Document:

Registration Rights Agreement with Geduld Revocable Trust

 Exhibit 10.3 
  
 EX-10.3 REGISTRATION RIGHTS AGREEMENT with Geduld Revocable Trust 
  
 REGISTRATION RIGHTS AGREEMENT 
  

This Registration Rights Agreement (this “Agreement”) is made and entered into as of November 19, 2004, by and between Rentech, Inc., a
Colorado corporation (the “Company”), and IRWIN GEDULD REVOCABLE TRUST, a trust organized under the laws of the state of Florida (“Investor”). 
  
 This Agreement is made pursuant to the Securities Purchase Agreement, dated as of the date hereof, by and between Investor
and the Company (the “Securities Purchase Agreement”), and pursuant to the Note and the Warrants referred to therein. 
  
 The Company and Investor hereby agree as follows: 
  
 1. Definitions. Capitalized terms used and not otherwise defined herein that are defined in the Securities Purchase Agreement shall have the meanings given such
terms in the Securities Purchase Agreement. As used in this Agreement, the following terms shall have the following meanings: 
  
 “Commission” means the Securities and Exchange Commission. 
  
 “Common Stock” means shares of the Company’s common stock, par value $0.01 per share. 
  
 “Exchange Act” means the Securities Exchange Act of 1934, as
amended, and any successor statute. 
  
 “Filing
Date” means, with respect to the Registration Statement required to be filed hereunder, a date no later than one hundred thirty (130) days following the date hereof. 
  
 “Holder” or “Holders” means Investor or any of its affiliates or transferees to the extent
any of them hold Registrable Securities. 
  
 “Indemnified
Party” shall have the meaning set forth in Section 5(c). 
  
 “Indemnifying Party” shall have the meaning set forth in Section 5(c). 
  
 “Note” has the meaning set forth in the Securities Purchase Agreement. 
  
 “Proceeding” means an action, claim, suit, investigation or proceeding (including, without limitation, an
investigation or partial proceeding, such as a deposition), whether commenced or threatened. 
  
 “Prospectus” means the prospectus included in the Registration Statement (including, without limitation, a prospectus that includes any information previously omitted from a prospectus filed as part
of an effective registration statement in reliance upon Rule 430A promulgated under the Securities Act), as amended or supplemented by any prospectus supplement, with respect to the terms of the offering of any portion of the Registrable Securities
covered by the Registration Statement, and all other amendments and supplements to the Prospectus, including post-effective amendments, and all material incorporated by reference or deemed to be incorporated by reference in such Prospectus.

  
 “Registrable Securities” means the shares of
Common Stock and issuable upon exercise of the Warrants. 

 “Registration Statement” means each registration statement required to be filed
hereunder, including the Prospectus, amendments and supplements to such registration statement or Prospectus, including pre- and post-effective amendments, all exhibits thereto, and all material incorporated by reference or deemed to be incorporated
by reference in such registration statement. 
  
 “Rule
144” means Rule 144 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended from time to time, or any similar rule or regulation hereafter adopted by the Commission having substantially the same effect as
such Rule. 
  
 “Rule 415” means Rule 415
promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended from time to time, or any similar rule or regulation hereafter adopted by the Commission having substantially the same effect as such Rule. 
  
 “Securities Act” means the Securities Act of 1933, as
amended, and any successor statute. 
  
 “Securities
Purchase Agreement” means the agreement between the parties hereto calling for the issuance by the Company of a Promissory Note in the principal amount of $100,000 plus the Warrants. 
  
 “Trading Market” means any of the NASD OTC Bulletin Board,
NASDAQ SmallCap Market, the Nasdaq National Market, the American Stock Exchange or the New York Stock Exchange. 
  
 “Warrants” means the Common Stock purchase warrants issued pursuant to the Securities Purchase Agreement. 
  
