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EXHIBIT 10.1 

FORM OF SUBSCRIPTION AGREEMENT 

First Corporation 

1630 York Avenue

New York, NY 10028

Gentlemen: 

1. Pursuant to the terms of the offer made by First Corporation (the "Company"), the undersigned hereby tenders this subscription and applies for the purchase of the number of shares ("Shares") of the Company set forth on the signature page hereto, at a purchase price of US$30,000 per 200,000 shares of common stock of First Corporation ($0.15  per share). 

The Company is offering a minimum of six hundred and sixty-six thousand, six hundred and sixty-seven Shares ($100,000) and a maximum of two million Shares ($300,000) (the "Offering"). 

The subscriber is sending: (1) an executed copy of this Subscription Agreement; and (2) EITHER A CHECK IN US FUNDS made out to "Joseph I. Emas as Escrow Agent" (the “Escrow Agent”) for the full amount of the purchase price for the Shares for which the undersigned is subscribing to: 

Joseph I. Emas

1224 Washington Avenue 

Miami Beach, Florida 33139 

Reference: (Your Name) for First Corporation 

OR 

The subscriber may WIRE TRANSFER immediately available U.S. funds for the full amount of the purchase price of the Shares for which the undersigned is subscribing plus all wire transfer fees to: 

Wachovia Bank

Surfside, Florida

 Account:  Joseph I. Emas, P.A.

                Attorney-at-Law

Account Number:  2000015545590

Reference: (Your Name) for First Corporation 

2. The Escrow Agent shall deposit all subscription funds received into a non-interest bearing attorney’s trust account in accordance with the requirements of the Florida Bar.

If the Company does not complete the Minimum Offering within 180 days from the Effective Date, the Escrow Agent shall promptly return each subscriber’s respective subscription funds.

If the Company completes the Minimum Offering within 180 days from the Effective Date and provides the Escrow Agent with certificates representing the shares of common stock subscribed for by the Subscribers, the Escrow Agent shall forthwith release the subscription funds to the Company.

3. The Company has filed, a registration statement on Form SB-2 (the "Registration Statement") or such other form as shall be available registering the common shares and sales may be made pursuant to an effective prospectus, a copy of which has been made available to the investor to be used in accordance with the Plan of Distribution instructions in the prospectus.

4. The undersigned understands that the Company may, in its sole discretion, reject this subscription, in whole or in part, and/or reduce this subscription in any amount and to any extent, whether or not pro rata reductions are made of any other investor's subscription. 

5. Neither this Subscription Agreement nor any of the rights of the undersigned hereunder may be transferred or assigned by the undersigned. 

6. Except as otherwise provided herein, this Subscription Agreement (i) may only be modified by a written instrument executed by the undersigned and the Company; (ii) sets forth the entire agreement of the undersigned and the Company with respect to the subject matter hereof; (iii) shall be governed by the laws of the State of Florida applicable to contracts made and to be wholly performed therein; and (iv) shall inure to the benefit of, and be binding upon the Company and the undersigned and their respective heirs, legal representatives, successors and permitted assigns. 

7. Unless the context otherwise requires, all personal pronouns used in this Subscription Agreement, whether in the masculine, feminine or neuter gender, shall include all other genders. 

8. All notices or other communications hereunder shall be in writing and shall be deemed to have been duly given if delivered personally or mailed by certified or registered mail, return receipt requested, postage prepaid, as follows: if to the undersigned, to the address set forth on the signature page hereto; and if to the Company, to the address listed above or to such other address as the Company or the undersigned shall have designated to the other by like notice. 

SIGNATURE PAGE

IN WITNESS WHEREOF, the undersigned has executed this Subscription Agreement this ______ day of _________________ 2006. 

 Number of Shares Subscribed for _________________________________ 

	ORGANIZATION SIGNATURE:                 INDIVIDUAL SIGNATURE:

__________________________________      ______________________________________

Print name of Organization                        Signature

By: _______________________________     ______________________________________

      Name:                                       Print Name

      Title:

                                        ______________________________________

                                        Additional Signature of Joint Owner

                                        _______________________________________

                                                  Print Name

(ALLSUBSCRIBERS SHOULD PLEASE PRINT INFORMATION BELOW EXACTLY   

AS YOU WISH IT TO APPEAR IN THE RECORDS OF 

	                                  THE COMPANY)

____________________________________    ______________________________________

Name                                    Social Security Number of Individual

                                        or other Taxpayer I.D. Number

Address:                                Address for notices if different:

____________________________________    ______________________________________

Number and Street                       Number and Street

____________________________________    ______________________________________

  

City State Zip Code City State Zip Code 

Please check the box to indicate form of ownership (if applicable): 

	TENANTS-IN-COMMON    JOINT TENANTS WITH RIGHT OF       COMMUNITY PROPERTY

(Both Parties must   SURVIVORSHIP                      (Both Parties must sign

sign above)          (Both Parties must sign above)    above)

The subscriber is sending: (1) an executed copy of this Subscription Agreement; and (2) EITHER A CHECK IN US FUNDS made out to "Joseph I. Emas as Escrow Agent"  (the “Escrow Agent”) for the full amount of the purchase price for the Shares for which the undersigned is subscribing to: 

Joseph I. Emas

1224 Washington Avenue 

Miami Beach, Florida 33139 

Reference: (Your Name) for First Corporation 

OR 

The subscriber may WIRE TRANSFER immediately available U.S. funds for the full amount of the purchase price of the Shares for which the undersigned is subscribing plus all wire transfer fees to: 

Wachovia Bank

Surfside, Florida

 Account:  Joseph I. Emas, P.A.

