (b) are to be voted upon by shareholders of Common Stock, the date as of which those shareholders to be entitled to vote are to be determined. 
  
 9. Reclassification, Reorganization or Merger. In case of any reclassification, capital reorganization or other
change of outstanding shares of Common Stock of the Company (other than a change in par value, or from par value to no par value, or as a result of an issuance of Common Stock by way of dividend or other distribution or of a subdivision or
combination), or in case of any consolidation or merger of the Company with or into another corporation (other than a merger with a subsidiary in which merger the Company is the continuing corporation and which does not result in any
reclassification, capital reorganization or other change of outstanding shares of Common Stock of the class issuable upon exercise of this Warrant) or in case of any sale or conveyance to another corporation of the property of the Company as an
entirety or substantially as an entirety, the Company shall cause effective provision to be made so that the Holder shall have the right thereafter, by exercising this Warrant, to purchase the kind and amount of shares of stock and other securities
and property receivable upon such reclassification, capital reorganization or other change, consolidation, merger, sale or conveyance as if the Holder had exercised this Warrant prior to such transaction. Any such provision shall include provision
for adjustments which shall be as nearly equivalent as may be practicable to the adjustments provided for in this Warrant. A copy of such provision shall be furnished to the holder(s) of Warrants within ten days after execution of the appropriate
agreement pertaining to same and, in any event, prior to any consolidation, merger, sale or conveyance subject to the provisions of this Section 9. The foregoing provisions of this Section 9 shall similarly apply to successive reclassifications,
capital reorganizations and changes of shares of Common Stock and to successive consolidations, mergers, sales or conveyances. 
  
 10. Dissolution. If, at any time prior to the expiration of this Warrant and prior to the exercise thereof, any dissolution, liquidation or winding
up of the Company shall be proposed, the Company shall cause at least 30 days’ notice to be mailed by certified mail to the registered Holder of this Warrant Certificate at the Holder’s address as it appears on the books of the Company.
Such notice shall 

 
specify the date as of which holders of record of Common Stock shall participate in any distribution or shall be entitled to exchange their Common Stock for
securities or other property, deliverable upon such dissolution, liquidation or winding up, as the case may be; to the end that, during such period of 30 days, the Holder of this Warrant may exercise this Warrant and purchase Common Stock (or other
stock substituted therefor as hereinbefore provided) and be entitled in respect of shares so purchased to all of the rights of the other holders of Common Stock of the Company. In case of a dissolution, liquidation or winding up of the Company, all
purchase rights under this Warrant shall terminate at the close of business on the date as of which holders of record of the Common Stock shall be entitled to participate in a distribution of the assets of the Company in connection with such
dissolution, liquidation or winding up (provided that in no event shall said date be less than 30 days after completion of service by certified mail of notice as aforesaid). Any Warrant not exercised prior to such time shall be void and no rights
shall exist thereunder. In any such case of termination of purchase rights, a statement thereof shall be included in the notice provided for herein. 
  
 11. Rights. 
  
 (a) Piggy-Back Registration. Subject to Section 11(i) below, if at any time during the two years following the date of this
Warrant, the Company proposes to register any of its Common Stock under the Act in connection with the public offering of such securities solely for cash on a form that would also permit the registration of the Common Stock of the Holders that they
acquire through exercise of this Warrant, the Company will, if the shares of Common Stock subject to this Warrant have not then been registered with the Securities and Exchange Commission and if the Company is not contractually or otherwise
prohibited from including these shares, each such time, promptly give each Holder written notice of such determination. Upon the written request of any Holder given within 20 days after mailing of any such notice by the Company, the Company shall
use its best efforts to cause to be registered under the Act all of such Common Stock acquired through exercise of this Warrant that each such Holder has requested to be registered. 
  
 (b) Obligations of the Company. Whenever required to
use its best efforts to effect the registration of any Common Stock, the Company shall, as expeditiously as reasonably possible: 
  
 (A) Prepare and file with the Securities and Exchange Commission (“SEC”) a registration statement with respect to such Warrant
Stock and use its best efforts to cause such registration statement to become and remain effective; provided, however, that in connection with any proposed registration intended to permit an offering of any securities from time to time (i.e., a
so-called “shelf registration”), the Company shall in no event be obligated to cause any such registration to remain effective for more than one year. 
  
 (B) Prepare and file with the SEC such amendments and supplements to such registration statement and the
prospectus used in connection with such registration statement as may be necessary to comply with the provisions of the Act with respect to the disposition of all securities covered by such registration statement. 
  
 (C) Furnish to the Holders such numbers of copies of a
prospectus, including a preliminary prospectus, in conformity with the requirements of the Act, and such other documents as they may reasonably request in order to facilitate the disposition of Warrant Stock owned by them. 

 (D) Use its best efforts to register and qualify the securities covered by such
registration statement under such other securities or blue-sky laws of such jurisdictions as shall be reasonably appropriate for the distribution of the securities covered by the registration statement, provided that the Company shall not be
required in connection therewith or as a condition thereto to qualify to do business or to file a general consent to service of process in any such states or jurisdictions, and further provided that (anything in this Section 11 to the contrary
notwithstanding with respect to the bearing of expenses) if any jurisdiction in which the securities shall be qualified shall require that expenses incurred in connection with the qualification of the securities in that jurisdiction be borne by
selling shareholders pro rata, to the extent required by such jurisdiction. 
  
