<SEC-DOCUMENT>0000727273-14-000022.txt : 20141110
<SEC-HEADER>0000727273-14-000022.hdr.sgml : 20141110
<ACCEPTANCE-DATETIME>20141110084217
ACCESSION NUMBER:		0000727273-14-000022
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		5
CONFORMED PERIOD OF REPORT:	20141107
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20141110
DATE AS OF CHANGE:		20141110

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CADIZ INC
		CENTRAL INDEX KEY:			0000727273
		STANDARD INDUSTRIAL CLASSIFICATION:	WATER SUPPLY [4941]
		IRS NUMBER:				770313235
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-12114
		FILM NUMBER:		141206701

	BUSINESS ADDRESS:	
		STREET 1:		550 SOUTH HOPE STREET
		STREET 2:		SUITE 2850
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90071
		BUSINESS PHONE:		213-271-1600

	MAIL ADDRESS:	
		STREET 1:		550 SOUTH HOPE STREET
		STREET 2:		SUITE 2850
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90071

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CADIZ LAND CO INC
		DATE OF NAME CHANGE:	19920703

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PACIFIC AGRICULTURAL HOLDINGS INC
		DATE OF NAME CHANGE:	19920602

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ARIDTECH INC
		DATE OF NAME CHANGE:	19880523
</SEC-HEADER>
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<TYPE>8-K
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<FILENAME>form8-k_nov2014.htm
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">CURRENT REPORT</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Date of Report (Date of earliest event reported):</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">550 South Hope Street, Suite 2850, Los Angeles, California</font></div>

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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Item 1.01&#160;&#160;&#160;&#160; Entry into a Material Definitive Agreement</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB2" style="LETTER-SPACING: 15pt">&#160;&#160;&#160;</font>&#160;On November 7, 2014, Cadiz Inc. (the &#8220;Company&#8221;) entered into definitive Securities Purchase Agreement (the &#8220;Purchase Agreement&#8221;) with an investor (the &#8220;Investor&#8221;), relating to a registered offering (the &#8220;Offering&#8221;) of 1,200,000 shares (the &#8220;Shares&#8221;) of the Company&#8217;s common stock, $0.01 par value per share, to the Investor.&#160;&#160;The Shares are being sold at a price of $10.1751 per share, yielding estimated proceeds to the Company of $12,140,120.&#160;&#160;The offering price per share was determined by reference to the recent volume weighted average closing price of the Company&#8217;s common stock.&#160;&#160;The closing of the Offering is expected to take place on or about November 12, 2014, subject to the satisfaction of customary closing conditions.&#160;&#160;The offering and issuance of the Shares are being made pursuant to an effective Registration Statement on Form S-3, Registration No. 333-190288.</font></div>

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<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB2" style="LETTER-SPACING: 15pt">&#160;&#160;&#160;</font>&#160;A copy of the form of Purchase Agreement is filed as Exhibit 10.1 to this Current Report on Form 8-K and incorporated herein by reference.&#160;&#160;The description of the material terms of the Purchase Agreement contained in this Current Report is qualified in its entirety by reference to Exhibit 10.1.</font></div>

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<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB2" style="LETTER-SPACING: 15pt">&#160;&#160;&#160;</font>&#160;The Company&#8217;s press release, dated November 10, 2014, announcing the Offering is filed as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.</font></div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB2" style="LETTER-SPACING: 15pt">&#160;&#160;&#160;</font>&#160;Neither the filing of the press release as an exhibit to this Current Report on Form 8-K nor the inclusion in the press release of a reference to the Company&#8217;s internet address shall, under any circumstances, be deemed to incorporate the information available at the Company&#8217;s internet address into this Current Report on Form 8-K. The information available at the Company&#8217;s internet address is not part of this Current Report on Form 8-K or any other report filed by the Company with the SEC.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Item 8.01&#160;&#160;&#160;&#160; Other Events</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB2" style="LETTER-SPACING: 15pt">&#160;&#160;&#160;</font>&#160;On November 10, 2014, the Company issued a press release announcing the Offering.&#160;&#160;A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.</font></div>

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<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Opinion of Cadwalader, Wickersham &amp; Taft LLP</font></div>

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<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Form of Securities Purchase Agreement, dated as of November 7, 2014, by and between Cadiz Inc. and the purchaser party thereto.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">99.1</font></div>
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<td valign="top" width="60%" style="TEXT-ALIGN: left">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Press Release dated November 10, 2014</font></div>
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<div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">SIGNATURES</font></div>

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<td colspan="2" width="50%"><font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Cadiz Inc.&#160;</font></td>
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<td width="3%"><font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt">By:&#160;</font></td>
<td width="47%"><font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="TEXT-DECORATION: underline">/s/ Timothy J. Shaheen</font></font></td>
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<td width="47%"><font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Timothy J. Shaheen&#160;</font></td>
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<td width="47%"><font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Chief Financial Officer&#160;</font></td>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">Dated:&#160; November 10, 2014</div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Form of Securities Purchase Agreement, dated as of November 7, 2014, by and between Cadiz Inc. and the purchaser party thereto.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Press Release dated November 10, 2014</font></div>
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<div style="TEXT-ALIGN: center">4</div>
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<div style="TEXT-ALIGN: right"><font style="FONT-WEIGHT: bold">EXHIBIT 5.1</font><br>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">November 7, 2014</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Cadiz Inc.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">550 South Hope Street</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Suite 2850</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Los Angeles, California&#160;&#160;90071</font></div>

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<td width="50%"><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Re:&#160; <font style="TEXT-DECORATION: underline">Cadiz Inc.</font></font></td>
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<div>&#160;</div>

