Document:

Registration Rights Agreement

 Exhibit 10.7 
  
 EX-10.7 REGISTRATION RIGHTS AGREEMENT with C. David Callaham 
  
 REGISTRATION RIGHTS AGREEMENT 
  

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

 1 

 “Registrable Securities” means the shares of Common Stock and issuable upon exercise of
the Warrants. 
  
 “Registration Statement” means
each registration statement required to be filed hereunder, including the Prospectus, amendments and supplements to such registration statement or Prospectus, including pre- and post-effective amendments, all exhibits thereto, and all material
incorporated by reference or deemed to be incorporated by reference in such registration statement. 
  
 “Rule 144” means Rule 144 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended from time to time, or
any similar rule or regulation hereafter adopted by the Commission having substantially the same effect as such Rule. 
  
 “Rule 415” means Rule 415 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended from time to time, or
any similar rule or regulation hereafter adopted by the Commission having substantially the same effect as such Rule. 
  
 “Securities Act” means the Securities Act of 1933, as amended, and any successor statute. 
  
 “Securities Purchase Agreement” means the agreement between
the parties hereto calling for the issuance by the Company of a Promissory Note in a amount of $500,000.00 plus the Warrants. 
  
 “Trading Market” means any of the NASD OTC Bulletin Board, NASDAQ SmallCap Market, the Nasdaq National Market, the American Stock
Exchange or the New York Stock Exchange. 
  
 “Warrants” means the Common Stock purchase warrants issued pursuant to the Securities Purchase Agreement. 
  
 Registration. 
  
 The Company shall prepare and file with the Commission as soon as practical after the date hereof a Registration Statement covering the
Registrable Securities for an offering to be made on a continuous basis pursuant to Rule 415. The Registration Statement shall be on Form S-3 (except if the Company is not then eligible to register for resale the Registrable Securities on Form S-3,
in which case such registration shall be on another appropriate form in accordance herewith). The Company shall use its best efforts to cause the Registration Statement to become effective and remain effective as provided herein. The Company shall
use its reasonable commercial efforts to cause the Registration Statement to be declared effective under the Securities Act as promptly as possible after the filing thereof (the “Effectiveness Date”). The Company shall use its reasonable
commercial efforts to keep the Registration Statement continuously effective under the Securities Act until the date which is the earlier date of when (i) all Registrable Securities have been sold, or (ii) all Registrable Securities may be sold
immediately without registration under the Securities Act and without volume restrictions pursuant to Rule 144(k), as determined by the counsel to the Company pursuant to a written opinion letter to such effect, addressed and acceptable to the
Company’s transfer agent and the affected Holders, or (iii) the second (2nd) anniversary of the expiration of the term of the Warrant, as it may be extended, provided Rule 144(k) or similar successor rule is then applicable to the Registrable
Securities (the “Effectiveness Period”). 
  

 2 

 Within five business days of the Effectiveness Date, the Company shall cause its counsel
to issue a blanket opinion in the form attached hereto as Exhibit A, to the transfer agent stating that the shares are subject to an effective registration statement and can be reissued free of restrictive legend upon notice of a sale by Investor
and confirmation by Investor that it has complied with the prospectus delivery requirements, provided that the Company has not advised the transfer agent orally or in writing that the opinion has been withdrawn. Copies of the blanket opinion
required by this Section 2(c) shall be delivered to Investor within the time frame set forth above. 
  
 Registration Procedures. If and whenever the Company is required by the provisions hereof to effect the registration of any Registrable Securities
under the Securities Act, the Company will, as expeditiously as practical: 
  
 prepare and file with the Commission the Registration Statement with respect to such Registrable Securities, respond as promptly as feasible to any comments received from the Commission, and use its best efforts to
cause the Registration Statement to become and remain effective for the Effectiveness Period with respect thereto; 
  
 prepare and file with the Commission such amendments and supplements to the Registration Statement and the Prospectus used in connection
therewith as may be necessary to comply with the provisions of the Securities Act with respect to the disposition of all Registrable Securities covered by the Registration Statement and to keep such Registration Statement effective until the
expiration of the Effectiveness Period; 
  
 furnish to Investor such number of copies of the Registration Statement and the Prospectus included therein (including each preliminary Prospectus) as Investor reasonably may request to facilitate the public sale or disposition of the
Registrable Securities covered by the Registration Statement; 
  