 (c) Furnish Information. It shall be a condition precedent to the obligations of the Company to take any action that the Holders shall furnish to the Company such information regarding them, the Warrant Stock
held by them, and the intended method of disposition of such securities as the Company shall reasonably request and as shall be required in connection with the action to be taken by the Company. 
  
 (d) Company Registration Expenses. In the case of any
registration effected pursuant to Section (11)(a), the Company shall bear any additional registration and qualification fees and expenses (excluding underwriters’ discounts, commissions and expenses), and any additional costs and disbursements
of counsel for the Company that result from the inclusion of securities held by the Holders in such registration; provided, however, that if any such cost or expense is attributable solely to one selling Holder and does not constitute a normal cost
or expense of such a registration, such cost or expense shall be paid by that selling Holder. In addition, each selling Holder shall bear the fees and costs of its own counsel. 
  
 (e) Underwriting Requirements. In connection with any offering involving an underwriting of shares of
Common Stock being issued by the Company or being sold by persons other than the Holders exercising piggy-back registration rights (the “Initial Sellers”), the Company shall not be required under Section 11(a) to include any of the
Holders’ Warrant Stock in such underwriting unless they accept the terms of the underwriting as agreed upon between the Company or the Initial Sellers and the underwriters selected by it or them, and then only in such quantity as will not, in
the written opinion of the underwriters, jeopardize the success of the offering by the Company or by the Initial Sellers. If the total amount of securities that all Holders request to be included in such offering exceeds the amount of securities
that the underwriters reasonably believe compatible with the success of the offering, the Company shall only be required to include in the offering so many of the securities of the selling Holders as the underwriters believe will not jeopardize the
success of the offering (the securities so included to be apportioned pro rata among the selling Holders according to the total amount of securities owned by said selling Holders, or in such other proportions as shall mutually be agreed to by such
selling Holders), provided that no such reduction shall be made with respect to any securities offered by the Company or the Initial Sellers for its or their own account. 
  
 (f) Delay of Registration. No Holder shall have any right to take any action to restrain, enjoin, or
otherwise delay any registration as the result of any controversy that might arise with respect to the interpretation or implementation of this Section 11. 

 (g) Indemnification. In the event any Common Stock is included in a registration
statement: 
  
 (A) To the extent permitted by
law, the Company will indemnify and hold harmless each Holder requesting or joining in a registration, any underwriter (as defined in the Act) for it, and each such person, if any, who controls such Holder or underwriter within the meaning of the
Act, against any losses, claims, damages, or liabilities, joint or several, to which they may become subject under the Act or otherwise, insofar as such losses, claims, damages, or liabilities (or actions in respect thereof) arise out of or are
based on any untrue or alleged untrue statement of any material fact contained in such registration statement, including any preliminary prospectus or final prospectus contained therein or any amendments or supplements thereto, 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 each such Holder, such underwriter, or controlling person
for any legal or other expenses reasonably incurred by them in connection with investigating or defending any such loss, claim, damage, liability, or action; provided, however, that the indemnity agreement contained in this Section 11 (g)(A) shall
not apply to amounts paid in settlement of any such loss, claim, damage, liability, or action if such settlement is effected without the consent of the Company (which consent shall not be unreasonably withheld) nor shall the Company be liable in any
such case for any such loss, claim, damage, liability, or action to the extent that it arises out of or is based upon an untrue statement or alleged untrue statement or omission or alleged omission made in connection with such registration
statement, preliminary prospectus, final prospectus, or amendments or supplements thereto, in reliance upon and in conformity with written information furnished expressly for use in connection with such registration by any such Holder, underwriter,
or controlling person. 
  
 (B) To the extent
permitted by law, each Holder requesting or joining in a registration will indemnify and hold harmless the Company, each of its directors, each of its officers who have signed the registration statement, each person, if any, who controls the Company
within the meaning of the Act, and each agent and any underwriter for the Company (within the meaning of the Act) against any losses, claims, damages, or liabilities to which the Company or any such director, officer, controlling person, agent, or
underwriter may become subject, under the Act or otherwise, insofar as such losses, claims, damages, or liabilities (or actions in respect thereto) arise out of or are based upon any untrue statement or alleged untrue statement of any material fact
contained in such registration statement, including any preliminary prospectus or final prospectus contained therein or any amendments or supplements thereto, 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, in each case to the extent, but only to the extent, that such untrue statement or alleged untrue statement or omission or alleged omission was
made in such registration statement, preliminary or final prospectus, or amendments or supplements thereto, in reliance upon and in conformity with written information furnished by such Holder expressly for use in connection with such registration;
and each such Holder will reimburse any legal or other expenses reasonably incurred by the Company or any such director, officer, controlling person, agent, or underwriter in connection with investigating or defending any such loss, claim, damage,
liability, or action; provided, however, that the indemnity agreement contained in this Section 11 (g)(B) shall not apply to amounts paid in settlement of any such loss, claim, damage, liability, or action if such settlement is effected without the
consent of such Holder (which consent shall not be unreasonably withheld). 

