Document:

Exhibit 10.1

Exhibit 10.1

MOLYCORP, INC.

RESTRICTED STOCK UNITS AGREEMENT

WHEREAS,
[______] (the “Grantee”) is a Director;

WHEREAS, the grant of Restricted Stock Units was authorized by a resolution of the
Compensation Committee of the Board that was duly adopted on
 ______ ___, 20
 ___, in which the
Compensation Committee of the Board determined that the effective date for the grant of Restricted
Stock Units was
 _______ ___, 20
 ___ 

(the “Date of Grant”), and the execution of a Restricted Stock
Units agreement substantially in the form hereof (this “Agreement”) to evidence such grant was
authorized by a resolution of the Compensation Committee of the Board that was duly adopted on

 ______ ___, 20__.

NOW, THEREFORE, pursuant to the Company’s 2010 Equity and Performance Incentive Plan (the
“Plan”), and subject to the terms and conditions thereof and the terms and conditions hereinafter
set forth, the Company has granted to Grantee as of the Date of Grant
[______]
Restricted Stock Units (“RSUs”).

1. Payment of RSUs. The RSUs covered by this Agreement shall become payable to
Grantee if they become nonforfeitable in accordance with Section 2, Section 3, or
Section 4 hereof.

2. Vesting and Forfeiture of RSUs.

	 	(a)	 	Subject to the terms and conditions of Sections 3 and 4 hereof,
Grantee’s right to receive the shares of Common Stock subject to the RSUs shall become
nonforfeitable with respect to one-hundred percent (100%) of the total number of RSUs
on
 _______ ___, 20
 ___ 

(the “Vesting Date”) if Grantee continues to serve as a Director
until such time.

	 	(b)	 	If Grantee’s service as a Director terminates for any reason prior to
 _______ ___, 20
 ___ , and subject to the terms and conditions of Sections 3 and 4
hereof, Grantee shall forfeit all of the RSUs at the time of such termination of
service as a Director.

	 	(c)	 	If Grantee’s service as a Director terminates for any reason during the period
from
 _______ ___, 20
 ___ 

through
 _______ ___, 20
 ___ ,
 and subject to the terms and conditions of
Sections 3 and 4 hereof, Grantee’s right to receive the shares of
Common Stock subject to the RSUs shall become nonforfeitable with respect to the total
number of RSUs unless, within thirty (30) days following Grantee’s termination of
service as a Director, the Board determines that Grantee’s termination of service as a
Director occurred under circumstances that are not satisfactory to the Board. If the
Board does not make such determination within such thirty (30) day period, Grantee’s
right to receive the shares of Common Stock subject to the RSUs shall become
nonforfeitable at the conclusion of such period with respect to the total number of
RSUs granted pursuant to this Agreement. If, within thirty (30) days following
Grantee’s termination of service as a Director, the Board
determines that Grantee’s termination of service as a Director occurred under
circumstances that are not satisfactory to the Board, Grantee shall forfeit all of
the RSUs at the time of such termination of service as a Director. In the event that
Grantee intentionally commits an act that the Compensation Committee determines to
be materially adverse to the interests of the Company or any Subsidiary, Grantee’s
right to receive any shares of Common Stock to be delivered with respect to the
Restricted Stock Units covered by this Agreement shall be forfeited at the time of
that determination notwithstanding any other provision of this Agreement.

 

 

 

3. Effect of Change of Control. In the event a Change of Control occurs prior to the
RSUs becoming nonforfeitable as provided in Section 2 above and while Grantee continues to
serve as a Director, the RSUs covered by this Agreement shall become nonforfeitable and payable to
Grantee upon the occurrence of such Change of Control.

4. Effect of Termination Due to Death or Disability. Notwithstanding Section
2 above, if Grantee dies or Grantee’s service as a Director ceases because Grantee becomes
Disabled while serving as a Director, the RSUs covered by this Agreement shall immediately become
nonforfeitable and payable to Grantee upon the occurrence of such death or termination of service
as a Director.

