Document:

Form of Distribution Agreement

 Exhibit 10.40 
  
 “[*]” = confidential portions of this document that have been omitted and have been separately

 filed with the Securities and Exchange Commission pursuant to an application for confidential 
 treatment under Rule 24b-2 under the Securities Exchange Act of 1934, as amended. 
 (Pages 7, 12 and 13) 
  
 DISTRIBUTION AGREEMENT 
  
 This DISTRIBUTION AGREEMENT (the “Agreement”) dated                          between ROYSTER-CLARK
RESOURCES LLC, a limited liability company organized and existing under the laws of the State of Delaware and having its principal office at 999 Waterside Drive, Suite 800, Norfolk, VA 23510 (“RCR”); and RENTECH DEVELOPMENT CORPORATION, a
Colorado corporation (“RDC”), a wholly owned subsidiary of Rentech, Inc., a Colorado corporation (“Rentech”), having its principal office at 1331 17th Street, Suite 720, Denver, CO 80202. RDC and RCR are from time to time hereafter referred to individually as a “Party” and collectively as the
“Parties.” 
  
 W I T N
E S S E T H: 
  
 WHEREAS, RCR’s parent company, Royster-Clark, Inc. (“RCI”), formerly owned and operated, through its ownership of Royster-Clark Nitrogen, Inc., a facility (the “Facility”) located in East Dubuque, Illinois at which
it manufactured anhydrous ammonia, granular urea, nitric acid, UAN solutions and carbon dioxide (“Products”) for sale to its industrial and agri-business customers; and 
  
 WHEREAS, on the date hereof, RDC acquired the Facility, through its purchase of Royster-Clark Nitrogen, Inc. from RCI, with
a view to converting the Facility over a period of 

 
approximately three (3) years to utilize alternative feedstock and to co-produce synthetic fuels with ammonia; and 
  
 WHEREAS, RDC wishes to sell anhydrous ammonia, granular urea, UAN solutions
and nitric acid and related nitrogen-based products (“Facility Products”) manufactured at the Facility to RCR and to engage RCR as its exclusive distributor of the Facility Products for agricultural and industrial use within the United
States; and 
  
 WHEREAS, RCR wishes to purchase the Facility
Products and to act as RDC’s exclusive distributor of the Facility Products under the terms and conditions set forth herein; and 
  
 WHEREAS, RCR is a major distributor of nitrogen products and has historically sourced up to 25% of its need from the Facility. 
  
 NOW, THEREFORE, in consideration of the premises and of the mutual covenants
and obligations contained herein, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Parties agree as follows: 
  
 ARTICLE I 
  
 APPOINTMENT AND TERMS OF DISTRIBUTORSHIP 
  
 1.1 Appointment. RDC hereby appoints RCR as its exclusive distributor for the sale, purchase and resale of the Facility Products for agricultural
and industrial use throughout the United States subject to the terms and conditions of this Agreement. 
  

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 1.2 Relationship of the Parties. The relationship between RDC and RCR is that of independent
contractors and not that of employer-employee or principal-agent. RCR shall not be the agent or legal representative of RDC, nor shall RDC be the agent or legal representative of RCR. Neither RDC nor RCR shall have the right, power or authority to
assume or undertake any obligation whatsoever or make any representation on behalf of the other unless authorized to do so in writing. 
  
 1.3 Commercially Reasonable Efforts. 
  
 Subject to the terms and conditions of this Agreement (including, without limitation, Sections 1.4, 1.5 and 2.1), (i) RCR agrees to use its
commercially reasonable efforts to promote the sale of, and to solicit and secure orders for the Facility Products from its customers, particularly its customers within the “truck market” area around the Facility, and to purchase from RDC
all Facility Products manufactured at the Facility, and (ii) RDC agrees to sell to RCR all of its requirements of the Facility Products. Notwithstanding the foregoing, in no event shall RDC be required to manufacture and deliver to RCR more
than that amount of Facility Product that RDC and RCR have agreed that RCR shall purchase from RDC pursuant to Section 2.1. It is expressly understood and agreed that RCR may purchase Facility Products hereunder for its own account as well as
for resale to its customers. In addition, RCR may accept deliveries of Facility Products from RDC on consignment in RCR’s terminals upon such terms and conditions as the Parties may agree. 
  
 1.4 Third Party Sales. In the event that RCR and RDC are not able to
reach an agreement during the Negotiation Period (as defined below) with respect to a transaction proposed under either of Sections 2.1(a) or 2.1(b), then RDC shall have the right to sell to third parties the same Facility Products that were the
subject of such proposed transaction; provided that any such sale to a third party (each, a “Third Party Sale”) must satisfy each of the following conditions: (a)

  

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such Facility Products shall only be sold and shipped on the same timetable and in the same volume as were included in the terms of the last proposal in
writing by RDC to RCR during the Negotiation Period with respect to such proposed transaction and (b) such Facility Products shall only be sold at a price (taking into account rebates and similar items, if any) not less than the lowest price
included in such proposal (the price at which such Facility Products are actually sold to a third party being the “Third Party Price” with respect thereto). Notwithstanding the foregoing, RCR shall receive the Applicable Commission based
on the Third Party Price of any Third Party Sale, except that in the case of Third Party Sales to New Customers (as defined below) after the date that is two years after the date hereof RCR shall not receive any commission under this
Section 1.4. “New Customers” shall mean persons to which RCR shall not have sold any Facility Products during the five (5) year period prior to such Third Party Sale and to which RDC shall not have sold any Facility Products
during the first two (2) year period of this Agreement. Notwithstanding anything to the contrary herein, RDC shall have the exclusive right to market and sell Facility Products for agricultural or industrial end-use outside the United States.