 2. Registration. 
  
 (a) The Company shall prepare and file with the Commission as soon as practical after the date hereof a Registration
Statement covering the Registrable Securities for an offering to be made on a continuous basis pursuant to Rule 415. The Registration Statement shall be on Form S-3 (except if the Company is not then eligible to register for resale the Registrable
Securities on Form S-3, in which case such registration shall be on another appropriate form in accordance herewith). The Company shall use its best efforts to cause the Registration Statement to become effective and remain effective as provided
herein. The Company shall use its reasonable commercial efforts to cause the Registration Statement to be declared effective under the Securities Act as promptly as possible after the filing thereof (the “Effectiveness Date”). The Company
shall use its reasonable commercial efforts to keep the Registration Statement continuously effective under the Securities Act until the date which is the earlier date of when (i) all Registrable Securities have been sold, or (ii) all Registrable
Securities may be sold immediately without registration under the Securities Act and without volume restrictions pursuant to Rule 144(k), as determined by the counsel to the Company pursuant to a written opinion letter to such effect, addressed and
acceptable to the Company’s transfer agent and the affected Holders, or (iii) the second (2nd) anniversary of the expiration of the term of the Warrant, as it may be extended, provided Rule 144(k) or similar successor rule is then applicable to
the Registrable Securities (the “Effectiveness Period”). 
  
 (b) Within five business days of the Effectiveness Date, the Company shall cause its counsel to issue a blanket opinion in the form attached hereto as Exhibit A, to the transfer agent stating that the shares are subject to an effective
registration statement and can be reissued free of restrictive legend upon notice of a sale by Investor and confirmation by Investor that it has complied with the prospectus delivery requirements, provided that the Company has not advised the
transfer agent orally or in writing that the opinion has been withdrawn. Copies of the blanket opinion required by this Section 2(c) shall be delivered to Investor within the time frame set forth above. 
  
 3. Registration Procedures. If and whenever the Company is required by the provisions
hereof to effect the registration of any Registrable Securities under the Securities Act, the Company will, as expeditiously as practical: 
  
 (a) prepare and file with the Commission the Registration Statement with respect to such Registrable Securities, respond as promptly as feasible to any
comments received from the Commission, and use its best efforts to cause the Registration Statement to become and remain effective for the Effectiveness Period with respect thereto; 

 (b) prepare and file with the Commission such amendments and supplements to the Registration Statement
and the Prospectus used in connection therewith as may be necessary to comply with the provisions of the Securities Act with respect to the disposition of all Registrable Securities covered by the Registration Statement and to keep such Registration
Statement effective until the expiration of the Effectiveness Period; 
  
 (c) furnish to Investor such number of copies of the Registration Statement and the Prospectus included therein (including each preliminary Prospectus) as Investor reasonably may request to facilitate the public sale or disposition of the
Registrable Securities covered by the Registration Statement; 
  
 (d) use its commercially reasonable efforts to register or qualify Investor’s Registrable Securities covered by the Registration Statement under the securities or “blue sky” laws of such jurisdictions within the United States
as Investor may reasonably request, provided, however, that the Company shall not for any such purpose be required to qualify generally to transact business as a foreign corporation in any jurisdiction where it is not so qualified or to consent to
general service of process in any such jurisdiction; 
  
 (e) list
the Registrable Securities covered by the Registration Statement with any securities exchange on which the Common Stock of the Company is then listed; 
  
 (f) promptly notify Investor at any time when a Prospectus relating thereto is required to be delivered under the Securities Act, of the happening of any
event of which the Company has knowledge as a result of which the Prospectus contained in such Registration Statement, as then in effect, includes an untrue statement of a material fact or omits to state a material fact required to be stated therein
or necessary to make the statements therein not misleading in light of the circumstances then existing; and 
  
 4. Registration Expenses. All expenses relating to the Company’s compliance with Sections 2 and 3 hereof, including, without limitation, all registration and filing fees, printing expenses, fees and
disbursements of counsel and independent public accountants for the Company, fees and expenses (including reasonable counsel fees) incurred in connection with complying with state securities or “blue sky” laws, fees of the NASD, transfer
taxes and fees of transfer agents and registrars are called “Registration Expenses”. The Company shall only be responsible for Registration Expenses. 
  

5. Indemnification. 
  
 (a) In the event of a registration of any Registrable Securities under the Securities Act pursuant to this Agreement, the Company will indemnify and hold
harmless Investor, and its officers, directors and each other person, if any, who controls Investor within the meaning of the Securities Act, against any losses, claims, damages or liabilities, joint or several, to which Investor, or such persons
may become subject under the Securities Act or otherwise, insofar as such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are based upon any untrue statement or alleged untrue statement of any material fact
contained in any Registration Statement under which such Registrable Securities were registered under the Securities Act pursuant to this Agreement, any preliminary Prospectus or final Prospectus contained therein, or any amendment or supplement
thereof, or arise out of or are based upon the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, and will reimburse Investor, and each such person
for any reasonable legal or other expenses incurred by them in connection with investigating or defending any such loss, claim, damage, liability or action; provided, however, that the Company will not be liable in any such case if and to the extent
that any such loss, claim, damage or liability arises out of or is based upon an untrue statement or alleged untrue statement or omission or alleged omission so made in conformity with information furnished by or on behalf of Investor or any such
person in writing specifically for use in any such document. 
  
