<SEC-DOCUMENT>0001213900-16-019072.txt : 20161201
<SEC-HEADER>0001213900-16-019072.hdr.sgml : 20161201
<ACCEPTANCE-DATETIME>20161201060043
ACCESSION NUMBER:		0001213900-16-019072
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		11
CONFORMED PERIOD OF REPORT:	20161129
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20161201
DATE AS OF CHANGE:		20161201

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:		162026645

	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>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>f8k112916_cadizinc.htm
<DESCRIPTION>CURRENT REPORT
<TEXT>
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<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 1pt; margin-bottom: 1pt"><DIV STYLE="font-size: 1pt; border-top: black 2.25pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Washington, DC 20549</B></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center"><B>FORM 8-K</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>CURRENT REPORT</B><BR>
<B>Pursuant to Section&nbsp;13 or 15 (d) of the Securities Exchange Act of 1934</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Date of Report (Date of earliest event reported):
November 29, 2016</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>CADIZ INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Exact name of Registrant as specified in charter)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

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    <TD STYLE="width: 35%; text-align: center; border-bottom: Black 1pt solid"><B>Delaware</B></TD>
    <TD STYLE="width: 1%; padding-bottom: 1pt"><B>&nbsp;</B></TD>
    <TD STYLE="width: 28%; text-align: center; border-bottom: Black 1pt solid"><B>0-12114</B></TD>
    <TD STYLE="width: 1%; padding-bottom: 1pt"><B>&nbsp;</B></TD>
    <TD STYLE="width: 35%; text-align: center; border-bottom: Black 1pt solid"><B>77-0313235</B></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B></B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(State or other jurisdiction<BR>
        of incorporation)</P></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><B></B><BR>
<FONT STYLE="font-size: 10pt">(Commission File Number) </FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><B></B><BR>
<FONT STYLE="font-size: 10pt">(IRS Employer</FONT><BR>
<FONT STYLE="font-size: 10pt">Identification Number)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>550 South Hope Street, Suite 2850</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Los Angeles, California 90071</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Address of principal executive offices)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center">Registrant&rsquo;s telephone number,
including area code: <B>(213) 271-1600</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0">Check the appropriate box below if the Form 8-K filing is
intended to simultaneously satisfy the filing obligation of the Registrant under any of the following provisions (see General Instruction
A.2 below).</P>

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    <TD STYLE="width: 98%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Wingdings; font-size: 10pt">o</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Written communications pursuant to Rule&nbsp;425 under the Securities Act (17 CFR 230.425)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Wingdings; font-size: 10pt">o</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Soliciting material pursuant to Rule&nbsp;14a-12 under the Exchange Act (17 CFR240.14a-12)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Wingdings; font-size: 10pt">o</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Pre-commencement communications pursuant to Rule&nbsp;14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)).</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Wingdings; font-size: 10pt">o</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Pre-commencement communications pursuant to Rule&nbsp;13e-4(c) under the Exchange Act (17 CFR 240.13(e)-4(c))</FONT></TD></TR>
</TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Item 1.01&#9;Entry into a Material Definitive Agreement.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>Fifth Amendment to Amended and Restated Credit Agreement</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Cadiz Inc. (the &ldquo;Company&rdquo;) and Cadiz
Real Estate LLC (collectively, the &ldquo;Borrowers&rdquo;), along with MSD Credit Opportunity Master Fund, L.P., MILFAM II L.P.
and WPI-Cadiz Farm CA, LLC (collectively, the &ldquo;Senior Lenders&rdquo;) and Wells Fargo Bank, National Association, as agent
for the Senior Lenders, are a party to that certain Amended and Restated Credit Agreement, dated as of October 30, 2013, and as
subsequently amended on November 23, 2015, February 8, 2016, March 4, 2016 and April 28, 2016 (the &ldquo;Credit Agreement&rdquo;),
as previously reported.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">On November 29, 2016, and effective as
of November 30, 2016, the Borrowers and the Senior Lenders entered into a Fifth Amendment to the Credit Agreement (&ldquo;Fifth
Amendment&rdquo;) for the purpose of, among other things, (i) permitting the Borrowers to elect to satisfy the cash interest payment
obligations under the Credit Agreement through the issuance of shares of the Company&rsquo;s common stock, based on a per-share
price equal to the 10-day volume weighted average trading price of the common stock on the date of the election and (ii) extending
the maturity date of the Credit Agreement from September 28, 2017 to September 28, 2019. Following each election by the Company
to pay cash interest by the issuance of shares of its common stock, the Company will make each issuance on the applicable interest
payment date to the Senior Lenders pursuant to a form of interest share issuance agreement to be executed by the Company with each
Senior Lender. In connection with entering into the Fifth Amendment, the Company issued to the Senior Lenders, in accordance with
their respective pro rata interests of the loans outstanding under the Credit Agreement, an aggregate of 357,500 shares of its
common stock and warrants to purchase an aggregate 357,500 shares of its common stock. Such shares of common stock and the warrants
were offered to the Senior Lenders pursuant to an effective registration statement on Form S-3 (File No. 333-214318) and were issued
to the Senior Lenders pursuant to a form of closing share and warrant issuance agreement executed by the Company with each Senior
Lender. The shares of common stock underlying the warrants and the shares of common stock to be paid as interest to the Senior
Lenders will be offered under such foregoing or similar registration statement, as available at exercise or issuance, as applicable.
Any payment of any interest by the Company via shares of common stock under the Fifth Amendment is subject to the satisfaction
of certain equity conditions, including the effectiveness a registration statement for such shares and a minimum 10-day volume
weighted average trading price of the common stock on the date of payment.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">Under the closing share and warrant issuance
agreements, the Senior Lenders will not, and will cause their wholly-owned subsidiaries not to, sell, transfer, encumber or otherwise
dispose of any or all of their respective allocations of the 357,500 shares of common stock issued under the closing share and
warrant issuance agreements prior to May 28, 2017 without the Company&rsquo;s written consent, other than transfers to affiliates
of the Senior Lenders (provided, however, that any common stock issued under the closing share and warrant issuance agreements
transferred to such affiliate shall be subject, as of the date of such transfer, to the remaining term, if any as of such date,
of the foregoing transfer restrictions).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The warrants generally have a five year term
and an exercise price of $0.01 per share, subject to adjustment for corporate actions including, but not limited to, stock dividends,
stock splits, reverse stock splits, corporate reorganizations and mergers (collectively, &ldquo;Price Adjustments&rdquo;) as well
as certain dilutive issuances at a price per share (subject to Price Adjustments) below either of (i) the fair market value of
the common stock, or (ii) $9.05, as provided pursuant to the terms of the warrants. A holder of a warrant may exercise the warrant,
from time-to-time, commencing on the 180th day following the execution date of the Fifth Amendment if any principal or interest
amounts are outstanding under the Credit Agreement as of such day. Once the warrant becomes exerciseable as of such 180th day,
such exerciseability is irrevocable notwithstanding any subsequent pay off of the principal and interest under the Credit Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The discussion above does not purport to be
a complete description of the Fifth Amendment, the warrants, the closing share and warrant issuance agreements and the form of
interest share issuance agreement described in this Current Report and discussion of each is qualified in its entirety by reference
to the full text of such document, each of which is attached as an exhibit to this Current Report and is incorporated herein by
reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Item 9.01&#9;Financial Statements and Exhibits.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 9%; padding-right: 5.4pt; text-align: center; border-bottom: Black 1.5pt solid; vertical-align: bottom"><FONT STYLE="font-size: 10pt">Exhibit&nbsp;No.</FONT></TD>
    <TD STYLE="width: 1%; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="width: 90%; padding-right: 5.4pt; text-align: left; border-bottom: Black 1.5pt solid"><FONT STYLE="font-size: 10pt">Description</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">4.1</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: left"><FONT STYLE="font-size: 10pt">MSD Credit Opportunity Master Fund, L.P. Warrant to Purchase Common Stock of Cadiz Inc.</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">4.2</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: left"><FONT STYLE="font-size: 10pt">MILFAM II L.P. Warrant to Purchase Common Stock of Cadiz Inc.</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">4.3</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: left"><FONT STYLE="font-size: 10pt">WPI-Cadiz Farm CA, LLC Warrant to Purchase Common Stock of Cadiz Inc.</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">5.1</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: left">Legal opinion of Mitchell Silberberg &amp; Knupp LLP.</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">10.1</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: left"><FONT STYLE="font-size: 10pt">Fifth Amendment to Amended and Restated Credit Agreement, dated as of November 29, 2016, by and among Cadiz Inc. and Cadiz Real Estate LLC as borrowers, MSD Credit Opportunity Master Fund, L.P., MILFAM II L.P. and WPI-Cadiz Farm CA, LLC as lenders and Wells Fargo Bank, National Association as agent.</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">10.2</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: left"><FONT STYLE="font-size: 10pt">Closing Share and Warrant Issuance Agreement by and between Cadiz Inc. and MSD Credit Opportunity Master Fund, L.P., dated as of November 29, 2016</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">10.3</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: left"><FONT STYLE="font-size: 10pt">Closing Share and Warrant Issuance Agreement by and between Cadiz Inc. and MILFAM II L.P., dated as of November 29, 2016</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">10.4</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: left"><FONT STYLE="font-size: 10pt">Closing Share and Warrant Issuance Agreement by and between Cadiz Inc. and WPI-Cadiz Farm CA, LLC, dated as of November 29, 2016</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">10.5</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: left"><FONT STYLE="font-size: 10pt">Form of Interest Share Issuance Agreement</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SIGNATURE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Pursuant to the requirements
of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned
hereunto duly authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Dated: November 30, 2016</P>

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<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2"><B>CADIZ INC.</B></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="width: 4%">By:&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 35%">/s/ Timothy Shaheen&#9;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: #000000 1px solid">Timothy Shaheen, Chief Financial Officer</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: 0pt; margin-top: 0pt; margin-bottom: 6pt">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>EXHIBIT INDEX</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
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    <TD STYLE="width: 9%; padding-right: 5.4pt; text-align: center; border-bottom: Black 1.5pt solid"><FONT STYLE="font-size: 10pt">Exhibit&nbsp;No.</FONT></TD>
    <TD STYLE="width: 1%; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="width: 90%; padding-right: 5.4pt; text-align: left; border-bottom: Black 1.5pt solid; vertical-align: bottom"><FONT STYLE="font-size: 10pt">Description</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">4.1</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: left"><FONT STYLE="font-size: 10pt">MSD Credit Opportunity Master Fund, L.P. Warrant to Purchase Common Stock of Cadiz Inc.</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">4.2</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: left"><FONT STYLE="font-size: 10pt">MILFAM II L.P. Warrant to Purchase Common Stock of Cadiz Inc.</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">4.3</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: left"><FONT STYLE="font-size: 10pt">WPI-Cadiz Farm CA, LLC Warrant to Purchase Common Stock of Cadiz Inc.</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">5.1</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: left">Legal opinion of Mitchell Silberberg &amp; Knupp LLP.</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">10.1</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: left"><FONT STYLE="font-size: 10pt">Fifth Amendment to Amended and Restated Credit Agreement, dated as of November 29, 2016, by and among Cadiz Inc. and Cadiz Real Estate LLC as borrowers, MSD Credit Opportunity Master Fund, L.P., MILFAM II L.P. and WPI-Cadiz Farm CA, LLC as lenders and Wells Fargo Bank, National Association as agent.</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">10.2</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: left"><FONT STYLE="font-size: 10pt">Closing Share and Warrant Issuance Agreement by and between Cadiz Inc. and MSD Credit Opportunity Master Fund, L.P., dated as of November 29, 2016</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">10.3</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: left"><FONT STYLE="font-size: 10pt">Closing Share and Warrant Issuance Agreement by and between Cadiz Inc. and MILFAM II L.P., dated as of November 29, 2016</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">10.4</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: left"><FONT STYLE="font-size: 10pt">Closing Share and Warrant Issuance Agreement by and between Cadiz Inc. and WPI-Cadiz Farm CA, LLC, dated as of November 29, 2016</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">10.5</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: left"><FONT STYLE="font-size: 10pt">Form of Interest Share Issuance Agreement</FONT></TD></TR>
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<TYPE>EX-4.1
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<FILENAME>f8k112916ex4i_cadizinc.htm
<DESCRIPTION>MSD CREDIT OPPORTUNITY MASTER FUND, L.P. WARRANT TO PURCHASE COMMON STOCK OF CADIZ INC.
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    <TD STYLE="width: 100%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right"><B>Exhibit 4.1</B></TD></TR>
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    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><B>WARRANT</B></TD></TR>
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    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
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    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><B>to Purchase Common Stock of</B></TD></TR>
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    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
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    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><B>Cadiz Inc.</B></TD></TR>
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    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">&nbsp;</TD></TR>
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    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">&nbsp;</TD></TR>
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    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right">Warrant No. A-1</TD></TR>
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    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right">Original Issue Date:&nbsp;&nbsp;November 29, 2016</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B>THE SECURITIES REPRESENTED BY THIS CERTIFICATE MAY NOT
BE SOLD OR TRANSFERRED UNLESS (I) A REGISTRATION STATEMENT COVERING SUCH SECURITIES IS EFFECTIVE UNDER THE SECURITIES ACT OR (II)
THE TRANSACTION IS EXEMPT FROM REGISTRATION UNDER THE SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: left"><FONT STYLE="font-weight: normal">Original
Issue Date: November 29, 2016&#9;Warrant No. A-1</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: center">Warrant</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: center">to Purchase 306,530 Shares (Subject
to Adjustment) of Common Stock of</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: center">Cadiz Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-indent: 1in">THIS IS TO CERTIFY THAT MSD CREDIT OPPORTUNITY
MASTER FUND, L.P. (&ldquo;<FONT STYLE="font-weight: normal"><U>Investor</U></FONT>&rdquo;), or its registered assigns, is entitled,
at any time prior to the Expiration Date to purchase from Cadiz Inc., a Delaware corporation (the &ldquo;<FONT STYLE="font-weight: normal"><U>Company</U></FONT>&rdquo;),
306,530 shares (subject to adjustment as provided herein) of the common stock, par value $0.01 per share, of the Company at a purchase
price of $0.01 per share (the initial &ldquo;<FONT STYLE="font-weight: normal"><U>Exercise Price,</U></FONT>&rdquo; subject to
adjustment as provided herein).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-indent: 1in">This Warrant was issued in connection with
that certain Fifth Amendment to Amended and Restated Credit Agreement (the &ldquo;<U>Fifth Amendment</U>&rdquo;), dated as of November
29, 2016 (the &ldquo;<U>Fifth Amendment Effective Date</U>&rdquo;), by and among the Company, as a borrower, Cadiz Real Estate
LLC, as a borrower, Investor, as a lender, the other lenders party thereto, and Wells Fargo Bank, National Association, as agent
(the &ldquo;<U>Agent</U>&rdquo;), which amended that certain Amended and Restated Credit Agreement (as amended through and including
the Fifth Amendment Effective Date, and as subsequently amended from time to time, the &ldquo;<U>Credit Agreement</U>&rdquo;) attached
to that certain Amendment Agreement, dated as of October 30, 2013, by and among the Company, Cadiz Real Estate LLC, LC Capital
Master Fund, Ltd., the lenders party thereto, and the Agent, and is subject to the terms thereof.</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.</TD><TD>DEFINITIONS</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">As used in this Warrant, the following
terms have the respective meanings set forth below, and to the extent such terms have the respective meaning set forth in the Credit
Agreement, such terms shall have such meaning as set forth in the Credit Agreement, <U>provided</U>, <U>however</U>, that if such
Credit Agreement is expired, terminated or otherwise discharged, such terms shall have the meaning set forth in the Credit Agreement
immediately prior to such expiration, termination or discharge:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">&ldquo;<FONT STYLE="font-weight: normal"><U>10-Day
VWAP</U></FONT>&rdquo; shall have the meaning ascribed to such term in the Credit Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">&ldquo;<FONT STYLE="font-weight: normal"><U>Affiliate</U></FONT>&rdquo;
of, or a Person &ldquo;<FONT STYLE="font-weight: normal"><U>Affiliated</U></FONT>&rdquo; with, a specified Person means any other
Person directly or indirectly controlling, controlled by, or under common control with, that Person. For the purposes of this definition,
&ldquo;control&rdquo; (including, with correlative meanings, the terms &ldquo;controlling,&rdquo; &ldquo;controlled by&rdquo; and
&ldquo;under common control with&rdquo;), as applied to any Person, means the possession, directly or indirectly, of the power
(i) to vote 5% or more of the securities having ordinary voting power for the election of directors of such Person, or (ii) to
direct or cause the direction of the management and policies of that Person, whether through the ownership of voting securities
or by contract or otherwise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">&ldquo;<U>Agent</U>&rdquo; shall have
the meaning set forth in the preamble to this Warrant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">&ldquo;<U>Aggregation Date</U>&rdquo;
shall have the meaning set forth in Section 5.2 hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">&ldquo;<FONT STYLE="font-weight: normal"><U>Applicable
Rate</U></FONT>&rdquo; shall have the meaning ascribed to such term in the Credit Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0">&ldquo;<FONT STYLE="font-weight: normal"><U>Appraisal
Procedure</U></FONT>&rdquo; means the following procedure to determine the fair market value, as to any security, for purposes
of the definition of &ldquo;<FONT STYLE="font-weight: normal"><U>Fair Market Value</U></FONT>&rdquo; or the fair market value,
as to any other property (in either case, the &ldquo;<FONT STYLE="font-weight: normal"><U>Valuation Amount</U></FONT>&rdquo;).
The Valuation Amount shall be determined in good faith jointly by the Company and the Holder; <U>provided</U>, <U>however</U>,
that if such parties are not able to agree on the Valuation Amount within a reasonable period of time (not to exceed twenty (20)
Business Days), the Valuation Amount shall be determined by the mutual agreement of two (2) independent appraisers, one appointed
by the Company and one appointed by the Holder, with each appointed within ten (10) days of the Appraisal Procedure having been
first invoked by the Holder. The Company and the Holder shall submit their respective valuations and other relevant data to the
appraisers, and the appraisers shall, within twenty (20) days of the later of the two appraisers&rsquo; appointment dates, mutually
agree to a determination of the Valuation Amount. If such appraisers cannot mutually agree on the Valuation Amount by such date,
a third independent appraiser shall be chosen within 10 days of such date by the mutual consent of the first two appraisers. Such
third appraiser shall make a determination of the Valuation Amount within twenty (20) days of its appointment. If three (3) appraisers
shall have been appointed and made determinations of the Valuation Amount, then the average of the three (3) Valuation Amounts
shall be final and binding on the Company and the Holder as the final Valuation Amount, <U>provided</U>, <U>however</U>, that if
the determination of one appraiser differs by an amount equal to more than twice that of the middle of the three appraisers&rsquo;
Valuation Amounts (the &ldquo;<U>Outlier Appraiser</U>&rdquo;), then the determination of the Outlier Appraiser shall be excluded
from determining the final Valuation Amount and the remaining two appraisers&rsquo; determinations of the Valuation Amount shall
be averaged and such average shall be final and binding upon the Company and the Holder as the final Valuation Amount. The Company
shall pay all of the fees and expenses incurred in conducting the Appraisal Procedure.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">&ldquo;<U>beneficial owner</U>&rdquo;
and &ldquo;<U>beneficially own</U>&rdquo; shall have the meaning set forth under Section 13(d) of the Exchange Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">&ldquo;<U>Beneficial Ownership Limitation</U>&rdquo;
has the meaning set forth in Section 5.1 hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">&ldquo;<FONT STYLE="font-weight: normal"><U>Business
Day</U></FONT>&rdquo; shall have the meaning ascribed to such term in the Credit Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">&ldquo;<U>Closing Share and Warrant Issuance
Agreement</U>&rdquo; means that certain Closing Share and Warrant Issuance Agreement by and between the Company and the Investor,
dated November 29, 2016.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">&ldquo;<FONT STYLE="font-weight: normal"><U>Commission</U></FONT>&rdquo;
means the Securities and Exchange Commission or any other federal agency then administering the Securities Act and other federal
securities laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">&ldquo;<FONT STYLE="font-weight: normal"><U>Common
Stock</U></FONT>&rdquo; means the common stock, par value $0.01 per share, of the Company as constituted on the Original Issue
Date, and any capital stock into which such Common Stock may thereafter be changed, and shall also include (i) capital stock of
the Company of any other class (regardless of how denominated) issued to the holders of shares of any Common Stock upon any reclassification
thereof which is also not preferred as to dividends or liquidation over any other class of stock of the Company and which is not
subject to redemption and (ii) shares of common stock of any successor or acquiring corporation received by or distributed to the
holders of Common Stock of the Company in the circumstances contemplated by Section 4.6 hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">&ldquo;<FONT STYLE="font-weight: normal"><U>Company</U></FONT>&rdquo;
shall have the meaning set forth in the preamble to this Warrant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">&ldquo;<FONT STYLE="font-weight: normal"><U>Credit
Agreement</U></FONT>&rdquo; shall have the meaning set forth in the preamble to this Warrant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">&ldquo;<FONT STYLE="font-weight: normal"><U>Delivery
Notice</U></FONT>&rdquo; shall have the meaning set forth in Section 5.1(c) hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">&ldquo;<FONT STYLE="font-weight: normal"><U>Designated
Office</U></FONT>&rdquo; shall have the meaning set forth in Section 9 hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">&ldquo;<U>Dilution Adjustment</U>&rdquo;
shall have the meaning set forth in Section 10.1(a) hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">&ldquo;<FONT STYLE="font-weight: normal"><U>Dilution
Price</U></FONT>&rdquo; shall mean, with respect to each share of Common Stock, $9.05, subject to adjustments described in Sections
4.4, 4.5 and 4.6 hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">&ldquo;<U>DOJ</U>&rdquo; shall have the
meaning set forth in Section 6.4 hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">&ldquo;<U>DTC</U>&rdquo; shall have the
meaning set forth in Section 2.1(b) hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">&ldquo;<U>DWAC</U>&rdquo; shall have
the meaning set forth in Section 2.1(b) hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">&ldquo;<FONT STYLE="font-weight: normal"><U>Exchange
Act</U></FONT>&rdquo; means the Securities Exchange Act of 1934, as amended, and the rules and regulations of the Commission promulgated
thereunder, all as the same shall be in effect at the time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">&ldquo;<FONT STYLE="font-weight: normal"><U>Exercise
Date</U></FONT>&rdquo; shall have the meaning set forth in Section 2.1(a) hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">&ldquo;<FONT STYLE="font-weight: normal"><U>Exercise
Notice</U></FONT>&rdquo; shall have the meaning set forth in Section 2.1(a) hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">&ldquo;<FONT STYLE="font-weight: normal"><U>Exercise
Price</U></FONT>&rdquo; means, in respect of a share of Warrant Stock at any date herein specified, the initial Exercise Price
set forth in the preamble of this Warrant, as adjusted from time to time pursuant to Article 4 hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">&ldquo;<FONT STYLE="font-weight: normal"><U>Expiration
Date</U></FONT>&rdquo; means (i) the fifth anniversary of the Original Issue Date, to be extended to allow for delayed exercise
and delivery of any Warrant Stock in accordance with Section 5.1(c) hereof, or (ii) if, at the Initial Exercise Date and pursuant
to Section 2.1(a) hereof, the Warrant does not become exercisable because no principal or interest amounts are outstanding under
the Credit Agreement, the Initial Exercise Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">&ldquo;<U>Expiration Warrant Stock</U>&rdquo;
shall have the meaning set forth in Section 5.1(c) hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">&ldquo;<FONT STYLE="font-weight: normal"><U>Fair
Market Value</U></FONT>&rdquo; means (i) as to any Common Stock listed or quoted on a Trading Market, the 10-Day VWAP determined
in respect of such primary Trading Market and (ii) as to any Common Stock not listed or quoted on a Trading Market or any other
security, (A) the Ten Day Average of the average closing prices of such security&rsquo;s sales on all domestic securities exchanges
on which such security may at the time be listed, or (B) if there have been no sales on any such exchange such that the foregoing
Ten Day Average cannot be calculated, the average of the highest bid and lowest asked prices on all such exchanges at the end of
the Business Day immediately prior to the date that Fair Market Value is determined as of, or (C) if on any day such security is
not listed any domestic securities exchange such that neither the foregoing Ten Day Average nor the foregoing bid-and-asked price
average can be calculated, the average of the highest bid and lowest asked prices at the end of the Business Day immediately prior
to the date that Fair Market Value is determined as of in the domestic over-the-counter market as reported by the National Association
of Securities Dealers Automated Quotation System or similar organization (and in each such case excluding any trades that are not
bona fide, arm&rsquo;s length transactions). If neither the foregoing clause (i) nor clause (ii) is applicable, then (i) the &ldquo;Fair
Market Value&rdquo; of such security as of an applicable determination date shall be as determined in good faith by the Board of
Directors of the Company, <U>provided</U>, <U>however</U>, that if shares of such security have been sold in arms-length transactions
by the Company within the 90-day period prior to the determination of the Fair Market Value, the Fair Market Value determined pursuant
to this sentence shall not be less than the highest price paid for such shares during such period, and (ii) with respect to property
other than securities, the &ldquo;Fair Market Value&rdquo; of such other property on the applicable determination date shall be
as determined in good faith by the Board of Directors of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">&ldquo;<FONT STYLE="font-weight: normal"><U>Fifth
Amendment</U></FONT>&rdquo; shall have the meaning set forth in the preamble to this Warrant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">&ldquo;<U>Fifth <FONT STYLE="font-weight: normal">Amendment
Effective Date</FONT></U>&rdquo; shall have the meaning set forth in the preamble to this Warrant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">&ldquo;<FONT STYLE="font-weight: normal"><U>Fifth
Amendment Warrants</U></FONT>&rdquo; means the Warrant together with all other warrants issued pursuant to the Fifth Amendment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">&ldquo;<U>FTC</U>&rdquo; shall have the
meaning set forth in Section 6.4 hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">&ldquo;<FONT STYLE="font-weight: normal"><U>Governmental
Authority</U></FONT>&rdquo; shall have the meaning set forth in the Credit Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">&ldquo;<FONT STYLE="font-weight: normal"><U>Holder</U></FONT>&rdquo;
means with respect to any Warrant or share of Warrant Stock, the Person in whose name the Warrant or Warrant Stock is registered
on the books of the Company maintained for such purpose.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">&ldquo;<U>Holder Group</U>&rdquo; shall
have the meaning set forth in Section 5.1(d) hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">&ldquo;<U>HSR Act</U>&rdquo; shall have
the meaning set forth in Section 6.4 hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">&ldquo;<FONT STYLE="font-weight: normal"><U>Initial
Exercise Date</U></FONT>&rdquo; shall have the meaning set forth in Section 2.1(a) hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">&ldquo;<U>Interest Share Issuance</U>&rdquo;
shall have the meaning set forth in the Credit Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">&ldquo;<FONT STYLE="font-weight: normal"><U>Investor</U></FONT>&rdquo;
shall have the meaning set forth in the preamble to this Warrant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">&ldquo;<FONT STYLE="font-weight: normal"><U>Lien</U></FONT>&rdquo;
means (i) any lien, mortgage, pledge, assignment, security interest, charge or encumbrance of any kind (including any agreement
to give any of the foregoing, any conditional sale or other title retention agreement, and any lease in the nature thereof) and
any option, trust or other preferential arrangement having the practical effect of any of the foregoing, and (ii) in the case of
securities, any purchase option, call or similar right of a third party with respect to such securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">&ldquo;<U>Maximum Percentage</U>&rdquo;
shall have the meaning set forth in Section 5.1 hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">&ldquo;<FONT STYLE="font-weight: normal"><U>Original
Issue Date</U></FONT>&rdquo; means November 29, 2016, the date on which the Original Warrant was issued by the Company pursuant
to the Closing Share and Warrant Issuance Agreement and the Fifth Amendment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">&ldquo;<FONT STYLE="font-weight: normal"><U>Original
Warrant</U></FONT>&rdquo; means the Warrant as originally issued by the Company pursuant to the Closing Share and Warrant Issuance
Agreement and the Fifth Amendment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">&ldquo;<U>Outlier Appraiser</U>&rdquo;
shall have the meaning set forth in Article 1 hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">&ldquo;<FONT STYLE="font-weight: normal"><U>Outstanding</U></FONT>&rdquo;
means, subject to Section 5.1(d) hereof, when used with reference to Common Stock, at any date as of which the number of shares
thereof is to be determined, all issued and actually outstanding shares of Common Stock, except shares then owned or held by or
for the account of the Company or any Subsidiary, and shall include all shares issuable in respect of outstanding scrip or any
certificates representing fractional interests in shares of Common Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">&ldquo;<FONT STYLE="font-weight: normal"><U>Person</U></FONT>&rdquo;
means and includes natural persons, corporations, limited partnerships, general partnerships, limited liability companies, limited
liability partnerships, joint stock companies, joint ventures, associations, companies, trusts, banks, trust companies, land trusts,
business trusts or other organizations, whether or not legal entities, and Governmental Authority.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">&ldquo;<U>Reference Price</U>&rdquo;
shall have the meaning set forth in Section 4.1 hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">&ldquo;<U>Related Issuances</U>&rdquo;
shall have the meaning set forth in Section 5.2 hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">&ldquo;<U>Required Holders</U>&rdquo;
means holders of outstanding Fifth Amendment Warrants representing more than 50% of the Warrant Stock issuable upon exercise of
such outstanding Fifth Amendment Warrants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">&ldquo;<FONT STYLE="font-weight: normal"><U>Securities
Act</U></FONT>&rdquo; means the Securities Act of 1933, as amended, and the rules and regulations of the Commission promulgated
thereunder, all as the same shall be in effect at the time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">&ldquo;<U>Stockholder Approval</U>&rdquo;
means the approval by the stockholders of the Company for purposes of terminating the issuance cap in respect of shares of Common
Stock set forth in Section 5.2 hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">&ldquo;<FONT STYLE="font-weight: normal"><U>Subsidiary</U></FONT>&rdquo;
means any corporation, association, trust, limited liability company, partnership, joint venture or other business association
or entity (i) at least 50% of the Outstanding voting securities of which are at the time owned or controlled, directly or indirectly,
by the Company; or (ii) with respect to which the Company possesses, directly or indirectly, the power to direct or cause the direction
of the affairs or management of such Person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">&ldquo;<FONT STYLE="font-weight: normal"><U>Ten
Day Average</U></FONT>&rdquo; means, with respect to any prices and in connection with the calculation of Fair Market Value, the
average of such prices over the ten Business Days ending on the Business Day immediately prior to the day as of which &ldquo;Fair
Market Value&rdquo; is being determined.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">&ldquo;<U>Trading Day</U>&rdquo; means
any day that the primary Trading Market on which the Common Stock is listed or quoted is open for trading.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">&ldquo;<U>Trading Market</U>&rdquo; means
any of the following markets or exchanges on which the Common Stock is listed or quoted for trading on the date in question: the
NYSE MKT, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market, the New York Stock Exchange, OTCQB
or OTCQX (or any successors to any of the foregoing).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">&ldquo;<U>Transfer Agent</U>&rdquo; shall
have the meaning set forth in Section 2.1(b) hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">&ldquo;<U>Valuation Amount</U>&rdquo;
shall have the meaning set forth in Article 1 hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">&ldquo;<FONT STYLE="font-weight: normal"><U>Warrant
Price</U></FONT>&rdquo; means an amount equal to (i) the number of shares of Warrant Stock being purchased upon exercise of this
Warrant pursuant to Section 2.1 hereof, multiplied by (ii) the Exercise Price.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">&ldquo;<FONT STYLE="font-weight: normal"><U>Warrant</U></FONT>&rdquo;
means the Original Warrant and all warrants issued upon transfer, division or combination of, or in substitution for, the Original
Warrant, or any other like warrant subsequently issued to the Holder. All such foregoing warrants shall at all times be identical
as to terms and conditions, except as to the number of shares of Warrant Stock for which they may be exercised and their date of
issuance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">&ldquo;<FONT STYLE="font-weight: normal"><U>Warrant
Stock</U></FONT>&rdquo; means the shares of Common Stock issued, issuable or both (as the context may require) upon the exercise
of the Warrant.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.</TD><TD>EXERCISE OF WARRANT</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.45in">2.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Manner of Exercise</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.55in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>If any principal or interest amounts are outstanding under the Credit Agreement on the date that is the one hundred and
eightieth (180th) day following the Fifth Amendment Effective Date (the foregoing 180th day, the &ldquo;<FONT STYLE="font-weight: normal"><U>Initial
Exercise Date</U></FONT>&rdquo;), then from the Initial Exercise Date and at any time before 4:00 P.M., Eastern Standard Time,
on the Expiration Date, the Holder of this Warrant may from time to time exercise this Warrant, on any Business Day, for all or
any part of the number of shares of Warrant Stock (subject to adjustment as provided herein) purchasable hereunder. In order to
exercise this Warrant, in whole or in part, the Holder shall (i) deliver to the Company at its Designated Office a written notice
of the Holder&rsquo;s election to exercise this Warrant (an &ldquo;<FONT STYLE="font-weight: normal"><U>Exercise Notice</U></FONT>&rdquo;)
substantially in the form attached to this Warrant as <U>Annex A</U>, which Exercise Notice shall be irrevocable and specify the
number of shares of Warrant Stock to be purchased, together with this Warrant and (ii) pay to the Company the Warrant Price. The
date on which such delivery and payment shall have taken place being hereinafter referred to as the &ldquo;<FONT STYLE="font-weight: normal"><U>Exercise
Date</U></FONT>.&rdquo; If at the Expiration Date, this Warrant remains exercisable for any Warrant Stock, the Holder shall be
deemed to have delivered an Exercise Notice for such remaining Warrant Stock as of the Expiration Date and payment for such Warrant
Stock shall be deemed to be made by the Holder pursuant to Section 2.1(c)(i) hereof, unless the Holder notifies the Company otherwise
prior to the Expiration Date in respect of such delivery and payment. For the avoidance of doubt, once this Warrant shall become
exercisable in accordance with this Section 2.1, any subsequent payment of all remaining principal and interest outstanding under
the Credit Agreement shall not affect the ability of the Holder to exercise this Warrant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.55in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Subject to Article 5 hereof, upon receipt by the Company of such Exercise Notice, surrender of this Warrant and payment
of the Warrant Price (in accordance with Section 2.1(c) hereof), the Company shall cause its Transfer Agent to deliver the applicable
shares of Warrant Stock, and the Company shall deliver or cause to be delivered cash in lieu of any fraction of a share, to the
Holder and register such issued shares of Warrant Stock on the books of the Company as instructed by the Holder in the Exercise
Notice. The issued shares of Warrant Stock will be delivered by crediting the account of the Holder&rsquo;s prime broker (as specified
by the Holder to the Company) with the Depository Trust Company (&ldquo;<FONT STYLE="font-weight: normal"><U>DTC</U></FONT>&rdquo;)
through its Deposit/Withdrawal At Custodian (&ldquo;<FONT STYLE="font-weight: normal"><U>DWAC</U></FONT>&rdquo;) system, whereby
the Holder&rsquo;s prime broker shall initiate a DWAC transaction no later than 4:00 p.m. Eastern Standard Time on the third Trading
Day following the Exercise Date using its DTC participant identification number, and released by Continental Stock Transfer &amp;
Trust Company, the Company&rsquo;s transfer agent (the &ldquo;<FONT STYLE="font-weight: normal"><U>Transfer Agent</U></FONT>&rdquo;),
at the Company&rsquo;s direction. The Holder shall direct the broker-dealer at which the account or accounts to be credited with
the issued shares of Warrant Stock are maintained, which broker/dealer shall be a DTC participant, to initiate a transaction through
the DWAC system, instructing the Transfer Agent to credit such account or accounts with such shares of Warrant Stock. Such DWAC
instruction shall indicate the settlement date for the deposit of such shares of Warrant Stock, which shall be the Exercise Date.
