Document:

Filed by Bowne Pure Compliance

Exhibit (10.6)

This instrument prepared by

And return to:

	 	 	 
	John L. Farquhar

	 	Cross Reference:
	Ruden McClosky

	 	OR Book 4795, Page 2848
	200 East Broward Boulevard, P.O. Box 1900

	 	Instrument No. 2006000400690
	Fort Lauderdale, Florida 33302

	 	Instrument No. 2006000474156
	 

	 	Instrument No. 2007000319331
	 

	 	Instrument No. 2008000000470
	 

	 	Lee County, Florida Records

NOTE TO CLERK: No documentary stamp taxes or intangibles taxes are due upon the recording of this
Amended and Restated Mortgage Deed.

AMENDED AND RESTATED MORTGAGE DEED 

THIS AMENDED AND RESTATED MORTGAGE DEED (the “Mortgage”), dated as of September 28, 2008, by and
between GINN-LA NAPLES LTD., LLLP, a Georgia limited liability limited partnership, whose permanent
post office mailing address is 215 Celebration Place, Suite 200, Celebration, Florida 34747,
facsimile no. 321.939.4800 (hereinafter called “Mortgagor”), and ALICO-AGRI, LTD., a Florida
limited partnership, whose address is 640 S. Main Street, Labelle, Florida 33935 (hereinafter
called “Mortgagee”).

W I T N E S S E T H:

WHEREAS, Mortgagor is indebted to Mortgagee pursuant to that certain Third Amended and
Restated Renewal Promissory Note dated of even date herewith in the original principal amount of
$54,107,668.20, which amended and restated that certain Second Amended and Restated Renewal
Promissory Note dated September 28, 2007 (the “Second Amended Note”) made by Mortgagor in favor of
Mortgagee, which amended and restated that certain Amended and Restated Renewal Promissory Note
dated July 12, 2005 (the “Amended Note”), made by Mortgagor in favor of Mortgagee, which amended
and restated that certain Promissory Note dated July 12, 2005 (“Original Note”) made by Mortgagor
in favor of First American Exchange Company, LLC, a Delaware limited liability company, in the
original principal amount of $56,610,000.00, as assigned by First American Exchange Company, LLC,
to Mortgagee pursuant to that certain Assignment of Mortgage and Note dated October 9, 2006,
recorded on October 19, 2006, at instrument no. 2006000400690 in the public records of Lee County,
Florida (collectively the “Note”), the terms of which are incorporated in and made a part of this
Mortgage and which provide that all principal and accrued interest is due and payable on or before
the date or dates described in the Note.

 

 

 

WHEREAS, Mortgagor executed that certain Mortgage Deed in favor of First American Exchange
Company, LLC, a Delaware limited liability company (“First American”), dated July 12, 2005,
recorded on July 13, 2005 at OR Book 4795, page 2848 in the Public Records of Lee County, Florida,
as assigned by First American to Mortgagee pursuant to that certain Assignment of Mortgage and Note
dated October 9, 2006, recorded on October 19, 2006 at Instrument No. 2006000400690 in the Public
Records of Lee County, Florida, as modified by the First Amendment to Mortgage Deed (“First
Amendment”) recorded on December 22, 2006, at Instrument No. 2006000474156 in the Public Records of
Lee County, Florida, as further modified by the Second Amendment to Mortgage Deed (“Second
Amendment”) recorded on October 22, 2007, at Instrument No. 2007000319331 in the Public Records of
Lee County, Florida as further modified by the Third Amendment to Mortgage Deed dated as of
December 27, 2007 and recorded on January 2, 2008 at Instrument No. 2008000000470 in the Public
Records of Lee County, Florida (collectively, the “Original Amended Mortgage”) with regard to the
Mortgaged Property (as defined herein);

WHEREAS, Mortgagor and Mortgagee desire to amend and restate the Original Amended Mortgage in
its entirety, as provided herein.

NOW, THEREFORE, for and in consideration of the foregoing premises and the sum of Ten and
No/100 Dollars ($10.00) cash in hand paid by each party hereto to the other, and other good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Mortgagor and
Mortgagee hereby agree to amend and restate the Original Amended Mortgage (hereafter the
“Mortgage”) in its entirety as follows:

In order to secure the performance and observance by Mortgagor of all covenants and conditions
of the Note, this Mortgage and all other instruments securing the Note or referred to herein, and
for other valuable considerations, the receipt of which is acknowledged, Mortgagor hereby grants,
bargains, sells, conveys, assigns, transfers, mortgages, hypothecates, pledges, delivers, sets
over, warrants and confirms unto Mortgagee forever, all of Mortgagor’s estate, right, title and
interest in, to and under the following (all of which is hereinafter referred to as the “Mortgaged
Property”):

THE MORTGAGED PROPERTY

A. THE LAND. All the land located in the County of Lee, State of Florida (the
“Land”), as more particularly described in Exhibit “A” attached hereto and by reference
made a part hereof, subject only to those Permitted Exceptions set forth on Exhibit “B”
attached hereto and by reference made a part hereof.

B. THE IMPROVEMENTS. TOGETHER WITH all buildings, structures and improvements of
every nature whatsoever now or hereafter situated on the Land, and all fixtures, machinery,
appliances, equipment, furniture, and personal property of every nature whatsoever now or hereafter
owned by Mortgagor and located in or on, or attached to, or used or intended to be used in
connection with or with the operation of, the land, buildings, structures or other improvements, or
in connection with any construction being conducted or which may be conducted thereon, and owned by
Mortgagor, including all extensions, additions, improvements,
betterments, renewals, substitutions, and replacements to any of the foregoing and all of the
right, title and interest of Mortgagor in and to any such personal property or fixtures (subject to
any lien, security interest or claim together with the benefit of any deposits or payments now or
hereafter made on such personal property or fixtures by Mortgagor or on its behalf) (the
“Improvements”).

 

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C. EASEMENTS OR OTHER INTERESTS. TOGETHER WITH all easements, rights of way, gores of
land, streets, ways, alleys, passages, sewer rights, waters, water courses, water rights and
powers, and all estates, rights, titles, interests, privileges, liberties, tenements, hereditaments
and appurtenances whatsoever, in any way belonging, relating or appertaining to any of the property
hereinabove described, or which hereafter shall in any way belong, relate or be appurtenant
thereto, whether now owned or hereafter acquired by Mortgagor, and the reversion and reversions,
remainder and remainders, rents, issues and profits thereof, and all the estate, right, title,
interest, property, possession, claim and demand whatsoever, at law as well as in equity, of
Mortgagor of, in and to the same, including but not limited to all judgments, awards of damages and
settlements hereafter made resulting from condemnation proceedings or the taking of the property
described in Paragraphs A, B and C hereof or any part thereof under the power of eminent domain, or
for any damage (whether caused by such taking or otherwise) to the property described in Paragraphs
A, B and C hereof or any part thereof, or to any rights appurtenant thereto, and all proceeds of
any sales or other dispositions of the property described in Paragraphs A, B and C hereof or any
part thereof.

D. ASSIGNMENT OF RENTS. TOGETHER WITH all rents, royalties, issues, profits, revenue,
income and other benefits from the property described in Paragraphs A, B and C hereof to be applied
against the indebtedness and other sums secured hereby, provided, however, that permission is
hereby given to Mortgagor so long as no default has occurred hereunder beyond any applicable grace
or cure period, to collect, receive, take, use and enjoy such rents, royalties, issues, profits,
revenue, income and other benefits as they become due and payable, but not in advance thereof. The
foregoing assignment shall be fully operative without any further action on the part of either
party and specifically Mortgagee shall be entitled, at its option upon the occurrence of a default
hereunder which remains uncured beyond the expiration of any applicable grace or cure period, to
all rents, royalties, issues, profits, revenue, income and other benefits from the property
described in Paragraphs A, B and C hereof whether or not Mortgagee takes possession of the property
described in Paragraphs A, B and C hereof. Upon any such uncured default hereunder, the permission
hereby given to Mortgagor to collect such rents, royalties, issues, profits, revenue, income and
other benefits from the property described in Paragraphs A, B and C hereof shall terminate and such
permission shall not be reinstated upon a cure of the default without Mortgagee’s specific consent.
Neither the exercise of any rights under this paragraph by Mortgagee nor the application for any
such rents, royalties, issues, profits, revenue, income or other benefits to the indebtedness and
other sums secured hereby, shall cure or waive any default or notice of default hereunder or
invalidate any act done pursuant hereto or to any such notice, but shall be cumulative of all other
rights and remedies.

 

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E. ASSIGNMENT OF LEASES. TOGETHER WITH all right, title and interest of Mortgagor in
and to any and all leases now or hereafter on or affecting the property described in Paragraphs A,
B and C hereof, together with all security therefor and all monies
payable thereunder, subject, however, to the conditional permission hereinabove given to
Mortgagor to collect the rentals under any such lease. The foregoing assignment of any lease shall
not be deemed to impose upon Mortgagee any of the obligations or duties of Mortgagor provided in
any such lease, and Mortgagor agrees to fully perform all obligations of the lessor under all such
leases. Upon Mortgagee’s request, Mortgagor agrees to send to Mortgagee a list of all leases
covered by the foregoing assignment and any such lease shall expire or terminate or as any new
lease shall be made, Mortgagor shall so notify Mortgagee in order that at all times Mortgagee
shall have a current list of all leases affecting the property described in Paragraphs A, B and C
hereof. Mortgagee shall have the right, at any time and from time to time, to notify any lessee of
the rights of Mortgagee as provided by this paragraph. From time to time, upon request of
Mortgagee, Mortgagor shall specifically assign to Mortgagee as additional security hereunder, by an
instrument in writing in such form as may be approved by Mortgagee, all right, title and interest
of Mortgagor in and to any and all leases now or hereafter on or affecting the Mortgaged Property,
together with all security therefor and all monies payable thereunder, subject to the conditional
permission hereinabove given to Mortgagor to collect the rentals under any such lease. Mortgagor
shall also execute and deliver to Mortgagee any notification, financing statement or other document
reasonably required by Mortgagee to perfect the foregoing assignment as to any such lease.
Notwithstanding anything herein to the contrary, so long as no default has occurred hereunder
beyond any applicable grace or cure period, Mortgagor shall have the right to modify and terminate
any leases affecting the Mortgaged Property in Mortgagor’s discretion, without obtaining
Mortgagee’s prior consent.

This instrument constitutes an absolute and present assignment of the rents, royalties,
issues, profits, revenue, income and other benefits from the Mortgaged Property, subject, however,
to the conditional permission given to Mortgagor to collect, receive, take, use and enjoy the same
as provided hereinabove; provided, further, that the existence or exercise of such right of
Mortgagor shall not operate to subordinate this assignment to any subsequent assignment, in whole
or in part, by Mortgagor, and any such subsequent assignment by Mortgagor shall be subject to the
rights of Mortgagee hereunder.

F. FIXTURES AND PERSONAL PROPERTY. TOGETHER WITH a security interest in (i) all
property and fixtures affixed to or located on the property described in Paragraphs A, B and C
hereof which, to the fullest extent permitted by law shall be deemed fixtures and a part of the
real property; (ii) all articles of personal property and all materials delivered to the property
described in Paragraphs A, B and C hereof for use in any construction being conducted thereon, and
owned by Mortgagor; (iii) all contract rights, general intangibles, actions and rights in action,
including all rights to insurance proceeds and proceeds of condemnation or eminent domain as all of
the same may relate to the property described in Paragraphs A, B and C hereof; (iv) subject to the
rights of Mortgagor in and to all such Permits (hereinafter defined), and the rights of Mortgagor
to terminate, modify and/or amend any such Permits, as same pertain to the rights of Mortgagor to
develop all portions of the Mortgaged Property released from the lien of this Mortgage, all
development rights, consents, approvals, permits, licenses, reservations, prepaid utility fees or
deposits, prepaid impact fees, and authorizations now or hereafter created, issued or paid for
construction, development or operation of the Mortgaged Property (the “Permits”); (v) all contracts
for the design, engineering and construction for the Approved Common Infrastructure Improvements
(as defined
herein)(including but not limited to the payment and performance bonds, if any) to be
installed in the Project as defined herein, or any portion thereof; and (vi) all proceeds,
products, replacements, additions, substitutions, renewals and accessions of any of the foregoing.
Mortgagor (Debtor) hereby grants to Mortgagee (Creditor) a security interest in all fixtures,
rights in action and personal property described herein.

 

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This Mortgage is a self-operative security agreement with respect to such property, but
Mortgagor agrees to execute and deliver on demand such other security agreements, financing
statements and other instruments as Mortgagee may request in order to perfect its security interest
or to impose the lien hereof more specifically upon any of such property. Mortgagee shall have all
the rights and remedies in addition to those specified herein of a secured party under the Uniform
Commercial Code.

TO HAVE AND TO HOLD the same, together with all and singular the tenements, hereditaments and
appurtenances thereunto belonging or in any way appertaining and the reversions, remainders, rents,
issues and profits thereof, and also all the estate, right, title, interest, property, possession,
claim or demand of the Mortgagor in and to the same, and every part thereof, unto the Mortgagee in
fee simple.

AND Mortgagor covenants with the Mortgagee that Mortgagor is indefeasibly seized of the
Mortgaged Property in fee simple; that it has full power and lawful right to convey and mortgage
the same in fee simple; that upon default it shall be lawful for the Mortgagee at all times
peaceably and quietly to enter upon, hold, occupy, possess and enjoy the Mortgaged Property, and
every part thereof; that the Mortgaged Property is and will, except as allowed herein, remain free
from all liens and encumbrances, including taxes and assessments, except for the Permitted
Exceptions, any easements or instruments to which Mortgagee has consented or is a party, assessment
liens for CDDs (hereinafter defined), CCRs (hereinafter defined), the Restrictive Covenant
Agreement (hereinafter defined), the Four Party Agreement (hereafter defined), easements for roads,
utilities, lakes and other infrastructure improvements constructed on the Mortgaged Property from
time to time consistent with the Approved Site Plan (as such plan may be modified from time to
time), and as herein otherwise provided; that Mortgagor will make such further assurances to
perfect the fee simple title to the Mortgaged Property in Mortgagee as may be reasonably required,
and that Mortgagor does hereby fully warrant the title thereto, and every part thereof, and will
defend the same against the lawful claims of all persons whomsoever.

PROVIDED ALWAYS that if the Mortgagor shall pay to the Mortgagee the indebtedness evidenced by
the Note or any renewal or replacement of the Note and if the Mortgagor shall duly, promptly and
fully perform, comply with and abide by each and every one of the stipulations, agreements,
conditions and covenants of the Note, this Mortgage, or other instruments referred to herein, then
this Mortgage and the estate hereby created shall cease and be null and void.

 

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Mortgagor further covenants and agrees with Mortgagee as follows:

1. USE OF MORTGAGED PROPERTY. To develop the Mortgaged Property as a multi-use
residential community (the “Project”) consisting of single family
residential lots (the “Lots”) together with a golf course with no less than eighteen (18)
holes with clubhouse and related amenities (the “Golf Course”) and other related common facilities
and amenities (collectively the “Project”), to be constructed on the Mortgaged Property
substantially in accordance with the Approved Site Plan. For purposes of this Mortgage, the
Approved Site Plan shall mean the Master Site Plan, which is a conceptual site plan, shown on page
4 of 30 of WilsonMiller Project Number 03552-005-001-EPP00, Index Number D-3552-44, used to obtain
SFWMD Environmental Resource Permit Number 36-05075-P (Lot 308 has been deleted), and as
supplemented by Master Site Plan shown on Sheet 5 of 57 of WilsonMiller Project No.
03552-005-002-FLP00, Index Number D-3552-71. Mortgagor may change the Approved Site Plan as long
as Mortgagor obtains Mortgagee’s consent, which consent shall not be unreasonably withheld, delayed
or conditioned. In the event Mortgagee has acquired title to all or a portion of the Mortgaged
Property through foreclosure, deed-in-lieu of foreclosure or otherwise, Mortgagee may change the
Approved Site Plan without Mortgagor’s consent as long as such changes do not change Mortgagor’s
Lots or materially and adversely change ingress, egress, drainage or utilities for Mortgagor’s Lots
including ingress and egress to the Golf Course and any other amenities at the Project.

2. PAYMENT. To pay all sums secured hereby, together with interest and other
appurtenant charges thereon, when the same shall become due, as provided in the Note, this Mortgage
or other instruments referred to herein or evidencing any renewal or extension thereof.

3. TAXES AND OTHER PAYMENTS. To pay and discharge when due any taxes, assessments,
levies, charges, liabilities, claims, liens, obligations, impositions and encumbrances of every
nature and kind now on the Mortgaged Property, or that hereafter may be imposed, suffered, placed,
levied or assessed thereon, or that hereafter may be levied or assessed upon this Mortgage or the
indebtedness secured hereby, including, but not limited to, all impact fees, utility reservation
fees, off-site impact fees or costs, as and when due, and to produce receipts therefor upon demand
and to provide Mortgagee on or before December 31st of each year of the term hereof with
receipts for payment of all real property taxes on the Mortgaged Property for such prior year. The
failure of Mortgagor to provide the paid tax receipts as required herein shall constitute a
monetary default hereunder if and only at such time as Mortgagor has still failed to provide the
paid tax receipts after Mortgagee provides written notice to Mortgagor of its non-receipt of such
paid tax receipts and Mortgagor fails to provide such receipts to Mortgagee within ten (10)
business days after receipt of such a notice.

4. INSURANCE. (i) To keep the Mortgaged Property insured against loss or damage by
fire and all perils included within the term “extended coverage endorsement” in an amount equal to
its full replacement value, such insurance to be issued by companies approved by Mortgagee, which
approval shall not be unreasonably withheld, delayed or denied. The policy or policies of
insurance shall contain a standard mortgagee clause with loss payable to Mortgagee; and (ii) to
maintain comprehensive general liability insurance for not less than Ten Million and no/100 Dollars
($10,000,000.00) against claims and liability for injury to persons or property occurring on the
Mortgaged Property, including all appurtenant easements. All such policy or policies of insurance
shall name Mortgagee as an additional insured and shall provide for not less than ten (10) days
prior written notice of modification, cancellation, termination or expiration to Mortgagee.

 

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5. REPAIRS; WASTE. To keep the Mortgaged Property in good condition and repair and to
permit, commit, or suffer no waste, impairment or deterioration of any part thereof and Mortgagee
shall have the right to inspect the Mortgaged Property on reasonable notice to Mortgagor and, if
Mortgagor so elects, Mortgagee shall be accompanied by a representative of Mortgagor on any such
inspection. Mortgagor will not erect, build or construct upon any portion of the Mortgaged
Property, any building or structure of any kind whatsoever, the erection, building or construction
of which is not contemplated on or by the Approved Site Plan or, if not so contemplated on or by
the Approved Site Plan, has not been otherwise previously approved by Mortgagee in writing.

6. GOVERNMENTAL REGULATION. To observe, abide by and comply with all statutes,
ordinances, orders, permits, requirements, development agreements or decrees relating to the
Mortgaged Property by any federal, state or municipal authority or subdivision thereof, and to
observe and comply with all conditions and requirements necessary to preserve and extend the
Permits, including without limitation any and all rights, licenses, consents, approvals, permits,
development rights (including but not limited to, zoning variances, special exceptions and
nonconforming uses), privileges, franchises and concessions which are applicable to the Mortgaged
Property or which have been granted to or contracted for by Mortgagor in connection with any
existing, presently contemplated or future use of the Mortgaged Property. Mortgagor shall promptly
provide to Mortgagee copies of all correspondence, memos, notices, claims or demands to or from any
governmental authority relating to the Permits. Failure by Mortgagor to keep and maintain in full
force and effect and in good standing all such Permits now or hereafter granted and acquired with
respect to the Mortgaged Property and all development rights thereon shall constitute a default
hereunder if and only at such time as Mortgagor has still failed to maintain any such Permit after
Mortgagee provides written notice to Mortgagor of its failure to maintain any such Permit and
Mortgagor fails to obtain or reinstate the applicable Permit and provide evidence thereof to
Mortgagee within thirty (30) business days (or reasonable longer period as is necessary to obtain
or reinstate the applicable Permit provided Mortgagor is diligently seeking such Permit or
reinstatement within said thirty (30) business day period) after receipt of such a notice. If at
any time during the term hereof, Mortgagee reasonably deems any Permits to be in jeopardy of loss,
expiration or termination due to Mortgagor’s failure to comply with any requirement thereof,
Mortgagee shall be entitled, upon reasonable notice under the circumstances to Mortgagor, to take
all actions necessary to preserve those Permits and charge the reasonable costs thereof, including
attorneys’ fees, to Mortgagor. Failure of Mortgagor to pay such costs within thirty (30) business
days of written demand from Mortgagee shall be an additional event of default. In the event
Mortgagee reacquires any portion of the Mortgaged Property through foreclosure, deed in lieu of
foreclosure or otherwise, it is expressly agreed that the Mortgagor and Mortgagee shall be entitled
to exercise the rights granted by and under the Permits to develop their respective portions of the
Mortgaged Property in accordance with the Approved Site Plan.

7. FUTURE ADVANCES. Upon request of Mortgagor, Mortgagee, at Mortgagee’s sole option,
within twenty (20) years from date of this Mortgage, may make future advances to Mortgagor. It is
hereby specifically agreed that any sum or sums which may be loaned or advanced by the Mortgagee to
the Mortgagor at any time after the recording of this Mortgage, together with interest thereon at
the rate agreed upon at the time of such loan or
advance, shall be equally secured with and have the same priority as the original indebtedness
and be subject to all the terms and provisions of this Mortgage, providing that the aggregate
amount of the principal outstanding at any time shall not exceed an amount equal to two times the
principal amount originally secured hereby.

 

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8. ASSIGNMENT OF RENTS AND LEASES. Mortgagor hereby grants a first assignment and
pledge to Mortgagee, as additional security for the payment of indebtedness secured by this
Mortgage, of any and all leases, written or oral, rents, income, profits, issues, and revenues,
from whatever source derived existing now or hereafter on the Mortgaged Property; and Mortgagor
covenants to observe all the obligations of the lessor in any leases and not to do or permit to be
done anything to impair the security thereof; not to execute any other assignment of lease or
assignment of rents of the Mortgaged Property; and not to alter, modify or change the terms of, or
surrender, cancel or terminate any leases, without the prior written consent of Mortgagee, except
at times when Mortgagor is not in default of its obligations under this Mortgage beyond any
applicable grace or cure period, during which times Mortgagor shall have a free right to alter,
modify, change the terms of, surrender, cancel or terminate any leases without the prior consent of
Mortgagee other than the Rinker Leases (as defined in Paragraph 29 hereof), for which such consent
shall not be unreasonably withheld, conditioned or delayed.

9. EMINENT DOMAIN. In the event of condemnation proceedings or a taking of all or any
portion of the Mortgaged Property by eminent domain, the award or compensation payable thereunder
(excluding Mortgagor’s reasonable third party costs not to exceed $50,000 in obtaining such
proceeds and Mortgagor’s attorney’s fees) is hereby assigned to and shall be paid to Mortgagee to
the extent of the sums due hereunder. Mortgagee shall be under no obligation to question the
amount of any such award or compensation and may accept the same in the amount in which the same
shall be paid. In any such condemnation proceedings, Mortgagee may be represented by counsel
selected by Mortgagee. In the event of a total condemnation or taking, the proceeds of any award
or compensation so received by Mortgagee shall be applied to the prepayment of the Note and all
sums due under this Mortgage, and the balance, if any, shall be paid over to Mortgagor. In the
event of a partial condemnation or taking, Mortgagee shall pay over to Mortgagor such portion of
the award or compensation so received by Mortgagee as is reasonably necessary to restore the
portion of the remaining Mortgaged Property not condemned but affected by such condemnation or
taking, and the balance shall be applied by Mortgagee as a prepayment of the Note.

10. EXPENSES OF COLLECTION. All sums secured by this Mortgage shall be payable at
Mortgagee’s address set forth above, and, unless otherwise provided in this Mortgage, shall bear
interest at the same rate per annum as the Note bears, from date of accrual until paid. If the
Note or any other sums secured by this Mortgage shall be collected by legal proceedings or through
a probate or bankruptcy court, or shall be placed in the hands of an attorney for collection after
maturity, whether matured by the expiration of time or by the option given to the Mortgagee to
accelerate the maturity, Mortgagor agrees to pay all and singular the costs, charges and expenses,
including attorneys’ fees through all stages of legal proceedings (including bankruptcy, pretrial,
trial, appellate and administrative) reasonably incurred, or paid at any time by the Mortgagee
because of the failure on the part of the Mortgagor to perform, comply with and abide by each and
every one of the stipulations, agreements, conditions and
covenants of the Note, this Mortgage or other instruments referred to herein, and every such
payment shall bear interest at the rate which is five points higher than the rate of interest in
effect under the Note at the time of such default from the date when such sums are due until paid.

 

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11. TRANSFERS AND ENCUMBRANCES. Unless otherwise provided in this Mortgage, if,
without Mortgagee’s prior written consent, which shall not be unreasonably withheld, conditioned or
delayed by Mortgagee, all or any part of the Mortgaged Property, or any interest therein, is sold,
conveyed, leased, assigned or transferred in any manner or further encumbered by Mortgagor, whether
voluntarily or by operation of law, then in that event Mortgagee may declare all sums secured by
this Mortgage immediately due and payable. This provision shall not be construed to prevent
Mortgagor from (i) entering into contracts to sell parcels of the Mortgaged Property which are to
be released from the lien of this Mortgage at the closing of such contracts, or (ii) conveying
portions of the Mortgaged Property to a property owner’s association, to the public or any other
government entity, or (iii) encumbering the Mortgaged Property with the lien of financing provided
for bonds issued by any CDD (defined below) and/or any and all assessment liens that shall secure
bonds issued by any such CDD, or (iv) recording of Covenants, Conditions and Restrictions (CCRs),
or (v) the Approved Plat, or (vi) the Development Order and the Consumptive Use Permit issued by
Lee County, Florida, or (vii) the Restrictive Covenant Agreement.

12. INSOLVENCY. It shall be a default of this Mortgage if the Mortgagor shall (a)
consent to the appointment of a Receiver, Trustee or Liquidator of all or a substantial part of the
Mortgagor’s assets, or (b) be adjudicated a bankrupt or insolvent, or file a voluntary petition in
bankruptcy, or admit in writing its inability to pay its debts as they become due, or (c) make a
general assignment for the benefit of creditors, or (d) file a petition or answer seeking
reorganization or arrangement of creditors, or to take advantage of any insolvency law, or (e) file
an answer admitting the material allegations or a petition filed against the Mortgagor in any
bankruptcy, reorganization or insolvency proceeding or (f) itself take action for the purpose of
affecting any of the foregoing, or (g) if any order, judgment or decree shall be entered upon an
application of a creditor or Mortgagor by a court of competent jurisdiction approving a petition
seeking appointment of a Receiver, or Trustee of all or a substantial part of the Mortgagor’s
assets and such order, judgment or decree shall continue unstayed and in effect for a period of
ninety (90) days.

13. MORTGAGEE’S PERFORMANCE OF DEFAULTED ACTS. If Mortgagor shall default, after the
giving of notice and the lapse of any applicable grace or cure period, in any of the stipulations,
agreements, conditions and covenants contained in the Note, this Mortgage or other instruments
referred to herein, or in the payment of any taxes, assessments, levies, charges, liabilities,
liens, claims, obligations, impositions and encumbrances on the Mortgaged Property, or fail to make
any payment of any insurance premiums or other charges, or any other monies required to be paid
under the Note, the Mortgage or other instruments referred to herein, or to keep the Permits in
full force and effect and in good standing, or to keep the Mortgaged Property in good condition and
repair or shall commit or permit waste, or if there be commenced any action or proceeding affecting
the Mortgaged Property or the title thereto, or the interest of Mortgagor therein, then the
Mortgagee may, at its option, subject to the notices and cure periods set forth in paragraph 14
below, take such action
or pay such sums as Mortgagee deems advisable to cure such defaults including the prosecution
or defense of litigation, and all expenditures made by the Mortgagee in that connection, including
reasonable attorneys’ fees, shall be secured by the lien of this Mortgage, shall draw interest at
the rate which is five percent (5%) higher than the rate of interest that would otherwise be in
effect under the Note from the date when such sums are due until paid, and shall, at the option of
the Mortgagee, be added to the unpaid principal amount due under the Note or be payable by
Mortgagor immediately and without demand. Neither the right nor the exercise of the right herein
granted unto the Mortgagee to make any such payments shall preclude the Mortgagee from exercising
its option to cause the whole indebtedness secured hereby to become immediately due and payable by
reason of the Mortgagor’s default in making such payments.

 

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14. DEFAULT; ACCELERATION OF INDEBTEDNESS. (i) If any installment of the Note,
whether of principal or interest or both, or the payment of any other sums of money referred to in
this Mortgage, whether such payment is due to Mortgagee or to others, is not promptly and fully
paid when due, and such default remains uncured for a period of fifteen (15) days after written
notice thereof from Mortgagee to Mortgagor or (ii) in the event a nonmonetary breach or default be
made by the Mortgagor in any one of the stipulations, agreements, conditions and covenants of said
Note, this Mortgage, or any other documents or instruments executed and delivered by the Mortgagor
to and in favor of the Mortgagee as security for, evidence of or otherwise connected with or
incidental to the loan transaction or extension of credit evidenced by the Note and secured by this
Mortgage, or if each and every one of said stipulations, agreements, conditions and covenants are
not otherwise duly, promptly and fully discharged or performed and Mortgagor fails to cure such
nonmonetary default within thirty (30) days after written notice thereof from Mortgagee to
Mortgagor or if such default cannot be cured within such cure period, if Mortgagor fails to
commence such cure within said thirty (30) days and thereafter diligently and in good faith pursues
said cure and, in fact, cures said default within a reasonable time necessary to cure such default
(subject to force majeure), (for purposes herein, any of such events described in clause (i) or
(ii) above not cured within the applicable grace period are hereinafter referred to as an “Event of
Default”) then the Mortgagee, at its option, may thereupon or thereafter declare the indebtedness
evidenced by the Note as well as all other monies secured hereby, to be forthwith due and payable,
whereupon the principal of and the interest accrued on the indebtedness evidenced and represented
by the Note and all other indebtedness evidenced and represented by the Note and all other sums
secured by this Mortgage shall immediately become and be due and payable as if all of said sums of
money were originally stipulated to be paid on such day, and thereupon, without notice or demand,
the Mortgagee may avail itself of all rights and remedies provided by law and may prosecute a suit
at law or in equity as if all monies secured hereby had matured prior to its institution, anything
in this Mortgage or in the Note to the contrary notwithstanding. The Mortgagee may foreclose this
Mortgage as to the amount so declared due and payable, and the Mortgaged Property shall be sold
according to law to satisfy and pay the same together with all costs, expenses and allowances,
including, without limitation, a reasonable fee for the Mortgagee’s attorneys for pretrial, trial
and appellate proceedings. The Mortgaged Property may be sold in one parcel, several parcels or
groups of parcels, and the Mortgagee shall be entitled to bid at the sale and, if the highest
bidder for the Mortgaged Property or any part or parts thereof, shall be entitled to purchase the
same. The failure or omission on the part of the Mortgagee to exercise the option for acceleration
of maturity and foreclosure of this Mortgage following any default as aforesaid or to exercise
any other option granted hereunder to Mortgagee when entitled to do so in any one or more
instances, or the acceptance by Mortgagee of partial payment of the indebtedness secured hereby,
whether before or subsequent to Mortgagor’s default hereunder, shall not constitute a waiver of any
such default or the right to exercise any such option, but such option shall remain continuously in
force. Acceleration of maturity, once claimed hereunder by Mortgagee, at the option of Mortgagee,
may be rescinded by written acknowledgment to that effect by Mortgagee, but the tender and
acceptance of partial payments alone shall not in any way affect or rescind such acceleration of
maturity.

