Document:

Exhibit 10.7

            

            January 11, 2008

             

            Re: Service about being independent director and Chairman of the Audit Committee of China Pharma Holdings, Inc

             

            Dear Mr. Yingwen Zhang

             

            On behalf of the Board of Directions and the Company, I am pleased to welcome you to join the Board of the China Pharma Holdings, Inc as an independent director and a member of the Audit Committee. I look forward to working with you. Your starting date will be the date of the board approves your engagement and your engagement for this term will end on the date of the next annual shareholders meeting.

             

            Your compensation will consist of the following:

            	
                    	
                        1)     

                    	
                        A retainer of RMB 40,000 per year, payable quarterly within 5 days of the start of the quarter.

                    

            

            

            If you agree to the terms and conditions stated above, please sign and date this letter below.

             

            I look forward to working with you and sincerely hope that your service will be enjoyable and rewarding.

             

            Sincerely

             

            

            Chairman of the Board

            China Pharma Holdings, Inc

             

             

            Response:

            This letter correctly sets forth the understanding of Mr. Yingwen Zhang.

            

            	By:	
                    	
                    
	Date:Exhibit 10.8

            

            January 11, 2008

             

            Re: Service about being independent director and Chairman of the Audit Committee of China Pharma Holdings, Inc

             

            Dear Mr. Baowen Dong

             

            On behalf of the Board of Directions and the Company, I am pleased to welcome you to join the Board of the China Pharma Holdings, Inc as an independent director and a member of the Audit Committee. I look forward to working with you. Your starting date will be the date of the board approves your engagement and your engagement for this term will end on the date of the next annual shareholders meeting.

             

            Your compensation will consist of the following:

            	
                    	
                        1)     

                    	
                        A retainer of RMB 40,000 per year, payable quarterly within 5 days of the start of the quarter.

                    

            

            

            If you agree to the terms and conditions stated above, please sign and date this letter below.

             

            I look forward to working with you and sincerely hope that your service will be enjoyable and rewarding.

             

            Sincerely

             

            

            Chairman of the Board

            China Pharma Holdings, Inc

             

             

            Response:

            This letter correctly sets forth the understanding of Mr. Baowen Dong.

             

            

            	By:	
                    	
                    
	Date:rentech_8k-warrant.htm

    Exhibit
10.1

     

     

    THE
SECURITIES EVIDENCED BY THIS WARRANT OR ISSUABLE UPON EXERCISE HEREOF ARE OR
WILL BE RESTRICTED SECURITIES AND MAY NOT BE SOLD OR OFFERED FOR SALE EXCEPT IN
COMPLIANCE WITH THE SECURITIES ACT OF 1933, AS AMENDED, AND ALL APPLICABLE STATE
SECURITIES LAWS.

     

    RENTECH,
INC.

     

    WARRANT

     

    To
Purchase 5,000,000 Shares of Common Stock

     

    Warrant
No. W-4

     

    Date of
Issuance:  June 23, 2009

     

    VOID AFTER June
23,
2014

     

    THIS
WARRANT (the “Warrant”)
CERTIFIES THAT, for value received, ClearFuels Technology Inc., or
permitted registered assigns (the “Holder”), is entitled, upon
the terms and subject to the limitations on exercise and the conditions
hereinafter set forth, at any time during the applicable Exercise Period
(defined below), to subscribe for and purchase at the applicable Exercise Price
(defined below) from Rentech, Inc., a Colorado corporation (the “Company”), up to 5,000,000
shares (the “Shares”) of
the common stock of the Company, par value $0.01 per share (the “Common Stock”).

     

    1.  DEFINITIONS - As used
herein, the following terms shall have the following respective
meanings:

     

    (A)  “Bloomberg” shall mean
Bloomberg Financial Markets (or a comparable reporting service of national
reputation selected by the Company and reasonably acceptable to the Holder if
Bloomberg Financial Markets is not then reporting sales prices of the Common
Stock).

     

    (B)  “Business Day” shall mean any
day other than a Saturday, Sunday, or a day on which banks in New York City are
authorized or required by law to close.