 (b) In the event of a registration of the Registrable Securities under the Securities Act pursuant to this Agreement, Investor will indemnify and hold harmless the Company, and its officers, directors and each other person, if any, who
controls the Company within the meaning of the Securities Act, against all losses, claims, damages or liabilities, joint or several, to which the Company or such persons may become subject under the Securities Act or otherwise, insofar as such
losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are based upon any untrue statement or alleged untrue statement of any material fact which was furnished 

 in writing by Investor to the Company expressly for use in (and such information is contained in) the Registration
Statement under which such Registrable Securities were registered under the Securities Act pursuant to this Agreement, any preliminary Prospectus or final Prospectus contained therein, or any amendment or supplement thereof, or arise out of or are
based upon the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, and will reimburse the Company and each such person for any reasonable legal or
other expenses incurred by them in connection with investigating or defending any such loss, claim, damage, liability or action, provided, however, that Investor will be liable in any such case if and only to the extent that any such loss, claim,
damage or liability arises out of or is based upon an untrue statement or alleged untrue statement or omission or alleged omission so made in conformity with information furnished in writing to the Company by or on behalf of Investor specifically
for use in any such document. Notwithstanding the provisions of this paragraph, Investor shall not be required to indemnify any person or entity in excess of the amount of the aggregate net proceeds received by Investor in respect of Registrable
Securities in connection with any such registration under the Securities Act. 
  
 (c) Promptly after receipt by a party entitled to claim indemnification hereunder (an “Indemnified Party”) of notice of the commencement of any action, such Indemnified Party shall, if a claim for
indemnification in respect thereof is to be made against a party hereto obligated to indemnify such Indemnified Party (an “Indemnifying Party”), notify the Indemnifying Party in writing thereof, but the omission so to notify the
Indemnifying Party shall not relieve it from any liability which it may have to such Indemnified Party other than under this Section 5(c) and shall only relieve it from any liability which it may have to such Indemnified Party under this Section
5(c) if and to the extent the Indemnifying Party is prejudiced by such omission. In case any such action shall be brought against any Indemnified Party and it shall notify the Indemnifying Party of the commencement thereof, the Indemnifying Party
shall be entitled to participate in and, to the extent it shall wish, to assume and undertake the defense thereof with counsel satisfactory to such Indemnified Party, and, after notice from the Indemnifying Party to such Indemnified Party of its
election so to assume and undertake the defense thereof, the Indemnifying Party shall not be liable to such Indemnified Party under this Section 5(c) for any legal expenses subsequently incurred by such Indemnified Party in connection with the
defense thereof; if the Indemnified Party retains its own counsel, then the Indemnified Party shall pay all fees, costs and expenses of such counsel, provided, however, that, if the defendants in any such action include both the indemnified party
and the Indemnifying Party and the Indemnified Party shall have reasonably concluded that there may be reasonable defenses available to it which are different from or additional to those available to the Indemnifying Party or if the interests of the
Indemnified Party reasonably may be deemed to conflict with the interests of the Indemnifying Party, the Indemnified Party shall have the right to select one separate counsel and to assume such legal defenses and otherwise to participate in the
defense of such action, with the reasonable expenses and fees of such separate counsel and other expenses related to such participation to be reimbursed by the Indemnifying Party as incurred. 
  
 (d) In order to provide for just and equitable contribution in the event of
joint liability under the Securities Act in any case in which either (i) Investor, or any officer, director or controlling person of Investor, makes a claim for indemnification pursuant to this Section 5 but it is judicially determined (by the entry
of a final judgment or decree by a court of competent jurisdiction and the expiration of time to appeal or the denial of the last right of appeal) that such indemnification may not be enforced in such case notwithstanding the fact that this Section
5 provides for indemnification in such case, or (ii) contribution under the Securities Act may be required on the part of Investor or such officer, director or controlling person of Investor in circumstances for which indemnification is provided
under this Section 5; then, and in each such case, the Company and Investor will contribute to the aggregate losses, claims, damages or liabilities to which they may be subject (after contribution from others) in such proportion so that Investor is
responsible only for the portion represented by the percentage that the public offering price of its securities offered by the Registration Statement bears to the public offering price of all securities offered by such Registration Statement,
provided, however, that, in any such case, (A) Investor will not be required to contribute any amount in excess of the public offering price of all such securities offered by it pursuant to such Registration Statement; and (B) no person or entity
guilty of fraudulent misrepresentation (within the meaning of Section 10(f) of the Act) will be entitled to contribution from any person or entity who was not guilty of such fraudulent misrepresentation. 