The Company shall direct the Transfer Agent to credit the Holder&rsquo;s account or accounts with such shares of Warrant Stock
pursuant to the information contained in the DWAC instruction. This Warrant shall be deemed to have been exercised and such shares
of Warrant Stock shall be deemed to have been issued, and the Holder or any other Person so designated to be named therein shall
be deemed to have become a holder of record of such shares of Warrant Stock for all purposes, as of the Exercise Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.55in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Subject to Article 5 hereof, payment of the Warrant Price shall be made at the option of the Holder by one or more of the
following methods: (i) by delivery of a certified or official bank check or by wire transfer of immediately available funds in
the amount of such Warrant Price payable to the order of the Company, (ii) by instructing the Company to withhold a number of shares
of Warrant Stock then issuable upon exercise of this Warrant with an aggregate Fair Market Value equal to such Warrant Price, (iii)
by surrendering to the Company shares of Common Stock previously acquired by the Holder with an aggregate Fair Market Value equal
to such Warrant Price, or (iv) any combination of the foregoing. In the event of any withholding of Warrant Stock or surrender
of Common Stock pursuant to clause (ii), (iii) or (iv) of this Section 2.1(c) where the number of shares whose Fair Market Value
is equal to the Warrant Price is not a whole number, the number of shares withheld by or surrendered to the Company shall be rounded
up to the nearest whole share and the Company shall make a cash payment to the Holder based on the incremental fraction of a share
being so withheld by or surrendered to the Company in an amount determined in accordance with Section 2.3 hereof. The Holder will
receive fully paid and nonassessable shares of Warrant Stock upon any exercise of this Warrant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-indent: 0.55in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>If this Warrant shall have been exercised in part, the Company shall, at the time of delivery of the shares of Warrant
Stock being issued in accordance with Section 2.1(c) hereof, deliver to the Holder a new Warrant evidencing the rights of the
Holder to purchase the unpurchased shares of Warrant Stock called for by this Warrant. Such new Warrant shall in all other respects
be identical to this Warrant.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-indent: 0.55in">&nbsp;(e)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Subject to Section 2.1(d) hereof, the Warrant delivered for exercise, and properly exercised by the Holder, in accordance
with Sections 2.1(a)-(c) and Article 5 hereof shall be canceled by the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.45in">2.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Payment of Taxes</U>. All shares of Warrant Stock issuable upon the exercise of this Warrant pursuant to the terms hereof
shall be validly issued, fully paid and nonassessable, issued without violation of any preemptive or similar rights of any stockholder
of the Company and free and clear of all Liens. The Company shall pay all expenses in connection with, and all taxes and other
governmental charges that may be imposed with respect to, the issue or delivery thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.45in">2.3<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Fractional Shares</U>. The Company shall not be required to issue a fractional share of Warrant Stock upon exercise of
the Warrant. As to any fraction of a share that the Holder of the Warrant, the rights under which are exercised in the same transaction,
would otherwise be entitled to purchase upon such exercise, the Company shall pay to such Holder an amount in cash equal to such
fraction multiplied by the Fair Market Value of one share of Common Stock on the Exercise Date.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">3.</TD><TD>TRANSFER, DIVISION AND COMBINATION</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.45in">3.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Transfer</U>. Upon compliance with the provisions of this Section 3.1, each transfer of this Warrant and all rights hereunder,
in whole or in part, shall be registered on the books of the Company to be maintained for such purpose, upon surrender of this
Warrant at the Designated Office and compliance with the terms hereof, together with a written assignment of this Warrant in the
form of <U>Annex B</U> attached hereto duly executed by the Holder or its agent or attorney and funds sufficient to pay any transfer
taxes described in Section 2.2 hereof in connection with the making of such transfer. Upon such compliance, surrender and delivery
and, if required, such payment, the Company shall execute and deliver a new Warrant in the name of the assignee or assignees and
in the denominations specified in such instrument of assignment, and shall issue to the assignor a new Warrant evidencing the portion
of this Warrant not so assigned and this Warrant shall promptly be cancelled.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.45in">3.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Mutilation or Loss</U>. Upon receipt by the Company from any Holder of evidence reasonably satisfactory to it of the
loss, theft, destruction or mutilation of this Warrant and an indemnity reasonably satisfactory to it (it being understood that
the written indemnification agreement of or affidavit of loss of the Holder shall be a sufficient indemnity) and, in case of mutilation,
upon surrender and cancellation hereof, the Company will execute and deliver in lieu hereof a new Warrant of like tenor to such
Holder; <U>provided</U>, <U>however</U>, that, in the case of mutilation, no indemnity shall be required if this Warrant in identifiable
form is surrendered to the Company for cancellation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.45in">3.3<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Division and Combination</U>. Subject to compliance with the applicable provisions of this Warrant, this Warrant may
be divided or, following such division, combined with other Warrants upon presentation hereof at the Designated Office, together
with a written notice specifying the names and denominations in which new Warrants are to be issued, signed by the Holder or its
agent or attorney. Subject to compliance with the applicable provisions of this Warrant as to any transfer which may be involved
in such division or combination, the Company shall execute and deliver a new Warrant or Warrants in exchange for the Warrant or
Warrants to be divided or combined in accordance with such notice.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.45in">3.4<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Expenses</U>. The Company shall prepare, issue and deliver at its own expense any new Warrant or Warrants required to
be issued hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.45in">3.5<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Maintenance of Books</U>. The Company agrees to maintain, at the Designated Office, books for the registration and transfer
of the Warrants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.45in">3.6<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Registration of Warrant Stock</U>. Notwithstanding any termination, amendment, modification or supplement of the Credit
Agreement subsequent to the date hereof or, following the Initial Exercise Date, any subsequent payment of all remaining principal
and interest outstanding under the Credit Agreement, Section 2.4(h) of the Credit Agreement is hereby incorporated by reference
herein as if fully set forth herein as of the date hereof and shall apply <I>mutatis mutandis</I> to this Warrant and the Warrant
Stock.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.45in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">4.</TD><TD>ANTIDILUTION PROVISIONS</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The number of shares of Warrant Stock
for which this Warrant is exercisable and the Exercise Price shall be subject to adjustment from time to time as set forth in this
Article 4.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.45in">4.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Upon Issuance of Common Stock</U>. If the Company shall, at any time or from time to time after the Original Issue Date,
issue any shares of Common Stock, options to purchase or rights to subscribe for Common Stock, securities by their terms convertible
into or exchangeable for Common Stock, or options to purchase or rights to subscribe for such convertible or exchangeable securities
without consideration or for consideration per share less than the greater of (x) the Dilution Price in effect immediately prior
to the issuance of such Common Stock or securities and (y) the Fair Market Value per share of the Common Stock immediately prior
to such issuance (the greater of (x) and (y), the &ldquo;<U>Reference Price</U>&rdquo;), then such Exercise Price shall forthwith
be lowered to a price equal to the price obtained by multiplying:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 12pt 0.7in; text-indent: 0.3in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the Exercise Price in effect immediately prior to the issuance of such Common Stock, options, rights or securities by</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 12pt 0.7in; text-indent: 0.3in">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>a fraction of which (x) the numerator shall be the sum of (i) the number of shares of Common Stock Outstanding immediately
prior to such issuance and (ii) the number of additional shares of Common Stock which the aggregate consideration for the number
of shares of Common Stock so offered would purchase at the Reference Price and (y) the denominator shall be the number of shares
of Common Stock Outstanding immediately after such issuance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-indent: 0.45in">4.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Upon Acquisition of Common Stock</U>. If the Company or any Subsidiary shall, at any time or from time to time after
the Original Issue Date, directly or indirectly, redeem, purchase or otherwise acquire any shares of Common Stock, options to purchase
or rights to subscribe for Common Stock, securities by their terms convertible into or exchangeable for Common Stock, or options
to purchase or rights to subscribe for such convertible or exchangeable securities, for a consideration per share (plus, in the
case of such options, rights, or securities, the additional consideration required to be paid to the Company upon exercise, conversion
or exchange) greater than the Fair Market Value per share of Common Stock immediately prior to the earlier of (x) the announcement
of such event or (y) such event, then the Exercise Price shall forthwith be lowered to a price equal to the price obtained by multiplying:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 6pt 0.7in; text-indent: 0.3in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the Exercise Price in effect immediately prior to such event by</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 6pt 0.7in; text-indent: 0.3in">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>a fraction:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in">(A)</TD><TD>the numerator of which is (1) the product of (a) the number of shares of Common Stock Outstanding and (b) the Fair Market Value
per share of Common Stock, in each case immediately prior to such event, minus (2) the aggregate consideration paid by the Company
in such event (plus, in the case of such options, rights, or convertible or exchangeable securities, the aggregate additional consideration
required to be paid to the Company upon exercise, conversion or exchange), and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in">(B)</TD><TD>the denominator of which is the product (1) the number of shares of Common Stock Outstanding immediately after such event and
(2) the Fair Market Value per share of Common Stock immediately prior to such event.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.45in">4.3<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Provisions Applicable to Adjustments</U>. For the purposes of any adjustment of the Exercise Price pursuant to Section
4.1 or 4.2 hereof, the following provisions shall be applicable:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 12pt 0.7in; text-indent: 0.3in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>In the case of the issuance of Common Stock, options to purchase or rights to subscribe for Common Stock, securities by
their terms convertible into or exchangeable for Common Stock, or options to purchase or rights to subscribe for such convertible
or exchangeable securities for a consideration in whole or in part other than cash, the consideration other than cash shall be
deemed to be the Fair Market Value of the non-cash consideration.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 12pt 0.7in; text-indent: 0.3in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 12pt 0.7in; text-indent: 0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 12pt 0.7in; text-indent: 0.3in">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>In the case of the issuance of options to purchase or rights to subscribe for Common Stock, securities by their terms convertible
into or exchangeable for Common Stock, or options to purchase or rights to subscribe for such convertible or exchangeable securities:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in">(A)</TD><TD>the aggregate maximum number of shares of Common Stock that potentially may be deliverable upon exercise of such options to
purchase or rights to subscribe for Common Stock at any time during the term thereof shall be deemed to have been issued at the
time such options or rights were issued and for a consideration equal to the consideration (determined in the manner provided in
subparagraph (i) above), if any, received by the Company upon the issuance of such options or rights plus the minimum purchase
price provided in such options or rights for the Common Stock covered thereby;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in">(B)</TD><TD>the aggregate maximum number of shares of Common Stock that potentially may be deliverable upon conversion of or in exchange
for any such convertible or exchangeable securities or upon the exercise of options to purchase or rights to subscribe for such
convertible or exchangeable securities and subsequent conversion or exchange thereof at any time during the term thereof shall
be deemed to have been issued at the time such securities, options, or rights were issued and for a consideration equal to the
consideration received by the Company for any such securities and related options or rights (excluding any cash received on account
of accrued interest or accrued dividends), plus the additional consideration, if any, to be received by the Company upon the conversion
or exchange of such securities or the exercise of any related options or rights (the consideration in each case to be determined
in the manner provided in paragraph (i) above);</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in">(C)</TD><TD>on any increase in the number of shares or decrease in the effective exercise or conversion price of Common Stock deliverable
upon exercise of any such options, rights or securities or conversions of or exchanges of such securities, including any change
resulting from the anti-dilution provisions thereof, the Exercise Price shall forthwith be readjusted to such Exercise Price as
would have been obtained had the adjustment made upon the issuance of such options, rights or securities not converted prior to
such change or options or rights related to such securities not converted prior to such change been made upon the basis of such
change; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in">(D)</TD><TD>no further adjustment of the Exercise Price adjusted upon the issuance of any such options, rights, convertible securities
or exchangeable securities shall be made as a result of the actual issuance of Common Stock on the exercise of any such rights
or options or any conversion or exchange of any such securities.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.45in">4.4<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Upon Stock Dividends, Subdivisions or Splits</U>. If, at any time after the Original Issue Date, the number of shares
of Common Stock Outstanding is increased by a stock dividend payable in shares of Common Stock or by a subdivision or split-up
of shares of Common Stock, then, following the record date for the determination of holders of Common Stock entitled to receive
such stock dividend, or to be affected by such subdivision or split-up, the Exercise Price and the Dilution Price shall each be
appropriately decreased by multiplying each price by a fraction, the numerator of which is the number of shares of Common Stock
Outstanding immediately prior to such increase and the denominator of which is the number of shares of Common Stock Outstanding
immediately after such increase in Outstanding shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.45in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.45in">4.5<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Upon Combinations or Reverse Stock Splits</U>. If, at any time after the Original Issue Date, the number of shares of
Common Stock Outstanding is decreased by a combination or reverse stock split of the Outstanding shares of Common Stock into a
smaller number of shares of Common Stock, then, following the record date to determine shares affected by such combination or reverse
stock split, the Exercise Price and the Dilution Price shall each be appropriately increased by multiplying each price by a fraction,
the numerator of which is the number of shares of Common Stock Outstanding immediately prior to such decrease and the denominator
of which is the number of shares of Common Stock Outstanding immediately after such decrease in Outstanding shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.45in">4.6<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Upon Reclassifications, Reorganizations, Consolidations, Mergers or Dispositions of Assets</U>. In the event of any capital
reorganization of the Company, any reclassification of the capital stock of the Company (other than a change in par value or from
par value to no par value or from no par value to par value or as a result of a stock dividend or subdivision, stock-split, reverse
stock-split or combination of shares), any consolidation or merger of the Company with or into another Person (where the Company
is not the surviving Person or where there is a change in or distribution with respect to the Common Stock) or sale, transfer or
other disposition of all or substantially all of the Company&rsquo;s property, assets or business to another Person, each Warrant
shall after such reorganization, reclassification, consolidation, merger or disposition of assets be exercisable for the kind and
number of shares of stock or other securities or property of the Company or of the successor Person (if other than the Company)
resulting from such reorganization, reclassification, consolidation, merger or disposition of assets, if any, to which the holder
of the number of shares of Common Stock deliverable (immediately prior to the time of such reorganization, reclassification, consolidation,
merger or disposition of assets) upon exercise of such Warrant would have been entitled upon such reorganization, reclassification,
consolidation, merger or disposition of assets (without taking into account any limitations or restrictions on the exercisability
of this Warrant); and, in such case, appropriate adjustment (in form and substance satisfactory to the Holder) shall be made with
respect to the Holder&rsquo;s rights under this Warrant to insure that the provisions of Article 4 hereof shall thereafter be applicable,
as nearly as possible, to this Warrant in relation to any shares of stock, securities or assets thereafter acquirable upon exercise
of this Warrant (and, for the avoidance of doubt, such adjustments shall include any appropriate adjustment to the Dilution Price
to realize the intended economic protection to the Holder of Section 4.1 hereof, as appropriate). The Company shall not effect
any such reorganization, reclassification, consolidation, merger or disposition of assets unless, prior to the consummation thereof,
the successor Person (if other than the Company) resulting from such reorganization, reclassification, consolidation, merger or
disposition of assets, shall assume, by written instrument, the obligation to deliver to the Holders of the Warrant such shares
of stock, securities or assets, which, in accordance with the foregoing provisions of this Section 4.6, such Holders shall be entitled
to receive upon such conversion. The provisions of this Section 4.6 shall similarly apply to successive reorganizations, reclassifications,
consolidations, mergers or dispositions of assets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.45in">4.7<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Other Anti-Dilution Provisions</U>. If the Company has issued or issues any securities of the Company to a financial
institution, lender, other credit provider, leasing company or other lessor in connection with the provisions of any financing
or lending agreements, containing provisions (including, without limitation, any of the terms of pricing, exercise price, anti-dilution
and registration rights) which are more favorable than those set forth herein, the Company will make such provisions (or any more
favorable portion thereof) available to the Holder and will enter into amendments necessary to confer such rights on the Holder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.45in">4.8<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Appraisal Procedure</U>. In any case in which the provisions of this Article 4 shall necessitate that the Appraisal Procedure
be utilized for purposes of determining an adjustment to the Exercise Price, the Company may defer, until the completion of the
Appraisal Procedure and the determination of the adjustment, (i) issuing to the Holder of any Warrant exercised after the date
of the event that requires the adjustment and before completion of the Appraisal Procedure and the determination of the adjustment,
the shares of capital stock issuable upon such exercise by reason of the adjustment required by such event and issuing to such
Holder only the shares of capital stock issuable upon such exercise before giving effect to such adjustment and (ii) paying to
such Holder any amount in cash in lieu of a fractional share of capital stock pursuant to Section 2.3 above; <U>provided</U>, <U>however</U>,
that the Company shall deliver to such Holder an appropriate instrument or due bills evidencing such Holder&rsquo;s right to receive
such additional shares or such cash.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.45in">4.9<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Adjustment of Number of Shares Purchasable</U>. Upon any adjustment of the Exercise Price as provided in Section 4.1,
4.2, 4.4, 4.5 and 4.6, the Holders of the Warrants shall thereafter be entitled to purchase upon the exercise thereof, at the Exercise
Price resulting from such adjustment, the number of shares of Warrant Stock (calculated to the nearest 1/100th of a share) obtained
by multiplying the Exercise Price in effect immediately prior to such adjustment by the number of shares of Warrant Stock issuable
on the exercise hereof immediately prior to such adjustment and dividing the product thereof by the Exercise Price resulting from
such adjustment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.45in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.45in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.45in">4.10<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Increase of Number of Shares Purchasable</U>. After giving effect to all other provisions in this Article 4 other than
this Section 4.10, the number of shares of Warrant Stock purchasable upon exercise of this Warrant shall be increased when the
Exercise Price is adjusted to an amount below the then-existing par value of the Warrant Stock, including successive adjustments
to the Exercise Price to an amount further below the then-existing par value. The number of additional shares purchasable upon
exercise of this Warrant shall be equal to the number obtained by dividing:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 12pt 0.7in; text-indent: 0.3in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The product of (A) the number of shares purchasable upon exercise of the Warrant before application of this Section 4.10
and (B) the difference between the then-existing par value per share of Warrant Stock minus the adjusted Exercise Price, by</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 12pt 0.7in; text-indent: 0.3in">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The difference between the Fair Market Value of the Common Stock on the Exercise Date minus the then-existing par value
per share of Warrant Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Concurrently with the foregoing adjustment to the number
of additional shares purchasable upon exercise of this Warrant, the Exercise Price shall be adjusted to be the then-existing par
value of the Warrant Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.45in">4.11<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Form of Warrants</U>. Irrespective of any adjustments of the number of shares of Warrant Stock purchasable or of the
Exercise Price, the Warrant theretofore or thereafter issued may continue to express the same price and number and kind of shares
as are stated in the Warrant issued on the Original Issue Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.45in">4.12<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Changes in Securities</U>. Notwithstanding any provision in this Article 4 to the contrary and without limitation to
any other provision contained in this Article 4, in the event any securities of the Company are amended, modified or otherwise
altered by operation of this Article 4&rsquo;s terms or otherwise in any manner whatsoever (including through the anti-dilution
provisions thereof) that results in (i) the reduction of the effective exercise, conversion or exchange price of such securities
payable upon the exercise for, or conversion or exchange into, Common Stock or other securities exercisable for, or convertible
or exchangeable into, Common Stock and/or (ii) such securities becoming exercisable for, or convertible or exchange into (A) more
shares or dollar amount of such securities which are, in turn exercisable for, or convertible or exchangeable into, Common Stock,
or (B) more shares of Common Stock, then such amendment, modification or other alteration shall be treated for purposes of Article
4 as if the securities which have been amended, modified or altered have been terminated and new securities have been issued with
the amended or modified terms. The Company shall make all necessary adjustments (including successive adjustments if required)
to the Exercise Price in accordance with this Article 4, but in no event shall the Exercise Price be greater than it was immediately
prior to the application of this Section 4.12 to the amendment, modification or alteration in question.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.45in">4.13<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Maximum Exercise Price</U>. Except as provided in Section 4.5 above, at no time shall the Exercise Price per share of
Warrant Stock exceed the amount set forth in the preamble of this Warrant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.45in">4.14<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Exceptions</U>. Notwithstanding anything to the contrary, Article 4 hereof shall not apply to (i) (A) the issuance and
exercise of options to purchase shares of Common Stock and (B) the issuance of shares of Common Stock, in each case of the foregoing
clause (A) and (B), as made to eligible recipients pursuant to any equity incentive plan duly adopted by the board of directors
of the Company in the ordinary course of business, or (ii) any issuance of shares of Common Stock upon conversion of the Company&rsquo;s
convertible debt securities outstanding as of the Business Day immediately preceding the Original Issue Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.45in">4.15<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Notice of Adjustment of Exercise Price</U>. Whenever the number of shares of Common Stock for which this Warrant is exercisable
or the Exercise Price is adjusted as provided under Article 4 hereof:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 12pt 0.7in; text-indent: 0.3in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the Company shall compute the adjusted Exercise Price in accordance with this Article 4 and shall prepare a certificate
signed by the treasurer or chief financial officer of the Company setting forth the adjusted Exercise Price and showing in reasonable
detail the facts upon which such adjustment is based, and such certificate shall forthwith be filed at the Designated Office; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 12pt 0.7in; text-indent: 0.3in">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>a notice stating that the Exercise Price has been adjusted and setting forth the adjusted Exercise Price shall forthwith
be prepared by the Company, and as soon as practicable after it is prepared, such notice shall be mailed by the Company at its
expense to the Holder at its last address as it shall appear in the warrant register. If the Board of Directors of the Company
makes any determination of Fair Market Value for purposes of determining such proposed adjustment, then, within thirty (30) days
of the Holder&rsquo;s receipt of such notice, the Holder shall have the right to use the Appraisal Procedure to determine Fair
Market Value with respect to the entire proposed adjustment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.45in">4.16<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Independent Application</U>. Except as otherwise provided herein, all sections of this Article 4 are intended to operate
independently of one another (but without duplication). If an event occurs that requires the application of more than one section
of this Article 4, all applicable sections shall be given independent effect without duplication.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.45in"></P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">5.</TD><TD>BENEFICIAL OWNERSHIP LIMITS; ISSUANCE CAP</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.45in">5.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Beneficial Ownership Limitation</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-indent: 0.55in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Notwithstanding anything to the contrary contained herein, the Holder shall not receive shares of Warrant Stock upon exercise
of the Warrant to the extent (but only to the extent) that such exercise or receipt would cause the Holder Group to become, directly
or indirectly, a beneficial owner of a number of shares of Common Stock that exceeds the Maximum Percentage of Common Stock Outstanding
as of the Exercise Date (the &ldquo;<FONT STYLE="font-weight: normal"><U>Beneficial Ownership Limitation</U></FONT>&rdquo;). The
Beneficial Ownership Limitation (i) may be increased or decreased, in the Holder&rsquo;s sole discretion, upon 61 days&rsquo; written
notice to the Company by the Holder, <U>provided</U>, <U>however</U>, that in no event shall the Holder increase such Beneficial
Ownership Limitation to raise the Maximum Percentage in excess of 19.99% as of any date of shares of Common Stock Outstanding from
the date hereof through the Expiration Date and (ii) shall automatically be increased to a Maximum Percentage of 19.99% on the
date that is 15 days prior to the Expiration Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-indent: 0.55in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>At the time of delivery of any Exercise Notice, the Holder shall notify the Company if, and only if, a Holder Group would
beneficially own a number of shares of Common Stock in excess of the Beneficial Ownership Limitation upon giving effect to such
Exercise Notice. For the avoidance of doubt, upon any failure by the Holder to deliver such notice, any subsequent purported delivery
in such instance of Warrant Stock shall be void and have no effect pursuant to Section 5.1(c) hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-indent: 0.55in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Any purported delivery of Warrant Stock pursuant to Section 2.1(b) hereof, and any purported payment by the Holder of the
Warrant Price pursuant to Section 2.1(a) and 2.1(c) hereof, in connection with the exercise of the Warrant shall be void and have
no effect to the extent (but only to the extent) that such delivery would violate the Beneficial Ownership Limitation. If any delivery
of Warrant Stock owed to the Holder following exercise of the Warrant is not made, in whole or in part, as a result of the Beneficial
Ownership Limitation, the Company&rsquo;s obligation to make such delivery shall not be extinguished and the Company shall deliver
such Warrant Stock as promptly as practicable after the Holder gives written notice to the Company that such delivery would not
violate the Beneficial Ownership Limitation (the &ldquo;<B>Delivery Notice</B>&rdquo;), <U>provided</U>, <U>however</U>, that (i)
the Holder shall be deemed to have exercised this Warrant in respect of any such delayed Warrant Stock (other than at the Expiration
Date) as of the date of the applicable Delivery Notice and (ii) for the avoidance of doubt, Article 4 hereof and Article 10 hereof
shall remain in full force and effect for such period of delay, and <U>provided</U>, <U>further</U>, <U>however</U>, that at the
Expiration Date and in accordance with the deemed Exercise Notice under Section 2.1(a) hereof, if, without giving effect to the
Beneficial Ownership Limitation, the Warrant would be exercisable for any Warrant Stock, (i) the Holder shall be entitled to receive
from the Company any such remaining Warrant Stock under the terms of this Warrant until such time as the Beneficial Ownership Limitation
would not prohibit such delivery (such Warrant Stock at the Expiration Date, the &ldquo;<B>Expiration Warrant Stock</B>&rdquo;),
(ii) the Holder shall be deemed to have exercised this Warrant in respect of all such Expiration Warrant Stock as of the date of
such Holder&rsquo;s receipt from the Company of the Expiration Warrant Stock (which exercise shall be subject to Article 4 hereof
but not be subject to Sections 4.1 through 4.3 hereof) and (iii) for the avoidance of doubt, Article 10 hereof shall remain in
full force and effect for the period until the delivery of the Expiration Warrant Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-indent: 0.55in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>For purposes of this Section 5.1, (i) the term &ldquo;<FONT STYLE="font-weight: normal"><U>Maximum Percentage</U></FONT>&rdquo;
shall mean 4.99%; <U>provided</U>, <U>however</U>, that if at any time after the date hereof the Holder Group beneficially owns
in excess of 4.99% of the Outstanding Common Stock (excluding any Common Stock that could be acquired by exercise of this Warrant),
then the Maximum Percentage shall automatically increase to 9.99% so long as any Holder Group owns in excess of 4.99% of such
Common Stock (and shall, for the avoidance of doubt, automatically decrease to 4.99% upon the time when no Holder Group beneficially
owns in excess of 4.99% of such Outstanding Common Stock); and (ii) the term &ldquo;<FONT STYLE="font-weight: normal"><U>Holder
Group</U></FONT>&rdquo; shall mean any group in respect of Common Stock, where &ldquo;group&rdquo; has the meaning established
under Section 13(d) of the Exchange Act and the rules promulgated thereunder, if the Holder or any other Person having beneficial
ownership of Common Stock beneficially owned by the Holder is a member of such group. In determining the number of shares of Common
Stock Outstanding for purposes of this Section 5.1 and the number of shares that the Holder may at any time acquire pursuant to
the Beneficial Ownership Limitation and the other terms of this Section 5.1, the Holder shall give effect to the last sentence
of Rule 13d-3(d)(1)(i) as promulgated under the Exchange Act, and the Holder may rely on the number of outstanding shares of Common
Stock as reflected in (x) the Company&rsquo;s most recent Annual Report on Form 10-K or Quarterly Report on Form 10-Q filed with
the Commission, as the case may be, (y) a more recent public announcement by the Company or (z) a more recent notice by the Company
or its transfer agent to the Holder setting forth the number of shares of Common Stock then outstanding. Upon written or oral
request of the Holder, the Company shall, within two (2) Business Days of such request, confirm orally and in writing to the Holder
the number of shares of Common Stock then Outstanding. For the avoidance of doubt, if at any time after the Initial Exercise Date
and through the Expiration Date, any Holder Group would become the beneficial owner of any shares of Common Stock pursuant to
an Interest Share Issuance to such Holder Group, the effect of the Beneficial Ownership Limitation in respect of Warrant Stock
shall be determined after giving effect to the beneficial ownership of such shares of Common Stock pursuant to an Interest Share
Issuance pursuant to Section 2.4(f) of the Credit Agreement for purposes of effectuating such intended beneficial ownership limitation
under the Credit Agreement. The provisions of this Section 5.1 shall be construed, corrected and implemented in a manner so as
to effectuate the intended Beneficial Ownership Limitation.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.45in">5.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Issuance Cap</U>. Unless Stockholder Approval has been previously obtained, in the event that any issuance of Warrant
Stock upon the exercise of this Warrant would, together with (i) any other issuance of shares of Common Stock by the Company to
any holder of any Fifth Amendment Warrant and/or (ii) any issuance of shares of Common Stock pursuant to an Interest Share Issuance
that would, in each case, be aggregated with such proposed issuance under this Warrant for determining whether such issuances collectively
would require approval by a vote of Company stockholders under the applicable listing rules of the Nasdaq Global Market, any successor
stock exchange operated by the NASDAQ Stock Market LLC or any successor thereto (such other issuances in the foregoing clauses