     

    (C)  “Construction Financing” shall
mean the debt and/or equity financing for the first commercial-scale facility
(i.e. with an output of 1,000 or more barrels per day of synthetic fuels) using
the combined ClearFuels-Rentech process, pursuant to one or more loan agreements
and equity purchase agreements between the applicable project entity and
third-party lenders and investors approved by the Company, which financing
results in aggregate net proceeds reasonably sufficient to the project entity
for the construction of such facility, provided such financing occurs on or
prior to December 31, 2013.

     

    (D)  “Exercise Period” shall mean,
as applicable, the First Exercise Period, the Second Exercise Period or the
Third Exercise Period, each as defined in Section
2.

     

    (E)  “Exercise Price” shall mean (i) with
respect to each of the Closing Shares, $.60 per share, (ii) with respect to each
of the Qualified Financing Shares, the average of the daily Volume-Weighted
Average Prices of the Common Stock for the ten (10) consecutive Trading Days
immediately preceding (but not including) the closing date of a Qualified
Financing or a Construction Financing, as applicable, and (iii) with respect to
each of the Construction Financing Shares, the average of the daily
Volume-Weighted Average Prices of the Common Stock for the ten (10) consecutive
Trading Days immediately preceding (but not including) the closing date of a
Construction Financing, in each case, subject to adjustment pursuant to Section 5
below.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    (F)  “Financing Deadline” shall mean
March 24, 2010, provided that, in the
event that the board of directors of ClearFuels Technology Inc. delivers written
notice to the Company prior to such date that it has determined in good faith
that the closing of a Qualified Financing is reasonably likely to occur with the
ninety (90) days following such date and such closing actually occurs within
such ninety-day period, then the “Financing Deadline” shall be extended to such
closing of the Qualified Financing.

     

    (G)  “Qualified Financing” shall
mean one or more closings of a capital raise or raises by ClearFuels Technology
Inc. for aggregate gross proceeds of at least $25,000,000 on terms acceptable to
ClearFuels Technology Inc.’s Board of Directors, provided such closings occur on
or prior to the Financing Deadline.

     

    (H)  “Securities Act” shall mean the
Securities Act of 1933, as amended.

     

    (I)  “Trading Day” shall mean (i)
any day on which the Common Stock is listed or quoted and traded on any eligible
Trading Market, (ii) if the Common Stock is not then listed or quoted and
traded on any eligible Trading Market, then a day on which trading occurs on the
OTC Bulletin Board (or any successor thereto), or (iii) if trading does not
occur on the OTC Bulletin Board (or any successor thereto), any Business
Day.

     

    (J)  “Trading Market” shall mean the
NYSE Alternext US, New York Stock Exchange, NASDAQ Capital Market, NASDAQ Global
Market, NASDAQ Global Select Market or other market or exchange on which the
Common Stock is listed or traded.

     

    (K)  “Volume-Weighted Average Price”
shall mean, with respect to any Trading Day, the volume-weighted average
sales price for the Common Stock for such Trading Day on the NYSE Alternext
US or other Trading Market where such security is listed or traded as reported
by Bloomberg.

     

    (L)  “Warrant Shares” shall mean,
collectively, the Closing Shares, the Qualified Financing Shares and
Construction Financing Shares, each as defined in Section 2, in each
case as adjusted in accordance with the terms hereof.

     

    2.  EXERCISE
PERIOD

     

    2.1  CLOSING SHARES -
Subject to the terms and conditions hereof, this Warrant may be exercised for
2,000,000 Shares (as such number of Shares may be adjusted pursuant to Section
5, the “Closing
Shares”), at any time during the period (the “First Exercise Period”)
commencing on the Date of Issuance and ending on the close of business on the
fifth anniversary of the Date of Issuance.