 (C) Promptly after receipt by an indemnified party under this Section 11(g) of notice of
the commencement of any action, such indemnified party will, if a claim in respect thereof is to be made against any indemnifying party under this paragraph, notify the indemnifying party in writing of the commencement thereof and the indemnifying
party shall have the right to participate in, and, to the extent the indemnifying party so desires, jointly with any other indemnifying party similarly noticed, to assume the defense thereof with counsel mutually satisfactory to the parties. The
failure to notify an indemnifying party promptly of the commencement of any such action, if prejudicial to his ability to defend such action, shall relieve such indemnifying party of any liability to the indemnified party under this paragraph, but
the omission to so notify the indemnifying party will not relieve him of any liability that he may have to any indemnified party otherwise than under this paragraph. 
  
 (h) Termination of the Company’s Obligations. The Company shall have no obligations pursuant to
this Section 11 more than three years after the Expiration Date of this Agreement. 
  
 (i) Lockup Agreement. In consideration for the Company agreeing to its obligations under this Section 11, each Holder agrees in
connection with any registration of the Company’s securities that, upon the request of the Company or the underwriters managing any underwritten offering of the Company’s securities, not to sell, make any short sale of, loan, grant any
option for the purchase of, or otherwise dispose of any Warrant Stock (other than those included in the registration) without the prior written consent of the Company or such underwriters, as the case may be, for such period of time (not to exceed
180 days from the effective date of such registration) as the Company or the underwriters may specify. 
  
 (j) Notice. Any notices or certificates by the Company to the Holder and by the Holder to the Company shall be deemed delivered if
in writing and delivered personally (including by telex, telecopier, telegram or other acknowledged receipt) or three business days following deposit in the United States mails, sent by registered or certified mail, return receipt requested,
addressed as follows: 
  

			
	Holder:	  	David P. Zimel
	 	  	16390 S.W. Langer Drive
	 	  	Sherwood, OR 97140
		
	Company:	  	Rentech, Inc.
	 	  	1331 17th Street, Suite 720
	 	  	Denver, CO 80202
	 	  	Attention: Chief Operating Officer

  
 Any person may change the address for
the giving of notice by providing notice in accordance with these provisions. The change in notice shall be effective five (5) business days thereafter. 
  
 12. Amendments and Waivers. Any term, condition or provision of this Warrant may be amended and the observance thereof may be waived (either
generally or in a particular instance and either retroactively or prospectively), with the written consent of the Company and the Holder. 

 13. Entire Agreement. This Warrant constitutes the entire agreement among the parties thereto and
supersedes any and all prior agreements whether written or oral regarding the subject matter hereof. 
  
 14. Transfer to Comply with the Securities Act of 1933. 
  

(a) This Warrant or the Warrant Stock or any other security issued or issuable upon exercise of this Warrant may not be offered or sold
except in conformity with the Securities Act of 1933, as amended, and then only against receipt of an agreement of such person to whom such offer of sale is made to comply with the provisions of this Section 14 with respect to any resale or other
disposition of such securities. 
  
 (b) Before
this Warrant may be sold, transferred, or assigned to a permitted assignee by the Holder, the Holder must notify the Company in writing at least 30 days prior to any such transfer. The Company shall the first right of refusal to repurchase the
Warrant for an amount not less than the amount offered by any third party. 
  
 (c) The Company will cause the following legend or a substantially similar legend to be set forth on each certificate representing Warrant Stock or any other security issued or issuable upon exercise of this Warrant
not theretofore distributed to the public or sold to underwriters for distribution to the public pursuant to Section (l) hereof, unless counsel for the Company is of the opinion as to any such certificate that such legend is unnecessary: 

 
 The securities represented by this certificate may not be offered for
sale, sold or otherwise transferred except pursuant to an effective registration statement made under the Securities Act of 1933 (the “Act”), or pursuant to an exemption from registration under the Act the availability of which is to be
established to the satisfaction of the Company. 
  
 15.
Condition Precedent. Exercise of this Warrant is subject to the prior approval of The American Stock Exchange of the issuance by the Company of the Warrant Stock for listing on that exchange. 
  
 16. Applicable Law. This Warrant shall be governed by, and construed
in accordance with, the laws of the state of Colorado. 
  

			
	RENTECH, INC.
		
	By:	 	 /s/ Ronald C. Butz

	 	 	Ronald C. Butz, Vice President and
	 	 	Chief Operating Officer

  
 Date: May 16, 2005 

 PURCHASE FORM 
  
 Dated
                    , 20     
  
 The undersigned hereby irrevocably elects to exercise the within Warrant to the extent of purchasing
                     shares of Common Stock and hereby makes payment of $
             in payment of the actual exercise price thereof. 
  
 INSTRUCTIONS FOR REGISTRATION OF SHARES 
  

			
	Name	 	  

	 	 	(please typewrite or print in block letters)
		
	Address	 	  

		
	Signature	 	  

  
  

			
	Social Security or Employer I.D. No.	  	  