 6. Representations and Warranties. 
  
 (a) The Common Stock of the Company is registered pursuant to Section 12(b) or 12(g) of the Exchange Act and, except with
respect to certain matters which the Company has disclosed to Investor in the Securities Purchase Agreement, the Company has timely filed all proxy statements, reports, schedules, forms, statements and other documents required to be filed by it
under the Exchange Act. The Company has filed (i) its Annual Report on Form 10-K for the fiscal year ended September 30, 2003 and (ii) its Quarterly Report on Form 10-Q for the fiscal quarters ended December 31, 2003, March 31, 2004 and June 30,
2004 (collectively, the “SEC Reports”). Each SEC Report was, at the time of its filing, in substantial compliance with the requirements of its respective form and, to the knowledge of the Company, none of the SEC Reports, nor the financial
statements (and the notes thereto) included in the SEC Reports, as of their respective filing dates, contained any untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary to make the
statements therein, in light of the circumstances under which they were made, not misleading. The financial statements of the Company included in the SEC Reports comply, to the knowledge of the Company, as to form in all material respects with
applicable accounting requirements and the published rules and regulations of the Commission or other applicable rules and regulations with respect thereto. Such financial statements have been prepared in accordance with generally accepted
accounting principles (“GAAP”) applied on a consistent basis during the periods involved (except (i) as may be otherwise indicated in such financial statements or the notes thereto or (ii) in the case of unaudited interim statements, to
the extent they may not include footnotes or may be condensed) and, to the knowledge of the Company, fairly present in all material respects the financial condition, the results of operations and the cash flows of the Company and its subsidiaries,
on a consolidated basis, as of, and for, the periods presented in each such SEC Report. 
  
 (b) The Common Stock is listed for trading on the American Stock Exchange (“AMEX”) and satisfies all requirements for the continuation of such listing. The Company has not received any notice that its Common
Stock will be delisted from the AMEX (except for prior notices which have been fully remedied) or that the Common Stock does not meet all requirements for the continuation of such listing. 
  
 (c) The Warrants, the Note and the shares of Common Stock which Investor may
acquire pursuant to the Warrants are all restricted securities under the Securities Act as of the date of this Agreement. The Company will not issue any stop transfer order or other order impeding the sale and delivery of any of the Registrable
Securities at such time as such Registrable Securities are registered for public sale or an exemption from registration is available, except as required by federal or state securities laws. 
  
 (d) The Company understands the nature of the Registrable Securities issuable
upon the exercise of the Warrant and recognizes that the issuance of such Registrable Securities may have a potential dilutive effect. The Company specifically acknowledges that its obligation to issue the Registrable Securities is binding upon the
Company and enforceable regardless of the dilution such issuance may have on the ownership interests of other shareholders of the Company. 
  
 (e) Except for agreements made in the ordinary course of business, there is no agreement that has not been filed with the Commission as an exhibit to a
registration statement or to a form required to be filed by the Company under the Exchange Act, the breach of which could reasonably be expected to have a material and adverse effect on the Company and its subsidiaries, or would prohibit or
otherwise interfere with the ability of the Company to enter into and perform any of its obligations under this Agreement in any material respect. 
  
 (f) The Company will at all times have authorized and reserved a sufficient number of shares of Common Stock for the full exercise of the Warrants.

  
 7. Cooperation Respecting Registration. The Holder shall cooperate in
connection with the preparation of the Registration Statement, including providing information necessary for inclusion in the Registration Statement, as requested by the Company or the Commission. 

 8. Miscellaneous. 
  
 (a) Compliance. Each Holder covenants and agrees that it will comply with the prospectus delivery requirements of the Securities Act as applicable
to it in connection with sales of Registrable Securities pursuant to the Registration Statement. 
  