     

    2.2  QUALIFIED
FINANCING
SHARES.  In
addition to the Closing Shares and subject to the terms and conditions hereof,
this Warrant may be exercised for an additional 1,500,000 Shares (as such number
of Shares may be adjusted pursuant to Section 5, the “Qualified Financing Shares”), at any time during
the period (the “Second Exercise Period”) commencing
on the closing date of a Qualified Financing and ending on the close of business
on the fifth anniversary of the Date of Issuance; provided that if the
closing date of a Qualified Financing does not occur on or prior to the
Financing Deadline, then the Second Exercise Period shall not commence and the
Holder shall have no right hereunder to exercise the Warrant for the Qualified
Financing Shares, except as provided for in Section
2.3.

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    2.3  CONSTRUCTION
FINANCING
SHARES.  In
addition to the Closing Shares and, if the Second Exercise Period has commenced
pursuant to Section
2.2 above, the Qualified Financing Shares, and subject to the terms and
conditions hereof, this Warrant may be exercised for the remaining 1,500,000
Shares (as such number of Shares may be adjusted pursuant to Section 5, the “Construction Financing Shares”), and, if the Second
Exercise Period has not commenced pursuant to Section 2.2 above,
for the Qualified Financing Shares at any time during the period (the “Third Exercise Period”) commencing
on the closing date of the Construction Financing and ending on the close of
business on the fifth anniversary of the Date of Issuance; provided that if the
closing date of the Construction Financing does not occur on or prior to
December 31, 2013, then the Third Exercise Period shall not commence and the
Holder shall have no right hereunder to exercise the Warrant for the
Construction Financing Shares (or for the Qualified Financing Shares if the
Second Exercise Period has not previously commenced pursuant to Section 2.2
above).

     

    Upon
expiration of any Exercise Period, the right to exercise this Warrant for the
applicable Warrant Shares shall terminate and shall be of no further force or
effect (except with respect to the Second Exercise Period as provided above in
this Section
2.3).  Upon expiration of all of the Exercise Periods, this
Warrant shall terminate in its entirety and shall be of no further force or
effect.

     

    3.  EXERCISE OF
WARRANT

     

    3.1  EXERCISE.  The
rights represented by this Warrant may be exercised in whole or in part at any
time during the applicable Exercise Period, by delivery of the following to the
Company at its address set forth below (or at such other address as the Company
may designate by notice in writing to the Holder):

     

    (A)  An
executed and duly completed Notice of Exercise in the form attached
hereto;

     

    (B)  Payment
of the applicable Exercise Price in cash or pursuant to a cashless exercise as
provided for in Section 3.2; and

     

    (C)  This
Warrant.

     

    Each
exercise of this Warrant shall be irrevocable.  Execution and delivery
of the Notice of Exercise shall have the same effect as cancellation of the
original Warrant and issuance of a new Warrant evidencing the right to purchase
the remaining number of Warrant Shares, if any, in accordance with the terms and
conditions of this Warrant.

     

    Upon
issuance for cash in accordance with this Section 3.1, it is
anticipated that the Warrant Shares would be “restricted securities” under Rule
144(a) under the Securities Act or any successor provision and all Warrant
Shares delivered to Holder shall be in certificated form and bear restrictive
legends in compliance with the Securities Act.

     

    3.2  CASHLESS
EXERCISE

     

    In lieu
of a cash payment for the Exercise Price in Section 3.1 above,
the Holder may provide written notice for a cashless election, in which event
the Company shall issue to the Holder a number of Warrant Shares computed using
the following formula:

     

    X
= Y
(A-B)

    A

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    
      	
               
      

            	
              Where
      X =

            	
              the
      number of Shares to be issued to the
Holder

            

    

    
      	
               
      

            	
              Y
      =

            	
              the
      number of Shares purchasable under this Warrant or, if only a portion of
      this Warrant is being exercised, the portion of this Warrant being
      canceled (at the date of such
calculation)

            

    

    
      	
               
      

            	
              A
      =

            	
              the
      fair market value of one share of the Company’s Common Stock (at the date
      of such calculation)

            

    

    
      	
               
      

            	
              B
      =

            	
              Exercise
      Price (as adjusted to the date of such
  calculation)

            

    

    

    For
purposes of the above calculation, the “fair market value” of one share of
Common Stock shall mean (i) the average of the Volume-Weighted Average
Prices for the Shares for the ten (10) consecutive Trading Days immediately
preceding (but not including) the applicable Exercise Date, or (ii) if the
foregoing does not apply, the volume-weighted average sales price of the Shares
during the same period in the over-the-counter market on the pink sheets or
bulletin board for such security as reported by Bloomberg, or if no sales price
is so reported for the Shares, the last bid price of the Shares as reported by
Bloomberg or (iii) if none of the foregoing applies, the fair market value shall
be as determined by the Board of Directors of the Company in the exercise of its
good faith judgment.