(i) and (ii), the &ldquo;<FONT STYLE="font-weight: normal"><U>Related Issuances</U></FONT>&rdquo;), exceed 19.99% of the Common
Stock Outstanding on May 24, 2016 (the &ldquo;<U>Aggregation Date</U>&rdquo;), the Holder shall receive only a number of shares
of Common Stock, rounded down to the nearest whole number, equal to (A)&nbsp;the maximum number of shares of Common Stock which
could be issued to the Holder and any other recipients of any then-proposed Related Issuances in the aggregate without the Related
Issuances exceeding 19.99% of the Common Stock Outstanding on the Aggregation Date (such maximum number calculated by giving effect
to any then-proposed Related Issuances in connection with any Interest Share Issuance last) multiplied by a ratio equal to (B)&nbsp;(1)
the number of shares of Common Stock that would be otherwise received by the Holder under this Warrant divided by (2)&nbsp;the
number of all of the shares of Common Stock that would be otherwise received by the Holder under this Warrant and the recipients
of any then-proposed Related Issuances in the aggregate. To the extent the Holder is entitled to receive from the Company a number
of shares of Warrant Stock reduced by this Section 5.2, the Company shall pay to the Holder, in satisfaction of the Company&rsquo;s
obligation to deliver such Warrant Stock, a cash amount equivalent to the Fair Market Value, determined as of the Exercise Date,
of the number of shares of Warrant Stock by which such exercise was reduced within three (3) Business Days of the Exercise Date.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">6.</TD><TD>NO IMPAIRMENT; REGULATORY COMPLIANCE AND COOPERATION</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.45in">6.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>No Impairment</U>. The Company shall not by any action, including, without limitation, amending its charter documents
or through any reorganization, reclassification, transfer of assets, consolidation, merger, dissolution, issue or sale of securities
or any other similar voluntary action, avoid or seek to avoid the observance or performance of any of the terms of this Warrant,
but will at all times in good faith assist in the carrying out of all such terms and in the taking of all such actions as may be
necessary or appropriate to protect the rights of the Holder against impairment. Without limiting the generality of the foregoing,
the Company shall take all such action as may be necessary or appropriate in order that the Company may validly and legally issue
fully paid and nonassessable shares of Warrant Stock upon the exercise of this Warrant, free and clear of all Liens, and shall
use its best efforts to obtain all such authorizations, exemptions or consents from any public regulatory body having jurisdiction
thereof as may be necessary to enable the Company to perform its obligations under this Warrant. The Company shall not take any
action, enter into any transaction or suffer to exist any event, action or state of facts that would cause the Exercise Price to
be adjusted below the then existing par value of Common Stock (unless the Common Stock is changed to capital stock with no par
value); <U>provided</U>, <U>however</U>, that nothing herein will prevent the operation of any other provision of this Warrant,
including the anti-dilution provisions of Article 4 hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.45in">6.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>No Dilution</U>. If any event shall occur as to which the provisions of Article 4 hereof are not strictly applicable
but the failure to make any adjustment would adversely affect the purchase rights represented by the Warrant in accordance with
the essential intent and principles of such Article (including, without limitation, the issuance of securities other than Common
Stock which have the right to participate in distributions to the holders of Common Stock, the granting of &ldquo;phantom stock&rdquo;
rights or &ldquo;stock appreciation rights&rdquo;), then, in each such case, the Company shall, upon the request of any Holder,
appoint an investment banking firm of recognized national standing, or any other financial expert that does not (or whose directors,
officers, employees, Affiliates or stockholders do not) have a direct or material indirect financial interest in the Company or
any of its Subsidiaries, who has not been, and, at the time it is called upon to give independent financial advice to the Company,
is not (and none of its directors, officers, employees, Affiliates or stockholders are) a promoter, director or officer of the
Company or any of its Subsidiaries, which shall give their opinion upon the adjustment, if any, on a basis consistent with the
essential intent and principles established in Article 4 hereof, necessary to preserve, without dilution, the purchase rights,
represented by this Warrant. Prior to such determination by such investment banking firm, the Company and the requesting Holder(s),
respectively, shall specify the amount, if any, of the adjustment that such party has determined in good faith to be appropriate.
The adjustment determined by the investment banking firm shall be within the range of the adjustments thus proposed by the parties,
and the costs and fees of such investment banking firm shall be allocated proportionately between the Company, on one hand, and
the Holder, on the other, based on the respective differences between the amount of the adjustment as determined by such investment
banking firm and the amounts of such adjustment proposed by the Company and the Holder. Upon receipt of such opinion, the Company
will promptly mail a copy thereof to the holders of the Warrants and shall make the adjustments described therein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.45in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.45in">6.3<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Other Agreements</U>. The Company is not a party to or bound in any manner under, and covenants that it will not enter
into at any time after the date hereof, any agreement or contract (whether written or oral) with respect to any of its securities
which prevents the Company from complying in any respect with the rights granted by the Company hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.45in">6.4<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Antitrust Notification</U>. If the Holder determines, in its sole judgment upon the advice of counsel, that an exercise
of this Warrant pursuant to the terms hereof would be subject to the provisions of the Hart-Scott-Rodino Antitrust Improvements
Act of 1976, as amended (the &ldquo;<U>HSR Act</U>&rdquo;), the Company shall file, within seven (7) Business Days after receiving
notice from the Holder of the applicability of the HSR Act and a request to so file, with the United States Federal Trade Commission
(the &ldquo;<U>FTC</U>&rdquo;) and the United States Department of Justice (the &ldquo;<U>DOJ</U>&rdquo;) the notification and
report form and any supplemental information required to be filed by it pursuant to the HSR Act in connection with the exercise
of this Warrant. Any such notification and report form and supplemental information will be in full compliance with the requirements
of the HSR Act. The Company will furnish to the Holder promptly (but in no event more than five (5) business days) such information
and assistance as such holder may reasonably request in connection with the preparation of any filing or submission required to
be filed by the Holder under the HSR Act. The Company shall respond promptly after receiving any inquiries or requests for additional
information from the FTC or the DOJ (and in no event more than three (3) business days after receipt of such inquiry or request).
The Company shall keep such holder apprised periodically and at such holder's request of the status of any communications with,
and any inquiries or requests for additional information from, the FTC or the DOJ. The Company shall bear all filing or other fees
required to be paid by the Company under the HSR Act or any other applicable law in connection with such filings and all costs
and expenses (including, without limitation, reasonable attorneys' fees and expenses) incurred by the Company in connection with
the preparation of such filings and responses to inquiries or requests. The Company shall also bear 50% of all filing or other
fees required to be paid by the Holder (or the &ldquo;ultimate parent entity&rdquo; of the Holder, if any) under the HSR Act or
any other applicable law in connection with such filings and 50% of all costs and expenses (including, without limitation, reasonable
attorneys' fees and expenses) incurred by the Holder in connection with the preparation of such filings and responses to inquiries
or requests, and the Holder shall bear the remaining 50% of such fees, costs and expenses. In the event that this Section 6.4 is
applicable to any exercise of this Warrant, the issuance to the Holder of the applicable Warrant Stock Shares, and the payment
by the Holder of the Warrant Price therefor, shall be subject to the expiration or earlier termination of the waiting period under
the HSR Act (with the Exercise Date being deemed to be the date immediately following the date of such expiration or early termination).</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">7.</TD><TD>RESERVATION AND AUTHORIZATION OF COMMON STOCK</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.45in">7.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Reservation</U>. The Company shall at all times reserve and keep available for issuance upon the exercise of the Warrant
such number of its authorized but unissued shares of Common Stock as will be required for issuance of the Warrant Stock. All shares
of Warrant Stock issuable pursuant to the terms hereof, when issued upon exercise of this Warrant with payment therefor in accordance
with the terms hereof, shall be duly and validly issued and fully paid and nonassessable, not subject to preemptive rights and
shall be free and clear of all Liens. Before taking any action that would result in an adjustment in the number of shares of Warrant
Stock for which this Warrant is exercisable or in the Exercise Price, the Company shall obtain all such authorizations or exemptions
thereof, or consents thereto, as may be necessary from any public regulatory body or bodies having jurisdiction over such action.
If any shares of Warrant Stock required to be reserved for issuance upon exercise of the Warrant require registration or qualification
with any Governmental Authority under any federal or state law (including the Securities Act and state securities laws) before
such shares may be so issued, the Company will use its commercially reasonable efforts to register and qualify such shares as soon
as practicable and at its expense.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.45in">7.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Corporate Action</U>. Before taking any action that would cause an adjustment reducing the Exercise Price below the then-par
value (if any) of the shares of Warrant Stock deliverable upon exercise of the Warrant or that would cause the number of shares
of Warrant Stock issuable upon exercise of the Warrant to exceed (when taken together with all other Outstanding shares of Common
Stock) the number of shares of Common Stock that the Company is authorized to issue, the Company will take any corporate action
that, in the opinion of its counsel, is necessary in order that the Company may validly and legally issue the full number of fully
paid and nonassessable shares of Warrant Stock issuable upon exercise of the Warrant at such adjusted exercise price.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.45in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.45in">&nbsp;</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">8.</TD><TD>NOTICE OF CORPORATE ACTIONS; TAKING OF RECORD; TRANSFER BOOKS</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.45in">8.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Notices of Corporate Actions</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">In case:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-indent: 0.55in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the Company shall grant to the holders of its Common Stock rights or warrants to subscribe for or purchase any shares of
capital stock of any class; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-indent: 0.55in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the Company shall declare to the holders of its Common Stock any dividend or distribution; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-indent: 0.55in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>of any reclassification of the Common Stock (other than a subdivision or combination of the Outstanding shares of Common
Stock), or of any consolidation, merger or share exchange to which the Company is a party and for which approval of any stockholders
of the Company is required, or of the sale or transfer of all or substantially all of the assets of the Company; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-indent: 0.55in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>of the voluntary or involuntary dissolution, liquidation or winding up of the Company;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-indent: 0.55in">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the Company or any Subsidiary shall commence a tender offer for all or a portion of the Outstanding shares of Common Stock
(or shall amend any such tender offer to change the maximum number of shares being sought or the amount or type of consideration
being offered therefor); or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-indent: 0.55in">(f)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the Company or any Subsidiary takes any action or any event or circumstance occurs that impacts the rights of a Holder set
forth herein or in the Credit Agreement, as applicable;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">then the Company shall cause to be filed at the Designated
Office, and shall cause to be mailed to the Holder at its last addresses as they shall appear in the warrant register, at least
30 days prior to the applicable record, effective or expiration date hereinafter specified, a notice stating (x) the date on which
a record is to be taken for the purpose of such dividend, distribution or granting of rights or warrants, or, if a record is not
to be taken, the date as of which the holders of Common Stock of record who will be entitled to such dividend, distribution, rights
or warrants are to be determined, (y) the date on which such reclassification, consolidation, merger, share exchange, sale, transfer,
dissolution, liquidation or winding up is expected to become effective, and the date as of which it is expected that holders of
Common Stock of record shall be entitled to exchange their shares of Common Stock for securities, cash or other property deliverable
upon such reclassification, consolidation, merger, share exchange, sale, transfer, dissolution, liquidation or winding up, or (z)
the date on which such tender offer commenced, the date on which such tender offer is scheduled to expire unless extended, the
consideration offered and the other material terms thereof (or the material terms of the amendment thereto). Such notice shall
also set forth such facts with respect thereto as shall be reasonably necessary to indicate the effect of such action on the Exercise
Price and the number and kind or class of shares or other securities or property which shall be deliverable or purchasable upon
the occurrence of such action or deliverable upon exercise of the Warrants. Neither the failure to give any such notice nor any
defect therein shall affect the legality or validity of any action described in clauses (a) through (e) of this Section 8.1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.45in">8.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Taking of Record</U>. In the case of all dividends or other distributions by the Company to the holders of its Common
Stock with respect to which any provision hereof refers to the taking of a record of such holders, the Company will in each such
case take such a record and will take such record as of the close of business on a Business Day.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.45in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.45in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.45in">8.3<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Closing of Transfer Books</U>. The Company shall not at any time close its stock transfer books or warrant transfer books
so as to result in preventing or delaying the exercise or transfer of any Warrant.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">9.</TD><TD>OFFICE OF THE COMPANY</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.45in">9.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>As long as the Warrant remains outstanding, the Company shall maintain an office or agency, which may be the principal executive
offices of the Company (the &ldquo;<FONT STYLE="font-weight: normal"><U>Designated Office</U></FONT>&rdquo;), where the Warrant
may be presented for exercise, registration of transfer, division or combination as provided in this Warrant. Such Designated Office
shall initially be the office of the Company at 550 South Hope Street, Suite 2850, Los Angeles, California 90071. The Company may
from time to time change the Designated Office to another office of the Company or its agent within the United States by notice
given to any registered Holders at least ten (10) Business Days prior to the effective date of such change.</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">10.</TD><TD>DILUTION ADJUSTMENT</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.45in">10.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Dilution Adjustment</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-indent: 0.55in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>In the event that any dividends are declared or paid or any other distribution is made on or with respect to the Common
Stock, the Holder as of the record date established by the Board of Directors of the Company for such dividend or distribution
on the Common Stock shall be entitled to receive a fee (the &ldquo;<FONT STYLE="font-weight: normal"><U>Dilution Adjustment</U></FONT>&rdquo;)
in an amount (whether in the form of cash, securities or other property) equal to the amount (and in the form) of the dividends
or distribution that such Holder would have received had the Warrant been exercised as of the date immediately prior to the record
date for such dividend or distribution, such Dilution Adjustment to be payable on the same payment date established by the Board
of Directors of the Company for the payment of such dividend or distribution; <U>provided</U>, <U>however</U>, that if the Company
declares and pays a dividend or distribution on the Common Stock consisting in whole or in part of Common Stock, then no such Dilution
Adjustment shall be payable in respect of the Warrant on account of the portion of such dividend or distribution on the Common
Stock payable in Common Stock and in lieu thereof the applicable adjustment in Article 4 hereof shall apply. The record date for
any such Dilution Adjustment shall be the record date for the applicable dividend or distribution on the Common Stock, and any
such Dilution Adjustment shall be payable to the Persons in whose name the Warrant is registered at the close of business on the
applicable record date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-indent: 0.55in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>No dividend shall be paid or declared on any share of Common Stock (other than dividends payable in Common Stock for which
an adjustment was made pursuant to Article 4 hereof), unless the Dilution Adjustment, payable in the same consideration and manner,
is simultaneously paid or provided for, as the case may be, in respect of this Warrant in an amount determined as set forth in
this Section 10.1. For purposes of this Warrant, the term &ldquo;dividends&rdquo; shall include any pro rata distribution by the
Company, out of funds of the Company legally available therefor, of cash, property, securities (including, but not limited to,
rights, warrants or options and/or securities in connection with a spin-off of the Company) or other property or assets to the
holders of the Common Stock, whether or not paid out of capital, surplus or earnings other than liquidation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-indent: 0.55in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-indent: 0.55in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Prior to declaring any dividend or making any distribution on or with respect to shares of Common Stock, the Company shall
take all prior corporate action necessary to authorize the issuance of any securities payable as the Dilution Adjustment in respect
of the Warrant.</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">11.</TD><TD>MISCELLANEOUS</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.45in">11.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>No Implied Waivers</U>. No failure or delay by any party in exercising any right, power or privilege hereunder shall
operate as a waiver thereof nor shall any single or partial exercise thereof preclude any other or further exercise thereof or
the exercise of any other right, power or privilege. The rights and remedies herein provided shall be cumulative and not exclusive
of any rights or remedies provided by law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.45in">11.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Notices</U>. All notices, requests, consents and other communications required or permitted hereunder shall be in writing
and shall be hand delivered or mailed postage prepaid by registered or certified mail or transmitted by facsimile transmission
(with immediate telephonic confirmation thereafter) or transmitted by email:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-indent: 0.55in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>If to the Holder:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt 1in">MSD CREDIT OPPORTUNITY MASTER FUND, L.P.<BR>
645 Fifth Avenue<BR>
21st Floor<BR>
New York, NY 10022-5910<BR>
Attention: Marcello Liguori<BR>
Facsimile No.: (212) 303-1650<BR>
Telephone No.: (212) 303-1634<BR>
Email: mliguori@msdcapital.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">with a copy to (which shall not constitute
notice):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt 1in">Skadden, Arps, Slate, Meagher &amp; Flom LLP<BR>
4 Times Square<BR>
New York, NY 90071<BR>
Attention: Harvey Uris<BR>
Facsimile No.: (212) 735-2000<BR>
Telephone No.: (212) 735-3000<BR>
Email: harvey.uris@skadden.com, or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-indent: 0.55in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>If to the Company:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt 1in">Cadiz Inc.<BR>
550 South Hope Street, Suite 2850<BR>
Los Angeles, California 90071<BR>
Attention: Chief Financial Officer<BR>
Facsimile No.: 213-271-1614<BR>
Email: tshaheen@cadizinc.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">with a copy to (which shall not constitute
notice):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: 0in">Mitchell Silberberg &amp; Knupp LLP<BR>
11377 W. Olympic Blvd.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt 1in">Los Angeles, CA 90065<BR>
Facsimile No.: (310) 312-3100<BR>
Attention: Kevin Friedmann, Esq.<BR>
Email: kxf@msk.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.5in 12pt; text-align: justify">or at such other address as the
parties each may specify by written notice to the others, and each such notice, request, consent and other communication shall
for all purposes of the Warrant be treated as being effective or having been given when delivered if delivered personally, upon
receipt of facsimile confirmation if transmitted by facsimile, upon transmission of email if transmitted by email, or, if sent
by mail, at the earlier of its receipt or 72 hours after the same has been deposited in a regularly maintained receptacle for the
deposit of United States mail, addressed and postage prepaid as aforesaid.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.5in 12pt; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.5in 12pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.45in">11.3<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Indemnification</U>. If the Company fails to make, when due, any payments provided for in this Warrant, the Company shall
pay to the Holder (a) interest at the Applicable Rate on any amounts due and owing to such Holder and (b) such further amounts
as shall be sufficient to cover any costs and expenses including, but not limited to, reasonable attorneys&rsquo; fees and expenses
incurred by such Holder in collecting any amounts due hereunder. The Company shall indemnify, defend and hold harmless the Holder
and the Holders of any Warrant Stock issued upon the exercise of this Warrant from and against any and all liability, loss, cost,
damage, reasonable attorneys&rsquo; and accountants&rsquo; fees and expenses, court costs and all other out-of-pocket expenses
incurred in connection with or arising from any default hereunder by the Company or the enforcement of its rights hereunder as
against the Company. This indemnification provision shall be in addition to the rights of such Holder or Holders to bring an action
against the Company for breach of contract based on such default hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.45in">11.4<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Limitation of Liability</U>. No provision hereof, in the absence of affirmative action by the Holder to purchase shares
of Warrant Stock, and no enumeration herein of the rights or privileges of the Holder, shall give rise to any liability of such
Holder to pay the Exercise Price for any Warrant Stock other than pursuant to an exercise of this Warrant or any liability as a
stockholder of the Company, whether such liability is asserted by the Company or by creditors of the Company. The Holder shall
not, by virtue hereof, be entitled to any rights of a stockholder of the Company and nothing contained in this Warrant shall be
construed as conferring upon the Holder the right to vote or to consent or to receive notice as a stockholder in respect of meetings
of stockholders for the election of directors of the Company or any other matters or any rights whatsoever as a stockholder of
the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.45in">11.5<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Remedies</U>. The Holder of the Warrant and/or Warrant Stock, in addition to being entitled to exercise its rights granted
by law, including recovery of damages, shall be entitled to specific performance of its rights provided under this Warrant. The
Company agrees that monetary damages would not be adequate compensation for any loss incurred by reason of a breach by it of the
provisions of this Warrant and hereby agrees, in an action for specific performance, to waive the defense that a remedy at law
would be adequate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.45in">11.6<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Successors and Assigns</U>. This Warrant and the rights evidenced hereby shall inure to the benefit of and be binding
upon the successors of the Company and the permitted successors and assigns of the Holder. The provisions of this Warrant are intended
to be for the benefit of all Holders from time to time of this Warrant and to the extent applicable, all Holders of shares of Warrant
Stock issued upon the exercise hereof (including transferees), and shall be enforceable by any such Holder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.45in">11.7<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Amendment</U>. The prior written consent of the Company and the Required Holders shall be required for any change, waiver
or amendment to this Warrant. Any change, waiver or amendment so approved shall be binding upon all existing and future holders
of this Warrant and any other Fifth Amendment Warrants; <U>provided</U>, <U>however</U>, that no such change, waiver or amendment,
as applied to any of the Fifth Amendment Warrants held by any particular holder of Fifth Amendment Warrants, shall, without the
written consent of that particular holder, (i) disproportionately and materially adversely affect any rights under such particular
holder&rsquo;s Fifth Amendment Warrant (other than as reflected by the different number of shares of Warrant Stock issuable to
such holder); or (ii) modify any of the provisions of, or impair the right of any holder of Fifth Amendment Warrants under, this
Section 11.7. This Warrant cannot be changed, modified, discharged or terminated by oral agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.45in">11.8<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Severability</U>. Wherever possible, each provision of this Warrant shall be interpreted in such manner as to be effective
and valid under applicable law, but if any provision of this Warrant shall be prohibited by or invalid under applicable law, such
provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such provision
or the remaining provisions of this Warrant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.45in">11.9<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Headings</U>. The headings and other captions in this Warrant are for the convenience and reference only and shall not
be used in interpreting, construing or enforcing any provision of this Warrant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.45in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.45in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.45in">11.10<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Governing Law</U>. <B>IN ALL RESPECTS, INCLUDING ALL MATTERS OF CONSTRUCTION, VALIDITY AND PERFORMANCE, THIS WARRANT
SHALL BE GOVERNED BY, AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO CONFLICT
OF LAW PRINCIPLES AND ANY APPLICABLE LAWS OF THE UNITED STATES OF AMERICA.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.45in">11.11<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Jurisdiction</U>. Each of the Company and the Holder hereby irrevocably and unconditionally submits for itself and its
property in any legal action or proceeding relating to this Warrant, or for recognition and enforcement of any judgment in respect
thereof, to the exclusive general jurisdiction of the courts of the Supreme Court of the State of New York sitting in New York
County, the courts of the United States for the Southern District of New York, and appellate courts from any thereof, consents
that any such action or proceeding may be brought in such courts and waives any objection that it may now or hereafter have to
the venue of any such action or proceeding in any such court or that such action or proceeding was brought in an inconvenient court
and agrees not to plead or claim the same, agrees that service of process in any such action or proceeding may be effected by delivery
of notice pursuant to Section 11.2 hereof and agrees that nothing herein shall affect the right to effect service of process in
any other manner permitted by law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.45in">11.12<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Waiver of Jury Trial</U>. <B>EACH OF THE COMPANY AND THE HOLDER WAIVES ANY RIGHT TO TRIAL BY JURY ON ANY CLAIM, DEMAND,
ACTION OR CAUSE OF ACTION (A) ARISING UNDER THIS WARRANT OR (B) IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THIS WARRANT
OR THE TRANSACTIONS RELATED HERETO, IN EACH CASE WHETHER SOUNDING IN CONTRACT OR TORT OR OTHERWISE. EACH OF THE COMPANY AND THE
HOLDER AGREES AND CONSENTS THAT ANY SUCH CLAIM, DEMAND, ACTION OR CAUSE OF ACTION SHALL BE DECIDED BY COURT TRIAL WITHOUT A JURY,
AND THAT ANY PARTY TO THIS AGREEMENT MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS CLAUSE WITH ANY COURT AS WRITTEN EVIDENCE
OF THE CONSENT OF THE COMPANY AND THE HOLDER TO THE WAIVER OF THEIR RIGHT TO TRIAL BY JURY. EACH OF THE COMPANY AND THE HOLDER
ACKNOWLEDGES THAT IT HAS HAD THE OPPORTUNITY TO CONSULT WITH COUNSEL REGARDING THIS SECTION 11.12, THAT IT FULLY UNDERSTANDS ITS
TERMS, CONTENT AND EFFECT, AND THAT IT VOLUNTARILY AND KNOWINGLY AGREES TO THE TERMS OF THIS SECTION 11.12.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.45in">11.13<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Entire Agreement</U>. This Warrant contains the entire agreement with respect to the subject matter hereof and supersedes
and replaces all other prior agreements, written or oral, with respect to the subject matter hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.45in">11.14<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Originals</U>. A signed copy of this Warrant delivered by facsimile, e-mail or other means of electronic transmission
shall be deemed to have the same legal effect as delivery of an original copy of this Warrant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: center">[Execution Page Follows]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: center"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: center">IN WITNESS WHEREOF, the Company has caused
this Warrant to be duly executed as of the Original Issue Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: 0; margin-top: 0pt; margin-bottom: 6pt">&nbsp;</P>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2"><B>CADIZ INC.</B></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; width: 50%">&nbsp;</TD>
    <TD STYLE="width: 4%">By:&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 46%">/s/ Timothy J. Shaheen</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: #000000 1px solid">Name:&#9;Timothy J. Shaheen<BR>Title:&#9;CFO</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: 0pt; margin-top: 0pt; margin-bottom: 6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: 0pt; margin-top: 0pt; margin-bottom: 6pt"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 6pt"><BR>
&#9;ANNEX A TO THE WARRANT</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: center">EXERCISE NOTICE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: center">[To be executed only upon exercise of Warrant]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-indent: 1in">The undersigned registered owner of this
Warrant irrevocably exercises this Warrant for the purchase of ______ shares of Common Stock of Cadiz Inc. and herewith makes payment
therefor in __________, all at the price and on the terms and conditions specified in this Warrant and requests that the shares
of Common Stock hereby purchased (and any securities or other property issuable upon such exercise) be issued in the name of, and
delivered to, as applicable, _________________, whose address is __________________________________ ____________________________________________________________________,
and, if such shares of Common Stock shall not include all of the shares of Common Stock issuable as provided in this Warrant, that
a new Warrant of like tenor and date for the balance of the shares of Common Stock issuable hereunder be delivered to the undersigned.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-indent: 1in"><B>TO DELETE THE FOLLOWING BRACKETED LANGUAGE
IF INAPPLICABLE AT EXERCISE DATE:</B>[The undersigned hereby notifies Cadiz Inc. that a Holder Group would beneficially own a number
of shares of Common Stock in excess of the Beneficial Ownership Limitation set forth in this Warrant upon giving effect to this
Exercise Notice. Pursuant to such limitation, Cadiz Inc. shall give effect to this Exercise Notice in accordance with such limitation
as of [INSERT DATE], the date hereof].</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-indent: 1in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 24pt 0 0 3.5in">_______________________________<BR>
(Name of Registered Owner)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 24pt 0 0 3.5in">_______________________________<BR>
(Signature of Registered Owner)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 24pt 0 0 3.5in">_______________________________<BR>
(Street Address)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 24pt 0 0 3.5in">_______________________________<BR>
(City) (State) (Zip Code)</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 13%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 87%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">NOTICE:</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">The signature on this Exercise Notice must correspond with the name as written upon the face of the within Warrant in every particular, without alteration or enlargement or any change whatsoever.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: center">ANNEX B TO THE WARRANT</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: center">ASSIGNMENT FORM</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-indent: 1in">FOR VALUE RECEIVED the undersigned registered
owner of this Warrant hereby assigns unto the assignee named below all of the rights of the undersigned under this Warrant, with
respect to the number of shares of Common Stock set forth below:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: bottom; width: 64%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid">Name and Address of Assignee</P></TD>
    <TD STYLE="vertical-align: top; width: 6%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 30%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid">No. of Shares of Common Stock</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">and does hereby irrevocably constitute and appoint ________
_____________ attorney-in-fact to register such transfer onto the books of Cadiz Inc. maintained for the purpose, with full power
of substitution in the premises.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Dated:</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Print Name:</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Signature:</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Witness</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">NOTICE:</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">The signature on this assignment must correspond with the name as written upon the face of the within Warrant in every particular, without alteration or enlargement or any change whatsoever.</TD></TR>
<TR>
    <TD STYLE="width: 14%">&nbsp;</TD>
    <TD STYLE="width: 38%">&nbsp;</TD>
    <TD STYLE="width: 48%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>



<P STYLE="margin: 0"></P>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.2
<SEQUENCE>3
<FILENAME>f8k112916ex4ii_cadizinc.htm
<DESCRIPTION>MILFAM II L.P. WARRANT TO PURCHASE COMMON STOCK OF CADIZ INC.
