Document:

Form of Stock Option Grant Notice and Form of Stock Option Agreement for 2005

 Exhibit 10.1 
  
 PINNACLE ENTERTAINMENT, INC. 
 STOCK OPTION GRANT NOTICE 
 (2005 Equity and Performance Incentive Plan) 
  
 Pinnacle Entertainment, Inc. (the “Company”), pursuant to its 2005 Equity
and Performance Incentive Plan (the “Plan”), hereby grants to Optionee the option to purchase the number of Shares of the Company set forth below (the “Option”). This Option is subject to all of the terms and
conditions as set forth in this Grant Notice and the attached Stock Option Agreement (the “Option Agreement”) and the Plan (a copy of which has been made available to you), all of which are incorporated herein in their entirety.

  

			
	Optionee:	 	___________________________________
	 Date of Grant:
	 	___________________________________
	 Number of Shares of Common Stock:
	 	___________________________________
	 Exercise Price Per Share:
	 	___________________________________
	 Term of Option:
	 	___________________________________
	 Initial Vesting Date:
	 	___________________________________
	 Type of Option (Enter an X in one box)
	 	 ̈ ISO          ̈ NQSO

  
 Vesting Schedule: Subject to
the restrictions and limitations of the Option Agreement and the Plan, this Option shall vest and become exercisable with respect to     % of the Shares subject to this Option on the Initial Vesting Date. On each
subsequent anniversary of the Initial Vesting Date, this Option shall become vested and exercisable with respect to an additional     % of the Shares subject to this Option. 
  
 Additional Terms/Acknowledgements: The undersigned Optionee acknowledges receipt of,
and has read and understands and agrees to, the Option Agreement. Optionee further acknowledges that as of the Date of Grant, the Option Agreement and the Plan set forth the entire understanding between Optionee and the Company regarding the grant
by the Company of the Option referred to in this Grant Notice. Optionee hereby agrees to accept as binding, conclusive and final all decisions or interpretations of the Board or the Committee upon any questions arising under the Plan.

  

							
	 PINNACLE ENTERTAINMENT, INC.
	 	OPTIONEE:
			
	 By:
	 	  

	 	

	                                       
 Signature	 	                                Signature
	 Title:
	 	  

	 	Date:	 	  

	 Date:
	 	  

	 	 	 	 

  
 ATTACHMENTS:
        Stock Option Agreement 
  
 SPOUSE OF OPTIONEE: 
  
 Spouse has read and understands the
Option Agreement and is executing this Grant Notice to evidence Spouse’s consent and agreement to be bound by all of the terms and conditions of the Option Agreement and the Plan (including those relating to the appointment of the Optionee as
agent for any interest that Spouse may have in the Option Shares). A copy of the Plan has been made available to Spouse. 
  

					
	  

	 	

	                                        
         Signature
	 	                                Date
	
	 Optionee Address:
                                        
                                        
                                        
                                        
                                        
                                        
            

 PINNACLE ENTERTAINMENT, INC. 
 STOCK OPTION AGREEMENT 
  
 THIS STOCK OPTION AGREEMENT (together with the attached grant notice (the “Grant Notice”), the “Agreement”) is made and entered into as of the date set forth on the Grant Notice by
and between Pinnacle Entertainment, Inc., a Delaware corporation (the “Company”), and the individual (the “Optionee”) set forth on the Grant Notice. 
  
 A. Pursuant to the Pinnacle Entertainment, Inc. 2005 Equity and Performance Incentive Plan (the “Plan”),
the Committee has determined that it is to the advantage and best interest of the Company to grant to Optionee an option (the “Option”) to purchase the number of shares of the Common Stock of the Company (the “Shares”
or the “Option Shares”) set forth on the Grant Notice, at the exercise price determined as provided herein, and in all respects subject to the terms, definitions and provisions of the Plan, which is incorporated herein by
reference. 
  
 B. Unless otherwise defined herein, capitalized
terms used in this Agreement shall have the meanings set forth in the Plan. 
  
 NOW, THEREFORE, in consideration of the mutual agreements contained herein, the Optionee and the Company hereby agree as follows: 
  
 1. Grant and Terms of Stock Option. 
  
 1.1 Grant of Option. Pursuant to the Grant Notice, the Company has granted to the Optionee the right and option to purchase, subject to the terms
and conditions set forth in the Plan and this Agreement, all or any part of the number of Shares set forth on the Grant Notice at a purchase price per Share equal to the exercise price per Share set forth on the Grant Notice. If the Grant Notice
indicates (under “Type of Option”) that this Option is an “ISO,” then this Option is intended by the Company and Optionee to be an Incentive Stock Option. However, if the Grant Notice indicates that this Option is a
“NQSO,” then this Option is not intended to be an Incentive Stock Option and is instead intended to be a Nonqualified Stock Option. 
  