 (b) Discontinued Disposition. Each Holder agrees by its acquisition of such Registrable Securities that, upon receipt of a notice from the Company
of the occurrence of a Discontinuation Event (as defined below), such Holder will forthwith discontinue disposition of such Registrable Securities under the applicable Registration Statement until such Holder’s receipt of the copies of the
supplemented Prospectus and/or amended Registration Statement or until it is advised in writing by the Company that the use of the applicable Prospectus may be resumed, and, in either case, has received copies of any additional or supplemental
filings that are incorporated or deemed to be incorporated by reference in such Prospectus or Registration Statement. The Company may provide appropriate stop orders to enforce the provisions of this paragraph. For purposes of this Section 8(b), a
“Discontinuation Event” shall mean (i) when the Commission notifies the Company whether there will be a “review” of such Registration Statement and whenever the Commission comments in writing on such Registration Statement (the
Company shall provide true and complete copies thereof and all written responses thereto to each of the Holders); (ii) any request by the Commission or any other Federal or state governmental authority for amendments or supplements to such
Registration Statement or Prospectus or for additional information; (iii) the issuance by the Commission of any stop order suspending the effectiveness of such Registration Statement covering any or all of the Registrable Securities or the
initiation of any Proceedings for that purpose; (iv) the receipt by the Company of any notification with respect to the suspension of the qualification or exemption from qualification of any of the Registrable Securities for sale in any
jurisdiction, or the initiation or threatening of any Proceeding for such purpose; and/or (v) the occurrence of any event or passage of time that makes the financial statements included in such Registration Statement ineligible for inclusion therein
or any statement made in such Registration Statement or Prospectus or any document incorporated or deemed to be incorporated therein by reference untrue in any material respect or that requires any revisions to such Registration Statement,
Prospectus or other documents so that, in the case of such Registration Statement or Prospectus, as the case may be, it will not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or
necessary to make the statements therein, in light of the circumstances under which they were made, not misleading. 
  
 (c) Piggy-Back Registrations. If at any time during the Effectiveness Period there is not an effective Registration Statement covering all of the
Registrable Securities and the Company shall determine to prepare and file with the Commission a registration statement relating to an offering for its own account or the account of others under the Securities Act of any of its equity securities,
other than on Form S-4 or Form S-8 (each as promulgated under the Securities Act) or their then equivalents relating to equity securities to be issued solely in connection with any acquisition of any entity or business or equity securities issuable
in connection with stock option or other employee benefit plans, then the Company shall send to each Holder written notice of such determination and, if within fifteen days after receipt of such notice, any such Holder shall so request in writing,
the Company shall include in such registration statement all or any part of such Registrable Securities such holder requests to be registered to the extent the Company may do so without violating registration rights of others which exist as of the
date of this Agreement, subject to customary underwriter cutbacks subject to obtaining any required the consent of any selling stockholder(s) to such inclusion under such registration statement. 
  
 (d) Amendments and Waivers. The provisions of this Agreement,
including the provisions of this sentence, may not be amended, modified or supplemented, and waivers or consents to departures from the provisions hereof may not be given, unless the same shall be in writing and signed by the Company and the Holders
of the then outstanding Registrable Securities. Notwithstanding the foregoing, a waiver or consent to depart from the provisions hereof with respect to a matter that relates exclusively to the rights of certain Holders and that does not directly or
indirectly affect the rights of other Holders may be given by Holders of at least a majority of the Registrable Securities to which such waiver or consent relates; provided, however, that the provisions of this sentence may not be amended, modified,
or supplemented except in accordance with the provisions of the immediately preceding sentence. 
  
 (e) Notices. Any notice or request hereunder may be given to the Company or Investor at the respective addresses set forth below or as may
hereafter be specified in a notice designated as a change of address 

 under this Section 8(e). Any notice or request hereunder shall be given by registered or certified mail, return receipt
requested, hand delivery, overnight mail, Federal Express or other national overnight next day carrier (collectively, “Courier”) or telecopy (confirmed by mail). Notices and requests shall be, in the case of those by hand delivery, deemed
to have been given when delivered to any party to whom it is addressed, in the case of those by mail or overnight mail, deemed to have been given three (3) business days after the date when deposited in the mail or with the overnight mail carrier,
in the case of a Courier, the next business day following timely delivery of the package with the Courier, and, in the case of a telecopy, when confirmed. The address for such notices and communications shall be as follows: 
  

			
	If to the Company:	  	 Rentech, Inc.
 1331 17th Street, Suite 720

Denver, Colorado 80202
 Attention:         Ronald C. Butz
 Facsimile:          (303)
298-8010

		
	If to Investor:	  	To the address set forth under Investor’s name on the signature page hereto.
		
	 If to any other Person who is then the
 registered Holder:
	  	To the address of such Holder as it appears in the stock transfer books of the Company

  
 or such other address as may be
designated in writing hereafter in accordance with this Section 7(g) by such Person. 
  