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0; text-align: right"><FONT STYLE="font-size: 10pt"><B>Exhibit 4.2</B></FONT></P>

<P STYLE="margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>WARRANT</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>to
    Purchase Common Stock of</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Cadiz
    Inc.</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">Warrant
    No. A-2</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">Original
    Issue Date:&nbsp;&nbsp;November 29, 2016</FONT></TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"></FONT></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><FONT STYLE="font-size: 10pt"><B>THE SECURITIES REPRESENTED
BY THIS CERTIFICATE MAY NOT BE SOLD OR TRANSFERRED UNLESS (I) A REGISTRATION STATEMENT COVERING SUCH SECURITIES IS EFFECTIVE UNDER
THE SECURITIES ACT OR (II) THE TRANSACTION IS EXEMPT FROM REGISTRATION UNDER THE SECURITIES ACT AND APPLICABLE STATE SECURITIES
LAWS.</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: left"><FONT STYLE="font-size: 10pt; font-weight: normal">Original
Issue Date: November 29, 2016&#9;Warrant No. A-2</FONT></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: center"><FONT STYLE="font-size: 10pt">Warrant</FONT></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: center"><FONT STYLE="font-size: 10pt">to
Purchase 39,409 Shares (Subject to Adjustment) of Common Stock of</FONT></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: center"><FONT STYLE="font-size: 10pt">Cadiz
Inc.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">THIS IS TO
CERTIFY THAT MILFAM II L.P. (&ldquo;<FONT STYLE="font-weight: normal"><U>Investor</U></FONT>&rdquo;), or its registered assigns,
is entitled, at any time prior to the Expiration Date to purchase from Cadiz Inc., a Delaware corporation (the &ldquo;<FONT STYLE="font-weight: normal"><U>Company</U></FONT>&rdquo;),
39,409 shares (subject to adjustment as provided herein) of the common stock, par value $0.01 per share, of the Company at a purchase
price of $0.01 per share (the initial &ldquo;<FONT STYLE="font-weight: normal"><U>Exercise Price,</U></FONT>&rdquo; subject to
adjustment as provided herein).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">This Warrant
was issued in connection with that certain Fifth Amendment to Amended and Restated Credit Agreement (the &ldquo;<U>Fifth Amendment</U>&rdquo;),
dated as of November 29, 2016 (the &ldquo;<U>Fifth Amendment Effective Date</U>&rdquo;), by and among the Company, as a borrower,
Cadiz Real Estate LLC, as a borrower, Investor, as a lender, the other lenders party thereto, and Wells Fargo Bank, National Association,
as agent (the &ldquo;<U>Agent</U>&rdquo;), which amended that certain Amended and Restated Credit Agreement (as amended through
and including the Fifth Amendment Effective Date, and as subsequently amended from time to time, the &ldquo;<U>Credit Agreement</U>&rdquo;)
attached to that certain Amendment Agreement, dated as of October 30, 2013, by and among the Company, Cadiz Real Estate LLC, LC
Capital Master Fund, Ltd., the lenders party thereto, and the Agent, and is subject to the terms thereof.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt"><A NAME="a_Ref466920727"></A>1.</FONT></TD><TD><FONT STYLE="font-size: 10pt">DEFINITIONS</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">As used
in this Warrant, the following terms have the respective meanings set forth below, and to the extent such terms have the respective
meaning set forth in the Credit Agreement, such terms shall have such meaning as set forth in the Credit Agreement, <U>provided</U>,
<U>however</U>, that if such Credit Agreement is expired, terminated or otherwise discharged, such terms shall have the meaning
set forth in the Credit Agreement immediately prior to such expiration, termination or discharge:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<FONT STYLE="font-weight: normal"><U>10-Day
VWAP</U></FONT>&rdquo; shall have the meaning ascribed to such term in the Credit Agreement.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<FONT STYLE="font-weight: normal"><U>Affiliate</U></FONT>&rdquo;
of, or a Person &ldquo;<FONT STYLE="font-weight: normal"><U>Affiliated</U></FONT>&rdquo; with, a specified Person means any other
Person directly or indirectly controlling, controlled by, or under common control with, that Person. For the purposes of this
definition, &ldquo;control&rdquo; (including, with correlative meanings, the terms &ldquo;controlling,&rdquo; &ldquo;controlled
by&rdquo; and &ldquo;under common control with&rdquo;), as applied to any Person, means the possession, directly or indirectly,
of the power (i) to vote 5% or more of the securities having ordinary voting power for the election of directors of such Person,
or (ii) to direct or cause the direction of the management and policies of that Person, whether through the ownership of voting
securities or by contract or otherwise.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"></FONT></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<U>Agent</U>&rdquo;
shall have the meaning set forth in the preamble to this Warrant.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<U>Aggregation
Date</U>&rdquo; shall have the meaning set forth in Section 5.2 hereof.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<FONT STYLE="font-weight: normal"><U>Applicable
Rate</U></FONT>&rdquo; shall have the meaning ascribed to such term in the Credit Agreement.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<FONT STYLE="font-weight: normal"><U>Appraisal
Procedure</U></FONT>&rdquo; means the following procedure to determine the fair market value, as to any security, for purposes
of the definition of &ldquo;<FONT STYLE="font-weight: normal"><U>Fair Market Value</U></FONT>&rdquo; or the fair market value,
as to any other property (in either case, the &ldquo;<FONT STYLE="font-weight: normal"><U>Valuation Amount</U></FONT>&rdquo;).
The Valuation Amount shall be determined in good faith jointly by the Company and the Holder; <U>provided</U>, <U>however</U>,
that if such parties are not able to agree on the Valuation Amount within a reasonable period of time (not to exceed twenty (20)
Business Days), the Valuation Amount shall be determined by the mutual agreement of two (2) independent appraisers, one appointed
by the Company and one appointed by the Holder, with each appointed within ten (10) days of the Appraisal Procedure having been
first invoked by the Holder. The Company and the Holder shall submit their respective valuations and other relevant data to the
appraisers, and the appraisers shall, within twenty (20) days of the later of the two appraisers&rsquo; appointment dates, mutually
agree to a determination of the Valuation Amount. If such appraisers cannot mutually agree on the Valuation Amount by such date,
a third independent appraiser shall be chosen within 10 days of such date by the mutual consent of the first two appraisers. Such
third appraiser shall make a determination of the Valuation Amount within twenty (20) days of its appointment. If three (3) appraisers
shall have been appointed and made determinations of the Valuation Amount, then the average of the three (3) Valuation Amounts
shall be final and binding on the Company and the Holder as the final Valuation Amount, <U>provided</U>, <U>however</U>, that
if the determination of one appraiser differs by an amount equal to more than twice that of the middle of the three appraisers&rsquo;
Valuation Amounts (the &ldquo;<U>Outlier Appraiser</U>&rdquo;), then the determination of the Outlier Appraiser shall be excluded
from determining the final Valuation Amount and the remaining two appraisers&rsquo; determinations of the Valuation Amount shall
be averaged and such average shall be final and binding upon the Company and the Holder as the final Valuation Amount. The Company
shall pay all of the fees and expenses incurred in conducting the Appraisal Procedure.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<U>beneficial
owner</U>&rdquo; and &ldquo;<U>beneficially own</U>&rdquo; shall have the meaning set forth under Section 13(d) of the Exchange
Act.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<U>Beneficial
Ownership Limitation</U>&rdquo; has the meaning set forth in Section 5.1 hereof.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<FONT STYLE="font-weight: normal"><U>Business
Day</U></FONT>&rdquo; shall have the meaning ascribed to such term in the Credit Agreement.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<U>Closing
Share and Warrant Issuance Agreement</U>&rdquo; means that certain Closing Share and Warrant Issuance Agreement by and between
the Company and the Investor, dated November 29, 2016.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<FONT STYLE="font-weight: normal"><U>Commission</U></FONT>&rdquo;
means the Securities and Exchange Commission or any other federal agency then administering the Securities Act and other federal
securities laws.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"></FONT></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<FONT STYLE="font-weight: normal"><U>Common
Stock</U></FONT>&rdquo; means the common stock, par value $0.01 per share, of the Company as constituted on the Original Issue
Date, and any capital stock into which such Common Stock may thereafter be changed, and shall also include (i) capital stock of
the Company of any other class (regardless of how denominated) issued to the holders of shares of any Common Stock upon any reclassification
thereof which is also not preferred as to dividends or liquidation over any other class of stock of the Company and which is not
subject to redemption and (ii) shares of common stock of any successor or acquiring corporation received by or distributed to
the holders of Common Stock of the Company in the circumstances contemplated by Section 4.6 hereof.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<FONT STYLE="font-weight: normal"><U>Company</U></FONT>&rdquo;
shall have the meaning set forth in the preamble to this Warrant.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<FONT STYLE="font-weight: normal"><U>Credit
Agreement</U></FONT>&rdquo; shall have the meaning set forth in the preamble to this Warrant.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<FONT STYLE="font-weight: normal"><U>Delivery
Notice</U></FONT>&rdquo; shall have the meaning set forth in Section 5.1(c) hereof.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<FONT STYLE="font-weight: normal"><U>Designated
Office</U></FONT>&rdquo; shall have the meaning set forth in Section 9 hereof.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<U>Dilution
Adjustment</U>&rdquo; shall have the meaning set forth in Section 10.1(a) hereof.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<FONT STYLE="font-weight: normal"><U>Dilution
Price</U></FONT>&rdquo; shall mean, with respect to each share of Common Stock, $9.05, subject to adjustments described in Sections
4.4, 4.5 and 4.6 hereof.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<U>DOJ</U>&rdquo;
shall have the meaning set forth in Section 6.4 hereof.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<U>DTC</U>&rdquo;
shall have the meaning set forth in Section 2.1(b) hereof.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<U>DWAC</U>&rdquo;
shall have the meaning set forth in Section 2.1(b) hereof.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<FONT STYLE="font-weight: normal"><U>Exchange
Act</U></FONT>&rdquo; means the Securities Exchange Act of 1934, as amended, and the rules and regulations of the Commission promulgated
thereunder, all as the same shall be in effect at the time.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<FONT STYLE="font-weight: normal"><U>Exercise
Date</U></FONT>&rdquo; shall have the meaning set forth in Section 2.1(a) hereof.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<FONT STYLE="font-weight: normal"><U>Exercise
Notice</U></FONT>&rdquo; shall have the meaning set forth in Section 2.1(a) hereof.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<FONT STYLE="font-weight: normal"><U>Exercise
Price</U></FONT>&rdquo; means, in respect of a share of Warrant Stock at any date herein specified, the initial Exercise Price
set forth in the preamble of this Warrant, as adjusted from time to time pursuant to Article 4 hereof.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<FONT STYLE="font-weight: normal"><U>Expiration
Date</U></FONT>&rdquo; means (i) the fifth anniversary of the Original Issue Date, to be extended to allow for delayed exercise
and delivery of any Warrant Stock in accordance with Section 5.1(c) hereof, or (ii) if, at the Initial Exercise Date and pursuant
to Section 2.1(a) hereof, the Warrant does not become exercisable because no principal or interest amounts are outstanding under
the Credit Agreement, the Initial Exercise Date.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<U>Expiration
Warrant Stock</U>&rdquo; shall have the meaning set forth in Section 5.1(c) hereof.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"></FONT></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<FONT STYLE="font-weight: normal"><U>Fair
Market Value</U></FONT>&rdquo; means (i) as to any Common Stock listed or quoted on a Trading Market, the 10-Day VWAP determined
in respect of such primary Trading Market and (ii) as to any Common Stock not listed or quoted on a Trading Market or any other
security, (A) the Ten Day Average of the average closing prices of such security&rsquo;s sales on all domestic securities exchanges
on which such security may at the time be listed, or (B) if there have been no sales on any such exchange such that the foregoing
Ten Day Average cannot be calculated, the average of the highest bid and lowest asked prices on all such exchanges at the end
of the Business Day immediately prior to the date that Fair Market Value is determined as of, or (C) if on any day such security
is not listed any domestic securities exchange such that neither the foregoing Ten Day Average nor the foregoing bid-and-asked
price average can be calculated, the average of the highest bid and lowest asked prices at the end of the Business Day immediately
prior to the date that Fair Market Value is determined as of in the domestic over-the-counter market as reported by the National
Association of Securities Dealers Automated Quotation System or similar organization (and in each such case excluding any trades
that are not bona fide, arm&rsquo;s length transactions). If neither the foregoing clause (i) nor clause (ii) is applicable, then
(i) the &ldquo;Fair Market Value&rdquo; of such security as of an applicable determination date shall be as determined in good
faith by the Board of Directors of the Company, <U>provided</U>, <U>however</U>, that if shares of such security have been sold
in arms-length transactions by the Company within the 90-day period prior to the determination of the Fair Market Value, the Fair
Market Value determined pursuant to this sentence shall not be less than the highest price paid for such shares during such period,
and (ii) with respect to property other than securities, the &ldquo;Fair Market Value&rdquo; of such other property on the applicable
determination date shall be as determined in good faith by the Board of Directors of the Company.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<FONT STYLE="font-weight: normal"><U>Fifth
Amendment</U></FONT>&rdquo; shall have the meaning set forth in the preamble to this Warrant.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<U>Fifth
<FONT STYLE="font-weight: normal">Amendment Effective Date</FONT></U>&rdquo; shall have the meaning set forth in the preamble
to this Warrant.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<FONT STYLE="font-weight: normal"><U>Fifth
Amendment Warrants</U></FONT>&rdquo; means the Warrant together with all other warrants issued pursuant to the Fifth Amendment.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<U>FTC</U>&rdquo;
shall have the meaning set forth in Section 6.4 hereof.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<FONT STYLE="font-weight: normal"><U>Governmental
Authority</U></FONT>&rdquo; shall have the meaning set forth in the Credit Agreement.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<FONT STYLE="font-weight: normal"><U>Holder</U></FONT>&rdquo;
means with respect to any Warrant or share of Warrant Stock, the Person in whose name the Warrant or Warrant Stock is registered
on the books of the Company maintained for such purpose.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<U>Holder
Group</U>&rdquo; shall have the meaning set forth in Section 5.1(d) hereof.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<U>HSR
Act</U>&rdquo; shall have the meaning set forth in Section 6.4 hereof.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<FONT STYLE="font-weight: normal"><U>Initial
Exercise Date</U></FONT>&rdquo; shall have the meaning set forth in Section 2.1(a) hereof.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<U>Interest
Share Issuance</U>&rdquo; shall have the meaning set forth in the Credit Agreement.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"></FONT></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<FONT STYLE="font-weight: normal"><U>Investor</U></FONT>&rdquo;
shall have the meaning set forth in the preamble to this Warrant.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<FONT STYLE="font-weight: normal"><U>Lien</U></FONT>&rdquo;
means (i) any lien, mortgage, pledge, assignment, security interest, charge or encumbrance of any kind (including any agreement
to give any of the foregoing, any conditional sale or other title retention agreement, and any lease in the nature thereof) and
any option, trust or other preferential arrangement having the practical effect of any of the foregoing, and (ii) in the case
of securities, any purchase option, call or similar right of a third party with respect to such securities.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<U>Maximum
Percentage</U>&rdquo; shall have the meaning set forth in Section 5.1 hereof.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<FONT STYLE="font-weight: normal"><U>Original
Issue Date</U></FONT>&rdquo; means November 29, 2016, the date on which the Original Warrant was issued by the Company pursuant
to the Closing Share and Warrant Issuance Agreement and the Fifth Amendment.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<FONT STYLE="font-weight: normal"><U>Original
Warrant</U></FONT>&rdquo; means the Warrant as originally issued by the Company pursuant to the Closing Share and Warrant Issuance
Agreement and the Fifth Amendment.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<U>Outlier
Appraiser</U>&rdquo; shall have the meaning set forth in Article 1 hereof.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<FONT STYLE="font-weight: normal"><U>Outstanding</U></FONT>&rdquo;
means, subject to Section 5.1(d) hereof, when used with reference to Common Stock, at any date as of which the number of shares
thereof is to be determined, all issued and actually outstanding shares of Common Stock, except shares then owned or held by or
for the account of the Company or any Subsidiary, and shall include all shares issuable in respect of outstanding scrip or any
certificates representing fractional interests in shares of Common Stock.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<FONT STYLE="font-weight: normal"><U>Person</U></FONT>&rdquo;
means and includes natural persons, corporations, limited partnerships, general partnerships, limited liability companies, limited
liability partnerships, joint stock companies, joint ventures, associations, companies, trusts, banks, trust companies, land trusts,
business trusts or other organizations, whether or not legal entities, and Governmental Authority.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<U>Reference
Price</U>&rdquo; shall have the meaning set forth in Section 4.1 hereof.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<U>Related
Issuances</U>&rdquo; shall have the meaning set forth in Section 5.2 hereof.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<U>Required
Holders</U>&rdquo; means holders of outstanding Fifth Amendment Warrants representing more than 50% of the Warrant Stock issuable
upon exercise of such outstanding Fifth Amendment Warrants.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<FONT STYLE="font-weight: normal"><U>Securities
Act</U></FONT>&rdquo; means the Securities Act of 1933, as amended, and the rules and regulations of the Commission promulgated
thereunder, all as the same shall be in effect at the time.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<U>Stockholder
Approval</U>&rdquo; means the approval by the stockholders of the Company for purposes of terminating the issuance cap in respect
of shares of Common Stock set forth in Section 5.2 hereof.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"></FONT></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<FONT STYLE="font-weight: normal"><U>Subsidiary</U></FONT>&rdquo;
means any corporation, association, trust, limited liability company, partnership, joint venture or other business association
or entity (i) at least 50% of the Outstanding voting securities of which are at the time owned or controlled, directly or indirectly,
by the Company; or (ii) with respect to which the Company possesses, directly or indirectly, the power to direct or cause the
direction of the affairs or management of such Person.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<FONT STYLE="font-weight: normal"><U>Ten
Day Average</U></FONT>&rdquo; means, with respect to any prices and in connection with the calculation of Fair Market Value, the
average of such prices over the ten Business Days ending on the Business Day immediately prior to the day as of which &ldquo;Fair
Market Value&rdquo; is being determined.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<U>Trading
Day</U>&rdquo; means any day that the primary Trading Market on which the Common Stock is listed or quoted is open for trading.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<U>Trading
Market</U>&rdquo; means any of the following markets or exchanges on which the Common Stock is listed or quoted for trading on
the date in question: the NYSE MKT, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market, the
New York Stock Exchange, OTCQB or OTCQX (or any successors to any of the foregoing).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<U>Transfer
Agent</U>&rdquo; shall have the meaning set forth in Section 2.1(b) hereof.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<U>Valuation
Amount</U>&rdquo; shall have the meaning set forth in Article 1 hereof.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<FONT STYLE="font-weight: normal"><U>Warrant
Price</U></FONT>&rdquo; means an amount equal to (i) the number of shares of Warrant Stock being purchased upon exercise of this
Warrant pursuant to Section 2.1 hereof, multiplied by (ii) the Exercise Price.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<FONT STYLE="font-weight: normal"><U>Warrant</U></FONT>&rdquo;
means the Original Warrant and all warrants issued upon transfer, division or combination of, or in substitution for, the Original
Warrant, or any other like warrant subsequently issued to the Holder. All such foregoing warrants shall at all times be identical
as to terms and conditions, except as to the number of shares of Warrant Stock for which they may be exercised and their date
of issuance.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<FONT STYLE="font-weight: normal"><U>Warrant
Stock</U></FONT>&rdquo; means the shares of Common Stock issued, issuable or both (as the context may require) upon the exercise
of the Warrant.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt"><A NAME="a_Ref466966651"></A>2.</FONT></TD><TD><FONT STYLE="font-size: 10pt">EXERCISE
                                         OF WARRANT</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.45in"><FONT STYLE="font-size: 10pt"><A NAME="a_Ref464635942"></A>2.1<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Manner of Exercise</U>.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.55in"><FONT STYLE="font-size: 10pt"><A NAME="a_Ref467502192"></A><A NAME="a_Ref464635563"></A>(a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>If any principal or interest amounts are outstanding under the Credit Agreement on the date that is the one hundred and
eightieth (180th) day following the Fifth Amendment Effective Date (the foregoing 180th day, the &ldquo;<FONT STYLE="font-weight: normal"><U>Initial
Exercise Date</U></FONT>&rdquo;), then from the Initial Exercise Date and at any time before 4:00 P.M., Eastern Standard Time,
on the Expiration Date, the Holder of this Warrant may from time to time exercise this Warrant, on any Business Day, for all or
any part of the number of shares of Warrant Stock (subject to adjustment as provided herein) purchasable hereunder. In order to
exercise this Warrant, in whole or in part, the Holder shall (i) deliver to the Company at its Designated Office a written notice
of the Holder&rsquo;s election to exercise this Warrant (an &ldquo;<FONT STYLE="font-weight: normal"><U>Exercise Notice</U></FONT>&rdquo;)
substantially in the form attached to this Warrant as <U>Annex A</U>, which Exercise Notice shall be irrevocable and specify the
number of shares of Warrant Stock to be purchased, together with this Warrant and (ii) pay to the Company the Warrant Price. The
date on which such delivery and payment shall have taken place being hereinafter referred to as the &ldquo;<FONT STYLE="font-weight: normal"><U>Exercise
Date</U></FONT>.&rdquo; If at the Expiration Date, this Warrant remains exercisable for any Warrant Stock, the Holder shall be
deemed to have delivered an Exercise Notice for such remaining Warrant Stock as of the Expiration Date and payment for such Warrant
Stock shall be deemed to be made by the Holder pursuant to Section 2.1(c)(i) hereof, unless the Holder notifies the Company otherwise
prior to the Expiration Date in respect of such delivery and payment. For the avoidance of doubt, once this Warrant shall become
exercisable in accordance with this Section 2.1, any subsequent payment of all remaining principal and interest outstanding under
the Credit Agreement shall not affect the ability of the Holder to exercise this Warrant.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.55in"><FONT STYLE="font-size: 10pt"></FONT></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.55in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.55in"><FONT STYLE="font-size: 10pt"><A NAME="a_Ref464643755"></A><A NAME="a_Ref465030654"></A>(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Subject to Article 5 hereof, upon receipt by the Company of such Exercise Notice, surrender of this Warrant and payment
of the Warrant Price (in accordance with Section 2.1(c) hereof), the Company shall cause its Transfer Agent to deliver the applicable
shares of Warrant Stock, and the Company shall deliver or cause to be delivered cash in lieu of any fraction of a share, to the
Holder and register such issued shares of Warrant Stock on the books of the Company as instructed by the Holder in the Exercise
Notice. The issued shares of Warrant Stock will be delivered by crediting the account of the Holder&rsquo;s prime broker (as specified
by the Holder to the Company) with the Depository Trust Company (&ldquo;<FONT STYLE="font-weight: normal"><U>DTC</U></FONT>&rdquo;)
through its Deposit/Withdrawal At Custodian (&ldquo;<FONT STYLE="font-weight: normal"><U>DWAC</U></FONT>&rdquo;) system, whereby
the Holder&rsquo;s prime broker shall initiate a DWAC transaction no later than 4:00 p.m. Eastern Standard Time on the third Trading
Day following the Exercise Date using its DTC participant identification number, and released by Continental Stock Transfer &amp;
Trust Company, the Company&rsquo;s transfer agent (the &ldquo;<FONT STYLE="font-weight: normal"><U>Transfer Agent</U></FONT>&rdquo;),
at the Company&rsquo;s direction. The Holder shall direct the broker-dealer at which the account or accounts to be credited with
the issued shares of Warrant Stock are maintained, which broker/dealer shall be a DTC participant, to initiate a transaction through
the DWAC system, instructing the Transfer Agent to credit such account or accounts with such shares of Warrant Stock. Such DWAC
instruction shall indicate the settlement date for the deposit of such shares of Warrant Stock, which shall be the Exercise Date.