 1.2 Vesting and Exercisability. Subject to the provisions of the Plan and the other provisions of this Agreement, this Option shall vest and become
exercisable in accordance with the schedule set forth in the Grant Notice. Notwithstanding the foregoing, (a) in the event of termination of Optionee’s Continuous Status as an Employee, Director or Consultant for any reason other than as a
result of death or Disability, this Option shall immediately cease vesting, (b) in the event of termination of Optionee’s Continuous Status as an Employee, Director or Consultant as a result of death or Disability, this Option shall fully vest
and become fully exercisable on the Optionee’s death or Disability, and (c) if the Optionee is a Director who reaches the age of 70 years and is not re-nominated to serve as a Director of the Company, then, effective upon termination of
Optionee’s Continuous Status as an Employee, Director or Consultant for any reason other than Cause after the Board meeting at which (or Board action by written consent pursuant to which) he is not re-nominated, this Option shall immediately
vest and become fully exercisable. 
  
 1.3 Term of Option.
The “Term” of this Option shall begin on the Date of Grant set forth in the Grant Notice and end on the expiration of the Term specified in the Grant Notice. No portion of this Option may be exercised after the expiration of the
Term. 

 1.3.1 In the event of termination of Optionee’s Continuous Status as an Employee,
Director or Consultant for any reason other than death, Disability, or Cause, the portion of this Option that is not vested and exercisable as of the date of termination shall be immediately cancelled and terminated. In addition, except as otherwise
provided in a written employment agreement between the Company and the Optionee, the portion of this Option that is vested and exercisable as of the date of termination of Optionee’s Continuous Status as an Employee, Director or Consultant
shall terminate and be cancelled on the earlier of (i) the expiration of the Term, or (ii) 90 days after termination of Optionee’s Continuous Status as an Employee, Director or Consultant. 
  
 1.3.2 In the event of termination of Optionee’s
Continuous Status as an Employee, Director or Consultant by death or Disability, except as otherwise provided in a written employment agreement between the Company and the Optionee, this Option shall terminate and be cancelled on the earlier of (i)
the expiration of the Term, or (ii) 36 months after termination of Optionee’s Continuous Status as an Employee, Director or Consultant by death or Disability. 
  
 1.3.3 If Optionee’s Continuous Status as an Employee, Director or Consultant is terminated for Cause,
or if, after the termination of Optionee’s Continuous Status as an Employee, Director or Consultant, the Committee determines that Cause existed before such termination, this entire Option may, in the discretion of the Committee, may be
cancelled and terminated as of the date of such termination and shall no longer be exercisable as to any Shares, whether or not previously vested. 
  
 2. Method of Exercise. 
  
 2.1 Delivery of Notice of Exercise. This Option shall be exercisable by written notice in the form attached hereto as Exhibit A which shall state
the election to exercise this Option, the number of Shares in respect of which this Option is being exercised, and such other representations and agreements with respect to such Shares as may be required by the Company pursuant to the provisions of
this Agreement and the Plan. Such written notice shall be signed by Optionee (or by Optionee’s beneficiary or other person entitled to exercise this Option in the event of Optionee’s death under the Plan) and shall be delivered in person
or by certified mail to the Secretary of the Company. The written notice shall be accompanied by payment of the exercise price. This Option shall not be deemed exercised until the Company receives such written notice accompanied by the exercise
price and any other applicable terms and conditions of this Agreement are satisfied. This Option may not be exercised for a fraction of a Share. 
  
 2.2 Restrictions on Exercise. No Shares will be issued pursuant to the exercise of this Option unless and until there shall have been full
compliance with all applicable requirements of the Securities Act of 1933, as amended (whether by registration or satisfaction of exemption conditions), all Applicable Laws, and all applicable listing requirements of any national securities exchange
or other market system on which the Common Stock is then listed. As a condition to the exercise of this Option, the Company may require Optionee to make any representation and warranty to the Company as may be necessary or appropriate, in the
judgment of the Committee, to comply with any Applicable Law. 
  