     

    The
Company shall provide to the Holder prompt written notice if the Company is
unable to issue the Warrant Shares via Deposit Withdrawal Agent Commission
(“DWAC”) transfer (or otherwise without restrictive legend), in which case the
Warrant Shares would be “restricted securities” under Rule 144(a) under the
Securities Act or any successor provision.

     

    For
purposes of Rule 144(d) promulgated under the Securities Act, as in effect on
the date hereof, it is intended that the Warrant Shares issued in a Cashless
Exercise shall be deemed to have been acquired by the Holder, and the holding
period for the Warrant Shares shall be deemed to have commenced, on the date
this Warrant was originally issued.

     

    3.3  EFFECT OF
EXERCISE.  This
Warrant shall be deemed to have been exercised on the date this Warrant is
surrendered and the applicable Exercise Price and a duly completed Notice of
Exercise are received by the Company.  The Warrant Shares shall be
deemed to have been issued, and Holder or any other person so designated to be
named therein shall be deemed to have become a holder of record of such Warrant
Shares for all purposes, as of the date this Warrant has been exercised
irrespective of the date of delivery of such certificate or certificates, except
that, if the date of such surrender and payment is a date when the stock
transfer books of the Company are closed, such person shall be deemed to
have become the holder of such shares at the close of business on the next
succeeding date on which the stock transfer books are open.  In the
event certificates for Warrant Shares are to be issued in a name other than
the name of the Holder, this Warrant when surrendered for exercise shall be
accompanied by the Assignment Form attached hereto duly executed by the Holder,
and the Company may require, as a condition thereto, the payment of a sum
sufficient to reimburse it for any transfer tax incidental thereto. Holder
agrees to cooperate with the Company in taking any and all action which may be
reasonably necessary or desirable to allow the Company to comply with applicable
federal and state securities laws, including, without limitation, the execution
and delivery of one or more documents as reasonably requested by the Company
representing as to certain matters and acknowledging the restricted nature of
the Warrant Shares.

     

    3.4  ISSUANCE OF NEW
WARRANTS. Upon
any valid partial exercise of this Warrant, the Company, at its expense, shall
forthwith and, in any event within five Business Days, issue and deliver to the
Holder a new warrant or warrants of like tenor, registered in the name of the
Holder, exercisable, in the aggregate, for the balance of the number of Shares
remaining available for purchase under this Warrant.

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

    3.5  PAYMENT OF TAXES AND
EXPENSES.  The
Company shall pay any recording, filing, stamp or similar tax imposed by the
U.S. federal government or any state which may be payable in respect of any
transfer involved in the issuance of, and the preparation and delivery of
certificates (if applicable) representing, (i) any Warrant Shares purchased upon
exercise of this Warrant and/or (ii) new or replacement warrants in the Holder’s
name.  The Holder shall be responsible for any transfer tax incidental
to the issuance of Warrant Shares to a person other than the
Holder.  The Holder shall be responsible for income or similar taxes
due under U.S. federal, state or other law, if any such tax is due.

     

    4.  COVENANTS AND REPRESENTATIONS
OF THE
COMPANY.  The
Company covenants and agrees that:

     

    4.1  COVENANTS AS TO EXERCISE
SHARES.  All
Warrant Shares issued upon the exercise of the rights represented by this
Warrant shall, upon issuance and receipt of payment of the applicable Exercise
Price in accordance with the terms hereof, be validly issued, fully paid and
nonassessable.  The Company shall at all times during each Exercise
Period, have authorized and reserved, free from preemptive rights, a sufficient
number of Shares to provide for the exercise of the rights represented by the
Warrant (taking into account the adjustments of Section
5).