 

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Any sums due and owing to Mortgagee hereunder or under the Note for any purpose whatsoever
after an Event of Default shall bear interest at the rate which is five percent (5%) higher than
the rate of interest that would otherwise be in effect under the Note from the date when such sums
are due until paid to Mortgagee. All agreements between Mortgagor and Mortgagee, whether now
existing or hereafter arising and whether written or oral, are hereby expressly limited so that
under no contingency whatsoever, whether by reason of acceleration of the maturity of the Note, or
otherwise, shall the amount paid, or agreed to be paid, to Mortgagee for the use, forbearance, or
detention of the money to be loaned under the Note, or otherwise, or for the payment or performance
of any covenant or obligation contained in the Note or this Mortgage, or other instrument
evidencing, securing, or pertaining to the indebtedness evidenced by the Note, exceed the maximum
amount permissible under applicable law. If from any circumstances whatsoever fulfillment of any
provision of the Note or this Mortgage, or other instrument, at the time performance of such
provision shall be due, shall involve transcending the limit of validity prescribed by law, then,
ipso facto, the obligation to be fulfilled shall be reduced to the limit of such validity, and if
from any such circumstances Mortgagee shall ever receive anything of value deemed interest by
applicable law in an amount which would exceed interest at the highest lawful rate, such amount
which would be excessive interest shall be applied to the reduction of the unpaid principal balance
of the Note or to any other principal indebtedness of the Mortgagor to the Mortgagee, and not to
the payment of interest, or if such excessive interest exceeds the unpaid principal balance of the
Note and such other indebtedness, such excess shall be refunded to Mortgagor. All sums paid, or
agreed to be paid, by Mortgagor for the use, forbearance, or detention of the indebtedness of
Mortgagor to Mortgagee shall, to the extent permitted by applicable law, be amortized, prorated,
allocated, and spread throughout the full term of such indebtedness until payment in full so that
the actual rate of interest on account of such indebtedness is uniform throughout the term thereof.
The terms and provisions of this paragraph shall control and supersede every other provision of
all agreements between Mortgagor and Mortgagee.

15. RECEIVER. Upon an Event of Default by Mortgagor, Mortgagee shall be entitled to
the appointment by a court of competent jurisdiction of a receiver of the Mortgaged Property as a
matter of absolute right and without notice; with power to collect the rents, issues and profits of
the Mortgaged Property due and coming due during the pendency of an action to foreclose this
Mortgage, without regard to the value of the Mortgaged Property or the solvency of any person
liable for the payment of any sums secured hereunder. Mortgagor, for itself and any subsequent
owner, hereby waives any and all defenses to the application for a receiver as above provided, and
hereby specifically consents to such appointment without notice; but nothing
contained in this Mortgage is to be construed to deprive the Mortgagee of any other right,
remedy or privilege it may now have under the law to have a receiver appointed. This provision for
the appointment of a receiver of the rents and profits and the assignment of such rents and profits
is made an express condition upon which the loan hereby secured is made. The costs, fees and
expenses incurred pursuant to the exercise of the foregoing powers shall be an additional
indebtedness secured by the lien of this Mortgage.

 

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16. WAIVER AND MODIFICATION. No modification or waiver hereof shall be effective
between the Mortgagor and the Mortgagee unless it is in writing and duly executed by the party to
be bound. Third parties shall be bound by any modification or waiver hereof in writing and duly
recorded in the public records of the county in which the Mortgaged Property is located, or of
which such third parties have actual notice. Without affecting the liability of Mortgagor or any
other person (except any person expressly released in writing) for payment of any indebtedness
secured hereby or for performance of any obligation contained herein, and without affecting the
rights of Mortgagee with respect to any security not expressly released in writing, Mortgagee may,
at any time and from time to time, either before or after the maturity of the Note, and without
notice or consent:

a. Release any person liable for payment of all or any part of the indebtedness or for
performance of any obligation;

b. Make any agreement extending the time or otherwise altering the terms of payment of all or
any part of the indebtedness, or modifying or waiving any obligation, on subordinating, modifying
or otherwise dealing with the lien or charge hereof;

c. Exercise or refrain from exercising or waive any right Mortgagee may have;

d. Accept additional security of any kind; and

e. Release or otherwise deal with any property, real or personal, securing the indebtedness,
including all or any part of the Mortgaged Property.

No waiver of any default on the part of Mortgagee or of any breach of any of the provisions of
this Mortgage shall be considered a waiver of any other or subsequent default or breach, and no
delay or omission in exercising or enforcing the rights and powers herein granted shall be
construed as a waiver of such rights and powers, and likewise no exercise or enforcement of any
rights or powers hereunder shall be held to exhaust such rights and powers, and every such right
and power may be exercised from time to time.

17. MORTGAGOR’S STATUS. Mortgagor represents and warrants that it is duly organized
and validly existing, in good standing under the laws of the state of its incorporation, has
partnership interests outstanding which have been duly and validly issued, and is qualified to do
business and is in good standing in the State of Florida, with full power and authority to
consummate the transactions contemplated hereby.

 

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18. DEVELOPMENT REQUIREMENTS. It shall constitute an additional event of default
under this Mortgage in the event that Mortgagor (subject to the notice and cure periods set forth
at clause (ii) of paragraph 14 above):

a. Modifies or amends the Approved Site Plan without Mortgagee’s prior written approval which
approval shall not be unreasonably withheld, delayed or conditioned, or fails to develop the
Mortgaged Property in accordance with the Approved Site Plan and all Permits, development orders
and development agreements pertaining thereto. Notwithstanding anything contained herein to the
contrary, Mortgagor, without such action constituting an event of default under this Mortgage,
shall be entitled to modify and/or amend any Permits, development orders and development agreements
in order to effectuate development of the Mortgaged Property in accordance with the Approved Site
Plan (as may be amended pursuant hereto) without the consent of Mortgagee so long as Mortgagor is
not in default beyond any applicable grace or cure period and such modifications or amendments are
made in the reasonable business judgment of Mortgagor and are consistent with the Approved Site
Plan.

b. Following issuance of all permits, fails to maintain in full force and effect without
material modification all Permits and other development rights in effect from time to time
necessary to develop the Property in accordance with the Approved Site Plan. The parties hereto
acknowledge that both the Mortgagor with respect to property released from the lien of this
Mortgage and Mortgagee with respect to property remaining encumbered by the lien of this Mortgage,
shall have the right to exercise the rights granted by the Permits to develop their respective
properties in accordance with the Approved Site Plan in the event Mortgagee ever acquires or
reacquires any of the Mortgaged Property pursuant to foreclosure, deed in lieu of foreclosure or
otherwise. Mortgagee acknowledges that during the term of this Mortgage, Mortgagor shall have the
right to assign its rights to develop unencumbered property granted by such Permits to its Lenders
to secure financing for construction of the improvements thereon and the full development thereof.
Mortgagor agrees that during the term of this Mortgage, Mortgagee shall be entitled to copies of
all such Permits in existence now or created during the term hereof or as modified during the term
hereof. Mortgagor shall promptly provide Mortgagee with copies of such Permits and all material
correspondence, memoranda, notices, demands and other information pertaining to such Permits and
the Approved Site Plan or other development rights with respect to the Mortgaged Property from or
to all governmental agencies. Mortgagee shall have the rights to take all reasonable steps
necessary to maintain all Permits and other development rights which are to expire or otherwise be
adversely affected upon reasonable prior notice to Mortgagor. All reasonable expenses incurred by
Mortgagee therefor shall be charged to Mortgagor and shall be paid to Mortgagee upon demand.
Mortgagee acknowledges that any material modification of the Permits or the Approved Site Plan
shall be a default hereunder unless Mortgagor first obtains Mortgagee’s written consent which shall
not be unreasonably withheld or delayed.

 

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19. RELEASE PROVISIONS.

a. Subject to the terms and conditions of this Paragraph 19, Mortgagee shall
execute and deliver to Mortgagor partial releases of the Lots and the portion of the
Mortgaged Property located North of Alico Road in Sections 6
and 7, Township 46 South, Range 26 East of Lee County, Florida consisting of
approximately 389.658 acres as is more particularly described on Exhibit “A”
attached hereto (“Section 6/7 Property”).

(i) No such releases will be executed without the “Applicable
Release Payment” (as defined herein) being made to Mortgagee.
Mortgagor shall receive credits (the “Release Credits”) for
application to the Applicable Release Payment for the Section 6/7
Property and/or any Lots equal to: (x) the cash payment made by
Mortgagor to Mortgagee at the Closing of the Purchase and Sale
Agreement (hereafter defined) plus (y) principal payments made under
the Note, including without limitation, awards or compensation
resulting from condemnation proceedings or takings under the power
of eminent domain, minus (z) the remaining payments (the “Remaining
Rinker Payments”) due to Rinker Materials of Florida, Inc., its
successors or assigns (hereafter “Rinker”) pursuant to
Sections 2(a)(ii) and 2(a)(iii) of the Release Agreement (as defined
in the Four Party Agreement). The Release Credits which are
available to Mortgagor shall be increased dollar for dollar as the
amount of the Remaining Rinker Payments are reduced by any cash
payments made to Rinker by Mortgagor or any guarantor or by Rinker’s
application of the Royalty Abatements and/or Set-off/Recoupment
Rights in accordance with the Four Party Agreement (as such terms
are defined therein) or by any other reductions thereto, subject to
Rinker’s certified confirmation thereof. For example, if Rinker
certifies on December 31, 2009, that an additional $1,000,000.00 of
Royalty Abatements and/or Set-off/Recoupment Rights have been
credited to reduce the Remaining Rinker Payments, the Release
Credits which are available to Mortgagor pursuant to the Mortgage
shall be increased by $1,000,000.00.

(ii) Mortgagee hereby acknowledges the receipt from Mortgagor of the
$6,290,000.00 cash payment made by Mortgagor to Mortgagee at the
Closing of the Purchase and Sale Agreement, the Special Principal
Payment (as defined in the Note) of $3,775,000.00, the Second
Principal Payment ( as defined in the Note) of $445,000.00 and the
Third Principal Payment of $2,000,000.00 made concurrently with the
execution and delivery of the Note and this Mortgage for a total of
$12,510,000.00 in cash and principal payments (collectively, “Prior
Payments”). Mortgagor and Mortgagee hereby acknowledge that the
balance of the Remaining Rinker Payments is equal to $6,075,484.00
after giving effect to the royalties earned under the Rinker Leases
to and including August 30, 2008. Thus, as of the date of this
Mortgage and after giving effect to the Prior Payments and such
royalties
earned, $6,434,516.00 in Release Credits are available to Mortgagor
to be applied to Applicable Release Payments.

 

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(iii) It is anticipated that Mortgagor will obtain approval from Lee
County, Florida to record one or more subdivision plats of all or
part of the Land for the development of 336 Lots in accordance with
the Approved Site Plan and the phase I development order for 180
Lots (“Phase 1 Development Order”) and a phase II development order
for approximately 156 Lots (“Phase II Development Order”), subject
to issuance thereof. The required release payment (“Per Lot Release
Payment”) to obtain the release of each Lot from the lien of this
Mortgage will be (A) an amount equal to $189,905.66 per Lot for the
first 53 Lots, and (B) an amount equal to $212,279.15 per Lot for
the remaining 283 Lots. Until the Note is paid in full, the total
amount used to calculate the Per Lot Release Payment is $70,140,000
(“Total Partial Release Amount”) which is equal to ($189,906.66 x 53
Lots) + ($212,279.15 x 283 Lots). The required release payment to
obtain the release of the Section 6/7 Property from the lien of this
Mortgage is $5,000,000 (“Section 6/7 Release Payment”). The
applicable release payment to obtain the release of any Lot or the
Section 6/7 Property, whether it be a Per Lot Release Payment or the
Section 6/7 Release Payment, is sometimes referred to herein as the
“Applicable Release Payment”. Notwithstanding the foregoing, if the
number of Lots approved on one or more subdivision plats of any
portion of the Land recorded by Mortgagor in the Public Records of
Lee County, Florida after approval by Lee County, Florida and
Mortgagee (“Subdivision Plat” or “Subdivision Plats” if more than
one) is more or less than 336 Lots, the Per Lot Release Payment
required after the first 53 lots will determined by dividing
$60,075,000 by the product of (the total number of Lots on the
Subdivision Plats minus the 53 Lots agreed to be released for a Per
Lot Release Payment of $189,905.66 per Lot). For example, if there
are 340 Lots, the Per Lot Release Payment after the first 53 Lots
will be $209,320.56 [calculated as follows: $60,075,000 / (340 Lots
 — 53 Lots) = $209,320.56], and, if there are 330 Lots, the Per Lot
Release Payment after the first 53 Lots will be $216,877.26
[calculated as follows: $60,075,000 / (330 Lots — 53 Lots) =
$216,877.26]. Notwithstanding the foregoing, after both the
issuance of the Phase I Development Order and the release of the
first 53 Lots from the lien of the Mortgage but prior to the
issuance of the Phase II Development Order, the Applicable Release
Payment required for all remaining Lots permitted by the Phase I
Development Order shall be $212,279.15; and, in the event that the
total number of Lots
permitted by the Phase I Development Order and the Phase II
Development Order and shown on the Subdivision Plats subsequently
turns out to be more or less than 336 Lots, the Per Lot Release
Payment required for all Lots in the Phase II Development Order (and
any unreleased Lots in the Phase I Development Order) will be
adjusted such that (A) the required Per Lot Release Payment for each
remaining Lot will be the same, and (B) the payment of the last Per
Lot Release Payment to Mortgagee will result in Mortgagee receiving
the Total Partial Release Amount.

 

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(iv) Additional Security for Mortgagee. As a requirement for
recording any Subdivision Plat or Subdivision Plats for any portion
of the Mortgaged Property, Mortgagor shall either: (i) include
Mortgagee as an additional beneficiary on any bond, letter of credit
or other security required by Lee County (the “Subdivision Bond”) in
connection with the recording of such Subdivision Plat(s) to ensure
completion of any subdivision infrastructure improvements located
therein which Lee County requires to be bonded, or (ii) if Lee
County does not allow Mortgagee to be named a beneficiary of the
Subdivision Bond posted with Lee County, post a bond, letter of
credit or other security for the benefit of Mortgagee (the
“Mortgagee Bond”) in an equal amount and equal quality to and on
substantially the same terms as the Subdivision Bond required to be
posted with Lee County to ensure completion of such subdivision
infrastructure improvements. If (i) Mortgagor does not complete
such subdivision improvements on or before the date required under
the Subdivision Bond provided to Lee County, or (ii) Mortgagee
acquires title to the Mortgaged Property or a portion thereof
through foreclosure, deed in lieu of foreclosure, or otherwise and
Mortgagee completes such subdivision infrastructure improvements,
Mortgagee and its successors and/or assigns shall have the right to
draw on the Subdivision Bond or Mortgagee Bond, as applicable,
provided to Mortgagee for payment of any cost which Mortgagee and
its successors and/or assigns, expend to complete the subdivision
infrastructure improvements secured by such Subdivision Bond or
Mortgagee Bond. Mortgagor shall not have the right to have any Lot
released unless (i) the Lot is included in a Subdivision Plat which
has been recorded in Lee County, Florida and (ii) all of the
requirements set forth herein with respect to the bonding of
subdivision infrastructure improvements have been satisfied.
However, none of the provisions of this subparagraph shall apply to
the release of the Section 6/7 Property.

 

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b. By its acceptance of this Mortgage and the Note, the Mortgagee agrees that, so long as the
Mortgagor shall not be in default beyond any applicable grace or cure period
at the time of any requested release, of any of the stipulations, agreements, conditions and
covenants of the Note or this Mortgage, the Mortgagee shall, upon the request of the Mortgagor in
accordance with the provisions of this Mortgage and the payment or prepayment on account of the
principal amount of the indebtedness represented by the Note of the Applicable Release Payment
hereinafter specified, release portions of the Mortgaged Property from the lien and encumbrance
hereof upon and subject to the conditions, set forth herein. Notwithstanding the foregoing,
regardless of the duration of any grace or cure periods or the absence thereof, if any such default
has occurred, in all events Mortgagor shall have a fifteen (15) day period (the “Release Period”)
from the delivery of a notice from Mortgagee to Mortgagor declaring any default and/or accelerating
the Note to request a release of Lots and/or the Section 6/7 Property, subject to the satisfaction
of the release requirements set forth in this Mortgage. After the expiration of the Release Period
following any such default, Mortgagor shall not be permitted to request a release of Lots and/or
the Section 6/7 Property unless Mortgagor has cured any such default within the applicable cure
period provided in the Note or this Mortgage. In addition, prior to any such release Mortgagor
shall have the right to cause a reduction in the balance of the Remaining Rinker Payments (by
making payments to Rinker or obtaining a current certification from Rinker of the royalties earned
or otherwise) and a corresponding increase in the balance of the available Release Credits for
application to the Applicable Release Payments. For purposes hereof, the release of the Mortgaged
Property from the Four Party Agreement such that Rinker shall have no claim against Mortgagee or
the Mortgaged Property (other than the Section 6/7 Property if it is being or has been released
from the Mortgage) for recovery of the Remaining Rinker Payments, shall be deemed a payment in full
of the Remaining Rinker Payments.

(i) Release of Lots or Section 6/7 Property from the lien of this
Mortgage. Mortgagor may elect, at any time prior to payment of the Note in
full, by means of a written request delivered to Mortgagee (each and every such
request being a “Release Request”) prior to the end of the Release Period, if
applicable, to request the release from the lien of this Mortgage any Lots specified
by Mortgagor as shown on a Subdivision Plat approved by Lee County or the Section
6/7 Property, upon payment to Mortgagee of the required Applicable Release Payment
(as determined in accordance with the procedure set forth in Paragraph 19(a) above)
including any election to apply Release Credits for such Lots or Section 6/7
Property which the Mortgagor desires to be released. Upon submission to Mortgagee
of any such Release Request and the Applicable Release Payment (including any
election to apply Release Credits) and, in the case of a Release Request pertaining
to Lots, the applicable Subdivision Plat and the Subdivision Bond and Mortgagee
Bond, if applicable, required pursuant to Paragraph 19(a) above, Mortgagee shall
execute a partial release of mortgage, sufficient for recording in the official
records of Lee County, Florida, which releases from the lien of this Mortgage the
Lots or Section 6/7 Property identified by Mortgagor in such Release Request.

 

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(ii) Application Against Minimum Annual Principal Payments. Mortgagor
shall be required, at the times specified in the Note, to make the required Minimum
Annual Principal Payments (as defined in the Note) due pursuant to the terms of the
Note. All sums paid by Mortgagor in any given year
for the release of Lots and/or the Section 6/7 Property, in accordance with any
Release Request or otherwise, shall be credited towards the Minimum Annual Principal
Payment due under the Note for such year (or if applicable, the following year or
years until the credit is exhausted), thus thereby reducing the balance of the
Minimum Annual Principal Payment due in such year by the amount so paid. In the
event that Mortgagor does not make a Release Request in any given year or the
Release Request(s) made by Mortgagor in any given year do not result in a payment to
Mortgagee of the total amount of the Minimum Annual Principal Payment due for such
year under the Note, then Mortgagor may specify to Mortgagee, at the time Mortgagor
makes such year’s Minimum Annual Principal Payment or any balance thereof which is
due, the Lots desired and identified by Mortgagor by reference to the Subdivision
Plat to be released by Mortgagee (and/or the Section 6/7 Property desired by
Mortgagor to be released) from the lien of this Mortgage, the value of which Lots
(or Section 6/7 Property) shall not exceed the Minimum Annual Principal Payment.
Upon delivery of any such Release Request and payment by Mortgagor to Mortgagee of
any Minimum Annual Principal Payment, Mortgagee shall deliver a partial release of
mortgage, sufficient for recording in the official records of Lee County, Florida,
which releases from the lien of this Mortgage the Lots or Section 6/7 Property so
requested by Mortgagor to be released. If at any time during the term of the Note,
Mortgagor makes any payments of principal thereunder but does not desire any
particular release at the time of such payment, then such payment shall increase the
balance of Mortgagor’s Release Credits and at any time thereafter but prior to the
end of the Release Period, if applicable, Mortgagor shall be entitled to submit a
Release Request to Mortgagee requesting release of Lots or Section 6/7 Property and
upon submission of such Release Request to Mortgagee and election to apply Release
Credits in the amount of the Applicable Release Payment and in the case of Lots, the
other deliveries required pursuant to Paragraph 19(a), Mortgagee shall deliver a
partial release of mortgage, sufficient for recording in the official records of Lee
County, Florida, which releases from the lien of this Mortgage the Lots identified
by Mortgagor by reference to the Subdivision Plat or the Section 6/7 Property, as
may be requested by Mortgagor.

 

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(iii) Release of Portions of the Mortgaged Property to be Used for Golf
Courses and Infrastructure and Common Improvements. Notwithstanding anything
contained herein to the contrary, from time to time upon satisfaction of the Project
Infrastructure Release Conditions (hereinafter defined), Mortgagor shall be entitled
to obtain a release from the lien of this Mortgage, without the necessity of any
payment being made under the Note, of any portion of the Mortgaged Property shown on
the Approved Site Plan (as such plan may be amended from time to time in accordance
with Paragraph 1 hereof) to be designated for use as, or on which will be
constructed, a golf course or golf courses, lakes, roads, utilities, rights-of-way,
or other infrastructure improvements, common improvements or facilities (i.e.,
improvements or facilities which are for the common use and benefit of more than one
lot or unit)
for the benefit of and/or necessary or required for or by Mortgagor’s
development, the public, any homeowner’s association or any community development
district, all as contemplated by the Approved Site Plan (the golf courses and other
infrastructure improvements and common facilities shall be hereinafter collectively
referred to as the “Approved Common Infrastructure Improvements”). Should Mortgagor
at any time desire to have released any portion of the Mortgaged Property for the
purpose of using such portions of the Mortgaged Property for Approved Common
Infrastructure Improvements, Mortgagor shall deliver a written request to Mortgagee
(each and every such request being a “Project Infrastructure Release Request”)
wherein Mortgagor shall specify the acreage tracts to be released and the use for
such acreage tracts, which request shall be accompanied by evidence, or state the
date on which such evidence is estimated to be available, that all of the following
conditions (“ Project Infrastructure Release Conditions”) have been satisfied by
Mortgagor: (i) Mortgagor shall not be in default under this Mortgage at the time of
any requested release beyond the end of the Release Period, unless such default is
cured within the applicable grace or cure period; (ii) Mortgagor has entered into a
construction contract with an unaffiliated contractor for the construction of the
particular improvements that qualify as Approved Common Infrastructure Improvements
on the land requested by Mortgagor to be released, which construction contract shall
only include the particular Approved Common Infrastructure Improvements to be
constructed on the land to be released, and (iii) the land to be released shall only
include the land necessary for construction of the Approved Common Infrastructure
Improvements which are the subject of the construction contract, (iv) Mortgagor
shall have obtained a surety payment and performance bond for the work subject to
the construction contract in the amount of 100% of the construction contract price,
(v) Mortgagor shall have obtained all development and/or building permits necessary
for construction of the Approved Common Infrastructure Improvements which are the
subject of the construction contract, (vi) at the time of such release, Mortgagor
shall assign to Mortgagee as additional and collateral security Mortgagor’s rights
under the construction contract and the surety bonds (such collateral security
agreements shall allow Mortgagor to exercise all rights thereunder as the owner) and
(vii) in respect to any land to be released for a Golf Course to be constructed in
accordance with the Approved Site Plan, then also, the Golf Course shall be made
subject to a declaration of covenants, conditions and restrictions, that cannot be
amended without the consent of Mortgagee that (a) restricts the use of the Golf
Course land being released to only a golf course and (b) provides for play on the
golf course when it is completed by all owners of lots and/or units in the land
remaining encumbered by this Mortgage and allows such owners to purchase memberships
in the applicable golf club on the same basis as the owners of lots and/or units in
the Mortgaged Property that has been released from the lien of this Mortgage. Upon
the submission by Mortgagor to Mortgagee of any Project Infrastructure Release
Request with evidence appropriate to show satisfaction of the above conditions,
Mortgagee shall execute a partial release of mortgage, sufficient for recording in
the official records of Lee County, Florida, which releases from the lien of
this Mortgage the portion of the Mortgaged Property which is the subject of the
Project Infrastructure Release Request.

 

- 19 -

 

(iv) Security Withdrawal. Notwithstanding any provision in the
Mortgage to the contrary, if Mortgagee acquires title to all or any part of the
Mortgaged Property through foreclosure or deed in lieu of foreclosure or otherwise,
Mortgagor shall have the right to withdraw the Subdivision Bond that it posted with
Lee County in connection with the recording of any Subdivision Plat(s) (“Security
Withdrawal”), subject to compliance with the requirements of this subparagraph, as
long as no sales of Lots or any other portion of the Mortgage Property have been
made to third parties, provided that Mortgagor provides written notice of such
election to Mortgagee within the later to occur of i) 120 days of such transfer of
title to Mortgagee, or ii) in the event any appeal, bankruptcy filing or other legal
proceeding is instituted in a court of competent jurisdiction challenging any
foreclosure, deed in lieu of foreclosure or other transfer of title, thirty (30)
days after a final nonappealable adjudication is rendered which affirms such
foreclosure, deed in lieu of foreclosure or other transfer of title (“Final
Vesting”). In such event, Mortgagee and its successors and assigns shall have the
right to replace such Subdivision Bond provided by Mortgagor to Lee County and if
the Subdivision Bond is not replaced within ninety (90) days from the later to occur
of i) the time Mortgagor provides Mortgagee notice of such election, or ii) Final
Vesting, Mortgagor may proceed to vacate the Subdivision Plat(s). In such event, as
part of such Security Withdrawal, notwithstanding any provision contained in this
Mortgage or otherwise to the contrary, Mortgagor will reconvey by special warranty
deed to Mortgagee any Lots and other portions of the Mortgaged Property, if any,
which have been released to Mortgagor from the Mortgage, except for the Section 6/7
Property which Mortgagor shall be entitled to retain in the event of a Security
Withdrawal. The special warranty deed shall be subject only to the “Permitted
Exceptions”, as hereinafter defined. All documentary stamp taxes shall be paid by
Mortgagor. All real estate taxes, CDD assessments and other special assessments
shall be prorated as of the date of transfer. Mortgagor shall pay for owner’s title
insurance for Mortgagee at promulgated rate which will be supplied by Mortgagee’s
counsel or title company selected by Mortgagee. “Permitted Exceptions” shall mean
the matters set forth on Exhibit “B”, all items affecting title created by
Mortgagee, all matters affecting title which were reasonably created in obtaining
development approvals relating to the Mortgaged Property, all easements created for
utilities, drainage or access, all matters which would be shown by an accurate
survey of the Mortgaged Property and any other matters of record approved by
Mortgagee (collectively, the “Permitted Exceptions”). The provisions of this
subparagraph (iv) and the last sentence of Section 1 hereof (collectively, the
“Surviving Provisions”) shall survive foreclosure or a deed in lieu of foreclosure
or other transfer of title and the obligations of Mortgagor and Mortgagee relating
thereto shall remain binding and enforceable against
Mortgagor and Mortgagee and their respective successors and assigns even after
a foreclosure or deed in lieu of foreclosure or other transfer of title has
occurred. Mortgagee can record an affidavit of its compliance with any of the
requirements of the Surviving Provisions and the Mortgage and Mortgagor acknowledges
that any third party shall have the right to rely upon such affidavit.

 

- 20 -

 

c. Notwithstanding any provision herein to the contrary, in the event that any release of
property requested by Mortgagor would result in any of the Mortgaged Property remaining encumbered
by the lien of this Mortgage being landlocked without access to publicly dedicated roads and/or
utility systems, then as a condition to such release, Mortgagor shall grant and/or Mortgagee shall
retain, as appurtenant easements to such remaining portions of the Mortgaged Property encumbered by
the lien of this Mortgage, easements in form and content reasonably necessary over the portion(s)
of the Mortgaged Property which has been released from the lien of this Mortgage sufficient to
allow Mortgagee access to public roads and/or utility systems. Such easements to the extent
practical shall conform to the development of the Mortgaged Property contemplated by the Approved
Site Plan.

d. As used in this Mortgage, the term “Purchase and Sale Agreement” shall mean that certain
Third Amended and Restated Agreement for Purchase and Sale, dated August 29, 2003, by and between
Mortgagor and Mortgagee, as amended by First Amendment to Third Amended and Restated Agreement for
Purchase and Sale dated December 5, 2003, as amended by the Second Amendment to Third Amended and
Restated Agreement for Purchase and Sale dated February 18, 2004, as amended by that certain “1031
Exchange” Amendment to Third Amended and Restated Agreement for Purchase and Sale dated April 29,
2004, as amended by the Third Amendment to Third Amended and Restated Agreement for Purchase and
Sale dated June 9, 2005 (“Third Amendment”), as amended by the Fourth Amendment to Third Amended
and Restated Agreement for Purchase and Sale dated June 30, 2005 (“Fourth Amendment”), as amended
by the Fifth Amendment to Third Amended and Restated Agreement for Purchase and Sale dated as of
July 7, 2005, as assigned in part by Mortgagee to First American Exchange Company, LLC (“First
American”) pursuant to that certain Assignment Agreement (Relinquished Property), dated July 8,
2005, and as amended by the Sixth Amendment to Third Amended and Restated Agreement dated as of
December 27, 2007. In the event of any conflict or inconsistency between any terms or provisions
of this Mortgage or the Note with any terms or provisions of the Purchase and Sale Agreement, the
terms and provisions of this Mortgage and the Note shall control.