<div style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Ladies and Gentlemen:</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB2" style="LETTER-SPACING: 15pt">&#160;&#160;&#160;</font>&#160;We have acted as special New York counsel to Cadiz Inc., a Delaware corporation (the &#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Company</font>&#8221;), in connection with the offering of 1,200,000 shares (the &#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Shares</font>&#8221;) of the Company&#8217;s common stock, par value $0.01 per share, pursuant to the Securities Purchase Agreement (the &#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Agreement</font>&#8221;), dated as of November 7, 2014, between the Company and the purchaser party thereto (the &#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Purchaser</font>&#8221;).&#160;&#160;We are rendering this opinion letter to you at your request.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB2" style="LETTER-SPACING: 15pt">&#160;&#160;&#160;</font>&#160;In rendering the opinion set forth below, we have examined and relied upon the originals, copies or specimens, certified or otherwise identified to our satisfaction, of the Registration Statement on Form S-3 (Registration No. 333-190288) relating to the Shares, filed with the Securities and Exchange Commission (the &#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Commission</font>&#8221;) under the Securities Act of 1933, as amended (the &#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Securities Act</font>&#8221;), as amended and declared effective by the Commission on August 26, 2013, together with the prospectus included therein (hereinafter referred to as the &#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Registration Statement</font>&#8221;), the final Prospectus relating to the Shares, dated November 7, 2014, to be filed with the Commission pursuant to Rule 424(b) of its General Rules and Regulations under the Securities Act (such final Prospectus being referred to herein as the &#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Prospectus</font>&#8221;), the Agreement and such certificates, corporate and public records, agreements and instruments and other documents, including, among other things, the documents delivered on the date hereof, as we have deemed appropriate as a basis for the opinion expressed below.&#160;&#160;In such examination we have assumed the genuineness of all signatures, the authenticity of all documents, agreements and instruments submitted to us as originals, the conformity to original documents, agreements and instruments of all documents, agreements and instruments submitted to us as copies or specimens, the authenticity of the originals of such documents, agreements and instruments submitted to us as copies or specimens, the conformity of the text of each document filed with the Commission through its Electronic Data Gathering, Analysis and Retrieval System to the printed document reviewed by us, the accuracy of the matters set forth in the documents, agreements and instruments we reviewed, and that such documents, agreements and instruments evidence the entire understanding between the parties thereto and have not been amended, modified or supplemented in any manner material to the opinion expressed herein.&#160;&#160;As to matters of fact relevant to the opinion expressed herein, we have relied upon, and assumed the accuracy of, the representations and warranties contained in the Agreement and we have relied upon certificates and oral or written statements and other information obtained from the Company, the other parties to the transaction referenced herein, and public officials.&#160;&#160;Except as expressly set forth herein, we have not undertaken any independent investigation (including, without limitation, conducting any review, search or investigation of any public files, records or dockets) to determine the existence or absence of the facts that are material to our opinion, and no inference as to our knowledge concerning such facts should be drawn from our reliance on the representations of the Company in connection with the preparation and delivery of this letter.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB2" style="LETTER-SPACING: 15pt">&#160;&#160;&#160;</font>&#160;Based upon and subject to the foregoing, we are of the opinion that:</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB2" style="LETTER-SPACING: 15pt">&#160;&#160;&#160;</font>&#160;1.</font><font id="TAB2" style="LETTER-SPACING: 15pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Shares issued pursuant to the Agreement have been duly authorized by the Company and, when delivered to the Purchaser in accordance with the Agreement, will be validly issued and fully paid and nonassessable.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB2" style="LETTER-SPACING: 15pt">&#160;&#160;&#160;</font>&#160;We hereby consent to the filing of this letter as an exhibit to the Registration Statement as it relates to the Shares, and to the reference to Cadwalader, Wickersham &amp; Taft&#160;LLP and the discussion of our opinion set forth in this letter under the heading &#8220;LEGAL MATTERS&#8221; in the Prospectus.&#160;&#160;This consent is not to be construed as an admission that we are a person whose consent is required to be filed with the Registration Statement under the provisions of the Securities Act of 1933, as amended.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB2" style="LETTER-SPACING: 15pt">&#160;&#160;&#160;</font>&#160;In addition, we disclaim any obligation to update this letter for changes in fact or law, or otherwise.</font><br>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB2" style="LETTER-SPACING: 15pt">&#160;&#160;&#160;</font><font id="TAB2" style="LETTER-SPACING: 15pt">&#160;&#160;&#160;</font>&#160;Very truly yours,</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB2" style="LETTER-SPACING: 15pt">&#160;&#160;&#160;</font><font id="TAB2" style="LETTER-SPACING: 15pt">&#160;&#160;&#160;</font>&#160;/s/ Cadwalader, Wickersham &amp; Taft LLP</font></div>

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<div style="TEXT-ALIGN: right"><font style="FONT-WEIGHT: bold">EXHIBIT 10.1</font><br>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">SECURITIES PURCHASE AGREEMENT</font></div>

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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 75pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">This Securities Purchase Agreement (the &#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Agreement</font>&#8221;) is made as of November 7, 2014 by and among the parties set forth on <font style="DISPLAY: inline; TEXT-DECORATION: underline">Exhibit A</font> hereof (together, the &#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Purchasers</font>&#8221;) and Cadiz, Inc. (the &#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Company</font>&#8221;).</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">RECITALS</font></div>

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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 75pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">WHEREAS, the Purchasers desire to purchase from the Company and the Company desires to sell to the Purchasers an aggregate of 1,200,000 shares (the &#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Securities</font>&#8221;) of common stock, $0.01 par value per share (the &#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Common Stock</font>&#8221;), of the Company.</font></div>

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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 75pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; TEXT-DECORATION: underline">NOW THEREFORE, on</font> and subject to the terms hereof, the parties hereto agree as follows:</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">ARTICLE I</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">PURCHASE OF SECURITIES</font></div>

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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 75pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Subject to the terms set forth in this Agreement, the Company agrees to issue the Securities, and each Purchaser severally, and not jointly, agrees to purchase the amount of the Securities set out against its name as its purchase commitment in <font style="DISPLAY: inline; TEXT-DECORATION: underline">Exhibit&#160;A</font> hereto at the purchase price of $10.1751 per Share (the &#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Purchase Price</font>&#8221;) at the Closing (as defined herein), pursuant to an effective Registration Statement on Form S-3, No. 333-190288, including all amendments thereto, the exhibits and any schedules thereto, the documents otherwise deemed to be a part thereof or included therein (the &#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Registration Statement</font>&#8221;) filed by the Company with the Securities and Exchange Commission (the &#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">SEC</font>&#8221;) and a prospectus (the &#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Prospectus</font>&#8221;), consisting of the base prospectus included in the Registration Statement (the &#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Base Prospectus</font>&#8221;), and one or more prospectus supplements that has been or will be filed with the SEC.</font></div>

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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 75pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Subject to Section 5.1, the closing of the purchase and sale of the Securities (the &#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Closing</font>&#8221;) shall occur on a date (the &#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Closing Date</font>&#8221;) no later than three business days after the date of this Agreement.&#160;&#160;At the Closing, (a)&#160;each Purchaser shall deliver or cause to be delivered to the Company its portion of the Purchase Price equivalent to its purchase commitment in <font style="DISPLAY: inline; TEXT-DECORATION: underline">Exhibit A</font> hereto, pursuant to the wire instructions set forth in <font style="DISPLAY: inline; TEXT-DECORATION: underline">Exhibit C</font> hereto, and (b)&#160;the Company shall issue to each Purchaser the amount of Securities set out against such Purchaser&#8217;s name in <font style="DISPLAY: inline; TEXT-DECORATION: underline">Exhibit&#160;A</font> hereto.&#160;&#160;The Securities will be delivered by crediting the account of each Purchaser&#8217;s broker (as specified by each Purchaser to the Company) with the Depository Trust Company (&#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">DTC</font>&#8221;) through its Deposit/Withdrawal At Custodian (&#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">DWAC</font>&#8221;) system, whereby Purchaser&#8217;s broker shall initiate a DWAC transaction no later than 4:00 p.m. Eastern Standard Time on the Closing Date using its DTC participant identification number, and released by the Company&#8217;s transfer agent (the &#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Transfer Agent</font>&#8221;), at the Company&#8217;s direction.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">ARTICLE II</font><br>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">REPRESENTATIONS AND</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">WARRANTIES OF THE PURCHASERS</font></div>

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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 75pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Each Purchaser hereby makes the following representations and warranties (solely as to itself), each of which is and shall be true and correct on the date hereof and at the Closing, to the Company and all such representations and warranties shall survive the Closing:</font></div>

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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 75pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Section 2.1</font><font id="TAB2" style="LETTER-SPACING: 15pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Power and Authorization</font>.&#160;&#160;In the case of any Purchaser that is an entity, the Purchaser is duly organized, validly existing and in good standing, and has the power, authority and capacity to execute and deliver this Agreement, to perform its obligations hereunder, and to consummate the purchase contemplated hereby.</font></div>