     

    4.2  NOTICES OF RECORD DATE AND
CERTAIN OTHER EVENTS. In
the event of any taking by the Company of a record of the holders of Common
Stock for the purpose of determining the holders thereof who are entitled to
receive any dividend or other distribution (other than regular quarterly cash
dividend or a dividend payable solely in Shares), the Company shall mail to the
Holder, at least ten (10) days prior to the date on which any such record is to
be taken for the purpose of such dividend or distribution, a notice specifying
such date; provided, however, that Company shall not be
required to provide such notice at any time the notice and the contents thereof
shall be deemed to constitute material non-public information.  In the
event of any voluntary dissolution, liquidation or winding up of the Company,
the Company shall mail to the Holder, at least ten (10) days prior to the
date of the occurrence of any such event, a notice specifying such
date.  The Company shall give the Holder prompt written notice in the
event the Company authorizes or approves, enters into any agreement
contemplating, or solicits stockholder approval for any Fundamental
Transaction, and shall give the Holder, at least ten (10) days prior to the
date of the closing of such Fundamental Transaction, a written notice specifying
such anticipated date of closing.  The failure to deliver notice under
this Section
4.2 or any defect therein shall not affect the validity of the corporate
action required to be described in such notice, but shall extend the applicable
exercise period of this notice by the period of such delay.

     

    4.3  REPRESENTATIONS. The
Company hereby represents and warrants to the Holder that as of the Date of
Issuance:

     

    (A)  Organization, Good Standing
and Qualification.  The
Company is a corporation duly organized, validly existing and in good standing
under the laws of the State of Colorado and has all requisite corporate power
and authority to carry on its business as now conducted.  The Company
is duly qualified to transact business and is in good standing in each
jurisdiction in which the failure so to qualify would have a material adverse
effect on its business or properties.  The Company has all requisite
corporate power to issue this Warrant and to carry out and perform its
obligations under the terms of this Warrant.

     

    (B)  Authorization.  All
corporate action on the part of the Company, its officers, directors and
shareholders necessary for the authorization, execution and delivery of this
Warrant, the performance of all obligations of the Company hereunder has been
taken, and this Warrant constitutes a legally binding obligation of the Company,
enforceable against the Company in accordance with its terms except (i) as
limited by applicable bankruptcy, insolvency, reorganization, moratorium,
fraudulent conveyance, and other laws of general application affecting
enforcement of creditors’ rights generally, or (ii) as limited by laws relating
to the availability of specific performance, injunctive relief, or other
equitable remedies.  The issuance of this Warrant and the Warrant
Shares are not and will not be subject to any preemptive rights or rights of
first refusal that have not been properly waived or complied with.

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

     

    (C)  Compliance with Other
Instruments.  The Company is not in violation or default of any
provisions of its Articles of Incorporation, or bylaws or, of any instrument,
judgment, order, writ, decree or material contract to which it is a party or by
which it is bound, or, to its knowledge, of any material provision of any
federal or state statute, rule or regulation applicable to the
Company.  The execution, delivery and performance of this Warrant and
the consummation of the transactions contemplated hereby and thereby will not
result in any such violation or be in conflict with or constitute, with or
without the passage of time and giving of notice, either a default under any
such provision, instrument, judgment, order, writ, decree or contract or an
event which results in the creation of any lien, charge or encumbrance upon any
assets of the Company.

     

    5.  ADJUSTMENT OF EXERCISE PRICE
AND SHARES.

     

    5.1  STOCK DIVIDENDS AND
SPLITS.  In
the event of changes in the outstanding Common Stock of the Company by reason of
stock dividends, split-ups, recapitalizations, reclassifications, combinations
or exchanges of shares, separations, reorganizations, liquidations,
consolidation, acquisition of the Company (whether through merger or acquisition
of substantially all the assets or stock of the Company), or the like, the
number, class and type of shares available under this Warrant in the aggregate
and each Exercise Price shall be correspondingly adjusted to give the Holder of
this Warrant, upon exercise for the same aggregate Exercise Price, the total
number, class, and type of shares or other property as the Holder would have
owned had this Warrant been exercised prior to the event and had the Holder
continued to hold such shares until the event requiring
adjustment.  The form of this Warrant need not be changed because of
any adjustment in the number of Warrant Shares subject to this
Warrant.