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 2.3 Method of Payment. Payment of the exercise price shall be made in full at the time of exercise
(a) in cash or by certified check or bank check or wire transfer of immediately available funds, (b) by delivery of a properly executed exercise notice together with any other documentation as the Committee and the Participant’s broker, if
applicable, require to effect an exercise of the Option and delivery to the Company of the sale or other proceeds (as permitted by Applicable Law) required to pay the exercise price, or (c) with the consent of the Committee in its discretion, by
tendering previously acquired Shares (either actually or by attestation, valued at their then Fair Market Value) that have been owned for a period of at least six months (or such other period to avoid accounting charges against the Company’s
earnings). In addition, the Committee may impose such other conditions in connection with the delivery of shares of Common Stock in satisfaction of the exercise price as it deems appropriate in its sole discretion. 
  
 2.4 Notice of Disqualifying Disposition of Incentive Stock Option. If
this Option is an Incentive Stock Option and the Optionee sells or otherwise disposes of any of the Shares acquired upon exercise of this Option on or before the later of (i) two years after the date of grant, or (ii) one year after the date such
Shares were acquired, the Optionee shall immediately notify the Company in writing of such disposition. The Optionee agrees that he or she may be subject to income tax withholding by the Company on the taxable income recognized as a result of such
disposition and that the Optionee shall be required to satisfy such withholding obligations either by making a payment to the Company in cash or by withholding from current earnings of the Optionee. 
  
 3. Non-Transferability of Option. This Option may not be transferred in any manner
otherwise than by will or by the laws of descent or distribution or to a beneficiary designated pursuant to the Plan, and may be exercised during the lifetime of Optionee only by Optionee. Subject to all of the other terms and conditions of this
Agreement, following the death of Optionee, this Option may, to the extent it is vested and exercisable by Optionee in accordance with its terms on the date of death, be exercised by Optionee’s beneficiary or other person entitled to exercise
this Option in the event of Optionee’s death under the Plan. Notwithstanding the first sentence of this Section 3, if this Option is a Nonqualified Stock Option, this Option may be assigned, in connection with the Optionee’s estate plan,
in whole or in part, during the Optionee’s lifetime to one or more Family Members of the Optionee. Rights under the assigned portion may be exercised by the person or persons who acquire a proprietary interest in such Option pursuant to the
assignment. The terms applicable to the assigned portion shall be the same as those in effect for the Option immediately before such assignment and shall be set forth in such documents issued to the assignee as the Committee deems appropriate.

  

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 4. Restrictions; Restrictive Legends. Ownership and transfer of Shares issued pursuant to the exercise of this
Option will be subject to the provisions of, including ownership and transfer restrictions (including, without limitation, ownership and transfer restrictions imposed by applicable gaming laws) contained in, the Company’s Certificate of
Incorporation, as amended from time to time, restrictions imposed by Applicable Laws and restrictions set forth or referenced in legends imprinted on certificates representing such Shares. 
  
 5. General. 
  
 5.1 Governing Law. This Agreement shall be governed by and construed under the laws of the state of Delaware
applicable to agreements made and to be performed entirely in Delaware, without regard to the conflicts of law provisions of Delaware or any other jurisdiction. 
  

5.2 Notices. Any notice required or permitted under this Agreement shall be given in writing by express courier or by postage prepaid, United
States registered or certified mail, return receipt requested, to the address set forth below or to such other address for a party as that party may designate by 10 days advance written notice to the other parties. Notice shall be effective upon the
earlier of receipt or 3 days after the mailing of such notice. 
  

			
	 If to the Company:
	 	Pinnacle Entertainment, Inc.
	 	 	3800 Howard Hughes Parkway
	 	 	Las Vegas, Nevada 89109
	 	 	Attention: Chief Financial Officer
	
	 If to Optionee, at the address set forth on the Grant Notice.

  
 5.3 Community
Property. Without prejudice to the actual rights of the spouses as between each other, for all purposes of this Agreement, the Optionee shall be treated as agent and attorney-in-fact for that interest held or claimed by his or her spouse with
respect to this Option and the parties hereto shall act in all matters as if the Optionee was the sole owner of this Option. This appointment is coupled with an interest and is irrevocable. 
  
 5.4 Modifications. This Agreement may be amended, altered or modified
only by a writing signed by each of the parties hereto. 
  
 5.5
Application to Other Stock. In the event any capital stock of the Company or any other corporation shall be distributed on, with respect to, or in exchange for shares of Common Stock as a stock dividend, stock split, reclassification or
recapitalization in connection with any merger or reorganization or otherwise, all restrictions, rights and obligations set forth in this Agreement shall apply with respect to such other capital stock to the same extent as they are, or would have
been applicable, to the Option Shares on or with respect to which such other capital stock was distributed. 
  