 use its commercially reasonable efforts to register or qualify Investor’s Registrable Securities covered by the Registration Statement under the securities or “blue sky” laws of such jurisdictions
within the United States as Investor may reasonably request, provided, however, that the Company shall not for any such purpose be required to qualify generally to transact business as a foreign corporation in any jurisdiction where it is not so
qualified or to consent to general service of process in any such jurisdiction; 
  
 list the Registrable Securities covered by the Registration Statement with any securities exchange on which the Common Stock of the
Company is then listed; 
  
 promptly notify
Investor at any time when a Prospectus relating thereto is required to be delivered under the Securities Act, of the happening of any event of which the Company has knowledge as a result of which the Prospectus contained in such Registration
Statement, as then in effect, includes an untrue statement of a material fact or omits to state a material fact required to be stated therein or necessary to make the statements therein not misleading in light of the circumstances then existing; and

  

 3 

 Registration Expenses. All expenses relating to the Company’s compliance with Sections 2 and
3 hereof, including, without limitation, all registration and filing fees, printing expenses, fees and disbursements of counsel and independent public accountants for the Company, fees and expenses (including reasonable counsel fees) incurred in
connection with complying with state securities or “blue sky” laws, fees of the NASD, transfer taxes and fees of transfer agents and registrars are called “Registration Expenses”. The Company shall only be responsible for
Registration Expenses. 
  
 Indemnification. 
  
 In the event of a registration of any Registrable Securities
under the Securities Act pursuant to this Agreement, the Company will indemnify and hold harmless Investor, and its officers, directors and each other person, if any, who controls Investor within the meaning of the Securities Act, against any
losses, claims, damages or liabilities, joint or several, to which Investor, or such persons may become subject under the Securities Act or otherwise, insofar as such losses, claims, damages or liabilities (or actions in respect thereof) arise out
of or are based upon any untrue statement or alleged untrue statement of any material fact contained in any Registration Statement under which such Registrable Securities were registered under the Securities Act pursuant to this Agreement, any
preliminary Prospectus or final Prospectus contained therein, or any amendment or supplement thereof, or arise out of or are based upon the omission or alleged omission to state therein a material fact required to be stated therein or necessary to
make the statements therein not misleading, and will reimburse Investor, and each such person for any reasonable legal or other expenses incurred by them in connection with investigating or defending any such loss, claim, damage, liability or
action; provided, however, that the Company will not be liable in any such case if and to the extent that any such loss, claim, damage or liability arises out of or is based upon an untrue statement or alleged untrue statement or omission or alleged
omission so made in conformity with information furnished by or on behalf of Investor or any such person in writing specifically for use in any such document. 
  

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

 4 

 Promptly after receipt by a party entitled to claim indemnification hereunder (an
“Indemnified Party”) of notice of the commencement of any action, such Indemnified Party shall, if a claim for indemnification in respect thereof is to be made against a party hereto obligated to indemnify such Indemnified Party (an
“Indemnifying Party”), notify the Indemnifying Party in writing thereof, but the omission so to notify the Indemnifying Party shall not relieve it from any liability which it may have to such Indemnified Party other than under this Section
5(c) and shall only relieve it from any liability which it may have to such Indemnified Party under this Section 5(c) if and to the extent the Indemnifying Party is prejudiced by such omission. In case any such action shall be brought against any
Indemnified Party and it shall notify the Indemnifying Party of the commencement thereof, the Indemnifying Party shall be entitled to participate in and, to the extent it shall wish, to assume and undertake the defense thereof with counsel
satisfactory to such Indemnified Party, and, after notice from the Indemnifying Party to such Indemnified Party of its election so to assume and undertake the defense thereof, the Indemnifying Party shall not be liable to such Indemnified Party
under this Section 5(c) for any legal expenses subsequently incurred by such Indemnified Party in connection with the defense thereof; if the Indemnified Party retains its own counsel, then the Indemnified Party shall pay all fees, costs and
expenses of such counsel, provided, however, that, if the defendants in any such action include both the indemnified party and the Indemnifying Party and the Indemnified Party shall have reasonably concluded that there may be reasonable defenses
available to it which are different from or additional to those available to the Indemnifying Party or if the interests of the Indemnified Party reasonably may be deemed to conflict with the interests of the Indemnifying Party, the Indemnified Party
shall have the right to select one separate counsel and to assume such legal defenses and otherwise to participate in the defense of such action, with the reasonable expenses and fees of such separate counsel and other expenses related to such
participation to be reimbursed by the Indemnifying Party as incurred. 
  