 (f) Successors and Assigns. This Agreement shall inure to the benefit of and be binding upon the successors and permitted assigns of each of the parties and shall inure to the benefit of each Holder. The
Company may not assign its rights or obligations hereunder without the prior written consent of each Holder. Each Holder may assign their respective rights hereunder to such persons who become Holders of Registrable Securities in accordance with the
terms of the Warrant. 
  
 (g) Execution and Counterparts.
This Agreement may be executed in any number of counterparts, each of which when so executed shall be deemed to be an original and, all of which taken together shall constitute one and the same Agreement. In the event that any signature is delivered
by facsimile transmission, such signature shall create a valid binding obligation of the party executing (or on whose behalf such signature is executed) the same with the same force and effect as if such facsimile signature were the original
thereof. 
  
 (h) Governing Law. All questions concerning
the construction, validity, enforcement and interpretation of this Agreement shall be governed by and construed and enforced in accordance with the internal laws of the State of Colorado, without regard to the principles of conflicts of law thereof.
Each party agrees that all Proceedings concerning the interpretations, enforcement and defense of the transactions contemplated by this Agreement shall be commenced exclusively in the state and federal courts sitting in the City of Denver, State of
Colorado. Each party hereto hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts sitting in the City of Denver, State of Colorado for the adjudication of any dispute hereunder or in connection herewith or with any
transaction contemplated hereby or discussed herein, and hereby irrevocably waives, and agrees not to assert in any Proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that such Proceeding is improper. Each
party hereto hereby irrevocably waives personal service of process and consents to process being served in any such Proceeding by mailing a copy thereof via registered or certified mail or overnight delivery (with evidence of delivery) to such party
at the address in effect for notices to it under this Agreement and agrees that such service shall constitute good and sufficient service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve
process in any manner permitted by law. Each party hereto hereby irrevocably waives, to the fullest extent permitted by applicable law, any and all right to trial by jury in any legal proceeding arising out of or relating to this Agreement or the
transactions contemplated hereby. If either party shall commence a Proceeding to enforce any provisions of a Transaction Document, then the prevailing party in such Proceeding shall be reimbursed by the other party for its reasonable attorneys fees
and other costs and expenses incurred with the investigation, preparation and prosecution of such Proceeding. 

 (i) Severability. If any term, provision, covenant or restriction of this Agreement is held by a
court of competent jurisdiction to be invalid, illegal, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions set forth herein shall remain in full force and effect and shall in no way be affected, impaired or
invalidated, and the parties hereto shall use their reasonable efforts to find and employ an alternative means to achieve the same or substantially the same result as that contemplated by such term, provision, covenant or restriction. It is hereby
stipulated and declared to be the intention of the parties that they would have executed the remaining terms, provisions, covenants and restrictions without including any of such that may be hereafter declared invalid, illegal, void or
unenforceable. 
  
 (j) Headings. The headings in this
Agreement are for convenience of reference only and shall not limit or otherwise affect the meaning hereof. 
  
 IN WITNESS WHEREOF, the parties have executed this Registration Rights Agreement as of the date first written above. 
  

							
	Rentech, Inc., a Colorado Corporation	 	 	 	 Irwin Geduld Revocable Trust, a trust organized
under the laws of the state of
Florida

				
	By:	 	 /s/ Dennis L. Yakobson

	 	By:	 	 /s/ Irwin Geduld, Trustee

	Name:	 	Dennis L. Yakobson	 	Name:	 	Irwin Geduld
	Title:	 	President and Chief Executive Officer	 	Title:	 	Trustee
				
	By:	 	 /s/ Ronald C. Butz

	 	 	 	 
	Name:	 	Ronald C. Butz	 	 	 	 
	Title:	 	Secretary	 	 	 	 
			
	Address for Notices:	 	 	 	 Address for Notices:
  

	 Rentech, Inc.
 1331 17th Street, Suite 720
 Denver, CO
80202
	 	 	 	 Irwin Geduld Revocable Trust
 4040 Island
Estates
 Aventura, FL 33160

  

 EXHIBIT A 
 [Month     , 2005] 
  
 [Transfer Agent] 
  
 Re:       Rentech, Inc. Registration Statement on Form S-3 
  
 Ladies and Gentlemen: 
  
 As
counsel to Rentech, Inc.., a Colorado corporation (the “Company”), we have been requested to render our opinion to you in connection with the resale by the individuals or entitles listed on Schedule A attached hereto (the “Selling
Stockholders”), of an aggregate of [amount] shares (the “Shares”) of the Company’s Common Stock. 
  