 5.6 Additional Documents. Each party agrees to execute any and all further documents and writings, and to perform such other actions, which may be
or become reasonably necessary or expedient to be made effective and carry out this Agreement. 
  

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 5.7 No Third-Party Benefits. Except as otherwise expressly provided in this Agreement, none of the
provisions of this Agreement shall be for the benefit of, or enforceable by, any third-party beneficiary. 
  
 5.8 Successors and Assigns. Except as provided herein to the contrary, this Agreement shall be binding upon and inure to the benefit of the
parties, their respective successors and permitted assigns. 
  
 5.9 No Assignment. Except as otherwise provided in this Agreement, the Optionee may not assign any of his, her or its rights under this Agreement without the prior written consent of the Company, which consent may be withheld in its
sole discretion. The Company shall be permitted to assign its rights or obligations under this Agreement, but no such assignment shall release the Company of any obligations pursuant to this Agreement. 
  
 5.10 Severability. The validity, legality or enforceability of the
remainder of this Agreement shall not be affected even if one or more of the provisions of this Agreement shall be held to be invalid, illegal or unenforceable in any respect. 
  
 5.11 Equitable Relief. The Optionee acknowledges that, in the event of a threatened or actual breach of any of the
provisions of this Agreement, damages alone will be an inadequate remedy, and such breach will cause the Company great, immediate and irreparable injury and damage. Accordingly, the Optionee agrees that the Company shall be entitled to injunctive
and other equitable relief, and that such relief shall be in addition to, and not in lieu of, any remedies it may have at law or under this Agreement. 
  
 5.12 Arbitration. 
  
 5.12.1 General. Any controversy, dispute, or claim between the parties to this Agreement, including any claim arising out of, in connection with,
or in relation to the formation, interpretation, performance or breach of this Agreement shall be settled exclusively by arbitration, before a single arbitrator, in accordance with this Section 5.12 and the then most applicable rules of the American
Arbitration Association. Judgment upon any award rendered by the arbitrator may be entered by any state or federal court having jurisdiction thereof. Such arbitration shall be administered by the American Arbitration Association. Arbitration shall
be the exclusive remedy for determining any such dispute, regardless of its nature. Notwithstanding the foregoing, either party may in an appropriate matter apply to a court for provisional relief, including a temporary restraining order or a
preliminary injunction, on the ground that the award to which the applicant may be entitled in arbitration may be rendered ineffectual without provisional relief. Unless mutually agreed by the parties otherwise, any arbitration shall take place in
the City of Las Vegas, Nevada. 
  
 5.12.2 Selection of
Arbitrator. In the event the parties are unable to agree upon an arbitrator, the parties shall select a single arbitrator from a list of nine arbitrators drawn by the parties at random from the “Independent” (or “Gold Card”)
list of retired judges or, at the option of Optionee, from a list of nine persons (which shall be retired judges or corporate or litigation attorneys experienced in stock options and buy-sell agreements) provided by the office of the American
Arbitration Association having 

  

 - 5 - 

 
jurisdiction over Las Vegas, Nevada. If the parties are unable to agree upon an arbitrator from the list so drawn, then the parties shall each strike names
alternately from the list, with the first to strike being determined by lot. After each party has used four strikes, the remaining name on the list shall be the arbitrator. If such person is unable to serve for any reason, the parties shall repeat
this process until an arbitrator is selected. 
  
 5.12.3
Applicability of Arbitration; Remedial Authority. This agreement to resolve any disputes by binding arbitration shall extend to claims against any parent, subsidiary or affiliate of each party, and, when acting within such capacity, any
officer, director, shareholder, employee or agent of each party, or of any of the above, and shall apply as well to claims arising out of state and federal statutes and local ordinances as well as to claims arising under the common law. In the event
of a dispute subject to this paragraph the parties shall be entitled to reasonable discovery subject to the discretion of the arbitrator. The remedial authority of the arbitrator (which shall include the right to grant injunctive or other equitable
relief) shall be the same as, but no greater than, would be the remedial power of a court having jurisdiction over the parties and their dispute. The arbitrator shall, upon an appropriate motion, dismiss any claim without an evidentiary hearing if
the party bringing the motion establishes that he or it would be entitled to summary judgement if the matter had been pursued in court litigation. In the event of a conflict between the applicable rules of the American Arbitration Association and
these procedures, the provisions of these procedures shall govern. 
  