 In order to provide for just and equitable contribution in the event of joint liability under the Securities Act in any case in which either (i) Investor, or any officer, director or controlling person of Investor,
makes a claim for indemnification pursuant to this Section 5 but it is judicially determined (by the entry of a final judgment or decree by a court of competent jurisdiction and the expiration of time to appeal or the denial of the last right of
appeal) that such indemnification may not be enforced in such case notwithstanding the fact that this Section 5 provides for indemnification in such case, or (ii) contribution under the Securities Act may be required on the part of Investor or such
officer, director or controlling person of Investor in circumstances for which indemnification is provided under this Section 5; then, and in each such case, the Company and Investor will contribute to the aggregate losses, claims, damages or
liabilities to which they may be subject (after contribution from others) in such proportion so that Investor is responsible only for the portion represented by the percentage that the public offering price of its securities offered by the
Registration Statement bears to the public offering price of all securities offered by such Registration Statement, provided, however, that, in any such case, (A) Investor will not be required to contribute any amount in excess of the public
offering price of all such securities offered by it pursuant to such Registration Statement; and (B) no person or entity guilty of fraudulent misrepresentation (within the meaning of Section 10(f) of the Act) will be entitled to contribution from
any person or entity who was not guilty of such fraudulent misrepresentation. 
  

 5 

 Representations and Warranties. 
  
 The Common Stock of the Company is registered pursuant to Section 12(b) or 12(g) of the Exchange Act and,
except with respect to certain matters which the Company has disclosed to Investor in the Securities Purchase Agreement, the Company has timely filed all proxy statements, reports, schedules, forms, statements and other documents required to be
filed by it under the Exchange Act. The Company has filed (i) its Annual Report on Form 10-K for the fiscal year ended September 30, 2003 and (ii) its Quarterly Report on Form 10-Q for the fiscal quarters ended December 31, 2003, March 31, 2004 and
June 30, 2004 (collectively, the “SEC Reports”). Each SEC Report was, at the time of its filing, in substantial compliance with the requirements of its respective form and, to the knowledge of the Company, none of the SEC Reports, nor the
financial statements (and the notes thereto) included in the SEC Reports, as of their respective filing dates, contained any untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary to make
the statements therein, in light of the circumstances under which they were made, not misleading. The financial statements of the Company included in the SEC Reports comply, to the knowledge of the Company, as to form in all material respects with
applicable accounting requirements and the published rules and regulations of the Commission or other applicable rules and regulations with respect thereto. Such financial statements have been prepared in accordance with generally accepted
accounting principles (“GAAP”) applied on a consistent basis during the periods involved (except (i) as may be otherwise indicated in such financial statements or the notes thereto or (ii) in the case of unaudited interim statements, to
the extent they may not include footnotes or may be condensed) and, to the knowledge of the Company, fairly present in all material respects the financial condition, the results of operations and the cash flows of the Company and its subsidiaries,
on a consolidated basis, as of, and for, the periods presented in each such SEC Report. 
  
 The Common Stock is listed for trading on the American Stock Exchange (“AMEX”) and satisfies all requirements for the
continuation of such listing. The Company has not received any notice that its Common Stock will be delisted from the AMEX (except for prior notices which have been fully remedied) or that the Common Stock does not meet all requirements for the
continuation of such listing. 
  
 The Warrants,
the Note and the shares of Common Stock which Investor may acquire pursuant to the Warrants are all restricted securities under the Securities Act as of the date of this Agreement. The Company will not issue any stop transfer order or other order
impeding the sale and delivery of any of the Registrable Securities at such time as such Registrable Securities are registered for public sale or an exemption from registration is available, except as required by federal or state securities laws.

  
 The Company understands the nature of the
Registrable Securities issuable upon the exercise of the Warrant and recognizes that the issuance of such Registrable Securities may have a potential dilutive effect. The Company specifically acknowledges that its obligation to issue the Registrable
Securities is binding upon the Company and enforceable regardless of the dilution such issuance may have on the ownership interests of other shareholders of the Company. 
  