 

- 21 -

 

20. SUBORDINATION OF THE LIEN OF THIS MORTGAGE. Notwithstanding anything contained in
this Mortgage to the contrary, Mortgagee shall consent, and agree to make subordinate the lien of
this Mortgage, to financing provided through one or more community development districts (“CDD”)
established under Florida law in respect to the development of the Mortgaged Property and any and
all assessment liens that shall secure bonds issued by any such CDD, for the construction of (i)
any Approved Common Infrastructure Improvements, (ii) other off-site improvements required by any
governmental authority or otherwise to be constructed by Mortgagor in connection with Mortgagor’s
rezoning of the Property, or in connection with any permits or approvals required for the
development of the Property, (iii) improvements made in connection with obligations placed on
Mortgagor pursuant
to the Purchase and Sale Agreement, and (iv) road improvements made in connection with and/or
pursuant to an agreement by and between Mortgagor and Florida Gulf Coast University. Mortgagee
agrees that it shall provide its written consent, as evidenced by Mortgagee’s signature on any
documentation reasonably required to be executed by Mortgagee in order to effectuate such consent
and subordination, to any issuance of bonds through any CDD and to the subordination of the lien of
this Mortgage to such financing and any and all assessment liens that secure bonds issued by any
such CDD, provided that such CDD is formed in accordance with, and subject to the provisions of,
the laws of the State of Florida, and that the funds raised by the issuance of the bonds shall be
used to pay solely for improvements contemplated by the Approved Site Plan (as such plan may be
amended in accordance with the terms of the Purchase and Sale Agreement) or made pursuant to
romanettes (i), (ii), (iii) or (iv) of the preceding sentence, provided in no event shall any of
the proceeds of the bonds issued by any CDD be used to pay the salaries of any employees of any
CDD. Mortgagee, upon request, and only for as long as this Mortgage remains outstanding to secure
the payment of sums due under the Note, or such earlier period of time as may be required by
Florida law, may require Mortgagor to appoint to the Board of Supervisors of any CDD established in
connection with any portion of the Mortgaged Property, as many board members elected by Mortgagee
as are required for Mortgagee to have control over any such Boards of Supervisors. Mortgagor
hereby collaterally assigns to Mortgagee as additional security all rights and/or entitlements
appurtenant to the Mortgaged Property arising from any CDD applicable to the Mortgaged Property,
reserving all such rights in favor of Mortgagor, subject to the terms hereof, so long as this
Mortgage is outstanding.

Mortgagee shall also consent and agree to make subordinate the lien of this mortgage to the
following: (i) Covenants, Conditions and Restrictions (“CCRs”) for the Mortgaged Property as the
same may be subsequently recorded in the public records of Lee County, Florida, Mortgagee shall
have the right to approve the proposed CCRs, which approval shall not be unreasonably withheld,
conditioned or delayed; (ii) Property Subdivision Plat as the same shall be approved by Lee County,
Florida; and (iii) Development Order issued by Lee County, Florida; and (iv) as to the portion of
the Mortgaged Property located in Sections 5 and 8 north of Alico Road, a Restrictive Covenant
Agreement in favor of Lee County restricting the use thereof to non-residential agriculture, mining
and passive recreational uses (the “Restrictive Covenant Agreement”).  

21. FINANCIAL STATEMENTS. Within ninety (90) days after the close of each calendar
year following Mortgagor’s filing of a Subdivision Plat for any portion of the Mortgaged Property,
Mortgagor shall provide Mortgagee an annual statement of the operations of and the financial
condition of Mortgagor and the Mortgaged Property, certified by Mortgagor, and if Mortgagee shall
require, by an independent certified public accountant. For so long as any amounts payable
hereunder remain outstanding, Mortgagee shall have the right at all reasonable times to enter on
and inspect the Mortgaged Property and the applicable books and financial records; and at any time
after an Event of Default hereunder, the Mortgagee is authorized, without notice, in its sole
discretion to enter upon and take possession of the Mortgaged Property or any part thereof and to
perform any acts which the Mortgagee deems proper or necessary to conserve the security herein
intended to be provided, and to collect and receive all rents, issues and profits thereof and
therefrom, including those past due as well as those accruing thereafter.

 

- 22 -

 

22. SEVERABILITY. If any one or more of the provisions contained in this Mortgage or
in the Note for any reason shall be held to be invalid, illegal or unenforceable in any respect,
such invalidity, illegality or unenforceability shall, at the option of the Mortgagee, not affect
any other provisions of this Mortgage, but this Mortgage shall be construed as if such invalid,
illegal or unenforceable provision had never been contained herein or therein.

23. FURTHER ASSURANCES. Mortgagor will, at the cost of Mortgagor, and without expense
to Mortgagee, do, execute, acknowledge and deliver all and every such further acts, deeds,
conveyances, mortgages, assignments, notices of assignment, transfers and assurances as Mortgagee
shall from time to time require in order to preserve the priority of the lien of this Mortgage or
to facilitate the performance of the terms hereof.

24. GOVERNING LAW, VENUE AND BINDING EFFECT. The interpretation and enforcement of
the stipulations, agreements, conditions and covenants of this Mortgage shall be governed by and
construed in accordance with the laws of the State of Florida and shall bind, and the benefits and
advantages shall inure to, and be enforceable by Mortgagor and Mortgagee as well as their
respective personal representatives, heirs, successors and assigns. Lee County, Florida shall be
the exclusive venue for any litigation arising under this Mortgage. The total interest payable
pursuant to the Note or this Mortgage shall not in any one year exceed the highest lawful rate of
interest permitted in the State of Florida. Whenever used, the singular name shall include the
plural, the plural the singular, and the use of any gender shall be applicable to all genders.
When executed by two or more persons or entities as Mortgagor, the parties so executing shall be
bound jointly and severally. The term “Mortgagee” shall also include any lawful owner, holder or
pledgee of any indebtedness secured hereby.

25. NOTICE. Any notices required or permitted to be given under this Mortgage or the
Note shall be in writing and shall be deemed given if delivered by hand, sent by recognized
overnight courier (such as Federal Express), transmitted via facsimile transmission or mailed by
certified or registered mail, return receipt requested, in a postage pre-paid envelope, and
addressed as follows:

	 	 	 
	As to Mortgagee:
	 	Alico-Agri, Ltd.
	 
	 	c/o Alico, Inc.
	 
	 	Attn:  Dan L. Gunter, CEO
	 
	 	Mailing Address:
	 
	 	Post Office Box 338, Labelle, FL 33975
	 
	 	Physical Address:
	 
	 	640 S. Main Street, Labelle, FL  33935
	 
	 	Telephone:                      863-675-2966
	 
	 	Facsimile:                      863-675-5799
	 
	 	 
	With a copy to:
	 	Alico, Inc.
	 
	 	Attn:  Don Schrotenboer, Vice President Real Estate
	 
	 	Mailing Address:
	 
	 	Post Office Box 338, Labelle, FL 33975
	 
	 	Physical Address:
	 
	 	640 S. Main Street, Labelle, FL  33935
	 
	 	Telephone:                      863-675-5113
	 
	 	Facsimile:                      863-675-5799
	 
	 	 
	 
	 	Ruden McClosky et al.
	 
	 	Attn:  John L. Farquhar, Esq.
	 
	 	5150 Tamiami Trail North, Suite 502
	 
	 	Naples, FL 34103
	 
	 	Telephone:              239-659-1100
	 
	 	Facsimile:              954-333-4037

 

- 23 -

 

	 	 	 
	As to Mortgagor:
	 	Ginn-LA Naples, Ltd. LLLP
	 
	 	Attn:  Edward R. Ginn, III
	 
	 	215 Celebration Place, Suite 200
	 
	 	Celebration, Florida 34747
	 
	 	Telephone:              321-939-4700
	 
	 	Facsimile:              321-939-4800
	 
	 	 
	With a copy to:
	 	Mr. Robert Gidel
	 
	 	The Ginn Company
	 
	 	215 Celebration Place Suite 200
	 
	 	Celebration, FL 32137
	 
	 	Telephone:              321-939-4771
	 
	 	Facsimile:              321-939-4800
	 
	 	 
	With a copy to:
	 	Bruce A. Wobeck, Esquire
	 
	 	Morris, Manning & Martin, LLP
	 
	 	1600 Atlanta Financial Center
	 
	 	3343 Peachtree Road, N.E.
	 
	 	Atlanta, GA  30326
	 
	 	Telephone:              404-504-7739
	 
	 	Facsimile:              404-365-9532
	 
	 	 
	With a copy to:
	 	John G. Morris, Esquire
	 
	 	Morris, Manning & Martin, LLP
	 
	 	1600 Atlanta Financial Center
	 
	 	3343 Peachtree Road, N.E.
	 
	 	Atlanta, GA  30326-1044
	 
	 	Telephone:              404-572-7722
	 
	 	Facsimile:              404-365-9532

unless the address is changed by the party by like notice given to the other parties. Notice given
by hand delivery shall be deemed received on the date delivered if delivered on a business day
during business hours, otherwise it shall be deemed delivered on the next business day. Notice
given by certified or registered mail, return receipt requested, postage pre-paid, shall be deemed
delivered three (3) days following the date mailed. Notice sent by recognized overnight courier
(such as Federal Express) shall be deemed received on the next business day. Notices given by
facsimile shall be deemed received if sent as confirmed by confirmation of transmission by
telecopier retained by the sender shall be proof of such sending and it shall be deemed received at
that time if such time is during business hours on a business day, otherwise it shall be deemed
received on the next business day. Any notice refused shall be deemed to be accepted on the
earlier of the time frame set forth in this notice provision or when actually refused. Failure to
give any of the copies in addition to the primary notice shall not affect the validity of the
notice. Counsel may give notice on behalf of the parties.

 

- 24 -

 

26. TIME. Time is of the essence for all obligations hereunder.

27. EXCULPATION. Mortgagor shall be exculpated from personal liability for payment of
the indebtedness secured by this Mortgage, and the Mortgagee by acceptance hereof agrees that it
shall not seek, be entitled to or enforce any deficiency judgment therefor against the Mortgagor,
its successors or assigns and that Mortgagee’s sole remedy therefor shall be limited to its rights
of repossession, foreclosure or sale of the Mortgaged Property as provided herein or such other
rights in or recourse to property, real and personal, hypothecated by Mortgagor hereunder.

28. WAIVER OF JURY TRIAL. MORTGAGOR HEREBY WAIVES ANY AND ALL RIGHTS TO DEMAND THE
RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM, WHETHER IN CONTRACT, TORT OR
OTHERWISE, RELATING DIRECTLY OR INDIRECTLY TO OR ARISING OUT OF THE NOTE, THIS MORTGAGE OR ANY
OTHER SECURITY DOCUMENTS, OR ACTS OR OMISSIONS OF MORTGAGEE PERTAINING THERETO.

29. SUBORDINATION. Notwithstanding any provision of this Mortgage or the Note to the
contrary, it is understood and agreed by Mortgagee that the lien, terms, covenants and conditions
of this Mortgage are and shall be subordinate in all respects, to the following agreements:
Aggregate Mining and Plant Agreement (Sections 6 and 7, North of Alico Road, Lee County, Florida),
dated July 12, 2005 by and between Mortgagor and Rinker and Aggregate Mining Agreement (Sections 5
and 8, North of Alico Road, Lee County, Florida), dated July12, 2005, by and between Mortgagor and
Rinker (collectively, “Rinker Leases”), as modified by that certain Four Party Agreement dated as
of December 27, 2007 by and among Mortgagor, Mortgagee, Rinker and Ginn-LA West FM (the “Four-Party
Agreement”), together with any amendments, modifications, extensions or renewals of the foregoing
as may be approved by Mortgagee in accordance with Paragraph 8 hereof. Notwithstanding any
provision in this Mortgage to the contrary, Mortgagee (i) acknowledges and consents to the Rinker
Leases and agrees that the lien of this Mortgage does not and will not include or encumber the
rock, sand, limerock, soil materials (over burden) and their by-products located in, on or under on
the Land; and (ii) acknowledges and agrees that, in the event of a foreclosure, deed in lieu of
foreclosure, or other conveyance of title to any or all of the Mortgaged Property, Mortgagee, its
nominee or any other purchaser at foreclosure shall remain bound by and subject to Rinker’s
“Royalty Abatements” and “Set-off/Recoupment Rights,” as those terms are defined in the Four-Party
Agreement.

 

- 25 -

 

30. Construction of Mortgage. Each of Mortgagor and Mortgagee have participated fully
in the negotiation and preparation hereof and, accordingly, this Mortgage shall not be more
strictly construed against either of the parties. Mortgagor and Mortgagee acknowledge and agree
that this Mortgage shall not constitute a novation of the Original Amended Mortgage.

31. Counterparts. This Mortgage, and any subsequent amendments hereto, may be
executed in any number of counterparts, each of which, when executed, shall be deemed to be an
original, and all of which shall be deemed to be one and the same instrument.

[SIGNATURE PAGE COMMENCES ON FOLLOWING PAGE]

 

- 26 -

 

[SIGNATURE PAGE CONTINUED FROM PREVIOUS PAGE]

IN WITNESS WHEREOF, the Mortgagor and Mortgagee have executed this Mortgage as of the day and
year first above written.

	 	 	 	 	 	 	 	 	 
	WITNESSES:	 	 	 	“MORTGAGOR”
	 
	 	 	 	 	 	 	 	 
	 	 	 	 	GINN-LA NAPLES LTD., LLLP, a
Georgia limited liability partnership
	 

Signature

	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 

Print Name

	 	 	 	By:
	Ginn-Naples GP, LLC, a 
Georgia limited liability company,
 its sole General Partner
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	By:	 	 	 	 
	 	 	 	 	 	 	 
	Signature
	 	 	 	 	 	 	 	 
	 

	 	 	 	Name:	 	 	 	 
	 

	 	 	 	 	 	 	 	 
	Print Name
	 	 	 	 	 	 	 	 
	 

	 	 	 	Title:	 	 	 	 
	 

	 	 	 	 	 	 	 	 

	 	 	 	 	 	 	 
	STATE OF
	 	 	 	)
	 

	 	 	 	) SS:

	COUNTY OF
	 	 	 	) 

The foregoing instrument was acknowledged before me this                      day of                     , 2008, by
                                        , as                                         , of Ginn-Naples, GP, LLC, on behalf of
Ginn-LA Naples Ltd., LLLP, a Georgia limited liability limited partnership. He/She is personally
known to me or has produced                                          as identification.

	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	 
	 

	 	Notary Signature	 	 
	 
	 	 	 	 	 	 
	 	 	 
	 

	 	(Notary Name Printed)	 	 
	 
	 	 	 	 	 	 
	 

	 	(NOTARY SEAL)	 	 
	 

	 	Notary Public	 	 	 	 
	 

	 	Commission No.	 	 	 	 
	 

	 	 	 	 
 	 	 

[SIGNATURE PAGE COMMENCES ON FOLLOWING PAGE]

 

- 27 -

 

[SIGNATURE PAGE CONTINUED FROM PREVIOUS PAGE]

	 	 	 	 	 	 	 	 	 
	WITNESSES:	 	 	 	“MORTGAGEE”
	 
	 	 	 	 	 	 	 	 
	 	 	 	 	ALICO-AGRI, LTD., a  Florida limited partnership
	 

Signature

	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 

Print Name

	 	 	 	By:
	Alico, Inc., a Florida corporation,
 its general partner
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	By:	 	 	 	 
	 	 	 	 	 	 	 
	Signature
	 	 	 	 	 	 	 	 
	 

	 	 	 	Name:	 	 	 	 
	 

	 	 	 	 	 	 	 	 
	Print Name
	 	 	 	 	 	 	 	 
	 

	 	 	 	Title:	 	 	 	 
	 

	 	 	 	 	 	 	 	 

	 	 	 	 	 	 	 
	STATE OF
	 	 	 	)
	 

	 	 	 	) SS:

	COUNTY OF
	 	 	 	) 

The foregoing instrument was acknowledged before me this                      day of October, 2008, by
                                        ,
as                      of Alico, Inc., a Florida corporation, in its capacity
as general partner of ALICO-AGRI, LTD., a Florida limited partnership. He/She is personally known
to me or has produced
                                         as identification.

	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	 
	 

	 	Notary Signature	 	 
	 
	 	 	 	 	 	 
	 	 	 
	 

	 	(Notary Name Printed)	 	 
	 
	 	 	 	 	 	 
	 

	 	(NOTARY SEAL)	 	 
	 

	 	Notary Public	 	 
	 

	 	Commission No.	 	 	 	 
	 

	 	 	 	 
 	 	 

 

- 28 -

 

CROCKETT RECONVEYANCE AGREEMENT

This Crockett Reconveyance Agreement (“Agreement”) is made and entered into as of the 3rd
day of October, 2008, by and among ALICO-AGRI, LTD., a Florida limited partnership (“Alico”)
and WEST FM CROCKETT, LLC, a Georgia limited liability company (“Crockett”).

W I T N E S S E T H:

WHEREAS, pursuant to that certain Agreement dated September 28, 2006 by and among Alico,
Crockett and other parties, as amended by that certain First Amendment to Agreement dated as of the
28th day of September, 2007, that certain Second Amendment to Agreement dated as of the
27th day of December, 2007, and the Extension Agreement dated as of September 28, 2008,
all of which are collectively referred to herein as the “West Option Agreement”, Alico conveyed
certain property referred to as the “Crockett Property” to Crockett by that certain Special
Warranty Deed dated as of the 28th day of September, 2006, and recorded on December 22,
2006, as Instrument #2006000474153, of the Public Records of Lee County, Florida (“Crockett Deed”);
and

WHEREAS, as part of the purchase of the Crockett Property, Crockett gave Alico a promissory
note in the amount of $11,410,000.00 (the “Crockett Note”), which was secured by a Mortgage and
Security Agreement recorded as Instrument #2006000474155, of the Public Records of Lee County,
Florida (“Crockett Mortgage”); and

WHEREAS, Crockett and Alico have agreed that Crockett will reconvey the Crockett Property to
Alico.

NOW, THEREFORE, in order to carry out this Agreement and for Ten Dollars ($10.00) and other
good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the
parties agree as follows:

1. Transfer and Release. Crockett shall convey the Crockett Property back to Alico by
Special Warranty Deed. The Special Warranty Deed will contain exceptions for real estate taxes for
2008 and subsequent years, those items reflected in the Crockett Deed, and such other exceptions as
the parties have previously consented to or consent to as part of this transaction. Upon
conveyance of the Crockett Property pursuant to the terms hereof, Crockett shall be released from
the obligations pursuant to the Crockett Note and Crockett Mortgage and the parties shall have no
further rights or obligations thereunder, except as set forth in this Agreement, or under the West
Option Agreement, except as specifically set forth in the West Termination Agreement, and each of
Alico and Ginn, and their respective partners, members, officers, directors and affiliates, shall
be released from any and all claims, demands, causes of action, counterclaims, rights of setoff or
other actions that either of them may have against the other arising from or relating to the
Crockett Note, the Crockett Mortgage, the West Option Agreement or the Crockett Property, except
those obligations set forth in this Agreement and in the West Termination Agreement.

 

1

 

2. Taxes. Crockett shall be required to pay one-half of the 2008 real estate taxes on
the Crockett Property through October 3, 2008, to Alico at the time of the reconveyance of the
Crockett Property. Alico shall have the responsibility for payment of the 2008 real estate taxes
on the Crockett Property.

3. Title Insurance. Alico shall cause its counsel to obtain a title insurance
commitment through Stewart Title Insurance Company, or another major title insurance company
reasonably acceptable to the parties. Crockett will provide the standard affidavits and related
documentation to delete the standard exceptions from the title commitment. Alico shall pay the
cost of the title insurance premium at promulgated rate, the charges for the title search and the
documentary stamps, if any. For purposes of computing the documentary stamps and title insurance
premium, the present outstanding balance due on the Crockett Mortgage of $11,410,000.00 shall be
used.

4. Documents and Reports. Crockett shall supply to Alico copies of all documentation
provided by third party consultants in their possession (other than attorney client materials and
any internal memoranda or reports) relating to the Crockett Property to the extent not previously
delivered to Alico, including, but not limited to, surveys, land planning materials, environmental
reports, environmental clean up materials, entitlement information, existing conditions of fines,
and the name of all consultants who could provide information and authorization for such
consultants to reproduce copies of all materials relating to the Crockett Property, at Alico’s
expense, and to perform services if retained by Alico.

5. Notices. Any notices required or permitted to be given under this Agreement shall
be in writing and shall be deemed given if delivered by hand, sent by recognized overnight courier
(such as Federal Express), transmitted via facsimile transmission or mailed by certified or
registered mail, return receipt requested, in a postage pre-paid envelope, and addressed as
follows:

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	As to Alico:	 	Alico-Agri, Ltd.
	 	 	 	 	 	 	c/o Alico, Inc.
	 	 	 	 	 	 	Attn: Dan L. Gunter, President & CEO
	 	 	 	 	 	 	Mailing Address:
	 	 	 	 	 	 	Post Office Box 338, Labelle, FL 33975
	 	 	 	 	 	 	Physical Address:
	 	 	 	 	 	 	640 S. Main Street, Labelle, FL 33935
	 
	 	 	 	 	 	Telephone:	 	863-675-2966 	 
	 
	 	 	 	 	 	Facsimile:	863-675-5799 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	With a copy to:	 	Alico, Inc.
	 	 	 	 	 	 	Attn: Don Schrotenboer, Vice President Real Estate
	 	 	 	 	 	 	Mailing Address:
	 	 	 	 	 	 	Post Office Box 338, Labelle, FL 33975
	 	 	 	 	 	 	Physical Address:
	 	 	 	 	 	 	640 S. Main Street, Labelle, FL 33935
	 
	 	 	 	 	 	Telephone:	 	863-675-5113 	 
	 
	 	 	 	 	 	Facsimile:	863-675-5799 	 

 

2

 

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	With a copy to:	 	Ruden McClosky et al.
	 	 	 	 	 	 	Attn: John L. Farquhar, Esq.
	 	 	 	 	 	 	5150 Tamiami Trail North, Suite 502
	 	 	 	 	 	 	Naples, FL 34103
	 
	 	 	 	 	 	Telephone:	 	239-659-1100 Ext. 7102 
	 
	 	 	 	 	 	Facsimile:	954-333-4037 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	As to Crockett:	 	West FM Crockett, LLC
	 	 	 	 	 	 	Attn: Edward R. Ginn, III
	 	 	 	 	 	 	215 Celebration Place, Suite 200
	 	 	 	 	 	 	Celebration, Florida 34747
	 
	 	 	 	 	 	Telephone:	 	321-939-4700 	 
	 
	 	 	 	 	 	Facsimile:	321-939-4800 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	With a copy to:	 	Bruce A. Wobeck, Esquire
	 	 	 	 	 	 	Morris, Manning & Martin, LLP
	 	 	 	 	 	 	1600 Atlanta Financial Center
	 	 	 	 	 	 	3343 Peachtree Road, N.E.
	 	 	 	 	 	 	Atlanta, GA 30326
	 
	 	 	 	 	 	Telephone:	 	404-504-7739 	 
	 
	 	 	 	 	 	Facsimile:	404-365-9532 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	With a copy to:	 	John G. Morris, Esquire
	 	 	 	 	 	 	Morris, Manning & Martin, LLP
	 	 	 	 	 	 	1600 Atlanta Financial Center
	 	 	 	 	 	 	3343 Peachtree Road, N.E.
	 	 	 	 	 	 	Atlanta, GA 30326-1044
	 
	 	 	 	 	 	Telephone:	 	404-572-7722 	 
	 
	 	 	 	 	 	Facsimile:	404-365-9532 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	With a copy to:	 	Robert Gidel
	 	 	 	 	 	 	The Ginn Company
	 	 	 	 	 	 	215 Celebration
	 	 	 	 	 	 	Place, Suite 200
	 	 	 	 	 	 	Celebration, FL 32137
	 
	 	 	 	 	 	Telephone:	 	321-939-4771 	 
	 
	 	 	 	 	 	Facsimile:	321-939-4800 	 

unless the address is changed by the party by like notice given to the other parties. Notice given
by hand delivery shall be deemed received on the date delivered if delivered on a business day
during business hours, otherwise it shall be deemed delivered on the next business day. Notice
given by certified or registered mail, return receipt requested, postage pre-paid, shall be deemed
delivered three (3) days following the date mailed. Notice sent by recognized overnight courier
(such as Federal Express) shall be deemed received on the next business day. Notices given by
facsimile shall be deemed received if sent as confirmed by confirmation of transmission by
telecopier retained by the sender shall be proof of such sending and it shall be deemed received at
that time if such time is during business hours on a business day, otherwise it shall be deemed
received on the next business day. Any notice refused shall be deemed to be accepted on the
earlier of the time frame set forth in this notice provision or when actually refused. Counsel
may give notice on behalf of the parties.

 

3

 

6. This Agreement shall be construed and governed in accordance with laws of the State of
Florida and in the event of any litigation hereunder, the venue for any such litigation, shall be
exclusively in Lee County, Florida. All of the parties to this Agreement have participated fully
in the negotiation and preparation hereof and, accordingly, this Agreement shall not be more
strictly construed against any one of the parties hereto.

7. In the event any provision of this Agreement is determined by appropriate judicial
authority to be illegal or otherwise invalid, such provision shall be given its nearest legal
meaning or reconstrued as such authority determines, and the remainder of this Agreement shall be
construed to be in full force and effect.

8. In the event of any litigation between the parties under this Agreement, the prevailing
party shall be entitled to reasonable attorneys’ fees and court costs through all trial, appellate
levels and post-judgment proceedings. The provisions of this paragraph shall survive the closing
and any termination or cancellation of this Agreement.

9. In construing this Agreement, the singular shall be deemed to include the plural, the
plural shall be deemed to include the singular and the use of any gender shall include every other
gender and all captions and Paragraph and or Section headings shall be discarded and the terms
Section or Paragraph may be used interchangeably.

10. This Agreement constitutes the entire agreement between the parties for the reconveyance
of the Crockett Property, and supersedes any other agreement or understanding of the parties with
respect to such matters. This Agreement may not be changed, altered or modified except in a
writing signed by the party against whom enforcement of such a change would be sought. This
Agreement shall be binding upon the parties hereto and their respective permitted successors and
assigns.

11. No waiver of any provision of this Agreement shall be effective unless it is in writing,
signed by the party against whom it is asserted and any such written waiver shall only be
applicable to the specific instance to which it relates and shall not be deemed to be a continuing
or future waiver.

12. This Agreement shall be dated as of October 3, 2008, and shall be effective when signed by
all of the parties to this Agreement and a fully executed Agreement has been delivered to all
parties.

13. This Agreement, and any subsequent amendments hereto, may be executed in any number of
counterparts, each of which, when executed, shall be deemed to be an original, and all
of which shall be deemed to be one and the same instrument. Facsimile transmission signatures
or other copies shall have the same validity as original signatures.

 

4

 

14. Each of the parties hereto agree to execute, acknowledge and deliver and cause to be done,
executed, acknowledged and delivered all such further acts, assignments, transfers and assurances
as shall reasonably be requested of it in order to carry out this Agreement and give effect
thereto. This provision shall survive the closing.

15. The terms of this Agreement shall survive the conveyance from Crockett to Alico as to the
enforceability of the rights and obligations of the parties pursuant to this Agreement.

IN WITNESS WHEREOF, the parties have executed this Agreement the day and year first above
written.

	 	 	 	 	 	 	 	 	 
	Signed, sealed and delivered	 	SELLER:	 	 	 
	in the presence of:	 	 	 	 	 	 
	 	 	 	 	ALICO-AGRI, LTD., a Florida limited partnership	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	By:
	ALICO, INC., a Florida corporation	 	 
	 

	 	 	 	Its:
	General Partner	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	By:	 	 	 	 
	 	 	 	 	 	 
	Printed Name:

	 	 	 	 
	DAN L. GUNTER, CEO & President	 	 
	 
	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	Printed Name:
	 	 	 	 	 	 	 	 
	 
	 

	 	 

	 	 
	 	(CORPORATE SEAL)	 	 
	 
	 

	 	 	 	CROCKETT:	 	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	 	 	WEST FM CROCKETT, LLC,

a Georgia limited liability company	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	By:	 	 	 	 
	 	 	 	 	 	 
	Printed Name:

	 	 	 	Printed Name: 	 	 	 
	 

	 	 

	 	Title: 
	 	 

	 	 
	 

	 	 	 	 	 

	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	Printed Name:
	 	 	 	 	 	 	 	 
	 

	 	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	(CORPORATE SEAL)	 	 

 

5

 

EXHIBIT “A”

LEGAL DESCRIPTION

WEST FM CROCKETT, LLC.

Sections 18 & 19, Township 46 South, Range 26 East

LEE COUNTY, FLORIDA

A parcel of land lying in Sections 18 and 19, Township 46 South, Range 26 East, Lee County,
Florida, lying south of Alico Road, and being more particularly described as follows:

COMMENCE at the intersection of the West line of a Florida Power & Light easement (110 feet wide)
as described in Official Records Book 221, page 191 of the Public Records of Lee County, Florida
and the maintained South right-of-way line of Alico Road (100 feet wide); thence, along South
right-of-way line of Alico Road (100 feet wide), N.88°59’33”E., 235.00 feet to an intersection with
the East line of Florida Power & Light easement (125 feet wide) as described in Official Records
Book 730, page 622 of the aforementioned Public Records; thence, along the East line of said
Florida Power & Light easement (125 feet wide) as described in Official Records Book 730, page 622
of the aforementioned Public Records for the following two (2) courses:

	 	1.	 	S.00°50’47”E., 4,888.13 feet;

	 
	 	2.	 	S.00°50’47”E., 4,718.17 feet

to an intersection with the North line of the South 890.43 feet of the West 565 feet of the
aforementioned Section 18 and the POINT OF BEGINNING; thence, continue, along the East line of the
aforementioned Florida Power & Light easement (125 feet wide) as described in Official Records Book
730, page 622 of the aforementioned Public Records for the following three (3) courses:

	 	1.	 	S.00°50’47”E., 888.10 feet;

	 
	 	2.	 	S.00°50’13”E., 2,639.97 feet;

	 
	 	3.	 	S.00°48’26”E., 2,645.82 feet

to the South line of the Southwest one-quarter of the aforementioned Section 19; thence, along said
South line, S.89°21’56”W., 565.00 feet to the Southwest corner of the aforementioned Section 19;
thence, along the West line of the Southwest one-quarter of the aforementioned Section 19,
N.00°48’26”W., 2,643.97 feet; thence, along the West line of the Northwest one-quarter of the
aforementioned Section 19, N.00°50’13”W., 2,639.78 feet; thence, along the West line of the
Southwest one-quarter of the aforementioned Section 18, N.00°50’47”W., 890.44 feet to an
intersection with the North line of the South 890.43 feet of the West 565 feet of the
aforementioned Section 18; thence, along said North line N.89°23’43”E., 565.01 feet to the POINT OF
BEGINNING.

Said parcel contains 80.081 acres, more or less.

as shown on that certain Boundary Survey — West FM Crockett, LLC prepared by Wilson Miller, Inc.,
dated 9/15/06, last revised 12/19/06, Drawing No. D-03552-93, containing the Stamp and Seal of Mark
D. Haines, Florida Professional Surveyor and Mapper No. LS 5312.