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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 75pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Section 2.2</font><font id="TAB2" style="LETTER-SPACING: 15pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Valid and Enforceable Agreement; No Violations</font>.&#160;&#160;This Agreement has been duly executed and delivered by the Purchaser and constitutes a legal, valid and binding obligation of the Purchaser, enforceable against the Purchaser in accordance with its terms, except to the extent that such enforcement may be subject to (a)&#160;bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium or other similar laws affecting or relating to enforcement of creditors&#8217; rights generally, and (b)&#160;general principles of equity, whether such enforceability is considered in a proceeding at law or in equity (such qualifications in clauses&#160;(a) and&#160;(b) being the &#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Enforceability Exceptions</font>&#8221;).&#160;&#160;This Agreement and consummation of the purchase contemplated hereby will not violate, conflict with or result in a breach of or default under (i)&#160;the Purchaser&#8217;s organizational documents, (ii)&#160;any agreement or instrument to which the Purchaser is a party or by which the Purchaser or any of its assets are bound, or (iii)&#160;any laws, regulations or governmental or judicial decrees, injunctions or orders applicable to the Purchaser.</font></div>

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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 75pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Section 2.3</font><font id="TAB2" style="LETTER-SPACING: 15pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Related Party or 5% Stockholder Status</font>.&#160;&#160;The Purchaser and its affiliates (within the meaning of Rule 144 promulgated under the Securities Act of 1933, as amended (the &#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Securities Act</font>&#8221;)) (a)&#160;collectively beneficially own and will beneficially own as of the Closing Date (after giving effect to the purchase of the Securities) (i) less than 5% of the Company&#8217;s outstanding Common Stock and (ii) less than 5% of the aggregate number of votes that may be cast by holders of those outstanding securities of the Company that entitle the holders thereof to vote generally on all matters submitted to the Company&#8217;s stockholders for a vote (the &#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Voting Power</font>&#8221;) or (b) if such Purchaser and its affiliates collectively beneficially owns and will beneficially own after the Closing Date (after giving effect to the purchase of the securities) (i) 5% or more of the Common Stock and (ii) 5% or more of the Voting Power, it acknowledges and agrees that it will comply in all material respects with all applicable provisions of the Securities Exchange Act of 1934, as amended (the &#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Exchange Act</font>&#8221;), as a result of such holdings.&#160;&#160;The Purchaser, except as set forth in any Section 13 filings under the Exchange Act made by the Purchaser prior to the date hereof, is not a subsidiary, affiliate or, to its knowledge, otherwise closely-related to any director or officer of the Company or beneficial owner of 5% or more of the outstanding Common Stock or Voting Power.</font></div>

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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 75pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Section 2.4</font><font id="TAB2" style="LETTER-SPACING: 15pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">No Illegal Transactions</font>.&#160;&#160;The Purchaser has not, directly or indirectly, and no person acting on behalf of or pursuant to any understanding with it has, engaged in any transactions in the securities of the Company (including, without limitation, any Short Sales (as defined below) involving any of the Company&#8217;s securities) since the time that the Purchaser was first contacted by the Company or any other person regarding the transactions contemplated by this Agreement or an investment in the Securities or the Company.&#160;&#160;The Purchaser covenants that neither it nor any person acting on its behalf or pursuant to any understanding with it will engage, directly or indirectly, in any transactions in the securities of the Company (including Short Sales) prior to the time the transactions contemplated by this Agreement are publicly disclosed.&#160;&#160;&#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Short Sales</font>&#8221; include, without limitation, all &#8220;short sales&#8221; as defined in Rule 200 of Regulation SHO promulgated under the Exchange Act, and all types of direct and indirect stock pledges, forward sale contracts, options, puts, calls, short sales, swaps, derivatives and similar arrangements (including on a total return basis), and sales and other transactions through non-U.S. broker-dealers or foreign regulated brokers.&#160;&#160;Solely for purposes of this Section&#160;2.4, subject to the Purchaser&#8217;s compliance with its obligations under the U.S. federal securities laws and the Purchaser&#8217;s internal policies, &#8220;Purchaser&#8221; shall not be deemed to include any employees, subsidiaries or affiliates of the Purchaser that are effectively walled off by appropriate &#8220;Chinese Wall&#8221; information barriers approved by the Purchaser&#8217;s legal or compliance department (and thus have not been privy to any information concerning the transactions contemplated by this Agreement).</font></div>

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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 75pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Section 2.5</font><font id="TAB2" style="LETTER-SPACING: 15pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Adequate Information; No Reliance</font>.&#160;&#160;The Purchaser acknowledges and agrees that (a)&#160;the Purchaser has been furnished with all materials it considers relevant to making an investment decision to enter into the purchase and sale of the Securities and has had the opportunity to review the Company&#8217;s filings and submissions with the <font style="DISPLAY: inline; TEXT-DECORATION: underline">SEC</font>, including, without limitation, all information filed or furnished pursuant to the Exchange Act and all information incorporated into such filings and submissions, (b) the Purchaser has sufficient knowledge and expertise to make an investment decision with respect to the transactions contemplated hereby, and (c)&#160;the Purchaser is not relying, and has not relied, upon any statement, advice (whether accounting, tax, financial, legal or other), representation or warranty made by the Company or any of its affiliates or representatives, except for (A)&#160;the publicly available filings and submissions made by the Company with the SEC under the Exchange Act, and (B)&#160;the representations and warranties made by the Company in this Agreement.</font></div>

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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 75pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Section 2.6</font><font id="TAB2" style="LETTER-SPACING: 15pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Legal Opinions</font>.&#160;&#160;The Purchaser acknowledges and understands that a legal opinion is being delivered by counsel to the Company in reliance on, and assuming the accuracy of, the foregoing representations and warranties of the Purchaser.</font></div>

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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 75pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Section 2.7</font><font id="TAB2" style="LETTER-SPACING: 15pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Certain Fees</font>.&#160;&#160;No placement agent, underwriter, broker, investment banker, financial advisor or other person or entity is entitled to any placement agent&#8217;s, underwriter&#8217;s, broker&#8217;s, finder&#8217;s, financial advisor&#8217;s or other similar fee, discount or commission in connection with the transactions contemplated by this Agreement as a result of any contract or agreement with the Purchaser.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">ARTICLE III</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">REPRESENTATIONS AND</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">WARRANTIES OF THE COMPANY</font></div>

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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 75pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Company hereby makes the following representations and warranties, each of which is and shall be true and correct on the date hereof and at the Closing, to the Purchasers, and all such representations and warranties shall survive the Closing.</font></div>

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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 75pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Section 3.1</font><font id="TAB2" style="LETTER-SPACING: 15pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">SEC Filings</font>. The Company has filed or furnished, as applicable, on a timely basis all forms, statements, certifications, reports and documents required to be filed or furnished by it with the SEC pursuant to the Exchange Act or the Securities Act since December 31, 2012 (the &#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Company Reports</font>&#8221;). The Company Reports, when they became effective or were filed with or furnished to the SEC, as the case may be, conformed in all material respects to the requirements of the Securities Act or the Exchange Act, as applicable, and the rules and regulations thereunder and none of such documents contained any untrue statement of a material fact or omitted 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; and any further documents so filed or furnished after the date hereof and on or prior to the Closing, when such documents become effective or are filed with the SEC, as the case may be, will conform in all material respects to the requirements of the Securities Act or the Exchange Act, as applicable, and the rules and regulations of the SEC thereunder and 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.</font></div>