  
 ASSIGNMENT FORM

 (for permitted assignees only) 
  
 FOR VALUE RECEIVED,
                                       
                                        
                                      hereby sells, assigns
and transfers unto 
  

			
	Name	  	  

	 	  	(please typewrite or print in block letters)
		
	Address	  	  

  
 the right to purchase Common Stock
represented by this Warrant to the extent of                      Shares as to which such right is exercisable and does hereby irrevocable
constitute and appoint                     , as attorney in fact, to transfer the same on the books of the Company, with full power of
substitution in the premises. 
  

			
	 Signature:
	 	  

		
	Dated:Convertible Promissory Note issued to Michael F. Ray

 Exhibit 10.17 
  
 THIS PROMISSORY NOTE AND THE SHARES ISSUABLE UPON CONVERSION OF THIS NOTE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED, OR ANY STATE SECURITIES LAWS (COLLECTIVELY, THE ACTS), AND THIS NOTE MAY NOT BE OFFERED, SOLD, PLEDGED, OR TRANSFERRED OR ASSIGNED EXCEPT PURSUANT TO A REGISTRATION STATEMENT UNDER THE ACTS OR UNLESS THE COMPANY HAS RECEIVED AN OPINION OF
COUNSEL SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED. 
  
 RENTECH, INC. 
  
 Convertible
Promissory Note 
 Denver, Colorado 
 $125,000 dated May 20, 2005 
  
 RENTECH, INC., a Colorado
corporation (the “Company”), for value received, hereby promises to pay to Michael F. Ray, or permitted assigns (the “Holder”), the sum of one hundred twenty five thousand dollars and no/100 ($125,000.00), together
with interest on the outstanding principal balance at the rate of the Prime Rate as reported by the Wall Street Journal on the first day of the month plus two percentage points (the “Interest”). The Interest shall be payable monthly
in arrears on the last day of each month, in cash or at the option of the Company, payable in shares of the Company’s registered, free-trading common stock valued at the Market Price per share, as subsequently defined in this document; provided
that payment in such shares will not be made in an aggregate number that exceeds 25,000 shares. Interest shall be prorated for any partial month periods. The Interest shall be calculated on the basis of a 360-day year. Payments of interest shall be
made to Holder at 410 Grand Oaks Drive, Spring Branch, TX 78070, in monthly payments commencing on June 30, 2005, and continuing monthly thereafter on the last day of each succeeding month until this Note is paid in full through the conversion of
principal amounts of this Note into shares of the Company’s common stock, as subsequently provided in this Note. 
  
 1. Conversion into Common Stock. In addition to the monthly payments of Interest in money or shares of stock, as previously described, principal amounts of this
Note shall be converted into duly authorized, validly issued, fully paid and non-assessable shares of the Company’s common stock as subsequently provided in this Agreement (“Conversion Shares”), at the Market Price, as
subsequently defined in this Note. Notwithstanding any provisions of this Note to the contrary, the total number of shares issued by the Company for the conversions of principal subsequently described shall not exceed one hundred fifty six thousand
two hundred fifty (156,250) shares. 
  
 1.1 Definition of
Market Price and Conversion Price. 
  
 (a) For purposes of
this Note, the “Market Price” shall be the average of the volume weighted average price of the Company’s common stock for the five (5) trading days (which need not occur on consecutive trading days) immediately preceding a
notice of conversion given in accordance with the terms of this Note. If the common stock is not listed or admitted to unlisted trading privileges on a national securities exchange, the Market Price shall be determined, in a reasonable manner, as
prescribed by the Company’s board of directors. The price determined in this manner shall be final and binding. 
  
 (b) Conversion Price. For purposes of this Note, the principal balance to be converted into common stock shall be divided by the Conversion Price
(as set forth below) in order to determine the 

 
number of common shares into which the principal may be converted. The “Conversion Price” per share shall be equal to eighty percent (80%)
of the Market Price, on the date of conversion, rounded to the nearest ten thousandth; provided, however, that subject to the provisions of the next sentence, in no event shall the Conversion Price be less than $0.80 per share (the
“Floor Price”) or exceed $1.3852 per share (the “Ceiling Price”). The Floor Price and Ceiling Price shall be further adjusted upon the occurrence of any event in Paragraph 1.1(b)(i)-(iii). 
  
 (i) Adjustment for Stock Splits and Combinations. If
the Company shall at any time, or from time to time after the date shares of this Note are first issued (the “Original Issue Date”), effect a subdivision of the outstanding common stock, the Floor Price and Ceiling Price in effect
immediately prior thereto shall be proportionately decreased, and conversely, if the Company shall at any time or from time to time after the Original Issue Date combine the outstanding shares of common stock, the Floor Price and Ceiling Price then
in effect immediately before the combination shall be proportionately increased. Any adjustment under this Paragraph 1.1(b)(i) shall become effective at the close of business on the date the subdivision or combination becomes effective. 