 5.12.4 Fees and Costs. Any filing or administrative fees shall be borne initially by the party requesting arbitration. The Company shall be responsible for the costs and fees of the arbitration, unless the Optionee wishes to
contribute (up to 50%) of the costs and fees of the arbitration. Notwithstanding the foregoing, the prevailing party in such arbitration, as determined by the arbitrator, and in any enforcement or other court proceedings, shall be entitled, to the
extent permitted by law, to reimbursement from the other party for all of the prevailing party’s costs (including but not limited to the arbitrator’s compensation), expenses, and attorneys’ fees. 
  
 5.12.5 Award Final and Binding. The arbitrator shall render an award
and written opinion, and the award shall be final and binding upon the parties. If any of the provisions of this paragraph, or of this Agreement, are determined to be unlawful or otherwise unenforceable, in whole or in part, such determination shall
not affect the validity of the remainder of this Agreement, and this Agreement shall be reformed to the extent necessary to carry out its provisions to the greatest extent possible and to insure that the resolution of all conflicts between the
parties, including those arising out of statutory claims, shall be resolved by neutral, binding arbitration. If a court should find that the arbitration provisions of this Agreement are not absolutely binding, then the parties intend any arbitration
decision and award to be fully admissible in evidence in any subsequent action, given great weight by any finder of fact, and treated as determinative to the maximum extent permitted by law. 
  
 5.13 Headings. The section headings in this Agreement are inserted
only as a matter of convenience, and in no way define, limit, extend or interpret the scope of this Agreement or of any particular section. 
  

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 5.14 Number and Gender. Throughout this Agreement, as the context may require, (a) the masculine
gender includes the feminine and the neuter gender includes the masculine and the feminine; (b) the singular tense and number includes the plural, and the plural tense and number includes the singular; (c) the past tense includes the present, and
the present tense includes the past; (d) references to parties, sections, paragraphs and exhibits mean the parties, sections, paragraphs and exhibits of and to this Agreement; and (e) periods of days, weeks or months mean calendar days, weeks or
months. 
  
 5.15 Counterparts. This Agreement may be
executed simultaneously in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. 
  
 5.16 Complete Agreement. The Grant Notice, this Agreement and the Plan constitute the parties’ entire agreement
with respect to the subject matter hereof and supersede all agreements, representations, warranties, statements, promises and understandings, whether oral or written, with respect to the subject matter hereof. 
  
 5.17 Waiver of Jury Trial. TO THE EXTENT EITHER PARTY INITIATES
LITIGATION INVOLVING THIS AGREEMENT OR ANY ASPECT OF THE RELATIONSHIP BETWEEN US (EVEN IF OTHER PARTIES OR OTHER CLAIMS ARE INCLUDED IN SUCH LITIGATION), ALL THE PARTIES WAIVE THEIR RIGHT TO A TRIAL BY JURY. THIS WAIVER WILL APPLY TO ALL CAUSES OF
ACTION THAT ARE OR MIGHT BE INCLUDED IN SUCH ACTION, INCLUDING CLAIMS RELATED TO THE ENFORCEMENT OR INTERPRETATION OF THIS AGREEMENT, ALLEGATIONS OF STATE OR FEDERAL STATUTORY VIOLATIONS, FRAUD, MISREPRESENTATION, OR SIMILAR CAUSES OF ACTION, AND IN
CONNECTION WITH ANY LEGAL ACTION INITIATED FOR THE RECOVERY OF DAMAGES BETWEEN OR AMONG US OR BETWEEN OR AMONG ANY OF OUR OWNERS, AFFILIATES, OFFICERS, EMPLOYEES OR AGENTS. 
  

			
	 PINNACLE ENTERTAINMENT, INC.

		
	 By:
	 	  

	 Its:
	 	  

	
	 OPTIONEE

	  
  

	 Name:

  

 - 7 - 

 SPOUSAL CONSENT 
  

By his or her signature below, the spouse of the Optionee agrees to be bound by all of the terms and conditions of the foregoing Option Agreement
(including those relating to the appointment of the Optionee as agent for any interest that Spouse may have in the Option Shares). 
  