 A Registration Statement on Form S-3 under the Securities Act of 1933, as amended (the “Act”), with respect to the resale of the Shares was
declared effective by the Securities and Exchange Commission on [date]. Enclosed is the Prospectus dated [date]. We understand that the Shares are to be offered and sold in the manner described in the Prospectus. 
  
 Based upon the foregoing, upon request by the Selling Stockholders at any
time while the registration statement remains effective, it is our opinion that the Shares have been registered for resale under the Act and new certificates evidencing the Shares upon their transfer or re-registration by the Selling Stockholders
may be issued without restrictive legend. We will advise you if the registration statement is not available or effective at any point in the future. 
  
 Very truly yours, 
  
 [Company counsel]Promissory Note to Geduld Capital Management LLC

 Exhibit 10.4 
  
 EX-10.4 PROMISSORY NOTE to Geduld Capital Management LLC 
  
 THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS. EXCEPT AS CONTEMPLATED BY THE
SECURITIES PURCHASE AGREEMENT BETWEEN RENTECH, INC. AND THE ORIGINAL HOLDER OF THIS NOTE, THIS NOTE MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT AS TO THIS NOTE UNDER SAID ACT AND
ANY APPLICABLE STATE SECURITIES LAWS OR AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO RENTECH, INC. THAT SUCH REGISTRATION IS NOT REQUIRED. 
  
 PROMISSORY NOTE 
  
 FOR VALUE RECEIVED, RENTECH, INC., a Colorado corporation (the “Borrower”), hereby promises to pay to Geduld Capital Management LLC, a limited
liability company organized under the laws of the state of Florida, or its registered assigns or successors in interest (the “Holder”), on order, the sum of: 
  
 Two Hundred Fifty Thousand Dollars ($250,000), (the “Principal Amount”), together with any accrued and
unpaid interest hereon, on November 18, 2005 (as such date may be extended by the Holder in its sole discretion) (the “Maturity Date”) if not sooner paid. 
  
 Capitalized terms used herein without definition shall have the meanings ascribed to such terms in that certain Securities
Purchase Agreement dated as of the date hereof between the Borrower and the Holder (the “Purchase Agreement”). 
  
 The following terms shall apply to this Note: 
  
 ARTICLE I 
 DISBURSEMENTS; INTEREST;
PRE PAYMENT 
  
 1.1 During the term of this Note, the Holder
shall disburse the sum of $250,000 to Borrower within one business day from the date of execution hereof. 
  
 1.2 Interest payable on this Note shall accrue on the outstanding principal amount from the date of each Disbursement at a rate per annum (the
“Interest Rate”) equal to eight and one-half percent (8.5%). If not sooner paid, the entire amount of principal and accrued interest shall be paid in full on November 18, 2005. 
  
 1.3 Borrower may prepay any portion of the outstanding Principal Amount at
any time prior to the Maturity Date without the consent of the Holder; provided that such prepayment shall be accompanied by all interest that has accrued and remains unpaid with respect to the Principal Amount being prepaid. 
  
 ARTICLE II 
 EVENTS OF DEFAULT 
  
 Upon the occurrence and continuance of an Event of Default beyond any applicable grace period, the Holder may make all sums of principal, interest and other fees then remaining unpaid hereon and all other amounts
payable hereunder immediately due and payable. 
  
 The occurrence
of any of the following events is an “Event of Default”: 
  
 2.1 Failure to Pay Principal or Interest. The Borrower fails to pay when due any installment of principal or interest hereon in accordance herewith, and in any such case, such failure shall continue for a
period of fifteen (15) days following the date upon which any such payment was due. 

 2.2 Breach of Covenant. The Borrower breaches any covenant or any other term or condition of this
Note or the Purchase Agreement in any material respect, and such breach, if subject to cure, continues for a period of thirty (30) days after the occurrence thereof. 
  
 2.3 Breach of Representations and Warranties. Any representation or warranty made by the Borrower in this Note or the
Purchase Agreement, shall be false or misleading in any material respect on the date that such representation or warranty was made or deemed made. 
  
 2.4 Royster-Clark Agreement. Failure to enter into a binding agreement with Royster-Clark, Inc. on or before February 17, 2005 for the purchase by
Borrower or Borrower’s subsidiary or affiliate for the purchase of all the issued and outstanding stock of Royster-Clark Nitrogen, Inc. 
  
