Document:

exv10w48

Exhibit 10.48

EMPLOYMENT, CONFIDENTIALITY AND NON-COMPETE AGREEMENT

     This EMPLOYMENT, CONFIDENTIALITY AND NON-COMPETE AGREEMENT (the “Agreement”) is made and
entered into by and between MEDCATH INCORPORATED, a North Carolina corporation (the “Company”) and
JAMES A. PARKER, a resident of North Carolina (“Employee”) and is effective the 18th day
of February, 2001.

     WHEREAS, the Company desires to employ Employee as a full-time employee and Employee desires
to accept that position in accordance with the terms hereof;

     NOW, THEREFORE, it is agreed as follows:

     1. Employment. Employee shall be employed as Treasurer for MedCath Incorporated. For
new and valuable consideration described herein, the Company shall employ Employee and Employee
accepts employment upon the terms and conditions hereinafter set forth, with such employment to
commence on or before February 26, 2001.

     2. Duties. Employee shall be a full-time employee of the Company and, accordingly,
shall devote a commensurate amount of time and effort in the performance of Employee’s duties as
assigned by the Company.

     While employed by the Company, Employee shall not be engaged in any other business activity
whether or not such business activity is pursued for gain, profit, or other pecuniary advantage.

     3. Compensation. For and in consideration of the services to be rendered by Employee
hereunder and the Employee’s agreement to comply with the provisions contained in the Agreement,
the Company shall pay to Employee a bi-weekly salary of Five Thousand Five Hundred Seventy Six
Dollars and Ninety-Two Cents ($5,576.92). While Employee remains employed by the Company,
Employee’s salary shall be reviewed by the Company on an annual basis.

     Employee shall be eligible for a sign-on bonus of Twelve Thousand Five Hundred Dollars and
Zero Cents ($12,500.00). Employee agrees that if employment is terminated by the Company for cause
on or before February 26, 2002, Employee will reimburse the Company the full amount of the bonus
paid to him within thirty (30) days of termination. If employment is terminated by the Company
without cause, Employee will not be responsible to reimburse any sign-on bonus amount to the
Company.

     Employee shall be eligible to participate in an annual bonus compensation plan each fiscal
year of employment with the Company, provided that such participation complies with the terms,
conditions and guidelines established for eligible employees’ participation. Employee will be
eligible for a bonus the first fiscal year of employment of up to forty (40%) percent of Employee’s
base compensation, based upon the Company’s review of Employee’s performance. Any bonus for the
Employee’s first fiscal year of employment with the Company will be
pro-

 

 

rated based upon the Employee’s commencement of employment with the Company as of February 26,
2001; Company shall pay Employee at least fifty percent (50%) of such pro-rated, first fiscal year
bonus potential. While Employee remains employed by the Company, Employee’s eligibility for,
participation in, and terms of the annual bonus compensation plan will be reviewed, and may be
revised, by the Company on at least an annual basis. Performance will include, but not be limited
to, the accomplishment of any objectives outlined by the Company for Employee. Employee
understands that the purpose of the annual bonus compensation plan is to provide participants with
an incentive to remain with the Company. Therefore, in order to be eligible for any bonus, Employee
must be actively employed by the Company at the time the bonus is paid and satisfy all eligibility
criteria imposed by applicable Company policy and law. Employee further understands that the bonus
is not actually earned by Employee unless Employee remains actively employed by the Company
throughout this period, which includes the date of payment.

     4. Miscellaneous Benefits. During Employee’s employment with the Company, Employee
shall be eligible for additional benefits, including life insurance, medical insurance, paid time
off, etc., under the same terms and conditions as those which apply to similar employees of the
Company, as they may be changed from time to time. Employee shall be entitled to twenty (20) days
of vacation annually.

     With regard to business expenses, the Company shall reimburse Employee for reasonable business
related expenses incurred in the course of Employee’s employment with the Company, provided those
expenses are consistent with the policies established from time to time by the Company. Employee
must submit acceptable documentation of the expenses in order to receive reimbursement.

     5. Termination of Employment.

          (a) By the Company for Cause. The Company shall have the right to terminate
Employee’s employment immediately and without prior notice in the event that the Company believes
it has cause to terminate employment. “Cause” includes, but is not limited to, fraud; dishonesty;
disloyalty; conviction of criminal conduct; conduct which is or threatens significant injury to the
Company monetarily; conduct which may have a significant or threatened negative impact upon the
image of the Company; failure to fulfill the duties assigned to Employee by the Company; violation
of this Agreement; submission of a notice of resignation to the Company; engaging in or condoning
sexual or other improper harassment; failure to abide by applicable laws, rules, regulations and
work rules; or actions or omissions which the Company considers to be of a similar nature or
degree.