  
 1.5 Inventory. Subject to Section 2.1, no specific
minimum purchase obligations on the part of RCR shall be established in connection with its inventory of Facility Products or otherwise, and no specific minimum production obligations on the part of RDC with respect to the Facility Products shall be
established under this Agreement. 
  
 1.6 Inspection.
(a) RDC shall have the right, from time to time, upon at least fourteen (14) days’ prior written notice to RCR, to inspect, during regular business hours, RCR’s books and records relating to sales of Facility Products to its
customers, for the purpose of determining the accuracy of the “Applicable Commission,” as subsequently defined in this Agreement, provided that RDC shall use its best efforts to minimize any disruption to RCR’s business resulting from
such inspection. 
  

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 (b) RCR shall have the right, from time to time, upon at least fourteen
(14) days’ prior written notice to RDC, to inspect, during regular business hours, RDC’s books and records relating to sales of Facility Products to third parties (including with respect to rebates and similar items, if any), for the
purposes of determining whether Third Party Sales by RDC were made in compliance with Section 1.4 and whether the reporting thereof was accurate. 
  
 1.7 Sales Forecasts. RCR and RDC shall cooperate and use their commercially reasonable efforts to prepare and mutually agree upon, on or before
September 1 of each year (or, during the first year of the Term, within 30 days after the date hereof, for the calendar year immediately following, a 12-month forecast of RCR’s Sales of Facility Products (“Sales Forecast”) under
a format to be mutually agreed upon by the parties. It is understood and agreed, however, that such forecasts shall be estimates only, and shall not constitute a commitment by RCR to purchase, nor RDC to produce, the amount of Facility Products
identified in the Sales Forecast. RCR and RDC shall cooperate and use their commercially reasonable efforts to mutually agree upon updates to the Sales Forecast prior to each calendar quarter. The parties intend to cooperatively develop marketing
and promotion plans to maximize sales of the Facility Products. RCR and RDC agree that they will in be in regular contact with one another such that RCR shall keep RDC reasonably well-apprised of the third-party market for Facility Products and RDC
shall keep RCR reasonably well-apprised of its levels of production and inventory of Facility Products. 
  
 1.8 RDC Sales. RDC shall not, directly or indirectly, sell any Facility Products for agricultural or industrial use within the United States other
than to or through RCR or through Third Party Sales. Notwithstanding anything herein to the contrary, RDC reserves the right to sell carbon dioxide, fuels, electricity and sulfur and any other product produced at the Facility other than 

  

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Facility Products and RCR shall not be entitled to receive any commission or other compensation on, or any other rights in respect of, any such sales
pursuant to this Agreement. 
  
 ARTICLE II 
  
 PURCHASE ORDERS, PRICE, PAYMENT AND DELIVERY TERMS 
  
 2.1 Placement of Orders and Shipping. (a) To the extent RCR
desires to purchase Facility Products from RDC, RCR shall so notify RDC and include with such notice details as to the type and quantity of Facility Products, the timing of delivery and the pricing terms with respect to which it desires to make such
purchase. 
  
 (b) To the extent RDC desires to
sell Facility Products to RCR, RDC shall so notify RCR and include with such notice details as to the type and quantity of Facility Products, the timing of delivery and the pricing terms with respect to which it desires to make such sale.

  
 (c) In each circumstance in which
Section 2.1(a) or Section 2.1(b) is implicated, RCR or RDC, as the case may be, shall have two (2) business days to respond to the other (the “Offer Period”). In the case of Section 2.1(a), if RDC shall not have
responded within the Offer Period, it shall be deemed to have rejected the terms of the purchase proposed by RCR. In the case of Section 2.1(b), if RCR shall not have responded within the Offer Period, it shall be deemed to have rejected the
terms of the sale proposed by RDC. In the event that RCR fails to respond during the Offer Period or either RCR or RDC, as the case may be, responds that it will not agree to the proposed transaction, then the two shall negotiate in good faith, for
a period not to exceed two (2) business days (the “Negotiation Period”), seeking to reach agreement on the terms of the proposed transaction. During the Negotiation Period and with respect to pricing terms, the parties shall take into
consideration (among other factors) the preceding two weeks FOB Midwest Market Prices for the particular product as published by Fertilizer Week America (FOB Midwest) and Green Markets 

  

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(Mid Cornbelt). If RCR and RDC shall agree on the terms of the proposed transaction during the Offer Period or the Negotiation Period, the agreed price with
respect to that transaction (the “Sales Price”), less the Applicable Commission, shall be payable with respect thereto under Section 2.4. 
  
 (d) If RDC is unable to ship on a timely basis the Facility Products that are required by an agreed transaction, it will so notify RCR and
inform it of the anticipated shipping date, and if shipment is not made within five (5) days after the shipping date specified with respect to such agreed transaction, RCR shall have the right to cancel such agreed transaction without prejudice
to any other right or remedy of RCR. 
  
 2.2 Delivery of
Facility Products. Delivery of the Facility Products to RCR or its customer shall be FOB the Facility in East Dubuque, Illinois, and title to and risk of loss of Facility Products shall pass upon delivery to RCR or its customer when the Facility
Products pass the flange into RCR’s or its customer’s barge, truck or railcar. RCR shall arrange and pay for shipping of Facility Products hereunder. Collection of freight from its customers shall be RCR’s responsibility. However, RDC
acknowledges that RCR may wish to have RDC (at RCR’s sole cost and expense) ship Facility Products to RCR or its customers from time to time. 
  