5. Form and Time of Payment of RSUs. Except as otherwise provided for in Section
8, payment for the RSUs shall be made in form of shares of Common Stock on the date they become
nonforfeitable or otherwise become payable in accordance with Section 2, Section 3
or Section 4 hereof. To the extent that the Company is required to withhold any federal,
state, local or foreign taxes in connection with the delivery of shares of Common Stock to Grantee
or any other person under this Agreement, and the amounts available to the Company for such
withholding are insufficient, it shall be a condition to the receipt of such delivery or any future
delivery that Grantee shall pay such taxes or make arrangements that are satisfactory to the
Company for payment thereof. Grantee may elect to have the number of shares of Common Stock to be
delivered to Grantee or such other person reduced (based on the Market Value Per Share as of the
date the RSUs become payable) to provide for the taxes required to be withheld, with any fractional
shares that would otherwise be delivered being rounded up to the next nearest whole share. In no
event, however, shall the Market Value Per Share of the shares of Common Stock to be withheld
and/or delivered pursuant to this Section 5 to satisfy applicable withholding taxes in
connection with the benefit exceed the minimum amount of taxes required to be withheld. The Board
(or the Compensation Committee) may, at its discretion, adopt any alternative method of providing
for taxes to be withheld. Elections to defer receipt of the Shares beyond the date of payment
provided herein may be permitted in the discretion of the Board pursuant to procedures established
by the Board in compliance with the requirements of Section 409A of the Code.

6. Payment of Dividend Equivalents. From and after the Date of Grant and until the
earlier of (a) the time when the RSUs become nonforfeitable and payable in accordance with
Section 2, Section 3 or Section 4 hereof or (b) the time when Grantee’s
right to receive shares of Common Stock upon payment of RSUs is forfeited in accordance with the
provisions of Section 2 hereof, on the date that the Company pays a cash dividend (if any)
to holders of shares of Common Stock generally, Grantee shall be entitled to dividend equivalents
with respect to each
outstanding RSU. On the date the dividend is paid, the dividend equivalents will be credited
as either:

	 	i.	 	a cash amount equal to the product of (A) the
dollar amount of the cash dividend paid per share of Common Stock on such
date and (B) the number of outstanding RSUs credited to Grantee as of
such date; or

 

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	 	ii.	 	a number of additional whole RSUs determined by
dividing (A) the product of (1) the dollar amount of the cash dividend
paid per share of Common Stock on such date and (2) the number of RSUs
credited to Grantee as of such date, by (B) the Market Value Per Share on
such date.

The form of the dividend equivalents credited to the outstanding RSUs will be determined by the
Compensation Committee at its own discretion. Such dividend equivalents (if any) shall be subject
to the same terms and conditions as the RSUs and shall be paid, settled or forfeited, in shares of
Common Stock or cash, as applicable, in the same manner and at the same time as the RSUs to which
the dividend equivalents were credited.

7. RSUs Nontransferable. Neither the RSUs granted hereby nor any interest therein or
in the shares of Common Stock related thereto shall be transferable or assignable other than by
will or the laws of descent and distribution prior to payment.

8. Adjustments. The Board shall make any adjustments in the number of RSUs or other
securities covered by this Agreement that the Board may determine to be equitably required to
prevent any dilution or expansion of Grantee’s rights under this Agreement that otherwise would
result from any (a) stock dividend, stock split, combination of shares, recapitalization or other
change in the capital structure of the Company, (b) merger, consolidation, spin-off, split-off,
spin-out, split-up, separation, reorganization, partial or complete liquidation involving the
Company or other distribution of assets, issuance of rights or warrants to purchase securities of
the Company, or (c) other transaction or event having an effect similar to any of those referred to
in Section 8(a) or 8(b) hereof. Furthermore, in the event that any transaction or
event described or referred to in the immediately preceding sentence shall occur, the Board may
provide in substitution of any or all of Grantee’s rights under this Agreement such alternative
consideration as the Board may determine in good faith to be equitable under the circumstances.

