Document:

Exhibit
10.4

 

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.

NONSTATUTORY STOCK OPTION AGREEMENT

 

                THIS STOCK OPTION AGREEMENT,
hereinafter referred to as the “Option” or the “Agreement,” is entered into on July 11, 2002, between RENTECH, INC., a Colorado corporation (“the
Company”), and Carol Florcyk (“the Optionee”), whose address is 7710 W. 35th Avenue, No. 204, Wheat Ridge,
CO 80033.

                Pursuant to the minutes of the
Board of Directors of the Company July
11, 2002, the Company
hereby grants a nonstatutory stock option to purchase 1,500 shares of common stock of the Company, $.01 par value per share (“Common
Stock”), to the Optionee at the price and in all respects subject to the terms,
definitions and provisions of the Agreement (“Option”).

                1.             Option Price. The option price is $0.41 for each share. For purposes of this
Agreement, but only if and to the extent applicable, the fair market value of
such common stock shall be determined as follows: (i) if the common stock is
listed on a national securities exchange or admitted to unlisted trading
privileges on such exchange, then the market value shall be the last reported
sale price of the common stock on the composite tape of such exchange, or, if
no such sale is made on any trading day, the average closing bid and asked
prices for such day on the composite tape of such exchange; or (ii) if the
common stock is not so listed or admitted to unlisted trading privileges, the
market price shall be the average of the last reported bid and asked prices
reported by the National Association of Securities Dealers Quotation System (or
if not quoted on NASDAQ, by the National Quotation Bureau, Inc. or other
reporting medium); or (iii) otherwise the market price 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 upon the Optionee.

                2.             Option
Period. The option period during which this Option may be exercised
shall be 5 years from date of
this grant, expiring at 12:00 o’clock
p.m. on July 10, 2007, Denver
time. 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 Agreement, 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 but it shall not be exercisable after the expiration of 5 years from
the date on which it was granted.

                (a)           Right to Exercise. Options shall be exercisable
only during the option period by the Optionee:

                                (i) while the
Optionee is in “continuous employment with the Company;” provided, however, if
the Optionee’s employment is terminated by Optionee for cause or by the Company
without cause, the Optionee shall have a period of three months from the date
Optionee’s employment terminates in which to exercise the Option to the extent
the Option was exercisable at the time of termination, but in no event later
than the expiration of the

 

 

option
period. If the Optionee should die during this three-month period, the Option
may be exercised by the person or persons to whom the rights under the Option
passed by will or the laws of descent and distribution to the same extent and
during the same period the Optionee could have exercised the Option had
Optionee not died. In the event the Optionee should terminate employment by the
Company without cause or the Company should terminate Optionee’s employment
with cause, then all unexercised Options granted to Optionee shall be forfeited
and cancelled effective upon such termination. For purposes of this section, “continuous
employment with the Company” shall mean the absence of any interruption or
termination of employment by the Company. Continuous employment shall not be
considered interrupted in the case of transfer of the duties of the Optionee
among the Company and any of its Subsidiary Corporations or during leave of
absence for a company-approved purpose.

Except
as otherwise provided, the option period shall terminate upon the Optionee’s
termination of employment if that date is earlier than the term of the Option.

                                (ii) If the
Optionee should die or become permanently totally disabled while employed by
the Company, any Option or unexercised portion thereof, to the extent
exercisable at the time of the Optionee’s death or disability, may be exercised
by Optionee, the Optionee’s conservator or legal guardian or by the person or
persons to whom the Optionee’s rights under the Option passed by will or the
laws of descent and distribution not later than twelve months after the
Optionee’s death or not later than twelve months after the Optionee’s
disability, but in no event later than the expiration of the option period.

                (b)           Change in Control. In the event that the Company or
substantially all of its assets are sold or there is a change in control of the
Company, as evidenced by a change of fifty percent (50%) or more in the
ownership of the issued and outstanding shares of the Company’s common stock or
memberships on the Company’s board of directors in any one transaction or
series of related transactions, this Option shall, upon such occurrence, become
exercisable in full, notwithstanding any other provisions of this Agreement to
the contrary.