 2.3 Applicable Commission. As used herein, the “Applicable Commission” shall mean with respect to transactions for which the Sales Price
or the Third Party Price is agreed during the following periods: (a) from the date of this Agreement until the date that is four years from the date hereof, [*]% of the applicable Sales Price or Third Party Price, and (b) for the fifth
year of the Term, each year of the Second Term and each subsequent one (1) year renewal period, such percentage of the applicable Sales Price or Third Party Price as RDC and RCR shall negotiate and agree in good faith at least thirty
(30) days before the commencement of such twelve (12) month period. Notwithstanding the foregoing, the maximum amount of the 

  

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Applicable Commission payable by RDC to RCR hereunder shall not exceed $[*] with respect to any of the four twelve (12) month periods ending on the
first four (4) anniversaries of the date hereof. 
  
 2.4
Payment. (a) RDC shall, on a weekly basis, deliver to RCR a written statement (hereinafter referred to as the “Shipping Statement”) showing all Facility Products shipped to RCR or its customers during the preceding one week
period. RCR shall remit to RDC within thirty (30) days from the date of Shipping Statement, by wire transfer, an amount equal to such amount indicated on the Shipping Statement. The Shipping Statement amount will be based on the applicable
Sales Prices less the Applicable Commission. No Shipping Statement need be delivered if during the applicable week no Facility Products were shipped as described above. 
  
 (b) RCR shall on a weekly basis deliver to RDC a statement (hereinafter referred to as the “Sales
Statement”) for all sales of Facility Product that RDC has placed on consignment in RCR’s terminals for the preceding one week period. The Sales Statement shall list all sales based on the terms and conditions agreed to at the time
Facility Product was placed on consignment with RCR. RCR shall remit to RDC within thirty (30) days from the date of Sales Statement, by wire transfer, an amount equal to such amount indicated on the Sales Statement. No Sales Statement need be
delivered if during the applicable week no Facility Products were placed on consignment as described above. 
  
 (c) RDC shall, on a weekly basis, deliver to RCR a written statement (hereinafter referred to as the “Third Party Sales
Statement”) showing all Facility Products shipped through Third Party Sales during the preceding one week period. RDC shall remit to RCR within thirty (30) days from the date of Third Party Sales Statement, by wire transfer, an amount
equal to such amount indicated on the Third Party Sales Statement. The Third Party Sales Statement amount will 

  

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be the Applicable Commission based on the applicable Third Party Prices. No Third Party Sales Statement need be delivered if during the applicable week no
Third Party Sales were made. 
  
 (d) It is
understood and agreed that RCR shall bear the credit risk on all resales of Facility Products to its customers, and that the purchase price payable by RCR to RDC for Facility Products hereunder shall be based upon the Sales Price, less the
Applicable Commission, regardless of whether or when such amounts are actually collected by RCR. Notwithstanding anything herein to the contrary, RDC shall bear the credit risk on all Third Party Sales. 
  
 2.6 Use of Facility. RDC covenants and agrees that during any period
in which RDC shall have shut-down or ceased the production of Facility Products at the Facility for a period of thirty (30) or more consecutive days, either (i) the Facility shall be used for some purpose(s) other than the provision of
customary fertilizer terminal services or (ii) if the Facility is not so put to use during such period, RDC shall commence negotiations with RCR in good faith so as to provide RCR with a reasonable opportunity to utilize the Facility on an
exclusive basis as a terminal (including, without limitation, RDC providing customary fertilizer terminal services to RCR at such fee-rate and on such other terms as are reasonably negotiated by the parties based upon then prevailing industry
standards). In no event shall RDC allow a third party to utilize the Facility as a fertilizer terminal on terms less favorable to RDC than the least favorable terms made available in writing to RCR. 
  
 ARTICLE III 
  
 WARRANTIES AND INDEMNIFICATION 
  
 3.1 Warranty. RDC makes no warranty of any kind, express or implied,
except that RDC represents and warrants that (i) Facility Products sold hereunder shall conform to the Product Specifications set forth in Exhibit A hereto, as amended or supplemented from time to time as the 

  

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parties may mutually agree, (ii) RDC will convey good title thereto, free from any security interest (except for a security interest created by or
through RCR) (iii) Facility Products sold hereunder shall be of a quality that is usual and customary in the industry, (iv) Facility Products sold hereunder shall not be adulterated, and be generally free of foreign materials, all in
accordance with and subject to industry standards, and (v) Facility Products sold hereunder shall be in conformity with, in all material respects, any applicable statutes, rules or regulations. In the event that RCR becomes aware of changes in
applicable statutes, rules or regulations, or industry standards, RCR will notify RDC of such changes. All such notification will be made to the specifications as indicated in Exhibit A and will amend current industry standards. RCR or its
customer shall notify RDC in writing of any claims of defect or non-conformity noticeable upon ordinary inspection therefor within ten (10) days after the customer’s receipt of any Facility Products. RCR shall notify RDC in writing of any
defect or non-conformity not so noticeable within ten (10) days of RCR becoming aware of the defect or non-conformity. If RDC does not receive written notice of a claim of defect or non-conformity within the appropriate time period described
above, a claim for that defect or non-conformity will be deemed to have been waived. If RDC does receive such notice within said time period and the claim is valid, RDC and RCR will agree on an adjusted price or shall arrange for and RDC will bear
the cost of shipping the defective Facility Products back to RDC, and upon receipt of the Facility Products and upon reasonable confirmation of the existence of such defect or non-conformity, shall as soon as practicable and in any event within
thirty (30) days, at its election either deliver at its own expense a replacement Product to RCR or its customer, as applicable, or return to RCR the purchase price thereof. All costs of disposal of non-conforming or defective Facility Products
shall be borne by RDC. 
  

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 3.2 Limitations on Warranty. THE EXPRESS WARRANTIES SET FORTH ABOVE ARE IN LIEU OF ALL OTHER
WARRANTIES, EXPRESS OR IMPLIED, WHICH ARE HEREBY SPECIFICALLY DISCLAIMED, INCLUDING WITHOUT LIMITATION THE IMPLIED WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE. NO PARTY SHALL BE LIABLE FOR ANY INDIRECT, SPECIAL OR
CONSEQUENTIAL DAMAGES HEREUNDER. 
  