9. Compliance with Section 409A of the Code. To the extent applicable, it is intended
that this Agreement and the Plan comply with the provisions of Section 409A of the Code, so that
the income inclusion provisions of Section 409A(a)(1) of the Code do not apply to Grantee. This
Agreement and the Plan shall be administered in a manner consistent with this intent. Reference to
Section 409A of the Code is to Section 409A of the Internal Revenue Code of 1986, as amended, and
will also include any regulations or any other formal guidance promulgated with respect to such
Section by the U.S. Department of the Treasury or the Internal Revenue Service. Notwithstanding
any provision of this Agreement to the contrary, if Grantee is subject to Section 409A of the Code
and Grantee is a “specified employee” (within the meaning of Section 409A of the Code and
determined pursuant to procedures adopted by the Company) at the time of his “separation from
service” (within the meaning of Section 409A of the Code) and if any portion of the payments or
benefits to be received by Grantee under this Agreement upon
such “separation from service” would be considered deferred compensation under Section 409A of
the Code, then each portion of such payments and benefits that would otherwise be payable pursuant
this Agreement during the six-month period immediately following Grantee’s “separation from
service” will instead be paid or made available on the earlier of (a) the first business day of the
seventh month following the date of Grantee’s “separation from service” and (b) Grantee’s death.

 

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10. Continuous Service. For purposes of this Agreement, the continuous service of
Grantee as a Director shall not be deemed to have been interrupted, and Grantee shall not be deemed
to have ceased to serve as a Director, by reason of an approved leave of absence.

11. Information. Information about Grantee and Grantee’s participation in the Plan
may be collected, recorded and held, used and disclosed for any purpose related to the
administration of the Plan. Grantee understands that such processing of this information may need
to be carried out by the Company and its Subsidiaries and by third party administrators whether
such persons are located within Grantee’s country or elsewhere, including the United States of
America. Grantee consents to the processing of information relating to Grantee and Grantee’s
participation in the Plan in any one or more of the ways referred to above.

12. Relation to Plan. This Agreement is subject to the terms and conditions of the
Plan. In the event of any inconsistency between the provisions of this Agreement and the Plan, the
Plan shall govern. All terms used herein with initial capital letters and not otherwise defined
herein that are defined in the Plan shall have the meanings assigned to them in the Plan. The
Board (or a committee of the Board) acting pursuant to the Plan, as constituted from time to time,
shall, except as expressly provided otherwise herein, have the right to determine any questions
which arise in connection with the grant of the RSUs. The interpretation and construction by the
Compensation Committee of any provision of the Plan or this Agreement and any determination by the
Compensation Committee pursuant to any provision of the Plan or this Agreement will be final and
conclusive.

13. Amendments. Any amendment to the Plan shall be deemed to be an amendment to this
Agreement to the extent that the amendment is applicable hereto; provided, however,
that no amendment shall adversely affect the rights of Grantee under this Agreement without
Grantee’s consent (provided, however, that Grantee’s consent shall not be required
to an amendment that is deemed necessary by the Company to ensure compliance with Section 409A of
the Code or the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 or any
regulations promulgated thereunder).

14. Severability. If any provision of this Agreement or the application of any
provision hereof to any person or circumstances is held invalid, unenforceable or otherwise
illegal, the remainder of this Agreement and the application of such provision to any other person
or circumstances shall not be affected, and the provisions so held to be invalid, unenforceable or
otherwise illegal shall be reformed to the extent (and only to the extent) necessary to make it
enforceable, valid and legal.

15. Compliance with Law. The Company shall make reasonable efforts to comply with all
applicable federal and state securities laws; provided, however, that
notwithstanding any
other provision of this Agreement, the RSUs covered by this Agreement shall not be paid if the
payment thereof would result in violation of any such law.

 

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16. Successors and Assigns. Without limiting Section 7 hereof, the provisions
of this Agreement shall inure to the benefit of, and be binding upon, the successors,
administrators, heirs, legal representatives and assigns of Grantee, and the successors and assigns
of the Company.

17. Governing Law. This Agreement shall be governed by and construed in accordance
with the internal substantive laws of the State of Delaware, without giving effect to any
principles of conflict of laws thereof. 

18. Definitions. As used in this Agreement,

(a) “Change of Control” means a change in the ownership or effective control of the
Company, or a change in the ownership of a substantial portion of the assets of the Company,
within the meaning of Section 409A of the Code and the regulations thereunder.

(b) “Disabled” means Grantee is unable to engage in any substantial gainful activity by
reason of any medically determinable physical or mental impairment that can be expected to
result in death or can be expected to last for a continuous period of not less than 12
months.