          In the event that Employee is terminated for cause, Employee shall not be entitled to receive
any further salary, bonus or benefit following the date of termination of the Employee’s
employment, except as provided by applicable law or Company policy.

          (b) By the Company Without Cause. The Company may terminate Employee’s employment at
any time, without cause, by giving Employee at least thirty (30) days written notice thereof.
The Company reserves the right to elect to give pay in lieu of notice.

 

 

          In the event the Company terminates Employee’s employment without cause, the Company will
continue to pay Employee his/her current bi-weekly salary, less applicable lawful deductions, for a
period of six (6) months following the date of notice of termination of employment, or until
Employee secures other substantially full-time employment or earns, on a monthly basis, at least
75% of Employee’s monthly salary hereunder, whichever occurs first. Employee shall be entitled to
receive pro-rata vacation if terminated without cause, plus other benefits as provided by
applicable law or by Company policy.

          (c) By Employee. Employee may terminate Employee’s employment with the Company at any
time. The Company requests the Employee provide the Company with thirty (30) days written notice.
In the event of such termination, Employee shall not be entitled to receive any further salary,
bonus or benefit following Employee’s actual termination, except as provided either by applicable
law or Company policy. The Company reserves the right to elect to provide pay in lieu of allowing
Employee to work during the notice period.

     6. Confidentiality and Non-Disclosure Agreements. During the course of Employee’s
employment with the Company, the Company will provide Employee with access to and Employee will be
exposed and/or have access to substantial quantities of confidential information relating to the
Company’s business (including the business of all affiliates and operations of the Company), such
as customer information, vendors, operations and operating procedures, pricing, financial
information, technology, marketing strategies, design of facilities, employment practices,
contractual agreements, and trade secrets (the “Confidential Information”).

          Employee agrees that both while employed by the Company and following termination of
Employee’s employment with the Company at any time in the future:

          (i) Employee will take all reasonable precautions to safeguard all Confidential Information at
all times so that it is not communicated to, exposed to, available to, or taken by any unauthorized
individual or entity;

          (ii) Employee will not personally use or disclose such information; and

          (iii) Employee will exercise Employee’s best efforts to assure the safekeeping of the Company’s
Confidential Information.

          Upon termination of Employee’s employment with the Company, Employee agrees to immediately
return to the Company all Confidential Information and other Company property, including without
limitation all originals, copies, computer data, or other records or information. It is understood
and agreed that Confidential Information and other property of the Company shall remain at all
times the property of the Company.

     7. Non-Competition Agreement. Recognizing the fact that Employee will be given or
have access to the Confidential Information described in Section 6 above, and that the employee
owes a duty of full loyalty to the Company and its name, reputation and operational interests,
Employee agrees that during the period of Employee’s employment with the Company, Employee will not
engage in or have an interest in, either directly or indirectly, in any manner,

 

 

whether as a partner, owner, investor, officer, director, advisor, employee, consultant, or in any
other capacity, any Competitive Business.

          Employee further agrees that in the event that Employee’s employment with the Company is
terminated for any reason by either party, for a period of one (1) year from the date of
termination of employment, Employee will not seek, accept, or engage in any employment or work of a
similar or related nature to the work Employee performed for the Company where the employment or
work will be with a Competitive Business which is located or operates within fifty (50) miles of:

               (i) any one of the Company or its affiliates’ facilities or a location where the Company or
one of its affiliates has provided services during the term of Employee’s employment with the
Company, or

               (ii) any location where the Company was actively developing a facility or service before the
termination of Employee’s employment with the Company.

          For purposes of this section, “Competitive Business” shall be defined as a hospital or any
other health care employer, facility, or service providing primarily cardiology related facilities
or services.