  

 

4

 

THIS THIRD AMENDED AND RESTATED RENEWAL PROMISSORY NOTE (“NOTE”) AMENDS, RESTATES, RENEWS AND
SUPERSEDES THAT CERTAIN SECOND AMENDED AND RESTATED RENEWAL PROMISSORY NOTE DATED SEPTEMBER 28,
2007 (THE “SECOND AMENDED NOTE”) EXECUTED BY GINN-LA NAPLES LTD., LLLP, A GEORGIA LIMITED LIABILITY
LIMITED PARTNERSHIP (“GINN-LA NAPLES”), IN FAVOR OF ALICO-AGRI, LTD., A FLORIDA LIMITED PARTNERSHIP
(“ALICO-AGRI, LTD.”), WHICH AMENDED, RESTATED, RENEWED AND SUPERSEDED THAT CERTAIN AMENDED AND
RESTATED RENEWAL PROMISSORY NOTE DATED JULY 12, 2005 (THE “AMENDED NOTE”), EXECUTED BY GINN-LA
NAPLES, IN FAVOR OF ALICO-AGRI, LTD., WHICH AMENDED, RESTATED, RENEWED AND SUPERSEDED THAT CERTAIN
PROMISSORY NOTE DATED JULY 12, 2005 (“ORIGINAL NOTE”) EXECUTED BY GINN-LA NAPLES, IN FAVOR OF FIRST
AMERICAN EXCHANGE COMPANY, LLC, A DELAWARE LIMITED LIABILITY COMPANY, IN THE ORIGINAL PRINCIPAL
AMOUNT OF $56,610,000.00, AS ASSIGNED BY FIRST AMERICAN EXCHANGE COMPANY, LLC, TO ALICO-AGRI, LTD.
PURSUANT TO THAT CERTAIN ASSIGNMENT OF MORTGAGE AND NOTE DATED OCTOBER 9, 2006, RECORDED ON OCTOBER
19, 2006, AT INSTRUMENT NO. 2006000400690 IN THE PUBLIC RECORDS OF LEE COUNTY, FLORIDA.
ALICO-AGRI, LTD. REPRESENTS AND WARRANTS IT IS THE CURRENT HOLDER OF THE SECOND AMENDED NOTE, THE
AMENDED NOTE AND THE ORIGINAL NOTE. ALL FLORIDA DOCUMENTARY STAMP TAXES AND INTANGIBLE PERSONAL
PROPERTY TAXES DUE IN CONNECTION WITH THE ORIGINAL NOTE HAVE BEEN PREVIOUSLY PAID ON THE MORTGAGE
DEED SECURING THE ORIGINAL NOTE RECORDED AT OR BOOK 4795, PAGE 2848 IN THE PUBLIC RECORDS OF LEE
COUNTY, FLORIDA. NO FURTHER FLORIDA DOCUMENTARY STAMP TAXES OR INTANGIBLE PERSONAL PROPERTY TAXES
ARE DUE.

THIRD AMENDED AND RESTATED RENEWAL PROMISSORY NOTE

	 	 	 
	Amount of Original Note:

	 	$56,610,000.00 
	 
	 	 
	Amount of Note:

	 	$54,107,668.20 
	 
	 	 
	Date of Original Note:

	 	July 12, 2005
	 
	 	 
	Effective Date of the Note:

	 	September 28, 2008
	 
	 	 
	Maker’s Name and Address:

	 	GINN-LA NAPLES LTD., LLLP

Ginn Development Company

Attention: Edward R. Ginn, III

215 Celebration Place, Suite 200

Celebration, Florida 34747
	 
	 	 
	Payee’s Name and Address:

	 	ALICO-AGRI, LTD., a Florida limited partnership

P.O. Box 338

Labelle, Florida 33975
	 
	 	 
	 

	 	640 S. Main Street

Labelle, Florida 33935

 

 

 

FOR VALUE RECEIVED, the undersigned (the “Maker”) promises to pay to the order of ALICO-AGRI,
LTD., a Florida limited partnership (“Payee”), at its principal office set forth above, or at such
other place as Payee may from time to time designate to the Maker in writing, in legal tender of
the United States, the amount of the Note (the “Principal Amount”) together with interest at the
rates set forth below on the unpaid balance of the Principal Amount, as follows:

1. The Principal Amount remaining unpaid under this Note from time to time shall bear interest
in arrears as follows: commencing on July 12, 2005, and continuing until September 27, 2009 the
interest rate shall be HSH 30–day LIBOR (hereafter defined) plus 150 basis points per annum;
commencing on September 28, 2009 and continuing until September 27, 2010, the interest rate shall
be HSH 30-day LIBOR plus 200 basis points per annum; and commencing on September 28, 2010 and
continuing until September 28, 2014 (the “Maturity Date”), the interest rate shall be HSH 30–day
LIBOR plus 250 basis points per annum. As of September 28, 2006, a portion of the interest which
had accrued as of that date in the amount of One Million Seven Hundred Seventeen Thousand Six
Hundred Eighty-Eight and 20/100 Dollars ($1,717,688.20) (the “Principal Addition”) was added to the
Principal Amount of the Original Note as of that date. For purposes of this Note, HSH 30-day LIBOR
shall mean the 1-month HSH LIBOR rate published by HSH Associates Financial Publishers or, if such
index is no longer published, another comparable 30-day LIBOR index reasonably selected by Payee.
The interest rate on this Note shall be adjusted from and after the date of any change in HSH
30-day LIBOR.

2. As of September 28, 2007, all accrued interest on this Note not previously added to the
Principal Amount of the Original Note in the amount of Six Million Fifty-Five Thousand and no/100
Dollars ($6,055,000.00) has been paid in full. After September 28, 2007, interest shall be payable
quarterly on December 28, 2007, March 28, 2008, June 28, 2008, September 28, 2008, and each quarter
thereafter until the Maturity Date and the entire Principal Amount and all interest have been paid
in full.

3. Principal shall be due and payable as set forth in this Paragraph 3. As of September 28,
2006, Maker made a special principal payment (“Special Principal Payment”) on the Original Note in
an amount of Three Million Seven Hundred Seventy-Five Thousand and no/100 Dollars ($3,775,000.00).
As of September 28, 2007, Maker made a principal payment (the “Second Principal Payment”) on the
Second Amended Note in the amount of Four Hundred Forty-Five Thousand and no/100 Dollars
($445,000.00). Due to the Special Principal Payment, the Principal Addition and the Second
Principal Payment, the outstanding principal amount of this Note is $54,107,668.20. Maker shall
make a principal payment (each, a “Minimum Annual Principal Payment”) on September 28th
of the following years (each, an “Anniversary Date”) as follows: an amount equal to One Million
Seven Hundred Eighty-Seven Thousand Three Hundred Eight and 44/100 Dollars ($1,787,308.44) on
September 28, 2008; an amount equal to One Million and no/100 Dollars ($1,000,000.00) on each of
September 28, 2009 and September 28, 2010; an amount equal to Four Million and no/100 Dollars
($4,000,000.00) on September 28, 2011; an amount equal to Eight Million and No/100 Dollars
($8,000,000.00) on September 28, 2012; an amount equal to Twelve Million and No/100 Dollars
($12,000,000.00) on September 28, 2013; and a final payment of the remaining unpaid balance of
Principal Amount together

 

- 2 -

 

with all accrued and unpaid interest due on the Maturity Date.
Notwithstanding the foregoing, in the event that Maker has at any time during any given year prior
to any Anniversary Date, paid any or all of such year’s Minimum Annual Principal Payment, then on
the Anniversary Date of such year, Maker shall only be required to pay the balance due towards the
Minimum Annual Principal Payment for such year which has not been paid as of the Anniversary Date.
Additionally, in the event that Maker, in any given year, pays more than such year’s Minimum Annual
Principal Payment, then such credit balance shall be carried over to the next succeeding year and
shall reduce the amount of the next year’s Minimum Annual Principal Payment by the excess amount
paid in the previous year. All such payments of principal shall be applied to the then outstanding
principal balance of this Note provided all interest due and payable as of such date has been paid
in full to Payee and, if not, such payments shall be applied first to interest and then to
principal.

4. All payments of principal and interest shall be made in legal tender of the United States
and shall be by wire transfer, cashier’s check or other readily available funds acceptable to
Payee.

5. Notwithstanding any provision to the contrary contained herein, Maker has the right to
setoff against the next ensuing payments Maker is otherwise obligated to make hereunder, all costs
and expenses of Maker specified in Section 5 of the Fourth Amendment (as defined herein).

6. This Note is secured by that certain Mortgage Deed, dated July 12, 2005, executed by Maker
in favor of Payee, recorded on July 13, 2005 at OR Book 4795, page 2848 in the Public Records of
Lee County, Florida, as amended by that certain First Amendment to Mortgage Deed, effective as of
July 12, 2005, and recorded on December 22, 2006, in Instrument Number 2006000474156, of the Public
Records of Lee County, Florida, that certain Second Amendment to Mortgage Deed effective September
28, 2007, executed by Maker in favor of Payee, recorded on October 22, 2007 in Instrument Number
2007000319331 of the Public Records of Lee County, Florida, that certain Third Amendment to
Mortgage Deed dated as of December 27, 2007 and recorded on January 2, 2008 at Instrument
No. 2008000000470 of the Public Records of Lee County, Florida, and that certain Amended and
Restated Mortgage Deed dated September 28, 2008, executed by Maker in favor of Payee, to be
recorded in aforesaid records (collectively, the “Mortgage”) to which reference is hereby made for
a description of the Mortgaged Property (as defined in the Mortgage), the nature and extent of the
security, the rights of the Payee in respect thereof and the terms and conditions upon which this
Note is issued.

7. If any principal, interest or other sums payable under this Note or under the Mortgage are
not promptly paid when due and not cured within fifteen (15) days after written demand from Payee
to Maker or if default be made by Maker in the performance of any other agreements, conditions or
covenants contained herein or in the Mortgage, which nonmonetary default is not cured within thirty
(30) days after written notice from Payee to Maker or if such nonmonetary default by its nature
cannot be cured within thirty (30) days, Maker within said thirty (30) days has not commenced to
cure said default and thereafter actually cured such default within six (6) months after such
notice subject to force majeure, then the Principal Amount and accrued interest shall become due
and payable immediately, at the option of the holder hereof.
Failure to exercise this option shall not constitute a waiver of the right to exercise the
same in the event of any subsequent default.

 

- 3 -

 

8. Maker agrees to pay all costs of collection of this Note including reasonable attorneys’
fees, and all costs, expenses and attorneys’ fees for any retrial, rehearing or appeals. Any and
all sums due hereunder after a default beyond any applicable grace or cure period under this Note
or under the Mortgage shall bear interest at the rate which is five percent (5%) higher than the
rate of interest in effect under this Note at the time of such default from the date when such sums
are due until paid. The interest payable or agreed to be paid hereunder shall not exceed the
highest lawful rate of interest permitted in the State of Florida, and if, inadvertently, there is
such excess sum, it shall be applied to reduce the Principal Amount or returned to Maker if this
Note is then paid in full.

9. The Maker hereby waives presentment for payment, protest, notice, notice of protest and
notice of dishonor and agrees to remain and continue to be bound for the payment of all sums due
under this Note notwithstanding any renewals or extension of the time for payment of sums due
hereunder or any changes by way of release, surrender or substitution of any security for this
Note, and waive all and every kind of notice of such extensions or changes.

10. The Maker shall be exculpated from personal liability for payment of the indebtedness
represented hereby and Payee, by acceptance hereof agrees that it shall not seek, be entitled to or
enforce any deficiency judgment against Maker and that Payee’s sole remedy shall be limited to its
rights of repossession, foreclosure or sale of the Mortgaged Property as provided in the Mortgage
and such other rights in or recourse to the property, both real and personal, hypothecated by Maker
under the Mortgage.

11. Time is of the essence with respect to all obligations hereunder.

12. This Note shall be construed and enforced according to the laws of Florida. Venue for any
action concerning this Note shall be in Lee County, Florida.

13. This Note may be prepaid in whole or in part at any time, without penalty, and any
prepayment shall apply first to accrued interest that is due and payable and then to the Principal
Amount.

14. This Note may not be changed orally, but only by an agreement in writing, signed by the
party against whom enforcement of any waiver, change, modification or discharge is sought.

15. The words “Maker” and “Payee” shall include their respective successors, assigns, heirs,
executors and administrators.

 

- 4 -

 

16. This Note has been entered into and delivered pursuant to that certain Third Amended and
Restated Agreement for Purchase and Sale, dated August 29, 2003, by and between Maker and Payee, as
amended by First Amendment to Third Amended and Restated Agreement for Purchase and Sale dated
December 5, 2003, as amended by Second Amendment to Third Amended and Restated Agreement for
Purchase and Sale dated February 18, 2004, as
amended by that certain “1031 Exchange” Amendment to Third Amended and Restated Agreement for
Purchase and Sale dated April 29, 2004, as amended by the Third Amendment to Third Amended and
Restated Agreement for Purchase and Sale dated June 9, 2005 (“Third Amendment”), as amended by the
Fourth Amendment to Third Amended and Restated Agreement for Purchase and Sale dated June 30, 2005
(“Fourth Amendment”), as amended by the Fifth Amendment to Third Amended and Restated Agreement for
Purchase and Sale dated as of July 7, 2005, and as assigned in part to First American Exchange
Company, LLC, a Delaware limited liability company, by Payee pursuant to that certain Assignment
Agreement (Relinquished Property), dated July 8, 2005 (collectively, the “Purchase and Sale
Agreement”). In the event of any conflict or inconsistency between any of the terms or provisions
of this Note or the Mortgage with any of the terms or provisions of the Purchase and Sale
Agreement, the terms and provisions of this Note or the Mortgage shall control.

17. This Note amends, renews, restates and supersedes the Second Amended Note in its entirety,
which Second Amended Note had amended, renewed, restated and superseded the Amended Note in its
entirety, which Amended Note had amended, renewed, restated and superseded the Original Note in its
entirety. Maker and Payee acknowledge and agree that this Note shall not constitute a novation of
the Second Amended Note, the Amended Note or the Original Note. Maker and Payee each hereby
ratifies, confirms and approves this Note. Any references to the “Note” in any other document
evidencing, securing or otherwise relating to the indebtedness evidenced by the Note shall mean and
refer to this Note. This Note may be executed in several counterparts, each of which counterparts
shall be deemed an original instrument and all of which together shall constitute a single
promissory note.

[SIGNATURE PAGE COMMENCES ON FOLLOWING PAGE]

 

- 5 -

 

[SIGNATURE PAGE CONTINUED FROM PREVIOUS PAGE]

IN WITNESS WHEREOF, Maker and Payee each has caused its duly authorized agent to execute this
Note on the date set forth below, but effective as of September 28, 2008.

	 	 	 	 	 	 	 	 	 
	 	 	“MAKER”	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	GINN-LA NAPLES LTD., LLLP, 
a Georgia
limited liability limited partnership	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	By:	 	Ginn-Naples GP, LLC, a Georgia
limited liability company, 
its sole
General Partner	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	By:	 	 	 	 
	 

	 	 	 	Name:
	 	 	 	 
	 

	 	 	 	Title:	 	 
	 	 
	 

	 	 	 	Date	 	 	 	  

[signatures to Third Amended and Restated Renewal Promissory Note

continue on following page]

 

- 6 -

 

[signatures to Third Amended and Restated Renewal Promissory Note

continued from previous page]

	 	 	 	 	 	 	 	 	 
	 	 	“PAYEE”	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	ALICO-AGRI, LTD., a Florida limited partnership	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	By:	 	Alico, Inc., a Florida corporation, 
its
General Partner	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	By:	 	 	 	 
	 

	 	 	 	Name:	 	 
	 	 
	 

	 	 	 	Title:	 	 	 	 
	 

	 	 	 	Date	 	 	 	 

 

- 7 -

 

WEST TERMINATION AGREEMENT

This West Termination Agreement (“Agreement”) is made and entered into as of the
3rd day of October, 2008, by and among ALICO-AGRI, LTD., a Florida limited partnership
(“Alico”) and GINN-LA WEST FM, LTD., LLLP, a Georgia limited liability limited partnership
(“Ginn”).

W I T N E S S E T H:

WHEREAS, Ginn acquired the “Ginn West Option” as that term is defined in that certain
Agreement dated the 28th day of September, 2006, by an among Alico, Ginn and other
parties, which Agreement has been amended by that certain First Amendment to Agreement dated as of
the 28th day of September, 2007, that certain Second Amendment to Agreement dated as of
the 27th day of December, 2007, and the Extension Agreement dated as of September 28,
2008, all of which are collectively referred to herein as the “West Option Agreement”; and

WHEREAS, pursuant to the West Option Agreement, Ginn has the right to purchase the “Alico West
Property” described in the West Option Agreement in accordance with the terms of the West Option
Agreement; and

WHEREAS, Ginn desires to no longer have the rights and obligations pursuant to the West Option
Agreement and is prepared to terminate its rights pursuant to the West Option Agreement.

NOW, THEREFORE, for Ten Dollars ($10.00) and other good and valuable consideration, the
receipt and sufficiency of which is hereby acknowledged, the parties, intending to be legally
bound, do agree as follows:

1. That Ginn’s right pursuant to the Ginn West Option to purchase the Alico West Property is
hereby terminated as of the 3rd day of October, 2008.

2. Ginn shall pay one-half of its prorata share of the 2008 real estate taxes on the Alico
West Property through October 3, 2008, in the amount of $199,035.13 to Alico.

3. Other than the obligation to pay half of the prorated tax payment upon the execution of
this Agreement, Ginn’s right to exercise the Ginn West Option and any other related rights under
the West Option Agreement are hereby terminated and neither Ginn nor Alico shall have any further
rights or obligations pursuant to the West Option Agreement. Alico and Ginn hereby release each
other, and their respective partners, officers, directors and affiliates, from any and all claims,
demands, causes of action, counterclaims, rights of setoff or other actions that they may have
arising from or relating to the Ginn West Option, the West Option Agreement or the Alico West
Property, except as set forth in this Agreement.

4. Documents and Reports. Ginn shall supply to Alico copies of all documentation
provided by third party consultants in their possession (other than attorney client materials and
any internal memoranda or reports) relating to the Alico West Property to the extent not previously
delivered to Alico, including, but not limited to, surveys, land planning materials,
environmental reports, environmental clean up materials, entitlement information, existing
conditions of fines, and the name of all consultants who could provide information and
authorization for such consultants to reproduce copies of all materials relating to the Alico West
Property, at Alico’s expense, and to perform services if retained by Alico.

 

1

 

5. Notices. Any notices required or permitted to be given under this Agreement shall
be in writing and shall be deemed given if delivered by hand, sent by recognized overnight courier
(such as Federal Express), transmitted via facsimile transmission or mailed by certified or
registered mail, return receipt requested, in a postage pre-paid envelope, and addressed as
follows:

	 	 	 	 	 
	 

	 	As to Alico:
	 	Alico-Agri, Ltd.
	 

	 	 	 	c/o Alico, Inc.
	 

	 	 	 	Attn: Dan L. Gunter, President & CEO
	 

	 	 	 	Mailing Address:
	 

	 	 	 	Post Office Box 338, Labelle, FL 33975
	 

	 	 	 	Physical Address:
	 

	 	 	 	640 S. Main Street, Labelle, FL 33935
	 

	 	 	 	Telephone: 863-675-2966
	 

	 	 	 	Facsimile: 863-675-5799
	 
	 	 	 	 
	 

	 	With a copy to:
	 	 Alico, Inc.
	 

	 	 	 	Attn: Don Schrotenboer, Vice President Real Estate
	 

	 	 	 	Mailing Address:
	 

	 	 	 	Post Office Box 338, Labelle, FL 33975
	 

	 	 	 	Physical Address:
	 

	 	 	 	640 S. Main Street, Labelle, FL 33935
	 

	 	 	 	Telephone: 863-675-5113
	 

	 	 	 	Facsimile: 863-675-5799
	 
	 	 	 	 
	 

	 	With a copy to:
	 	 Ruden McClosky et al.
	 

	 	 	 	Attn: John L. Farquhar, Esq.
	 

	 	 	 	5150 Tamiami Trail North, Suite 502
	 

	 	 	 	Naples, FL 34103
	 

	 	 	 	Telephone: 239-659-1100 Ext. 7102
	 

	 	 	 	Facsimile: 954-333-4037
	 
	 	 	 	 
	 

	 	As to Ginn:
	 	Ginn-LA West FM, LTD., LLLP
	 

	 	 	 	Attn: Edward R. Ginn, III
	 

	 	 	 	215 Celebration Place, Suite 200
	 

	 	 	 	Celebration, Florida 34747
	 

	 	 	 	Telephone: 321-939-4700
	 

	 	 	 	Facsimile: 321-939-4800

 

2

 

	 	 	 	 	 
	 

	 	With a copy to:
	 	 Bruce A. Wobeck, Esquire
	 

	 	 	 	Morris, Manning & Martin, LLP
	 

	 	 	 	1600 Atlanta Financial Center
	 

	 	 	 	3343 Peachtree Road, N.E.
	 

	 	 	 	Atlanta, GA 30326
	 

	 	 	 	Telephone: 404-504-7739
	 

	 	 	 	Facsimile: 404-365-9532
	 
	 	 	 	 
	 

	 	With a copy to:
	 	 John G. Morris, Esquire
	 

	 	 	 	Morris, Manning & Martin, LLP
	 

	 	 	 	1600 Atlanta Financial Center
	 

	 	 	 	3343 Peachtree Road, N.E.
	 

	 	 	 	Atlanta, GA 30326-1044
	 

	 	 	 	Telephone: 404-572-7722
	 

	 	 	 	Facsimile: 404-365-9532
	 
	 	 	 	 
	 

	 	With a copy to:
	 	 Robert Gidel
	 

	 	 	 	The Ginn Company
	 

	 	 	 	215 Celebration
	 

	 	 	 	Place, Suite 200
	 

	 	 	 	Celebration, FL 32137
	 

	 	 	 	Telephone: 321-939-4771
	 

	 	 	 	Facsimile: 321-939-4800

unless the address is changed by the party by like notice given to the other parties. Notice given
by hand delivery shall be deemed received on the date delivered if delivered on a business day
during business hours, otherwise it shall be deemed delivered on the next business day. Notice
given by certified or registered mail, return receipt requested, postage pre-paid, shall be deemed
delivered three (3) days following the date mailed. Notice sent by recognized overnight courier
(such as Federal Express) shall be deemed received on the next business day. Notices given by
facsimile shall be deemed received if sent as confirmed by confirmation of transmission by
telecopier retained by the sender shall be proof of such sending and it shall be deemed received at
that time if such time is during business hours on a business day, otherwise it shall be deemed
received on the next business day. Any notice refused shall be deemed to be accepted on the
earlier of the time frame set forth in this notice provision or when actually refused. Counsel
may give notice on behalf of the parties.

6. This Agreement shall be construed and governed in accordance with laws of the State of
Florida and in the event of any litigation hereunder, the venue for any such litigation, shall be
exclusively in Lee County, Florida. All of the parties to this Agreement have participated fully
in the negotiation and preparation hereof and, accordingly, this Agreement shall not be more
strictly construed against any one of the parties hereto.

7. In the event any provision of this Agreement is determined by appropriate judicial
authority to be illegal or otherwise invalid, such provision shall be given its nearest legal
meaning or reconstrued as such authority determines, and the remainder of this Agreement shall be
construed to be in full force and effect.

 

3

 

8. In the event of any litigation between the parties under this Agreement, the prevailing
party shall be entitled to reasonable attorneys’ fees and court costs through all trial,
appellate levels and post-judgment proceedings. The provisions of this paragraph shall
survive any termination or cancellation of this Agreement.

9. In construing this Agreement, the singular shall be deemed to include the plural, the
plural shall be deemed to include the singular and the use of any gender shall include every other
gender and all captions and Paragraph and or Section headings shall be discarded and the terms
Section or Paragraph may be used interchangeably.

10. This Agreement constitutes the entire agreement between the parties for the termination of
the Ginn West Option, and supersedes any other agreement or understanding of the parties with
respect to such matters. This Agreement may not be changed, altered or modified except in a
writing signed by the party against whom enforcement of such a change would be sought. This
Agreement shall be binding upon the parties hereto and their respective permitted successors and
assigns.

11. No waiver of any provision of this Agreement shall be effective unless it is in writing,
signed by the party against whom it is asserted and any such written waiver shall only be
applicable to the specific instance to which it relates and shall not be deemed to be a continuing
or future waiver.

12. This Agreement shall be dated as of October 3, 2008, and shall be effective when signed by
all of the parties to this Agreement and a fully executed Agreement has been delivered to all
parties.

13. This Agreement, and any subsequent amendments hereto, may be executed in any number of
counterparts, each of which, when executed, shall be deemed to be an original, and all of which
shall be deemed to be one and the same instrument. Facsimile transmission signatures or other
copies shall have the same validity as original signatures.

14. Each of the parties hereto agree to execute, acknowledge and deliver and cause to be done,
executed, acknowledged and delivered all such further acts, assignments, transfers and assurances
as shall reasonably be requested of it in order to carry out this Agreement and give effect
thereto.

[SIGNATURE
PAGE COMMENCES ON FOLLOWING PAGE]

 

4

 

[SIGNATURE PAGE CONTINUED FROM PREVIOUS PAGE]

IN WITNESS WHEREOF, the parties have executed this Agreement the day and year first above
written.

	 	 	 	 	 	 	 	 	 
	Signed, sealed and delivered	 	SELLER:	 	 	 
	in the presence of:	 	 	 	 	 	 
	 	 	 	 	ALICO-AGRI, LTD., a Florida limited partnership	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	By:
	ALICO, INC., a Florida corporation	 	 
	 

	 	 	 	Its:
	General Partner	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	By:	 	 	 	 
	 	 	 	 	 	 
	Printed Name:

	 	 	 	 
	DAN L. GUNTER, CEO & President	 	 
	 
	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	Printed Name:
	 	 	 	 	 	 	 	 
	 
	 

	 	 

	 	 
	 	(CORPORATE SEAL)	 	 
	 
	 

	 	 	 	GINN:	 	 	 
	 
	 	 	 	 	GINN-LA WEST FM LTD., LLLP,
a Georgia limited liability limited partnership	 	 
	 
	 
	 	 	 	By:	GINN-WEST FM GP, LLC,  a
Georgia limited liability company, its General Partner	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	By:	 	 	 	 
	 	 	 	 	 	 
	Printed Name:

	 	 	 	Printed Name: 	 	 	 
	 

	 	 

	 	Title: 
	 	 

	 	 
	 

	 	 	 	 	 

	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	Printed Name:
	 	 	 	 	 	 	 	 
	 

	 	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	(CORPORATE SEAL)	 	 

 

5Filed by Bowne Pure Compliance

Exhibit 10.21

EMPLOYMENT AGREEMENT

Between

Rentech, Inc.

and

Dan J. Cohrs

THIS AGREEMENT is made effective as of October 22, 2008 between Rentech, Inc. (the
“Company”) and Dan J. Cohrs (“Executive”).

In consideration of the mutual covenants contained herein and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto
agree as follows:

1. Employment. The Company shall employ Executive, and Executive hereby accepts employment
with the Company, upon the terms and conditions set forth in this Agreement, for the period
beginning on October 22 , 2008 (the “Commencement Date”) and ending as provided in
Section 4 hereof (the “Employment Period”).

2. Position and Duties.

(a) During the Employment Period, Executive shall serve as Executive Vice President and Chief
Financial Officer of the Company. During the Employment Period, Executive shall render such
administrative, financial and other executive and managerial services to the Company and its
affiliates (the “Company Group”) as are consistent with Executive’s position and the
by-laws of the Company and as the Chief Executive Officer (“CEO”) may from time to time
reasonably direct. Executive shall also serve for no additional compensation or remuneration as an
officer or director of such subsidiaries of the Company as may from time to time be designated by
the CEO or the Board of Directors of the Company (the “Board”).

(b) During the Employment Period, Executive shall report to the CEO and shall devote his best
efforts and his full business time and attention (except for permitted vacation periods and
reasonable periods of illness or other incapacity) to the business and affairs of the Company.
Executive shall perform his duties, responsibilities and functions to the Company hereunder to the
best of his abilities in a diligent, trustworthy, professional and efficient manner and shall
comply with the Company’s policies and procedures in all material respects. In performing his
duties and exercising his authority under this Agreement, Executive shall support and implement the
business and strategic plans approved from time to time by the Board and shall support and
cooperate with the Company’s efforts to operate in conformity with the business and strategic plans
approved by the Board. During the Employment Period, Executive shall not serve as an officer or
director of, or otherwise perform services for compensation for, any other entity without the prior
written consent of the Board which shall not be unreasonably withheld, provided, that Executive may
continue to serve on the Board of Managers of Agency 3.0, LLC to the extent that such service does
not interfere in any significant respect with Executive’s performance of his duties and
responsibilities hereunder. Executive may serve as an officer or director of or otherwise
participate in purely educational, welfare, social, religious and civic organizations so long as
such activities do not interfere with Executive’s regular performance of duties and
responsibilities hereunder in any material respect. Nothing contained herein shall preclude
Executive from (i) engaging in charitable and community activities, (ii) participating in industry
and trade organization activities, and (iii) managing his and his family’s personal investments and
affairs; provided, that Executive shall not have any ownership
interest (of record or beneficial) in any firm, corporation, partnership, proprietorship or
other business that competes directly with the Company’s Fischer-Tropsch business except for (x) an
investment of not more than 1.0% of the outstanding securities of a company traded on a public
securities exchange or (y) investments made through public mutual funds.

 

 

3. Compensation and Benefits.

(a) Base Salary. The Company shall pay Executive an annual salary (the “Base
Salary”) at the rate of $300,000 in regular installments in accordance with the Company’s
ordinary payroll practices (in effect from time to time), but in any event no less frequently than
monthly. Executive shall be eligible for an annual review of his Base Salary based on performance
as determined by the Board in its sole discretion.

(b) Bonuses and Incentive Compensation.

(i) Annual Bonus. For each fiscal year ending during the Employment Period, Executive
will be eligible to earn an annual bonus based on achievement of performance criteria established
by the Board as soon as administratively practicable following the beginning of each such fiscal
year (the “Annual Bonus”). The target amount (the “Target Bonus”) of Executive’s
Annual Bonus shall equal 60% of Executive’s Base Salary (at the annual rate in effect at the start
of the fiscal year), with a maximum Annual Bonus in an amount equal to 120% of Executive’s Base
Salary (at the annual rate in effect at the start of the fiscal year). For the avoidance of doubt,
the amount of any Annual Bonus may be greater than or less than the Target Bonus (and may equal
zero), as determined in the sole discretion of the Board or the Board’s Compensation Committee.
The Company shall pay the Annual Bonus for each fiscal year after the end of the Company’s fiscal
year in accordance with procedures established by the Board, but in no event later than the
fifteenth day of the third month following the end of such fiscal year. To be eligible for an
Annual Bonus pursuant to this Section 3(b), Executive must be an employee of the Company on the
last day of the relevant fiscal year.

