Abstract
We consider the version of the Lee model with relativistic kinematics. The mass renormalization of the V particle, described in purely field‐theoretic terms, is a nonlocal effect. We discuss the composite limit of the model. The natural choice of composite field is nonlocal in the elementary constituents. In the composite limit, Z1 does not vanish. The Hilbert‐space formalism of the composite theory is not equivalent to that of an N‐θ theory with a four‐particle interaction. All these results are cutoff independent.