     8. Non-Solicitation Agreement. Employee acknowledges and agrees that during the
course of Employee’s employment with the Company, Employee will become familiar with many of the
Company’s employees, their knowledge, skills, abilities, compensation, benefits, and other matters
with respect to such employees not generally known to the public. Employee further acknowledges
and agrees that any solicitation, luring away, inducement to have any third party or individual
cease or modify its relationship with the Company, or hiring of the employees of the Company, or
other direct or indirect participation in such activities, would be highly detrimental to the
business of the Company and would cause the Company great and irreparable harm. Consequently,
Employee agrees that for a period of one (1) year following the end of Employee’s employment with
the Company, Employee will not, directly or indirectly, solicit, lure, or hire any employees of the
Company, or induce any third party or individual to cease or modify its relationship with the
Company, or assist or aid in any such activity.

     9. Enforcement. In the event that there is a breach of this Agreement by either
party, it is understood and agreed that the other party can seek damages and other remedies
available to it at law or in equity. In addition to those remedies, however, in the event that
Employee breaches Section 6, Section 7 or Section 8 of this Agreement, or in the event that there
is a threat of such a breach of either of those sections, the Company shall have the right to seek
and shall be entitled to injunctive relief and attorney’s fees and court costs. The parties
desire and intend that the provisions of Sections 6, 7, and 8 be enforced to the fullest extent
permissible under the law. Employee’s right to receive the payments and benefits after termination
of employment, as set forth in Section 5, is conditioned on Employee’s complying with the
provisions of Sections 6, 7 and 8. Failure to comply will result in the forfeiture of any rights
Employee may have to such benefits.

 

 

     In the event that any provision of Section 6, Section 7 or Section 8 of this Agreement is
found by any applicable authority to be invalid or unenforceable, the parties agree that either

               (i) the court shall at the time the provision is declared invalid or unenforceable, if
permissible by law, modify the invalid or unenforceable provision to reflect, in a lawful manner,
the objectives of the parties in entering into these agreements in Sections 6, Section 7 and
Section 8 or, in the alternative,

               (ii) the parties or their representatives shall meet within one (1) week of the applicable
decision and shall agree to modify that provision which was found to be invalid or unenforceable in
order to allow the Company to obtain the objectives, to the extent allowed by law, of the
provisions found to be invalid or unenforceable. Should Employee fail or refuse to meet within the
one (1) week period, or should no agreement be reached by the parties during the meeting, Employee
agrees that the Company may unilaterally modify the provision(s) declared to be invalid or
unenforceable to comply with the law, provided that the Company notifies Employee of the change in
the language of the Agreement within three (3) weeks of the decision of the Court and pays to
Employee the sum of One Hundred Dollars ($100.00). In no event may language unilaterally selected
by the Company expand the scope of the Confidentiality, the Non-Competition, or the
Non-Solicitation Agreement beyond that originally agreed upon.

     10. Notices. Any written notice required or permitted to be given under this
Agreement shall be given to the Company by hand-delivering said notice directly to Employee’s
supervisor or by mailing by registered mail or by other reasonable means of delivery providing
overnight service, such notice to the Company at the following address:

Mr. Roger Simpson

Vice President Human Resources

MedCath Incorporated

10720 Sikes Place, Suite 300

Charlotte, NC 28277

     Notice to Employee may be given by hand-delivering said notice or by mailing such notice to
the last address Employee provided the Company in writing. Notice shall be deemed to have been
given one day after depositing said notice with the postal service or other delivery service or, if
hand-delivered, when received by the addressee.

     11. Waiver of Breach. The waiver by either party of a breach of any provision of this
Agreement by the other party shall not operate or be construed as a waiver of any subsequent breach
by the waiving party.

     12. Assignment. The rights and obligations of the Company under this Agreement shall
inure to the benefit of and shall be binding upon the successors and assigns of the Company.
Without limiting any other rights of Company hereunder, Employee acknowledges that if upon written
notice to Employee, Company assigns this Agreement and its rights hereunder to an affiliate of the
Company which, directly or indirectly, owns an interest in and/or is involved in managing the
hospital at which Employee provides his fulltime services, then such assignee shall be entitled to
the benefit of, and to enforce, all of the Company’s rights under this

 

 

Agreement, and further, in such event the reference to Company in Sections 6, 7, 8, and 9
shall continue to mean MedCath Incorporated, the affiliate to which this Agreement has then been
assigned and all other affiliates and business operations of MedCath Incorporated. As a personal
service contract the rights and obligations of Employee under this agreement may not be assigned by
him/her.

