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April 10, 2014
09:17 EDTRTKRentech announces settlement agreement with CRS
Rentech entered into a settlement agreement with CRS. As part of the agreement and in addition to certain standstill restrictions accepted by CRS: An additional director candidate approved by CRS will be nominated by the Company for election to its Board of Directors at the 2014 annual meeting of shareholders, or appointed to the Board of Directors shortly thereafter. In order to facilitate the election of the additional director candidate, Rentech will place a proposal on the ballot for the 2014 annual meeting of shareholders to expand the Board of Directors by one director; The formation of a Finance Committee consisting of five members including Messrs. Ostrover and Moore and the additional director candidate approved by CRS. The Finance Committee will be responsible for approving significant capital expenditures, reviewing and taking action to reduce Rentech’s cost structure, and reviewing the Company’s executive compensation practices; CRS will withdraw its slate of nominees for the 2014 annual meeting of shareholders; CRS will vote all of its shares in favor of the board’s slate of director nominees at the 2014 annual meeting of shareholders; and CRS will withdraw its preliminary proxy solicitation to call a special meeting of shareholders.
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