 Except for agreements made in the ordinary course of business, there is no agreement that has not been filed
with the Commission as an exhibit to a registration statement or to a form required to be filed by the Company under the Exchange Act, the breach of which could reasonably be expected to have a material and adverse effect on the Company and its
subsidiaries, or would prohibit or otherwise interfere with the ability of the Company to enter into and perform any of its obligations under this Agreement in any material respect. 
  

 6 

 The Company will at all times have authorized and reserved a sufficient number of shares
of Common Stock for the full exercise of the Warrants. 
  
 Cooperation Respecting Registration. The Holder shall cooperate in connection with the preparation of the Registration Statement, including providing information necessary for inclusion in the Registration Statement, as requested by
the Company or the Commission. 
  
 Miscellaneous.

  
 Compliance. Each Holder covenants and
agrees that it will comply with the prospectus delivery requirements of the Securities Act as applicable to it in connection with sales of Registrable Securities pursuant to the Registration Statement. 
  
 Discontinued Disposition. Each Holder agrees by its
acquisition of such Registrable Securities that, upon receipt of a notice from the Company of the occurrence of a Discontinuation Event (as defined below), such Holder will forthwith discontinue disposition of such Registrable Securities under the
applicable Registration Statement until such Holder’s receipt of the copies of the supplemented Prospectus and/or amended Registration Statement or until it is advised in writing by the Company that the use of the applicable Prospectus may be
resumed, and, in either case, has received copies of any additional or supplemental filings that are incorporated or deemed to be incorporated by reference in such Prospectus or Registration Statement. The Company may provide appropriate stop orders
to enforce the provisions of this paragraph. For purposes of this Section 8(b), a “Discontinuation Event” shall mean (i) when the Commission notifies the Company whether there will be a “review” of such Registration Statement and
whenever the Commission comments in writing on such Registration Statement (the Company shall provide true and complete copies thereof and all written responses thereto to each of the Holders); (ii) any request by the Commission or any other Federal
or state governmental authority for amendments or supplements to such Registration Statement or Prospectus or for additional information; (iii) the issuance by the Commission of any stop order suspending the effectiveness of such Registration
Statement covering any or all of the Registrable Securities or the initiation of any Proceedings for that purpose; (iv) the receipt by the Company of any notification with respect to the suspension of the qualification or exemption from
qualification of any of the Registrable Securities for sale in any jurisdiction, or the initiation or threatening of any Proceeding for such purpose; and/or (v) the occurrence of any event or passage of time that makes the financial statements
included in such Registration Statement ineligible for inclusion therein or any statement made in such Registration Statement or Prospectus or any document incorporated or deemed to be incorporated therein by reference untrue in any material respect
or that requires any revisions to such Registration Statement, Prospectus or other documents so that, in the case of such Registration Statement or Prospectus, as the case may be, it will not contain any untrue statement of a material fact or omit
to state any material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading. 
  
 Piggy-Back Registrations. If at any time during the Effectiveness Period there is not an effective
Registration Statement covering all of the Registrable Securities and the Company shall determine to prepare and file with the Commission a registration statement relating to an offering for its own account or the account of others under the
Securities Act of any of its equity 
  

 7 

 securities, other than on Form S-4 or Form S-8 (each as promulgated under the Securities Act) or their
then equivalents relating to equity securities to be issued solely in connection with any acquisition of any entity or business or equity securities issuable in connection with stock option or other employee benefit plans, then the Company shall
send to each Holder written notice of such determination and, if within fifteen days after receipt of such notice, any such Holder shall so request in writing, the Company shall include in such registration statement all or any part of such
Registrable Securities such holder requests to be registered to the extent the Company may do so without violating registration rights of others which exist as of the date of this Agreement, subject to customary underwriter cutbacks subject to
obtaining any required the consent of any selling stockholder(s) to such inclusion under such registration statement. 
  
 Amendments and Waivers. The provisions of this Agreement, including the provisions of this sentence, may not be amended, modified
or supplemented, and waivers or consents to departures from the provisions hereof may not be given, unless the same shall be in writing and signed by the Company and the Holders of the then outstanding Registrable Securities. Notwithstanding the
foregoing, a waiver or consent to depart from the provisions hereof with respect to a matter that relates exclusively to the rights of certain Holders and that does not directly or indirectly affect the rights of other Holders may be given by
Holders of at least a majority of the Registrable Securities to which such waiver or consent relates; provided, however, that the provisions of this sentence may not be amended, modified, or supplemented except in accordance with the provisions of
the immediately preceding sentence. 
  