(ii) Equity Grant. The Company shall grant to Executive, no later than December 31,
2008 (subject to Executive’s not having been terminated for Cause or resigned without Good Reason
prior to such grant date), 325,000 restricted stock units (“Restricted Stock Units”) that
are to be settled in common stock of the Company (“Common Stock”). Such Restricted Stock
Units will vest over a three-year period such that one-third of the Restricted Stock Units will
vest and, with respect to vesting Restricted Stock Units, be settled within 30 days after vesting
on each of (i) the one-year anniversary of the Commencement Date, (ii) the two-year anniversary of
the Commencement Date, and (iii) the three-year anniversary of the Commencement Date, subject to
Executive’s continued employment with the Company through each such vesting date. The Restricted
Stock Units shall be governed by and subject to the award agreement to be entered into between
Executive and the Company, substantially in the form of Exhibit A. The Company shall also
grant to Executive, no later than December 31, 2008 (subject to Executive’s not having been
terminated for Cause or resigned without Good Reason prior to such grant date), awards covering
110,500 performance shares, which awards shall vest and become payable in part based on the
attainment of targets relating to the Company’s absolute share price and in part based on the
attainment of targets relating to the Company’s total shareholder return, as determined by the
Board pursuant to the agreements that govern those awards (together, the “Performance
Shares”). The Performance Shares shall be governed by and subject to the award agreements to
be entered into between Executive and the Company, substantially in the forms of Exhibits B and
C hereto. The Company shall file a registration statement on Form S-8 covering the Restricted
Stock Units and the Performance Shares no later than December 31, 2008. Executive shall be
eligible to be granted additional equity compensation awards as determined by the Board in its sole
discretion, recognizing that neither the Restricted Stock Units nor the Performance Shares are
intended to take the place of all or any part of any
awards that the Board may, in its sole discretion, award Executive as part of any additional
awards to be made during 2009 or later years.

 

2

 

(iii) Commencement Payment. Within 30 days after the Commencement Date, the Company
shall make a one-time payment to Executive of $25,000.

(c) Expenses. During the Employment Period, the Company shall, subject to Section 19
below, (i) reimburse Executive for all reasonable business expenses incurred by him in the course
of performing his duties and responsibilities under this Agreement in accordance with the Company’s
policies in effect from time to time with respect to travel, entertainment and other business
expenses for senior executives and (ii) pay to Executive a monthly automobile allowance of $1,000.

(d) Other Benefits. Executive shall also be entitled to the following benefits during
the Employment Period:

(i) participation in the Company’s retirement plans, health and welfare plans, disability
insurance plans and other benefit plans of the Company as in effect from time to time, under the
terms of such plans and to the same extent and under the same conditions such participation and
coverages are provided generally to other senior executives of the Company;

(ii) coverage for services rendered to the Company, its subsidiaries and affiliates while
Executive is a director or officer of the Company, or of any of its subsidiaries or affiliates,
under director and officer liability insurance policy(ies) maintained by the Company from time to
time; and

(iii) five weeks of vacation per year.

Nothing contained in this Section 3(d) shall, or shall be construed so as to, obligate the Company
to adopt or maintain any plan, program or policy at any time.

4. Termination. The Employment Period shall end on the third anniversary of the
Commencement Date; provided, however, that the Employment Period shall be
automatically renewed for successive one-year terms thereafter on the terms and conditions of this
Agreement in effect at the time of such renewal unless either party provides the other party with
notice that it has elected not to renew the Employment Period at least 90 days prior to the end of
the initial Employment Period or any subsequent extension thereof. Notwithstanding the foregoing,
(i) the Employment Period shall terminate immediately upon Executive’s resignation (with or without
Good Reason, as defined herein), death or Disability (as defined herein) and (ii) the Employment
Period may be terminated by the Company at any time prior to such date for Cause (as defined
herein) or without Cause. Except as otherwise provided herein, any termination of the Employment
Period by the Company shall be effective as specified in a written notice from the Company to
Executive, but in no event more than 90 days from the date of such notice. The termination of the
Employment Period shall not affect the respective rights and obligations of the parties which,
pursuant to the terms of this Agreement, apply following the date of Executive’s termination of
employment with the Company.

 

3

 

5. Severance.

(a) Termination Without Cause or for Good Reason. In the event that Executive incurs
a “separation from service” from the Company (within the meaning of Section 409A(a)(2)(A)(i) of the
Internal Revenue Code of 1986, as amended (the “Code”), and Treasury Regulation Section
1.409A-1(h)) (“Separation from Service”) (1) by the Company without Cause (as defined
herein), or (2) by Executive for Good Reason (as defined herein), then, subject to Executive’s
execution and non-revocation of a Release substantially in the form attached as Exhibit D
within 30 days after such Separation from Service,
Executive shall be entitled to the benefits set forth below in this Section 5(a). Each
payment under this Section 5(a) shall be treated as a separate payment for purposes of Section 409A
(as defined below).

(i) The Company shall pay Executive an amount equal to one times Executive’s Base Salary plus
one times Executive’s Target Bonus (as in effect on the date of Executive’s termination). The
severance amount described in the previous sentence shall be paid as follows, subject to Section 19
below: (A) the continuation of Base Salary shall be paid in substantially equal installments over a
period of one year from Executive’s Separation from Service in accordance with the payroll
practices of the Company in effect from time to time and (B) the Target Bonus shall be paid on the
date that executive bonuses are paid generally for the fiscal year in which the date of termination
took place, which shall, in any event, be no later than two and one-half months after the end of
such fiscal year;

(ii) The RSUs and Performance Shares shall be governed by the terms of the applicable award
agreements.

(iii) Executive shall be entitled to benefits mandated under the Consolidated Omnibus Budget
Reconciliation Act of 1985, as amended (“COBRA”), under Section 4980B of the Code, or any
replacement or successor provision of United States tax law, subject to Executive’s valid election
to receive COBRA benefits, with the premium paid at the Company’s expense until the first to occur
of (A) eighteen months from the date of termination, (B) the expiration of the period of time
during which Executive is entitled to continuation coverage under the Company’s group health plan
under COBRA, or (C) such date that Executive becomes eligible for coverage under the group health
plan of another employer.

In addition, if Executive’s employment terminates pursuant to this Section 5(a), the Company
shall pay Executive the amounts described in Section 5(d)(i), (ii) and (iii) within 30 days of the
date of termination (or such earlier date as may be mandated by applicable law) and shall pay or
provide the other benefits described in Section 5(d) in accordance therewith.

(b) Termination for Cause or Voluntary Resignation. In the event that Executive’s
employment with the Company is terminated (i) by the Board for Cause or (ii) by Executive’s
resignation from the Company for any reason other than Good Reason or Disability (as defined
herein), subject to applicable law, the Company agrees to the following:

(i) The RSUs and Performance Shares shall be governed by the terms of the applicable award
agreements

(ii) The Company shall pay Executive the amounts described in Section 5(d)(i), (ii) and
(iii) within 30 days of the date of termination (or such earlier date as may be mandated by
applicable law) and shall pay or provide the other benefits described in Section 5(d) in accordance
therewith.

For purposes of this Agreement, Executive’s voluntary resignation or retirement shall be
considered Executive’s resignation from the Company without Good Reason.

(c) Death or Disability. In the event that Executive’s employment with the Company is
terminated as a result of Executive’s death or Disability, the Company agrees to the following:

(i) The RSUs and Performance Shares shall be governed by the terms of the applicable award
agreements.

(ii) The Company shall pay Executive the amounts described in Section 5(d)(i), (ii) and
(iii) within 30 days of the date of termination (or such earlier date as may be mandated by
applicable law) and shall pay or provide the other benefits described in Section 5(d) in accordance
therewith.

 

4

 

(d) Payments Upon Termination of Employment. In the case of any termination of
Executive’s employment with the Company, Executive or his estate or legal representative shall be
entitled to receive, to the extent permitted by applicable law, from the Company (i) Executive’s
Base Salary through the date of termination to the extent not previously paid, (ii) to the extent
not previously paid, the amount of any Annual Bonus earned by Executive during any fiscal year of
the Company ended prior to the date on which Executive’s employment with the Company terminates, as
determined by the Board or the Board’s Compensation Committee and communicated to Executive prior
to Executive’s termination of employment, (iii) any vacation pay, expense reimbursements and other
cash entitlements accrued by Executive, in accordance with Company policy for senior executives, as
of the date of termination to the extent not previously paid, and (iv) all vested benefits accrued
by Executive under all benefit plans and qualified and nonqualified retirement, pension, 401(k) and
similar plans and arrangements of the Company, in such manner and at such times as are provided
under the terms of such plans and arrangements. The RSUs, Performance shares and any other equity
awards that may be outstanding at the time of termination shall be governed by the terms of the
plans or arrangements under which such awards were created or maintained.

(e) Termination Without Cause, Non-Renewal or for Good Reason Following a Change in
Control. In the event that Executive incurs a Separation from Service during the period
beginning three months before and ending two-years immediately following a Change in Control (as
defined herein) of the Company (1) by the Company without Cause, (2) as a result of the Company
electing not to renew the Agreement in accordance with Section 4 above on terms and conditions
substantially similar to those contained herein, if, at the time of such non-renewal, (A) Executive
is willing and able to continue providing services on terms and conditions substantially similar to
those contained in this Agreement and (B) the Company has not, since the date of such Change in
Control, already renewed this Agreement for a period of two or more years from the date of such
Change of Control in accordance with Section 4 above, or (3) by Executive for Good Reason, in any
case, then, subject to Executive’s execution and non-revocation of a Release substantially in the
form attached as Exhibit D within 30 days after such Separation from Service, Executive
shall be entitled to the benefits set forth below in this Section 5(e).

(i) The Company shall pay Executive the payments set forth in Section 5(a)(i) in accordance
with the terms and conditions set forth in Section 5(a); provided, however, that in
determining the amount of payment due under Section 5(a)(i), Executive’s actual Annual Bonus for
the year preceding the Change in Control shall be used, if higher than his Target Bonus; and
provided, further, that, subject to Section 19 below, payments pursuant to Sections
5(a)(i) shall be made in a lump sum (A) if the Separation from Service occurs during the
three-month period preceding the Change in Control, on the 95th day following such
Separation from Service (to the extent not previously paid in accordance with Section 5(a)(i)), and
(B) if the Separation from Service occurs during the two-year period following the Change in
Control, no later than 10 business days after Executive’s Separation from Service.

(ii) The RSUs and Performance Shares shall be governed by the terms of the applicable award
agreements.

In addition, if Executive’s employment terminates pursuant to this Section 5(e), the Company
shall pay Executive the amounts described in Section 5(d)(i), (ii) and (iii) within 30 days of the
date of termination (or such earlier date as may be mandated by applicable law) and shall pay or
provide the other benefits described in Section 5(d) in accordance therewith.

 

5

 

(f) Non-Renewal. In the event that Executive incurs a Separation from Service as a
result of the Company electing not to renew the Agreement in accordance with Section 4 above on
terms and conditions substantially similar to those contained herein and, (A) at the time of such
non-renewal, Executive is willing and able to continue providing services on terms and conditions
substantially similar to those contained in this Agreement and (B) Section 5(e) does not apply to
such non-renewal, then, subject to Executive’s execution and non-revocation of a Release
substantially in the form attached as Exhibit D within 30 days after such Separation from
Service, Executive shall be entitled to the benefits set forth below in this Section 5(f).

(i) The Company shall pay Executive an amount equal to twelve months of Executive’s Base
Salary (as in effect on the date of Executive’s termination), which amount shall, subject to
Section 19 below, be paid in substantially equal installments over a period of twelve months from
Executive’s Separation from Service in accordance with the payroll practices of the Company in
effect from time to time. Each payment under this Section 5(f) shall be treated as a separate
payment for purposes of Section 409A. In addition, upon a non-renewal described in this Section
5(f), if Executive has not already been awarded an Annual Bonus in respect of the fiscal year
immediately preceding such non-renewal, the Company may, in its sole discretion, award an Annual
Bonus to Executive in respect of such fiscal year based on Executive’s service and the attainment
of applicable performance objectives during such fiscal year.

(ii) The RSUs and Performance Shares shall be governed by the terms of the applicable award
agreements.

In addition, if Executive’s employment terminates pursuant to this Section 5(f), the Company
shall pay Executive the amounts described in Section 5(d)(i), (ii) and (iii) within 30 days of the
date of termination (or such earlier date as may be mandated by applicable law) and shall pay or
provide the other benefits described in Section 5(d) in accordance therewith.

(g) Excess Parachute Payments.

(i) In the event any payment granted to Executive pursuant to the terms of this Agreement or
otherwise (a “Payment”) is determined to be subject to any excise tax (“Excise
Tax”) imposed by Section 4999 of the Code (or any successor to such Section), the Company shall
pay to Executive, no later than the time any Excise Tax is payable with respect to such Payment
(through withholding or otherwise), an additional amount (a “Gross-Up Payment”) which,
after the imposition of all income, employment, excise and other taxes, penalties and interest
thereon, is equal to the sum of (A) the Excise Tax on such Payment plus (B) any penalty and
interest assessments associated with such Excise Tax.

(ii) The determinations to be made with respect to this Section 5(g) shall be made by a
certified public accounting firm designated by the Company and reasonably acceptable to Executive
and Executive may rely on such determination in making payments to the Internal Revenue Service.

(iii) Notwithstanding anything herein to the contrary, any Gross-Up Payment or any payment of
any income or other taxes to be paid by the Company under this Section 5(g) shall be made by the
Company no later than the end of Executive’s taxable year next following Executive’s taxable year
in which Executive remits the related taxes. Any costs and expenses incurred by the Company on
behalf of Executive under this Section 5(g) due to any tax contest, audit or litigation shall be
paid by the Company as incurred and, in any event, no later than the end of Executive’s taxable
year following Executive’s taxable year in which the taxes that are the subject of the tax contest,
audit or litigation are remitted to the taxing authority, or where as a result of such tax contest,
audit or litigation no taxes are remitted, the end
of Executive’s taxable year following Executive’s taxable year in which the audit is completed or
there is a final and non-appealable settlement or other resolution of the contest or litigation.

 

6

 

(h) No Other Payments. Except as provided in Sections 5(a), (b), (c), (d), (e), (f)
and (g) above, all of Executive’s rights to salary, bonuses, employee benefits and other
compensation hereunder which would have accrued or become payable after the termination or
expiration of the Employment Period shall cease upon such termination or expiration, other than
those expressly required under applicable law (such as COBRA).

(i) No Mitigation, No Offset. In the event of Executive’s termination of employment
for whatever reason, Executive shall be under no obligation to seek other employment, and there
shall be no offset against amounts due him under this Agreement or otherwise on account of any
remuneration attributable to any subsequent employment or claims asserted by the Company or any
affiliate, provided, that this provision shall not apply with respect to any amounts that
Executive owes to the Company or any member of the Company Group on account of any amount in
respect of which Executive is obligated to make repayment to the Company or any member of the
Company Group.

(j) Definitions. For purposes of this Agreement, the following terms shall have the
following meanings:

(i) “Cause” shall mean one or more of the following:

(A) the conviction of, or an agreement to a plea of nolo contendere to, a crime involving
moral turpitude or any felony;

(B) Executive’s willful refusal substantially to perform duties as reasonably directed by the
CEO under this or any other agreement;

(C) in carrying out his duties, Executive engages in conduct that constitutes fraud, willful
neglect or willful misconduct which, in either case, would result in demonstrable material harm to
the business, operations, prospects or reputation of the Company;

(D) a material violation of the requirements of the Sarbanes-Oxley Act of 2002 (“SOX”)
or other federal or state securities law, rule or regulation; or

(E) any other material breach of this Agreement.

For purpose of this Agreement, the Company is not entitled to assert that Executive’s
termination is for Cause unless the Company, following a determination by the CEO, gives Executive
written notice describing the facts which are the basis for such termination and such grounds for
termination (if susceptible to correction) are not corrected by Executive within 30 days of
Executive’s receipt of such notice to the reasonable, good faith satisfaction of the Board.

 

7

 

(ii) “Change in Control” shall mean the first to occur of any of the following events:

(A) A transaction or series of transactions (other than an offering of Common Stock to the
general public through a registration statement filed with the Securities and Exchange Commission)
whereby any “person” or related “group” of “persons” (as such terms are used in Sections 13(d) and
14(d)(2) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) (other
than the Company, any of its subsidiaries, an employee benefit plan maintained by the Company or
any of its subsidiaries or a “person” that, prior to such transaction, directly or indirectly
controls, is controlled by, or
is under common control with, the Company) directly or indirectly acquires beneficial
ownership (within the meaning of Rule 13d-3 under the Exchange Act) of securities of the Company
possessing more than 50% of the total combined voting power of the Company’s securities outstanding
immediately after such acquisition; or

(B) During any twelve-month period, individuals who, at the beginning of such period,
constitute the Board together with any new director(s) (other than a director designated by a
person who shall have entered into an agreement with the Company to effect a transaction described
in Section 5(j)(ii)(A) or Section 5(j)(ii)(C)) whose election by the Board or nomination for
election by the Company’s stockholders was approved by a vote of at least a majority of the
directors then still in office who either were directors at the beginning of the twelve-month
period or whose election or nomination for election was previously so approved, cease for any
reason to constitute a majority thereof; or

(C) The consummation by the Company (whether directly involving the Company or indirectly
involving the Company through one or more intermediaries) of (x) a merger, consolidation,
reorganization, or business combination or (y) a sale or other disposition of all or substantially
all of the Company’s assets in any single transaction or series of related transactions or (z) the
acquisition of assets or stock of another entity, in each case other than a transaction:

(1) Which results in the Company’s voting securities outstanding immediately before the
transaction continuing to represent (either by remaining outstanding or by being converted into
voting securities of the Company or the person that, as a result of the transaction, controls,
directly or indirectly, the Company or owns, directly or indirectly, all or substantially all of
the Company’s assets or otherwise succeeds to the business of the Company (the Company or such
person, the “Successor Entity”)) directly or indirectly, at least a majority of the
combined voting power of the Successor Entity’s outstanding voting securities immediately after the
transaction, and

(2) After which no person or group beneficially owns voting securities representing 35% or
more of the combined voting power of the Successor Entity; provided, however, that no person or
group shall be treated for purposes of this Section 5(j)(ii)(C)(2) as beneficially owning 35% or
more of combined voting power of the Successor Entity solely as a result of the voting power held
in the Company prior to the consummation of the transaction; or

(D) The Company’s stockholders approve a liquidation or dissolution of the Company.

(iii) “Disability” shall mean Executive’s being unable to engage in any substantial
gainful activity by reason of any medically determinable physical or mental impairment which can be
expected to result in death or can be expected to last for a continuous period of not less than 12
months.

(iv) “Good Reason” shall mean Executive’s resignation from employment with the Company
prior to the end of the Employment Period as a result of one or more of the following reasons:

(A) the Company materially reduces the amount of Executive’s then current Base Salary;

(B) a material diminution in Executive’s authority, duties or responsibilities;

(C) a material breach of this Agreement by the Company; or

(D) a material change to the geographic location at which Executive must provide services
(within the meaning of Section 409A, provided, however, that in no event shall a
relocation of less than 50 miles be deemed material for purposes of this clause (D)).

 

8

 

For purposes of this Agreement, a termination of employment by Executive shall not be deemed
to be for Good Reason unless (i) Executive gives the Board written notice describing the event or
events which are the basis for such termination within 90 days after the event or events occur,
(ii) such grounds for termination (if susceptible to correction) are not corrected by the Company
within 30 days of the Company’s receipt of such notice to the reasonable, good faith satisfaction
of Executive, and (iii) Executive terminates his employment no later than 30 days after Executive
provides notice to the Company in accordance with clause (i) of this paragraph.

6. Insurance; Indemnification and Advancement of Expenses.

(a) Insurance. The Company agrees to maintain director’s and officer’s liability
insurance covering the Executive for services rendered to the Company, its subsidiaries and
affiliates while Executive is a director or officer of the Company or any of its subsidiaries or
affiliates.

(b) Indemnification and Advancement of Expenses. Executive shall be entitled to the
benefits of Articles Thirteen and Fourteen of the Company’s Amended and Restated Articles of
Incorporation and the Company shall not amend such provisions during the Employment Period without
advance written notice to Executive. The Company shall not during the Employment Period enter into
any supplemental indemnification agreement with its directors or executive officers, as such,
unless Executive is offered an agreement containing terms pertaining to indemnification and
advancement of expenses that are substantially identical to the most favorable indemnification and
advancement of expenses terms provided to such directors or executive officers (excepting standard
“Side A” and similar arrangements customarily provided solely to non-employee directors), which
agreement may not be amended without advance written notice to Executive.

7. Confidential Information. Executive agrees to enter into the Company’s form of
Confidentiality and Invention Assignment Agreement attached hereto as Exhibit E
simultaneously with the execution of this Agreement.

8. Non-Solicitation.

(a) During the Employment Period and for one year thereafter (the “Restricted
Period”), Executive shall not directly or indirectly through another person or entity
(i) induce, solicit, encourage or attempt to induce, solicit or encourage any employee of the
Company to leave the employ of the Company, or in any way interfere with the relationship between
the Company and any employee thereof; or (ii) use the Company’s confidential or proprietary
information to induce, solicit, encourage or attempt to induce, solicit or encourage any customer,
supplier, licensee, licensor, franchisee or other business relation of the Company to cease doing
business with the Company, or in any way interfere with the relationship between any such customer,
supplier, licensee or business relation of the Company (including, without limitation, making any
negative or disparaging statements or communications regarding the Company). The Company covenants
that it will not, and it will direct members of senior management of the Company and the Board not
to, make any negative or disparaging statements or communications regarding Executive.

(b) If, at the time of enforcement of this Section 8, a court shall hold that the duration,
scope or area restrictions stated herein are unreasonable under circumstances then existing, the
parties agree that the maximum duration, scope or area reasonable under such circumstances shall be
substituted for the
stated duration, scope or area and that the court shall be allowed to revise the restrictions
contained herein to cover the maximum period, scope and area permitted by law. Executive
acknowledges that the restrictions contained in this Section 8 are reasonable and that he has
reviewed the provisions of this Agreement with his legal counsel.

 

9

 

(c) Executive acknowledges that in the event of the breach or a threatened breach by Executive
of any of the provisions of this Section 8, the Company would suffer irreparable harm, and, in
addition and supplementary to other rights and remedies existing in its favor, the Company shall be
entitled to specific performance and/or injunctive or other equitable relief from a court of
competent jurisdiction in order to enforce or prevent any violations of the provisions hereof
(without posting a bond or other security). In addition, in the event of a breach or violation by
Executive of Section 8 (a), the Restricted Period shall be automatically extended by the amount of
time between the initial occurrence of the breach or violation and when such breach or violation
has been duly cured.

9. Executive’s Representations. Executive hereby represents and warrants to the Company
that (i) the execution, delivery and performance of this Agreement by Executive do not and shall
not conflict with, breach, violate or cause a default under, any contract, agreement, instrument,
order, judgment or decree to which Executive is a party or by which he is bound which has not been
waived; (ii) Executive is not a party to or bound by any employment agreement, noncompete agreement
or confidentiality agreement with any other person or entity, except agreements with Agency 3.0,
LLC, Skycrest Ventures, LLC and ClearMedia Inc., none of the terms or conditions of which will be
violated by Executive’s entry into this Agreement, Executive’s employment with the Company or
Executive’s performance of his duties and responsibilities hereunder; and (iii) on the Commencement
Date, this Agreement shall be the valid and binding obligation of Executive, enforceable in
accordance with its terms. Executive represents and agrees that he fully understands his right to
discuss all aspects of this Agreement with his private attorney, and that to the extent, if any,
that he desired, he availed himself of such right. Executive further represents that he has
carefully read and fully understands all of the provisions of this Agreement, that he is competent
to execute this Agreement, that his agreement to execute this Agreement has not been obtained by
any duress and that he freely and voluntarily enters into it, and that he has read this document in
its entirety and fully understands the meaning, intent and consequences of this document.

10. Employment At-Will. Subject to the termination and severance obligations provided for
in this Agreement, notably in Sections 4 and 5 hereof, and subject to the termination and severance
provisions contained in the agreements that govern the Restricted Stock Units and the Performance
Shares, Executive hereby agrees that the Company may dismiss him and terminate his employment with
the Company, with or without advance notice and without regard to (i) any general or specific
policies (whether written or oral) of the Company relating to the employment or termination of its
employees, or (ii) any statements made to Executive, whether made orally or contained in any
document, pertaining to Executive’s relationship with the Company, or (iii) the existence or
non-existence of Cause. Inclusion under any benefit plan or compensation arrangement will not give
Executive any right or claim to any benefit hereunder except to the extent such right has become
fixed under the express terms of this Agreement.

 

10

 

11. Notices. All notices or communications hereunder shall be in writing, addressed as
follows:

To the Company:

Chief Executive Officer

Rentech, Inc.

10877 Wilshire Blvd. Suite 710

Los Angeles, CA 90024

with a copy to:

General Counsel

Rentech, Inc.

10877 Wilshire Blvd. Suite 710

Los Angeles, CA 90024

To Executive:

To the address on file in the permanent records of the Company at the time of the notice.

In the event the Company shall relocate its executive offices, the then-effective address
shall be substituted for that set forth above. All notices hereunder shall be conclusively deemed
to be received and shall be effective (i) if sent by hand delivery, upon receipt or (ii) if sent by
electronic mail or facsimile, upon confirmation of receipt by the sender of such transmission.

12. Severability. In the event any provision or part of this Agreement is found to be
invalid or unenforceable, only that particular provision or part so found, and not the entire
Agreement, will be inoperative.

13. Complete Agreement. This Agreement, the LTIP Award Agreement(s) and those documents
expressly referred to herein embody the complete agreement and understanding among the parties and
supersede and preempt any prior understandings, agreements or representations by or among the
parties, written or oral, which may have related to the subject matter hereof in any way.

14. No Strict Construction. The language used in this Agreement shall be deemed to be the
language chosen by the parties hereto to express their mutual intent, and no rule of strict
construction shall be applied against any party.

15. Counterparts. This Agreement may be executed in separate counterparts, each of which
is deemed to be an original and all of which taken together constitute one and the same agreement.

16. Successors and Assigns. This Agreement shall be binding upon and inure to the benefit
of the beneficiaries, heirs and representatives of Executive and the successors and assigns of the
Company (including without limitation, any successor due to reincorporation of the Company or
formation of a holding company). The Company shall require any successor (whether direct or
indirect, by purchase, merger, reorganization, consolidation, acquisition of property or stock,
liquidation, or otherwise) to all or a majority of its assets, by agreement in form and substance
satisfactory to Executive, expressly to assume and agree to perform this Agreement in the same
manner and to the same extent that the Company would be required to perform this Agreement if no
such succession had taken place. Executive may not assign his rights (except by will or the laws
of descent and distribution or to a trust for the purpose of estate or tax planning for the benefit
of Executive’s spouse and/or children) or delegate his duties or obligations hereunder. Except as
provided by this Section 16, this Agreement is not assignable by any party and no payment to be
made hereunder shall be subject to anticipation, alienation, sale, transfer, assignment, pledge,
encumbrance or other charge.

 

11

 

17. Choice of Law. All issues and questions concerning the construction, validity,
enforcement and interpretation of this Agreement and the exhibits and schedules hereto shall be
governed by, and construed in accordance with, the laws of the State of California regardless of
the law that might be applied under principles of conflicts of laws.

18. Amendment and Waiver. The provisions of this Agreement may be amended, modified or
waived only with the prior written consent of the Company and Executive, and no course of conduct
or course of dealing or failure or delay by any party hereto in enforcing or exercising any of the
provisions of this Agreement (including, without limitation, the Company’s right to terminate the
Employment Period for Cause) shall affect the validity, binding effect or enforceability of this
Agreement or be deemed to be an implied waiver of any provision of this Agreement.

19. Internal Revenue Code Section 409A.

(a) General. To the extent applicable, this Agreement shall be interpreted in accordance with
Section 409A of the Code and Department of Treasury regulations and other interpretative guidance
issued thereunder, including without limitation any such regulations or other such guidance that
may be issued after the Commencement Date (“Section 409A”). Notwithstanding any provision
of this Agreement to the contrary, in the event that following the Commencement Date, the Company
determines in good faith that any compensation or benefits payable under this Agreement may not be
either exempt from or compliant with Section 409A, the Company shall consult with Executive and
adopt such amendments to this Agreement or adopt other policies or procedures (including
amendments, policies and procedures with retroactive effective), or take any other commercially
reasonable actions necessary or appropriate to (i) preserve the intended tax treatment of the
compensation and benefits payable hereunder, to preserve the economic benefits of such compensation
and benefits, and/or to avoid less favorable accounting or tax consequences for the Company and/or
(ii) to exempt the compensation and benefits payable hereunder from Section 409A or to comply with
the requirements of Section 409A and thereby avoid the application of penalty taxes thereunder;
provided, however, that this Section 19(a) does not, and shall not be construed so as to, create
any obligation on the part of the Company to adopt any such amendments, policies or procedures or
to take any other such actions or to indemnify the Executive for any failure to do so.

(b) Specified Employee. Notwithstanding anything to the contrary in this Agreement, no
compensation or benefits, including without limitation any severance payment under Section 5 above,
shall be paid to Executive during the 6-month period following his Separation from Service to the
extent that the Company determines that Executive is a “specified employee” at the time of such
Separation from Service (within the meaning of Section 409A) and that that paying such amounts at
the time or times indicated in this Agreement would be a prohibited distribution under Section
409A(a)(2)(b)(i) of the Code. If the payment of any such amounts is delayed as a result of the
previous sentence, then on the first business day following the end of such 6-month period (or such
earlier date upon which such amount can be paid under Section 409A without being subject to such
additional taxes, including as a result of Executive’s death), the Company shall pay to Executive a
lump-sum amount equal to the cumulative amount that would have otherwise been payable to Executive
during such 6-month period, along with interest at the prime rate (as reported in the Wall Street
Journal or such other source as the Company deems reliable) from the date such payments were
otherwise due to the date of payment. The Company’s determination as to whether such six-month
delay is required by this sub-paragraph shall be made in good faith by the Company after
consultation between the Company and Executive.

(c) Reimbursements. To the extent that any reimbursements, including without limitation any
reimbursements pursuant to Section 3(c) above and Section 23 below, are determined to constitute
taxable compensation to Executive, then such reimbursements shall be paid to Executive promptly
following proper substantiation in accordance with applicable Company policy, but in no event
after December 31st of the year following the year in which the expense was incurred
(and such reimbursements shall be contingent upon Executive’s timely submission of proper
substantiation). The amount of any such expenses reimbursed in one year shall not affect the
amount eligible for reimbursement in any subsequent year and Executive’s right to reimbursement of
any such expenses shall not be subject to liquidation or exchange for any other benefit.

 

12

 

20. Insurance. The Company may, at its discretion, apply for and procure in its own name
and for its own benefit life and/or disability insurance on Executive in any amount or amounts
considered advisable. Executive agrees to cooperate in any medical or other examination, supply
any information and execute and deliver any applications or other instruments in writing as may be
reasonably necessary to obtain and constitute such insurance. Executive hereby represents that he
has no reason to believe that his life is not insurable at rates now prevailing for healthy men of
his age.

21. Withholding. Any payments made or benefits provided to Executive under this Agreement
shall be reduced by any applicable withholding taxes or other amounts required to be withheld by
law or contract.

22. Arbitration. Any dispute or controversy arising under or in connection with this
Agreement or otherwise in connection with the Executive’s employment by the Company that cannot be
mutually resolved by the parties to this Agreement and their respective advisors and
representatives shall be settled exclusively by arbitration in Los Angeles, California in
accordance with the rules of the American Arbitration Association before one arbitrator of
exemplary qualifications and stature, who shall be selected jointly by an individual to be
designated by the Company and an individual to be selected by Executive, or if such two individuals
cannot agree on the selection of the arbitrator, who shall be selected by the American Arbitration
Association. The Company will pay the direct costs and expenses of any such arbitration, including
the fees and costs of the arbitrator; provided, however, that the arbitrator may,
at his or her election, award attorneys’ fees to the prevailing party, if permitted by applicable
law.