 3.3 Indemnification.
(a) RDC hereby agrees to indemnify RCR and hold it harmless from and against all claims, suits, damages, judgments, losses, amounts paid in settlement thereof and all costs and expenses (including reasonable attorney fees and expenses) incurred
by RCR based upon or arising out of any manufacturing defect, product liability claim, breach of warranty or other non-compliance by RDC with its obligations hereunder. 
  
 (b) RCR hereby agrees to indemnify RDC and hold it harmless from and against all claims, suits, damages,
judgments, losses, amounts paid in settlement thereof and all costs and expense (including reasonable attorney fees and expenses) incurred by RDC based upon or arising out of non-compliance by RCR with its obligations hereunder. 
  
 ARTICLE IV 
  
 TERM AND TERMINATION 
  
 4.1 Term; Termination by Either Party. (a) This Agreement shall
commence on the date hereof and terminate on the fifth anniversary thereof (the “Term”) unless earlier terminated as provided herein. Unless cancelled by either party by giving the other party three (3) months written notice of such
cancellation prior to the expiration of the Term, this Agreement shall automatically be extended for a second five (5) year period (the “Second Term”) unless earlier terminated as provided herein. In the event RDC elects not to extend
the Agreement for the Second Term, it shall 

  

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be permitted, during the five year period that would otherwise comprise the Second Term, to sell Facility Products for use in the United States only pursuant
to a distribution arrangement with a third-party distributor similar to the arrangement created under this Agreement. The restrictive covenant set forth in the preceding sentence shall survive the termination of this Agreement on the expiration of
the Term. 
  
 (b) Unless cancelled by either
party by giving the other party three (3) months written notice of such cancellation prior to the expiration of the Second Term, this Agreement shall be extended for a one (1) year period unless earlier terminated as provided herein.
Subsequently, unless cancelled by either party by giving the other party three (3) months written notice of such cancellation prior to the expiration of each successive one (1) year period, this Agreement shall renew for an indefinite
number of one (1) year periods unless earlier terminated as provided herein. 
  
 (c) This Agreement may be terminated by the aggrieved party immediately upon written notice to the other (“Defaulting Party”) in
the event that the Defaulting Party: 
  
 (i)
fails to pay any amounts when due under this Agreement, which failure shall not be remedied within ten (10) days after giving notice thereof to the Defaulting Party; 
  
 (ii) commits a breach or default under this Agreement (other than a failure described in clause (i)), which
breach or default shall not be remedied within thirty (30) days after giving of notice thereof to the Defaulting Party; or 
  
 (iii) is unable to meet its debts as they fall due or enters into liquidation or dissolution or becomes bankrupt or insolvent, or if a
trustee or receiver is appointed for such party, whether by voluntary act or otherwise, or if any proceeding is instituted by or against such party under the provisions of any bankruptcy act or amendment thereto which results in the entry of any
order for relief against it which is not stayed or remains undismissed for a period of sixty (60) days, or if it enters into a voluntary arrangement with its creditors. 
  

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 (d) RDC may also terminate this Agreement upon thirty (30) days prior written notice
(which notice may only be provided within thirty (30) days after a Period End) to RCR if RCR shall not have purchased at least [*]% (by ton) of both (i) the UAN which constitutes Facility Products and (ii) the Ammonia which
constitutes Facility Products, which (in each case) are both produced at the Facility during any one-year period beginning on [MONTH AND DAY OF THIS AGREEMENT] and ending on [ONE DAY PRIOR] (each such date, a “Period End”) and sold and
shipped by RDC to RCR or pursuant to a Third Party Sale during such period; provided, that RCR shall have been deemed to have satisfied the criterion set forth in the foregoing clause (ii) with respect to a given one-year period
if it shall have purchased [*] tons of Ammonia under this Agreement by the applicable Period End. The word “ton” shall mean a “short ton” of 2,000 pounds for all purposes of this Agreement. 
  
 4.2 Cessation of Deliveries. Upon termination of this Agreement, RDC
may restrict or stop deliveries of Facility Products to RCR, other than deliveries on orders already received at the time of the notice of termination (in which case, the payment provisions set forth herein with respect to such deliveries shall
survive the termination of this Agreement). 
  
 4.3 Disposition
of Inventory Upon Termination. Upon termination of this Agreement, except to the extent otherwise required for continued deliveries pursuant to Section 4.2 above, (i) RDC shall have no obligation to repurchase any of RCR’s
inventory of Facility Products, if any, and shall have no obligation to sell any Facility Products to RCR and (ii) RCR shall have no obligation to purchase any Facility Products from RDC or to sell or promote the sale of any such Facility
Products. 
  

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 ARTICLE V 
  

DISPUTE RESOLUTION 
  
 5.1 Informal Dispute Resolution. RCR and RDC agree that it is in both their best interests to attempt to resolve disputes that arise under this
Agreement in a quick and inexpensive manner. To that end, RCR and RDC commit to use their best efforts to resolve disputes informally. RDC and RCR shall each select a representative (individually, a “Party Representative;” together,
the “Parties’ Representatives”) and notify each other in writing of the identity of their designated Party Representative within ten (10) days of the date hereof. RDC and RCR may change their designated Party
Representative from time to time upon written notice to the other Party. For disputes that arise as to any action, decision or performance of any of the Parties to this Agreement other than as set forth in Section 5.4, the Parties’
Representatives shall negotiate with one another in good faith in order to reach resolution of the dispute. Such negotiation shall commence within five (5) days of the date of the letter from one Party Representative to the other Party
Representative notifying that Party of the nature of the dispute. In the event that the Parties’ Representatives cannot agree to a resolution of the dispute within thirty (30) days after the commencement of negotiations, written notice of
the dispute (the “Dispute Notice”), together with a statement describing the issues or claims, shall be delivered, within seventy-two (72) hours after the expiration of such thirty (30) day period, by each of the
Parties’ Representatives to its respective senior officer or official (such senior officer or official to be selected by each of the Party Representatives in his or her sole discretion, provided such senior officer or official has authority to
bind the respective Party). Within five (5) days after receipt of the Dispute Notice, the senior officers or officials for both Parties shall negotiate in good faith to resolve the dispute. 
  