     13. Entire Agreement. This Agreement sets forth the entire understanding between the
parties with respect to the subject matter hereof and cannot be amended orally, but may only be
amended by a writing signed by Employee and either the individual executing the Agreement on behalf
of the Company or an individual in a higher position with the Company. This Agreement sets forth
the entire agreement between the Company and Employee regarding the matters herein and fully
supersedes any prior agreements or understandings between the Company and Employee regarding the
matters herein.

     14. Severability. Should any provision of this Agreement be declared illegal or
unenforceable by any court of competent jurisdiction and cannot be modified to be enforceable, such
provision shall immediately become null and void, leaving the remainder of this Agreement in full
force and effect.

     15. Applicable Law. This Agreement shall be construed in accordance with the laws of
the State of North Carolina applicable to contracts made and to be performed in North Carolina,
without reference to choice of laws principles, and that law shall be applied in connection with
its enforcement in other states and jurisdictions to the fullest extent possible.

     16. Counterpart Executions; Facsimiles. This Agreement may be executed in any number
of counterparts with the same effect as if all of the parties had signed the same document. Such
executions may be transmitted to the parties by facsimile and such facsimile execution shall have
the full force and effect of an original signature. All fully executed counterparts, whether
original executions or facsimiles executions or a combination, shall be construed together and
shall constitute one and the same agreement.

     17. It is understood and agreed that Employee will not disclose or release the existence or
the terms of this Agreement.

     IN WITNESS WHEREOF, the parties hereto execute this Agreement.

	 	 	 	 	 
	COMPANY: MEDCATH INCORPORATED
	 
	 	 	 	 
	By:
	 	/s/ James E. Harris
	 	 	 
	Title:
	 	CFO
	 	 	 
	Date:
	 	August 7, 2003
	 	 	 
	 
	 	 	 	 

	 	 	 	 	 
	EMPLOYEE:
	 	/s/ James A. Parker
	 	 	 
	 	 	James A. Parker
	 
	 	 	 	 
	Date:
	 	August 7, 2003Exhibit 10.4

Exhibit 10.4

EMPLOYMENT AGREEMENT

Between

Rentech, Inc.

and

Tom Samson

THIS AGREEMENT is made effective as of October 5, 2010 between Rentech, Inc. (the
“Company”) and Tom Samson (“Executive”).

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

1. Employment. The Company shall employ Executive, and Executive hereby agrees to accept
employment with the Company, upon the terms and conditions set forth in this Agreement, for the
period beginning on October 5, 2010 (the “Commencement Date”) and ending as provided in
Section 4 hereof (the “Employment Period”).

2. Position and Duties.

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

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

 

 

 

3. Compensation and Benefits.

(a) Base Salary. The Company shall pay Executive an annual salary (the “Base
Salary”) at the rate of $340,000 in regular installments in accordance with the Company’s
ordinary payroll practices (in effect from time to time), but in any event no less frequently than
monthly. Executive shall be eligible for an annual review of his Base Salary based on performance
as determined by the Board in its sole discretion.

(b) Bonuses and Incentive Compensation.

(i) Annual Bonus. For each fiscal year ending during the Employment Period, Executive
will be eligible to earn an annual bonus based on achievement of performance criteria established
by the Board as soon as administratively practicable following the beginning of each such fiscal
year (the “Annual Bonus”). The target amount (the “Target Bonus”) of Executive’s
Annual Bonus shall equal 50% of Executive’s Base Salary (at the annual rate in effect at the start
of the fiscal year), with a maximum Annual Bonus in an amount equal to 100% of Executive’s Base
Salary (at the annual rate in effect at the start of the fiscal year). For the avoidance of doubt,
the amount of any Annual Bonus may be less than the Target Bonus (and may equal zero), as
determined in the sole discretion of the Board or the Board’s Compensation Committee. The Company
shall pay the Annual Bonus for each fiscal year after the end of the Company’s fiscal year in
accordance with procedures established by the Board, but in no event later than the fifteenth day
of the third month following the end of such fiscal year. To be eligible for an Annual Bonus
pursuant to this Section 3(b), Executive must be an employee of the Company on the last day of the
relevant fiscal year.