 Notices. Any notice or request hereunder may be given to the Company or Investor at the respective addresses set forth below or as may hereafter be specified in a notice designated as a change of address under this Section 8(e). Any
notice or request hereunder shall be given by registered or certified mail, return receipt requested, hand delivery, overnight mail, Federal Express or other national overnight next day carrier (collectively, “Courier”) or telecopy
(confirmed by mail). Notices and requests shall be, in the case of those by hand delivery, deemed to have been given when delivered to any party to whom it is addressed, in the case of those by mail or overnight mail, deemed to have been given three
(3) business days after the date when deposited in the mail or with the overnight mail carrier, in the case of a Courier, the next business day following timely delivery of the package with the Courier, and, in the case of a telecopy, when
confirmed. The address for such notices and communications shall be as follows: 
  

					
	 If to the Company:
	  	 Rentech, Inc.
 1331 17th Street, Suite
720
 Denver, Colorado 80202

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

  
 or such other address as may be
designated in writing hereafter in accordance with this Section 7(g) by such Person. 
  

 8 

 Successors and Assigns. This Agreement shall inure to the benefit of and be
binding upon the successors and permitted assigns of each of the parties and shall inure to the benefit of each Holder. The Company may not assign its rights or obligations hereunder without the prior written consent of each Holder. Each Holder may
assign their respective rights hereunder to such persons who become Holders of Registrable Securities in accordance with the terms of the Warrant. 
  
 Execution and Counterparts. This Agreement may be executed in any number of counterparts, each of which when so executed shall be
deemed to be an original and, all of which taken together shall constitute one and the same Agreement. In the event that any signature is delivered by facsimile transmission, such signature shall create a valid binding obligation of the party
executing (or on whose behalf such signature is executed) the same with the same force and effect as if such facsimile signature were the original thereof. 
  
 Governing Law. All questions concerning the construction, validity, enforcement and interpretation of this Agreement shall be
governed by and construed and enforced in accordance with the internal laws of the State of Colorado, without regard to the principles of conflicts of law thereof. Each party agrees that all Proceedings concerning the interpretations, enforcement
and defense of the transactions contemplated by this Agreement shall be commenced exclusively in the state and federal courts sitting in the City of Denver, State of Colorado. Each party hereto hereby irrevocably submits to the exclusive
jurisdiction of the state and federal courts sitting in the City of Denver, State of Colorado for the adjudication of any dispute hereunder or in connection herewith or with any transaction contemplated hereby or discussed herein, and hereby
irrevocably waives, and agrees not to assert in any Proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that such Proceeding is improper. Each party hereto hereby irrevocably waives personal service of
process and consents to process being served in any such Proceeding by mailing a copy thereof via registered or certified mail or overnight delivery (with evidence of delivery) to such party at the address in effect for notices to it under this
Agreement and agrees that such service shall constitute good and sufficient service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process in any manner permitted by law. Each party
hereto hereby irrevocably waives, to the fullest extent permitted by applicable law, any and all right to trial by jury in any legal proceeding arising out of or relating to this Agreement or the transactions contemplated hereby. If either party
shall commence a Proceeding to enforce any provisions of a Transaction Document, then the prevailing party in such Proceeding shall be reimbursed by the other party for its reasonable attorneys fees and other costs and expenses incurred with the
investigation, preparation and prosecution of such Proceeding. 
  
 Severability. If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction to be invalid, illegal, void or unenforceable, the remainder of the terms,
provisions, covenants and restrictions set forth herein shall remain in full force and effect and shall in no way be affected, impaired or invalidated, and the parties hereto shall use their reasonable efforts to find and employ an alternative means
to achieve the same or substantially the same result as that contemplated by such term, provision, covenant or restriction. It is hereby stipulated and declared to be the intention of the parties that they would have executed the remaining terms,
provisions, covenants and restrictions without including any of such that may be hereafter declared invalid, illegal, void or unenforceable. 
  
 Headings. The headings in this Agreement are for convenience of reference only and shall not limit or otherwise affect the meaning
hereof. 
  