[SIGNATURES ON FOLLOWING PAGE]

 

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Executed in the name and on behalf of the Company, as of the
 _____ 

day of
 _____, 20_.

	 	 	 	 	 
	 	MOLYCORP, INC.

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

The undersigned Grantee hereby acknowledges receipt of an executed original of this Agreement
and accepts the right to receive the RSUs or other securities covered hereby, subject to the terms
and conditions of the Plan and the terms and conditions herein above set forth.

	 	 	 	 	 	 	 
	 	 	 	 	 
	 	 	Grantee	 	 
	 
	 	 	 	 	 	 
	 

	 	Date:	 	 	 	 
	 

	 	 	 	 

	 	 

 

6Exhibit 10.1

Exhibit 10.1

RENTECH, INC. TIME VESTING

INDUCEMENT RESTRICTED STOCK UNIT AWARD

PREAMBLE

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

Number of RSUs: [_____] (the “Grant Amount”)

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

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

Vesting of RSUs: This award will vest and become nonforfeitable as to one-third of
the RSUs subject hereto on each of the first three anniversaries of the Vesting Start Date,
subject to the Executive’s continued employment with the Company or any Subsidiary through
the applicable anniversary, provided, that (i) if, prior to the third anniversary of the
Vesting Start Date, the Executive’s employment is terminated by the Company or a Subsidiary
without Cause or by the Executive for Good Reason, in either case, during the period
beginning sixty days prior to a Change in Control and ending one year after a Change in
Control, or (ii) prior to the third anniversary of the Vesting Start Date, while employed by
the Company, the Executive dies or experiences a Disability, then, in any such case, to the
extent not previously vested, all RSUs granted hereunder shall vest in full, as applicable,
upon (A) the Executive’s termination without Cause or for Good Reason within one year after
a Change in Control, (B) the Executive’s death or Disability, or (C) if a Change in Control
occurs within sixty days after the Executive’s termination without Cause or for Good Reason,
upon such Change in Control (any date on which RSUs vest in accordance herewith, a
“Vesting Date”).

 

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

	 	 	 	 	 	 	 
	RENTECH, INC.

	 	 	 	EXECUTIVE	 	 
	 
	 
	 	 	 	 	 	 
	 

By:

	 	 	 	 

	 	 

 

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APPENDIX A

TERMS AND CONDITIONS OF RESTRICTED STOCK UNITS

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

2. Definitions.

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

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

	 	c.	 	[“Cause” shall have the meaning provided in the Employment
Agreement.]

	 	d.	 	[“Change in Control” shall have the meaning provided in the
Employment Agreement.]

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

	 	f.	 	“Committee” means the committee of the Board authorized to
interpret and administer the Company’s stock incentive plans.

	 	g.	 	“Company” shall have the meaning provided in the Preamble.

	 	h.	 	[“Disability” shall have the meaning provided in the Employment
Agreement.]

	 	i.	 	“Executive” shall have the meaning provided in the Preamble.

	 	j.	 	[“Employment Agreement” shall have the meaning provided in the
Preamble.]

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

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

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

 

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

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

	 	m.	 	[“Good Reason” shall have the meaning provided in the
Employment Agreement.]

	 	n.	 	“Grant Date” shall have the meaning provided in the Preamble.

	 	o.	 	 “RSUs” shall have the meaning provided in the Preamble.

	 	p.	 	“Stock” means the common stock of the Company, par value $0.01
per share, and such other securities of the Company that may be substituted for
Stock pursuant to Section 11 below.

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

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

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

 

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5. Termination of RSUs. If the Executive’s continuous employment with the Company and
its Subsidiaries is terminated without Cause or for Good Reason prior to both the
vesting of all RSUs granted pursuant to this Agreement and the occurrence of a Change in
Control, then all RSUs that have not vested as of the sixty-first day following such termination
(after taking into consideration any vesting that may occur in connection with the Executive’s
death or Disability or upon a Change in Control occurring within the first sixty days following
such termination), shall automatically be forfeited and canceled without payment of consideration
therefor on the sixty-first day following such termination. If the Executive’s continuous
employment with the Company and its Subsidiaries is terminated under circumstances other than those
described in the immediately preceding sentence and prior to the vesting of all RSUs granted
pursuant to this Agreement, then all RSUs that have not vested as of such termination (after taking
into consideration any vesting that may occur in connection with the Executive’s death, Disability
or termination of employment) shall automatically be forfeited and canceled without payment of
consideration therefor.