The Company shall direct the Transfer Agent to credit the Holder&rsquo;s account or accounts with such shares of Warrant Stock
pursuant to the information contained in the DWAC instruction. This Warrant shall be deemed to have been exercised and such shares
of Warrant Stock shall be deemed to have been issued, and the Holder or any other Person so designated to be named therein shall
be deemed to have become a holder of record of such shares of Warrant Stock for all purposes, as of the Exercise Date.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.55in"><FONT STYLE="font-size: 10pt"><A NAME="a_Ref464636126"></A>(c)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Subject to Article 5 hereof, payment of the Warrant Price shall be made at the option of the Holder by one or more of the
following methods: (i) by delivery of a certified or official bank check or by wire transfer of immediately available funds in
the amount of such Warrant Price payable to the order of the Company, (ii) by instructing the Company to withhold a number of
shares of Warrant Stock then issuable upon exercise of this Warrant with an aggregate Fair Market Value equal to such Warrant
Price, (iii) by surrendering to the Company shares of Common Stock previously acquired by the Holder with an aggregate Fair Market
Value equal to such Warrant Price, or (iv) any combination of the foregoing. In the event of any withholding of Warrant Stock
or surrender of Common Stock pursuant to clause (ii), (iii) or (iv) of this Section 2.1(c) where the number of shares whose Fair
Market Value is equal to the Warrant Price is not a whole number, the number of shares withheld by or surrendered to the Company
shall be rounded up to the nearest whole share and the Company shall make a cash payment to the Holder based on the incremental
fraction of a share being so withheld by or surrendered to the Company in an amount determined in accordance with Section 2.3
hereof. The Holder will receive fully paid and nonassessable shares of Warrant Stock upon any exercise of this Warrant.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.55in"><FONT STYLE="font-size: 10pt"></FONT></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.55in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-indent: 0.55in"><FONT STYLE="font-size: 10pt"><A NAME="a_Ref464635837"></A>(d)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>If this Warrant shall have been exercised in part, the Company shall, at the time of delivery of the shares of Warrant
Stock being issued in accordance with Section 2.1(c) hereof, deliver to the Holder a new Warrant evidencing the rights of the
Holder to purchase the unpurchased shares of Warrant Stock called for by this Warrant. Such new Warrant shall in all other respects
be identical to this Warrant.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-indent: 0.55in"><FONT STYLE="font-size: 10pt">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Subject to Section 2.1(d) hereof, the Warrant delivered for exercise, and properly exercised by the Holder, in accordance
with Sections 2.1(a)-(c) and Article 5 hereof shall be canceled by the Company.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.45in"><FONT STYLE="font-size: 10pt"><A NAME="a_Ref464641401"></A>2.2<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Payment of Taxes</U>. All shares of Warrant Stock issuable upon the exercise of this Warrant pursuant to the terms hereof
shall be validly issued, fully paid and nonassessable, issued without violation of any preemptive or similar rights of any stockholder
of the Company and free and clear of all Liens. The Company shall pay all expenses in connection with, and all taxes and other
governmental charges that may be imposed with respect to, the issue or delivery thereof.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.45in"><FONT STYLE="font-size: 10pt"><A NAME="a_Ref464635736"></A>2.3<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Fractional Shares</U>. The Company shall not be required to issue a fractional share of Warrant Stock upon exercise
of the Warrant. As to any fraction of a share that the Holder of the Warrant, the rights under which are exercised in the same
transaction, would otherwise be entitled to purchase upon such exercise, the Company shall pay to such Holder an amount in cash
equal to such fraction multiplied by the Fair Market Value of one share of Common Stock on the Exercise Date.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">3.</FONT></TD><TD><FONT STYLE="font-size: 10pt">TRANSFER, DIVISION AND COMBINATION</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.45in"><FONT STYLE="font-size: 10pt"><A NAME="a_Ref464641903"></A>3.1<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Transfer</U>. Upon compliance with the provisions of this Section 3.1, each transfer of this Warrant and all rights
hereunder, in whole or in part, shall be registered on the books of the Company to be maintained for such purpose, upon surrender
of this Warrant at the Designated Office and compliance with the terms hereof, together with a written assignment of this Warrant
in the form of <U>Annex B</U> attached hereto duly executed by the Holder or its agent or attorney and funds sufficient to pay
any transfer taxes described in Section 2.2 hereof in connection with the making of such transfer. Upon such compliance, surrender
and delivery and, if required, such payment, the Company shall execute and deliver a new Warrant in the name of the assignee or
assignees and in the denominations specified in such instrument of assignment, and shall issue to the assignor a new Warrant evidencing
the portion of this Warrant not so assigned and this Warrant shall promptly be cancelled.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.45in"><FONT STYLE="font-size: 10pt"><A NAME="a_Ref464682793"></A>3.2<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Mutilation or Loss</U>. Upon receipt by the Company from any Holder of evidence reasonably satisfactory to it of the
loss, theft, destruction or mutilation of this Warrant and an indemnity reasonably satisfactory to it (it being understood that
the written indemnification agreement of or affidavit of loss of the Holder shall be a sufficient indemnity) and, in case of mutilation,
upon surrender and cancellation hereof, the Company will execute and deliver in lieu hereof a new Warrant of like tenor to such
Holder; <U>provided</U>, <U>however</U>, that, in the case of mutilation, no indemnity shall be required if this Warrant in identifiable
form is surrendered to the Company for cancellation.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.45in"><FONT STYLE="font-size: 10pt"></FONT></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.45in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.45in"><FONT STYLE="font-size: 10pt">3.3<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Division and Combination</U>. Subject to compliance with the applicable provisions of this Warrant, this Warrant may
be divided or, following such division, combined with other Warrants upon presentation hereof at the Designated Office, together
with a written notice specifying the names and denominations in which new Warrants are to be issued, signed by the Holder or its
agent or attorney. Subject to compliance with the applicable provisions of this Warrant as to any transfer which may be involved
in such division or combination, the Company shall execute and deliver a new Warrant or Warrants in exchange for the Warrant or
Warrants to be divided or combined in accordance with such notice.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.45in"><FONT STYLE="font-size: 10pt">3.4<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Expenses</U>. The Company shall prepare, issue and deliver at its own expense any new Warrant or Warrants required to
be issued hereunder.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.45in"><FONT STYLE="font-size: 10pt">3.5<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Maintenance of Books</U>. The Company agrees to maintain, at the Designated Office, books for the registration and transfer
of the Warrants.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.45in"><FONT STYLE="font-size: 10pt">3.6<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Registration of Warrant Stock</U>. Notwithstanding any termination, amendment, modification or supplement of the Credit
Agreement subsequent to the date hereof or, following the Initial Exercise Date, any subsequent payment of all remaining principal
and interest outstanding under the Credit Agreement, Section 2.4(h) of the Credit Agreement is hereby incorporated by reference
herein as if fully set forth herein as of the date hereof and shall apply <I>mutatis mutandis</I> to this Warrant and the Warrant
Stock.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt"><A NAME="a_Ref464639324"></A>4.</FONT></TD><TD><FONT STYLE="font-size: 10pt">ANTIDILUTION
                                         PROVISIONS</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The number
of shares of Warrant Stock for which this Warrant is exercisable and the Exercise Price shall be subject to adjustment from time
to time as set forth in this Article 4.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.45in"><FONT STYLE="font-size: 10pt"><A NAME="a_Ref464635404"></A>4.1<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Upon Issuance of Common Stock</U>. If the Company shall, at any time or from time to time after the Original Issue Date,
issue any shares of Common Stock, options to purchase or rights to subscribe for Common Stock, securities by their terms convertible
into or exchangeable for Common Stock, or options to purchase or rights to subscribe for such convertible or exchangeable securities
without consideration or for consideration per share less than the greater of (x) the Dilution Price in effect immediately prior
to the issuance of such Common Stock or securities and (y) the Fair Market Value per share of the Common Stock immediately prior
to such issuance (the greater of (x) and (y), the &ldquo;<U>Reference Price</U>&rdquo;), then such Exercise Price shall forthwith
be lowered to a price equal to the price obtained by multiplying:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 12pt 0.7in; text-indent: 0.3in"><FONT STYLE="font-size: 10pt">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the Exercise Price in effect immediately prior to the issuance of such Common Stock, options, rights or securities by</FONT></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 12pt 0.7in; text-indent: 0.3in"><FONT STYLE="font-size: 10pt">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>a fraction of which (x) the numerator shall be the sum of (i) the number of shares of Common Stock Outstanding immediately
prior to such issuance and (ii) the number of additional shares of Common Stock which the aggregate consideration for the number
of shares of Common Stock so offered would purchase at the Reference Price and (y) the denominator shall be the number of shares
of Common Stock Outstanding immediately after such issuance.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.45in"><FONT STYLE="font-size: 10pt"><A NAME="a_Ref464635407"></A>4.2<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Upon Acquisition of Common Stock</U>. If the Company or any Subsidiary shall, at any time or from time to time after
the Original Issue Date, directly or indirectly, redeem, purchase or otherwise acquire any shares of Common Stock, options to
purchase or rights to subscribe for Common Stock, securities by their terms convertible into or exchangeable for Common Stock,
or options to purchase or rights to subscribe for such convertible or exchangeable securities, for a consideration per share (plus,
in the case of such options, rights, or securities, the additional consideration required to be paid to the Company upon exercise,
conversion or exchange) greater than the Fair Market Value per share of Common Stock immediately prior to the earlier of (x) the
announcement of such event or (y) such event, then the Exercise Price shall forthwith be lowered to a price equal to the price
obtained by multiplying:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 12pt 0.7in; text-indent: 0.3in"><FONT STYLE="font-size: 10pt">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the Exercise Price in effect immediately prior to such event by</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 12pt 0.7in; text-indent: 0.3in"><FONT STYLE="font-size: 10pt">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>a fraction:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(A)</FONT></TD><TD><FONT STYLE="font-size: 10pt">the numerator of which is (1)
                                         the product of (a) the number of shares of Common Stock Outstanding and (b) the Fair
                                         Market Value per share of Common Stock, in each case immediately prior to such event,
                                         minus (2) the aggregate consideration paid by the Company in such event (plus, in the
                                         case of such options, rights, or convertible or exchangeable securities, the aggregate
                                         additional consideration required to be paid to the Company upon exercise, conversion
                                         or exchange), and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(B)</FONT></TD><TD><FONT STYLE="font-size: 10pt">the denominator of which is the
                                         product (1) the number of shares of Common Stock Outstanding immediately after such event
                                         and (2) the Fair Market Value per share of Common Stock immediately prior to such event.</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.45in"><FONT STYLE="font-size: 10pt"><A NAME="a_Ref467664110"></A>4.3<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Provisions Applicable to Adjustments</U>. For the purposes of any adjustment of the Exercise Price pursuant to Section
4.1 or 4.2 hereof, the following provisions shall be applicable:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 12pt 0.7in; text-indent: 0.3in"><FONT STYLE="font-size: 10pt">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>In the case of the issuance of Common Stock, options to purchase or rights to subscribe for Common Stock, securities by
their terms convertible into or exchangeable for Common Stock, or options to purchase or rights to subscribe for such convertible
or exchangeable securities for a consideration in whole or in part other than cash, the consideration other than cash shall be
deemed to be the Fair Market Value of the non-cash consideration.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 12pt 0.7in; text-indent: 0.3in"><FONT STYLE="font-size: 10pt">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>In the case of the issuance of options to purchase or rights to subscribe for Common Stock, securities by their terms convertible
into or exchangeable for Common Stock, or options to purchase or rights to subscribe for such convertible or exchangeable securities:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 12pt 0.7in; text-indent: 0.3in"><FONT STYLE="font-size: 10pt"></FONT></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 12pt 0.7in; text-indent: 0.3in"><FONT STYLE="font-size: 10pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(A)</FONT></TD><TD><FONT STYLE="font-size: 10pt">the aggregate maximum number
                                         of shares of Common Stock that potentially may be deliverable upon exercise of such options
                                         to purchase or rights to subscribe for Common Stock at any time during the term thereof
                                         shall be deemed to have been issued at the time such options or rights were issued and
                                         for a consideration equal to the consideration (determined in the manner provided in
                                         subparagraph (i) above), if any, received by the Company upon the issuance of such options
                                         or rights plus the minimum purchase price provided in such options or rights for the
                                         Common Stock covered thereby;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(B)</FONT></TD><TD><FONT STYLE="font-size: 10pt">the aggregate maximum number
                                         of shares of Common Stock that potentially may be deliverable upon conversion of or in
                                         exchange for any such convertible or exchangeable securities or upon the exercise of
                                         options to purchase or rights to subscribe for such convertible or exchangeable securities
                                         and subsequent conversion or exchange thereof at any time during the term thereof shall
                                         be deemed to have been issued at the time such securities, options, or rights were issued
                                         and for a consideration equal to the consideration received by the Company for any such
                                         securities and related options or rights (excluding any cash received on account of accrued
                                         interest or accrued dividends), plus the additional consideration, if any, to be received
                                         by the Company upon the conversion or exchange of such securities or the exercise of
                                         any related options or rights (the consideration in each case to be determined in the
                                         manner provided in paragraph (i) above);</FONT></TD></TR></TABLE>

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<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(C)</FONT></TD><TD><FONT STYLE="font-size: 10pt">on any increase in the number
                                         of shares or decrease in the effective exercise or conversion price of Common Stock deliverable
                                         upon exercise of any such options, rights or securities or conversions of or exchanges
                                         of such securities, including any change resulting from the anti-dilution provisions
                                         thereof, the Exercise Price shall forthwith be readjusted to such Exercise Price as would
                                         have been obtained had the adjustment made upon the issuance of such options, rights
                                         or securities not converted prior to such change or options or rights related to such
                                         securities not converted prior to such change been made upon the basis of such change;
                                         and</FONT></TD></TR></TABLE>

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<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(D)</FONT></TD><TD><FONT STYLE="font-size: 10pt">no further adjustment of the
                                         Exercise Price adjusted upon the issuance of any such options, rights, convertible securities
                                         or exchangeable securities shall be made as a result of the actual issuance of Common
                                         Stock on the exercise of any such rights or options or any conversion or exchange of
                                         any such securities.</FONT></TD></TR></TABLE>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.45in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.45in"><FONT STYLE="font-size: 10pt">4.4<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Upon Stock Dividends, Subdivisions or Splits</U>. If, at any time after the Original Issue Date, the number of shares
of Common Stock Outstanding is increased by a stock dividend payable in shares of Common Stock or by a subdivision or split-up
of shares of Common Stock, then, following the record date for the determination of holders of Common Stock entitled to receive
such stock dividend, or to be affected by such subdivision or split-up, the Exercise Price and the Dilution Price shall each be
appropriately decreased by multiplying each price by a fraction, the numerator of which is the number of shares of Common Stock
Outstanding immediately prior to such increase and the denominator of which is the number of shares of Common Stock Outstanding
immediately after such increase in Outstanding shares.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.45in"><FONT STYLE="font-size: 10pt"><A NAME="a_Ref464635551"></A>4.5<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Upon Combinations or Reverse Stock Splits</U>. If, at any time after the Original Issue Date, the number of shares of
Common Stock Outstanding is decreased by a combination or reverse stock split of the Outstanding shares of Common Stock into a
smaller number of shares of Common Stock, then, following the record date to determine shares affected by such combination or
reverse stock split, the Exercise Price and the Dilution Price shall each be appropriately increased by multiplying each price
by a fraction, the numerator of which is the number of shares of Common Stock Outstanding immediately prior to such decrease and
the denominator of which is the number of shares of Common Stock Outstanding immediately after such decrease in Outstanding shares.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.45in"><FONT STYLE="font-size: 10pt"><A NAME="a_Ref466966634"></A><A NAME="a_Ref464635348"></A>4.6<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Upon Reclassifications, Reorganizations, Consolidations, Mergers or Dispositions of Assets</U>. In the event of any
capital reorganization of the Company, any reclassification of the capital stock of the Company (other than a change in par value
or from par value to no par value or from no par value to par value or as a result of a stock dividend or subdivision, stock-split,
reverse stock-split or combination of shares), any consolidation or merger of the Company with or into another Person (where the
Company is not the surviving Person or where there is a change in or distribution with respect to the Common Stock) or sale, transfer
or other disposition of all or substantially all of the Company&rsquo;s property, assets or business to another Person, each Warrant
shall after such reorganization, reclassification, consolidation, merger or disposition of assets be exercisable for the kind
and number of shares of stock or other securities or property of the Company or of the successor Person (if other than the Company)
resulting from such reorganization, reclassification, consolidation, merger or disposition of assets, if any, to which the holder
of the number of shares of Common Stock deliverable (immediately prior to the time of such reorganization, reclassification, consolidation,
merger or disposition of assets) upon exercise of such Warrant would have been entitled upon such reorganization, reclassification,
consolidation, merger or disposition of assets (without taking into account any limitations or restrictions on the exercisability
of this Warrant); and, in such case, appropriate adjustment (in form and substance satisfactory to the Holder) shall be made with
respect to the Holder&rsquo;s rights under this Warrant to insure that the provisions of Article 4 hereof shall thereafter be
applicable, as nearly as possible, to this Warrant in relation to any shares of stock, securities or assets thereafter acquirable
upon exercise of this Warrant (and, for the avoidance of doubt, such adjustments shall include any appropriate adjustment to the
Dilution Price to realize the intended economic protection to the Holder of Section 4.1 hereof, as appropriate). The Company shall
not effect any such reorganization, reclassification, consolidation, merger or disposition of assets unless, prior to the consummation
thereof, the successor Person (if other than the Company) resulting from such reorganization, reclassification, consolidation,
merger or disposition of assets, shall assume, by written instrument, the obligation to deliver to the Holders of the Warrant
such shares of stock, securities or assets, which, in accordance with the foregoing provisions of this Section 4.6, such Holders
shall be entitled to receive upon such conversion. The provisions of this Section 4.6 shall similarly apply to successive reorganizations,
reclassifications, consolidations, mergers or dispositions of assets.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.45in"><FONT STYLE="font-size: 10pt">4.7<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Other Anti-Dilution Provisions</U>. If the Company has issued or issues any securities of the Company to a financial
institution, lender, other credit provider, leasing company or other lessor in connection with the provisions of any financing
or lending agreements, containing provisions (including, without limitation, any of the terms of pricing, exercise price, anti-dilution
and registration rights) which are more favorable than those set forth herein, the Company will make such provisions (or any more
favorable portion thereof) available to the Holder and will enter into amendments necessary to confer such rights on the Holder.</FONT></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.45in"><FONT STYLE="font-size: 10pt">4.8<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Appraisal Procedure</U>. In any case in which the provisions of this Article 4 shall necessitate that the Appraisal
Procedure be utilized for purposes of determining an adjustment to the Exercise Price, the Company may defer, until the completion
of the Appraisal Procedure and the determination of the adjustment, (i) issuing to the Holder of any Warrant exercised after the
date of the event that requires the adjustment and before completion of the Appraisal Procedure and the determination of the adjustment,
the shares of capital stock issuable upon such exercise by reason of the adjustment required by such event and issuing to such
Holder only the shares of capital stock issuable upon such exercise before giving effect to such adjustment and (ii) paying to
such Holder any amount in cash in lieu of a fractional share of capital stock pursuant to Section 2.3 above; <U>provided</U>,
<U>however</U>, that the Company shall deliver to such Holder an appropriate instrument or due bills evidencing such Holder&rsquo;s
right to receive such additional shares or such cash.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.45in"><FONT STYLE="font-size: 10pt">4.9<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Adjustment of Number of Shares Purchasable</U>. Upon any adjustment of the Exercise Price as provided in Section 4.1,
4.2, 4.4, 4.5 and 4.6, the Holders of the Warrants shall thereafter be entitled to purchase upon the exercise thereof, at the
Exercise Price resulting from such adjustment, the number of shares of Warrant Stock (calculated to the nearest 1/100th of a share)
obtained by multiplying the Exercise Price in effect immediately prior to such adjustment by the number of shares of Warrant Stock
issuable on the exercise hereof immediately prior to such adjustment and dividing the product thereof by the Exercise Price resulting
from such adjustment.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.45in"><FONT STYLE="font-size: 10pt"><A NAME="a_Ref464682789"></A>4.10<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Increase of Number of Shares Purchasable</U>. After giving effect to all other provisions in this Article 4 other than
this Section 4.10, the number of shares of Warrant Stock purchasable upon exercise of this Warrant shall be increased when the
Exercise Price is adjusted to an amount below the then-existing par value of the Warrant Stock, including successive adjustments
to the Exercise Price to an amount further below the then-existing par value. The number of additional shares purchasable upon
exercise of this Warrant shall be equal to the number obtained by dividing:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0.7in; text-indent: 0.3in"><FONT STYLE="font-size: 10pt">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The product of (A) the number of shares purchasable upon exercise of the Warrant before application of this Section 4.10
and (B) the difference between the then-existing par value per share of Warrant Stock minus the adjusted Exercise Price, by</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0.7in; text-indent: 0.3in"><FONT STYLE="font-size: 10pt">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The difference between the Fair Market Value of the Common Stock on the Exercise Date minus the then-existing par value
per share of Warrant Stock.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><FONT STYLE="font-size: 10pt">Concurrently with the foregoing
adjustment to the number of additional shares purchasable upon exercise of this Warrant, the Exercise Price shall be adjusted
to be the then-existing par value of the Warrant Stock.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.45in"><FONT STYLE="font-size: 10pt">4.11<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Form of Warrants</U>. Irrespective of any adjustments of the number of shares of Warrant Stock purchasable or of the
Exercise Price, the Warrant theretofore or thereafter issued may continue to express the same price and number and kind of shares
as are stated in the Warrant issued on the Original Issue Date.</FONT></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.45in"><FONT STYLE="font-size: 10pt"><A NAME="a_Ref464682788"></A>4.12<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Changes in Securities</U>. Notwithstanding any provision in this Article 4 to the contrary and without limitation to
any other provision contained in this Article 4, in the event any securities of the Company are amended, modified or otherwise
altered by operation of this Article 4&rsquo;s terms or otherwise in any manner whatsoever (including through the anti-dilution
provisions thereof) that results in (i) the reduction of the effective exercise, conversion or exchange price of such securities
payable upon the exercise for, or conversion or exchange into, Common Stock or other securities exercisable for, or convertible
or exchangeable into, Common Stock and/or (ii) such securities becoming exercisable for, or convertible or exchange into (A) more
shares or dollar amount of such securities which are, in turn exercisable for, or convertible or exchangeable into, Common Stock,
or (B) more shares of Common Stock, then such amendment, modification or other alteration shall be treated for purposes of Article
4 as if the securities which have been amended, modified or altered have been terminated and new securities have been issued with
the amended or modified terms. The Company shall make all necessary adjustments (including successive adjustments if required)
to the Exercise Price in accordance with this Article 4, but in no event shall the Exercise Price be greater than it was immediately
prior to the application of this Section 4.12 to the amendment, modification or alteration in question.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.45in"><FONT STYLE="font-size: 10pt">4.13<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Maximum Exercise Price</U>. Except as provided in Section 4.5 above, at no time shall the Exercise Price per share of
Warrant Stock exceed the amount set forth in the preamble of this Warrant.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.45in"><FONT STYLE="font-size: 10pt">4.14<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Exceptions</U>. Notwithstanding anything to the contrary, Article 4 hereof shall not apply to (i) (A) the issuance and
exercise of options to purchase shares of Common Stock and (B) the issuance of shares of Common Stock, in each case of the foregoing
clause (A) and (B), as made to eligible recipients pursuant to any equity incentive plan duly adopted by the board of directors
of the Company in the ordinary course of business, or (ii) any issuance of shares of Common Stock upon conversion of the Company&rsquo;s
convertible debt securities outstanding as of the Business Day immediately preceding the Original Issue Date.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.45in"><FONT STYLE="font-size: 10pt">4.15<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Notice of Adjustment of Exercise Price</U>. Whenever the number of shares of Common Stock for which this Warrant is
exercisable or the Exercise Price is adjusted as provided under Article 4 hereof:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0.7in; text-indent: 0.3in"><FONT STYLE="font-size: 10pt">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the Company shall compute the adjusted Exercise Price in accordance with this Article 4 and shall prepare a certificate
signed by the treasurer or chief financial officer of the Company setting forth the adjusted Exercise Price and showing in reasonable
detail the facts upon which such adjustment is based, and such certificate shall forthwith be filed at the Designated Office;
and</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0.7in; text-indent: 0.3in"><FONT STYLE="font-size: 10pt">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>a notice stating that the Exercise Price has been adjusted and setting forth the adjusted Exercise Price shall forthwith
be prepared by the Company, and as soon as practicable after it is prepared, such notice shall be mailed by the Company at its
expense to the Holder at its last address as it shall appear in the warrant register. If the Board of Directors of the Company
makes any determination of Fair Market Value for purposes of determining such proposed adjustment, then, within thirty (30) days
of the Holder&rsquo;s receipt of such notice, the Holder shall have the right to use the Appraisal Procedure to determine Fair
Market Value with respect to the entire proposed adjustment.</FONT></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.45in"><FONT STYLE="font-size: 10pt">4.16<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Independent Application</U>. Except as otherwise provided herein, all sections of this Article 4 are intended to operate
independently of one another (but without duplication). If an event occurs that requires the application of more than one section
of this Article 4, all applicable sections shall be given independent effect without duplication.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt"><A NAME="a_Ref464648232"></A>5.</FONT></TD><TD><FONT STYLE="font-size: 10pt">BENEFICIAL
                                         OWNERSHIP LIMITS; ISSUANCE CAP</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.45in"><FONT STYLE="font-size: 10pt"><A NAME="a_Ref464777827"></A><A NAME="a_Ref464635156"></A><A NAME="a_Ref465806034"></A>5.1<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Beneficial Ownership Limitation</U>.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.55in"><FONT STYLE="font-size: 10pt">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Notwithstanding anything to the contrary contained herein, the Holder shall not receive shares of Warrant Stock upon exercise
of the Warrant to the extent (but only to the extent) that such exercise or receipt would cause the Holder Group to become, directly
or indirectly, a beneficial owner of a number of shares of Common Stock that exceeds the Maximum Percentage of Common Stock Outstanding
as of the Exercise Date (the &ldquo;<FONT STYLE="font-weight: normal"><U>Beneficial Ownership Limitation</U></FONT>&rdquo;). The
Beneficial Ownership Limitation (i) may be increased or decreased, in the Holder&rsquo;s sole discretion, upon 61 days&rsquo;
written notice to the Company by the Holder, <U>provided</U>, <U>however</U>, that in no event shall the Holder increase such
Beneficial Ownership Limitation to raise the Maximum Percentage in excess of 19.99% as of any date of shares of Common Stock Outstanding
from the date hereof through the Expiration Date and (ii) shall automatically be increased to a Maximum Percentage of 19.99% on
the date that is 15 days prior to the Expiration Date.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.55in"><FONT STYLE="font-size: 10pt">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>At the time of delivery of any Exercise Notice, the Holder shall notify the Company if, and only if, a Holder Group would
beneficially own a number of shares of Common Stock in excess of the Beneficial Ownership Limitation upon giving effect to such
Exercise Notice. For the avoidance of doubt, upon any failure by the Holder to deliver such notice, any subsequent purported delivery
in such instance of Warrant Stock shall be void and have no effect pursuant to Section 5.1(c) hereof.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.55in"><FONT STYLE="font-size: 10pt"><A NAME="a_Ref467602134"></A><A NAME="a_Ref467593490"></A><A NAME="a_Ref467503408"></A>(c)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Any purported delivery of Warrant Stock pursuant to Section 2.1(b) hereof, and any purported payment by the Holder of the
Warrant Price pursuant to Section 2.1(a) and 2.1(c) hereof, in connection with the exercise of the Warrant shall be void and have
no effect to the extent (but only to the extent) that such delivery would violate the Beneficial Ownership Limitation. If any
delivery of Warrant Stock owed to the Holder following exercise of the Warrant is not made, in whole or in part, as a result of
the Beneficial Ownership Limitation, the Company&rsquo;s obligation to make such delivery shall not be extinguished and the Company
shall deliver such Warrant Stock as promptly as practicable after the Holder gives written notice to the Company that such delivery
would not violate the Beneficial Ownership Limitation (the &ldquo;<B>Delivery Notice</B>&rdquo;), <U>provided</U>, <U>however</U>,
that (i) the Holder shall be deemed to have exercised this Warrant in respect of any such delayed Warrant Stock (other than at
the Expiration Date) as of the date of the applicable Delivery Notice and (ii) for the avoidance of doubt, Article 4 hereof and
Article 10 hereof shall remain in full force and effect for such period of delay, and <U>provided</U>, <U>further</U>, <U>however</U>,
that at the Expiration Date and in accordance with the deemed Exercise Notice under Section 2.1(a) hereof, if, without giving
effect to the Beneficial Ownership Limitation, the Warrant would be exercisable for any Warrant Stock, (i) the Holder shall be
entitled to receive from the Company any such remaining Warrant Stock under the terms of this Warrant until such time as the Beneficial
Ownership Limitation would not prohibit such delivery (such Warrant Stock at the Expiration Date, the &ldquo;<B>Expiration Warrant
Stock</B>&rdquo;), (ii) the Holder shall be deemed to have exercised this Warrant in respect of all such Expiration Warrant Stock
as of the date of such Holder&rsquo;s receipt from the Company of the Expiration Warrant Stock (which exercise shall be subject
to Article 4 hereof but not be subject to Sections 4.1 through 4.3 hereof) and (iii) for the avoidance of doubt, Article 10 hereof
shall remain in full force and effect for the period until the delivery of the Expiration Warrant Stock.</FONT></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.55in"><FONT STYLE="font-size: 10pt"><A NAME="a_Ref465806107"></A>(d)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>For purposes of this Section 5.1, (i) the term &ldquo;<FONT STYLE="font-weight: normal"><U>Maximum Percentage</U></FONT>&rdquo;
shall mean 4.99%; <U>provided</U>, <U>however</U>, that if at any time after the date hereof the Holder Group beneficially owns
in excess of 4.99% of the Outstanding Common Stock (excluding any Common Stock that could be acquired by exercise of this Warrant),
then the Maximum Percentage shall automatically increase to 9.99% so long as any Holder Group owns in excess of 4.99% of such
Common Stock (and shall, for the avoidance of doubt, automatically decrease to 4.99% upon the time when no Holder Group beneficially
owns in excess of 4.99% of such Outstanding Common Stock); and (ii) the term &ldquo;<FONT STYLE="font-weight: normal"><U>Holder
Group</U></FONT>&rdquo; shall mean any group in respect of Common Stock, where &ldquo;group&rdquo; has the meaning established
under Section 13(d) of the Exchange Act and the rules promulgated thereunder, if the Holder or any other Person having beneficial
ownership of Common Stock beneficially owned by the Holder is a member of such group. In determining the number of shares of Common
Stock Outstanding for purposes of this Section 5.1 and the number of shares that the Holder may at any time acquire pursuant to
the Beneficial Ownership Limitation and the other terms of this Section 5.1, the Holder shall give effect to the last sentence
of Rule 13d-3(d)(1)(i) as promulgated under the Exchange Act, and the Holder may rely on the number of outstanding shares of Common
Stock as reflected in (x) the Company&rsquo;s most recent Annual Report on Form 10-K or Quarterly Report on Form 10-Q filed with
the Commission, as the case may be, (y) a more recent public announcement by the Company or (z) a more recent notice by the Company
or its transfer agent to the Holder setting forth the number of shares of Common Stock then outstanding. Upon written or oral
request of the Holder, the Company shall, within two (2) Business Days of such request, confirm orally and in writing to the Holder
the number of shares of Common Stock then Outstanding. For the avoidance of doubt, if at any time after the Initial Exercise Date
and through the Expiration Date, any Holder Group would become the beneficial owner of any shares of Common Stock pursuant to
an Interest Share Issuance to such Holder Group, the effect of the Beneficial Ownership Limitation in respect of Warrant Stock
shall be determined after giving effect to the beneficial ownership of such shares of Common Stock pursuant to an Interest Share
Issuance pursuant to Section 2.4(f) of the Credit Agreement for purposes of effectuating such intended beneficial ownership limitation
under the Credit Agreement. The provisions of this Section 5.1 shall be construed, corrected and implemented in a manner so as
to effectuate the intended Beneficial Ownership Limitation.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.45in"><FONT STYLE="font-size: 10pt"><A NAME="a_Ref464778299"></A><A NAME="a_Ref464646982"></A>5.2<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Issuance Cap</U>. Unless Stockholder Approval has been previously obtained, in the event that any issuance of Warrant
Stock upon the exercise of this Warrant would, together with (i) any other issuance of shares of Common Stock by the Company to
any holder of any Fifth Amendment Warrant and/or (ii) any issuance of shares of Common Stock pursuant to an Interest Share Issuance
that would, in each case, be aggregated with such proposed issuance under this Warrant for determining whether such issuances
collectively would require approval by a vote of Company stockholders under the applicable listing rules of the Nasdaq Global
Market, any successor stock exchange operated by the NASDAQ Stock Market LLC or any successor thereto (such other issuances in
the foregoing clauses (i) and (ii), the &ldquo;<FONT STYLE="font-weight: normal"><U>Related Issuances</U></FONT>&rdquo;), exceed
19.99% of the Common Stock Outstanding on May 24, 2016 (the &ldquo;<U>Aggregation Date</U>&rdquo;), the Holder shall receive only
a number of shares of Common Stock, rounded down to the nearest whole number, equal to (A)&nbsp;the maximum number of shares of
Common Stock which could be issued to the Holder and any other recipients of any then-proposed Related Issuances in the aggregate
without the Related Issuances exceeding 19.99% of the Common Stock Outstanding on the Aggregation Date (such maximum number calculated
by giving effect to any then-proposed Related Issuances in connection with any Interest Share Issuance last) multiplied by a ratio
equal to (B)&nbsp;(1) the number of shares of Common Stock that would be otherwise received by the Holder under this Warrant divided
by (2)&nbsp;the number of all of the shares of Common Stock that would be otherwise received by the Holder under this Warrant
and the recipients of any then-proposed Related Issuances in the aggregate. To the extent the Holder is entitled to receive from
the Company a number of shares of Warrant Stock reduced by this Section 5.2, the Company shall pay to the Holder, in satisfaction
of the Company&rsquo;s obligation to deliver such Warrant Stock, a cash amount equivalent to the Fair Market Value, determined
as of the Exercise Date, of the number of shares of Warrant Stock by which such exercise was reduced within three (3) Business
Days of the Exercise Date.</FONT></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><FONT STYLE="font-size: 10pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">6.</FONT></TD><TD><FONT STYLE="font-size: 10pt">NO IMPAIRMENT; REGULATORY COMPLIANCE
                                         AND COOPERATION</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.45in"><FONT STYLE="font-size: 10pt">6.1<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>No Impairment</U>. The Company shall not by any action, including, without limitation, amending its charter documents
or through any reorganization, reclassification, transfer of assets, consolidation, merger, dissolution, issue or sale of securities
or any other similar voluntary action, avoid or seek to avoid the observance or performance of any of the terms of this Warrant,
but will at all times in good faith assist in the carrying out of all such terms and in the taking of all such actions as may
be necessary or appropriate to protect the rights of the Holder against impairment. Without limiting the generality of the foregoing,
the Company shall take all such action as may be necessary or appropriate in order that the Company may validly and legally issue
fully paid and nonassessable shares of Warrant Stock upon the exercise of this Warrant, free and clear of all Liens, and shall
use its best efforts to obtain all such authorizations, exemptions or consents from any public regulatory body having jurisdiction
thereof as may be necessary to enable the Company to perform its obligations under this Warrant. The Company shall not take any
action, enter into any transaction or suffer to exist any event, action or state of facts that would cause the Exercise Price
to be adjusted below the then existing par value of Common Stock (unless the Common Stock is changed to capital stock with no
par value); <U>provided</U>, <U>however</U>, that nothing herein will prevent the operation of any other provision of this Warrant,
including the anti-dilution provisions of Article 4 hereof.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.45in"><FONT STYLE="font-size: 10pt">6.2<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>No Dilution</U>. If any event shall occur as to which the provisions of Article 4 hereof are not strictly applicable
but the failure to make any adjustment would adversely affect the purchase rights represented by the Warrant in accordance with
the essential intent and principles of such Article (including, without limitation, the issuance of securities other than Common
Stock which have the right to participate in distributions to the holders of Common Stock, the granting of &ldquo;phantom stock&rdquo;
rights or &ldquo;stock appreciation rights&rdquo;), then, in each such case, the Company shall, upon the request of any Holder,
appoint an investment banking firm of recognized national standing, or any other financial expert that does not (or whose directors,
officers, employees, Affiliates or stockholders do not) have a direct or material indirect financial interest in the Company or
any of its Subsidiaries, who has not been, and, at the time it is called upon to give independent financial advice to the Company,
is not (and none of its directors, officers, employees, Affiliates or stockholders are) a promoter, director or officer of the
Company or any of its Subsidiaries, which shall give their opinion upon the adjustment, if any, on a basis consistent with the
essential intent and principles established in Article 4 hereof, necessary to preserve, without dilution, the purchase rights,
represented by this Warrant. Prior to such determination by such investment banking firm, the Company and the requesting Holder(s),
respectively, shall specify the amount, if any, of the adjustment that such party has determined in good faith to be appropriate.