23. Legal Fees; The Company agrees that in connection with the commencement of Executive’s
employment hereunder it will reimburse Executive for (a) legal fees and expenses actually incurred
in connection with the review and preparation of this Agreement in an amount not to exceed $10,000,
payable promptly, but in any event within 60 days after the Commencement Date.

24. Executive’s Cooperation. During the Employment Period and thereafter, Executive shall
cooperate with the Company and its affiliates, upon the Company’s reasonable request, with respect
to any internal investigation or administrative, regulatory or judicial proceeding involving
matters within the scope of Executive’s duties and responsibilities to the Company Group during the
Employment Period (including, without limitation, Executive being available to the Company upon
reasonable notice for interviews and factual investigations, appearing at the Company’s reasonable
request to give testimony without requiring service of a subpoena or other legal process, and
turning over to the Company all relevant Company documents which are or may come into Executive’s
possession during the Employment Period); provided, however, that any such request
by the Company shall not be unduly burdensome or interfere with Executive’s personal schedule or
ability to engage in gainful employment. In the event the Company requires Executive’s cooperation
in accordance with this Section 24, the Company shall reimburse Executive for reasonable
out-of-pocket expenses (including travel, lodging and meals) incurred by Executive in connection
with such cooperation, subject to reasonable documentation. In the event that the obligations
under this Section 24 require more than 20 hours of the Executive’s time after the termination of
the Employment Period, the Company shall thereafter also pay to Executive compensation at an hourly
rate equal to the result of (a) the Base Salary applicable on the date of the termination of
Executive’s employment, divided by (b) 1,750.

 

13

 

(Signature Page Follows)

 

14

 

IN WITNESS WHEREOF, the parties hereto have executed this Employment Agreement as of the date
first written above.

	 	 	 	 	 
	 	RENTECH, INC.

 	 
	 	/s/ D. Hunt Ramsbottom, Jr.
 	 
	 	By: D. Hunt Ramsbottom, Jr. 	 
	 	Title:  	President and CEO 	 
	 
	 	/s/ Dan J. Cohrs
 	 
	 	Dan J. Cohrs 	 
	 	 	 
	 

 

15

 

EXHIBIT A

RENTECH, INC.

RESTRICTED STOCK UNIT AWARD AGREEMENT

 

A-1

 

RENTECH, INC. TIME VESTING

INDUCEMENT RESTRICTED STOCK UNIT AWARD

PREAMBLE

Pursuant to this Restricted Stock Unit Agreement dated
[_____] (including Appendix A
hereto, the “Agreement”), Rentech, Inc. (the “Company”) hereby grants Dan J. Cohrs
(the “Executive”), the following award of Restricted Stock Units (“RSUs”)as a
material inducement, within the meaning of Section 711(a) of the Rules of the American Stock
Exchange, for the Executive to accept employment with the Company pursuant to that certain
Employment Agreement, dated as of [_____], between the Executive and the Company (the “Employment
Agreement”). The grant of RSUs contemplated by this Agreement shall be in satisfaction of the
Company’s obligation to grant RSUs arising under Section 3(b)(ii) of the Employment Agreement.
Subject to the terms and conditions of this Agreement, the principal features of this award are as
follows:

Number of RSUs: 325,000 (the “Grant Amount”)

Grant Date: [_____] (the “Grant Date”)

Vesting Start Date: [_____] (the “Vesting Start Date”)

Vesting of RSUs: This award will vest and become nonforfeitable as to one-third of
the RSUs subject hereto on each of the first three anniversaries of the Vesting Start Date,
subject to the Executive’s continued employment with the Company or any Subsidiary through
each such anniversary, provided, that if the Executive’s employment with the Company or any
Subsidiary is terminated by the Company without Cause or by the Executive with Good Reason
(each as defined in the Employment Agreement), then, to the extent not previously vested, a
number of RSUs shall vest and become nonforfeitable immediately prior to such termination
equal to the number of RSUs that would have vested had the Executive remained continuously
employed by the Company for a period of one year after such termination and, provided,
further, that if the Executive remains continuously employed by the Company or any
Subsidiary through a Change in Control or the Executive’s employment with the Company or any
Subsidiary terminates due to the Executive’s death or Disability (as defined in the
Employment Agreement), in any case, prior to the vesting of any RSUs granted hereunder,
then, to the extent not previously vested, all RSUs granted hereunder shall vest in full
upon such occurrence and, provided, further, that if a Change in Control occurs during the
two-month period immediately after the Executive’s termination of employment other than due
to a termination by the Company for Cause or by the Executive without Good Reason, then all
RSUs granted hereunder shall vest in full upon such Change in Control (any date on which any
RSUs vest in accordance herewith, a “Vesting Date”).

 

A-2

 

The Executive’s signature below indicates the Executive’s agreement with and understanding
that this award is subject to all of the terms and conditions contained in this Agreement
(including Appendix A). THE EXECUTIVE FURTHER ACKNOWLEDGES THAT THE EXECUTIVE HAS READ AND
UNDERSTANDS THIS AGREEMENT, INCLUDING APPENDIX A HERETO, WHICH CONTAINS THE SPECIFIC TERMS AND
CONDITIONS OF THIS GRANT OF RSUS.

	 	 	 	 	 
	RENTECH, INC.

	 	 	 	EXECUTIVE
	 
	 	 	 	 
	 

	 	 	 	 
	By:

	 	 	 	DAN J. COHRS

 

A-3

 

APPENDIX A

TERMS AND CONDITIONS OF RESTRICTED STOCK UNITS

1. Grant. The Company hereby grants to the Executive, in accordance with the
Employment Agreement and as a material inducement, within the meaning of Section 711(a) of the
Rules of the American Stock Exchange, to accept employment with the Company, as of the Grant Date,
an award of the Grant Amount of RSUs, subject to the terms and conditions contained in this
Agreement. As a further condition to the Company’s obligations under this Agreement, the
Executive’s spouse, if any, shall execute and deliver to the Company the Consent of Spouse attached
hereto as Exhibit A.

2. Definitions.

a. “Agreement” shall have the meaning provided in the Preamble.

b. “Board” means the Board of Directors of the Company.

c. “Change in Control” means:

	 	i.	 	A transaction or series of transactions (other
than an offering of Stock to the general public through a registration
statement filed with the Securities and Exchange Commission) whereby
any “person” or related “group” of “persons” (as such terms are used in
Sections 13(d) and 14(d)(2) of the Exchange Act) (other than the
Company, any of its subsidiaries, an employee benefit plan maintained
by the Company or any of its subsidiaries or a “person” that, prior to
such transaction, directly or indirectly controls, is controlled by, or
is under common control with, the Company) directly or indirectly
acquires beneficial ownership (within the meaning of Rule 13d-3 under
the Exchange Act) of securities of the Company possessing more than 50%
of the total combined voting power of the Company’s securities
outstanding immediately after such acquisition; or
	 
	 	ii.	 	During any twelve-month period, individuals
who, at the beginning of such period, constitute the Board together
with any new director(s) (other than a director designated by a person
who shall have entered into an agreement with the Company to effect a
transaction described in Section 2(c)(i) or Section 2(c)(iii)) whose
election by the Board or nomination for election by the Company’s
stockholders was approved by a vote of at least a majority of the
directors then still in office who either were directors at the
beginning of the twelve-month period or whose election or nomination
for election was previously so approved, cease for any reason to
constitute a majority thereof; or

 

A-4

 

	 
	 	iii.	 	The consummation by the Company (whether
directly involving the Company or indirectly involving the Company
through one or more intermediaries) of (x) a merger, consolidation,
reorganization, or business combination or (y) a sale or other
disposition of all or substantially all of the Company’s assets in any
single transaction or series of related transactions or (z) the
acquisition of assets or stock of another entity, in each case other
than a transaction:

	 	(A)	 	Which results in the Company’s voting
securities outstanding immediately before the transaction continuing to
represent (either by remaining outstanding or by being converted into
voting securities of the Company or the person that, as a result of the
transaction, controls, directly or indirectly, the Company or owns,
directly or indirectly, all or substantially all of the Company’s
assets or otherwise succeeds to the business of the Company (the
Company or such person, the “Successor Entity”)) directly or
indirectly, at least a majority of the combined voting power of the
Successor Entity’s outstanding voting securities immediately after the
transaction, and
	 
	 	(B)	 	After which no person or group beneficially
owns voting securities representing 35% or more of the combined voting
power of the Successor Entity; provided, that no person or group shall
be treated for purposes of this Section 2(c)(iii)(B) as beneficially
owning 35% or more of combined voting power of the Successor Entity
solely as a result of the voting power held in the Company prior to the
consummation of the transaction; or

	 	iv.	 	The Company’s stockholders approve a
liquidation or dissolution of the Company.

	 	d.	 	“Code” means the Internal Revenue Code of 1986, as amended,
together with the regulations and other official guidance promulgated
thereunder.
	 
	 	e.	 	“Committee” means the committee of the Board described in
Article 12 of the Company’s Amended and Restated 2006 Incentive Award Plan.
	 
	 	f.	 	“Company” shall have the meaning provided in the Preamble.
	 
	 	g.	 	“Executive” shall have the meaning provided in the Preamble.
	 
	 	h.	 	“Employment Agreement” shall have the meaning provided in the
Preamble.
	 
	 	i.	 	“Exchange Act” means the Securities Exchange Act of 1934, as
amended.
	 
	 	j.	 	“Fair Market Value” means, as of any given date, the value of a
share of Stock determined as follows:

	 	(i)	 	If the Stock is listed on any established stock
exchange (such as the New York Stock Exchange, the NASDAQ Global Market and
the NASDAQ Global Select Market) or national market system, its Fair Market
Value shall be the closing sales price for a share of Stock as quoted on
such exchange or system for such date or, if there is no closing sales
price for a share of Stock on the date in question, the closing sales price
for a share of Stock on the last preceding date for which such quotation
exists, as reported in The Wall Street Journal or such other source as the
Committee deems reliable;
	 
	 	(ii)	 	If the Stock is not listed on an established stock
exchange or national market system, but the Stock is regularly quoted by a
recognized securities dealer, its Fair Market Value shall be the mean of
the high bid and low asked prices for
such date or, if there are no high bid and low asked prices for a share of
Stock on such date, the high bid and low asked prices for a share of Stock
on the last preceding date for which such information exists, as reported
in The Wall Street Journal or such other source as the Committee deems
reliable; or

	 	(iii)	 	If the Stock is neither listed on an established stock
exchange or a national market system nor regularly quoted by a recognized
securities dealer, its Fair Market Value shall be established by the
Committee in good faith.

 

A-5

 

	 	k.	 	“Grant Date” shall have the meaning provided in the Preamble.
	 
	 	l.	 	“RSUs” shall have the meaning provided in the Preamble.
	 
	 	m.	 	“Stock” means the common stock of the Company, par value $0.01
per share, and such other securities of the Company that may be substituted for
Stock pursuant to Section 11 below.
	 
	 	n.	 	“Subsidiary” means any “subsidiary corporation” of the Company
as defined in Section 424(f) of the Code and any applicable regulations
promulgated thereunder or any other entity of which a majority of the
outstanding voting stock or voting power is beneficially owned directly or
indirectly by the Company.

3. RSUs. Each RSU that vests on an applicable Vesting Date shall represent the right
to receive payment, in accordance with Section 6 below, of one share of Stock. Unless and until an
RSU vests, the Executive will have no right to payment in respect of any such RSU. Prior to actual
payment in respect of any vested RSU, such RSU will represent an unsecured obligation of the
Company, payable (if at all) only from the general assets of the Company.

4. Vesting. The RSUs shall vest in accordance with the vesting schedule provided in
the Grant Notice to which this Appendix is attached.

5. Termination of RSUs. Upon the Executive’s termination of continuous employment with
the Company or any Subsidiary, all RSUs that have not vested as of such termination (taking into
consideration any vesting that may occur in connection with such termination) shall automatically
be forfeited and canceled without payment of consideration therefor, provided, that if the
Executive’s employment is terminated other than by the Company for Cause or the Executive without
Good Reason, then all RSUs that are unvested as of such termination of employment (after taking
into consideration any vesting that may occur in connection with such termination) shall remain
outstanding and eligible to vest upon a Change in Control occurring within the two-month period
immediately following such termination, but shall otherwise cease to vest in accordance with the
vesting schedule provided in the Preamble upon such termination and shall instead vest only upon
the occurrence of a Change in Control during such two-month period, and any RSUs that remain
outstanding in accordance with this proviso shall automatically be forfeited and canceled without
payment of consideration therefor upon the expiration of such two-month period if no Change in
Control has occurred during such two-month period.

6. Payment after Vesting. Payments in respect of any RSUs that vest in accordance
herewith shall be made to the Executive (or in the event of the Executive’s death, to his or her
estate) in whole shares of Stock. The Company shall make such payments as soon as practicable
after the applicable Vesting Date, but in any event within thirty (30) days after such Vesting
Date, provided, that notwithstanding the foregoing, if any RSUs vest upon the consummation of a
Change in Control
occurring after the Executive’s termination of employment in accordance with the vesting
provisions set forth in the Preamble, then payments in respect of any such RSUs shall be made no
later than ten (10) days after such Vesting Date.

 

A-6

 

7. Tax Withholding. The Company shall have the authority and the right to deduct or
withhold, or to require the Executive to remit to the Company, an amount sufficient to satisfy all
applicable federal, state and local taxes (including the Executive’s employment tax obligations)
required by law to be withheld with respect to any taxable event arising in connection with the
RSUs. The Committee may, in its sole discretion and in satisfaction of the foregoing requirement,
allow the Executive to elect to have the Company withhold shares of Stock otherwise issuable under
this Agreement (or allow the return of shares of Stock) having a Fair Market Value equal to the
sums required to be withheld, provided, that the number of shares of Stock which may be so withheld
with respect to a taxable event arising in connection with the RSUs shall be limited to the number
of shares which have a Fair Market Value on the date of withholding equal to the aggregate amount
of such liabilities based on the minimum statutory withholding rates for federal, state and local
income tax and payroll tax purposes that are applicable to such supplemental taxable income.

8. Rights as Stockholder. Neither the Executive nor any person claiming under or
through the Executive will have any of the rights or privileges of a stockholder of the Company in
respect of any shares of Stock deliverable hereunder unless and until certificates representing
such shares of Stock will have been issued, recorded on the records of the Company or its transfer
agents or registrars, and delivered to the Executive or any person claiming under or through the
Executive.

9. Non-Transferability. The rights and privileges conferred hereby shall not be
transferred, assigned, pledged or hypothecated by the Executive in any way in favor of any party
other than the Company or a Subsidiary (whether by operation of law or otherwise) other than to a
trust for the purpose of estate or tax planning for the benefit of Executive’s spouse and/or
children, and shall not be subjected to any lien, obligation or liability of the Executive to any
party other than the Company or a Subsidiary, other than by the laws of descent and distribution.
Upon any attempt by the Executive to transfer, assign, pledge, hypothecate or otherwise dispose of
this grant, or any right or privilege conferred hereby, or upon any attempted sale by the Executive
under any execution, attachment or similar process, this grant and the rights and privileges
conferred hereby shall immediately become null and void. Notwithstanding the foregoing, the
Company may assign any of its rights under this Agreement to single or multiple assignees, in which
case any such assignee shall perform this Agreement in the same manner and to the same extent that
the Company would be required to perform this Agreement if no such assignment had taken place, and
this Agreement shall inure to the benefit of the successors and assigns of the Company.

10. Distribution of Stock. Notwithstanding anything herein to the contrary, the
Company shall not be required to issue or deliver any certificates evidencing shares of Stock
pursuant to this Agreement unless and until the Committee has determined, with advice of counsel,
that the issuance and delivery of such certificates is in compliance with all applicable laws,
regulations of governmental authorities and, if applicable, the requirements of any exchange on
which the shares of Stock are listed or traded. All Stock certificates delivered pursuant to this
Agreement shall be subject to any stop-transfer orders and other restrictions as the Committee
deems necessary or advisable to comply with federal, state, or foreign jurisdiction, securities or
other laws, rules and regulations and the rules of any national securities exchange or automated
quotation system on which the Stock is listed, quoted, or traded. The Committee may place legends
on any Stock certificate to reference restrictions applicable to the Stock. In addition to the
terms and conditions provided herein, the Committee may require that the Executive make such
reasonable covenants, agreements, and representations as the Committee, in its discretion, deems
advisable in order to comply with any such laws, regulations, or requirements. The Committee
shall have the right to require the Executive to comply with any timing or other restrictions
with respect to the settlement of any RSUs, including a window-period limitation, as may be imposed
in the discretion of the Committee. Notwithstanding any other provision of this Agreement, unless
otherwise determined by the Committee or required by any applicable law, rule or regulation, the
Company shall not deliver to the Executive any certificates evidencing shares of Stock issued upon
settlement of any RSUs under this Agreement and instead such shares of Stock shall be recorded in
the books of the Company (or, as applicable, its transfer agent or stock plan administrator).

 

A-7

 

11. Adjustments in Capitalization.

	 	a.	 	In the event of any stock dividend, stock split, combination or exchange of shares, merger,
consolidation, spin-off, recapitalization or other distribution (other than normal cash dividends)
of Company assets to stockholders, or any other change affecting the shares of Stock or the share
price of the Stock, the Committee shall make proportionate adjustments to any or all of the
following in order to reflect such change: (a) the aggregate number and kind of shares that may be
issued under this Agreement; and (b) the terms and conditions of the RSUs. Any adjustment
affecting an Award intended as Qualified Performance-Based Compensation shall be made consistent
with the requirements of Section 162(m) of the Code.
	 
	 	b.	 	In the event of any transaction or event described in Section 11(a) above or any unusual or
nonrecurring transactions or events affecting the Company, any affiliate of the Company, or the
financial statements of the Company or any affiliate, or of changes in applicable laws, regulations
or accounting principles, the Committee, in its sole discretion and on such terms and conditions as
it deems appropriate, either by the terms of this Agreement or by action taken prior to the
occurrence of such transaction or event and either automatically or upon the Executive’s request,
is hereby authorized to take any one or more of the following actions whenever the Committee
determines that such action is appropriate in order to prevent dilution or enlargement of the
benefits or potential benefits intended to be made available under this Agreement, to facilitate
such transactions or events or to give effect to such changes in laws, regulations or principles:

	 	i.	 	To provide for either (A) termination of this Agreement in
exchange for an amount of cash, if any, equal to the amount that would have
been attained upon the vesting and payment of RSUs under this Agreement as of
the date of such termination (and, for the avoidance of doubt, if, as of the
date of the occurrence of the transaction or event described in this
Section 11(b), the Committee determines in good faith that no amount would
have been attained upon the realization of the Executive’s rights, then the
RSUs may be terminated by the Company without payment), or (B) the
replacement of such RSUs with other rights or property selected by the
Committee in its sole discretion;

	 	ii.	 	To provide that the RSUs be (A) assumed by a successor or
survivor corporation, or a parent or subsidiary thereof, or (B) substituted
for by a similar award covering the stock of a successor or survivor
corporation, or a parent or subsidiary thereof, in either case, with
appropriate adjustments as to the number and kind of shares and prices;

	 	iii.	 	To make adjustments in the number and type of shares of
Stock (or other securities or property) subject to the RSUs and/or in the
terms and conditions of the RSUs;

	 	iv.	 	To provide that RSUs subject to this Agreement shall be
payable or fully vested
with respect to all shares covered thereby, notwithstanding anything to the
contrary in this Agreement; and

	 	v.	 	To provide that the RSUs cannot vest or become payable
after such event.

 

A-8

 

12. Authority. The Committee or the Board, as applicable, shall have the power to
interpret this Agreement and to adopt and interpret such rules for its administration,
interpretation and application as are consistent with the terms hereof (including, but not limited
to, the determination of whether or not any RSUs have vested and become payable). All actions
taken and all interpretations and determinations made by the Committee or the Board in good faith
will be final and binding upon the Executive, the Company and any and all other interested persons.
No member of the Committee or the Board will be personally liable for any action, determination or
interpretation made in good faith with respect to this Agreement and, to the greatest extent
allowable pursuant to applicable law, each member of the Committee and the Board shall be fully
indemnified and held harmless by the Company from any loss, cost, liability, or expense that may be
imposed upon or reasonably incurred by such member in connection with such administration of this
Agreement.

13. No Effect on Service Relationship. Nothing in this Agreement shall confer upon
the Executive any right to serve or continue to serve as an employee, consultant or director of the
Company or its affiliates.

14. Severablility. In the event that any provision in this Agreement is held invalid
or unenforceable, such provision will be severable from, and such invalidity or unenforceability
will not be construed to have any effect on, the remaining provisions of this Agreement, which
shall remain in full force and effect.

15. Tax Consultation. The Executive understands that he may suffer adverse tax
consequences in connection with the RSUs granted pursuant to this Agreement. The Executive
represents that the Executive has consulted with any tax consultants that he deems advisable in
connection with the RSUs and that the Executive is not relying on the Company for tax advice.

16. Amendment. Subject to Section 11 above and Section 18 below, this Agreement may
only be amended, modified or terminated by a writing executed by the Executive and by a duly
authorized representative of the Company.

17. Relationship to other Benefits. Neither the RSUs nor payment in respect thereof
shall be taken into account in determining any benefits pursuant to any pension, retirement,
savings, profit sharing, group insurance, welfare or other benefit plan of the Company or any
Subsidiary.

18. Code Section 409A. The RSUs are not intended to constitute or provide for
“nonqualified deferred compensation” within the meaning of Code Section 409A. Nevertheless, to the
extent that the Committee determines that any RSUs may not be exempt from (or compliant with) Code
Section 409A, the Committee may amend this Agreement in a manner intended to comply with the
requirements of Code Section 409A or an exemption therefrom (including amendments with retroactive
effect), or take any other actions as it deems necessary or appropriate to (a) exempt the RSUs from
Code Section 409A and/or preserve the intended tax treatment of the benefits provided with respect
to the RSUs, or (b) comply with the requirements of Code Section 409A. To the extent applicable,
this Agreement shall be interpreted in accordance with the provisions of Code Section 409A.

19. Governing Law. The laws of the State of Colorado shall govern the interpretation,
validity, administration, enforcement and performance of the terms of this Agreement regardless of
the law that might be applied under principles of conflicts of laws.

 

A-9

 

20. Captions. Captions provided herein are for convenience only and are not to serve
as a basis for interpretation or construction of this Agreement.

21. Fractional Shares. No fractional shares of Stock shall be issued under this
Agreement and the Committee shall determine, in its discretion, whether cash shall be given in lieu
of fractional shares or whether such fractional shares shall be eliminated by rounding up or down
as appropriate.

22. Section 16 Limitations. Notwithstanding any other provision of this Agreement, if
the Executive is subject to Section 16 of the Exchange Act, then this Agreement shall be subject to
any additional limitations set forth in any applicable exemptive rule under Section 16 of the
Exchange Act (including any amendment to Rule 16b-3 under the Exchange Act) that are requirements
for the application of such exemptive rule. To the extent permitted by applicable law, this
Agreement shall be deemed amended to the extent necessary to conform to such applicable exemptive
rule.

 

A-10

 

EXHIBIT A

CONSENT OF SPOUSE

I,                     , spouse of                     , have read and approve the foregoing
Agreement. In consideration of granting of the right to my spouse to receive Rentech, Inc.
Restricted Stock Units as set forth in the Agreement, I hereby appoint my spouse as my
attorney-in-fact in respect to the exercise of any rights under the Agreement and agree to be bound
by the provisions of the Agreement insofar as I may have any rights in said Agreement or any shares
issued pursuant thereto under the community property laws or similar laws relating to marital
property in effect in the state of our residence as of the date of the signing of the foregoing
Agreement.

	 	 	 	 	 	 	 
	Dated:                                         ,
 _____ 

	 	 	 	Name:	 	 
	 

	 	 	 	 	 	 

 

A-11

 

EXHIBIT B

RENTECH, INC.

ABSOLUTE SHARE PRICE TARGET

INDUCEMENT PERFORMANCE SHARE AWARD AGREEMENT

 

B-1

 

RENTECH, INC. ABSOLUTE SHARE PRICE TARGET

INDUCEMENT PERFORMANCE SHARE AWARD AGREEMENT

THIS ABSOLUTE SHARE PRICE TARGET PERFORMANCE
SHARE AWARD AGREEMENT (the “Award Agreement”),
dated as of [_____] (the “Grant Date”), by and between Rentech, Inc., a Colorado corporation (the
“Company”), and Dan J. Cohrs (the “Executive”), confers upon the Executive
the right to receive
Stock, the payment of which is contingent upon achieving specified performance-based targets
established by the Committee, as provided herein. This Award Agreement is entered into as a
material inducement, within the meaning of Section 711(a) of the Rules of the American Stock
Exchange, for the Executive to accept employment with the Company pursuant to that certain
Employment Agreement, dated as of [_____], between the Executive and the Company (the “Employment
Agreement”). The award of Performance Shares provided for herein (the “Performance Share Award”)
is made in satisfaction of the Company’s obligation to grant Absolute Share Price Appreciation
Shares arising under Section 3(b)(ii) of the Employment Agreement. In consideration of the mutual
covenants herein contained and for other good and valuable consideration, receipt of which is
hereby acknowledged, the parties hereto do hereby agree as follows:

ARTICLE I.

DEFINITIONS

Section 1.1 As used herein,
the following terms shall have the meanings specified
below, unless the context clearly indicates otherwise.

	 	a.	 	“Board” means the Board of Directors of the Company.
	 
	 	b.	 	“Cause” shall have the meaning provided in the Employment Agreement.
	 
	 	c.	 	“Change in Control” means:

	 	i.	 	A transaction or series of transactions (other than an offering of
Stock to the general public through a registration statement filed with the
Securities and Exchange Commission) whereby any “person” or related “group” of
“persons” (as such terms are used in Sections 13(d) and 14(d)(2) of the Exchange
Act) (other than the Company, any of its subsidiaries, an employee benefit plan
maintained by the Company or any of its subsidiaries or a “person” that, prior to
such transaction, directly or indirectly controls, is controlled by, or is under
common control with, the Company) directly or indirectly acquires beneficial
ownership (within the meaning of Rule 13d-3 under the Exchange Act) of securities
of the Company possessing more than 50% of the total combined voting power of the
Company’s securities outstanding immediately after such acquisition; or

	 	ii.	 	During any twelve-month period, individuals who, at the beginning of
such period, constitute the Board together with any new director(s) (other than a
director designated by a person who shall have entered into an agreement with the
Company to effect a transaction described in Section 1.1(c)(i) or Section
1.1(c)(iii)) whose election by the Board or nomination for election by the
Company’s stockholders was approved by a vote of at least a majority of the
directors then still in office who either were directors at the
beginning of the twelve-month period or whose election or nomination for election
was previously so approved, cease for any reason to constitute a majority thereof;
or

 

B-2

 

	 	iii.	 	The consummation by the Company (whether directly involving the Company
or indirectly involving the Company through one or more intermediaries) of (x) a
merger, consolidation, reorganization, or business combination or (y) a sale or
other disposition of all or substantially all of the Company’s assets in any single
transaction or series of related transactions or (z) the acquisition of assets or
stock of another entity, in each case other than a transaction:

	 	A.	 	Which results in the Company’s voting securities
outstanding immediately before the transaction continuing to represent
(either by remaining outstanding or by being converted into voting
securities of the Company or the person that, as a result of the
transaction, controls, directly or indirectly, the Company or owns,
directly or indirectly, all or substantially all of the Company’s assets
or otherwise succeeds to the business of the Company (the Company or such
person, the “Successor Entity”)) directly or indirectly, at least a
majority of the combined voting power of the Successor Entity’s
outstanding voting securities immediately after the transaction, and

	 	B.	 	After which no person or group beneficially owns
voting securities representing 35% or more of the combined voting power
of the Successor Entity; provided, that no person or group shall be
treated for purposes of this Section 2(c)(iii)(B) as beneficially owning
35% or more of combined voting power of the Successor Entity solely as a
result of the voting power held in the Company prior to the consummation
of the transaction; or

	 	iv.	 	The Company’s stockholders approve a liquidation or dissolution of the
Company.

The Board shall have full and final authority, which shall be exercised in its
discretion, to determine conclusively whether a Change in Control of the Company has
occurred pursuant to the above definition, the date of the occurrence of such Change in
Control and any incidental matters relating thereto.

	 	d.	 	“Code” means the Internal Revenue Code of 1986, as amended, together with the
regulations and other official guidance promulgated thereunder.

	 	e.	 	“Committee” means the committee of the Board described in Article 12 of the
Company’s Amended and Restated 2006 Incentive Award Plan.

	 	f.	 	“Disability” means that the Executive qualifies to receive long-term disability
payments under the Company’s long-term disability insurance program, as it may be
amended from time to time or, if no such plan is applicable to the Executive, as
determined in the sole discretion of the Committee.

	 	g.	 	“Exchange Act” means the Securities Exchange Act of 1934, as amended.

 

B-3

 

	 	h.	 	“Fair Market Value” means, as of any given date, the value of a share of Stock
determined as follows:

	 	i.	 	If the Stock is listed on any established stock exchange (such as the
New York Stock Exchange, the NASDAQ Global Market and the NASDAQ Global Select
Market) or national market system, its Fair Market Value shall be the closing sales
price for a share
of Stock as quoted on such exchange or system for such date or, if there is no
closing sales price for a share of Stock on the date in question, the closing sales
price for a share of Stock on the last preceding date for which such quotation
exists, as reported in The Wall Street Journal or such other source as the Committee
deems reliable;

	 	ii.	 	If the Stock is not listed on an established stock exchange or national
market system, but the Stock is regularly quoted by a recognized securities dealer,
its Fair Market Value shall be the mean of the high bid and low asked prices for
such date or, if there are no high bid and low asked prices for a share of Stock on
such date, the high bid and low asked prices for a share of Stock on the last
preceding date for which such information exists, as reported in The Wall Street
Journal or such other source as the Committee deems reliable; or

	 	iii.	 	If the Stock is neither listed on an established stock exchange or a
national market system nor regularly quoted by a recognized securities dealer, its
Fair Market Value shall be established by the Committee in good faith.

	 	i.	 	“Good Reason” shall have the meaning provided in the Employment Agreement.

	 	j.	 	“Measurement Date” means April 1, 2011.

	 	k.	 	“Performance Percentage” shall mean the percentage determined in accordance
with the Share Price Target Table contained in Exhibit A hereto.

	 	l.	 	“Performance Shares” shall mean up to [55,250] shares of Stock that will be
issued to the Executive under this Award Agreement if the Performance Targets or such
other criteria described hereunder are met during the applicable performance period.

	 	m.	 	“Performance Targets” shall mean the specific target or targets determined by
the Committee, as specified in Section 2.2 and Exhibit A hereto.

	 	n.	 	“Qualified Performance-Based Compensation” means any compensation that is
intended to qualify as “qualified performance-based compensation” as described in
Section 162(m)(4)(C) of the Code.

	 	o.	 	“Rule 16b-3” shall mean that certain Rule 16b-3 under the Exchange Act, as such
Rule may be amended from time to time.

	 	p.	 	“Securities Act” means the Securities Act of 1933, as amended.

	 	q.	 	“Stock” means the common stock of the Company, par value $0.01 per share, and
such other securities of the Company that may be substituted for Stock pursuant to
Article 5 below.

	 	r.	 	“Subsidiary” means any “subsidiary corporation” of the Company as defined in
Section 424(f) of the Code and any applicable regulations promulgated thereunder or any
other entity of which a majority of the outstanding voting stock or voting power is
beneficially owned directly or indirectly by the Company.

	 	s.	 	“Termination of Service” shall mean the Executive’s termination of employment
with the Company for any reason, with or without Cause, including, but not by way of
limitation, a
termination by resignation, discharge, death, or Disability, provided, that, if the
Executive continues to serve as a Director immediately following any such termination of
employment, the Committee may, in its sole discretion, determine that a Termination of
Service has not occurred until such time as the Executive ceases to serve as a Director.

	 	t.	 	“Volume Weighted Average Share Price” shall mean the trailing sixty-day volume
weighted average closing price of a share of Stock on the principal exchange on which
the Stock is then trading, as determined by the Committee.