(ii) Equity Grant. The Company shall grant to Executive no later than December 31,
2010 (subject to Executive’s not having been terminated for Cause or resigned without Good Reason
prior to such grant date) 350,000 restricted stock units (“Restricted Stock Units”). Each
Restricted Stock Unit shall entitle Executive to receive one share of common stock of the Company
(“Common Stock”) (or its equivalent, as determined in the sole discretion of the Board),
within thirty (30) days after the applicable vesting date. Such Restricted Stock Units will vest
over a three-year period such that one-third of the Restricted Stock Units will vest and be settled
within 30 days on each of (i) the one-year anniversary of the Commencement Date, (ii) the two-year
anniversary of the Commencement Date, and (iii) the three-year anniversary of the Commencement
Date, in each case, subject to Executive’s continued employment with the Company through the
applicable vesting date. Such Restricted Stock Units shall be referred to as the “Executive
LTIP”. The terms and conditions of the Executive LTIP shall be governed by and subject to the
award agreement to be entered into between Executive and the Company, substantially in the form of
Exhibit A (the “LTIP Award Agreement”). Executive shall be eligible to be granted
additional equity compensation in the future, at such time or times as the Board may determine;
provided, however, that the ultimate decision to grant any such award(s) to Executive and the
amount of any such award(s) to Executive (if granted) shall be determined by the Board in its sole
discretion.

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

(c) Expenses. During the Employment Period, the Company shall, subject to Section 19
below, (i) reimburse Executive for all reasonable business expenses incurred by him in the course
of performing his duties and responsibilities under this Agreement in accordance with the Company’s
policies in effect from time to time with respect to travel, entertainment and other business
expenses for senior executives and (ii) pay to Executive a monthly automobile allowance of $1,000,
provided that the
first twelve months of Executive’s automobile allowance will be paid in a single lump sum
payment of $12,000 with Executive’s first ordinary payroll check (the “Auto Allowance Prepayment”).

 

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

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

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

(iii) five weeks of vacation per year, provided, however, that Executive shall
not at any time accrue vacation in excess of seven weeks’ total accrual, and Executive shall cease
accruing vacation upon reaching such seven week accrual and shall not accrue any further vacation
unless and until Executive’s vacation accrual is reduced below seven weeks.

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

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

5. Severance.

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

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

 

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(ii) Any outstanding equity awards held by Executive, including the Executive LTIP, shall be
governed by the terms of the applicable award agreements.

(iii) Executive shall be entitled to benefits mandated under the Consolidated Omnibus Budget
Reconciliation Act of 1985, as amended (“COBRA”), under Section 4980B of the Code, or any
replacement or successor provision of United States tax law, subject to Executive’s valid election
to receive COBRA benefits, with the premium paid at the Company’s expense until the first to occur
of (A) eighteen months from the date of termination, (B) the expiration of the period of time
during which Executive is entitled to continuation coverage under the Company’s group health plan
under COBRA, or (C) such date that Executive becomes eligible for coverage under the group health
plan of another employer, provided, that if any plan pursuant to which such benefits are provided
is not, or ceases prior to the expiration of the period of continuation coverage to be, exempt from
the application of Section 409A under Treasury Regulation Section 1.409A-1(a)(5), then an amount
equal to each remaining premium payment shall thereafter be paid to Executive as currently taxable
compensation in substantially equal monthly installments over the continuation coverage period (or
the remaining portion thereof).

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

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

(i) Any outstanding equity awards held by Executive, including the Executive LTIP, shall be
governed by the terms of the applicable award agreements.

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

(iii) If Executive’s employment is terminated prior to the six month anniversary of the
Commencement Date, then Executive shall reimburse the Company for (A) the Commencement Payment and
(B) for a portion of the Auto Allowance Prepayment equal to the difference between (1) the Auto
Allowance Prepayment less (2) the product of (x) $1,000 and (y) the number of full months elapsed
from the Commencement Date to the date Executive’s employment is terminated.

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

 

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

(i) Any outstanding equity awards held by Executive, including the Executive LTIP, shall be
governed by the terms of the applicable award agreements.

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

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

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

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

(ii) Any outstanding equity awards held by Executive, including the Executive LTIP, shall be
governed by the terms of the applicable award agreements.

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

 

5

 

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

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

(ii) Any outstanding equity awards held by Executive, including the Executive LTIP, shall be
governed by the terms of the applicable award agreements.

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

(g) Excess Parachute Payments.

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

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

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

 

6

 

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

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

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

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

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

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

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

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

(E) any other material breach of this Agreement.

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

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

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

 

7

 

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

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

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

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

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

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

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

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

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

 

8

 

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

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

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

6. Insurance; Indemnification and Advancement of Expenses.

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

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

7. Confidential Information. Executive has entered into, or will enter into simultaneously
with this agreement, a confidentiality and invention assignment agreement with the Company in the
form attached as Exhibit C.