 
 (ii) Adjustment for Certain Dividends and
Distributions. In the event the Company at any time, or from time to time after the Original Issue Date, shall make or issue, or fix a record date for the determination of holders of common stock entitled to receive, a dividend or other
distribution payable in additional shares of common stock, then and in each such event the Floor Price and Ceiling Price then in effect shall be decreased as of the time of such issuance or, in the event such a record date shall have been fixed, as
of the close of business on such record date, by multiplying the Floor Price and Ceiling Price then in effect by a fraction: 
  
 a) the numerator of which shall be the total number of shares of common stock issued and outstanding immediately prior to the time of such
issuance or the close of business on such record date, and 
  
 b) the denominator of which shall be the total number of shares of common stock issued and outstanding immediately prior to the time of such issuance or the close of business on such record date plus the number of
shares of common stock issuable in payment of such dividend or distribution; provided, however, if such record date shall have been fixed and such dividend is not fully paid or if such distribution is not fully made on the date fixed
therefore, the Floor Price and Ceiling Price shall be recomputed accordingly as of the close of business on such record date and thereafter, the Floor Price and Ceiling Price shall be adjusted pursuant to this Paragraph 1.1(b)(ii) as of the time of
actual payment of such dividends or distributions. 
  
 (iii) Adjustments for Other Dividends and Distributions. In the event the Company at any time or from time to time after the Original Issue Date shall make or issue, or fix a record date for the determination of holders of common
stock entitled to receive, a dividend or other distribution payable in securities of the Company other than shares of common stock, then and in each such event provision shall be made so that the Holder of this Note shall receive, upon conversion
thereof in addition to the number of shares of common stock receivable thereupon, the amount of securities of the Company that they would have received had their Note shares been converted into common stock on the date of such event and had
thereafter, during the period from the date of such event to and including the conversion date, retained such securities receivable by them as aforesaid during such period giving application to all adjustments called for during such period under
this Paragraph 1.1(b) with respect to the rights of the Holder of this Note. 
  

 2 

 1.2 Right to Convert. Commencing on the earlier of ninety (90) days after the date of this Note or
the date that an effective registration is on file with the Securities and Exchange Commission with respect to the shares of common stock issuable upon conversion of this Note, subject to and in compliance with the provisions of this Paragraph 1.2,
any outstanding principal balance of this Note may, at the option of the Holder, be converted at any time or from time to time into fully paid and non-assessable shares of common stock at the Conversion Price in effect at the time of conversion,
determined as provided herein. 
  
 1.3 Mandatory
Conversion. Provided that (a) there is an effective registration statement on file with the SEC for the shares of Common Stock issuable upon conversion of the Note shares, and (b) the closing price of the common stock for the twenty (20)
preceding trading days is equal to or greater than $2.70 per share, then the Company, at its option, may by delivery of written notice, require any Holder of this Note to convert all, or a portion, of the then outstanding balance of principal of
this Note into shares of common stock. The conversion shall be made within five trading days after the notice. 
  
 1.4 Holder’s Election to Convert. To carry out an election by it to convert indebtedness in common shares, the Holder must transmit a written
request to the Company requesting conversion of that part of the indebtedness that is allowed by the previous provisions of this Section. 
  
 1.5 Issuance of Stock Certificates. After each conversion, whether at the written request of the Holder or a mandatory conversion as previously
described, the Company shall issue its restricted stock certificates representing the shares issued upon conversion (the “Conversion Shares”) to the Holder, as promptly as practical. The Company will issue the certificates in accordance
with Rule 144 promulgated by the Securities and Exchange Commission under authority of the Securities Exchange Act of 1933, as amended, and will cause the stock certificates to be delivered to Holder in its name at its address on the Company’s
records. 
  
 2. Prepayment. Notwithstanding any other provisions of this
Note, the Company may prepay this Note, in whole or in part, by payments of money, at any time and from time to time, without premium or penalty of any kind. Notice of prepayment shall be given by the Company in writing, mailed not less than ten
(10) days prior to the date fixed for prepayment. The notice shall be mailed by certified mail, return receipt requested, to the Holder at its address of record (or such address as it may from time to time furnish to the Company in writing). The
notice shall specify the date fixed for prepayment and the amount to be prepaid. The prepayment shall be applied first to accrued and unpaid interest and the balance, if any, to principal. If this Note is called for prepayment, the Holder shall have
the right to convert the outstanding balance of principal and interest of this Note into common stock of the Company as if the Note had not been called for prepayment, at any time up to and including, but not after, the date fixed for its
prepayment, or if such date be a Saturday, Sunday or legal holiday, on the next succeeding business day, but not thereafter. If the Company defaults in the payment of any prepayment amount as to which it has given notice, the Holder may revoke any
conversion election it made based on that notice. The Conversion Price shall be applied for these conversions. 
  
 3. Transfers of Note to Comply with the Securities Laws. The Holder agrees that this Note may not be sold, pledged, hypothecated, converted, or otherwise disposed of except by succession of law, and then only
in compliance with federal and applicable state securities laws. 
  
 4.
Registration Rights. 
  
 (a) Piggy-Back
Registration. Subject to Section 4(i) below, if at any time during the two years following the date of this Note, the Company proposes to register any of its common stock under the Act in connection with the public offering of such securities
solely for cash on a form that would also permit the registration of the common stock of the holders that they acquire through exercise of this Note, the Company will, if the shares of common stock subject to this Note have not then been registered
with 

  

 3 

 
the Securities and Exchange Commission and if the Company is not contractually or otherwise prohibited from including these shares, each such time, promptly
give each Holder written notice of such determination. Upon the written request of any Holder given within 20 days after mailing of any such notice by the Company, the Company shall use its best efforts to cause to be registered under the Act all of
such common stock acquired through exercise of this Note that each such Holder has requested to be registered. 
  