     

    5.2  PRO RATA
DISTRIBUTIONS.  If
at any time or from time to time the holders of Common Stock of the Company (or
any shares of stock or other securities at the time receivable upon the exercise
of this Warrant) shall have received or become entitled to receive, without
payment therefor,

     

    (A)  Common
Stock or any shares of stock or other securities which are at any time directly
or indirectly convertible into or exchangeable for Common Stock, (other than a
dividend or distribution covered in Section 5.1
above);

     

    (B)  any
cash paid or payable otherwise than as a cash dividend; or

     

    (C)  Common
Stock or additional stock or other securities or property (including cash) by
way of spinoff, split-up, reclassification, combination of shares or similar
corporate rearrangement (other than Shares pursuant to Section 5.1
above),

     

    then and
in each such case, the Holder hereof shall, upon the exercise of this Warrant,
be entitled to receive, in addition to the number of Shares receivable
thereupon, and without payment of any additional consideration therefor, the
amount of stock and other securities and property (including cash in the cases
referred to in clauses (B) and (C) above) which such Holder would hold on the
date of such exercise had such Holder been the holder of record of such Common
Stock as of the date on which holders of Common Stock received or became
entitled to receive such shares or all other additional stock and other
securities and property.

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

     

    5.3  NOTICE OF
ADJUSTMENTS.  Upon
the occurrence of each adjustment pursuant to Sections 5.1 and 5.2, the Company shall
promptly give notice thereof to the Holder, which notice shall state the number
of Warrant Shares (and other securities or property) purchasable upon the
exercise of this Warrant and the Exercise Price of such Warrant Shares (and
other securities or property) after such adjustment, setting forth a brief
statement of the facts requiring such adjustment and setting forth the
computation by which such adjustment was made.

     

    6.  FRACTIONAL
SHARES.  No
fractional shares shall be issued upon the exercise of this Warrant as a
consequence of any adjustment pursuant hereto.  All Warrant Shares
(including fractions) issuable upon exercise of this Warrant may be aggregated
for purposes of determining whether the exercise would result in the issuance of
any fractional share.  If, after aggregation, the exercise would
result in the issuance of a fractional share, the Company shall, in lieu of
issuance of any fractional share, pay the Holder otherwise entitled to such
fraction a sum in cash equal to the product resulting from multiplying the
closing sales price of a Share on the Trading Day immediately preceding the
Exercise Date by such fraction.

     

    7.  FUNDAMENTAL
TRANSACTIONS.    Notwithstanding anything to the
contrary herein, if, at any time while this Warrant is outstanding, (i) the
Company effects any merger or consolidation of the Company with or into another
entity, in which the shareholders of the Company as of immediately prior to the
transaction own less than a majority of the outstanding stock of the surviving
entity, (ii) the Company effects any sale of all or substantially all of its
assets in one or a series of related transactions or (iii) the Company’s
shareholders approve the liquidation, dissolution or winding up of the
Company (each, a “Fundamental Transaction”),
then this Warrant (including the right to purchase the Warrant Shares hereunder)
shall terminate and shall be of no further force or effect upon the closing of
such Fundamental Transaction.

     

    8.  NO STOCKHOLDER
RIGHTS.  This
Warrant in and of itself shall not entitle the Holder to any voting rights or
other rights as a stockholder of the Company.

     

    9.  TRANSFER OF
WARRANT

     

    9.1  PROCEDURE TO TRANSFER
WARRANT.  Subject
to compliance with any applicable securities laws, this Warrant and all rights
hereunder are transferable, in whole or in part, upon surrender of this Warrant
at the principal office of the Company, together with a written assignment of
this Warrant substantially in the form attached hereto duly executed by the
Holder or its agent or attorney and funds sufficient to pay any transfer taxes
payable upon the making of such transfer.  Upon such surrender and, if
required, such payment, the Company shall execute and deliver a new Warrant or
Warrants in the name of the assignee or assignees and in the denomination or
denominations specified in such instrument of assignment, and shall issue to the
assignor a new Warrant evidencing the portion of this Warrant not so assigned,
and this Warrant shall promptly be cancelled.  A Warrant, if properly
assigned, may be exercised by a new holder for the purchase of Warrant Shares
without having a new Warrant issued.