                (c)           Method of Exercise. This Option shall be
exercisable by a written notice delivered to the Company which shall:

                                (i) 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), the person
in whose name the stock certificate or certificates for such shares of common
stock is to be registered, with that person’s address and Social Security
number (or if more than one, the names, addresses and Social Security numbers
of such persons);

                                (ii) Contain
such representations and agreement as to the holder’s investment intent with
respect to such shares of Common Stock as may be satisfactory to the Company’s
counsel;

                                (iii) Be signed
by the person or persons entitled to exercise the Option and, if the Option is
being exercised by any person or persons other than the Optionee, be
accompanied by proof, satisfactory to counsel for the Company, of the right of
such person or persons to exercise the Option.

                Payment of the purchase price of
any shares with respect to which the Option is being exercised shall be by cash
or certified check, previously acquired shares of the Common Stock having a
fair market value equal to the option price, or previously acquired shares of
Common Stock having a fair market value less than the option price, plus cash
or certified check for the balance of the option price, 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 registered in
the name of the person or persons exercising the Option.

                (d)           Restrictions on Exercise. As a condition to
exercise of this Option, the Company may require the person exercising this Option
to make any representation and warranty to the Company as may be required by
any applicable law or regulation.

 

2

 

                4.             Nontransferability of Option. This Option may not
be transferred in any manner and may be exercised during the lifetime of the
Optionee only by the Optionee and after death of the Optionee by the person or
persons to whom the Optionee’s rights under the Option passed by will or the
laws of descent and distribution.

                5.             Adjustments
Upon Changes in Capitalization. Whenever there is any change in the
outstanding shares of Common Stock of the Corporation 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 each 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 (including any Option
outstanding after termination of employment) and the option price per share
shall be proportionately and appropriately adjusted without any change in the
aggregate option price to be paid therefor upon exercise of the Option.

                6.             Notices. Each
notice relating to this Agreement 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 Secretary. Each
Optionee or other person or persons then entitled to exercise the Option shall
be addressed to the Optionee or such other person or persons at the Optionee’s
address set forth in the heading of this Agreement. Anyone to whom a notice may
be given under this Agreement may designate a new address by notice to that
effect.

                7.             Benefits of Agreement. This
Agreement 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 Agreement shall be binding upon the Optionee’s heirs,
legal representatives and successors. This Agreement shall be the sole and exclusive
source of any and all rights which the Optionee, and heirs, legal
representatives, or successors of Optionee may have in respect to the plan or
any options or Common Stock granted or issued thereunder, whether to Optionee
or any other person.

                8.             Incorporation of Plan. This Agreement is made
subject to the provisions of the Plan, the terms of which are incorporated
herein by reference to the extent they apply to nonstatutory stock options.
Capitalized terms used in the Plan shall have the same meaning, when used in
this Agreement, as in the Plan. In the event of conflict between provisions of
the Plan and provisions of this Agreement, the provisions of the Plan shall
control.

                9.             Resolution of Disputes. Any dispute or
disagreement which should arise under, or as a result of, or in any way relate
to, the interpretation, construction or applicability of this Agreement will be
determined by the stock option committee appointed by the Board of Directors of
the Company. Any such determination made by the Committee shall be final,
binding, and conclusive for all purposes.

                10.           Approval of Stockholders. If an option is granted
by this Agreement prior to approval of the stockholders of the Plan, the option
granted shall be null and void unless stockholder approval is obtained within
twelve months after the Plan was adopted.

                11.           Investment Representation; Legend. Optionee
represents and agrees that all shares of Common Stock purchased by Optionee
under this Agreement will be purchased for investment purposes only and not
with a view to distribution or resale. The Company may require that an
appropriate legend be inscribed on the face of any certificate issued under
this Agreement, indicating that transfer of the shares is restricted, and may
place an appropriate stop transfer order with the Company’s transfer agent with
respect to such shares.

                12.           No Guarantee. This Agreement shall in no way
restrict the right of the Company to terminate Optionee’s relationship with it,
whether as an Employee or Consultant.

 

3

 

                IN WITNESS WHEREOF, the Company
and the Optionee have caused this Agreement to be executed as of the day, month
and year first above written.

 

	
  OPTIONEE:

  	
   

  	
   

  	
  RENTECH, INC.

  
	
   

  	
   

  	
   

  	
   

  
	
  /s/ Carol Florcyk

  	
   

  	
  By:

  	
  /s/ Dennis L. Yakobson

  
	
  Carol Florcyk

  	
   

  	
   

  	
  Dennis L. Yakobson, President

  

 

4Exhibit 10.5

 

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.