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 5.2 Arbitration. If a dispute arises and cannot be resolved through the process outlined in
Section 5.1 within thirty (30) days of the delivery of a Dispute Notice, either Party may submit the disputed issue for binding arbitration in New York, New York in accordance with the most current Rules of the American Arbitration
Association (“AAA”) for Commercial Arbitration. All disputes and/or claims with an amount in controversy of less than or equal to $100,000 shall be heard by a single neutral arbitrator, and disputes and/or claims with an amount in
controversy in excess of that amount shall be heard by a panel of three neutral arbitrators. 
  
 5.3 Binding Nature. The arbitration decision shall be binding and non-appealable in any forum. The final decision however, may be submitted by the prevailing Party to a court of competent jurisdiction for entry
of judgment thereon. 
  
 5.4 Exclusions. Notwithstanding
anything herein to the contrary, Section 5.1 shall not apply to any action, decision or performance of any Party pursuant to Section 1.4 of this Agreement, and neither Section 5.1 nor Section 5.2 shall apply to any action by any
Party for equitable remedies, including without limitation, injunction. 
  
 ARTICLE VI 
  
 REPRESENTATIONS AND WARRANTIES

  
 6.1 Representations of RCR. RCR hereby represents
and warrants to RDC as follows: 
  
 (a)
Organization; Due Authorization. RCR is a limited liability company duly formed, validly existing and in good standing under the laws of the State of Delaware. This Agreement: (i) has been duly authorized, executed and delivered by RCR
and (ii) constitutes legal, valid and binding obligations of RCR which are enforceable in accordance with their respective terms, except as the same may be limited by applicable bankruptcy, 

  

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insolvency, reorganization, moratorium or similar laws in effect from time to time relating to or affecting the enforcement of creditors’ rights
generally and by general principles of equity (regardless of whether enforcement is sought in a proceeding in equity or at law). 
  
 (b) No Consent or Conflicts. The execution, delivery and performance by RCR of this Agreement does not and will not
(i) require any consent or approval of any person which has not been obtained, (ii) violate the provisions of any federal, state or local law, regulation or order applicable to RCR, (iii) result in a breach of, contravene or
constitute a default under the organizational documents of RCR, or any other material agreement, lease or instrument to which RCR is a party or by which it or its properties may be bound or affected, or (iv) result in the creation or imposition
of any liens on the property of RCR, result in acceleration of any obligations under or in a condition or event which constitutes (or which, upon notice or lapse of time or both, would constitute) a default or an event of default under any contract
or other instrument binding upon RCR or any of its properties or other assets. 
  
 6.2 Representations of RDC. RDC hereby represents and warrants to RCR as follows: 
  
 (a) Organization; Due Authorization. RDC is a corporation duly incorporated, validly existing and in good standing under the laws
of the State of Colorado. This Agreement: (i) has been duly authorized, executed and delivered by RDC and (ii) constitutes legal, valid and binding obligations of RDC which are enforceable in accordance with their respective terms, except
as the same may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws in effect from time to time relating to or affecting the enforcement of creditors’ rights generally and by general principles of equity
(regardless of whether enforcement is sought in a proceeding in equity or at law). 
  

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 (b) No Consent or Conflicts. The execution, delivery and performance by RDC of
this Agreement does not and will not (i) require any consent or approval of any person which has not been obtained, (ii) violate the provisions of any federal, state or local law, regulation or order applicable to RDC, (iii) result in
a breach of, contravene or constitute a default under the organizational documents of RDC, or any other material agreement, lease or instrument to which RDC is a party or by which it or its properties may be bound or affected, or (iv) result in
the creation or imposition of any liens on the property of RDC, result in acceleration of any obligations under or in a condition or event which constitutes (or which, upon notice or lapse of time or both, would constitute) a default or an event of
default under any contract or other instrument binding upon RDC or any of its properties or other assets. 
  
 ARTICLE VII 
  
 MISCELLANEOUS PROVISIONS 
  
 7.1 Entire
Agreement. This Agreement (including the Exhibits hereto) constitutes the entire agreement between the Parties relating to the sale of Facility Products by RDC to RCR; it supersedes all prior agreements and understandings between the Parties
relating to that subject, either oral or written, all of which are hereby expressly terminated; and this Agreement cannot be modified, except in a writing signed by both Parties hereto. ALL PURCHASE ORDERS AND ACKNOWLEDGEMENTS THAT MAY BE USED BY
THE PARTIES HERETO TO ORDER OR ACKNOWLEDGE ORDERS FOR FACILITY PRODUCTS HEREUNDER SHALL BE FOR RECORD PURPOSES ONLY. IN THE EVENT OF ANY DISCREPANCY OR CONFLICT BETWEEN THE TERMS THEREOF AND OF THIS AGREEMENT, THE TERMS OF THIS AGREEMENT SHALL
PREVAIL. 
  