The adjustment determined by the investment banking firm shall be within the range of the adjustments thus proposed by the parties,
and the costs and fees of such investment banking firm shall be allocated proportionately between the Company, on one hand, and
the Holder, on the other, based on the respective differences between the amount of the adjustment as determined by such investment
banking firm and the amounts of such adjustment proposed by the Company and the Holder. Upon receipt of such opinion, the Company
will promptly mail a copy thereof to the holders of the Warrants and shall make the adjustments described therein.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.45in"><FONT STYLE="font-size: 10pt">6.3<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Other Agreements</U>. The Company is not a party to or bound in any manner under, and covenants that it will not enter
into at any time after the date hereof, any agreement or contract (whether written or oral) with respect to any of its securities
which prevents the Company from complying in any respect with the rights granted by the Company hereunder.</FONT></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.45in"><FONT STYLE="font-size: 10pt"><A NAME="a_Ref466932475"></A>6.4<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Antitrust Notification</U>. If the Holder determines, in its sole judgment upon the advice of counsel, that an exercise
of this Warrant pursuant to the terms hereof would be subject to the provisions of the Hart-Scott-Rodino Antitrust Improvements
Act of 1976, as amended (the &ldquo;<U>HSR Act</U>&rdquo;), the Company shall file, within seven (7) Business Days after receiving
notice from the Holder of the applicability of the HSR Act and a request to so file, with the United States Federal Trade Commission
(the &ldquo;<U>FTC</U>&rdquo;) and the United States Department of Justice (the &ldquo;<U>DOJ</U>&rdquo;) the notification and
report form and any supplemental information required to be filed by it pursuant to the HSR Act in connection with the exercise
of this Warrant. Any such notification and report form and supplemental information will be in full compliance with the requirements
of the HSR Act. The Company will furnish to the Holder promptly (but in no event more than five (5) business days) such information
and assistance as such holder may reasonably request in connection with the preparation of any filing or submission required to
be filed by the Holder under the HSR Act. The Company shall respond promptly after receiving any inquiries or requests for additional
information from the FTC or the DOJ (and in no event more than three (3) business days after receipt of such inquiry or request).
The Company shall keep such holder apprised periodically and at such holder's request of the status of any communications with,
and any inquiries or requests for additional information from, the FTC or the DOJ. The Company shall bear all filing or other
fees required to be paid by the Company under the HSR Act or any other applicable law in connection with such filings and all
costs and expenses (including, without limitation, reasonable attorneys' fees and expenses) incurred by the Company in connection
with the preparation of such filings and responses to inquiries or requests. The Company shall also bear 50% of all filing or
other fees required to be paid by the Holder (or the &ldquo;ultimate parent entity&rdquo; of the Holder, if any) under the HSR
Act or any other applicable law in connection with such filings and 50% of all costs and expenses (including, without limitation,
reasonable attorneys' fees and expenses) incurred by the Holder in connection with the preparation of such filings and responses
to inquiries or requests, and the Holder shall bear the remaining 50% of such fees, costs and expenses. In the event that this
Section 6.4 is applicable to any exercise of this Warrant, the issuance to the Holder of the applicable Warrant Stock Shares,
and the payment by the Holder of the Warrant Price therefor, shall be subject to the expiration or earlier termination of the
waiting period under the HSR Act (with the Exercise Date being deemed to be the date immediately following the date of such expiration
or early termination).</FONT></P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">7.</FONT></TD><TD><FONT STYLE="font-size: 10pt">RESERVATION AND AUTHORIZATION OF COMMON
                                         STOCK</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.45in"><FONT STYLE="font-size: 10pt">7.1<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Reservation</U>. The Company shall at all times reserve and keep available for issuance upon the exercise of the Warrant
such number of its authorized but unissued shares of Common Stock as will be required for issuance of the Warrant Stock. All shares
of Warrant Stock issuable pursuant to the terms hereof, when issued upon exercise of this Warrant with payment therefor in accordance
with the terms hereof, shall be duly and validly issued and fully paid and nonassessable, not subject to preemptive rights and
shall be free and clear of all Liens. Before taking any action that would result in an adjustment in the number of shares of Warrant
Stock for which this Warrant is exercisable or in the Exercise Price, the Company shall obtain all such authorizations or exemptions
thereof, or consents thereto, as may be necessary from any public regulatory body or bodies having jurisdiction over such action.
If any shares of Warrant Stock required to be reserved for issuance upon exercise of the Warrant require registration or qualification
with any Governmental Authority under any federal or state law (including the Securities Act and state securities laws) before
such shares may be so issued, the Company will use its commercially reasonable efforts to register and qualify such shares as
soon as practicable and at its expense.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.45in"><FONT STYLE="font-size: 10pt">7.2<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Corporate Action</U>. Before taking any action that would cause an adjustment reducing the Exercise Price below the
then-par value (if any) of the shares of Warrant Stock deliverable upon exercise of the Warrant or that would cause the number
of shares of Warrant Stock issuable upon exercise of the Warrant to exceed (when taken together with all other Outstanding shares
of Common Stock) the number of shares of Common Stock that the Company is authorized to issue, the Company will take any corporate
action that, in the opinion of its counsel, is necessary in order that the Company may validly and legally issue the full number
of fully paid and nonassessable shares of Warrant Stock issuable upon exercise of the Warrant at such adjusted exercise price.</FONT></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><FONT STYLE="font-size: 10pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">8.</FONT></TD><TD><FONT STYLE="font-size: 10pt">NOTICE OF CORPORATE ACTIONS; TAKING
                                         OF RECORD; TRANSFER BOOKS</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.45in"><FONT STYLE="font-size: 10pt"><A NAME="a_Ref464639291"></A>8.1<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Notices of Corporate Actions</U>.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">In case:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.55in"><FONT STYLE="font-size: 10pt">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the Company shall grant to the holders of its Common Stock rights or warrants to subscribe for or purchase any shares of
capital stock of any class; or</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.55in"><FONT STYLE="font-size: 10pt">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the Company shall declare to the holders of its Common Stock any dividend or distribution; or</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.55in"><FONT STYLE="font-size: 10pt">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>of any reclassification of the Common Stock (other than a subdivision or combination of the Outstanding shares of Common
Stock), or of any consolidation, merger or share exchange to which the Company is a party and for which approval of any stockholders
of the Company is required, or of the sale or transfer of all or substantially all of the assets of the Company; or</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.55in"><FONT STYLE="font-size: 10pt">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>of the voluntary or involuntary dissolution, liquidation or winding up of the Company;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.55in"><FONT STYLE="font-size: 10pt"><A NAME="a_Ref464682798"></A>(e)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the Company or any Subsidiary shall commence a tender offer for all or a portion of the Outstanding shares of Common Stock
(or shall amend any such tender offer to change the maximum number of shares being sought or the amount or type of consideration
being offered therefor); or</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.55in"><FONT STYLE="font-size: 10pt">(f)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the Company or any Subsidiary takes any action or any event or circumstance occurs that impacts the rights of a Holder
set forth herein or in the Credit Agreement, as applicable;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><FONT STYLE="font-size: 10pt">then the Company shall cause
to be filed at the Designated Office, and shall cause to be mailed to the Holder at its last addresses as they shall appear in
the warrant register, at least 30 days prior to the applicable record, effective or expiration date hereinafter specified, a notice
stating (x) the date on which a record is to be taken for the purpose of such dividend, distribution or granting of rights or
warrants, or, if a record is not to be taken, the date as of which the holders of Common Stock of record who will be entitled
to such dividend, distribution, rights or warrants are to be determined, (y) the date on which such reclassification, consolidation,
merger, share exchange, sale, transfer, dissolution, liquidation or winding up is expected to become effective, and the date as
of which it is expected that holders of Common Stock of record shall be entitled to exchange their shares of Common Stock for
securities, cash or other property deliverable upon such reclassification, consolidation, merger, share exchange, sale, transfer,
dissolution, liquidation or winding up, or (z) the date on which such tender offer commenced, the date on which such tender offer
is scheduled to expire unless extended, the consideration offered and the other material terms thereof (or the material terms
of the amendment thereto). Such notice shall also set forth such facts with respect thereto as shall be reasonably necessary to
indicate the effect of such action on the Exercise Price and the number and kind or class of shares or other securities or property
which shall be deliverable or purchasable upon the occurrence of such action or deliverable upon exercise of the Warrants. Neither
the failure to give any such notice nor any defect therein shall affect the legality or validity of any action described in clauses
(a) through (e) of this Section 8.1.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.45in"><FONT STYLE="font-size: 10pt">8.2<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Taking of Record</U>. In the case of all dividends or other distributions by the Company to the holders of its Common
Stock with respect to which any provision hereof refers to the taking of a record of such holders, the Company will in each such
case take such a record and will take such record as of the close of business on a Business Day.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.45in"><FONT STYLE="font-size: 10pt">8.3<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Closing of Transfer Books</U>. The Company shall not at any time close its stock transfer books or warrant transfer
books so as to result in preventing or delaying the exercise or transfer of any Warrant.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt"><A NAME="a_Ref464635537"></A>9.</FONT></TD><TD><FONT STYLE="font-size: 10pt">OFFICE
                                         OF THE COMPANY</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.45in"><FONT STYLE="font-size: 10pt">9.1<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>As long as the Warrant remains outstanding, the Company shall maintain an office or agency, which may be the principal
executive offices of the Company (the &ldquo;<FONT STYLE="font-weight: normal"><U>Designated Office</U></FONT>&rdquo;), where
the Warrant may be presented for exercise, registration of transfer, division or combination as provided in this Warrant. Such
Designated Office shall initially be the office of the Company at 550 South Hope Street, Suite 2850, Los Angeles, California 90071.
The Company may from time to time change the Designated Office to another office of the Company or its agent within the United
States by notice given to any registered Holders at least ten (10) Business Days prior to the effective date of such change.</FONT></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><FONT STYLE="font-size: 10pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt"><A NAME="a_Ref467663895"></A>10.</FONT></TD><TD><FONT STYLE="font-size: 10pt">DILUTION
                                         ADJUSTMENT</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.45in"><FONT STYLE="font-size: 10pt"><A NAME="a_Ref464639342"></A><A NAME="a_Ref466930997"></A>10.1<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Dilution Adjustment</U>.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-indent: 0.55in"><FONT STYLE="font-size: 10pt"><A NAME="a_Ref466931023"></A>(a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>In the event that any dividends are declared or paid or any other distribution is made on or with respect to the Common
Stock, the Holder as of the record date established by the Board of Directors of the Company for such dividend or distribution
on the Common Stock shall be entitled to receive a fee (the &ldquo;<FONT STYLE="font-weight: normal"><U>Dilution Adjustment</U></FONT>&rdquo;)
in an amount (whether in the form of cash, securities or other property) equal to the amount (and in the form) of the dividends
or distribution that such Holder would have received had the Warrant been exercised as of the date immediately prior to the record
date for such dividend or distribution, such Dilution Adjustment to be payable on the same payment date established by the Board
of Directors of the Company for the payment of such dividend or distribution; <U>provided</U>, <U>however</U>, that if the Company
declares and pays a dividend or distribution on the Common Stock consisting in whole or in part of Common Stock, then no such
Dilution Adjustment shall be payable in respect of the Warrant on account of the portion of such dividend or distribution on the
Common Stock payable in Common Stock and in lieu thereof the applicable adjustment in Article 4 hereof shall apply. The record
date for any such Dilution Adjustment shall be the record date for the applicable dividend or distribution on the Common Stock,
and any such Dilution Adjustment shall be payable to the Persons in whose name the Warrant is registered at the close of business
on the applicable record date.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-indent: 0.55in"><FONT STYLE="font-size: 10pt">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>No dividend shall be paid or declared on any share of Common Stock (other than dividends payable in Common Stock for which
an adjustment was made pursuant to Article 4 hereof), unless the Dilution Adjustment, payable in the same consideration and manner,
is simultaneously paid or provided for, as the case may be, in respect of this Warrant in an amount determined as set forth in
this Section 10.1. For purposes of this Warrant, the term &ldquo;dividends&rdquo; shall include any pro rata distribution by the
Company, out of funds of the Company legally available therefor, of cash, property, securities (including, but not limited to,
rights, warrants or options and/or securities in connection with a spin-off of the Company) or other property or assets to the
holders of the Common Stock, whether or not paid out of capital, surplus or earnings other than liquidation.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-indent: 0.55in"><FONT STYLE="font-size: 10pt">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Prior to declaring any dividend or making any distribution on or with respect to shares of Common Stock, the Company shall
take all prior corporate action necessary to authorize the issuance of any securities payable as the Dilution Adjustment in respect
of the Warrant.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">11.</FONT></TD><TD><FONT STYLE="font-size: 10pt">MISCELLANEOUS</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.45in"><FONT STYLE="font-size: 10pt">11.1<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>No Implied Waivers</U>. No failure or delay by any party in exercising any right, power or privilege hereunder shall
operate as a waiver thereof nor shall any single or partial exercise thereof preclude any other or further exercise thereof or
the exercise of any other right, power or privilege. The rights and remedies herein provided shall be cumulative and not exclusive
of any rights or remedies provided by law.</FONT></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.45in"><FONT STYLE="font-size: 10pt"><A NAME="a_Ref466931938"></A>11.2<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Notices</U>. All notices, requests, consents and other communications required or permitted hereunder shall be in writing
and shall be hand delivered or mailed postage prepaid by registered or certified mail or transmitted by facsimile transmission
(with immediate telephonic confirmation thereafter) or transmitted by email:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-indent: 0.55in"><FONT STYLE="font-size: 10pt">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>If to the Holder:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt 1in"><FONT STYLE="font-size: 10pt">MILFAM II L.P.<BR>
3300 S. Dixie Highway, Suite 1-365<BR>
West Palm Beach, FL 33405<BR>
Attention: Eric Fangmann<BR>
Facsimile No.: (619) 923-2908<BR>
Telephone No.: (561) 287-5399<BR>
Email: info@limadvisory.com</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">with a
copy to (which shall not constitute notice):</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt 1in"><FONT STYLE="font-size: 10pt">O&rsquo;Melveny &amp; Myers
LLP<BR>
400 South Hope Street<BR>
Los Angeles, CA 90071<BR>
Attention: Steve Warren<BR>
Facsimile No.: (213) 430-6407<BR>
Telephone No.: (213) 430-7875, or</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-indent: 0.55in"><FONT STYLE="font-size: 10pt">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>If to the Company:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt 1in"><FONT STYLE="font-size: 10pt">Cadiz Inc.<BR>
550 South Hope Street, Suite 2850<BR>
Los Angeles, California 90071<BR>
Attention: Chief Financial Officer<BR>
Facsimile No.: 213-271-1614<BR>
Email: tshaheen@cadizinc.com</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">with a
copy to (which shall not constitute notice):</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: 0in"><FONT STYLE="font-size: 10pt">Mitchell
Silberberg &amp; Knupp LLP<BR>
11377 W. Olympic Blvd.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt 1in"><FONT STYLE="font-size: 10pt">Los Angeles, CA 90065<BR>
Facsimile No.: (310) 312-3100<BR>
Attention: Kevin Friedmann, Esq.<BR>
Email: kxf@msk.com</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 12pt; text-align: justify"><FONT STYLE="font-size: 10pt">or
at such other address as the parties each may specify by written notice to the others, and each such notice, request, consent
and other communication shall for all purposes of the Warrant be treated as being effective or having been given when delivered
if delivered personally, upon receipt of facsimile confirmation if transmitted by facsimile, upon transmission of email if transmitted
by email, or, if sent by mail, at the earlier of its receipt or 72 hours after the same has been deposited in a regularly maintained
receptacle for the deposit of United States mail, addressed and postage prepaid as aforesaid.</FONT></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 12pt; text-align: justify"><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.45in"><FONT STYLE="font-size: 10pt">11.3<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Indemnification</U>. If the Company fails to make, when due, any payments provided for in this Warrant, the Company
shall pay to the Holder (a) interest at the Applicable Rate on any amounts due and owing to such Holder and (b) such further amounts
as shall be sufficient to cover any costs and expenses including, but not limited to, reasonable attorneys&rsquo; fees and expenses
incurred by such Holder in collecting any amounts due hereunder. The Company shall indemnify, defend and hold harmless the Holder
and the Holders of any Warrant Stock issued upon the exercise of this Warrant from and against any and all liability, loss, cost,
damage, reasonable attorneys&rsquo; and accountants&rsquo; fees and expenses, court costs and all other out-of-pocket expenses
incurred in connection with or arising from any default hereunder by the Company or the enforcement of its rights hereunder as
against the Company. This indemnification provision shall be in addition to the rights of such Holder or Holders to bring an action
against the Company for breach of contract based on such default hereunder.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.45in"><FONT STYLE="font-size: 10pt">11.4<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Limitation of Liability</U>. No provision hereof, in the absence of affirmative action by the Holder to purchase shares
of Warrant Stock, and no enumeration herein of the rights or privileges of the Holder, shall give rise to any liability of such
Holder to pay the Exercise Price for any Warrant Stock other than pursuant to an exercise of this Warrant or any liability as
a stockholder of the Company, whether such liability is asserted by the Company or by creditors of the Company. The Holder shall
not, by virtue hereof, be entitled to any rights of a stockholder of the Company and nothing contained in this Warrant shall be
construed as conferring upon the Holder the right to vote or to consent or to receive notice as a stockholder in respect of meetings
of stockholders for the election of directors of the Company or any other matters or any rights whatsoever as a stockholder of
the Company.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.45in"><FONT STYLE="font-size: 10pt">11.5<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Remedies</U>. The Holder of the Warrant and/or Warrant Stock, in addition to being entitled to exercise its rights granted
by law, including recovery of damages, shall be entitled to specific performance of its rights provided under this Warrant. The
Company agrees that monetary damages would not be adequate compensation for any loss incurred by reason of a breach by it of the
provisions of this Warrant and hereby agrees, in an action for specific performance, to waive the defense that a remedy at law
would be adequate.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.45in"><FONT STYLE="font-size: 10pt">11.6<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Successors and Assigns</U>. This Warrant and the rights evidenced hereby shall inure to the benefit of and be binding
upon the successors of the Company and the permitted successors and assigns of the Holder. The provisions of this Warrant are
intended to be for the benefit of all Holders from time to time of this Warrant and to the extent applicable, all Holders of shares
of Warrant Stock issued upon the exercise hereof (including transferees), and shall be enforceable by any such Holder.</FONT></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.45in"><FONT STYLE="font-size: 10pt"><A NAME="a_Ref467362401"></A>11.7<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Amendment</U>. The prior written consent of the Company and the Required Holders shall be required for any change, waiver
or amendment to this Warrant. Any change, waiver or amendment so approved shall be binding upon all existing and future holders
of this Warrant and any other Fifth Amendment Warrants; <U>provided</U>, <U>however</U>, that no such change, waiver or amendment,
as applied to any of the Fifth Amendment Warrants held by any particular holder of Fifth Amendment Warrants, shall, without the
written consent of that particular holder, (i) disproportionately and materially adversely affect any rights under such particular
holder&rsquo;s Fifth Amendment Warrant (other than as reflected by the different number of shares of Warrant Stock issuable to
such holder); or (ii) modify any of the provisions of, or impair the right of any holder of Fifth Amendment Warrants under, this
Section 11.7. This Warrant cannot be changed, modified, discharged or terminated by oral agreement.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.45in"><FONT STYLE="font-size: 10pt">11.8<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Severability</U>. Wherever possible, each provision of this Warrant shall be interpreted in such manner as to be effective
and valid under applicable law, but if any provision of this Warrant shall be prohibited by or invalid under applicable law, such
provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such provision
or the remaining provisions of this Warrant.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.45in"><FONT STYLE="font-size: 10pt">11.9<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Headings</U>. The headings and other captions in this Warrant are for the convenience and reference only and shall not
be used in interpreting, construing or enforcing any provision of this Warrant.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.45in"><FONT STYLE="font-size: 10pt">11.10<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Governing Law</U>. <B>IN ALL RESPECTS, INCLUDING ALL MATTERS OF CONSTRUCTION, VALIDITY AND PERFORMANCE, THIS WARRANT
SHALL BE GOVERNED BY, AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO CONFLICT
OF LAW PRINCIPLES AND ANY APPLICABLE LAWS OF THE UNITED STATES OF AMERICA.</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.45in"><FONT STYLE="font-size: 10pt"><A NAME="a_Ref466932081"></A>11.11<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Jurisdiction</U>. Each of the Company and the Holder hereby irrevocably and unconditionally submits for itself and its
property in any legal action or proceeding relating to this Warrant, or for recognition and enforcement of any judgment in respect
thereof, to the exclusive general jurisdiction of the courts of the Supreme Court of the State of New York sitting in New York
County, the courts of the United States for the Southern District of New York, and appellate courts from any thereof, consents
that any such action or proceeding may be brought in such courts and waives any objection that it may now or hereafter have to
the venue of any such action or proceeding in any such court or that such action or proceeding was brought in an inconvenient
court and agrees not to plead or claim the same, agrees that service of process in any such action or proceeding may be effected
by delivery of notice pursuant to Section 11.2 hereof and agrees that nothing herein shall affect the right to effect service
of process in any other manner permitted by law.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.45in"><FONT STYLE="font-size: 10pt"><A NAME="a_Ref464682787"></A>11.12<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Waiver of Jury Trial</U>. <B>EACH OF THE COMPANY AND THE HOLDER WAIVES ANY RIGHT TO TRIAL BY JURY ON ANY CLAIM, DEMAND,
ACTION OR CAUSE OF ACTION (A) ARISING UNDER THIS WARRANT OR (B) IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THIS WARRANT
OR THE TRANSACTIONS RELATED HERETO, IN EACH CASE WHETHER SOUNDING IN CONTRACT OR TORT OR OTHERWISE. EACH OF THE COMPANY AND THE
HOLDER AGREES AND CONSENTS THAT ANY SUCH CLAIM, DEMAND, ACTION OR CAUSE OF ACTION SHALL BE DECIDED BY COURT TRIAL WITHOUT A JURY,
AND THAT ANY PARTY TO THIS AGREEMENT MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS CLAUSE WITH ANY COURT AS WRITTEN EVIDENCE
OF THE CONSENT OF THE COMPANY AND THE HOLDER TO THE WAIVER OF THEIR RIGHT TO TRIAL BY JURY. EACH OF THE COMPANY AND THE HOLDER
ACKNOWLEDGES THAT IT HAS HAD THE OPPORTUNITY TO CONSULT WITH COUNSEL REGARDING THIS SECTION 11.12, THAT IT FULLY UNDERSTANDS ITS
TERMS, CONTENT AND EFFECT, AND THAT IT VOLUNTARILY AND KNOWINGLY AGREES TO THE TERMS OF THIS SECTION 11.12.</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.45in"><FONT STYLE="font-size: 10pt">11.13<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Entire Agreement</U>. This Warrant contains the entire agreement with respect to the subject matter hereof and supersedes
and replaces all other prior agreements, written or oral, with respect to the subject matter hereof.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.45in"><FONT STYLE="font-size: 10pt">11.14<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Originals</U>. A signed copy of this Warrant delivered by facsimile, e-mail or other means of electronic transmission
shall be deemed to have the same legal effect as delivery of an original copy of this Warrant.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: center"><FONT STYLE="font-size: 10pt">[Execution
Page Follows]</FONT></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: center"><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">IN WITNESS
WHEREOF, the Company has caused this Warrant to be duly executed as of the Original Issue Date.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 24pt 0 0 4.5in"><FONT STYLE="font-size: 10pt">CADIZ INC.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 24pt 0 0 4.5in"><FONT STYLE="font-size: 10pt">By: <U>/s/ Timothy J.