 

B-4

 

ARTICLE II.

AWARD OF PERFORMANCE SHARES

Section 2.1 Award of Performance Shares. As of the Grant Date, the Company grants to
the Executive the Performance Share Award on the terms and conditions set forth in this Award
Agreement, in accordance with the Employment Agreement and as a material inducement, within the
meaning of Section 711(a) of the Rules of the American Stock Exchange, to accept employment with
the Company. The Performance Share Award represents a potential right to receive shares of Stock
that may become payable based upon the Executive’s continued service and the achievement of the
Performance Targets. The actual number of Performance Shares, if any, payable to the Executive
will be based on the extent to which the Performance Targets are attained. The Executive’s right
and interest in the Performance Share Award represents a mere unfunded and unsecured contingent
promise to pay by the Company. As a further condition to the Company’s obligations under this
Award Agreement, the Executive’s spouse, if any, shall execute and deliver to the Company the
Consent of Spouse attached hereto as Exhibit B.

Section 2.2 Payment of Performance Shares.

(a) Subject to Section 2.2(b) below, in the event that (i) the Executive does not incur a
Termination of Service prior to the Measurement Date, and (ii) the Volume Weighted Average Share
Price on the Measurement Date exceeds $2.00, then the Executive shall be entitled to receive a
number of Performance Shares equal to the product of (x) the maximum number of Performance Shares
subject to this Performance Share Award, multiplied by (y) the Performance Percentage determined as
of the Measurement Date in accordance with the Share Price Target Table contained in Exhibit
A hereto. Any Performance Shares that become payable to the Executive shall be paid in whole
shares of Stock as soon as practicable after the Measurement Date, but in no event later than the
last day of the applicable two and one-half (2 1/2) month “short-term deferral” period with respect
to such payment, within the meaning of Treasury Regulation Section 1.409A-1(b)(4) (the “Short-Term
Deferral Period”).

(b) Notwithstanding Section 2.2(a) above:

	 	(i)	 	In the event that, prior to the Measurement Date, a Change
in Control occurs and the Executive has not experienced a Termination of
Service prior to such Change in Control, then, upon such Change in Control,
the Executive shall be entitled to receive the maximum number of Performance
Shares subject to this Performance Share Award as soon as practicable after
the Change in Control occurs, but in no event later than the last day of the
applicable Short-Term Deferral Period;

 

B-5

 

	 	(ii)	 	In the event that, after the Grant Date, but prior to the
Measurement Date, the Executive experiences a Termination of Service by the
Company without Cause
or by the Executive for Good Reason, then the Executive shall be entitled to
receive a number of Performance Shares determined by multiplying (x) the
maximum number of Performance Shares subject to this Performance Share
Award, times (y) the Performance Percentage applicable as of the date of
such Termination of Service determined in accordance with the Share Price
Target Table contained in Exhibit A hereto, payable, in any event,
as soon as practicable after such Termination of Service, but in no event
later than the last day of the applicable Short-Term Deferral Period; and

	 	(iii)	 	In the event that, prior to the Measurement Date, the
Executive experiences a Termination of Service due to the Executive’s death
or Disability, then the Executive shall be entitled to receive a number of
Performance Shares determined by multiplying (x) the maximum number of
Performance Shares subject to this Performance Share Award, times (y) the
Performance Percentage determined as of the date of such Termination of
Service in accordance with the Share Price Target Table contained in
Exhibit A hereto, payable as soon as practicable after such
Termination of Service, but in no event later than the last day of the
applicable Short-Term Deferral Period.

Section 2.3 Forfeiture; Transfer Restrictions. The right to receive the Performance
Shares shall be subject to forfeiture as provided in Section 3.1 of this Award Agreement, and the
Executive shall have no right to sell, assign, transfer, pledge, or otherwise encumber or dispose
of the Performance Share Award or the Executive’s right to receive the Performance Shares.

Section 2.4 No Rights as Stockholder. Neither the Executive nor any person claiming
under or through the Executive shall have any of the rights or privileges of a stockholder of the
Company in respect of any shares that may become deliverable hereunder unless and until
certificates representing such shares shall have been issued or recorded in book entry form on the
records of the Company or its transfer agents or registrars, and delivered in certificate or book
entry form to the Executive or any person claiming under or through the Executive.

ARTICLE III.

RESTRICTIONS

Section 3.1 Forfeiture.

(a) Termination of Service. Except as expressly provided in Section 2.2(b) above, in the
event that the Executive incurs a Termination of Service for any reason prior to the Measurement
Date, the Performance Share Award and the Performance Shares, to the extent not payable under
Section 2.2 as of the date of such Termination of Service (the “Termination Date”), shall thereupon
automatically and without further action be cancelled and forfeited by the Executive, and the
Executive shall have no further right or interest in or with respect thereto. No portion of the
Performance Share Award and no portion of the Performance Shares which are not payable to the
Executive under Section 2.2 above as of the Termination Date shall thereafter become payable.

(b) Failure to Achieve Performance Target. Any portion of the Performance Share Award and any
Performance Shares which do not become payable to the Executive as of the Measurement Date as a
result of the relevant Performance Targets not being fully achieved shall automatically and without
further action be cancelled and forfeited by the Executive as of the Measurement Date, and the
Executive shall have no further right or interest in or with respect to such portion of the
Performance Share Award or Performance Shares. No portion of the Performance Share
Award and no portion of the Performance Shares which do not become payable to the Executive as
of the Measurement Date as a result of the relevant Performance Targets not being fully achieved
shall thereafter become payable.

 

B-6

 

Section 3.2 Distribution of Stock. Notwithstanding anything herein to the contrary,
the Company shall not be required to issue or deliver any certificates evidencing shares of Stock
pursuant to this Award Agreement unless and until the Committee has determined that the issuance
and delivery of such certificates is in compliance with all applicable laws, regulations of
governmental authorities and, if applicable, the requirements of any exchange on which the shares
of Stock are listed or traded. All Stock certificates delivered pursuant to this Award Agreement
shall be subject to any stop-transfer orders and other restrictions as the Committee deems
necessary or advisable to comply with federal, state, or foreign jurisdiction, securities or other
laws, rules and regulations and the rules of any national securities exchange or automated
quotation system on which the Stock is listed, quoted, or traded. The Committee may place legends
on any Stock certificate to reference restrictions applicable to the Stock. In addition to the
terms and conditions provided herein, the Committee may require that the Executive make such
reasonable covenants, agreements, and representations as the Committee, in its discretion, deems
advisable in order to comply with any such laws, regulations, or requirements. The Committee shall
have the right to require the Executive to comply with any timing or other restrictions with
respect to the settlement of any Performance Shares, including a window-period limitation, as may
be imposed in the discretion of the Committee. Notwithstanding any other provision of this
Agreement, unless otherwise determined by the Committee or required by any applicable law, rule or
regulation, the Company shall not deliver to the Executive any certificates evidencing shares of
Stock issued upon settlement of any Performance Shares under this Award Agreement and instead such
shares of Stock shall be recorded in the books of the Company (or, as applicable, its transfer
agent or stock plan administrator). No fractional shares shall be issued and the Committee shall
determine, in its sole discretion, whether cash shall be given in lieu of any vested fractional
Performance Shares or whether such fractional shares shall be eliminated by rounding up or down as
appropriate.

ARTICLE IV.

MISCELLANEOUS

Section 4.1 No Right to Continued Employment. Nothing in this Award Agreement shall
confer upon the Executive any right to continue as an employee, consultant, director or other
service provider of the Company or any Subsidiary, or shall interfere with or restrict in any way
the rights of the Company or any Subsidiary, which are hereby expressly reserved, to discharge the
Executive at any time for any reason whatsoever, with or without cause, except to the extent
expressly provided otherwise in a written employment agreement between the Executive and the
Company or any Subsidiary.

Section 4.2 Tax Withholding. The Company shall have the authority and the right to
deduct or withhold, or to require the Executive to remit to the Company, an amount sufficient to
satisfy all applicable federal, state and local taxes (including the Executive’s employment tax
obligations) required by law to be withheld with respect to any taxable event arising in connection
with the Performance Shares. The Committee may, in its sole discretion and in satisfaction of the
foregoing requirement, allow the Executive to elect to have the Company withhold Performance Shares
that become payable under this Performance Share Agreement (or allow the return of such shares of
Stock by the Executive) having a Fair Market Value equal to the sums required to be withheld,
provided, that the number of shares which may be so withheld (or returned) with respect to a
taxable event arising in connection with the Performance Shares shall be limited to the number of
shares which have a Fair Market Value on the date of withholding equal to the aggregate amount of
such liabilities based on the minimum statutory withholding rates for federal, state and local
income tax and payroll tax purposes that are applicable to such supplemental taxable income.

 

B-7

 

Section 4.3 Section 409A. The Performance Share Award is not intended to constitute
or provide for “nonqualified deferred compensation” within the meaning of Code Section 409A.
Nevertheless, to the extent that the Committee determines that the Performance Share Award may not
be exempt from (or compliant with) Code Section 409A, the Committee may amend this Award Agreement
in a manner intended to comply with the requirements of Code Section 409A or an exemption therefrom
(including amendments with retroactive effect), or take any other actions as it deems necessary or
appropriate to (a) exempt the Performance Share Award from Code Section 409A and/or preserve the
intended tax treatment of the benefits provided with respect to the Performance Share Award, or (b)
comply with the requirements of Code Section 409A. To the extent applicable, this Award Agreement
shall be interpreted in accordance with the provisions of Code Section 409A.

Section 4.4 Tax Consultation. The Executive understands that he may suffer adverse
tax consequences in connection with the Performance Share Award or the payment thereof. The
Executive represents that the Executive has consulted with any tax consultants that he deems
advisable in connection with the Performance Share Award and that the Executive is not relying on
the Company for tax advice.

Section 4.5 Conformity to Securities Laws. This Award Agreement is intended to conform
to the extent necessary with all provisions of the Securities Act and the Exchange Act and any and
all regulations and rules promulgated by the Securities and Exchange Commission thereunder,
including without limitation Rule 16b-3. Notwithstanding anything herein to the contrary, this
Award Agreement shall be administered, and the Performance Shares shall be issued, only in such a
manner as to conform to such laws, rules and regulations. To the extent permitted by applicable
law, this Award Agreement and the Performance Shares issued hereunder shall be deemed amended to
the extent necessary to conform to such laws, rules and regulations.

Section 4.6 Amendment. This Award Agreement may only be amended, modified or
terminated by a writing executed by the Executive and by a duly authorized representative of the
Company.

Section 4.7 Severability. In the event that any provision in this Award Agreement is
held invalid or unenforceable, such provision will be severable from, and such invalidity or
unenforceability will not be construed to have any effect on, the remaining provisions of this
Award Agreement, which shall remain in full force and effect.

Section 4.8 Notices. Any notice to be given under the terms of this Award Agreement to
the Company shall be addressed to the Company in care of its Secretary, and any notice to be given
to the Executive shall be addressed to him at his then current address on the books and records of
the Company. By a notice given pursuant to this Section 4.8, either party may hereafter designate
a different address for notices to be given to it or him. Any notice which is required to be given
to the Executive shall, if the Executive is then deceased, be given to the Executive’s personal
representative if such representative has previously informed the Company of his status and address
by written notice under this Section 4.8.

Section 4.9 Captions. Captions provided herein are for convenience only and are not to
serve as a basis for interpretation or construction of this Award Agreement.

Section 4.10 Governing Law. The laws of the State of Colorado shall govern the
interpretation, validity, administration, enforcement and performance of the terms of this Award
Agreement regardless of the law that might be applied under principles of conflicts of laws.

 

B-8

 

Section 4.11 Authority. The Committee or the Board, as applicable, shall have the
power to interpret this Agreement and to adopt and interpret such rules for its administration,
interpretation and application as are consistent with the terms hereof (including, but not limited
to, the determination of whether or not any Performance Shares have vested and become payable).
All actions taken and all interpretations and determinations made by the Committee or the Board, as
applicable, in good faith will be final and binding upon the Executive, the Company and any and all
other interested persons. No member of the Committee or the Board will be personally liable for
any action, determination or interpretation made in good faith with respect to this Agreement and,
to the greatest extent allowable pursuant to applicable law, each member of the Committee and the
Board shall be fully indemnified and held harmless by the Company from any loss, cost, liability,
or expense that may be imposed upon or reasonably incurred by such member in connection with such
administration of this Agreement.

ARTICLE
V. 

ADJUSTMENTS IN CAPITALIZATION.

Section 5.1 In the event of any stock dividend, stock split, combination or exchange
of shares, merger, consolidation, spin-off, recapitalization or other distribution (other than
normal cash dividends) of Company assets to stockholders, or any other change affecting the shares
of Stock or the share price of the Stock, the Committee shall make proportionate adjustments to any
or all of the following in order to reflect such change: (a) the aggregate number and kind of
shares that may be issued under this Award Agreement; and (b) the terms and conditions of the
Performance Shares (including, without limitation, the Performance Targets). Any such adjustment
shall be made consistent with the requirements of Section 162(m) of the Code to the extent that the
Performance Shares are intended to constitute Qualified Performance-Based Compensation.

Section 5.2 In the event of any transaction or event described in Section 5.1 above or
any unusual or nonrecurring transactions or events affecting the Company, any affiliate of the
Company, or the financial statements of the Company or any affiliate, or of changes in applicable
laws, regulations or accounting principles, the Committee, in its sole discretion and on such terms
and conditions as it deems appropriate, either by the terms of this Award Agreement or by action
taken prior to the occurrence of such transaction or event and either automatically or upon the
Executive’s request, is hereby authorized to take any one or more of the following actions whenever
the Committee determines that such action is appropriate in order to prevent dilution or
enlargement of the benefits or potential benefits intended to be made available under this Award
Agreement, to facilitate such transactions or events or to give effect to such changes in laws,
regulations or principles:

(a) To provide for either (1) termination of this Award Agreement in exchange for an amount of
cash, if any, equal to the amount that would have been attained upon the vesting and payment of the
Performance Shares under this Award Agreement as of the date of such termination (and, for the
avoidance of doubt, if, as of the date of the occurrence of the transaction or event described in
this Section 5.2, the Committee determines in good faith that no amount would have been attained
upon the realization of the Executive’s rights, then the Performance Shares may be terminated by
the Company without payment), or (2) the replacement of such Performance Shares with other rights
or property selected by the Committee in its sole discretion;

(b) To provide that the Performance Shares be (1) assumed by a successor or survivor
corporation, or a parent or subsidiary thereof, or (2) substituted for by a similar award covering
the stock of a successor or survivor corporation, or a parent or subsidiary thereof, in either
case, with appropriate adjustments as to the number and kind of shares and prices;

 

B-9

 

(c) To make adjustments in the number and type of shares of Stock (or other securities or
property) subject to the Performance Share Award and/or in the terms and conditions of the
Performance Shares;

(d) To provide that the Performance Shares subject to this Award Agreement shall be fully
vested and payable with respect to all such shares, notwithstanding anything to the contrary in
this Award Agreement; and

(e) To provide that the Performance Shares cannot vest or become payable after such event.

IN WITNESS WHEREOF, this Award Agreement has been executed and delivered by the parties
hereto.

	 	 	 	 	 
	 	RENTECH, INC.,

a Colorado corporation

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

	 	 	 
	EXECUTIVE
	 	 
	 
	 	 
	 

Dan J. Cohrs

	 	 

 

B-10

 

EXHIBIT A

SHARE PRICE TARGETS

For purposes of this Award Agreement, the Performance Percentage shall be determined as of any
given date by matching the Volume Weighted Average Share Price on such date with the corresponding
percentage listed in the Share Price Table below. To the extent that the applicable Volume
Weighted Average Share Price falls between the incremental levels contained in this Share Price
Target Table, the Performance Percentage shall be determined based on a linear pro ration between
the relevant increments rounded to the nearest percentage point.

SHARE PRICE TARGET TABLE

	 	 	 
	If the Fair Market Value on the	 	 
	determination date equals:	 	Then the Performance Percentage shall be equal to:
	$2.00 per share or less
	 	0%
	$3.00 per share
	 	50%
	$4.00 per share or more
	 	100%

 

B-11

 

EXHIBIT C

RENTECH, INC.

TOTAL SHAREHOLDER RETURN

INDUCEMENT PERFORMANCE SHARE AWARD AGREEMENT

 

C-1

 

RENTECH, INC. TOTAL SHAREHOLDER RETURN

INDUCEMENT PERFORMANCE SHARE AWARD AGREEMENT

THIS TOTAL SHAREHOLDER RETURN PERFORMANCE SHARE AWARD AGREEMENT (the “Award Agreement”), dated
as of [_____] (the “Grant Date”), by and between Rentech, Inc., a Colorado corporation (the
“Company”), and Dan J. Cohrs (the “Executive”), confers upon the Executive the right to receive
Stock, the payment of which is contingent upon achieving specified performance-based targets
established by the Committee, as provided herein. This Award Agreement is entered into as a
material inducement, within the meaning of Section 711(a) of the Rules of the American Stock
Exchange, for the Executive to accept employment with the Company pursuant to that certain
Employment Agreement, dated as of [_____], between the Executive and the Company (the “Employment
Agreement”). The award of Performance Shares provided for herein (the “Performance Share Award”)
is made in satisfaction of the Company’s obligation to grant Total Shareholder Return Shares
arising under Section 3(b)(ii) of the Employment Agreement. In consideration of the mutual
covenants herein contained and for other good and valuable consideration, receipt of which is
hereby acknowledged, the parties hereto do hereby agree as follows:

ARTICLE VI.

DEFINITIONS

Section 6.1 As used herein, the following terms shall have the meanings specified
below, unless the context clearly indicates otherwise.

	 	a.	 	“Board” means the Board of Directors of the Company.

	 	b.	 	“Cause” shall have the meaning provided in the Employment Agreement.

	 	c.	 	“Change in Control” means:

	 	i.	 	A transaction or series of transactions (other than an offering of Stock to the
general public through a registration statement filed with the Securities and Exchange
Commission) whereby any “person” or related “group” of “persons” (as such terms are
used in Sections 13(d) and 14(d)(2) of the Exchange Act) (other than the Company, any
of its subsidiaries, an employee benefit plan maintained by the Company or any of its
subsidiaries or a “person” that, prior to such transaction, directly or indirectly
controls, is controlled by, or is under common control with, the Company) directly or
indirectly acquires beneficial ownership (within the meaning of Rule 13d-3 under the
Exchange Act) of securities of the Company possessing more than 50% of the total
combined voting power of the Company’s securities outstanding immediately after such
acquisition; or

	 	ii.	 	During any twelve-month period, individuals who, at the beginning of such
period, constitute the Board together with any new director(s) (other than a director
designated by a person who shall have entered into an agreement with the Company to
effect a transaction described in Section 1.1(c)(i) or Section 1.1(c)(iii)) whose
election by the Board or nomination for election by the Company’s stockholders was
approved by a vote of at least a majority of the directors then still in office who
either were directors at the beginning of the twelve-month period or whose election or
nomination for election was previously so approved, cease for any reason to constitute
a majority thereof; or

 

C-2

 

	 	iii.	 	The consummation by the Company (whether directly involving the Company or
indirectly involving the Company through one or more intermediaries) of (x) a merger,
consolidation, reorganization, or business combination or (y) a sale or other
disposition of all or substantially all of the Company’s assets in any single
transaction or series of related transactions or (z) the acquisition of assets or stock
of another entity, in each case other than a transaction:

	 	A.	 	Which results in the Company’s voting securities
outstanding immediately before the transaction continuing to represent
(either by remaining outstanding or by being converted into voting
securities of the Company or the person that, as a result of the
transaction, controls, directly or indirectly, the Company or owns,
directly or indirectly, all or substantially all of the Company’s assets
or otherwise succeeds to the business of the Company (the Company or such
person, the “Successor Entity”)) directly or indirectly, at least a
majority of the combined voting power of the Successor Entity’s
outstanding voting securities immediately after the transaction, and

	 	B.	 	After which no person or group beneficially owns
voting securities representing 35% or more of the combined voting power
of the Successor Entity; provided, that no person or group shall be
treated for purposes of this Section 2(c)(iii)(B) as beneficially owning
35% or more of combined voting power of the Successor Entity solely as a
result of the voting power held in the Company prior to the consummation
of the transaction; or

	 	iv.	 	The Company’s stockholders approve a liquidation or dissolution of the Company.
	 
	 	 	 	The Board shall have full and final authority, which shall be exercised in its
discretion, to determine conclusively whether a Change in Control of the Company has
occurred pursuant to the above definition, the date of the occurrence of such Change in
Control and any incidental matters relating thereto.

	 	d.	 	“Code” means the Internal Revenue Code of 1986, as amended, together with the
regulations and other official guidance promulgated thereunder.
	 
	 	e.	 	“Committee” means the committee of the Board described in Article 12 of the
Company’s Amended and Restated 2006 Incentive Award Plan.

	 	f.	 	“Disability” means that the Executive qualifies to receive long-term disability
payments under the Company’s long-term disability insurance program, as it may be
amended from time to time or, if no such plan is applicable to the Executive, as
determined in the sole discretion of the Committee.

	 	g.	 	“Exchange Act” means the Securities Exchange Act of 1934, as amended.

	 	h.	 	“Fair Market Value” means, as of any given date, the value of a share of Stock
determined as follows:

	 	i.	 	If the Stock is listed on any established stock exchange (such as the
New York Stock Exchange, the NASDAQ Global Market and the NASDAQ Global Select
Market) or national market system, its Fair Market Value shall be the closing sales
price for a share of Stock as quoted on such exchange or system for such date or,
if there is no closing sales price for a share of Stock on the date in question,
the closing sales price for a share
of Stock on the last preceding date for which such quotation exists, as reported in
The Wall Street Journal or such other source as the Committee deems reliable;

 

C-3

 

	 	ii.	 	If the Stock is not listed on an established stock exchange or national
market system, but the Stock is regularly quoted by a recognized securities dealer,
its Fair Market Value shall be the mean of the high bid and low asked prices for
such date or, if there are no high bid and low asked prices for a share of Stock on
such date, the high bid and low asked prices for a share of Stock on the last
preceding date for which such information exists, as reported in The Wall Street
Journal or such other source as the Committee deems reliable; or

	 	iii.	 	If the Stock is neither listed on an established stock exchange or a
national market system nor regularly quoted by a recognized securities dealer, its
Fair Market Value shall be established by the Committee in good faith.

	 	i.	 	“Good Reason” shall have the meaning provided in the Employment Agreement.

	 	j.	 	“Measurement Date” means April 1, 2011.

	 	k.	 	“Peer Companies” means the peer companies listed on Exhibit B hereto,
excluding any companies whose shares are no longer listed on an exchange or quoted on
NASDAQ or a successor or other quotation system at such time as a calculation pursuant
to this Agreement is required to be made using the Total Shareholder Return for the
Peer Companies.

	 	l.	 	“Performance Percentage” shall mean the Performance Percentage corresponding to
the Total Shareholder Return Percentile in the Total Shareholder Return Table contained
in Exhibit A hereto. For informational purposes an example of the Total
Shareholder Return Percentile calculation is set forth on Exhibit A.

	 	m.	 	“Performance Shares” shall mean up to [                    ] shares of Stock that will be
issued to the Executive under this Award Agreement if the Performance Targets or such
other criteria described hereunder are met during the applicable performance period.

	 	n.	 	“Performance Targets” shall mean the specific target or targets determined by
the Committee, as specified in Section 2.2 and Exhibit A hereto.

	 	o.	 	“Qualified Performance-Based Compensation” means any compensation that is
intended to qualify as “qualified performance-based compensation” as described in
Section 162(m)(4)(C) of the Code.

	 	p.	 	“Rule 16b-3” shall mean that certain Rule 16b-3 under the Exchange Act, as such
Rule may be amended from time to time.

	 	q.	 	“Securities Act” means the Securities Act of 1933, as amended.

	 	r.	 	“Stock” means the common stock of the Company, par value $0.01 per share, and
such other securities of the Company that may be substituted for Stock pursuant to
Article 5 below.

 

C-4

 

	 	s.	 	“Subsidiary” means any “subsidiary corporation” of the Company as defined in
Section 424(f) of the Code and any applicable regulations promulgated thereunder or any
other entity of which a majority of the outstanding voting stock or voting power is
beneficially owned directly or indirectly by the Company.

	 	t.	 	“Termination of Service” shall mean the Executive’s termination of employment
with the Company for any reason, with or without cause, including, but not by way of
limitation, a termination by resignation, discharge, death, or Disability, provided,
that, if the Executive continues to serve as a Director immediately following any such
termination of employment, the Committee may, in its sole discretion, determine that a
Termination of Service has not occurred until such time as the Executive ceases to
serve as a Director.

	 	u.	 	“Total Shareholder Return” shall mean the quotient (expressed as a percentage)
obtained by dividing (i)(A) the Volume Weighted Average Share Price as of the
Measurement Date or the Termination Date, as applicable, minus (B) the Volume Weighted
Average Share Price as of April 1, 2008, plus (C) the aggregate amount of dividends
paid in respect of a share of Stock during the period commencing on April 1, 2008 and
ending on the Measurement Date, by (ii) the Volume Weighted Average Share Price on
April 1, 2008.

	 	v.	 	“Total Shareholder Return Percentile” means the relative performance percentile
obtained when the Company’s Total Shareholder Return is compared to the total
shareholder return of each of the Peer Companies, based on the same period and using
the same methodology as that used to determine the Company’s Total Shareholder Return,
as determined by the Committee. For informational purposes an example of the Total
Shareholder Return Percentile calculation is set forth on Exhibit A.

	 	w.	 	“Total Shareholder Return Threshold” shall mean a Total Shareholder Return
Percentile in excess of 25%.

	 	x.	 	“Volume Weighted Average Share Price” shall mean the trailing sixty-day volume
weighted average closing price of a share of Stock on the principal exchange on which
the Stock is then trading, as determined by the Committee.

ARTICLE VII.

AWARD OF PERFORMANCE SHARES

Section 7.1 Award of Performance Shares. As of the Grant Date, the Company grants to
the Executive the Performance Share Award on the terms and conditions set forth in this Award
Agreement, in accordance with the Employment Agreement and as a material inducement, within the
meaning of Section 711(a) of the Rules of the American Stock Exchange, to accept employment with
the Company. The Performance Share Award represents a potential right to receive shares of Stock
that may become payable based upon the Executive’s continued service and the achievement of the
Performance Targets. The actual number of Performance Shares, if any, payable to the Executive
will be determined by reference to the Total Shareholder Return Percentile as of the Measurement
Date or Termination Date, as applicable. The Executive’s right and interest in the Performance
Share Award represents a mere unfunded and unsecured contingent promise to pay by the Company. As
a further condition to the
Company’s obligations under this Award Agreement, the Executive’s spouse, if any, shall
execute and deliver to the Company the Consent of Spouse attached hereto as Exhibit C.

 

C-5

 

Section 7.2 Payment of Performance Shares.

(a) Subject to Section 2.2(b) below, in the event that (i) the Executive does not incur a
Termination of Service prior to the Measurement Date, and (ii) during the period commencing on
April 1, 2008 and ending on the Measurement Date, the Company achieves a Total Shareholder Return
in excess of the Total Shareholder Return Threshold, then the Executive shall be entitled to
receive a number of Performance Shares equal to the product of (x) the maximum number of
Performance Shares subject to this Performance Share Award, multiplied by (y) the Performance
Percentage determined as of the Measurement Date in accordance with the Total Shareholder Return
Table contained in Exhibit A hereto. Any Performance Shares that become payable to the
Executive shall be paid in whole shares of Stock as soon as practicable after the Measurement Date,
but in no event later than the last day of the applicable two and one-half (2 1/2) month “short-term
deferral” period with respect to such payment, within the meaning of Treasury Regulation Section
1.409A-1(b)(4) (the “Short-Term Deferral Period”).

(b) Notwithstanding Section 2.2(a) above:

	 	(i)	 	In the event that, prior to the Measurement Date, a Change
in Control occurs and the Executive has not experienced a Termination of
Service prior to such Change in Control, then, upon such Change in Control,
the Executive shall be entitled to receive the maximum number of Performance
Shares subject to this Performance Share Award as soon as practicable after
the Change in Control occurs, but in no event later than the last day of the
applicable Short-Term Deferral Period;

	 	(ii)	 	In the event that, (A) after March 31, 2009, but prior to
the Measurement Date, the Executive experiences a Termination of Service by
the Company without Cause or by the Executive for Good Reason, and (B) during
the period commencing on April 1, 2008 and ending on the date of Termination
of Service (the “Termination Date”), the Company achieves a Total Shareholder
Return in excess of the Total Shareholder Return Threshold, then the
Executive shall be entitled to receive a number of Performance Shares
determined by multiplying (x) the maximum number of Performance Shares
subject to this Performance Share Award, times (y) the Performance Percentage
applicable as of the Termination Date, determined in accordance with the
Total Shareholder Return Table contained in Exhibit A hereto, times
(z)(1) if such Termination of Service occurs on any date after March 31, 2009
but prior to April 1, 2010, a factor of 25%, and (2) if such termination
occurs on any date after March 31, 2010, but prior to April 1, 2011, a factor
of 50%, payable, in any event, as soon as practicable after the Termination
Date, but in no event later than the last day of the applicable Short-Term
Deferral Period (it being understood that no Performance Shares shall become
payable under this Section 2.2(b)(ii) in connection with a Termination of
Service occurring on or prior to March 31, 2009); and

	 	(iii)	 	In the event that, prior to the Measurement Date, (A) the
Executive experiences a Termination of Service due to the Executive’s death
or Disability, and (B) during the period commencing on April 1, 2008 and
ending on the Termination Date, the Company achieves a Total Shareholder
Return in excess of the Total Shareholder Return Threshold, then the
Executive shall be entitled to receive a
number of Performance Shares determined by multiplying (x) the maximum
number of Performance Shares subject to this Performance Share Award, times
(y) the Performance Percentage determined as of the Termination Date in
accordance with the Total Shareholder Return Table contained in Exhibit
A hereto, payable as soon as practicable after the Termination Date, but
in no event later than the last day of the applicable Short-Term Deferral
Period.