NONSTATUTORY STOCK OPTION AGREEMENT

 

                THIS STOCK OPTION AGREEMENT,
hereinafter referred to as the “Option” or the “Agreement.” is entered into on
May 16, 2001, between RENTECH, INC., a Colorado corporation (“the Company”),
and MARK D. IBSEN (“the Optionee”), whose address is 892 East Thames Street,
Highlands Ranch, CO 80126.

                Pursuant to the minutes of the
Board of Directors of the Company May 16, 2001, the Company hereby grants a
nonstatutory stock option to purchase 5,000 shares of common stock of the
Company, $.01 par value per share (“Common Stock”), to the Optionee at the
price and in all respects subject to the terms, definitions and provisions of
the Agreement (“Option”).

                1.             Option Price. The option price is $1.05 for each
share. For purposes of this Agreement, but only if and to the extent
applicable, the fair market value of such common stock shall be determined as
follows: (i) if the common stock is listed on a national securities exchange or
admitted to unlisted trading privileges on such exchange, then the market value
shall be the last reported sale price of the common stock on the composite tape
of such exchange, or, if no such sale is made on any trading day, the average
closing bid and asked prices for such day on the composite tape of such
exchange; or (ii) if the common stock is not so listed or admitted to unlisted
trading privileges, the market price shall be the average of the last reported
bid and asked prices reported by the National Association of Securities Dealers
Quotation System (or if not quoted on NASDAQ, by the National Quotation Bureau,
Inc. or other reporting medium); or (iii) otherwise the market price 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 upon the Optionee.

                2.             Option Period. The option period during which
this Option may be exercised shall be 5 years from date of this grant, expiring
at 12:00 o’clock p.m. on May 15, 2006, Denver time. 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 Agreement, 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 but it shall not be exercisable after the
expiration of 5 years from the date on which it was granted.

                (a)           Right to Exercise. Options shall be exercisable
only during the option period by the Optionee:

                                (i) while the
Optionee is in “continuous employment with the Company;” provided, however, if
the Optionee’s employment is terminated by Optionee for cause or by the Company
without cause, the Optionee shall have a period of three months from the date
Optionee’s employment terminates in which to exercise the Option to the extent
the Option was exercisable at the time of termination, but in no event later
than the expiration of the

 

option
period. If the Optionee should die during this three-month period, the Option
may be exercised by the person or persons to whom the rights under the Option
passed by will or the laws of descent and distribution to the same extent and
during the same period the Optionee could have exercised the Option had
Optionee not died. In the event the Optionee should terminate employment by the
Company without cause or the Company should terminate Optionee’s employment
with cause, then all unexercised Options granted to Optionee shall be forfeited
and cancelled effective upon such termination. For purposes of this section, “continuous
employment with the Company” shall mean the absence of any interruption or
termination of employment by the Company. Continuous employment shall not be
considered interrupted in the case of transfer of the duties of the Optionee
among the Company and any of its Subsidiary Corporations or during leave of
absence for a company-approved purpose.

Except
as otherwise provided, the option period shall terminate upon the Optionee’s
termination of employment if that date is earlier than the term of the Option.

                                (ii) If the
Optionee should die or become permanently totally disabled while employed by
the Company, any Option or unexercised portion thereof, to the extent
exercisable at the time of the Optionee’s death or disability, may be exercised
by Optionee, the Optionee’s conservator or legal guardian or by the person or
persons to whom the Optionee’s rights under the Option passed by will or the
laws of descent and distribution not later than twelve months after the
Optionee’s death or not later than twelve months after the Optionee’s
disability, but in no event later than the expiration of the option period.

                (b)           Change in Control. In the event that the Company or
substantially all of its assets are sold or there is a change in control of the
Company, as evidenced by a change of fifty percent (50%) or more in the
ownership of the issued and outstanding shares of the Company’s common stock or
memberships on the Company’s board of directors in any one transaction or
series of related transactions, this Option shall, upon such occurrence, become
exercisable in full, notwithstanding any other provisions of this Agreement to
the contrary.