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 7.2 Assignment. This Agreement may not be assigned by either Party without the prior written
consent of the other Party hereto, except that (i) RCR may assign this Agreement to one or more of its affiliates wholly owned by RCI or RCR without RDC’s consent upon prior written notice to RDC and provided that such affiliate assumes
the obligations of RCR under this Agreement in writing, (ii) RDC may assign this Agreement to one or more of its affiliates wholly owned by Rentech or RDC without RCR’s consent upon prior written notice to RCR, and provided that the
Facility is then owned by such affiliate and such affiliate assumes the obligations of RDC under this Agreement in writing, and (iii) RDC or its assignee and RCR or its assignee may assign this Agreement to its respective senior lenders as
collateral to secure the performance of RDC’s or such assignee’s or RCR’s or such assignee’s, as the case may be, obligations to such senior lenders (it being agreed that, upon RDC’s or RCR’s request (as the case may
be), the other Party shall enter into a customary consent with any such lender (or an agent or trustee thereof) acknowledging such lender’s security interest in this Agreement). 
  
 7.3 No Waiver of Terms. Neither the failure of either Party hereto to require the performance of any term of this
Agreement, nor the waiver by either Party of any breach under this Agreement, shall prevent a subsequent enforcement of any such term or be deemed a waiver of any subsequent breach. 
  
 7.4 Headings. The headings set forth herein are for convenience of reference only and shall not be considered to
limit or amplify the terms and provisions hereof, nor shall they be examined or referred to in construing or interpreting this Agreement. 
  
 7.5 Severability. In the event any one or more of the Agreements, provisions or terms contained herein shall be declared invalid, illegal or
unenforceable in any respect, such agreement, provision or term shall be enforced to the extent permitted by law and the validity of the remaining 

  

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agreements, provisions or terms contained herein shall be in no way affected, prejudiced or disturbed thereby. 
  
 7.6 Force Majeure. Neither of the Parties hereto shall be responsible
for or liable to the other Party for any damage or loss of any kind, directly or indirectly, resulting from fire, flood, explosion, riot, rebellion, revolution, war, labor trouble (whether or not the fault of either Party hereto), requirements or
acts of any government or subdivision thereof, or any other similar cause beyond the reasonable control of the Party. The occurrence and the termination of any such event shall be promptly communicated to the other Party. 
  
 7.7 Governing Law; Consent to Jurisdiction. This Agreement shall be
governed by and construed in accordance with the laws of the State of New York without regard to conflict of law principles of such State. To the fullest extent permitted by applicable law, RDC and RCR hereby unconditionally and irrevocably waive
any claim to assert that the law of any other jurisdiction governs this Agreement. Subject to Section 5.2, RCR and RDC hereby agree and consent to be subject to the exclusive jurisdiction of the United States District Court for the Southern
District of New York, and in the absence of such Federal jurisdiction, Seller and Buyer consent to be subject to the exclusive jurisdiction of a court of The State of New York located in such district and hereby waive the right to assert the lack of
personal or subject matter jurisdiction or improper venue in connection with any such suit, action or other proceeding. In furtherance of the foregoing, each of RDC and RCR (i) waives the defense of inconvenient forum, (ii) agrees not to
commence any suit, action or other proceeding arising out of this Agreement or any transactions contemplated hereby other than in any such court (subject to Section 5.2), and (iii) agrees that a final judgment in any such suit, action or
other proceeding shall be conclusive and may be enforced in other jurisdictions by suit or judgment or in any other manner provided by law. THE PARTIES HEREBY 

  

 19 

 
KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVE ANY RIGHT SUCH PARTIES MAY HAVE TO A TRIAL BY JURY WITH RESPECT TO ANY SUIT OR ACTION ARISING OUT OF THIS
AGREEMENT. EACH PARTY HEREBY CERTIFIES THAT NONE OF THE OTHER PARTY, ITS SENIOR MANAGEMENT OR ITS REPRESENTATIVES HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH PARTY WOULD NOT SEEK TO ENFORCE THIS WAIVER OF RIGHT TO JURY TRIAL. FURTHER, EACH
PARTY ACKNOWLEDGES THAT THE OTHER PARTY RELIED ON THIS WAIVER OF RIGHT TO JURY TRIAL AS A MATERIAL INDUCEMENT TO SUCH PARTY TO ENTER INTO THIS AGREEMENT. 
  
 7.8 Notices. All notices, requests, demands and other communications made hereunder shall be in writing and shall be deemed duly given on the date
of receipt if personally delivered or five days after mailing if sent by mail, postage prepaid, to the addresses set forth below or to such other address or person as either Party may designate by notice to the other Party hereunder: 
  

			
	 If to RCR, to:
	  	Royster Clark Resources LLC
	 	  	c/o Royster-Clark, Inc.
	 	  	999 Waterside Drive, Suite 800
	 	  	Norfolk, VA 23510
	 	  	Attention: G. Kenneth Moshenek
		
	 with a copy to:
	  	Torys LLP
	 	  	237 Park Avenue
	 	  	New York, New York 10017
	 	  	Attention: Richard G. Willoughby, Esq.
		
	 If to RDC, to:
	  	Rentech Development Corporation
	 	  	1331 17th Street, Suite 720
	 	  	Denver, CO 80202
	 	  	Attention: Richard O. Sheppard
		
	 with a copy to:
	  	Rentech, Inc.
	 	  	1331 17th Street, Suite 720
	 	  	Denver, CO 80202
	 	  	Attention: Amanda M. Darby

  

 20 

 7.9 Counterparts; Facsimile Signatures. This Agreement may be executed in separate counterparts
and by facsimile (or similar electronic means), with the same effect as if both Parties had executed the same document. All such counterparts shall be construed together and shall constitute one agreement. 
  
 *    *    *    *

  

 21 

 IN WITNESS WHEREOF, the parties have caused the due execution of this Agreement on the day first above
written. 
  