                Attorney-at-Law

Account Number:  2000015545590

Reference: (Your Name) for First Corporation 

ACCEPTANCE OF SUBSCRIPTION 

The foregoing subscription is hereby accepted by First Corporation this ____ day of __________________, 2006, for __________________________ Shares. 

FIRST CORPORATION 

By: _____________________________ 

Name: 

Title:Exhibit 10.1

 

SECURITIES ISSUED
UPON EXERCISE OF THIS OPTION HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT
OF 1933 (“THE ACT”), AND ARE “RESTRICTED SECURITIES” AS THAT TERM IS DEFINED IN
RULE 144 UNDER THE ACT. THE SECURITIES MAY NOT BE OFFERED FOR SALE, SOLD OR
OTHERWISE TRANSFERRED EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT
UNDER THE ACT OR PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE
ACT, THE AVAILABILITY OF WHICH IS TO BE ESTABLISHED TO THE SATISFACTION OF THE
COMPANY.

 

RENTECH, INC.

NONSTATUTORY STOCK OPTION AGREEMENT

 

                THIS STOCK OPTION AGREEMENT,
hereinafter referred to as the “Option” or the “Agreement,” is entered into on
July 11, 2002, between RENTECH, INC., a Colorado corporation (“the Company”),
and Patricia Butler (“the Optionee”), whose address is 12420 East Pacific Circle,
No. A, Aurora, CO 80014.

                Pursuant to the minutes of the
Board of Directors of the Company July 11, 2002, the Company hereby grants a
nonstatutory stock option to purchase 2,000 shares of common stock of the
Company, $.01 par value per share (“Common Stock”), to the Optionee at the
price and in all respects subject to the terms, definitions and provisions of
the Agreement (“Option”).

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

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

                3.             Exercise of Option. Unless the Option is
terminated as provided pursuant to this Agreement, an Optionee may exercise
this option for up to, but not in excess of, the amounts of shares subject to
the Option. The Option may be exercised, in whole or in part, and at any time
and from time to time within its term but it shall not be exercisable after the
expiration of 5 years from the date on which it was granted.

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

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

 

 

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

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

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

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

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

                                (i) State the
election to exercise the Option, the number of shares in respect of which it is
being exercised (which must be in multiples of one hundred shares), the person
in whose name the stock certificate or certificates for such shares of common
stock is to be registered, with that person’s address and Social Security
number (or if more than one, the names, addresses and Social Security numbers
of such persons);

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

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

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

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

2

 

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

                5.             Adjustments Upon
Changes in Capitalization. Whenever there is any change in the
outstanding shares of Common Stock of the Corporation by reason of a stock
dividend or split, recapitalization, reclassification, or other similar
corporate change, the aggregate number of shares that can thereafter be
purchased, and the option price per share, under each Option that has been
previously granted and not exercised, and every number of shares used in
determining whether a particular Option is grantable thereafter, shall be appropriately
adjusted. The adjustment shall be made by the Company’s Board of Directors, and
their determination shall be conclusive; provided, however, that fractional
shares shall be rounded to the nearest whole share. In any such case, the
number and kind of shares that are subject to any Option (including any Option
outstanding after termination of employment) and the option price per share
shall be proportionately and appropriately adjusted without any change in the
aggregate option price to be paid therefor upon exercise of the Option.

                6.             Notices. Each
notice relating to this Agreement shall be in writing and delivered in person
or by certified mail to the proper address. Each notice shall be deemed to have
been given on the date it is received. Each notice to the Company shall be
addressed to it at its principal office, attention of the Secretary. Each
Optionee or other person or persons then entitled to exercise the Option shall
be addressed to the Optionee or such other person or persons at the Optionee’s
address set forth in the heading of this Agreement. Anyone to whom a notice may
be given under this Agreement may designate a new address by notice to that
effect.

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

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

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

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

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

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

 

3

 

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

	
  OPTIONEE:

  	
   

  	
   

  	
  RENTECH, INC.

  
	
   

  	
   

  	
   

  	
   

  
	
  /s/ Patricia Butler

  	
   

  	
  By:

  	
  /s/ Dennis L. Yakobson

  
	
  Patricia Butler

  	
   

  	
   

  	
  Dennis L. Yakobson, President

  

 

 

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