     

    9.2  DIVISION OR COMBINATION OF
WARRANT.  This
Warrant may be divided or combined with other Warrants upon presentation hereof
at the aforesaid office of the Company together with a written notice specifying
the names and denominations in which new Warrants are to be issued, signed by
the Holder or its agent or attorney.  Subject to compliance with Section 9.1, as to any
transfer which may be involved in such division or combination, the Company
shall execute and deliver a new Warrant or Warrants in exchange for the Warrant
or Warrants to be divided or combined in accordance with such
notice.

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

     

    9.3  PREPARATION OF NEW
WARRANTS.  The
Company shall prepare, issue and deliver at its own expense the new Warrant or
Warrants under this Section 9.

     

    9.4  REGISTRATION OF
WARRANT.  The
Company shall register this Warrant, upon records to be maintained by or on
behalf of the Company for that purpose (the “Warrant Register”), in the
name of the record Holder (which shall include the initial Holder or, as the
case may be, any registered assignee to which this Warrant is permissibly
assigned hereunder from time to time).  The Company may deem and treat
the registered Holder of this Warrant as the absolute owner hereof for the
purpose of any exercise hereof or any distribution to the Holder, and for all
other purposes, absent actual notice to the contrary.

     

    10.  LOST, STOLEN, MUTILATED OR
DESTROYED WARRANT.  If
this Warrant is lost, stolen, mutilated or destroyed, the Company may, on such
terms as to indemnity (which may include the posting of a bond) or otherwise as
it may reasonably impose (which shall, in the case of a mutilated Warrant,
include the surrender thereof), issue a new Warrant of like denomination and
tenor as this Warrant so lost, stolen, mutilated or destroyed.  Any
such new Warrant shall constitute an original contractual obligation of the
Company, whether or not the allegedly lost, stolen, mutilated or destroyed
Warrant shall be at any time enforceable by anyone.

     

    11.  NOTICES,
ETC.  All
notices required or permitted hereunder shall be in writing and shall be deemed
effectively given: (a) upon personal delivery to the party to be notified, (b)
when sent by confirmed telex or facsimile if sent during normal business hours
of the recipient, if not, then on the next Business Day, (c) five days after
having been sent by registered or certified mail, return receipt requested,
postage prepaid, or (d) one day after deposit with a nationally recognized
overnight courier, specifying next day delivery, with written verification of
receipt.  All communications shall be sent to the Company at the
address listed on the signature page hereto and to Holder at the applicable
address set forth in the records of the Company or at such other address as the
Company or Holder may designate by ten (10) days advance written notice to the
other party.

     

    12.  ACCEPTANCE.  Receipt
of this Warrant by the Holder shall constitute acceptance of and agreement to
all of the terms and conditions contained herein.

     

    13.  GOVERNING
LAW.  This
Warrant shall be governed by, and construed in accordance with, the laws of the
State of New York.  The Holder hereby submits to the non-exclusive
jurisdiction of the Federal and state courts in the Borough of Manhattan in The
City of New York in any suit or proceeding arising out of or relating to this
Agreement or the transactions contemplated thereby.  The Holder
irrevocably and unconditionally waives any objection to the laying of venue of
any suit or proceeding arising out of or relating to this Warrant in Federal and
state courts in the Borough of Manhattan in The City of New York and irrevocably
and unconditionally waives and agrees not to plead or claim in any such court
that any such suit or proceeding in any such court has been brought in an
inconvenient forum.

     

    14.  AMENDMENT OR
WAIVER.  Any
term of this Warrant may be amended or waived (either generally or in a
particular instance and either retroactively or prospectively) with the written
consent of the Company and the Holder.  No waivers of any term,
condition or provision of this Warrant, in any one or more instances, shall be
deemed to be, or construed as, a further or continuing waiver of any such term,
condition or provision.