			
	 ROYSTER-CLARK RESOURCES LLC

		
	 By:
	 	 
	 Name:
	 	 
	 Title:
	 	 
	
	 RENTECH DEVELOPMENT CORPORATION

		
	 By:
	 	 
	 Name:
	 	Richard O. Sheppard
	 Title:
	 	President

  

 22 

  
 Exhibit A 

 
 Facility Product Specifications 
  

 23Form of Restricted Stock Unit Agreement

 Exhibit 10.21 
  
 MULTI-FINELINE ELECTRONIX, INC. 
  
 2004 STOCK INCENTIVE PLAN

  
 NOTICE OF
STOCK UNIT AWARD 
  
 You have been granted Stock Units representing shares of Common Stock of Multi-Fineline Electronix, Inc. (the “Company”) on the following terms and pursuant to such other terms and conditions as are set forth in the Stock
Unit Agreement and the Multi-Fineline Electronix, Inc. 2004 Stock Incentive Plan (the “Plan”), both of which are attached to and made a part of this document. Certain capitalized terms used in this Notice of Stock Unit Award are
defined in the Plan. 
  

			
	 Name of Participant:
	  	_____________________
		
	 Total Number of Stock Units Granted:
	  	_____________________
		
	 Date of Grant:
	  	___________ ____, _____
		
	 Vesting Start Date:
	  	___________ ____, _____
		
	 Vesting Schedule:
	  	[                                 ]

  
 By signing this
document, you acknowledge receipt of a copy of the Plan, and agree that (a) these Stock Units are granted under and governed by the terms and conditions of the Plan and the Stock Unit Agreement; (b) you have carefully read, fully
understand and agree to all of the terms and conditions described in the attached Stock Unit Agreement and the Plan; (c) you understand and agree that the Stock Unit Agreement, including its cover sheet and attachments, constitutes the entire
understanding between you and the Company regarding this Award, and that any prior agreements, commitments or negotiations concerning this Award are replaced and superseded; and (d) you have been given an opportunity to consult legal counsel
with respect to all matters relating to this Award prior to signing this cover sheet and that you have either consulted such counsel or voluntarily declined to consult such counsel. 
  

									
	PARTICIPANT	 	 	 	MULTI-FINELINE ELECTRONIX, INC.
					
	 	 	 	 	 	 	By:	 	 
					
	 	 	 	 	 	 	Its:	 	 
	Print Name	 	 	 	 	 	 

 MULTI-FINELINE ELECTRONIX, INC.

  
 2004 STOCK INCENTIVE
PLAN 
  
 STOCK
UNIT AGREEMENT 
  

			
	 Payment for Stock
 Units
	  	No payment is required for the Stock Units you receive.
		
	Vesting	  	Subject to the terms and conditions of the Plan and this Stock Unit Agreement (the “Agreement”), your Stock Units vest in accordance with the schedule set forth in the Notice of
Stock Unit Award. In addition, the Stock Units may vest upon such earlier dates as may be specified in any written employment or similar agreement between you and the Company or your actual employer.
		
	Forfeiture	  	 If your Stock Units are granted in consideration of your Service as an Employee or a Consultant, after your Service as an Employee or a Consultant
terminates for any reason, vesting of your Stock Units subject to such Award immediately stops and such Award expires immediately as to the number of Stock Units that are not vested as of the date your Service as an Employee or a Consultant
terminates. If your Stock Units are granted in consideration of your Service as an Outside Director, after your Service as an Outside Director terminates for any reason, vesting of your Stock Units subject to such Award immediately stops and such
Award expires immediately as to the number of Stock Units that are not vested as of the date your Service as an Outside Director terminates.
  
 If your Service terminates as described above, then your Stock Units will be forfeited to the extent that they have not vested before the termination date and do not vest
as a result of the termination. This means that the Stock Units will immediately be cancelled. You receive no payment for Stock Units that are forfeited.
  
 The Company determines when your Service terminates for this purpose and all purposes under the Plan.

		
	Leaves of Absence	  	For purposes of this Award, your Service does not terminate when you go on a bona fide leave of absence that was approved by the Company or your actual employer in writing, if the terms of the
leave provide for continued service crediting, or when continued service crediting is required by applicable law. But your service terminates when the approved leave ends, unless you immediately return to active work. The Company determines which
leaves count toward Service.
		
	Nature of Stock Units	  	Your Stock Units are mere bookkeeping entries. They represent only the Company’s unfunded and unsecured promise to issue shares of

  

 -1- 

			
	 	  	Common Stock (or distribute cash) on a future date. As a holder of Stock Units, you have no rights other than the rights of a general creditor of the Company.
		
	No Voting Rights or Dividends	  	Your Stock Units carry neither voting rights nor rights to dividends. You, or your estate or heirs, have no rights as a stockholder of the Company unless and until your Stock Units are settled
by issuing shares of the Company’s Common Stock. No adjustments will be made for dividends or other rights if the applicable record date occurs before your stock certificate is issued, except as described in the Plan.
		
	Stock Units Nontransferable	  	You may not sell, transfer, assign, pledge or otherwise dispose of any Stock Unit. For instance, you may not use your Stock Units as security for a loan.
		
	Settlement of Stock Units	  	 Each of your Stock Units will be settled when it vests[, unless a valid Deferral Election (as defined below) applies to some or all of your Stock
Units].
  
 At the time of settlement, you will receive one share of the
Company’s Common Stock for each vested Stock Unit. However, the Company, in its sole discretion, may substitute an equivalent amount of cash if the distribution of stock is not reasonably practicable due to the requirements of applicable law.
The amount of cash will be determined on the basis of the Fair Market Value of the Company’s Common Stock at the time of settlement.
  