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

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

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

 

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

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

11. Adjustments in Capitalization.

a. In the event of any stock dividend, stock split, combination or exchange of shares, merger,
consolidation, spin-off, recapitalization or other distribution (other than normal cash dividends)
of Company assets to stockholders, or any other change affecting the shares of Stock or the share
price of the Stock, the Committee shall make proportionate adjustments to any or all of the
following in order to reflect such change: (a) the aggregate number and kind of shares that may be
issued under this Agreement; and (b) the terms and conditions of the RSUs. Any adjustment
affecting an Award intended as Qualified Performance-Based Compensation shall be made consistent
with the requirements of Section 162(m) of the Code.

 

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b. In the event of any transaction or event described in Section 11(a) above or any unusual or
nonrecurring transactions or events affecting the Company, any affiliate of the Company, or the
financial statements of the Company or any affiliate, or of changes in applicable laws, regulations
or accounting principles, the Committee, in its sole discretion and on such terms and conditions as
it deems appropriate, either by the terms of this Agreement or by action taken prior to the
occurrence of such transaction or event and either automatically or upon the Executive’s request,
is hereby authorized to take any one or more of the following actions whenever the Committee
determines that such action is appropriate in order to prevent dilution or enlargement of the
benefits or potential benefits intended to be made available under this Agreement, to facilitate
such transactions or events or to give effect to such changes in laws, regulations or principles:

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

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

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

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

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

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

 

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

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

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

16. Amendment. Subject to Section 12 above and Section 18 below, this Agreement may
only be amended, modified or terminated by a writing executed by the Executive and by a duly
authorized representative of the Company.

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

18. Code Section 409A.

a. General. To the extent that the Committee determines that any RSUs may not be
exempt from or compliant with Code Section 409A, the Committee may amend this Agreement in a manner
intended to comply with the requirements of Code Section 409A or an exemption therefrom (including
amendments with retroactive effect), or take any other actions as it deems necessary or appropriate
to (i) exempt the RSUs from Code Section 409A and/or preserve the intended tax treatment of the
benefits provided with respect to the RSUs, or (ii) comply with the requirements of Code Section
409A. To the extent applicable, this Agreement shall be interpreted in accordance with the
provisions of Code Section 409A. Notwithstanding anything herein to the contrary, the Executive
expressly agrees and acknowledges that in the event that any taxes are imposed under Code Section
409A in respect of any compensation or benefits payable to the Executive, then (A) the payment of
such taxes shall be solely the Executive’s responsibility, (B) neither the Company nor any of its
past or present directors, officers, employees or agents shall have any liability for any such
taxes and (C) the Executive shall indemnify and hold harmless, to the greatest extent permitted
under law, each of the foregoing from and against any claims or liabilities that may arise in
respect of any such taxes.

 

8

 

b. Potential Six-Month Delay. Notwithstanding anything to the contrary in this
Agreement, no shares of Stock (or other amounts) shall be paid to the Executive during the
6-month period following the Executive’s “separation from service” (within the meaning of Section
409A(a)(2)(A)(i) of the Code, and Treasury Regulation Section 1.409A-1(h)) (“Separation from
Service”) to the extent that the Company determines that the Executive is a “specified
employee” (within the meaning of Code Section 409A) at the time of such Separation from Service and
that paying such amounts at the time or times indicated in this Agreement would be a prohibited
distribution under Code Section 409A(a)(2)(b)(i). If the payment of any such amounts is delayed as
a result of the previous sentence, then on the first business day following the end of such 6-month
period (or such earlier date upon which such amount can be paid under Code Section 409A without
being subject to such additional taxes), the Company shall pay to the Executive in a lump-sum all
shares of Stock that would have otherwise been payable to the Executive during such 6-month period
under this Agreement.

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

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

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

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

 

9

 

EXHIBIT A

CONSENT OF SPOUSE

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

	 	 	 	 	 
	Dated:                     ,
 _____ 

	 	 	 	Name:                                                             

 

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