 9 

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

					
	Rentech, Inc., a Colorado Corporation
			
	 By:
	 	 /s/ Dennis L. Yakobson

	 	 /s/ C. David Callaham

	 Name:
	 	Dennis L. Yakobson	 	C. David Callaham
	 Title:
	 	President and Chief Executive Officer	 	 
			
	 By:
	 	 /s/ Ronald C. Butz

	 	 
	 Name:
	 	Ronald C. Butz	 	 
	 Title:
	 	Secretary	 	 

  

 10Stock Option

 Exhibit 10.8 
  
 EX-10.8 STOCK OPTION to Royster-Clark, Inc. 
  
 SECURITIES ISSUED UPON EXERCISE OF THIS OPTION HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 (“THE ACT”), AND ARE “RESTRICTED
SECURITIES” AS THAT TERM IS DEFINED IN RULE 144 UNDER THE ACT. THE SECURITIES MAY NOT BE OFFERED FOR SALE, SOLD OR OTHERWISE TRANSFERRED EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE ACT OR PURSUANT TO AN EXEMPTION FROM
REGISTRATION UNDER THE ACT, THE AVAILABILITY OF WHICH IS TO BE ESTABLISHED TO THE SATISFACTION OF THE COMPANY. 
  
 RENTECH, INC. 
  
 OPTION TO PURCHASE SHARES OF COMMON STOCK 
  
 OF

  
 RENTECH, INC. 
  
 FOR VALUE RECEIVED, RENTECH, INC., a Colorado corporation
(“Company”), in consideration of the following covenants and agreements and the entry of the parties into a purchase and sale contract (the ‘Stock Purchase Agreement”) pertaining to the Company’s purchase from ROYSTER-CLARK,
INC., a Delaware corporation (“Optionee”) of the outstanding shares of Royster-Clark Nitrogen, Inc., agrees that Optionee is entitled to purchase, subject to the provisions of this Option, from the Company, at any time not later than 3:30
P.M., Denver time, on December 8, 2009 (the “Expiration Date”), 250,000 shares of common stock, having $.01 par value per share, of the Company (“Common Stock”) at an exercise price of $1.50 per share. The number of shares of
Common Stock to be received upon the exercise of this Option and the price to be paid for a share of Common Stock are subject to adjustment from time to time as hereinafter set forth. 
  
 1. Option Price. The option price for purchase of each share of the Common Stock shall be $1.50 per share.

  
 2. Option Period. This Option may be exercised not
later than 3:30 P.M., Denver time, on December 8, 2009. The Option granted shall be void if not exercised during the option period. 
  
 3. Exercise of Option. Unless the Option is terminated as provided pursuant to this Option, an Optionee may exercise this option for up to, but not
in excess of, the amounts of shares subject to the Option. The Option may be exercised, in whole or in part, and at any time and from time to time within its term. This Option shall be exercisable by a written notice delivered to the Company (the
Notice of Exercise) which shall: 
  
 (a) State the election to
exercise the Option, the number of shares in respect of which it is being exercised (which must be in multiples of one hundred shares), and the Optionee’s address and taxpayer identification number for entry on the stock transfer records of the
Company; 
  

 1 

 (b) Be signed by the duly authorized officers of the Optionee on its behalf. 
  
 Payment of the purchase price of any shares of Common Stock with respect to
which the Option is being exercised shall be by wire transfer, cash or certified check, and shall be delivered with the Notice of Exercise. The certificate or certificates for shares of Common Stock as to which the Option shall be exercised shall be
entered in the Company’s stock transfer records in the name of the Optionee. 
  
 4. Nontransferability of Option. This Option may not be transferred in any manner and may be exercised only by the Optionee. 
  
 5. Adjustments Upon Changes in Capitalization. Each time, if any, that there is any change in the outstanding shares
of Common Stock of the Company by reason of a stock dividend or split, recapitalization, reclassification, or other similar corporate change, the aggregate number of shares that can thereafter be purchased, and the option price per share, under the
Option that has been previously granted and not exercised, and every number of shares used in determining whether a particular Option is grantable thereafter, shall be appropriately adjusted. The adjustment shall be made by the Company’s Board
of Directors, and their determination shall be conclusive; provided, however, that fractional shares shall be rounded to the nearest whole share. In any such case, the number and kind of shares that are subject to any Option and the option price per
share shall be proportionately and appropriately adjusted without any change in the aggregate option price to be paid upon exercise of the Option. 
  