	
	 OPTIONEE’S SPOUSE

	  
  

	 Signature

	  
  

	 Print Name

  
  

 - 8 - 

 EXHIBIT A  
 NOTICE OF EXERCISE OF STOCK OPTION 
  
 Pinnacle Entertainment, Inc. 
 3800 Howard Hughes Parkway 
 Las Vegas, Nevada 89109 
 Attn: Chief Financial Officer 
  
 Ladies and Gentlemen: 
  
 The undersigned hereby elects to exercise the option indicated below: 
  
 Option Grant Date:
                                        

 Type of Option: Incentive Stock Option / Nonqualified Stock Option 
 Number of Shares Being Exercised:                      
 Exercise Price Per Share:                      
 Total Exercise Price: $                     
 Method of Payment:                      
  
 Enclosed herewith is payment in full of the total exercise price and a copy of the Grant Notice. 
  
 My exact name, current address and social security number for purposes of the
stock certificates to be issued and the shareholder list of the Company are: 
  

			
	 Name: _____________________________________

	
	 Address: ___________________________________

	                  ___________________________________

	
	 Social Security Number: ________________________

  

			
	 	 	Sincerely,
		
	 Dated:                    
	 	  

	 	 	 (Optionee’s Signature)Stock Purchase Warrant issued to Elliott & Company

 Exhibit 10.1 
  
 THE SECURITIES REPRESENTED BY THIS CERTIFICATE, AND THE SECURITIES ISSUED UPON EXERCISE HEREOF, MAY NOT BE OFFERED FOR SALE, SOLD OR
OTHERWISE TRANSFERRED EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT FILED UNDER THE SECURITIES ACT OF 1933 (THE “ACT”), OR PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE ACT WHICH SHALL BE ESTABLISHED TO THE SATISFACTION OF
THE COMPANY. 
  
 Void after 3:30 P.M., Denver Time, on April 7,
2008 
  

			
	 	 	Warrant to Purchase
	 	 	50,000 Shares
	 	 	of Common Stock

  
 WARRANT TO
PURCHASE SHARES OF COMMON STOCK 
  
 OF 
  
 RENTECH, INC. 
  
 This Warrant is issued on May 16, 2005, to confirm the grant of a warrant made on May 16, 2005, FOR VALUE RECEIVED, Elliott
& Company, or permitted assigns (“Holder”), is entitled to purchase, subject to the provisions of this Warrant, from RENTECH, INC., a Colorado corporation (“Company”), at any time not later than 3:30 P.M., Denver time, on
April 7, 2008 (the “Expiration Date”) fifty thousand (50,000) shares of common stock, having $0.01 par value per share, of the Company (“Common Stock”) at an exercise price, subject to adjustment as set forth below, of $1.61 per
share. The number of shares of Common Stock to be received upon the exercise of this Warrant and the price to be paid for a share of Common Stock are subject to adjustment from time to time as hereinafter set forth. The shares of the Common Stock
deliverable upon such exercise, and as adjusted from time to time, are hereinafter sometimes referred to as “Warrant Stock” and the exercise price of a share of Common Stock in effect at any time and as adjusted from time to time is
hereinafter sometimes referred to as the “Exercise Price.” 
  
 1. Exercise of Warrant. Subject to the provisions of Section 4 hereof, this Warrant may be exercised in whole or in part at any time or from time to time not later than 3:30 P.M., Denver Time, on April 7, 2008 or if that date falls
on a day on which banking institutions are authorized by law to close, then on the next succeeding day which shall not be such a day, by presentation and surrender of this Warrant to the Company with the Purchase Form annexed hereto duly executed
and accompanied by payment of the Exercise Price for the number of shares specified in such form, together with all federal and state taxes applicable upon such exercise. If this Warrant should be exercised in part only, the Company shall, upon
surrender of this Warrant for cancellation, execute and deliver a new Warrant evidencing the right of the Holder to purchase the balance of the shares. Upon receipt by the Company of this Warrant at the office or agency of the Company, in proper
form for exercise, the Holder shall be deemed to be the holder of record of the shares of Common Stock issuable upon such exercise, notwithstanding that the stock transfer books of the Company shall then be closed or that certificates representing
such securities shall not then be actually delivered to the Holder. The Exercise Price shall be paid in immediately available funds by wire transfer to a bank account designated by the Company. 

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

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

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

 (e) any purchase, retirement or redemption by the Company of its Common Stock;

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

 
substituted therefor as hereinbefore provided) and be entitled in respect of shares so purchased to all of the rights of the other holders of Common Stock of
the Company. In case of a dissolution, liquidation or winding up of the Company, all purchase rights under this Warrant shall terminate at the close of business on the date as of which holders of record of the Common Stock shall be entitled to
participate in a distribution of the assets of the Company in connection with such dissolution, liquidation or winding up (provided that in no event shall said date be less than 30 days after completion of service by certified mail of notice as
aforesaid). Any Warrant not exercised prior to such time shall be void and no rights shall exist thereunder. In any such case of termination of purchase rights, a statement thereof shall be included in the notice provided for herein. 
  