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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 45pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">No order preventing or suspending the use of the Base Prospectus has been issued by the SEC and no stop order suspending the effectiveness of the Registration Statement or any post-effective amendment thereto has been issued, and no proceedings for that purpose have been instituted or, to the Company&#8217;s knowledge, are threatened by the SEC.&#160;&#160;The Registration Statement complied when it became effective, in all material respects, with the requirements of Form S-3 under the Securities Act.&#160;&#160;The conditions to the use of Form S-3 in connection with the offering and issuance of the Securities as contemplated hereby have been satisfied.&#160;&#160;The Registration Statement did not as of the date hereof, and will not as of the Closing Date, contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading; and the Prospectus, as of the date that it is filed with the SEC and as of the Closing Date, does not or will not, as applicable, contain an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading.&#160;&#160;Any required filing of the Prospectus and any supplement thereto pursuant to Rule 424(b) of the Securities Act has been or will be made in the manner and within the time period required by Rule 424(b).&#160;&#160;The documents incorporated by reference in the Registration Statement and the Prospectus as of the Closing Date, at the time they became effective or were filed with the SEC, as the case may be, complied in all material respects with the requirements of the Securities Act or the Exchange Act, as applicable, and the rules and regulations of the SEC thereunder, and at the time they became effective or were filed with the SEC, as the case may be, none of such documents contained an untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading.</font></div>

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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 75pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Section 3.2</font><font id="TAB2" style="LETTER-SPACING: 15pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Due Incorporation</font>.&#160;&#160;The Company has been duly incorporated and is validly existing as a corporation in good standing under the laws of the State of Delaware.&#160;&#160;The Company is duly qualified to do business and is in good standing as a foreign corporation or other legal entity in each jurisdiction in which its ownership or lease of its properties or the conduct of its business requires such qualification and has all power and authority (corporate or other) necessary to own or hold its properties and to conduct the businesses in which each is engaged, except where the failure to so qualify or have such power or authority (i) would not have and would not reasonably be expected to have, individually or in the aggregate, a material adverse effect on the condition (financial or otherwise), results of operations, assets or business of the Company and its Subsidiaries, taken as a whole, or (ii) impair in any material respect the ability of the Company to perform its obligations under this Agreement or to consummate any transactions contemplated hereby (any such effect as described in clauses (i) or (ii), a &#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Material Adverse Effect</font>&#8221;). As used in this Agreement, &#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Subsidiary</font>&#8221; shall have the meaning set forth in Rule 1-02 of Regulation S-X of the SEC.</font></div>

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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 75pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Section 3.3</font><font id="TAB2" style="LETTER-SPACING: 15pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Due Authorization</font>.&#160;&#160;The Company has the full right, power and authority to enter into this Agreement and to perform and to discharge its obligations hereunder; and this Agreement has been duly authorized, duly executed and delivered by the Company, and this Agreement constitutes a valid and binding obligation of the Company enforceable in accordance with its terms, subject to the Enforceability Exceptions.&#160;&#160;The Securities have been duly and validly authorized by the Company and, when issued and delivered in accordance with the terms of this Agreement, will have been duly and validly issued and will be fully paid and nonassessable.</font></div>

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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 75pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Section 3.4</font><font id="TAB2" style="LETTER-SPACING: 15pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Subsidiaries</font>. The membership interests or capital stock, as applicable, of each Subsidiary have been duly authorized and validly issued, are fully paid and nonassessable and, except to the extent set forth in the Company Reports, are owned by the Company directly, free and clear of any claim, lien, encumbrance, security interest, restriction upon voting or transfer or any other claim of any third party.&#160;&#160;Each Subsidiary has been duly organized and is validly existing as a corporation or other legal entity in good standing (or the foreign equivalent thereof) under the laws of its jurisdiction of incorporation or organization.&#160;&#160;Each Subsidiary is duly qualified to do business and is in good standing as a foreign corporation or other legal entity in each jurisdiction in which its ownership or lease of its properties or the conduct of its business requires such qualification and has all power and authority (corporate or other) necessary to own or hold its properties and to conduct the businesses in which each is engaged, except where the failure to so qualify or have such power or authority would not have a Material Adverse Effect.</font></div>

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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 75pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Section 3.5</font><font id="TAB2" style="LETTER-SPACING: 15pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Capitalization</font>.&#160;&#160;The authorized capital stock and the issued and outstanding shares of capital stock of the Company as of September 30, 2014 is set forth in the Company&#8217;s quarterly report on Form 10-Q for the period ended September 30, 2014.&#160;&#160;All of the outstanding shares of the Common Stock have been duly and validly authorized.&#160;&#160;Except as set forth in the Company Reports, no shares of Common Stock are entitled to preemptive rights or registration rights and, there are no outstanding options, warrants, scrip, rights to subscribe to or calls relating to, or securities or rights convertible into, any shares of capital stock of the Company.&#160;&#160;Except for customary transfer restrictions contained in agreements entered into by the Company in order to sell restricted securities, the Company is not a party to any agreement or understanding restricting the voting or transfer of any shares of the capital stock of the Company.&#160;&#160;The issuance of the Securities will not result in any adjustment to the conversion price or exercise price of any securities of the Company that are convertible into, or exercisable or exchangeable for, shares of Common Stock.</font></div>

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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 75pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Section 3.6</font><font id="TAB2" style="LETTER-SPACING: 15pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">No Conflicts</font>. The execution, delivery and performance of this Agreement by the Company, the issuance, sale and delivery of the Securities by the Company, the consummation of the transactions contemplated hereby and compliance by the Company with the terms of this Agreement will not (with or without notice or lapse of time or both) (i)&#160;conflict with or result in a breach or violation of any of the terms or provisions of, constitute a default under, give rise to any right of termination or other right or the cancellation or acceleration of any right or obligation or loss of a benefit under, or give rise to the creation or imposition of any lien, encumbrance, security interest, claim or charge upon any property or assets of the Company or any of its Subsidiaries pursuant to any indenture, mortgage, deed of trust, loan agreement or other agreement or instrument to which the Company or any Subsidiary is a party or by which the Company or any Subsidiary is bound or to which any of the property or assets of the Company or any of its Subsidiaries is subject or (ii) result in any violation of the provisions of the charter or by-laws (or analogous governing instruments, as applicable) of the Company or any of its Subsidiaries or any law, statute, rule, regulation, judgment, order or decree of any court or governmental agency or body, domestic or foreign, having jurisdiction over the Company or any of its Subsidiaries or any of their respective properties or assets, except, in the case of clause (i), for such conflicts, breaches, violations, defaults, terminations, cancellations, creations, accelerations, impositions, liens, encumbrances, security interests, claims or charges as would not, individually or in the aggregate, reasonably be expected to have or result in a Material Adverse Effect.</font></div>

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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 75pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Section 3.7</font><font id="TAB2" style="LETTER-SPACING: 15pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">No Consents</font>. No consent, approval, authorization or order of, or qualification with, any governmental body or agency is required for the performance by the Company of its obligations under this Agreement, except such as may be required by the securities or blue sky laws of the various states, the NASDAQ Global Market, the Financial Industry Regulatory Authority and filings with the SEC in connection with the offer and sale of the Securities.</font></div>