 

C-6

 

Section 7.3 Forfeiture; Transfer Restrictions. The right to receive the Performance
Shares shall be subject to forfeiture as provided in Section 3.1 of this Award Agreement, and the
Executive shall have no right to sell, assign, transfer, pledge, or otherwise encumber or dispose
of the Performance Share Award or the Executive’s right to receive the Performance Shares.

Section 7.4 No Rights as Stockholder. Neither the Executive nor any person claiming
under or through the Executive shall have any of the rights or privileges of a stockholder of the
Company in respect of any shares that may become deliverable hereunder unless and until
certificates representing such shares shall have been issued or recorded in book entry form on the
records of the Company or its transfer agents or registrars, and delivered in certificate or book
entry form to the Executive or any person claiming under or through the Executive.

ARTICLE VIII.

RESTRICTIONS

Section 8.1 Forfeiture.

(a) Termination of Service. Except as expressly provided in Section 2.2(b) above, in the
event that the Executive incurs a Termination of Service for any reason prior to the Measurement
Date, the Performance Share Award and the Performance Shares, to the extent not payable under
Section 2.2 as of the Termination Date, shall thereupon automatically and without further action be
cancelled and forfeited by the Executive, and the Executive shall have no further right or interest
in or with respect thereto. No portion of the Performance Share Award and no portion of the
Performance Shares which are not payable to the Executive under Section 2.2 above as of the
Termination Date shall thereafter become payable.

(b) Failure to Achieve Performance Target. Any portion of the Performance Share Award and any
Performance Shares which do not become payable to the Executive as of the Measurement Date as a
result of the relevant Performance Targets not being fully achieved shall automatically and without
further action be cancelled and forfeited by the Executive as of the Measurement Date, and the
Executive shall have no further right or interest in or with respect to such portion of the
Performance Share Award or Performance Shares. No portion of the Performance Share Award and no
portion of the Performance Shares which do not become payable to the Executive as of the
Measurement Date as a result of the relevant Performance Targets not being fully achieved shall
thereafter become payable.

Section 8.2 Distribution of Stock. Notwithstanding anything herein to the contrary,
the Company shall not be required to issue or deliver any certificates evidencing shares of Stock
pursuant to this Award Agreement unless and until the Committee has determined that the issuance
and delivery of such certificates is in compliance with all applicable laws, regulations of
governmental authorities and, if applicable, the requirements of any exchange on which the shares
of Stock are listed or traded. All Stock certificates delivered pursuant to this Award Agreement
shall be subject to any stop-transfer orders and other restrictions as the Committee deems
necessary or advisable to comply with federal, state, or foreign
jurisdiction, securities or other laws, rules and regulations and the rules of any national
securities exchange or automated quotation system on which the Stock is listed, quoted, or traded.
The Committee may place legends on any Stock certificate to reference restrictions applicable to
the Stock. In addition to the terms and conditions provided herein, the Committee may require that
the Executive make such reasonable covenants, agreements, and representations as the Committee, in
its discretion, deems advisable in order to comply with any such laws, regulations, or
requirements. The Committee shall have the right to require the Executive to comply with any
timing or other restrictions with respect to the settlement of any Performance Shares, including a
window-period limitation, as may be imposed in the discretion of the Committee. Notwithstanding
any other provision of this Agreement, unless otherwise determined by the Committee or required by
any applicable law, rule or regulation, the Company shall not deliver to the Executive any
certificates evidencing shares of Stock issued upon settlement of any Performance Shares under this
Award Agreement and instead such shares of Stock shall be recorded in the books of the Company (or,
as applicable, its transfer agent or stock plan administrator). No fractional shares shall be
issued and the Committee shall determine, in its sole discretion, whether cash shall be given in
lieu of any vested fractional Performance Shares or whether such fractional shares shall be
eliminated by rounding up or down as appropriate.

 

C-7

 

ARTICLE IX.

MISCELLANEOUS

Section 9.1 No Right to Continued Employment. Nothing in this Award Agreement shall
confer upon the Executive any right to continue as an employee, consultant, director or other
service provider of the Company or any Subsidiary, or shall interfere with or restrict in any way
the rights of the Company or any Subsidiary, which are hereby expressly reserved, to discharge the
Executive at any time for any reason whatsoever, with or without cause, except to the extent
expressly provided otherwise in a written employment agreement between the Executive and the
Company or any Subsidiary.

Section 9.2 Tax Withholding. The Company shall have the authority and the right to
deduct or withhold, or to require the Executive to remit to the Company, an amount sufficient to
satisfy all applicable federal, state and local taxes (including the Executive’s employment tax
obligations) required by law to be withheld with respect to any taxable event arising in connection
with the Performance Shares. The Committee may, in its sole discretion and in satisfaction of the
foregoing requirement, allow the Executive to elect to have the Company withhold Performance Shares
that become payable under this Performance Share Agreement (or allow the return of such shares of
Stock by the Executive) having a Fair Market Value equal to the sums required to be withheld,
provided, that the number of shares which may be so withheld (or returned) with respect to a
taxable event arising in connection with the Performance Shares shall be limited to the number of
shares which have a Fair Market Value on the date of withholding equal to the aggregate amount of
such liabilities based on the minimum statutory withholding rates for federal, state and local
income tax and payroll tax purposes that are applicable to such supplemental taxable income.

Section 9.3 Section 409A. The Performance Share Award is not intended to constitute
or provide for “nonqualified deferred compensation” within the meaning of Code Section 409A.
Nevertheless, to the extent that the Committee determines that the Performance Share Award may not
be exempt from (or compliant with) Code Section 409A, the Committee may amend this Award Agreement
in a manner intended to comply with the requirements of Code Section 409A or an exemption therefrom
(including amendments with retroactive effect), or take any other actions as it deems necessary or
appropriate to (a) exempt the Performance Share Award from Code Section 409A and/or preserve the
intended tax treatment of the benefits provided with respect to the Performance Share Award, or (b)
comply with the requirements of Code Section 409A. To the extent applicable, this Award Agreement
shall be interpreted in accordance with the provisions of Code Section 409A.

 

C-8

 

Section 9.4 Tax Consultation. The Executive understands that he may suffer adverse
tax consequences in connection with the Performance Share Award or the payment thereof. The
Executive represents that the Executive has consulted with any tax consultants that he deems
advisable in connection with the Performance Share Award and that the Executive is not relying on
the Company for tax advice.

Section 9.5 Conformity to Securities Laws. This Award Agreement is intended to conform
to the extent necessary with all provisions of the Securities Act and the Exchange Act and any and
all regulations and rules promulgated by the Securities and Exchange Commission thereunder,
including without limitation Rule 16b-3. Notwithstanding anything herein to the contrary, this
Award Agreement shall be administered, and the Performance Shares shall be issued, only in such a
manner as to conform to such laws, rules and regulations. To the extent permitted by applicable
law, this Award Agreement and the Performance Shares issued hereunder shall be deemed amended to
the extent necessary to conform to such laws, rules and regulations.

Section 9.6 Amendment. This Award Agreement may only be amended, modified or
terminated by a writing executed by the Executive and by a duly authorized representative of the
Company.

Section 9.7 Severability. In the event that any provision in this Award Agreement is
held invalid or unenforceable, such provision will be severable from, and such invalidity or
unenforceability will not be construed to have any effect on, the remaining provisions of this
Award Agreement, which shall remain in full force and effect.

Section 9.8 Notices. Any notice to be given under the terms of this Award Agreement to
the Company shall be addressed to the Company in care of its Secretary, and any notice to be given
to the Executive shall be addressed to him at his then current address on the books and records of
the Company. By a notice given pursuant to this Section 4.3, either party may hereafter designate
a different address for notices to be given to it or him. Any notice which is required to be given
to the Executive shall, if the Executive is then deceased, be given to the Executive’s personal
representative if such representative has previously informed the Company of his status and address
by written notice under this Section 4.3.

Section 9.9 Captions. Captions provided herein are for convenience only and are not to
serve as a basis for interpretation or construction of this Award Agreement.

Section 9.10 Governing Law. The laws of the State of Colorado shall govern the
interpretation, validity, administration, enforcement and performance of the terms of this Award
Agreement regardless of the law that might be applied under principles of conflicts of laws.

Section 9.11 Authority. The Committee or the Board, as applicable, shall have the
power to interpret this Agreement and to adopt and interpret such rules for its administration,
interpretation and application as are consistent with the terms hereof (including, but not limited
to, the determination of whether or not any Performance Shares have vested and become payable).
All actions taken and all interpretations and determinations made by the Committee or the Board, as
applicable, in good faith will be final and binding upon the Executive, the Company and any and all
other interested persons. No member of the Committee or the Board will be personally liable for
any action, determination or interpretation made in good faith with respect to this Agreement and,
to the greatest extent allowable pursuant to applicable law, each member of the Committee and the
Board shall be fully indemnified and held harmless by the Company from any loss, cost, liability,
or expense that may be imposed upon or reasonably incurred by such member in connection with such
administration of this Agreement.

 

C-9

 

ARTICLE X. 

ADJUSTMENTS IN CAPITALIZATION.

Section 10.1 In the event of any stock dividend, stock split, combination or exchange
of shares, merger, consolidation, spin-off, recapitalization or other distribution (other than
normal cash dividends) of Company assets to stockholders, or any other change affecting the shares
of Stock or the share price of the Stock, the Committee shall make proportionate adjustments to any
or all of the following in order to reflect such change: (a) the aggregate number and kind of
shares that may be issued under this Award Agreement; and (b) the terms and conditions of the
Performance Shares (including, without limitation, the Performance Targets). Any such adjustment
shall be made consistent with the requirements of Section 162(m) of the Code to the extent that the
Performance Shares are intended to constitute Qualified Performance-Based Compensation.

Section 10.2 In the event of any transaction or event described in Section 5.1 above
or any unusual or nonrecurring transactions or events affecting the Company, any affiliate of the
Company, or the financial statements of the Company or any affiliate, or of changes in applicable
laws, regulations or accounting principles, the Committee, in its sole discretion and on such terms
and conditions as it deems appropriate, either by the terms of this Award Agreement or by action
taken prior to the occurrence of such transaction or event and either automatically or upon the
Executive’s request, is hereby authorized to take any one or more of the following actions whenever
the Committee determines that such action is appropriate in order to prevent dilution or
enlargement of the benefits or potential benefits intended to be made available under this Award
Agreement, to facilitate such transactions or events or to give effect to such changes in laws,
regulations or principles:

(a) To provide for either (1) termination of this Award Agreement in exchange for an amount of
cash, if any, equal to the amount that would have been attained upon the vesting and payment of the
Performance Shares under this Award Agreement as of the date of such termination (and, for the
avoidance of doubt, if, as of the date of the occurrence of the transaction or event described in
this Section 5.2, the Committee determines in good faith that no amount would have been attained
upon the realization of the Executive’s rights, then the Performance Shares may be terminated by
the Company without payment), or (2) the replacement of such Performance Shares with other rights
or property selected by the Committee in its sole discretion;

(b) To provide that the Performance Shares be (1) assumed by a successor or survivor
corporation, or a parent or subsidiary thereof, or (2) substituted for by a similar award covering
the stock of a successor or survivor corporation, or a parent or subsidiary thereof, in either
case, with appropriate adjustments as to the number and kind of shares and prices;

(c) To make adjustments in the number and type of shares of Stock (or other securities or
property) subject to the Performance Share Award and/or in the terms and conditions of the
Performance Shares;

(d) To provide that the Performance Shares subject to this Award Agreement shall be fully
vested and payable with respect to all such shares, notwithstanding anything to the contrary in
this Award Agreement; and

(e) To provide that the Performance Shares cannot vest or become payable after such event.

 

C-10

 

IN WITNESS WHEREOF, this Award Agreement has been executed and delivered by the parties hereto.

	 	 	 	 	 
	 	

RENTECH, INC.,

a Colorado corporation

 	 
	 	By:  	

 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

	 	 	 
	EXECUTIVE
	 	 
	 
	 	 
	 

[Name]

	 	 

 

C-11

 

EXHIBIT D

 

FORM OF RELEASE

This General Release of all Claims (this “Agreement”) is entered into by Dan J. Cohrs
(“Executive”) and Rentech, Inc. (the “Company”), effective as of [                    ].

In further consideration of the promises and mutual obligations set forth in the Employment
Agreement between Executive and the Company, dated [                    ] (the
“Employment Agreement”), Executive and the Company agree as follows:

1. Return of Property. All Company files, access keys, desk keys, ID badges,
computers, electronic devices, telephones and credit cards, and such other property of the Company
as the Company may reasonably request, in Executive’s possession must be returned no later than the
date of Executive’s termination from the Company.

2. General Release and Waiver of Claims.

(a) Release. In consideration of the payments and benefits provided to
Executive under the Employment Agreement and after consultation with counsel, Executive, personally
and on behalf of each of Executive’s respective heirs, executors, administrators, representatives,
agents, successors and assigns (collectively, the “Releasors”) hereby irrevocably and
unconditionally releases and forever discharges the Company and its subsidiaries and affiliates and
each of their respective officers, employees, directors, and agents and all persons acting in
concert with them or any of them (“Releasees”) from any and all claims, actions, causes of
action, rights, judgments, obligations, damages, demands, accountings or liabilities of whatever
kind or character (collectively, “Claims”), including, without limitation, any Claims under
any federal, state, local or foreign law, including without limitation, the Age Discrimination in
Employment Act, as amended, 29 U.S.C. § 621, et seq.; Title VII of the Civil Rights Act of 1964, as
amended by the Civil Rights Act of 1991, 42 U.S.C. § 2000 et seq.; Equal Pay Act, as amended, 29
U.S.C. § 206(d); the Civil Rights Act of 1866, 42 U.S.C. § 1981; the Family and Medical Leave Act
of 1993, 29 U.S.C. § 2601 et seq.; the Americans with Disabilities Act of 1990, 42 U.S.C. § 12101
et seq.; the False Claims Act , 31 U.S.C. § 3729 et seq.; the Employee Retirement Income Security
Act, as amended, 29 U.S.C. § 1001 et seq.; the Worker Adjustment and Retraining Notification Act,
as amended, 29 U.S.C. § 2101 et seq. the Fair Labor Standards Act, 29 U.S.C. § 215 et seq., the
Sarbanes-Oxley Act of 2002; the California Fair Employment and Housing Act, as amended, Cal. Lab.
Code § 12940 et seq.; the California Equal Pay Law, as amended, Cal. Lab. Code §§ 1197.5(a),1199.5;
the Moore-Brown-Roberti Family Rights Act of 1991, as amended, Cal. Gov’t Code §§12945.2, 19702.3;
California Labor Code §§ 1101, 1102, 69 Ops. Cal. Atty. Gen. 80 (1986); California Labor Code §§
1102.5(a), (b); the California WARN Act, Cal. Lab. Code § 1400 et seq.; the California False Claims
Act, Cal. Gov’t Code § 12650 et seq.; the California Corporate Criminal Liability Act, Cal. Penal
Code § 387; and the California Labor Code, that the Releasors had, have, may have, or in the future
may possess, arising out of (i) Executive’s employment relationship with and service as an
employee, officer or director of the Company, and the termination of such relationship or service,
and (ii) any event, condition, circumstance or obligation that occurred, existed or arose on or
prior to the date hereof; provided, however, that Executive does not release,
discharge or waive any rights to payments and benefits provided under the Employment Agreement that
are contingent upon the execution by Executive of this Agreement, any vested benefits, any rights
to indemnification, or any rights as a shareholder of the Company.

 

D-1

 

THE EXECUTIVE ACKNOWLEDGES THAT HE HAS BEEN ADVISED OF AND IS FAMILIAR WITH THE PROVISIONS OF
CALIFORNIA CIVIL CODE SECTION 1542, WHICH PROVIDES AS FOLLOWS:

“A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE CREDITOR DOES NOT KNOW OR SUSPECT TO
EXIST IN HIS OR HER FAVOR AT THE TIME OF EXECUTING THE RELEASE, WHICH, IF KNOWN BY HIM OR HER, MUST
HAVE MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH THE DEBTOR.”

BEING AWARE OF SAID CODE SECTION, THE EXECUTIVE HEREBY EXPRESSLY WAIVES ANY RIGHTS HE MAY HAVE
THEREUNDER, AS WELL AS UNDER ANY OTHER STATUTES OR COMMON LAW PRINCIPLES OF SIMILAR EFFECT.

(b) Specific Release of ADEA Claims. In further consideration of the
payments and benefits provided to Executive under the Employment Agreement, the Releasors hereby
unconditionally release and forever discharge the Releasees from any and all Claims that the
Releasors may have as of the date Executive signs this Agreement arising under the Federal Age
Discrimination in Employment Act of 1967, as amended, and the applicable rules and regulations
promulgated thereunder (“ADEA”). By signing this Agreement, Executive hereby acknowledges
and confirms the following: (i) Executive was, and is hereby, advised by the Company in connection
with his termination to consult with an attorney of his choice prior to signing this Agreement and
to have such attorney explain to Executive the terms of this Agreement, including, without
limitation, the terms relating to Executive’s release of claims arising under ADEA, and Executive
has in fact consulted with an attorney; (ii) Executive was given a period of not fewer than 21 days
to consider the terms of this Agreement and to consult with an attorney of his choosing with
respect thereto; (iii) Executive knowingly and voluntarily accepts the terms of this Agreement;
(iv) the payments and benefits provided to Executive in consideration of this release are in
addition to any amounts otherwise owed to Executive; and (v) this Agreement is written in a manner
designed to be understood by Executive and he understands it. Executive also understands that he
has seven days following the date on which he signs this Agreement within which to revoke the
release contained in this paragraph, by providing the Company a written notice of his revocation of
the release and waiver contained in this paragraph.

(c) No Assignment. Executive represents and warrants that he has not
assigned any of the Claims being released under this Agreement.

3. Proceedings. Executive has not filed, and agrees not to initiate or cause to
be initiated on his behalf, any complaint, charge, claim or proceeding against the Releasees before
any local, state or federal agency, court or other body relating to any Claims released under this
Agreement, including without limitation, any Claims relating to his employment or the termination
of his employment, (each, individually, a “Proceeding”), and agrees not to participate
voluntarily in any Proceeding. Notwithstanding the foregoing, Executive may bring to the attention
of the United States Equal Employment Opportunity Commission (the “EEOC”) claims of
discrimination. Executive waives any right he may have to benefit in any manner from any relief
(whether monetary or otherwise) arising out of any Proceeding.

 

D-2

 

4. Remedies. In the event Executive initiates or voluntarily participates in any
Proceeding, or if he fails to abide by any of the terms of this Agreement or his post-termination
obligations contained in the Employment Agreement, or if he revokes the ADEA release contained in
Paragraph 2(b) of this Agreement within the seven-day period provided under Paragraph 2(b), the
Company may, in addition to any other remedies it may have, reclaim any amounts paid to him under
the severance provisions of the Employment Agreement or terminate any benefits or payments that are
subsequently due under the Employment Agreement, without waiving the release granted herein. The
foregoing shall not apply to
Executive’s bringing to the attention of the EEOC any claims of discrimination. Executive
acknowledges and agrees that the remedy at law available to the Company for breach of any of his
post-termination obligations under the Employment Agreement or his obligations under Paragraphs 2
and 3 of this Agreement would be inadequate and that damages flowing from such a breach may not
readily be susceptible to being measured in monetary terms. Accordingly, Executive acknowledges,
consents and agrees that, in addition to any other rights or remedies that the Company may have at
law or in equity, the Company shall be entitled to seek a temporary restraining order or a
preliminary or permanent injunction, or both, without bond or other security, restraining Executive
from breaching his post-termination obligations under the Employment Agreement or his obligations
under Paragraphs 2 and 3 of this Agreement. Such injunctive relief in any court shall be available
to the Company, in lieu of, or prior to or pending determination in, any arbitration proceeding.

Executive understands that by entering into this Agreement he will be limiting the
availability of certain remedies that he may have against the Company and limiting also his ability
to pursue certain claims against the Company.

5. Severability Clause. In the event any provision or part of this Agreement is
found to be invalid or unenforceable, only that particular provision or part so found, and not the
entire Agreement, will be inoperative.

6. Non-admission. Nothing contained in this Agreement will be deemed or
construed as an admission of wrongdoing or liability on the part of the Company.

7. Governing Law. All matters affecting this Agreement, including the validity
thereof, are to be governed by, and interpreted and construed in accordance with, the laws of the
State of California regardless of the law that might be applied under principles of conflicts of
laws.

8. Arbitration. Any dispute or controversy arising under or in connection with
this Agreement or otherwise in connection with Executive’s employment by the Company that cannot be
mutually resolved by the parties to this Agreement and their respective advisors and
representatives shall be settled exclusively by arbitration in Los Angeles, California in
accordance with the rules of the American Arbitration Association before one arbitrator of
exemplary qualifications and stature, who shall be selected jointly by an individual to be
designated by the Company and an individual to be selected by Executive or, if such two individuals
cannot agree on the selection of the arbitrator, who shall be selected by the American Arbitration
Association. The Company will pay the direct costs and expenses of any such arbitration, including
the fees and costs of the arbitrator; provided, however, that the arbitrator may,
at his or her election, award attorneys’ fees to the prevailing party, if permitted by applicable
law.

9. Notices. All notices or communications hereunder shall be in writing,
addressed as follows:

To the Company:

Rentech, Inc.

To Executive:

With a copy to:

 

D-3

 

All such notices shall be conclusively deemed to be received and shall be effective (i) if
sent by hand delivery, upon receipt or (ii) if sent by electronic mail or facsimile, upon
confirmation of receipt by the sender of such transmission.

EXECUTIVE ACKNOWLEDGES THAT HE HAS READ THIS AGREEMENT AND THAT HE FULLY KNOWS, UNDERSTANDS
AND APPRECIATES ITS CONTENTS, AND THAT HE HEREBY EXECUTES THE SAME AND MAKES THIS AGREEMENT AND THE
RELEASE AND AGREEMENTS PROVIDED FOR HEREIN VOLUNTARILY AND OF HIS OWN FREE WILL.

IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first set forth
above.

	 	 	 	 	 
	 	RENTECH, INC.

 	 
	 	By:  	 	 
	 	 	Title: 	 
	 	 	Dan J. Cohrs 	 

 

D-4

 

EXHIBIT E

CONFIDENTIALITY AND INVENTION ASSIGNMENT AGREEMENT

CONFIDENTIALITY

AND INVENTION ASSIGNMENT AGREEMENT

This Agreement is made as of the date set forth on the signature page hereto by Dan J. Cohrs,
(hereinafter referred to as “me,” or “I”), for the benefit of RENTECH, INC., a Colorado
corporation, called the “Company.”

WHEREAS, the Company and its subsidiaries and affiliates are engaged in business operations
that require confidentiality, including, but not limited to, in the highly specialized business of
designing and developing the technical and operational know-how of a process capable of converting
synthesis gas, a mixture of hydrogen and carbon monoxide derived from coal and other solid and
liquid carbon-bearing materials, as well as from industrial gas and natural gas into clean-burning
liquid hydrocarbon products, including diesel fuel, aviation fuel, naphtha and other chemicals; and

WHEREAS, I recognize that I have been employed or retained by the Company because of skills
and abilities in work which require the Company to impose the highest degree of trust and
confidence in me, and I recognize that it is necessary for the Company to safeguard its legitimate
proprietary interests relating to its business either through patents or by holding such
information secret or confidential; and

WHEREAS, I am, as an employee, consultant or service provider of the Company or one of the
Company’s subsidiaries or affiliates, in a position to receive proprietary and confidential
information regarding the Company, its subsidiaries and affiliates, or its business which, if
disclosed or used by me in any way, would be harmful to the economic interests of the Company.

NOW, THEREFORE, with respect to and in consideration of the initiation or continuance of my
employment or service, and of other good and valuable consideration received by me, the sufficiency
and receipt of which is hereby acknowledged, I hereby agree to abide by the terms of this
Agreement, as follows:

1. Ownership of Ideas, Inventions and Other Improvements

1.1 All ideas, inventions, discoveries, trademarks, copyrightable works (including “works made for
hire”), proprietary information, know-how, processes, designs, systems, techniques and other
developments or improvements conceived by me, alone or with others, whether or not during working
hours, which are within the scope of my work or the business operations, projects or anticipated
activities of the Company or its subsidiaries or affiliates (collectively referred to as
"Inventions”), shall be the exclusive property of the Company. In accordance with Section 2872 of
the California Employee Patent Act, West’s Cal. Lab. Code Section 2870 et. seq., if applicable, I
acknowledge that I am hereby advised that this Article 1.1 does not apply to any invention, new
development or method (and all copies and tangible embodiments thereof) made solely by me for which
no equipment, facility, material, Confidential Information (as defined below) or intellectual
property of the Company or any of its affiliates was used and which was developed entirely on my
own time; provided, however, that Article 1.1 shall apply if the invention, new
development or method (i) relates at the time of its conception or reduction to practice to the
Company’s or any of its affiliates’ business, or actual or demonstrably anticipated research and
development, or (ii) results from any work performed by me for the Company or any of its
affiliates.

 

E-1

 

I hereby assign and agree to assign my entire right, title and interest in any Inventions to
the Company. To the extent such Inventions cannot be assigned, by operation of law or otherwise, I
hereby irrevocably waive any right or interest I may have in and to such Inventions (including
moral rights) as against the Company, and consent without further consideration to any use or
actions the Company may make or take with respect to such Inventions that would otherwise violate
my rights or interests in Inventions absent such consent.

1.2 I agree to disclose promptly to the Company any and all Inventions which I may conceive or make
in the performance of my work with the Company from the beginning of my employment or service to
the Company until the termination or conclusion thereof, whether they are made solely or jointly
with others.

1.3 I further agree to assist the Company, at its sole option and expense, in obtaining patents or
trademarks in the United States of America or elsewhere on any Inventions, whether they are made
solely or jointly with others, and agree to execute all documents necessary to obtain such patents
in the name of the Company.

1.4 My obligations and covenants contained in this Article 1 shall continue in effect after the
termination of my employment or service with the Company (as applicable) with respect to all and
any Inventions made or conceived by me during the term of my employment or service, and this
obligation shall be binding upon my assigns, heirs, executors, administrators or other legal
representatives.

2. Nondisclosure of Information

2.1 I agree and covenant, except as otherwise required by law, regulation, or other legal process,
that I will not at any time, either during my employment or service or after my termination or
conclusion thereof, in any fashion, form or manner, either directly or indirectly, divulge,
disseminate, disclose or communicate to any person, firm or corporation in any manner whatsoever,
any proprietary or confidential information, information of interest to the Company, trade secrets
or business sensitive information (hereinafter called “Confidential Information”) concerning or
relating to the Company or its subsidiaries and affiliates. Without limiting the generality of the
foregoing, the foregoing shall include the items described in Article 1.1, the names of any Company
customers, its customer lists, the prices it obtains or has obtained or at which it sells or has
sold its products or at which it buys or has bought materials, components or other supplies,
estimates of the foregoing, sales projections, advertising, personnel history or any other
information of, about or concerning the business of the Company, its relations with its employees,
consultants and other service providers, including salaries, job classifications, skill levels, and
its manner of operation, its inventions, plans, processes, or other data of any kind, nature or
description. Notwithstanding these prohibitions, I shall be entitled to divulge or authorize
others in writing to divulge all information regarding my, his or her employment or service to the
Company.

The parties hereto stipulate that as between them, the Confidential Information (whether on
tangible or electronic media) is the exclusive property of the Company and is important, material,
confidential, and constitutes trade secrets, and gravely affects the successful conduct of the
business of the Company and its goodwill, and that any breach of the terms of this paragraph is a
material breach of this Agreement. I shall not remove from the Company’s premises the original or
any reproduction of Confidential Information (whether on tangible or electronic media) nor any of
the information contained therein without the prior written consent of an authorized representative
of the Company. Notwithstanding these prohibitions, I shall be entitled to divulge or authorize
others in writing to divulge information regarding the term of and general duties with respect to
my own employment or service to the Company.

 

E-2

 

2.2 I agree that upon termination of my employment or service to the Company for any reason, I will
deliver to the Company in good condition any and all confidential and proprietary documents and
other tangible or electronic Confidential Information and data, regardless of the form in which it
is recorded, as well as any and all copies and reproductions (regardless of the form of such copies
or reproductions), which I (i) received or obtained from or on behalf of the Company or (ii)
prepared, compiled or collected during the course of my employment or service to the Company. I
specifically agree not to retain any copies of any Confidential Information and that upon the
Company’s request, I will execute a sworn statement certifying that I have complied with this
paragraph.

2.3 I shall not disclose to the Company or induce the Company to use any secret, proprietary or
confidential information or material belonging to others, including my former employers, if any. I
am aware of no agreement, contract, non-compete covenant, non-disclosure/secrecy agreement or
similar restriction that would in any way restrict, limit or prohibit my employment by or service
to the Company or its subsidiaries and affiliates that I have not disclosed and provided to the
Company.

2.4 I agree that the terms of Article 2 shall survive the termination of my employment or service
to the Company, and I shall be bound by its terms at all times after the termination of my
employment or service to the Company.

3. I acknowledge and agree that I have read the Agreement and have been provided with sufficient
opportunity to consult with an attorney of my choice prior to the signing of the Agreement, and
that the execution of this Agreement is a condition to my employment or service or continued
employment or service with the Company.

4. I understand and acknowledge that if I breach this Agreement or am about to breach this
Agreement, the Company shall have the right, and be entitled to, in addition to any other remedies
it may have, injunctive relief, meaning that the Company can bar me from using or disclosing
Inventions and Confidential Information. Accordingly, I agree that, in the event of my violation
or threatened violation, the Company shall be entitled to an injunction before trial before any
court of competent jurisdiction as a matter of course upon the posting of not more than a nominal
bond, in addition to all such other legal and equitable remedies as many be available to the
Company. The Company may elect to seek one or more of these remedies at its sole discretion on a
case by case basis. Failure to seek any or all remedies in one case does not restrict the Company
from seeking any remedies in another situation and shall not constitute a waiver of any of its
rights.

5. In the event that any provision of this Agreement is invalidated or unenforceable under
applicable law, the validity or enforceability of the remaining provisions shall not be affected.
To the extent that any provision of this Agreement is unenforceable because it is overbroad, that
provision shall be limited to the extent required by applicable law and enforced as so limited.

6. The rights and duties of the parties will be governed by the local law of the State of
California, excluding any choice-of-law rules that would require the application of the laws of any
other jurisdiction, and I consent to the jurisdiction of the state and federal courts located in
the state of California to adjudicate any disputes between me and the Company.

7. It is understood and agreed that this Agreement signed as of the date set forth below supersedes
and replaces all previous written or oral confidentiality and invention assignment agreements and
understandings between the parties.

 

E-3

 

Executed as of October [_____], 2008.

	 	 	 	 	 
	 	  	
 	 
	 	 	Name:  	Dan J. Cohrs 	 

 

E-4

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