 11. Rights. 
  
 (a) Piggy-Back Registration. Subject to Section 11(i)
below, if at any time during the two years following the date of this Warrant, the Company proposes to register any of its Common Stock under the Act in connection with the public offering of such securities solely for cash on a form that would also
permit the registration of the Common Stock of the Holders that they acquire through exercise of this Warrant, the Company will, if the shares of Common Stock subject to this Warrant have not then been registered with the Securities and Exchange
Commission and if the Company is not contractually or otherwise prohibited from including these shares, each such time, promptly give each Holder written notice of such determination. Upon the written request of any Holder given within 20 days after
mailing of any such notice by the Company, the Company shall use its best efforts to cause to be registered under the Act all of such Common Stock acquired through exercise of this Warrant that each such Holder has requested to be registered.

  
 (b) Obligations of the Company.
Whenever required to use its best efforts to effect the registration of any Common Stock, the Company shall, as expeditiously as reasonably possible: 
  
 (A) Prepare and file with the Securities and Exchange Commission (“SEC”) a registration statement with respect to such Warrant
Stock and use its best efforts to cause such registration statement to become and remain effective; provided, however, that in connection with any proposed registration intended to permit an offering of any securities from time to time (i.e., a
so-called “shelf registration”), the Company shall in no event be obligated to cause any such registration to remain effective for more than one year. 
  
 (B) Prepare and file with the SEC such amendments and supplements to such registration statement and the
prospectus used in connection with such registration statement as may be necessary to comply with the provisions of the Act with respect to the disposition of all securities covered by such registration statement. 
  
 (C) Furnish to the Holders such numbers of copies of a
prospectus, including a preliminary prospectus, in conformity with the requirements of the Act, and such other documents as they may reasonably request in order to facilitate the disposition of Warrant Stock owned by them. 
  
 (D) Use its best efforts to register and qualify the
securities covered by such registration statement under such other securities or blue-sky laws of such jurisdictions as shall be reasonably appropriate for the distribution of the securities covered by the registration statement, provided that the
Company shall not be required in connection 

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

  
 (g) Indemnification. In the event any
Common Stock is included in a registration statement: 
  
 (A) To the extent permitted by law, the Company will indemnify and hold harmless each Holder requesting or joining in a registration, any underwriter (as defined in the Act) for it, and each such person, if any, who controls such Holder or
underwriter within the meaning of the Act, against any losses, claims, damages, or liabilities, joint or several, to which they may become subject under the Act or otherwise, insofar as such 

 losses, claims, damages, or liabilities (or actions in respect thereof) arise out of or are based on any
untrue or alleged untrue statement of any material fact contained in such registration statement, including any preliminary prospectus or final prospectus contained therein or any amendments or supplements thereto, or arise out of or are based upon
the omission or alleged omission to state therein a material fact required to be stated therein, or necessary to make the statements therein not misleading; and will reimburse each such Holder, such underwriter, or controlling person for any legal
or other expenses reasonably incurred by them in connection with investigating or defending any such loss, claim, damage, liability, or action; provided, however, that the indemnity agreement contained in this Section 11 (g)(A) shall not apply to
amounts paid in settlement of any such loss, claim, damage, liability, or action if such settlement is effected without the consent of the Company (which consent shall not be unreasonably withheld) nor shall the Company be liable in any such case
for any such loss, claim, damage, liability, or action to the extent that it arises out of or is based upon an untrue statement or alleged untrue statement or omission or alleged omission made in connection with such registration statement,
preliminary prospectus, final prospectus, or amendments or supplements thereto, in reliance upon and in conformity with written information furnished expressly for use in connection with such registration by any such Holder, underwriter, or
controlling person. 
  