Shaheen</U></FONT><BR> <FONT STYLE="font-size: 10pt">&#9;Name:&#9;Timothy J. Shaheen</FONT><BR> <FONT STYLE="font-size: 10pt">&#9;Title:&#9;CFO</FONT></P>

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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->24<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: center"><FONT STYLE="font-size: 10pt">ANNEX A
TO THE WARRANT</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: center"><FONT STYLE="font-size: 10pt">EXERCISE
NOTICE</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: center"><FONT STYLE="font-size: 10pt">[To be executed
only upon exercise of Warrant]</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">The undersigned
registered owner of this Warrant irrevocably exercises this Warrant for the purchase of ______ shares of Common Stock of Cadiz
Inc. and herewith makes payment therefor in __________, all at the price and on the terms and conditions specified in this Warrant
and requests that the shares of Common Stock hereby purchased (and any securities or other property issuable upon such exercise)
be issued in the name of, and delivered to, as applicable, _________________, whose address is __________________________________
____________________________________________________________________, and, if such shares of Common Stock shall not include all
of the shares of Common Stock issuable as provided in this Warrant, that a new Warrant of like tenor and date for the balance
of the shares of Common Stock issuable hereunder be delivered to the undersigned.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt"><B>TO DELETE
THE FOLLOWING BRACKETED LANGUAGE IF INAPPLICABLE AT EXERCISE DATE:</B>[The undersigned hereby notifies Cadiz Inc. that a Holder
Group would beneficially own a number of shares of Common Stock in excess of the Beneficial Ownership Limitation set forth in
this Warrant upon giving effect to this Exercise Notice. Pursuant to such limitation, Cadiz Inc. shall give effect to this Exercise
Notice in accordance with such limitation as of [INSERT DATE], the date hereof].&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 24pt 0 0 3.5in"><FONT STYLE="font-size: 10pt">_______________________________<BR>
(Name of Registered Owner)</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 24pt 0 0 3.5in"><FONT STYLE="font-size: 10pt">_______________________________<BR>
(Signature of Registered Owner)</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 24pt 0 0 3.5in"><FONT STYLE="font-size: 10pt">_______________________________<BR>
(Street Address)</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 24pt 0 0 3.5in"><FONT STYLE="font-size: 10pt">_______________________________<BR>
(City) (State) (Zip Code)</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 13%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 87%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt"><FONT STYLE="font-size: 10pt">NOTICE:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt"><FONT STYLE="font-size: 10pt">The signature on this
    Exercise Notice must correspond with the name as written upon the face of the within Warrant in every particular, without
    alteration or enlargement or any change whatsoever.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<!-- Field: Page; Sequence: 26 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid; text-align: center">A-1</DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: center"><FONT STYLE="font-size: 10pt">ANNEX B
TO THE WARRANT</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: center"><FONT STYLE="font-size: 10pt">ASSIGNMENT
FORM</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">FOR VALUE
RECEIVED the undersigned registered owner of this Warrant hereby assigns unto the assignee named below all of the rights of the
undersigned under this Warrant, with respect to the number of shares of Common Stock set forth below:</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: bottom; width: 64%; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid"><FONT STYLE="font-size: 10pt">Name
        and Address of Assignee</FONT></P></TD>
    <TD STYLE="vertical-align: top; width: 6%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 30%; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid"><FONT STYLE="font-size: 10pt">No.
        of Shares of Common Stock</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><FONT STYLE="font-size: 10pt">and does hereby irrevocably
constitute and appoint ________ _____________ attorney-in-fact to register such transfer onto the books of Cadiz Inc. maintained
for the purpose, with full power of substitution in the premises.</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Dated:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Print Name:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Signature:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Witness</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">NOTICE:</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">The signature on this assignment
    must correspond with the name as written upon the face of the within Warrant in every particular, without alteration or enlargement
    or any change whatsoever.</FONT></TD></TR>
<TR>
    <TD STYLE="width: 14%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 38%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 48%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.3
<SEQUENCE>4
<FILENAME>f8k112916ex4iii_cadizinc.htm
<DESCRIPTION>WPI-CADIZ FARM CA, LLC WARRANT TO PURCHASE COMMON STOCK OF CADIZ INC.
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0; text-align: right"><B>Exhibit 4.3</B></P>

<P STYLE="margin: 0; text-align: right">&nbsp;</P>

<P STYLE="margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><B>WARRANT</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><B>to Purchase Common Stock of</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><B>Cadiz Inc.</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right">Warrant No. A-3</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right">Original Issue Date:&nbsp;&nbsp;November 29, 2016</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B>THE SECURITIES REPRESENTED BY THIS CERTIFICATE
MAY NOT BE SOLD OR TRANSFERRED UNLESS (I) A REGISTRATION STATEMENT COVERING SUCH SECURITIES IS EFFECTIVE UNDER THE SECURITIES
ACT OR (II) THE TRANSACTION IS EXEMPT FROM REGISTRATION UNDER THE SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: left"><FONT STYLE="font-weight: normal">Original
Issue Date: November 29, 2016&#9;Warrant No. A-3</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: center">Warrant</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: center">to Purchase 11,561 Shares (Subject
to Adjustment) of Common Stock of</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: center">Cadiz Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-indent: 1in">THIS IS TO CERTIFY THAT WPI-CADIZ FARM CA,
LLC (&ldquo;<FONT STYLE="font-weight: normal"><U>Investor</U></FONT>&rdquo;), or its registered assigns, is entitled, at any time
prior to the Expiration Date to purchase from Cadiz Inc., a Delaware corporation (the &ldquo;<FONT STYLE="font-weight: normal"><U>Company</U></FONT>&rdquo;),
11,561 shares (subject to adjustment as provided herein) of the common stock, par value $0.01 per share, of the Company at a purchase
price of $0.01 per share (the initial &ldquo;<FONT STYLE="font-weight: normal"><U>Exercise Price,</U></FONT>&rdquo; subject to
adjustment as provided herein).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-indent: 1in">This Warrant was issued in connection with
that certain Fifth Amendment to Amended and Restated Credit Agreement (the &ldquo;<U>Fifth Amendment</U>&rdquo;), dated as of November
29, 2016 (the &ldquo;<U>Fifth Amendment Effective Date</U>&rdquo;), by and among the Company, as a borrower, Cadiz Real Estate
LLC, as a borrower, Investor, as a lender, the other lenders party thereto, and Wells Fargo Bank, National Association, as agent
(the &ldquo;<U>Agent</U>&rdquo;), which amended that certain Amended and Restated Credit Agreement (as amended through and including
the Fifth Amendment Effective Date, and as subsequently amended from time to time, the &ldquo;<U>Credit Agreement</U>&rdquo;) attached
to that certain Amendment Agreement, dated as of October 30, 2013, by and among the Company, Cadiz Real Estate LLC, LC Capital
Master Fund, Ltd., the lenders party thereto, and the Agent, and is subject to the terms thereof.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.</TD><TD>DEFINITIONS</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">As used in this Warrant, the following
terms have the respective meanings set forth below, and to the extent such terms have the respective meaning set forth in the Credit
Agreement, such terms shall have such meaning as set forth in the Credit Agreement, <U>provided</U>, <U>however</U>, that if such
Credit Agreement is expired, terminated or otherwise discharged, such terms shall have the meaning set forth in the Credit Agreement
immediately prior to such expiration, termination or discharge:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">&ldquo;<FONT STYLE="font-weight: normal"><U>10-Day
VWAP</U></FONT>&rdquo; shall have the meaning ascribed to such term in the Credit Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">&ldquo;<FONT STYLE="font-weight: normal"><U>Affiliate</U></FONT>&rdquo;
of, or a Person &ldquo;<FONT STYLE="font-weight: normal"><U>Affiliated</U></FONT>&rdquo; with, a specified Person means any other
Person directly or indirectly controlling, controlled by, or under common control with, that Person. For the purposes of this definition,
&ldquo;control&rdquo; (including, with correlative meanings, the terms &ldquo;controlling,&rdquo; &ldquo;controlled by&rdquo; and
&ldquo;under common control with&rdquo;), as applied to any Person, means the possession, directly or indirectly, of the power
(i) to vote 5% or more of the securities having ordinary voting power for the election of directors of such Person, or (ii) to
direct or cause the direction of the management and policies of that Person, whether through the ownership of voting securities
or by contract or otherwise.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">&ldquo;<U>Agent</U>&rdquo; shall have
the meaning set forth in the preamble to this Warrant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">&ldquo;<U>Aggregation Date</U>&rdquo;
shall have the meaning set forth in Section 5.2 hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">&ldquo;<FONT STYLE="font-weight: normal"><U>Applicable
Rate</U></FONT>&rdquo; shall have the meaning ascribed to such term in the Credit Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">&ldquo;<FONT STYLE="font-weight: normal"><U>Appraisal
Procedure</U></FONT>&rdquo; means the following procedure to determine the fair market value, as to any security, for purposes
of the definition of &ldquo;<FONT STYLE="font-weight: normal"><U>Fair Market Value</U></FONT>&rdquo; or the fair market value,
as to any other property (in either case, the &ldquo;<FONT STYLE="font-weight: normal"><U>Valuation Amount</U></FONT>&rdquo;).
The Valuation Amount shall be determined in good faith jointly by the Company and the Holder; <U>provided</U>, <U>however</U>,
that if such parties are not able to agree on the Valuation Amount within a reasonable period of time (not to exceed twenty (20)
Business Days), the Valuation Amount shall be determined by the mutual agreement of two (2) independent appraisers, one appointed
by the Company and one appointed by the Holder, with each appointed within ten (10) days of the Appraisal Procedure having been
first invoked by the Holder. The Company and the Holder shall submit their respective valuations and other relevant data to the
appraisers, and the appraisers shall, within twenty (20) days of the later of the two appraisers&rsquo; appointment dates, mutually
agree to a determination of the Valuation Amount. If such appraisers cannot mutually agree on the Valuation Amount by such date,
a third independent appraiser shall be chosen within 10 days of such date by the mutual consent of the first two appraisers. Such
third appraiser shall make a determination of the Valuation Amount within twenty (20) days of its appointment. If three (3) appraisers
shall have been appointed and made determinations of the Valuation Amount, then the average of the three (3) Valuation Amounts
shall be final and binding on the Company and the Holder as the final Valuation Amount, <U>provided</U>, <U>however</U>, that if
the determination of one appraiser differs by an amount equal to more than twice that of the middle of the three appraisers&rsquo;
Valuation Amounts (the &ldquo;<U>Outlier Appraiser</U>&rdquo;), then the determination of the Outlier Appraiser shall be excluded
from determining the final Valuation Amount and the remaining two appraisers&rsquo; determinations of the Valuation Amount shall
be averaged and such average shall be final and binding upon the Company and the Holder as the final Valuation Amount. The Company
shall pay all of the fees and expenses incurred in conducting the Appraisal Procedure.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">&ldquo;<U>beneficial owner</U>&rdquo;
and &ldquo;<U>beneficially own</U>&rdquo; shall have the meaning set forth under Section 13(d) of the Exchange Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">&ldquo;<U>Beneficial Ownership Limitation</U>&rdquo;
has the meaning set forth in Section 5.1 hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">&ldquo;<FONT STYLE="font-weight: normal"><U>Business
Day</U></FONT>&rdquo; shall have the meaning ascribed to such term in the Credit Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">&ldquo;<U>Closing Share and Warrant Issuance
Agreement</U>&rdquo; means that certain Closing Share and Warrant Issuance Agreement by and between the Company and the Investor,
dated November 29, 2016.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">&ldquo;<FONT STYLE="font-weight: normal"><U>Commission</U></FONT>&rdquo;
means the Securities and Exchange Commission or any other federal agency then administering the Securities Act and other federal
securities laws.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">&ldquo;<FONT STYLE="font-weight: normal"><U>Common
Stock</U></FONT>&rdquo; means the common stock, par value $0.01 per share, of the Company as constituted on the Original Issue
Date, and any capital stock into which such Common Stock may thereafter be changed, and shall also include (i) capital stock of
the Company of any other class (regardless of how denominated) issued to the holders of shares of any Common Stock upon any reclassification
thereof which is also not preferred as to dividends or liquidation over any other class of stock of the Company and which is not
subject to redemption and (ii) shares of common stock of any successor or acquiring corporation received by or distributed to the
holders of Common Stock of the Company in the circumstances contemplated by Section 4.6 hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">&ldquo;<FONT STYLE="font-weight: normal"><U>Company</U></FONT>&rdquo;
shall have the meaning set forth in the preamble to this Warrant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">&ldquo;<FONT STYLE="font-weight: normal"><U>Credit
Agreement</U></FONT>&rdquo; shall have the meaning set forth in the preamble to this Warrant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">&ldquo;<FONT STYLE="font-weight: normal"><U>Delivery
Notice</U></FONT>&rdquo; shall have the meaning set forth in Section 5.1(c) hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">&ldquo;<FONT STYLE="font-weight: normal"><U>Designated
Office</U></FONT>&rdquo; shall have the meaning set forth in Section 9 hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">&ldquo;<U>Dilution Adjustment</U>&rdquo;
shall have the meaning set forth in Section 10.1(a) hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">&ldquo;<FONT STYLE="font-weight: normal"><U>Dilution
Price</U></FONT>&rdquo; shall mean, with respect to each share of Common Stock, $9.05, subject to adjustments described in Sections
4.4, 4.5 and 4.6 hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">&ldquo;<U>DOJ</U>&rdquo; shall have the
meaning set forth in Section 6.4 hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">&ldquo;<U>DTC</U>&rdquo; shall have the
meaning set forth in Section 2.1(b) hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">&ldquo;<U>DWAC</U>&rdquo; shall have
the meaning set forth in Section 2.1(b) hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">&ldquo;<FONT STYLE="font-weight: normal"><U>Exchange
Act</U></FONT>&rdquo; means the Securities Exchange Act of 1934, as amended, and the rules and regulations of the Commission promulgated
thereunder, all as the same shall be in effect at the time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">&ldquo;<FONT STYLE="font-weight: normal"><U>Exercise
Date</U></FONT>&rdquo; shall have the meaning set forth in Section 2.1(a) hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">&ldquo;<FONT STYLE="font-weight: normal"><U>Exercise
Notice</U></FONT>&rdquo; shall have the meaning set forth in Section 2.1(a) hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">&ldquo;<FONT STYLE="font-weight: normal"><U>Exercise
Price</U></FONT>&rdquo; means, in respect of a share of Warrant Stock at any date herein specified, the initial Exercise Price
set forth in the preamble of this Warrant, as adjusted from time to time pursuant to Article 4 hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">&ldquo;<FONT STYLE="font-weight: normal"><U>Expiration
Date</U></FONT>&rdquo; means (i) the fifth anniversary of the Original Issue Date, to be extended to allow for delayed exercise
and delivery of any Warrant Stock in accordance with Section 5.1(c) hereof, or (ii) if, at the Initial Exercise Date and pursuant
to Section 2.1(a) hereof, the Warrant does not become exercisable because no principal or interest amounts are outstanding under
the Credit Agreement, the Initial Exercise Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">&ldquo;<U>Expiration Warrant Stock</U>&rdquo;
shall have the meaning set forth in Section 5.1(c) hereof.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">&ldquo;<FONT STYLE="font-weight: normal"><U>Fair
Market Value</U></FONT>&rdquo; means (i) as to any Common Stock listed or quoted on a Trading Market, the 10-Day VWAP determined
in respect of such primary Trading Market and (ii) as to any Common Stock not listed or quoted on a Trading Market or any other
security, (A) the Ten Day Average of the average closing prices of such security&rsquo;s sales on all domestic securities exchanges
on which such security may at the time be listed, or (B) if there have been no sales on any such exchange such that the foregoing
Ten Day Average cannot be calculated, the average of the highest bid and lowest asked prices on all such exchanges at the end of
the Business Day immediately prior to the date that Fair Market Value is determined as of, or (C) if on any day such security is
not listed any domestic securities exchange such that neither the foregoing Ten Day Average nor the foregoing bid-and-asked price
average can be calculated, the average of the highest bid and lowest asked prices at the end of the Business Day immediately prior
to the date that Fair Market Value is determined as of in the domestic over-the-counter market as reported by the National Association
of Securities Dealers Automated Quotation System or similar organization (and in each such case excluding any trades that are not
bona fide, arm&rsquo;s length transactions). If neither the foregoing clause (i) nor clause (ii) is applicable, then (i) the &ldquo;Fair
Market Value&rdquo; of such security as of an applicable determination date shall be as determined in good faith by the Board of
Directors of the Company, <U>provided</U>, <U>however</U>, that if shares of such security have been sold in arms-length transactions
by the Company within the 90-day period prior to the determination of the Fair Market Value, the Fair Market Value determined pursuant
to this sentence shall not be less than the highest price paid for such shares during such period, and (ii) with respect to property
other than securities, the &ldquo;Fair Market Value&rdquo; of such other property on the applicable determination date shall be
as determined in good faith by the Board of Directors of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">&ldquo;<FONT STYLE="font-weight: normal"><U>Fifth
Amendment</U></FONT>&rdquo; shall have the meaning set forth in the preamble to this Warrant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">&ldquo;<U>Fifth <FONT STYLE="font-weight: normal">Amendment
Effective Date</FONT></U>&rdquo; shall have the meaning set forth in the preamble to this Warrant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">&ldquo;<FONT STYLE="font-weight: normal"><U>Fifth
Amendment Warrants</U></FONT>&rdquo; means the Warrant together with all other warrants issued pursuant to the Fifth Amendment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">&ldquo;<U>FTC</U>&rdquo; shall have the
meaning set forth in Section 6.4 hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">&ldquo;<FONT STYLE="font-weight: normal"><U>Governmental
Authority</U></FONT>&rdquo; shall have the meaning set forth in the Credit Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">&ldquo;<FONT STYLE="font-weight: normal"><U>Holder</U></FONT>&rdquo;
means with respect to any Warrant or share of Warrant Stock, the Person in whose name the Warrant or Warrant Stock is registered
on the books of the Company maintained for such purpose.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">&ldquo;<U>Holder Group</U>&rdquo; shall
have the meaning set forth in Section 5.1(d) hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">&ldquo;<U>HSR Act</U>&rdquo; shall have
the meaning set forth in Section 6.4 hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">&ldquo;<FONT STYLE="font-weight: normal"><U>Initial
Exercise Date</U></FONT>&rdquo; shall have the meaning set forth in Section 2.1(a) hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">&ldquo;<U>Interest Share Issuance</U>&rdquo;
shall have the meaning set forth in the Credit Agreement.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">&ldquo;<FONT STYLE="font-weight: normal"><U>Investor</U></FONT>&rdquo;
shall have the meaning set forth in the preamble to this Warrant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">&ldquo;<FONT STYLE="font-weight: normal"><U>Lien</U></FONT>&rdquo;
means (i) any lien, mortgage, pledge, assignment, security interest, charge or encumbrance of any kind (including any agreement
to give any of the foregoing, any conditional sale or other title retention agreement, and any lease in the nature thereof) and
any option, trust or other preferential arrangement having the practical effect of any of the foregoing, and (ii) in the case of
securities, any purchase option, call or similar right of a third party with respect to such securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">&ldquo;<U>Maximum Percentage</U>&rdquo;
shall have the meaning set forth in Section 5.1 hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">&ldquo;<FONT STYLE="font-weight: normal"><U>Original
Issue Date</U></FONT>&rdquo; means November 29, 2016, the date on which the Original Warrant was issued by the Company pursuant
to the Closing Share and Warrant Issuance Agreement and the Fifth Amendment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">&ldquo;<FONT STYLE="font-weight: normal"><U>Original
Warrant</U></FONT>&rdquo; means the Warrant as originally issued by the Company pursuant to the Closing Share and Warrant Issuance
Agreement and the Fifth Amendment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">&ldquo;<U>Outlier Appraiser</U>&rdquo;
shall have the meaning set forth in Article 1 hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">&ldquo;<FONT STYLE="font-weight: normal"><U>Outstanding</U></FONT>&rdquo;
means, subject to Section 5.1(d) hereof, when used with reference to Common Stock, at any date as of which the number of shares
thereof is to be determined, all issued and actually outstanding shares of Common Stock, except shares then owned or held by or
for the account of the Company or any Subsidiary, and shall include all shares issuable in respect of outstanding scrip or any
certificates representing fractional interests in shares of Common Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">&ldquo;<FONT STYLE="font-weight: normal"><U>Person</U></FONT>&rdquo;
means and includes natural persons, corporations, limited partnerships, general partnerships, limited liability companies, limited
liability partnerships, joint stock companies, joint ventures, associations, companies, trusts, banks, trust companies, land trusts,
business trusts or other organizations, whether or not legal entities, and Governmental Authority.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">&ldquo;<U>Reference Price</U>&rdquo;
shall have the meaning set forth in Section 4.1 hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">&ldquo;<U>Related Issuances</U>&rdquo;
shall have the meaning set forth in Section 5.2 hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">&ldquo;<U>Required Holders</U>&rdquo;
means holders of outstanding Fifth Amendment Warrants representing more than 50% of the Warrant Stock issuable upon exercise of
such outstanding Fifth Amendment Warrants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">&ldquo;<FONT STYLE="font-weight: normal"><U>Securities
Act</U></FONT>&rdquo; means the Securities Act of 1933, as amended, and the rules and regulations of the Commission promulgated
thereunder, all as the same shall be in effect at the time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">&ldquo;<U>Stockholder Approval</U>&rdquo;
means the approval by the stockholders of the Company for purposes of terminating the issuance cap in respect of shares of Common
Stock set forth in Section 5.2 hereof.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">&ldquo;<FONT STYLE="font-weight: normal"><U>Subsidiary</U></FONT>&rdquo;
means any corporation, association, trust, limited liability company, partnership, joint venture or other business association
or entity (i) at least 50% of the Outstanding voting securities of which are at the time owned or controlled, directly or indirectly,
by the Company; or (ii) with respect to which the Company possesses, directly or indirectly, the power to direct or cause the direction
of the affairs or management of such Person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">&ldquo;<FONT STYLE="font-weight: normal"><U>Ten
Day Average</U></FONT>&rdquo; means, with respect to any prices and in connection with the calculation of Fair Market Value, the
average of such prices over the ten Business Days ending on the Business Day immediately prior to the day as of which &ldquo;Fair
Market Value&rdquo; is being determined.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">&ldquo;<U>Trading Day</U>&rdquo; means
any day that the primary Trading Market on which the Common Stock is listed or quoted is open for trading.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">&ldquo;<U>Trading Market</U>&rdquo; means
any of the following markets or exchanges on which the Common Stock is listed or quoted for trading on the date in question: the
NYSE MKT, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market, the New York Stock Exchange, OTCQB
or OTCQX (or any successors to any of the foregoing).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">&ldquo;<U>Transfer Agent</U>&rdquo; shall
have the meaning set forth in Section 2.1(b) hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">&ldquo;<U>Valuation Amount</U>&rdquo;
shall have the meaning set forth in Article 1 hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">&ldquo;<FONT STYLE="font-weight: normal"><U>Warrant
Price</U></FONT>&rdquo; means an amount equal to (i) the number of shares of Warrant Stock being purchased upon exercise of this
Warrant pursuant to Section 2.1 hereof, multiplied by (ii) the Exercise Price.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">&ldquo;<FONT STYLE="font-weight: normal"><U>Warrant</U></FONT>&rdquo;
means the Original Warrant and all warrants issued upon transfer, division or combination of, or in substitution for, the Original
Warrant, or any other like warrant subsequently issued to the Holder. All such foregoing warrants shall at all times be identical
as to terms and conditions, except as to the number of shares of Warrant Stock for which they may be exercised and their date of
issuance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">&ldquo;<FONT STYLE="font-weight: normal"><U>Warrant
Stock</U></FONT>&rdquo; means the shares of Common Stock issued, issuable or both (as the context may require) upon the exercise
of the Warrant.</P>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.</TD><TD>EXERCISE OF WARRANT</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.45in">2.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Manner of Exercise</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.55in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>If any principal or interest amounts are outstanding under the Credit Agreement on the date that is the one hundred and
eightieth (180th) day following the Fifth Amendment Effective Date (the foregoing 180th day, the &ldquo;<FONT STYLE="font-weight: normal"><U>Initial
Exercise Date</U></FONT>&rdquo;), then from the Initial Exercise Date and at any time before 4:00 P.M., Eastern Standard Time,
on the Expiration Date, the Holder of this Warrant may from time to time exercise this Warrant, on any Business Day, for all or
any part of the number of shares of Warrant Stock (subject to adjustment as provided herein) purchasable hereunder. In order to
exercise this Warrant, in whole or in part, the Holder shall (i) deliver to the Company at its Designated Office a written notice
of the Holder&rsquo;s election to exercise this Warrant (an &ldquo;<FONT STYLE="font-weight: normal"><U>Exercise Notice</U></FONT>&rdquo;)
substantially in the form attached to this Warrant as <U>Annex A</U>, which Exercise Notice shall be irrevocable and specify the
number of shares of Warrant Stock to be purchased, together with this Warrant and (ii) pay to the Company the Warrant Price. The
date on which such delivery and payment shall have taken place being hereinafter referred to as the &ldquo;<FONT STYLE="font-weight: normal"><U>Exercise
Date</U></FONT>.&rdquo; If at the Expiration Date, this Warrant remains exercisable for any Warrant Stock, the Holder shall be
deemed to have delivered an Exercise Notice for such remaining Warrant Stock as of the Expiration Date and payment for such Warrant
Stock shall be deemed to be made by the Holder pursuant to Section 2.1(c)(i) hereof, unless the Holder notifies the Company otherwise
prior to the Expiration Date in respect of such delivery and payment. For the avoidance of doubt, once this Warrant shall become
exercisable in accordance with this Section 2.1, any subsequent payment of all remaining principal and interest outstanding under
the Credit Agreement shall not affect the ability of the Holder to exercise this Warrant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.55in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Subject to Article 5 hereof, upon receipt by the Company of such Exercise Notice, surrender of this Warrant and payment
of the Warrant Price (in accordance with Section 2.1(c) hereof), the Company shall cause its Transfer Agent to deliver the applicable
shares of Warrant Stock, and the Company shall deliver or cause to be delivered cash in lieu of any fraction of a share, to the
Holder and register such issued shares of Warrant Stock on the books of the Company as instructed by the Holder in the Exercise
Notice. The issued shares of Warrant Stock will be delivered by crediting the account of the Holder&rsquo;s prime broker (as specified
by the Holder to the Company) with the Depository Trust Company (&ldquo;<FONT STYLE="font-weight: normal"><U>DTC</U></FONT>&rdquo;)
through its Deposit/Withdrawal At Custodian (&ldquo;<FONT STYLE="font-weight: normal"><U>DWAC</U></FONT>&rdquo;) system, whereby
the Holder&rsquo;s prime broker shall initiate a DWAC transaction no later than 4:00 p.m. Eastern Standard Time on the third Trading
Day following the Exercise Date using its DTC participant identification number, and released by Continental Stock Transfer &amp;
Trust Company, the Company&rsquo;s transfer agent (the &ldquo;<FONT STYLE="font-weight: normal"><U>Transfer Agent</U></FONT>&rdquo;),
at the Company&rsquo;s direction. The Holder shall direct the broker-dealer at which the account or accounts to be credited with
the issued shares of Warrant Stock are maintained, which broker/dealer shall be a DTC participant, to initiate a transaction through
the DWAC system, instructing the Transfer Agent to credit such account or accounts with such shares of Warrant Stock. Such DWAC
instruction shall indicate the settlement date for the deposit of such shares of Warrant Stock, which shall be the Exercise Date.