 Notwithstanding the foregoing, but subject to the last sentence of this paragraph, if a settlement date occurs on a date that is not during a “window period,”
then, unless the Company determines otherwise, the settlement date automatically shall be deferred to the first trading day of the first “window period” beginning after such date. In addition, if a settlement date occurs at a time when the
Company reasonably anticipates that its deduction with respect to the payment otherwise would be limited or eliminated by application of Section 162(m) of the Internal Revenue Code (the “Code”), then, unless the Company determines
otherwise, delivery of the shares of Common Stock (or cash) automatically shall be deferred until the first trading day of the first “window period” after the payment would cease to be subject to such limitation or elimination. In no event
shall settlement be delayed pursuant to this paragraph to a date that is more than 2-1/2 months after the end of the calendar year in which the Stock Unit vests (or, if later, 2-1/2 months after the end of the Company’s fiscal year in which the
Stock Unit vests).
  
 A “window period” means a period
designated by the Company during which you are permitted to purchase or sell shares of Common Stock.

  

 -2- 

			
	 	  	Whenever any Stock Unit is to be settled in installments, the number of Stock Units in any given installment shall be rounded to the nearest whole number to avoid a requirement to deliver a
fractional share.
		
	[Deferral Elections]	  	You may elect to defer the settlement of any Stock Unit that vests pursuant to this Award in accordance with the rules set forth below and any rules and procedures that may hereafter be adopted
by the Committee. Such elections (“Deferral Elections”) may not extend the settlement of the Stock Unit beyond the earlier of (a) 30 days after the termination of your Service (provided, however, that if you are a “specified
employee” as defined in Section 409A of the Code, your Stock Units may not be settled prior to the six month anniversary of the termination of your separation from Service, to the extent required to comply with Section 409A), or (b) the tenth
anniversary of your Vesting Start Date (the “Latest Settlement Date”). Unless otherwise provided by the Committee in accordance with the requirements of Section 409A, Deferral Elections must be in writing, must be received by the
Company at its headquarters no later than 30 days following the Date of Grant, must be irrevocable no later than 30 days following the Date of Grant, and may only relate to Stock Units that vest at least 12 months following the date that the
Deferral Election is made and becomes irrevocable. Notwithstanding the foregoing, if a settlement date (including the Latest Settlement Date) occurs at a time when you are considered by the Company to be one of its “covered employees”
within the meaning of Section 162(m) of the Code, then, to the extent permitted under Section 409A, delivery of the shares of Common Stock (or cash) automatically shall be deferred until the calendar year in which you separate from service (within
the meaning of Section 409A) or, if earlier, the earliest date that the Company reasonably anticipates that the deduction of the payment will not be limited or eliminated pursuant to Section 162(m).
		
	Withholding Taxes	  	No stock certificates or cash will be distributed to you unless you have made acceptable arrangements to pay any withholding taxes that may be due in connection with any aspect of this Award,
including the grant, vesting and settlement of the Award. These arrangements may include withholding shares of the Company’s Common Stock that otherwise would be distributed to you when the Stock Units are settled if permitted by the Company.
These arrangements may also include surrendering shares of the Company’s Common Stock that you already own. The Fair Market Value of these shares, determined as of the date when taxes otherwise would have been withheld in cash, will be applied
to the withholding taxes. You also authorize the Company, or your actual employer, to satisfy all withholding obligations of the Company or your actual employer from your wages or other cash compensation payable to you by the Company or your actual
employer.

  

 -3- 

			
	Restrictions on Resale	  	By signing this Agreement, you agree not to sell any shares of the Company’s Common Stock issued upon settlement of the Stock Units at a time when applicable laws or Company policies
prohibit a sale. This restriction will apply as long as you are an Employee, Consultant or Outside Director.
		
	No Retention Rights	  	Your Award or this Agreement do not give you the right to be retained by the Company or your actual employer in any capacity. The Company and your actual employer reserve the right to terminate
your Service at any time and for any reason without thereby incurring any liability to you.
		
	Adjustments	  	In the event of a stock split, a stock dividend or a similar change in the Company’s Common Stock, the number of Stock Units covered by this Award may be adjusted pursuant to the Plan. Your
Award shall be subject to the terms of the agreement of merger, liquidation or reorganization in the event the Company is subject to such corporate activity as set forth in the Plan.
		
	Beneficiary Designation	  	You may dispose of your Stock Units in a written beneficiary designation. A beneficiary designation must be filed with the Company on the proper form. It will be recognized only if it has been
received at the Company’s headquarters before your death. If you file no beneficiary designation or if none of your designated beneficiaries survives you, then your estate will receive any vested Stock Units that you hold at the time of your
death.
		
	Amendments Pursuant to Section 409A of the Code	  	You acknowledge that this Agreement and the Plan, or portions thereof, may be subject to Section 409A of the Code, that rules interpreting this Code section may be issued in the future; and that
changes may need to be made to this Agreement to avoid adverse tax consequences under Section 409A. You agree that the Company may amend the Agreement as it deems necessary or desirable to avoid such adverse tax consequences.
		
	Applicable Law	  	This Agreement will be interpreted and enforced under the laws of the State of California (without regard to its choice-of-law provisions).
		
	The Plan and Other Agreements	  	The text of the Plan is incorporated in this Agreement by reference. Certain capitalized terms used in this Agreement are defined in the Plan. The Notice of Stock Unit Award, this Agreement,
including its attachments, and the Plan constitute the entire understanding between you and the Company regarding this Award. Any prior agreement, commitment or negotiation concerning this Award are superseded.

  

 -4- 

 BY SIGNING THE COVER SHEET
OF THIS AGREEMENT, 
  
 YOU AGREE TO ALL OF THE TERMS AND CONDITIONS 
  
 DESCRIBED ABOVE AND
IN THE PLAN. 
  

 -5-

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