8. Non-Solicitation.

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

 

9

 

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

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

9. Executive’s Representations. Executive hereby represents and warrants to the Company
that (i) the execution, delivery and performance of this Agreement by Executive do not and shall
not conflict with, breach, violate or cause a default under, any contract, agreement, instrument,
order, judgment or decree to which Executive is a party or by which he is bound which has not been
waived; (ii) Executive is not a party to or bound by any employment agreement, noncompete agreement
or confidentiality agreement with any other person or entity; and (iii) on the Commencement Date,
this Agreement shall be the valid and binding obligation of Executive, enforceable in accordance
with its terms. Executive represents and agrees that he fully understands his right to discuss all
aspects of this Agreement with his private attorney, and that to the extent, if any, that he
desired, he availed himself of such right. Executive further represents that he has carefully read
and fully understands all of the provisions of this Agreement, that he is competent to execute this
Agreement, that his agreement to execute this Agreement has not been obtained by any duress and
that he freely and voluntarily enters into it, and that he has read this document in its entirety
and fully understands the meaning, intent and consequences of this document.

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

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

To the Company:

Chief Executive Officer

Rentech, Inc.

10877 Wilshire Blvd. Suite 600

Los Angeles, CA 90024

 

10

 

To Executive:

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

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

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

13. Complete Agreement. This Agreement and those documents expressly referred to herein
(including without limitation the LTIP Award Agreement) embody the complete agreement and
understanding among the parties and supersede and preempt any prior understandings, agreements or
representations by or among the parties, written or oral, which may have related to the subject
matter hereof in any way, including the employment agreement dated as of September 24, 2010.

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

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

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

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

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

 

11

 

19. Internal Revenue Code Section 409A.

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

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

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

20. Insurance. The Company may, at its discretion, apply for and procure in its own name
and for its own benefit life and/or disability insurance on Executive in any amount or amounts
considered advisable. Executive agrees to cooperate in any medical or other examination, supply
any information and execute and deliver any applications or other instruments in writing as may be
reasonably necessary to obtain and constitute such insurance.

 

12

 

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

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

23. Moving Expenses. The Company agrees that in connection with the commencement of
Executive’s employment hereunder it will reimburse Executive for the following costs of relocating
to the Los Angeles area:

(a) The reasonable, documented, out-of-pocket costs of up to two house hunting trips for the
Executive and his spouse, up to a maximum cost of $3,000 per trip;

(b) Moving expenses including: (i) the reasonable, documented, out-of-pocket costs to
transport the Executive’s household goods from Atlanta, Georgia to the Los Angeles, California
area, up to a maximum cost of $20,000 (ii) transportation (one-way ground and coach air travel,
consistent with the Company’s reimbursement policies) for Executive’s immediate family from Atlanta
to Los Angeles; and (iii) up to two weeks of reasonable, documented, out-of-pocket costs of
temporary living support for Executive’s immediate family when they move from Atlanta to Los
Angeles, up to a maximum cost of $5,000;

(c) The reasonable, documented, out-of-pocket costs of temporary living support for up to nine
(9) months while the Executive’s household is closing in Atlanta and the Executive is working in
Los Angeles, consistent with the Company’s Transient Employee Per Diem Policy, it being
understood that this Section 23(c) shall terminate upon the occurrence of the Permanent Housing
Date;

(d) A miscellaneous relocation expense allowance to cover other reasonable documented out of
pocket expenses incurred as part of the Executive’s relocation (and incurred no later than thirty
(30) days after such relocation), up to $40,000 (the “Allowance”); and