 (b) Obligations of the Company. Whenever required to use its best efforts to effect the registration of any common stock, the Company shall, as
expeditiously as reasonably possible: 
  
 (i)
Prepare and file with the Securities and Exchange Commission (“SEC”) a registration statement with respect to such Conversion Shares and use its best efforts to cause such registration statement to become and remain effective; provided,
however, that in connection with any proposed registration intended to permit an offering of any securities from time to time (i.e., a so-called “shelf registration”), the Company shall in no event be obligated to cause any such
registration to remain effective for more than one year. 
  
 (ii) Prepare and file with the SEC such amendments and supplements to such registration statement and the prospectus used in connection with such registration statement as may be necessary to comply with the
provisions of the Act with respect to the disposition of all securities covered by such registration statement. 
  
 (iii) Furnish to the Holder such numbers of copies of a prospectus in conformity with the requirements of the Act, and such other
documents as they may reasonably request in order to facilitate the disposition of Holder’s Conversion Shares. 
  
 (iv) Use its best efforts to register and qualify the securities covered by such registration statement under such other securities or
blue-sky laws of such jurisdictions as shall be reasonably appropriate for the distribution of the securities covered by the registration statement, provided that the Company shall not be required in connection therewith or as a condition thereto to
qualify to do business or to file a general consent to service of process in any such states or jurisdictions, and further provided that (anything in this Section 4 to the contrary notwithstanding with respect to the bearing of expenses) if any
jurisdiction in which the securities shall be qualified shall require that expenses incurred in connection with the qualification of the securities in that jurisdiction be borne by selling shareholders pro rata, to the extent required by such
jurisdiction. 
  
 (c) Furnish Information. It shall be a
condition precedent to the obligations of the Company to take any action that the holders shall furnish to the Company such information regarding them, the Conversion Shares held by them, and the intended method of disposition of such securities as
the Company shall reasonably request and as shall be required in connection with the action to be taken by the Company. 
  
 (d) Company Registration Expenses. In the case of any registration effected pursuant to Section 4(a), the Company shall bear any additional
registration and qualification fees and expenses (excluding underwriters’ discounts, commissions and expenses), and any additional costs and disbursements of counsel for the Company that result from the inclusion of securities held by the
holders in such registration; provided, however, that if any such cost or expense is attributable solely to one selling Holder and does not constitute a normal cost or expense of such a registration, such cost or expense shall be paid by that
selling Holder. In addition, each selling Holder shall bear the fees and costs of its own counsel. 
  

 4 

 (e) Underwriting Requirements. In connection with any offering involving an underwriting of shares
of common stock being issued by the Company or being sold by persons other than the holders exercising piggy-back registration rights (the “Initial Sellers”), the Company shall not be required under Section 4(a) to include any of the
holders’ Conversion Shares in such underwriting unless they accept the terms of the underwriting as agreed upon between the Company or the Initial Sellers and the underwriters selected by it or them, and then only in such quantity as will not,
in the written opinion of the underwriters, jeopardize the success of the offering by the Company or by the Initial Sellers. If the total amount of securities that all holders request to be included in such offering exceeds the amount of securities
that the underwriters reasonably believe compatible with the success of the offering, the Company shall only be required to include in the offering so many of the securities of the selling holders as the underwriters believe will not jeopardize the
success of the offering (the securities so included to be apportioned pro rata among the selling holders according to the total amount of securities owned by said selling holders, or in such other proportions as shall mutually be agreed to by such
selling holders), provided that no such reduction shall be made with respect to any securities offered by the Company or the Initial Sellers for its or their own account. 
  
 (f) Delay of Registration. No Holder shall have any right to take any action to restrain, enjoin, or otherwise delay
any registration as the result of any controversy that might arise with respect to the interpretation or implementation of this Section 4. 
  
 (g) Indemnification. In the event any common stock is included in a registration statement: 
  
 (i) To the extent permitted by law, the Company will
indemnify and hold harmless each Holder requesting or joining in a registration, any underwriter (as defined in the Act) for it, and each such person, if any, who controls such Holder or underwriter within the meaning of the Act, against any losses,
claims, damages, or liabilities, joint or several, to which they may become subject under the Act or otherwise, insofar as such losses, claims, damages, or liabilities (or actions in respect thereof) arise out of or are based on any untrue or
alleged untrue statement of any material fact contained in such registration statement pertaining to the Company, including any preliminary prospectus or final prospectus contained therein or any amendments or supplements thereto, or arise out of or
are based upon, as pertains to the Company, 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 each such Holder, such
underwriter, or controlling person for any legal or other expenses reasonably incurred by them in connection with investigating or defending any such loss, claim, damage, liability, or action; provided, however, that the indemnity agreement
contained in this Section 4(g)(i) shall not apply to amounts paid in settlement of any such loss, claim, damage, liability, or action if such settlement is effected without the consent of the Company (which consent shall not be unreasonably
withheld) nor shall the Company be liable in any such case for any such loss, claim, damage, liability, or action to the extent that it arises out of or is based upon an untrue statement or alleged untrue statement or omission or alleged omission
made in connection with such registration statement, preliminary prospectus, final prospectus, or amendments or supplements thereto, in reliance upon and in conformity with written information previously published or approved, or furnished expressly
for use in connection with such registration by any such Holder, underwriter, or controlling person. 
  