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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 75pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Section 3.8</font><font id="TAB2" style="LETTER-SPACING: 15pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Financial Statements</font>. The financial statements, together with the related notes and schedules, included in the Company Reports fairly present the financial position and the results of operations and changes in financial position of the Company and its consolidated Subsidiaries and other consolidated entities at the respective dates or for the respective periods therein specified.&#160;&#160;Such statements and related notes and schedules have been prepared in accordance with the generally accepted accounting principles in the United States (&#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">GAAP</font>&#8221;) applied on a consistent basis throughout the periods involved except as may be set forth in the related notes.&#160;&#160;Such financial statements, together with the related notes and schedules, comply in all material respects with the Securities Act, the Exchange Act, and the rules and regulations thereunder.&#160;&#160;No other financial statements or supporting schedules or exhibits are required by the Exchange Act or the rules and regulations thereunder to be filed with the SEC.</font></div>

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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 75pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Section 3.9</font><font id="TAB2" style="LETTER-SPACING: 15pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">No Material Adverse Change</font>. There has not occurred any material adverse change, or any development involving a prospective material adverse change, in the condition, financial or otherwise, or in the earnings, business or operations of the Company and its Subsidiaries, taken as a whole, from that set forth or contemplated in the Company Reports filed prior to the date hereof.</font></div>

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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 75pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Section 3.10</font><font id="TAB2" style="LETTER-SPACING: 15pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Legal Proceedings</font>. There are no legal or governmental proceedings, actions, suits or claims pending or, to the Company&#8217;s knowledge, threatened to which the Company or any Subsidiary is a party or to which any of the properties or assets of the Company or its Subsidiaries is subject (i) other than proceedings described in the Company Reports (including the section entitled &#8220;Risk Factors&#8221; in the Company&#8217;s Form 10-K for the year ended December 31, 2013, filed with the SEC on March 10, 2014) and proceedings that would not have and would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect, or (ii) that are required to be described in the Company Reports and are not so described; and there are no statutes, regulations, contracts or other documents to which the Company or any of its Subsidiaries is subject or by which the Company or any of its Subsidiaries is bound that are required to be described in the Company Reports or to be filed as exhibits to the Company Reports that are not described or filed as required. Neither the Company nor any director or officer thereof, is or has been the subject of any legal or governmental proceedings, actions, suits or claims of violation of or liability under federal or state securities laws or a claim of breach of fiduciary duty.&#160;&#160;For purposes of this Agreement, &#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Company&#8217;s Knowledge</font>&#8221; means the actual knowledge of the executive officers (as defined in Exchange Act Rule 3b-7) of the Company, after reasonable due inquiry.</font></div>

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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 75pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Section 3.11</font><font id="TAB2" style="LETTER-SPACING: 15pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Investment Company Act</font>. The Company is not and, after giving effect to the purchase and sale of the Securities and the application of the proceeds thereof, will not become an &#8220;investment company&#8221; within the meaning of the Investment Company Act of 1940, as amended, and the rules and regulations of the SEC thereunder.</font></div>

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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 75pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Section 3.12</font><font id="TAB2" style="LETTER-SPACING: 15pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Absence of Material Changes</font>. Subsequent to the respective dates as of which information is given in the Company Reports, and except as may be otherwise disclosed in such Company Reports, there has not been (i)&#160;any Material Adverse Effect, (ii)&#160;any transaction which is material to the Company, (iii)&#160;any obligation, direct or contingent (including any off-balance sheet obligations), incurred by the Company, which is material to the Company, (iv)&#160; any dividend or distribution of any kind declared, paid or made on the capital stock of the Company, (v)&#160;any change in the capital stock (other than a change in the number of outstanding shares of Common Stock due to grants of stock under the Company&#8217;s stock incentive plans existing on the date hereof or the issuance of shares upon the exercise of outstanding options or warrants)or any issuance of options, warrants, convertible securities or other rights to purchase the capital stock (other than grants of stock options under the Company&#8217;s stock option plans existing on the date hereof) of the Company.</font></div>

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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 75pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Section 3.13</font><font id="TAB2" style="LETTER-SPACING: 15pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Independent Accountants</font>. PricewaterhouseCoopers LLP (&#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">PwC</font>&#8221;), who have certified certain financial statements and related schedules included or incorporated by reference in the Company Reports, is an independent registered public accounting firm as required by the Securities Act and the rules and regulations thereunder and the Public Company Accounting Oversight Board (United States).&#160;&#160;Except as pre-approved in accordance with the requirements set forth in Section 10A of the Exchange Act, PwC has not been engaged by the Company to perform any &#8220;prohibited activities&#8221; (as defined in Section 10A of the Exchange Act).</font></div>

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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 75pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Section 3.14</font><font id="TAB2" style="LETTER-SPACING: 15pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Regulatory Permits</font>. Each of the Company and its Subsidiaries possesses or has applied for all certificates, authorizations, licenses, franchises, permits, orders and approvals issued or granted by the appropriate governmental or regulatory authorities, agencies, courts, commissions or other entities, whether federal, state, local or foreign, or applicable self-regulatory organizations necessary to conduct its business as currently conducted, except (i) where the failure to possess such certificates, authorizations, licenses, franchises, permits, orders and approval, individually or in the aggregate, has not and would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect (&#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Material Permits</font>&#8221;) and (ii) as accurately described in all material respects in the Company Reports, and neither the Company nor any of its Subsidiaries has received any written notice of proceedings relating to the revocation or material adverse modification of any such Material Permits (except as accurately described in all material respects in the Company Reports), and to the Company&#8217;s Knowledge, there are no facts or circumstances that would give rise to the revocation or material adverse modifications of any Material Permits.</font></div>

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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 75pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Section 3.15</font><font id="TAB2" style="LETTER-SPACING: 15pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Material Contracts</font>. Except for the Material Contracts, the Company and its Subsidiaries are not party to any agreements, contracts or commitments that are material to the business, financial condition, assets or operations of the Company and its Subsidiaries that would be required to be filed pursuant to Item 601(b)(10) of Regulation S-K under the Exchange Act.&#160;&#160;Neither the Company nor any of its Subsidiaries is in material default under or in material violation of, nor to the Company&#8217;s Knowledge, has received written notice of termination or default under any Material Contract.&#160;&#160;For purposes of this Agreement, &#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Material Contract</font>&#8221; means any contract of the Company that was filed as an exhibit to the Company Reports pursuant to Item 601(b)(10) of Regulation S-K.</font></div>

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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 75pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Section 3.16</font><font id="TAB2" style="LETTER-SPACING: 15pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">No Price Stabilization</font>. Neither the Company, its Subsidiaries nor any of the Company&#8217;s or its Subsidiaries&#8217; officers, directors or affiliates has taken or will take, directly or indirectly, any action designed or intended to stabilize or manipulate the price of any security of the Company, or which caused or resulted in, or which would in the future reasonably be expected to cause or result in, stabilization or manipulation of the price of any security of the Company.</font></div>