 6. Notices. Each notice relating to this Option shall be in writing and delivered in person or by certified mail to the proper address. Each notice
shall be deemed to have been given on the date it is received. Each notice to the Company shall be addressed to it at its principal office, attention of the Chief Operating Officer. Each Optionee or other person or persons then entitled to exercise
the Option shall be addressed to the Optionee at the Optionee’s address set forth below the Optionee’s signature. Anyone to whom a notice may be given under this Option may designate a new address by notice to that effect. 
  
 7. Benefits of Option. This Option shall inure to the benefit of and
be binding upon each successor of the Company. All obligations imposed upon the Optionee and all rights granted to the Company under this Option shall be binding upon the Optionee’s successors by merger or consolidation. This Option shall be
the sole and exclusive source of any and all rights that the Optionee, and successors of Optionee, may have in respect to any options for purchase of Common Stock granted hereunder. 
  
 8. Compliance With Securities Laws. 
  
 (a) The Optionee represents that it is an “accredited investor” as defined by Rule 501 under the Securities Act of
1933, as amended. The Optionee, by acceptance hereof, acknowledges that this Option and the shares of Common Stock to be issued upon exercise hereof are being acquired solely for the Optionee’s own account and not as a nominee for any other
party, and for investment, and that the Optionee will not offer, sell or otherwise dispose of this Option or any shares of Common Stock to be issued upon exercise hereof or conversion thereof except under circumstances that will not result in a
violation of the Securities Act of 1933, as amended, or any state securities laws. Upon exercise of this Option, the Optionee shall, if requested by the Company, confirm in writing, in a form reasonably satisfactory to the Company, that the shares
of Common Stock so purchased are being acquired solely for the Optionee’s own account and not as a nominee for any other party, for investment, and not with a view toward distribution or resale. 
  

 2 

 (b) This Option and all shares of Common Stock issued upon exercise hereof or conversion thereof shall be
stamped or imprinted with a legend in substantially the following form (in addition to any legend required by state securities laws): 
  
 THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS, AND MAY NOT BE
PLEDGED, SOLD, OFFERED FOR SALE, TRANSFERRED, OR OTHERWISE DISPOSED OF, EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT FILED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER SUCH ACT AND ALL
APPLICABLE SECURITIES LAWS. THE HOLDER OF THE SHARES AGREES THAT THE COMPANY MAY REFUSE TO ISSUE SUCH SHARES OR TRANSFER SUCH SHARES UNLESS THE COMPANY RECEIVES EVIDENCE SATISFACTORY TO IT AS TO COMPLIANCE WITH SUCH EXEMPTIONS. 
  
 The Company may place an appropriate stop transfer order with the Company’s transfer
agent with respect to the shares of Common Stock represented by such certificates. 
  
 9. Replacement of Option. On receipt of evidence reasonably satisfactory to the Company of the loss, theft, destruction or mutilation of this Option and, in the case of loss, theft, or destruction, on delivery
of an indemnity agreement reasonably satisfactory in form and substance to the Company or, in the case of mutilation, on surrender and cancellation of this Option, the Company at its expense shall execute and deliver, in lieu of this Option, a new
option of like tenor and amount. 
  
 10. Amendments.

  
 (a) Any term of this Option may be amended only with the
written consent of the Company and the Optionee. 
  
 (b) No
waivers of, or exceptions to, any term, condition or provision of this Option, in any one or more instances, shall be deemed to be or construed as, a further or continuing waiver of any such term, condition or provision. 
  
 11. Governing Law. This Option shall be governed by and construed in
accordance with the laws of the state of Colorado, without giving effect to the choice of law principles thereof. 
  
 IN WITNESS WHEREOF, the Company and the Optionee have caused this Option to be executed as of December 10, 2004. 
  

							
	 OPTIONEE:
	 	 	 	 
		
	 ROYSTER-CLARK, INC.
	 	RENTECH, INC.
				
	 By:
	 	 /s/ G. Kenneth Moshenek

	 	By:	 	 /s/ Ronald C. Butz

	 Name:
	 	G. Kenneth Moshenek	 	Name:	 	Ronald C. Butz
	 Title:
	 	President and Chief Operating officer	 	Title:	 	Vice President and Chief Operating Officer
	 Address: 999 Waterside Drive, 8th Floor
	 	Address: 1331 17th Street, Suite
720
	 Norfolk, VA 23510
	 	Denver, CO 80202-1557

  

 3

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