 (ii) To the extent permitted by law, each Holder requesting or joining in a registration will indemnify and hold harmless the Company,
each of its directors, each of its officers who have signed the registration statement, each person, if any, who controls the Company within the meaning of the Act, and each agent and any underwriter for the Company 

  

 5 

 
(within the meaning of the Act) against any losses, claims, damages, or liabilities to which the Company or any such director, officer, controlling person,
agent, or underwriter may become subject, under the Act or otherwise, insofar as such losses, claims, damages, or liabilities (or actions in respect thereto) arise out of or are based upon any untrue statement or alleged untrue statement of any
material fact contained in such registration statement, including any preliminary prospectus or final prospectus contained therein or any amendments or supplements thereto, 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, in each case to the extent, but only to the extent, that such untrue statement or alleged untrue statement or omission or alleged
omission was made in such registration statement, preliminary or final prospectus, or amendments or supplements thereto, in reliance upon and in conformity with written information previously published or approved, or furnished by such Holder
expressly for use in connection with such registration; and each such Holder will reimburse any legal or other expenses reasonably incurred by the Company or any such director, officer, controlling person, agent, or underwriter in connection with
investigating or defending any such loss, claim, damage, liability, or action; provided, however, that the indemnity agreement contained in this Section 4(g)(ii) shall not apply to amounts paid in settlement of any such loss, claim, damage,
liability, or action if such settlement is effected without the consent of such Holder (which consent shall not be unreasonably withheld). 
  
 (iii) Promptly after receipt by an indemnified party under this Section 4(g) of notice of the commencement of any action, such indemnified
party will, if a claim in respect thereof is to be made against any indemnifying party under this Paragraph, notify the indemnifying party in writing of the commencement thereof and the indemnifying party shall have the right to participate in, and,
to the extent the indemnifying party so desires, jointly with any other indemnifying party similarly noticed, to assume the defense thereof with counsel mutually satisfactory to the parties. The failure to notify an indemnifying party promptly of
the commencement of any such action, if prejudicial to his ability to defend such action, shall relieve such indemnifying party of any liability to the indemnified party under this Paragraph, but the omission to so notify the indemnifying party will
not relieve him of any liability that he may have to any indemnified party otherwise than under this Paragraph. 
  
 (iv) Termination of the Company’s Obligations. The Company shall have no obligations pursuant to this Section 4 more than
three years after the Expiration Date of this Agreement. 
  
 a) Lockup Agreement. In consideration for the Company agreeing to its obligations under this Section 4, each Holder agrees in connection with any registration of the Company’s securities that, upon the
request of the Company or the underwriters managing any underwritten offering of the Company’s securities, not to sell, make any short sale of, loan, grant any option for the purchase of, or otherwise dispose of any Conversion Shares (other
than those included in the registration) without the prior written consent of the Company or such underwriters, as the case may be, for such period of time (not to exceed 180 days from the effective date of such registration) as the Company or the
underwriters may specify. 
  
 b) Notice.
Any notices or certificates by the Company to the Holder and by the Holder to the Company shall be deemed delivered if in writing and delivered personally (including by telex, telecopier, telegram or other acknowledged receipt) or three business
days following deposit in the United States mails, sent by registered or certified mail, return receipt requested, addressed as follows: 
  

			
	Holder:	  	 Michael F. Ray
 410 Grand Oaks Drive
 Spring Branch, TX 78070

  

 6 

			
	Company:	  	 Rentech, Inc.
 1331 17th Street, Suite 720
 Denver, CO
80202
 Attention: Chief Operating Officer

  
 Any person may change the address for
the giving of notice by providing notice in accordance with these provisions. The change in notice shall be effective five (5) business days thereafter. 
  
 5. Representations of the Company. The Company represents and warrants to the Holder as of the date hereof that: 
  
 5.1 Corporate Existence. The Company: (i) is a corporation duly
organized, validly existing and in good standing under the laws of the state of Colorado; (ii) has the power and authority to carry on its business as now conducted and to own or hold under lease the properties it purports to own or hold under
lease; and (iii) is duly qualified, licensed or registered to transact its business in each jurisdiction in which failure to be so qualified, licensed or registered could or would have a material adverse effect on its business, assets, operations or
financial condition. 
  
 5.2 Corporate Authority. The
Company has all requisite power and authority to execute and deliver this Note and to perform its obligations hereunder. This Note constitutes the valid and binding obligation of the Company enforceable against it in accordance with its terms.

  
 5.3 No Obligation Contravened. The execution, delivery
and performance by the Company of this Note and the performance by the Company of its obligations hereunder do not and will not contravene or constitute a default under, or give rise to a right of termination, cancellation or acceleration of any
right or obligation of the Company under any provision of applicable law or regulation or of any agreement, judgment, injunction, order, decree or other instrument binding on the Company and, except as contemplated in this Note, will not result in
the imposition of any lien on any asset of the Company. 
  