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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 75pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Section 3.17</font><font id="TAB2" style="LETTER-SPACING: 15pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Title to Property</font>. The Company and its Subsidiaries have good and marketable title to all real and personal property owned by them which is material to the business of the Company and its Subsidiaries, taken as a whole, in each case free and clear of all liens, encumbrances and defects of title except such as are described in the Company Reports or such as do not materially affect the value of such property and do not interfere with the use made and proposed to be made of such property by the Company and its Subsidiaries; and any real property and buildings held under lease by the Company and its Subsidiaries are held by them under valid, subsisting and enforceable leases with such exceptions as are not material and do not interfere with the use made and proposed to be made of such property and buildings by the Company and its Subsidiaries, in each case except as described in the Company Reports.</font></div>

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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 75pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Section 3.19</font><font id="TAB2" style="LETTER-SPACING: 15pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Taxes</font>. The Company (i) has timely filed all necessary federal, state, local and foreign income and franchise tax returns (or timely filed applicable extensions therefore) that have been required to be filed and (ii)&#160;&#160;is not in default in the payment of any taxes which were payable pursuant to said returns or any assessments with respect thereto, other than any which the Company is contesting in good faith and for which adequate reserves have been provided and reflected in the financial statements included in the Company Reports. The Company does not have any tax deficiency that has been or, to the Company&#8217;s Knowledge, is reasonably likely to be asserted or threatened against it that would result or would reasonably be expected to result in, individually or in the aggregate, a Material Adverse Effect.</font></div>

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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 75pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Section 3.20</font><font id="TAB2" style="LETTER-SPACING: 15pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">ERISA</font>. The Company is in compliance in all material respects with all presently applicable provisions of ERISA; no &#8220;reportable event&#8221; (as defined in ERISA) has occurred with respect to any &#8220;pension plan&#8221; (as defined in ERISA) for which the Company would have any liability; the Company has not incurred and does not expect to incur liability under (i) Title IV of ERISA with respect to termination of, or withdrawal from, any &#8220;pension plan&#8221; or (ii) Sections 412 or 4971 of the Internal Revenue Code of 1986, as amended, including the regulations and published interpretations thereunder (the &#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Code</font>&#8221;); and each &#8220;pension plan&#8221; for which the Company would have any liability that is intended to be qualified under Section 401(a) of the Code is so qualified in all material respects and nothing has occurred, whether by action or by failure to act, which would cause the loss of such qualification.</font></div>

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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 75pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Section 3.21</font><font id="TAB2" style="LETTER-SPACING: 15pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Compliance with Environmental Laws</font>. Except as disclosed in the Company Reports, neither the Company nor any of its Subsidiaries is in violation of any statute, rule, regulation, decision or order of any governmental agency or body or any court, relating to the use, disposal or release of hazardous or toxic substances or relating to the protection or restoration of the environment or human exposure to hazardous or toxic substances (collectively, &#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Environmental Laws</font>&#8221;), or to the Company&#8217;s Knowledge, operates any real property contaminated with any substance that is subject to any Environmental Laws, is liable for any off-site disposal or contamination pursuant to any Environmental Laws, or is subject to any claim relating to any Environmental Laws, which violation, contamination, liability or claim would or would reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect; and the Company is not aware of any pending investigation which might lead to such a claim.</font></div>

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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 75pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Section 3.22</font><font id="TAB2" style="LETTER-SPACING: 15pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Intellectual Property Rights</font>. The Company and its Subsidiaries own or possess, or have the right to use, adequate trademarks, trade names and other rights to inventions, know-how, patents, copyrights, confidential information and other intellectual property (collectively, &#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Intellectual Property Rights</font>&#8221;) necessary to conduct the business now operated by them, or presently employed by them, and have not received any notice of infringement of or conflict with asserted rights of others with respect to any Intellectual Property Rights, except such as would not and would not reasonably be expected to,&#160;&#160;individually or in the aggregate, have a Material Adverse Effect.</font></div>

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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 75pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Section 3.23</font><font id="TAB2" style="LETTER-SPACING: 15pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Foreign Corrupt Practices Act</font>. Neither the Company nor any of its Subsidiaries, nor to its knowledge, any director, officer, employee or other person associated with or acting on behalf of the Company or any of its Subsidiaries has:&#160;&#160;(i) used any Company funds for any unlawful contribution, gift, entertainment or other unlawful expense relating to political activity; (ii) made any direct or indirect unlawful payment to any foreign or domestic government official or employee from Company funds; (iii) caused the Company or any of its Subsidiaries to be in violation of any provision of the United States Foreign Corrupt Practices Act of 1977; or (iv) made any bribe, rebate, payoff, influence payment, kickback or other unlawful payment from Company funds.</font></div>

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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 75pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Section 3.24</font><font id="TAB2" style="LETTER-SPACING: 15pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">OFAC and Similar Laws</font>. None of the Company, any of its Subsidiaries or, to the Company&#8217;s Knowledge, any director, officer, agent, employee, affiliate or representative of the Company or any of its subsidiaries is an individual or entity (&#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Person</font>&#8221;) currently the subject or target of any&#160;&#160;sanctions administered or enforced by the United States Government, including, without limitation, the U.S. Department of the Treasury&#8217;s Office of Foreign Assets Control (&#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">OFAC</font>&#8221;), the United Nations Security Council, the European Union, Her Majesty&#8217;s Treasury, or other relevant sanctions authority (collectively, &#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Sanctions</font>&#8221;), nor is the Company or any of its Subsidiaries located, organized or resident in a country or territory that is the subject of Sanctions; and the Company will not directly or indirectly use the proceeds of the sale of the Securities, or lend, contribute or otherwise make available such proceeds to any subsidiaries, joint venture partners or other Person, to knowingly fund any activities of or business with any Person, or in any country or territory, that, at the time of such funding, is the subject of&#160;&#160;Sanctions or in any other manner that will result in a violation by any Person (including any Purchaser) of Sanctions.</font></div>

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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 75pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Section 3.25</font><font id="TAB2" style="LETTER-SPACING: 15pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Disclosure Controls and Procedures</font>.&#160;&#160;The Company has established and maintains disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) that are effective in all material respects to ensure that material information relating to the Company, including any consolidated Subsidiaries, is made known to its chief executive officer and chief financial officer by others within those entities.&#160;&#160;The Company&#8217;s certifying officers have evaluated the effectiveness of the Company&#8217;s controls and procedures as of the end of the period covered by the most recently filed annual periodic report under the Exchange Act (such date, the &#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Evaluation Date</font>&#8221;).&#160;&#160;The Company presented in its most recently filed annual periodic report under the Exchange Act the conclusions of the certifying officers about the effectiveness of the disclosure controls and procedures based on their evaluations as of the Evaluation Date.&#160;&#160;Since the Evaluation Date, there have been no material changes in the Company&#8217;s internal controls (as such term is defined in the rules of the SEC under the Exchange Act) or, to the Company&#8217;s Knowledge, in other factors that could affect the Company&#8217;s internal controls.</font></div>

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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 75pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Section 3.26</font><font id="TAB2" style="LETTER-SPACING: 15pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Accounting Controls</font>. The Company and its Subsidiaries maintain a system of internal accounting and other controls sufficient to provide reasonable assurances that (i) transactions are executed in accordance with management&#8217;s general or specific authorizations; (ii) transactions are recorded as necessary to permit preparation of financial statements in conformity with GAAP and to maintain accountability for assets; (iii) access to assets is permitted only in accordance with management&#8217;s general or specific authorization; and (iv) the recorded accountability for assets is compared with existing assets at reasonable intervals and appropriate action is taken with respect to any differences.&#160;&#160;Except as described in the Company Reports, since the end of the Company&#8217;s most recent audited fiscal year, there has been (A) no material weakness in the Company&#8217;s internal control over financial reporting (whether or not remediated) and (B) no change in the Company&#8217;s internal control over financial reporting that has materially affected, or is reasonably likely to materially affect, the Company&#8217;s internal control over financial reporting.</font></div>