 DEFAULT RELATED PROVISIONS 
  
 Following the occurrence and continuance of an Event of Default beyond any applicable cure period hereunder, the Borrower shall deliver to Holder the
Borrower’s stock purchase warrant, for the purchase of 54,825 shares of the Borrower’s common stock, on the same terms and conditions, and exercise price of $1.14 per share, as the Stock Purchase Warrant issued to Geduld Capital Management
LLC concurrently with the execution and delivery of this Note. 
  
 ARTICLE III 
 MISCELLANEOUS 
  
 3.1 Failure or Indulgence Not Waiver. No failure or delay on the part of the Holder hereof in the exercise of any power, right or privilege
hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such power, right or privilege preclude other or further exercise thereof or of any other right, power or privilege. All rights and remedies existing
hereunder are cumulative to, and not exclusive of, any rights or remedies otherwise available. 
  
 3.2 Notices. Any notice herein required or permitted to be given shall be in writing and shall be deemed effectively given: (a) upon personal delivery to the party 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 Borrower at the address provided in the Purchase Agreement executed in connection herewith,
and to the Holder at the address provided in the Purchase Agreement for such Holder, or at such other address as the Borrower or the Holder may designate by ten days advance written notice to the other parties hereto. 
  
 3.3 Amendment Provision. The term “Note” and all reference
thereto, as used throughout this instrument, shall mean this instrument as originally executed, or if later amended or supplemented. 
  
 3.4 Assignability. This Note shall be binding upon the Borrower and its successors and assigns, and shall inure to the benefit of the Holder and
its successors and assigns, and may be assigned by the Holder in accordance with the requirements of the Purchase Agreement. This Note shall not otherwise be assigned by the Borrower without the consent of the Holder. 
  
 3.5 Governing Law. This Note shall be governed by and construed in
accordance with the laws of the state of Colorado, without regard to principles of conflicts of laws. Any action brought by either party against the other concerning the transactions contemplated by this Agreement shall be brought only in the state
courts of Colorado or in the federal courts located in the state of Colorado. The prevailing party shall be entitled to recover from the other party its reasonable attorney’s fees and costs. In the event that any provision of this Note is
invalid or unenforceable under any applicable statute or rule of law, then such provision shall be deemed inoperative to the extent that it may conflict therewith and shall be deemed modified to conform with such statute or rule of law. Any

 such provision which may prove invalid or unenforceable under any law shall not affect the validity or unenforceability
of any other provision of this Note. Nothing contained herein shall be deemed or operate to preclude the Holder from bringing suit or taking other legal action against the Borrower in any other jurisdiction to collect on the Borrower’s
obligations to Holder, to realize on any collateral or any other security for such obligations, or to enforce a judgment or other court in favor of the Holder. 
  

3.6 Note and Payment Made in Colorado. The Holder and Borrower stipulate and agree that this Note and the Loan have been made in the State of
Colorado, and that payment of the Note and interest on the Note shall be deemed made in the State of Colorado, and payment of interest shall be governed and controlled by the laws of the State of Colorado, without regard to principles of conflicts
of laws. 
  
 3.7 Maximum Payments. Nothing contained herein
shall be deemed to establish or require the payment of a rate of interest or other charges in excess of the maximum permitted by applicable law. In the event that the rate of interest required to be paid or other charges hereunder exceed the maximum
permitted by such law, any payments in excess of such maximum shall be credited against amounts owed by the Borrower to the Holder and thus refunded to the Borrower. 
  
 3.8 Construction. Each party acknowledges that its legal counsel participated in the preparation of this Note and,
therefore, stipulates that the rule of construction that ambiguities are to be resolved against the drafting party shall not be applied in the interpretation of this Note to favor any party against the other. 
  
 3.9 Cost of Collection. If default is made in the payment of this
Note, the Borrower shall pay to Holder reasonable costs of collection, including reasonable attorney’s fees. 
  
 IN WITNESS WHEREOF, Borrower has caused this Promissory Note to be signed in its name effective as of this 19th day of November, 2004. 

 

			
	Rentech, Inc., a Colorado corporation
		
	By:	 	 /s/ Dennis L. Yakobson

	Name:	 	Dennis L. Yakobson
	Title:	 	President and Chief Executive Officer
		
	By:	 	 /s/ Ronald C. Butz

	Name:	 	Ronald C. Butz
	Title:	 	Secretary

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