(e) Commencing with the date of the closing of the Executive’s home purchase or, in the
alternative, the date he first occupies non-transitional rental housing, in either case, in the Los
Angeles, California area (such date, the “Permanent Housing Date”), a housing allowance
(the “Housing Allowance”) of (i) $60,000 per year for the period of one year after the
Permanent Housing Date, (ii) 40,000 per year for the period of the second year after the Permanent
Housing Date and (iii) $20,000 per year for the third year after the Permanent Housing Date, such
allowance to be paid on a periodic basis at the same time, and in addition to the Base Salary and
payable so long as the Employment Period has not been terminated; provided, however, that in the
event of Executive’s termination of employment with the Company (1) by the Company without Cause,
(2) by reason of the Company electing not to offer to renew the Agreement on terms and conditions
substantially similar to those contained herein, if, at the time of such non-renewal, Executive is
willing and able to continue providing services on terms and conditions substantially similar to
those contained in this Agreement, or (3) by Executive for Good Reason, the Housing Allowance shall
(subject to any limitations as to timing imposed by Section 19 hereof) continue to be paid in
accordance with this Section 23(e) until the first to occur of (w) one year from the date of such
termination, (x) the third anniversary of the Permanent Housing Date, (y) the date that Executive
accepts substitute employment or (z) the date such home is sold or, if leased, the lease obligation
is terminated; provided, further, however, that from and after the termination of employment
Executive shall use his reasonable efforts in good faith to satisfy either clause (y) or (z) so as
to mitigate the Company’s obligations under this Section 23(e).

 

13

 

(f) During the period commencing on the Permanent Housing Date, should Executive and his
family move into Executive’s new home in the Los Angeles area prior to selling his home in Atlanta,
the Company will reimburse Executive for up to $3,000 per month of reasonable, documented,
out-of-pocket duplicate housing expenses (the “Duplicate Housing Allowance”) for up to a maximum of
six months, contingent upon Executive providing documentation of making mortgage or lease payments
on both homes during this period. The Duplicate Housing Allowance shall be paid on a periodic basis
at the same time, and in addition to the Base Salary and payable so long as the Employment Period
has not been terminated; provided, however, that in the event of Executive’s termination of
employment with the Company (1) by the Company without Cause, (2) by reason of the Company electing
not to offer to renew the Agreement on terms and conditions substantially similar to those
contained herein, if, at the time of such non-renewal, Executive is willing and able to continue
providing services on terms and conditions substantially similar to those contained in this
Agreement, or (3) by Executive for Good Reason, the Duplicate Housing Allowance shall (subject to
any limitations as to timing imposed by Section 19 hereof) continue to be paid in accordance with
this Section 23(f) until the first to occur of (x) the six month anniversary of the Permanent
Housing Date, (y) the date that Executive accepts substitute employment or (z) the date Executive
ceases making mortgage or lease payments on either of his homes; provided, further, however, that
from and after the termination of employment Executive shall use his reasonable efforts in good
faith to satisfy either clause (y) or (z) so as to mitigate the Company’s obligations under this
Section 23(f).

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

 

14

 

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

	 	 	 	 	 	 	 

	COMPANY:	 	RENTECH, INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ D. Hunt Ramsbottom
 

Name: D. Hunt Ramsbottom
	 	 
	 

	 	 	 	Title:   President and CEO	 	 
	 
	 	 	 	 	 	 
	EXECUTIVE:	 	/s/ Tom Samson	 	 
	 	 	 	 	 
	 	 	Tom Samson	 	 

 

15

 

EXHIBIT A

LTIP AWARD AGREEMENT

 

 

 

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 Tom Samson
(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: 350,000 (the “Grant Amount”)

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

Vesting Start Date: October 5, 2010 (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”).

 

17

 

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:

	 	 

TOM SAMSON
	 	 

 

18

 

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;

 

19

 

	 	(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.

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.

 

20

 

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.

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.

 

21

 

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.

 

22

 

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.

 

23

 

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.

 

24

 

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.

 

25

 

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:                                                                       

 

26

 

EXHIBIT B

FORM OF RELEASE

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

In further consideration of the promises and mutual obligations set forth in the Employment
Agreement between Executive and the Company, dated _____, 2010 (the “Employment
Agreement”), Executive and the Company agree as follows:

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

2. General Release and Waiver of Claims.

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

 

1

 

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

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

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

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

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

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

 

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

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

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

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

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

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

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

To the Company:

Chief Executive Officer

Rentech, Inc.

10877 Wilshire Blvd. Suite 600

Los Angeles, CA 90024

 

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To Executive:

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

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

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

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

	 	 	 	 	 	 	 

	COMPANY:	 	RENTECH, INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 

Name:
	 	 
	 

	 	 	 	Title:	 	 
	 
	 	 	 	 	 	 
	EXECUTIVE:
	 	 	 	 	 	 
	 	 	 	 	 
	 	 	Tom Samson	 	 

 

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EXHIBIT C

CONFIDENTIALITY AND INVENTION ASSIGNMENT AGREEMENT

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