 5.4
Enforceability of Note. There is not pending, nor to the knowledge of the Company is there now threatened, any judicial, administrative, or arbitrable action, claim, suit, proceeding or investigation or other controversy which might affect
the validity or enforceability of this Note or any action taken or to be taken in connection herewith or which, if adversely determined, would have a material and adverse effect on the Company or its business, assets, operations or financial
condition. 
  
 6. Miscellaneous. 
  
 6.1 Authorization. This Note has been issued by the Company pursuant
to authorization of its Board of Directors. 
  
 6.2 Ownership.
The Company may consider and treat the person in whose name this Note is registered as the absolute owner thereof for all purposes whatsoever (whether or not payment of this Note is overdue) and the Company shall not be affected by any notice to
the contrary. This Note shall be registered on the books of the Company as to both principal and interest. The transfer of the Note may be effected only by the Holder, or by transfer by operation of law, if accompanied by evidence satisfactory to
the Company substantiating the transfer. Communications sent to the registered Holder shall be effective as against all holders or transferees of the Note who are not registered on the Company’s books at the time of sending the communications
regarding transfer. 
  

 7 

 6.3 No ShareHolder Rights. The Holder shall not, by virtue of this Note, be entitled to any rights
of a shareHolder in the Company, either at law or in equity, and the rights of the Holder are limited to those expressed in this Note. 
  
 6.4 Colorado Law. This Note shall be construed and enforced in accordance with the laws of the state of Colorado, without regard to its conflicts
of laws rules or principles. 
  
 6.5 No Individual Recourse.
No recourse shall be had for the payment of the principal or interest of this Note against any incorporator or any past, present or future stockholder, officer, director, employee or agent of the Company or of any successor corporation, either
directly or through the Company or any successor corporation, all such liability of the incorporators, stockholders, officers, directors, employees and agents being hereby waived, released and surrendered by the Holder hereof by the acceptance of
this Note. 
  
 6.6 Binding Effect. This Note shall be
binding upon, and enforceable by and against the Company, and its permitted successors and assigns. 
  
 6.7 Collection. In the event this Note is placed in the hands of an attorney for collection following the occurrence of an event of default, the
Company agrees to pay all costs of collection incurred by the Holder including reasonable attorneys’ fees. In the event the maturity of the Notes is accelerated as provided in this Note as a result of the occurrence of an event of default, then
after written notice by Holder to the Company demanding payment, this Note shall thereafter bear interest at the rate of 10% per annum until the event of default is waived or cured. 
  
 7. Choice of Law; Jurisdiction. THIS NOTE SHALL BE GOVERNED BY AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF THE STATE OF
COLORADO, WITHOUT REFERENCE TO ITS RULES RELATING TO CONFLICTS OF LAW. THE HOLDER HEREBY IRREVOCABLY SUBMITS ITSELF TO THE JURISDICTION OF THE STATE AND FEDERAL COURTS LOCATED IN THE CITY AND COUNTY OF DENVER, AND AGREES AND CONSENTS THAT SERVICE OF
PROCESS MAY BE MADE UPON IT IN ANY LEGAL PROCEEDING RELATING TO THIS AGREEMENT OR ANY OTHER RELATIONSHIP BETWEEN HOLDER AND THE COMPANY BY ANY MEANS ALLOWED UNDER STATE OR FEDERAL LAW. ANY LEGAL PROCEEDING ARISING OUT OF OR IN ANY WAY RELATED TO
THIS NOTE OR ANY OTHER RELATIONSHIP BETWEEN HOLDER AND THE COMPANY SHALL BE BROUGHT AND LITIGATED EXCLUSIVELY IN ANY ONE OF THE STATE OR FEDERAL COURTS LOCATED IN THE CITY AND COUNTY OF DENVER, COLORADO HAVING JURISDICTION UNLESS THE COMPANY SHALL
ELECT OTHERWISE. THE HOLDER AND THE COMPANY HEREBY WAIVE ANY CLAIM, AND AGREE NOT TO ASSERT, BY WAY OF MOTION, AS A DEFENSE OR OTHERWISE, THAT ANY SUCH PROCEEDING IS BROUGHT IN AN INCONVENIENT FORUM OR THAT SUCH VENUE IS IMPROPER. 
  
 8. No Third-Party Beneficiaries. This Agreement does not create, and shall not be
construed as creating, any rights enforceable by any person not a party to this Agreement. 
  
 9. Entire Agreement. This Agreement (including any exhibits hereto) and the agreements, documents and instruments to be signed and delivered pursuant hereto or thereto, embodies the final, complete and
exclusive agreement among the parties with respect to the subject matter of this Agreement and related transactions; supersedes all prior agreements, understandings and representations, written or oral, with respect thereto; and may not be
contradicted by evidence of any such prior or contemporaneous agreement, understanding or representation, whether written or oral. No change or modification to this Agreement shall be valid unless in writing and signed by the parties hereto.

  

 8 

 IN WITNESS WHEREOF, this Note has been duly executed and delivered as of the day and year first above
written. 
  

			
	RENTECH, INC.
		
	By:	 	  

	 	 	 Richard O. Sheppard,
 Vice President –
Marketing

		
	Date:	 	May 20, 2005

  

 9

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