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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 75pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Section 3.27</font><font id="TAB2" style="LETTER-SPACING: 15pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Brokers Fees</font>. The Company nor is not a party to any contract, agreement or understanding with any person&#160;&#160;that would give rise to a valid claim against the Company for a brokerage commission, finder&#8217;s fee or like payment in connection with the offering and sale of the Securities or any transaction contemplated by this Agreement.</font></div>

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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 75pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Section 3.28</font><font id="TAB2" style="LETTER-SPACING: 15pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Listing and Maintenance Requirements</font>. The Company is subject to and in compliance in all material respects with the reporting requirements of Section 13 or Section 15(d) of the Exchange Act, as applicable.&#160;&#160;The Common Stock is registered pursuant to Section 12(b) of the Exchange Act and is listed on the NASDAQ Global Market, and the Company has taken no action designed to, or reasonably likely to have the effect of, terminating the registration of the Common Stock under the Exchange Act or delisting the Common Stock from the NASDAQ Global Market, nor has the Company received any notification that the SEC or NASDAQ is contemplating terminating such registration or listing.&#160;&#160;The Shares will be duly authorized for listing on the NASDAQ Global Market upon the Closing.</font></div>

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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 75pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Section 3.29</font><font id="TAB2" style="LETTER-SPACING: 15pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Sarbanes-Oxley Act</font>. The Company is in compliance in all material respects with all applicable provisions of the Sarbanes-Oxley Act of 2002 and all applicable rules and regulations promulgated thereunder or implementing the provisions thereof that are then in effect.</font></div>

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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 75pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Section 3.30</font><font id="TAB2" style="LETTER-SPACING: 15pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">NASDAQ Shareholder Approval Rules</font>. No approval of the stockholders of the Company under the rules and regulations of NASDAQ (including Rule 5635 of the NASDAQ Marketplace Rules) is required for the Company to issue and deliver the Securities to the Purchasers.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">OTHER AGREEMENTS</font></div>

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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 75pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Section 4.1</font><font id="TAB2" style="LETTER-SPACING: 15pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Additional Offerings</font>.</font></div>

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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 75pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(a)</font><font id="TAB2" style="LETTER-SPACING: 15pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Subject to the Closing occurring on or before 5:00 P.M. (New York time) on November 17, 2014 and subject to the provisions of this Section 4.1, beginning on the Closing Date and prior to the date that is sixty (60) days after the Closing Date (such period, the &#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Restricted Period</font>&#8221;), the Company shall not take any action to solicit, initiate, encourage or assist in the submission of, any proposal, negotiation or offer from any person or entity, other than the Purchasers, relating to the sale or issuance of any equity or equity-linked securities of Company.</font></div>

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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 75pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(b)</font><font id="TAB2" style="LETTER-SPACING: 15pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Notwithstanding any other provision to the contrary, the limitations contained in this <font style="DISPLAY: inline; TEXT-DECORATION: underline">Section 4.1</font> shall not restrict or limit the Company&#8217;s ability (i)&#160;to offer, sell and issue up to 100,000 additional shares of Common Stock to one or more purchasers on terms no more favorable to such purchasers than the terms of the purchase contemplated hereby; or (ii)&#160;to comply with any obligation of the Company, pursuant to agreements in effect on the date hereof, to conduct offers, sales and issuances pursuant to (x)&#160;participation rights, including pursuant to the Private Placement Purchase Agreement, dated as of March 4, 2013, among the Company and the purchasers party thereto or (y)&#160;any conversion or prepayment rights in connection with a Change in Control as contemplated by Article 3 of the Indenture, dated as of March 5, 2013, between the Company and The Bank of New York Mellon Trust Company, N.A., as trustee, as amended and supplemented prior to the date hereof.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">CONDITIONS TO CLOSING</font></div>

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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 75pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Section 5.1</font><font id="TAB2" style="LETTER-SPACING: 15pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Purchaser&#8217;s Conditions Precedent</font>.<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font>The obligations of each Purchaser to complete the purchase of the Securities contemplated by this Agreement are, in each case, subject to the satisfaction of each of the following conditions precedent:</font></div>

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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 75pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(a)</font><font id="TAB2" style="LETTER-SPACING: 15pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">each of the representations and warranties of the Company contained in this Agreement shall be true and correct as of the Closing Date, with the same effect as though those representations and warranties had been made on and as of the Closing Date, except to the extent that any such representation or warranty is made as of a specified date, in which case such representation or warranty need only be true and correct as of such date;</font></div>

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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 75pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(c)</font><font id="TAB2" style="LETTER-SPACING: 15pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">no court or other governmental or regulatory authorities, agencies, commissions or other entities, whether federal, state, local or foreign, shall have enacted, issued, promulgated, enforced or entered any law (whether temporary, preliminary or permanent) that is in effect and restrains, enjoins or otherwise prohibits consummation of the transactions contemplated by this Agreement, and there shall not be pending by or before any such entity any suit, action or proceeding in respect thereof;</font></div>

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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 75pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Section 5.2</font><font id="TAB2" style="LETTER-SPACING: 15pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Company Conditions Precedent</font>. The obligations of the Company to complete the sale of the Securities to any Purchaser contemplated by this Agreement are subject to the satisfaction of each of the following conditions precedent:</font></div>

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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 75pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(c)</font><font id="TAB2" style="LETTER-SPACING: 15pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">no court or other governmental or regulatory authorities, agencies,&#160;&#160;commissions or other entities, whether federal, state, local or foreign, shall have enacted, issued, promulgated, enforced or entered any law (whether temporary, preliminary or permanent) that is in effect and restrains, enjoins or otherwise prohibits consummation of the transactions contemplated by this Agreement, and there shall not be pending by or before any such entity any suit, action or proceeding in respect thereof; and</font></div>

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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 75pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(d)</font><font id="TAB2" style="LETTER-SPACING: 15pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">such Purchaser shall have duly executed and delivered to the Company an executed counterpart to the Agreement and such other documents reasonably requested by the Company with respect to the issuance of the Securities.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">CERTAIN COVENANTS</font></div>

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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 75pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Section 6.1</font><font id="TAB2" style="LETTER-SPACING: 15pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Certain Actions</font>.&#160;&#160;Each of the Company and each Purchaser shall reasonably cooperate with each other and use (and shall cause their respective affiliates to use) reasonable efforts to take or cause to be taken all actions, and do or cause to be done all things, necessary, proper or advisable on its part under this Agreement and applicable law and stock exchange listing standards to consummate the transactions contemplated by this Agreement as soon as practicable, and in any event on or prior to November 17, 2014.</font></div>