     

    

     

    [REMAINDER OF PAGE INTENTIONALLY LEFT
BLANK]

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

     

    IN
WITNESS WHEREOF, the Company has caused this Warrant to be executed by its duly
authorized officer as of the date first above written.

     

     

    RENTECH,
INC.

     

    By: /s/ D. Hunt
Ramsbottom

    Name: D.
Hunt Ramsbottom

    Title:    President
& CEO

    

    Address:

    

    10877
Wilshire Boulevard, Suite 710

    Los
Angeles, California 90024

     

    

    
      
        
        

      

      
        S-1

        
          

        

      

      
        
        

      

    

     

    NOTICE
OF EXERCISE

     

    TO:           RENTECH,
INC.

     

    Subject
to Section 3.3 of the Warrant to which this Notice of Exercise is attached, the
undersigned hereby elects to purchase
                  
shares (the “Shares”) of
the common stock, par value $0.01 (the “Common Stock”) of Rentech,
Inc. (the “Company”)
pursuant to the terms of the attached Warrant.  In accordance with the
Warrant, the undersigned is either (please check one of the following
boxes): (a)  electing
to settle the exercise of the Warrant through a cashless exercise under Section
3.2 of the Warrant, or (b)  tendering payment of the exercise price in
cash.  In either case, the undersigned shall tender herewith payment
of all applicable transfer taxes, if any.

     

    (2)  Please
issue the certificate for Shares in the name of, and pay any cash for any
fractional Share to:

     

    
      	 
      
	
              Print
      or type name

            
	 
      
	 
      
	
              Social
      Security or other Identifying Number

            
	 
      
	 
      
	
              Street
      Address

            
	 
      
	 
      
	
              City State
      Zip Code

            

    

    

    (3)  If
such number of Shares shall not be all the Shares purchasable upon the exercise
of the Warrants evidenced by this Warrant, a new warrant certificate for the
balance of such Warrants remaining unexercised shall be registered in the name
of and delivered to:

     

    
      	
              Please
      insert Social Security or other identifying number:

            
	 
      	 
      
	 
      
	 
      
	
              (Please
      print name and address)

            
	 
      
	 
      
	
              Dated:

            	 
      	 
      
	
              (Date)

            	 
      
	 
      	 
      
	 
      	
              (Signature)

            
	 
      	 
      	 
      	 
      

    

    

     

    
      	 
      	 
      
	 
      	
              (Print
      name)

            
	 
      	 
      
	
              SIGNATURE
      GUARANTY:

            

    

     

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    ASSIGNMENT
FORM

     

    (To
assign the foregoing Warrant, execute this form and supply required
information.  Do not use this form to purchase shares.)

     

    FOR VALUE
RECEIVED, the foregoing Warrant and all rights evidenced thereby are hereby
assigned to

     

    
      	
              Name:
      

            	 	
               

            	 
      	 
      
	 	
              (Please
      Print)

            	
               

            	 
      	 
      
	 
      	 
      	 
      
	
              Address:

            	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 	
              (Please
      Print)

            	
               

            	 
      	 
      
	 
      	 
      	 
      
	
              Dated:             ,
      200[     ]

            	 
      	 
      
	 
      	 
      	 
      
	 
      	 	 
      	 
      	 
      
	
              Holder’s

            	 	 
      	 
      	 
      
	
              Signature: 
      

            	 	 
      	 
      	 
      
	 
      	 	 
      	 
      	 
      
	
              Holder’s
      Address:  

            	 	 
      	 
      	 
      
	 
      	 	 
      	 
      	 
      	 
      

    

    

     

    NOTE: The
signature to this Assignment Form must correspond with the name as it appears on
the face of the Warrant, without alteration or enlargement or any change
whatever.  Officers of corporations and those acting in a fiduciary or
other representative capacity should file proper evidence of authority to
assign the foregoing Warrant.

     

    SIGNATURE
GUARANTY:

    

    

    
3

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