                (c)           Method of Exercise. This Option shall be
exercisable by a written notice delivered to the Company which shall:

                                (i) 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), the person
in whose name the stock certificate or certificates for such shares of common
stock is to be registered, with that person’s address and Social Security
number (or if more than one, the names, addresses and Social Security numbers
of such persons);

                                (ii) Contain
such representations and agreement as to the holder’s investment intent with
respect to such shares of Common Stock as may be satisfactory to the Company’s
counsel;

                                (iii) Be signed
by the person or persons entitled to exercise the Option and, if the Option is
being exercised by any person or persons other than the Optionee, be
accompanied by proof, satisfactory to counsel for the Company, of the right of
such person or persons to exercise the Option.

                Payment of the purchase price of
any shares with respect to which the Option is being exercised shall be by cash
or certified check, previously acquired shares of the Common Stock having a
fair market value equal to the option price, or previously acquired shares of
Common Stock having a fair market value less than the option price, plus cash
or certified check for the balance of the option price, 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 registered in
the name of the person or persons exercising the Option.

                (d)           Restrictions on Exercise. As a condition to exercise of this Option, the Company may require
the person exercising this Option to make any representation and warranty to
the Company as may be required by any applicable law or regulation.

 

2

 

                4.             Nontransferability of Option. This Option may not
be transferred in any manner and may be exercised during the lifetime of the
Optionee only by the Optionee and after death of the Optionee by the person or
persons to whom the Optionee’s rights under the Option passed by will or the
laws of descent and distribution.

                5.             Adjustments Upon
Changes in Capitalization. Whenever there is any change in the
outstanding shares of Common Stock of the Corporation 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 each 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 (including
any Option outstanding after termination of employment) and the option price
per share shall be proportionately and appropriately adjusted without any
change in the aggregate option price to be paid therefor upon exercise of the
Option.

                6.             Notices. Each
notice relating to this Agreement 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 Secretary. Each
Optionee or other person or persons then entitled to exercise the Option shall
be addressed to the Optionee or such other person or persons at the Optionee’s
address set forth in the heading of this Agreement. Anyone to whom a notice may
be given under this Agreement may designate a new address by notice to that
effect.

                7.             Benefits of Agreement. This
Agreement 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 Agreement shall be binding upon the Optionee’s heirs,
legal representatives and successors. This Agreement shall be the sole and
exclusive source of any and all rights which the Optionee, and heirs, legal
representatives, or successors of Optionee may have in respect to the plan or
any options or Common Stock granted or issued thereunder, whether to Optionee
or any other person.

                8.             Incorporation of Plan. This Agreement is made
subject to the provisions of the Plan, the terms of which are incorporated
herein by reference to the extent they apply to nonstatutory stock options.
Capitalized terms used in the Plan shall have the same meaning, when used in
this Agreement, as in the Plan. In the event of conflict between provisions of
the Plan and provisions of this Agreement, the provisions of the Plan shall
control.

                9.             Resolution of Disputes. April dispute or
disagreement which should arise under, or as a result of, or in any way relate
to, the interpretation, construction or applicability of this Agreement will be
determined by the stock option committee appointed by the Board of Directors of
the Company. Any such determination made by the Committee shall be final,
binding, and conclusive for all purposes.

                10.           Approval of  Stockholders. If an option is granted by
this Agreement prior to approval of the stockholders of the Plan, the option
granted shall be null and void unless stockholder approval is obtained within
twelve months after the Plan was adopted.

                11.           Investment Representation; Legend. Optionee
represents and agrees that ail shares of Common Stock purchased by Optionee
under this Agreement will be purchased for investment purposes only and not
with a view to distribution or resale. The Company may require that an
appropriate legend be inscribed on the face of any certificate issued under
this Agreement, indicating that transfer of the shares is restricted, and may
place an appropriate stop transfer order with the Company’s transfer agent with
respect to such shares.

                12.           No Guarantee. This Agreement shall in no way
restrict the right of the Company to terminate Optionee’s relationship with it,
whether as an Employee or Consultant.

 

3

 

                IN WITNESS WHEREOF, the Company
and the Optionee have caused this Agreement to be executed as of the day, month
and year first above written.

 

	
  OPTIONEE:

  	
   

  	
   

  	
  RENTECH, INC.

  
	
   

  	
   

  	
   

  	
   

  
	
  /s/ Mark D. Ibsen

  	
   

  	
  By:

  	
  /s/ Dennis L. Yakobson

  
	
  Mark D. Ibsen

  	
   

  	
   

  	
  Dennis L. Yakobson, President

  

 

4

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