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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 75pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Section 6.2</font><font id="TAB2" style="LETTER-SPACING: 15pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Indemnification</font>.&#160;&#160;The Company agrees to indemnify, defend and hold harmless each Purchaser, its directors and officers, and each person, if any, who controls such Purchaser and the successors and assigns of all of the foregoing persons, from and against any loss, damage, claim or liability, to which, jointly or severally, such Purchaser or any such person may become subject, insofar as such loss, damage, claim or liability arises out of or is based upon: (i) this Agreement, (ii) the breach of any covenant, agreement or representation or warranty of the Company under this Agreement, (iii) any untrue statement of a material fact contained in the Registration Statement, or any amendments thereto or the omission to state a material fact required to be stated therein or necessary to make the statements therein not misleading; or (iv) any untrue statement of a material fact contained in the Base Prospectus or the Prospectus or the omission to state therein a material fact required to be stated therein or necessary to make the statements made therein, in light of the circumstances under which they were made, not misleading.&#160;&#160;If any action shall be brought against any Purchaser in respect of which indemnity may be sought pursuant to this Agreement, such Purchaser shall promptly notify the Company in writing, and the Company shall have the right to assume the defense thereof with counsel of its own choosing reasonably acceptable to the Purchaser.&#160;&#160;Any Purchaser shall have the right to employ separate counsel in any such action and participate in the defense thereof, but the fees and expenses of such counsel shall be at the expense of such Purchaser except to the extent that (i) the employment thereof has been specifically authorized by the Company in writing, (ii) the Company has failed after a reasonable period of time to assume such defense and to employ counsel or (iii) in such action there is, in the reasonable opinion of counsel, a material conflict on any material issue between the position of the Company and the position of such Purchaser, in which case the Company shall be responsible for the reasonable fees and expenses of no more than one such separate counsel.&#160;&#160;The Company will not be liable to any Purchaser under this Agreement (y) for any settlement by a Purchaser effected without the Company&#8217;s prior written consent, which shall not be unreasonably withheld or delayed; or (z) to the extent that a loss, claim, damage or liability is attributable to any Purchaser&#8217;s breach of any of the representations, warranties, covenants or agreements made by such Purchaser in this Agreement.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; TEXT-DECORATION: underline"><font style="FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-WEIGHT: bold">DATE</font>:</font></font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; TEXT-DECORATION: underline"><font style="FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-WEIGHT: bold">CONTACT</font>:</font></font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: normal">November 10, 2014</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Courtney Degener</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">213-271-1600</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">CADIZ INC. CONDUCTS PUBLIC OFFERING OF COMMON STOCK</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB2" style="LETTER-SPACING: 15pt">&#160;&#160;&#160;</font>&#160;LOS ANGELES, CA &#8211; Cadiz Inc. (NASDAQ: CDZI) (&#8220;Cadiz&#8221; or &#8220;the Company&#8221;) today announced a registered offering of up to 1,638,869 shares of its common stock at a purchase price of $10.1751 per share (the &#8220;Offering&#8221;). The Offering includes 1,200,000 shares of common stock being sold pursuant to a Securities Purchase Agreement dated November 7, 2014 to Water Asset Management, LLC (&#8220;WAM&#8221;), a water industry focused investment fund and an existing shareholder; up to 100,000 shares to be offered to one or more additional investors on the same terms; and up to 338,869 shares to be offered to certain holders of the Company&#8217;s convertible debt securities (&#8220;Convertible Bondholders&#8221;), also on the same terms pursuant to existing lender participation rights provided for these securities (&#8220;Lender Participation Rights&#8221;).&#160;&#160;The proceeds to the Company from the Offering are expected to be approximately $12,140,120, or up to a maximum of $16,605,656 if all of the additional 438,869 shares offered are subscribed.&#160;&#160;The Offering is expected to close on November 12, 2014, subject to customary closing conditions, except as to the 338,869 shares offered pursuant to Lender Participation Rights, which the Convertible Bondholders may elect to purchase in whole or in part prior to 5:00 P.M. Eastern Time on November 24, 2014.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB2" style="LETTER-SPACING: 15pt">&#160;&#160;&#160;</font>&#160;Cadiz expects to use the proceeds from the Offering for general corporate purposes, including working capital, and to initiate the construction phase of the Cadiz Valley Water Conservation, Recovery and Storage Project (&#8220;Cadiz Project&#8221;).&#160;&#160;Last month, the environmental approvals of the Cadiz Project were formally upheld in Orange County Superior Court.&#160;&#160;Since that time, in coordination with the Company&#8217;s public agency partners and Project participants, the Company has commenced project implementation including negotiation of definitive purchase agreements with project participants.&#160;&#160;The capital raised in the Offering announced today will also allow the Company to advance the Cadiz Project&#8217;s construction timeline by engaging in key tasks necessary for the delivery of water supplies. These tasks will be conducted while purchase agreements are finalized.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB2" style="LETTER-SPACING: 15pt">&#160;&#160;&#160;</font>&#160;A shelf registration statement (No. 333-190288) relating to the shares of common stock to be issued in the proposed offering previously was filed with the Securities and Exchange Commission (SEC) and is effective.&#160;&#160;A prospectus supplement and accompanying base prospectus relating to the offering will be filed with the SEC and will be available on the SEC&#8217;s website located at www.sec.gov.&#160;&#160;Electronic copies of the prospectus supplement, when available, may be obtained by contacting the Company&#8217;s Corporate Secretary at Cadiz Inc., 550 S. Hope Street, Suite 2850, Los Angeles, California 90071 at (213) 271-1600.&#160;&#160;Before you invest, you should read the prospectus supplement and accompanying prospectus and other documents the Company has filed or will file with the SEC for more complete information about Cadiz and the offering.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB2" style="LETTER-SPACING: 15pt">&#160;&#160;&#160;</font>&#160;This press release does not constitute an offer to sell, or the solicitation of an offer to buy, these securities, nor will there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale is not permitted.&#160;&#160;Any offer, if at all, will be made only by means of the prospectus, including the prospectus supplement, which forms a part of the effective registration statement.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">About Cadiz Inc.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB2" style="LETTER-SPACING: 15pt">&#160;&#160;&#160;</font>&#160;Founded in 1983, Cadiz Inc. is a land and water asset development company that owns 70 sq. miles of property and water rights in Southern California. Cadiz's properties offer abundant, renewable sources of clean water and an ideal environment for organic farming. The Company operates an organic farm at its primary property in the eastern Mojave Desert growing lemons, grapes and assorted vegetables and is also developing the Cadiz Valley Water Conservation, Recovery &amp; Storage<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font>Project, a public-private partnership approved to provide a new annual water supply to drought-stricken Southern California.&#160;Cadiz abides by a "Green Compact" focused on sustainable practices to manage its land, water and agricultural resources and implement its projects without harm to the environment. &#160;For more information about Cadiz, visit <font style="DISPLAY: inline; TEXT-DECORATION: underline">http://www.cadizinc.com/</font>.</font></div>

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<div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">###</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">FORWARD LOOKING STATEMENTS: This press release contains forward-looking statements that are subject to significant risks and uncertainties, including statements related to the future operating and financial performance of the Company and the financing activities of the Company. Although the Company believes that the expectations reflected in its forward-looking statements are reasonable, it can give no assurance that such expectations will prove to be correct. Factors that could cause actual results or events to differ materially from those reflected in the Company&#8217;s forward-looking statements include the Company&#8217;s ability to maximize value for Cadiz land and water resources, the Company&#8217;s ability to obtain new financing as needed, the receipt of additional permits for the water project and other factors and considerations detailed in the Company&#8217;s filings with the Securities and Exchange Commission.</font></div>

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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