 (B) To the extent
permitted by law, each Holder requesting or joining in a registration will indemnify and hold harmless the Company, each of its directors, each of its officers who have signed the registration statement, each person, if any, who controls the Company
within the meaning of the Act, and each agent and any underwriter for the Company (within the meaning of the Act) against any losses, claims, damages, or liabilities to which the Company or any such director, officer, controlling person, agent, or
underwriter may become subject, under the Act or otherwise, insofar as such losses, claims, damages, or liabilities (or actions in respect thereto) arise out of or are based upon any untrue statement or alleged untrue statement of any material fact
contained in such registration statement, including any preliminary prospectus or final prospectus contained therein or any amendments or supplements thereto, or arise out of or are based upon the omission or alleged omission to state therein a
material fact required to be stated therein or necessary to make the statements therein not misleading, in each case to the extent, but only to the extent, that such untrue statement or alleged untrue statement or omission or alleged omission was
made in such registration statement, preliminary or final prospectus, or amendments or supplements thereto, in reliance upon and in conformity with written information furnished by such Holder expressly for use in connection with such registration;
and each such Holder will reimburse any legal or other expenses reasonably incurred by the Company or any such director, officer, controlling person, agent, or underwriter in connection with investigating or defending any such loss, claim, damage,
liability, or action; provided, however, that the indemnity agreement contained in this Section 11 (g)(B) shall not apply to amounts paid in settlement of any such loss, claim, damage, liability, or action if such settlement is effected without the
consent of such Holder (which consent shall not be unreasonably withheld). 
  
 (C) Promptly after receipt by an indemnified party under this Section 11(g) of notice of the commencement of any action, such indemnified party will, if a claim in respect thereof is to be made against any
indemnifying party under this paragraph, notify the indemnifying party in writing of the commencement thereof and the indemnifying party shall have the right to participate in, and, to the extent the indemnifying party so desires, jointly with any
other indemnifying party similarly noticed, to assume the 

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

			
	 Holder:
	  	Elliott & Company
	 	  	26112 Paseo Minero, Suite 201
	 	  	San Juan Capistrano, CA 92675
	 	  	Attention: Lane Elliott
		
	 Company:
	  	Rentech, Inc.
	 	  	1331 17th Street, Suite 720
	 	  	Denver, CO 80202
	 	  	Attention: Chief Operating Officer

  
 Any person may change the address for
the giving of notice by providing notice in accordance with these provisions. The change in notice shall be effective five (5) business days thereafter. 
  
 12. Amendments and Waivers. Any term, condition or provision of this Warrant may be amended and the observance thereof may be waived (either
generally or in a particular instance and either retroactively or prospectively), with the written consent of the Company and the Holder. 
  
 13. Entire Agreement. This Warrant constitutes the entire agreement among the parties thereto and supersedes any and all prior agreements whether
written or oral regarding the subject matter hereof. 

 14. Transfer to Comply with the Securities Act of 1933. 
  
 (a) This Warrant or the Warrant Stock or any other security
issued or issuable upon exercise of this Warrant may not be offered or sold except in conformity with the Securities Act of 1933, as amended, and then only against receipt of an agreement of such person to whom such offer of sale is made to comply
with the provisions of this Section 14 with respect to any resale or other disposition of such securities. 
  
 (b) Before this Warrant may be sold, transferred, or assigned to a permitted assignee by the Holder, the Holder must notify the Company in
writing at least 30 days prior to any such transfer. The Company shall the first right of refusal to repurchase the Warrant for an amount not less than the amount offered by any third party. 
  
 (c) The Company will cause the following legend or a
substantially similar legend to be set forth on each certificate representing Warrant Stock or any other security issued or issuable upon exercise of this Warrant not theretofore distributed to the public or sold to underwriters for distribution to
the public pursuant to Section (l) hereof, unless counsel for the Company is of the opinion as to any such certificate that such legend is unnecessary: 
  
 The securities represented by this certificate may not be offered for sale, sold or otherwise transferred except pursuant to an effective registration
statement made under the Securities Act of 1933 (the “Act”), or pursuant to an exemption from registration under the Act the availability of which is to be established to the satisfaction of the Company. 
  
 15. Condition Precedent. Exercise of this Warrant is subject to the
prior approval of The American Stock Exchange of the issuance by the Company of the Warrant Stock for listing on that exchange. 
  
 16. Applicable Law. This Warrant shall be governed by, and construed in accordance with, the laws of the state of Colorado. 
  

			
	 RENTECH, INC.

		
	 By:
	  	 /s/ Ronald C. Butz

	 	  	Ronald C. Butz, Vice President and
	 	  	Chief Operating Officer

  
 Date: May 16, 2005 

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

			
	 Name
	 	  

	 	 	(please typewrite or print in block letters)
		
	 Address
	 	  

		
	 Signature
	 	  

  

			
	Social Security or Employer I.D. No.	 	  

  
 ASSIGNMENT FORM

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

			
	 Name
	  	  

	 	  	(please typewrite or print in block letters)
		
	 Address
	  	  

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

			
	 Signature:
	 	  

		
	 Dated:

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