The Company shall direct the Transfer Agent to credit the Holder&rsquo;s account or accounts with such shares of Warrant Stock
pursuant to the information contained in the DWAC instruction. This Warrant shall be deemed to have been exercised and such shares
of Warrant Stock shall be deemed to have been issued, and the Holder or any other Person so designated to be named therein shall
be deemed to have become a holder of record of such shares of Warrant Stock for all purposes, as of the Exercise Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.55in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Subject to Article 5 hereof, payment of the Warrant Price shall be made at the option of the Holder by one or more of the
following methods: (i) by delivery of a certified or official bank check or by wire transfer of immediately available funds in
the amount of such Warrant Price payable to the order of the Company, (ii) by instructing the Company to withhold a number of shares
of Warrant Stock then issuable upon exercise of this Warrant with an aggregate Fair Market Value equal to such Warrant Price, (iii)
by surrendering to the Company shares of Common Stock previously acquired by the Holder with an aggregate Fair Market Value equal
to such Warrant Price, or (iv) any combination of the foregoing. In the event of any withholding of Warrant Stock or surrender
of Common Stock pursuant to clause (ii), (iii) or (iv) of this Section 2.1(c) where the number of shares whose Fair Market Value
is equal to the Warrant Price is not a whole number, the number of shares withheld by or surrendered to the Company shall be rounded
up to the nearest whole share and the Company shall make a cash payment to the Holder based on the incremental fraction of a share
being so withheld by or surrendered to the Company in an amount determined in accordance with Section 2.3 hereof. The Holder will
receive fully paid and nonassessable shares of Warrant Stock upon any exercise of this Warrant.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.55in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>If this Warrant shall have been exercised in part, the Company shall, at the time of delivery of the shares of Warrant Stock
being issued in accordance with Section 2.1(c) hereof, deliver to the Holder a new Warrant evidencing the rights of the Holder
to purchase the unpurchased shares of Warrant Stock called for by this Warrant. Such new Warrant shall in all other respects be
identical to this Warrant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.55in">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Subject to Section 2.1(d) hereof, the Warrant delivered for exercise, and properly exercised by the Holder, in accordance
with Sections 2.1(a)-(c) and Article 5 hereof shall be canceled by the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.45in">2.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Payment of Taxes</U>. All shares of Warrant Stock issuable upon the exercise of this Warrant pursuant to the terms hereof
shall be validly issued, fully paid and nonassessable, issued without violation of any preemptive or similar rights of any stockholder
of the Company and free and clear of all Liens. The Company shall pay all expenses in connection with, and all taxes and other
governmental charges that may be imposed with respect to, the issue or delivery thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.45in">2.3<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Fractional Shares</U>. The Company shall not be required to issue a fractional share of Warrant Stock upon exercise of
the Warrant. As to any fraction of a share that the Holder of the Warrant, the rights under which are exercised in the same transaction,
would otherwise be entitled to purchase upon such exercise, the Company shall pay to such Holder an amount in cash equal to such
fraction multiplied by the Fair Market Value of one share of Common Stock on the Exercise Date.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">3.</TD><TD>TRANSFER, DIVISION AND COMBINATION</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.45in">3.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Transfer</U>. Upon compliance with the provisions of this Section 3.1, each transfer of this Warrant and all rights hereunder,
in whole or in part, shall be registered on the books of the Company to be maintained for such purpose, upon surrender of this
Warrant at the Designated Office and compliance with the terms hereof, together with a written assignment of this Warrant in the
form of <U>Annex B</U> attached hereto duly executed by the Holder or its agent or attorney and funds sufficient to pay any transfer
taxes described in Section 2.2 hereof in connection with the making of such transfer. Upon such compliance, surrender and delivery
and, if required, such payment, the Company shall execute and deliver a new Warrant in the name of the assignee or assignees and
in the denominations specified in such instrument of assignment, and shall issue to the assignor a new Warrant evidencing the portion
of this Warrant not so assigned and this Warrant shall promptly be cancelled.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.45in">3.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Mutilation or Loss</U>. Upon receipt by the Company from any Holder of evidence reasonably satisfactory to it of the
loss, theft, destruction or mutilation of this Warrant and an indemnity reasonably satisfactory to it (it being understood that
the written indemnification agreement of or affidavit of loss of the Holder shall be a sufficient indemnity) and, in case of mutilation,
upon surrender and cancellation hereof, the Company will execute and deliver in lieu hereof a new Warrant of like tenor to such
Holder; <U>provided</U>, <U>however</U>, that, in the case of mutilation, no indemnity shall be required if this Warrant in identifiable
form is surrendered to the Company for cancellation.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.45in">3.3<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Division and Combination</U>. Subject to compliance with the applicable provisions of this Warrant, this Warrant may
be divided or, following such division, combined with other Warrants upon presentation hereof at the Designated Office, together
with a written notice specifying the names and denominations in which new Warrants are to be issued, signed by the Holder or its
agent or attorney. Subject to compliance with the applicable provisions of this Warrant as to any transfer which may be involved
in such division or combination, the Company shall execute and deliver a new Warrant or Warrants in exchange for the Warrant or
Warrants to be divided or combined in accordance with such notice.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.45in">3.4<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Expenses</U>. The Company shall prepare, issue and deliver at its own expense any new Warrant or Warrants required to
be issued hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.45in">3.5<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Maintenance of Books</U>. The Company agrees to maintain, at the Designated Office, books for the registration and transfer
of the Warrants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.45in">3.6<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Registration of Warrant Stock</U>. Notwithstanding any termination, amendment, modification or supplement of the Credit
Agreement subsequent to the date hereof or, following the Initial Exercise Date, any subsequent payment of all remaining principal
and interest outstanding under the Credit Agreement, Section 2.4(h) of the Credit Agreement is hereby incorporated by reference
herein as if fully set forth herein as of the date hereof and shall apply <I>mutatis mutandis</I> to this Warrant and the Warrant
Stock.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">4.</TD><TD>ANTIDILUTION PROVISIONS</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The number of shares of Warrant Stock
for which this Warrant is exercisable and the Exercise Price shall be subject to adjustment from time to time as set forth in this
Article 4.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-left: 0; text-indent: 0.45in">4.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Upon Issuance of Common Stock</U>. If the Company shall, at any time or from time to time after the Original Issue Date,
issue any shares of Common Stock, options to purchase or rights to subscribe for Common Stock, securities by their terms convertible
into or exchangeable for Common Stock, or options to purchase or rights to subscribe for such convertible or exchangeable securities
without consideration or for consideration per share less than the greater of (x) the Dilution Price in effect immediately prior
to the issuance of such Common Stock or securities and (y) the Fair Market Value per share of the Common Stock immediately prior
to such issuance (the greater of (x) and (y), the &ldquo;<U>Reference Price</U>&rdquo;), then such Exercise Price shall forthwith
be lowered to a price equal to the price obtained by multiplying:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0.7in; text-indent: 0.3in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the Exercise Price in effect immediately prior to the issuance of such Common Stock, options, rights or securities by</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0.7in; text-indent: 0.3in">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>a fraction of which (x) the numerator shall be the sum of (i) the number of shares of Common Stock Outstanding immediately
prior to such issuance and (ii) the number of additional shares of Common Stock which the aggregate consideration for the number
of shares of Common Stock so offered would purchase at the Reference Price and (y) the denominator shall be the number of shares
of Common Stock Outstanding immediately after such issuance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.45in">4.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Upon Acquisition of Common Stock</U>. If the Company or any Subsidiary shall, at any time or from time to time after
the Original Issue Date, directly or indirectly, redeem, purchase or otherwise acquire any shares of Common Stock, options to purchase
or rights to subscribe for Common Stock, securities by their terms convertible into or exchangeable for Common Stock, or options
to purchase or rights to subscribe for such convertible or exchangeable securities, for a consideration per share (plus, in the
case of such options, rights, or securities, the additional consideration required to be paid to the Company upon exercise, conversion
or exchange) greater than the Fair Market Value per share of Common Stock immediately prior to the earlier of (x) the announcement
of such event or (y) such event, then the Exercise Price shall forthwith be lowered to a price equal to the price obtained by multiplying:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0.7in; text-indent: 0.3in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the Exercise Price in effect immediately prior to such event by</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0.7in; text-indent: 0.3in">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>a fraction:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in">(A)</TD><TD>the numerator of which is (1) the product of (a) the number of shares of Common Stock Outstanding and (b) the Fair Market Value
per share of Common Stock, in each case immediately prior to such event, minus (2) the aggregate consideration paid by the Company
in such event (plus, in the case of such options, rights, or convertible or exchangeable securities, the aggregate additional consideration
required to be paid to the Company upon exercise, conversion or exchange), and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in">(B)</TD><TD>the denominator of which is the product (1) the number of shares of Common Stock Outstanding immediately after such event and
(2) the Fair Market Value per share of Common Stock immediately prior to such event.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.45in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.45in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.45in">4.3<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Provisions Applicable to Adjustments</U>. For the purposes of any adjustment of the Exercise Price pursuant to Section
4.1 or 4.2 hereof, the following provisions shall be applicable:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0.7in; text-indent: 0.3in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>In the case of the issuance of Common Stock, options to purchase or rights to subscribe for Common Stock, securities by
their terms convertible into or exchangeable for Common Stock, or options to purchase or rights to subscribe for such convertible
or exchangeable securities for a consideration in whole or in part other than cash, the consideration other than cash shall be
deemed to be the Fair Market Value of the non-cash consideration.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0.7in; text-indent: 0.3in">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>In the case of the issuance of options to purchase or rights to subscribe for Common Stock, securities by their terms convertible
into or exchangeable for Common Stock, or options to purchase or rights to subscribe for such convertible or exchangeable securities:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in">(A)</TD><TD>the aggregate maximum number of shares of Common Stock that potentially may be deliverable upon exercise of such options to
purchase or rights to subscribe for Common Stock at any time during the term thereof shall be deemed to have been issued at the
time such options or rights were issued and for a consideration equal to the consideration (determined in the manner provided in
subparagraph (i) above), if any, received by the Company upon the issuance of such options or rights plus the minimum purchase
price provided in such options or rights for the Common Stock covered thereby;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in">(B)</TD><TD>the aggregate maximum number of shares of Common Stock that potentially may be deliverable upon conversion of or in exchange
for any such convertible or exchangeable securities or upon the exercise of options to purchase or rights to subscribe for such
convertible or exchangeable securities and subsequent conversion or exchange thereof at any time during the term thereof shall
be deemed to have been issued at the time such securities, options, or rights were issued and for a consideration equal to the
consideration received by the Company for any such securities and related options or rights (excluding any cash received on account
of accrued interest or accrued dividends), plus the additional consideration, if any, to be received by the Company upon the conversion
or exchange of such securities or the exercise of any related options or rights (the consideration in each case to be determined
in the manner provided in paragraph (i) above);</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in">(C)</TD><TD>on any increase in the number of shares or decrease in the effective exercise or conversion price of Common Stock deliverable
upon exercise of any such options, rights or securities or conversions of or exchanges of such securities, including any change
resulting from the anti-dilution provisions thereof, the Exercise Price shall forthwith be readjusted to such Exercise Price as
would have been obtained had the adjustment made upon the issuance of such options, rights or securities not converted prior to
such change or options or rights related to such securities not converted prior to such change been made upon the basis of such
change; and</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in">(D)</TD><TD>no further adjustment of the Exercise Price adjusted upon the issuance of any such options, rights, convertible securities
or exchangeable securities shall be made as a result of the actual issuance of Common Stock on the exercise of any such rights
or options or any conversion or exchange of any such securities.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.45in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.45in">4.4<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Upon Stock Dividends, Subdivisions or Splits</U>. If, at any time after the Original Issue Date, the number of shares
of Common Stock Outstanding is increased by a stock dividend payable in shares of Common Stock or by a subdivision or split-up
of shares of Common Stock, then, following the record date for the determination of holders of Common Stock entitled to receive
such stock dividend, or to be affected by such subdivision or split-up, the Exercise Price and the Dilution Price shall each be
appropriately decreased by multiplying each price by a fraction, the numerator of which is the number of shares of Common Stock
Outstanding immediately prior to such increase and the denominator of which is the number of shares of Common Stock Outstanding
immediately after such increase in Outstanding shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.45in">4.5<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Upon Combinations or Reverse Stock Splits</U>. If, at any time after the Original Issue Date, the number of shares of
Common Stock Outstanding is decreased by a combination or reverse stock split of the Outstanding shares of Common Stock into a
smaller number of shares of Common Stock, then, following the record date to determine shares affected by such combination or reverse
stock split, the Exercise Price and the Dilution Price shall each be appropriately increased by multiplying each price by a fraction,
the numerator of which is the number of shares of Common Stock Outstanding immediately prior to such decrease and the denominator
of which is the number of shares of Common Stock Outstanding immediately after such decrease in Outstanding shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.45in">4.6<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Upon Reclassifications, Reorganizations, Consolidations, Mergers or Dispositions of Assets</U>. In the event of any capital
reorganization of the Company, any reclassification of the capital stock of the Company (other than a change in par value or from
par value to no par value or from no par value to par value or as a result of a stock dividend or subdivision, stock-split, reverse
stock-split or combination of shares), any consolidation or merger of the Company with or into another Person (where the Company
is not the surviving Person or where there is a change in or distribution with respect to the Common Stock) or sale, transfer or
other disposition of all or substantially all of the Company&rsquo;s property, assets or business to another Person, each Warrant
shall after such reorganization, reclassification, consolidation, merger or disposition of assets be exercisable for the kind and
number of shares of stock or other securities or property of the Company or of the successor Person (if other than the Company)
resulting from such reorganization, reclassification, consolidation, merger or disposition of assets, if any, to which the holder
of the number of shares of Common Stock deliverable (immediately prior to the time of such reorganization, reclassification, consolidation,
merger or disposition of assets) upon exercise of such Warrant would have been entitled upon such reorganization, reclassification,
consolidation, merger or disposition of assets (without taking into account any limitations or restrictions on the exercisability
of this Warrant); and, in such case, appropriate adjustment (in form and substance satisfactory to the Holder) shall be made with
respect to the Holder&rsquo;s rights under this Warrant to insure that the provisions of Article 4 hereof shall thereafter be applicable,
as nearly as possible, to this Warrant in relation to any shares of stock, securities or assets thereafter acquirable upon exercise
of this Warrant (and, for the avoidance of doubt, such adjustments shall include any appropriate adjustment to the Dilution Price
to realize the intended economic protection to the Holder of Section 4.1 hereof, as appropriate). The Company shall not effect
any such reorganization, reclassification, consolidation, merger or disposition of assets unless, prior to the consummation thereof,
the successor Person (if other than the Company) resulting from such reorganization, reclassification, consolidation, merger or
disposition of assets, shall assume, by written instrument, the obligation to deliver to the Holders of the Warrant such shares
of stock, securities or assets, which, in accordance with the foregoing provisions of this Section 4.6, such Holders shall be entitled
to receive upon such conversion. The provisions of this Section 4.6 shall similarly apply to successive reorganizations, reclassifications,
consolidations, mergers or dispositions of assets.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.45in">4.7<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Other Anti-Dilution Provisions</U>. If the Company has issued or issues any securities of the Company to a financial
institution, lender, other credit provider, leasing company or other lessor in connection with the provisions of any financing
or lending agreements, containing provisions (including, without limitation, any of the terms of pricing, exercise price, anti-dilution
and registration rights) which are more favorable than those set forth herein, the Company will make such provisions (or any more
favorable portion thereof) available to the Holder and will enter into amendments necessary to confer such rights on the Holder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.45in">4.8<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Appraisal Procedure</U>. In any case in which the provisions of this Article 4 shall necessitate that the Appraisal Procedure
be utilized for purposes of determining an adjustment to the Exercise Price, the Company may defer, until the completion of the
Appraisal Procedure and the determination of the adjustment, (i) issuing to the Holder of any Warrant exercised after the date
of the event that requires the adjustment and before completion of the Appraisal Procedure and the determination of the adjustment,
the shares of capital stock issuable upon such exercise by reason of the adjustment required by such event and issuing to such
Holder only the shares of capital stock issuable upon such exercise before giving effect to such adjustment and (ii) paying to
such Holder any amount in cash in lieu of a fractional share of capital stock pursuant to Section 2.3 above; <U>provided</U>, <U>however</U>,
that the Company shall deliver to such Holder an appropriate instrument or due bills evidencing such Holder&rsquo;s right to receive
such additional shares or such cash.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.45in">4.9<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Adjustment of Number of Shares Purchasable</U>. Upon any adjustment of the Exercise Price as provided in Section 4.1,
4.2, 4.4, 4.5 and 4.6, the Holders of the Warrants shall thereafter be entitled to purchase upon the exercise thereof, at the Exercise
Price resulting from such adjustment, the number of shares of Warrant Stock (calculated to the nearest 1/100th of a share) obtained
by multiplying the Exercise Price in effect immediately prior to such adjustment by the number of shares of Warrant Stock issuable
on the exercise hereof immediately prior to such adjustment and dividing the product thereof by the Exercise Price resulting from
such adjustment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.45in">4.10<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Increase of Number of Shares Purchasable</U>. After giving effect to all other provisions in this Article 4 other than
this Section 4.10, the number of shares of Warrant Stock purchasable upon exercise of this Warrant shall be increased when the
Exercise Price is adjusted to an amount below the then-existing par value of the Warrant Stock, including successive adjustments
to the Exercise Price to an amount further below the then-existing par value. The number of additional shares purchasable upon
exercise of this Warrant shall be equal to the number obtained by dividing:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0.7in; text-indent: 0.3in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The product of (A) the number of shares purchasable upon exercise of the Warrant before application of this Section 4.10
and (B) the difference between the then-existing par value per share of Warrant Stock minus the adjusted Exercise Price, by</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 12pt 0.7in; text-indent: 0.3in">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The difference between the Fair Market Value of the Common Stock on the Exercise Date minus the then-existing par value
per share of Warrant Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Concurrently with the foregoing adjustment to the number
of additional shares purchasable upon exercise of this Warrant, the Exercise Price shall be adjusted to be the then-existing par
value of the Warrant Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.45in">4.11<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Form of Warrants</U>. Irrespective of any adjustments of the number of shares of Warrant Stock purchasable or of the
Exercise Price, the Warrant theretofore or thereafter issued may continue to express the same price and number and kind of shares
as are stated in the Warrant issued on the Original Issue Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.45in">4.12<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Changes in Securities</U>. Notwithstanding any provision in this Article 4 to the contrary and without limitation to
any other provision contained in this Article 4, in the event any securities of the Company are amended, modified or otherwise
altered by operation of this Article 4&rsquo;s terms or otherwise in any manner whatsoever (including through the anti-dilution
provisions thereof) that results in (i) the reduction of the effective exercise, conversion or exchange price of such securities
payable upon the exercise for, or conversion or exchange into, Common Stock or other securities exercisable for, or convertible
or exchangeable into, Common Stock and/or (ii) such securities becoming exercisable for, or convertible or exchange into (A) more
shares or dollar amount of such securities which are, in turn exercisable for, or convertible or exchangeable into, Common Stock,
or (B) more shares of Common Stock, then such amendment, modification or other alteration shall be treated for purposes of Article
4 as if the securities which have been amended, modified or altered have been terminated and new securities have been issued with
the amended or modified terms. The Company shall make all necessary adjustments (including successive adjustments if required)
to the Exercise Price in accordance with this Article 4, but in no event shall the Exercise Price be greater than it was immediately
prior to the application of this Section 4.12 to the amendment, modification or alteration in question.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.45in">4.13<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Maximum Exercise Price</U>. Except as provided in Section 4.5 above, at no time shall the Exercise Price per share of
Warrant Stock exceed the amount set forth in the preamble of this Warrant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.45in">4.14<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Exceptions</U>. Notwithstanding anything to the contrary, Article 4 hereof shall not apply to (i) (A) the issuance and
exercise of options to purchase shares of Common Stock and (B) the issuance of shares of Common Stock, in each case of the foregoing
clause (A) and (B), as made to eligible recipients pursuant to any equity incentive plan duly adopted by the board of directors
of the Company in the ordinary course of business, or (ii) any issuance of shares of Common Stock upon conversion of the Company&rsquo;s
convertible debt securities outstanding as of the Business Day immediately preceding the Original Issue Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.45in">4.15<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Notice of Adjustment of Exercise Price</U>. Whenever the number of shares of Common Stock for which this Warrant is exercisable
or the Exercise Price is adjusted as provided under Article 4 hereof:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0.7in; text-indent: 0.3in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the Company shall compute the adjusted Exercise Price in accordance with this Article 4 and shall prepare a certificate
signed by the treasurer or chief financial officer of the Company setting forth the adjusted Exercise Price and showing in reasonable
detail the facts upon which such adjustment is based, and such certificate shall forthwith be filed at the Designated Office; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0.7in; text-indent: 0.3in">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>a notice stating that the Exercise Price has been adjusted and setting forth the adjusted Exercise Price shall forthwith
be prepared by the Company, and as soon as practicable after it is prepared, such notice shall be mailed by the Company at its
expense to the Holder at its last address as it shall appear in the warrant register. If the Board of Directors of the Company
makes any determination of Fair Market Value for purposes of determining such proposed adjustment, then, within thirty (30) days
of the Holder&rsquo;s receipt of such notice, the Holder shall have the right to use the Appraisal Procedure to determine Fair
Market Value with respect to the entire proposed adjustment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.45in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.45in">4.16<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Independent Application</U>. Except as otherwise provided herein, all sections of this Article 4 are intended to operate
independently of one another (but without duplication). If an event occurs that requires the application of more than one section
of this Article 4, all applicable sections shall be given independent effect without duplication.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">5.</TD><TD>BENEFICIAL OWNERSHIP LIMITS; ISSUANCE CAP</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.45in">5.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Beneficial Ownership Limitation</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.55in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Notwithstanding anything to the contrary contained herein, the Holder shall not receive shares of Warrant Stock upon exercise
of the Warrant to the extent (but only to the extent) that such exercise or receipt would cause the Holder Group to become, directly
or indirectly, a beneficial owner of a number of shares of Common Stock that exceeds the Maximum Percentage of Common Stock Outstanding
as of the Exercise Date (the &ldquo;<FONT STYLE="font-weight: normal"><U>Beneficial Ownership Limitation</U></FONT>&rdquo;). The
Beneficial Ownership Limitation (i) may be increased or decreased, in the Holder&rsquo;s sole discretion, upon 61 days&rsquo; written
notice to the Company by the Holder, <U>provided</U>, <U>however</U>, that in no event shall the Holder increase such Beneficial
Ownership Limitation to raise the Maximum Percentage in excess of 19.99% as of any date of shares of Common Stock Outstanding from
the date hereof through the Expiration Date and (ii) shall automatically be increased to a Maximum Percentage of 19.99% on the
date that is 15 days prior to the Expiration Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.55in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>At the time of delivery of any Exercise Notice, the Holder shall notify the Company if, and only if, a Holder Group would
beneficially own a number of shares of Common Stock in excess of the Beneficial Ownership Limitation upon giving effect to such
Exercise Notice. For the avoidance of doubt, upon any failure by the Holder to deliver such notice, any subsequent purported delivery
in such instance of Warrant Stock shall be void and have no effect pursuant to Section 5.1(c) hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.55in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Any purported delivery of Warrant Stock pursuant to Section 2.1(b) hereof, and any purported payment by the Holder of the
Warrant Price pursuant to Section 2.1(a) and 2.1(c) hereof, in connection with the exercise of the Warrant shall be void and have
no effect to the extent (but only to the extent) that such delivery would violate the Beneficial Ownership Limitation. If any delivery
of Warrant Stock owed to the Holder following exercise of the Warrant is not made, in whole or in part, as a result of the Beneficial
Ownership Limitation, the Company&rsquo;s obligation to make such delivery shall not be extinguished and the Company shall deliver
such Warrant Stock as promptly as practicable after the Holder gives written notice to the Company that such delivery would not
violate the Beneficial Ownership Limitation (the &ldquo;<B>Delivery Notice</B>&rdquo;), <U>provided</U>, <U>however</U>, that (i)
the Holder shall be deemed to have exercised this Warrant in respect of any such delayed Warrant Stock (other than at the Expiration
Date) as of the date of the applicable Delivery Notice and (ii) for the avoidance of doubt, Article 4 hereof and Article 10 hereof
shall remain in full force and effect for such period of delay, and <U>provided</U>, <U>further</U>, <U>however</U>, that at the
Expiration Date and in accordance with the deemed Exercise Notice under Section 2.1(a) hereof, if, without giving effect to the
Beneficial Ownership Limitation, the Warrant would be exercisable for any Warrant Stock, (i) the Holder shall be entitled to receive
from the Company any such remaining Warrant Stock under the terms of this Warrant until such time as the Beneficial Ownership Limitation
would not prohibit such delivery (such Warrant Stock at the Expiration Date, the &ldquo;<B>Expiration Warrant Stock</B>&rdquo;),
(ii) the Holder shall be deemed to have exercised this Warrant in respect of all such Expiration Warrant Stock as of the date of
such Holder&rsquo;s receipt from the Company of the Expiration Warrant Stock (which exercise shall be subject to Article 4 hereof
but not be subject to Sections 4.1 through 4.3 hereof) and (iii) for the avoidance of doubt, Article 10 hereof shall remain in
full force and effect for the period until the delivery of the Expiration Warrant Stock.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.55in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>For purposes of this Section 5.1, (i) the term &ldquo;<FONT STYLE="font-weight: normal"><U>Maximum Percentage</U></FONT>&rdquo;
shall mean 19.99%; and (ii) the term &ldquo;<FONT STYLE="font-weight: normal"><U>Holder Group</U></FONT>&rdquo; shall mean any
group in respect of Common Stock, where &ldquo;group&rdquo; has the meaning established under Section 13(d) of the Exchange Act
and the rules promulgated thereunder, if the Holder or any other Person having beneficial ownership of Common Stock beneficially
owned by the Holder is a member of such group. In determining the number of shares of Common Stock Outstanding for purposes of
this Section 5.1 and the number of shares that the Holder may at any time acquire pursuant to the Beneficial Ownership Limitation
and the other terms of this Section 5.1, the Holder shall give effect to the last sentence of Rule 13d-3(d)(1)(i) as promulgated
under the Exchange Act, and the Holder may rely on the number of outstanding shares of Common Stock as reflected in (x) the Company&rsquo;s
most recent Annual Report on Form 10-K or Quarterly Report on Form 10-Q filed with the Commission, as the case may be, (y) a more
recent public announcement by the Company or (z) a more recent notice by the Company or its transfer agent to the Holder setting
forth the number of shares of Common Stock then outstanding. Upon written or oral request of the Holder, the Company shall, within
two (2) Business Days of such request, confirm orally and in writing to the Holder the number of shares of Common Stock then Outstanding.
For the avoidance of doubt, if at any time after the Initial Exercise Date and through the Expiration Date, any Holder Group would
become the beneficial owner of any shares of Common Stock pursuant to an Interest Share Issuance to such Holder Group, the effect
of the Beneficial Ownership Limitation in respect of Warrant Stock shall be determined after giving effect to the beneficial ownership
of such shares of Common Stock pursuant to an Interest Share Issuance pursuant to Section 2.4(f) of the Credit Agreement for purposes
of effectuating such intended beneficial ownership limitation under the Credit Agreement. The provisions of this Section 5.1 shall
be construed, corrected and implemented in a manner so as to effectuate the intended Beneficial Ownership Limitation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.45in">5.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Issuance Cap</U>. Unless Stockholder Approval has been previously obtained, in the event that any issuance of Warrant
Stock upon the exercise of this Warrant would, together with (i) any other issuance of shares of Common Stock by the Company to
any holder of any Fifth Amendment Warrant and/or (ii) any issuance of shares of Common Stock pursuant to an Interest Share Issuance
that would, in each case, be aggregated with such proposed issuance under this Warrant for determining whether such issuances collectively
would require approval by a vote of Company stockholders under the applicable listing rules of the Nasdaq Global Market, any successor
stock exchange operated by the NASDAQ Stock Market LLC or any successor thereto (such other issuances in the foregoing clauses
(i) and (ii), the &ldquo;<FONT STYLE="font-weight: normal"><U>Related Issuances</U></FONT>&rdquo;), exceed 19.99% of the Common
Stock Outstanding on May 24, 2016 (the &ldquo;<U>Aggregation Date</U>&rdquo;), the Holder shall receive only a number of shares
of Common Stock, rounded down to the nearest whole number, equal to (A)&nbsp;the maximum number of shares of Common Stock which
could be issued to the Holder and any other recipients of any then-proposed Related Issuances in the aggregate without the Related
Issuances exceeding 19.99% of the Common Stock Outstanding on the Aggregation Date (such maximum number calculated by giving effect
to any then-proposed Related Issuances in connection with any Interest Share Issuance last) multiplied by a ratio equal to (B)&nbsp;(1)
the number of shares of Common Stock that would be otherwise received by the Holder under this Warrant divided by (2)&nbsp;the
number of all of the shares of Common Stock that would be otherwise received by the Holder under this Warrant and the recipients
of any then-proposed Related Issuances in the aggregate. To the extent the Holder is entitled to receive from the Company a number
of shares of Warrant Stock reduced by this Section 5.2, the Company shall pay to the Holder, in satisfaction of the Company&rsquo;s
obligation to deliver such Warrant Stock, a cash amount equivalent to the Fair Market Value, determined as of the Exercise Date,
of the number of shares of Warrant Stock by which such exercise was reduced within three (3) Business Days of the Exercise Date.</P>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">6.</TD><TD>NO IMPAIRMENT; REGULATORY COMPLIANCE AND COOPERATION</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.45in">6.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>No Impairment</U>. The Company shall not by any action, including, without limitation, amending its charter documents
or through any reorganization, reclassification, transfer of assets, consolidation, merger, dissolution, issue or sale of securities
or any other similar voluntary action, avoid or seek to avoid the observance or performance of any of the terms of this Warrant,
but will at all times in good faith assist in the carrying out of all such terms and in the taking of all such actions as may be
necessary or appropriate to protect the rights of the Holder against impairment. Without limiting the generality of the foregoing,
the Company shall take all such action as may be necessary or appropriate in order that the Company may validly and legally issue
fully paid and nonassessable shares of Warrant Stock upon the exercise of this Warrant, free and clear of all Liens, and shall
use its best efforts to obtain all such authorizations, exemptions or consents from any public regulatory body having jurisdiction
thereof as may be necessary to enable the Company to perform its obligations under this Warrant. The Company shall not take any
action, enter into any transaction or suffer to exist any event, action or state of facts that would cause the Exercise Price to
be adjusted below the then existing par value of Common Stock (unless the Common Stock is changed to capital stock with no par
value); <U>provided</U>, <U>however</U>, that nothing herein will prevent the operation of any other provision of this Warrant,
including the anti-dilution provisions of Article 4 hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.45in">6.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>No Dilution</U>. If any event shall occur as to which the provisions of Article 4 hereof are not strictly applicable
but the failure to make any adjustment would adversely affect the purchase rights represented by the Warrant in accordance with
the essential intent and principles of such Article (including, without limitation, the issuance of securities other than Common
Stock which have the right to participate in distributions to the holders of Common Stock, the granting of &ldquo;phantom stock&rdquo;
rights or &ldquo;stock appreciation rights&rdquo;), then, in each such case, the Company shall, upon the request of any Holder,
appoint an investment banking firm of recognized national standing, or any other financial expert that does not (or whose directors,
officers, employees, Affiliates or stockholders do not) have a direct or material indirect financial interest in the Company or
any of its Subsidiaries, who has not been, and, at the time it is called upon to give independent financial advice to the Company,
is not (and none of its directors, officers, employees, Affiliates or stockholders are) a promoter, director or officer of the
Company or any of its Subsidiaries, which shall give their opinion upon the adjustment, if any, on a basis consistent with the
essential intent and principles established in Article 4 hereof, necessary to preserve, without dilution, the purchase rights,
represented by this Warrant. Prior to such determination by such investment banking firm, the Company and the requesting Holder(s),
respectively, shall specify the amount, if any, of the adjustment that such party has determined in good faith to be appropriate.
The adjustment determined by the investment banking firm shall be within the range of the adjustments thus proposed by the parties,
and the costs and fees of such investment banking firm shall be allocated proportionately between the Company, on one hand, and
the Holder, on the other, based on the respective differences between the amount of the adjustment as determined by such investment
banking firm and the amounts of such adjustment proposed by the Company and the Holder. Upon receipt of such opinion, the Company
will promptly mail a copy thereof to the holders of the Warrants and shall make the adjustments described therein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.45in">6.3<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Other Agreements</U>. The Company is not a party to or bound in any manner under, and covenants that it will not enter
into at any time after the date hereof, any agreement or contract (whether written or oral) with respect to any of its securities
which prevents the Company from complying in any respect with the rights granted by the Company hereunder.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.45in">6.4<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Antitrust Notification</U>. If the Holder determines, in its sole judgment upon the advice of counsel, that an exercise
of this Warrant pursuant to the terms hereof would be subject to the provisions of the Hart-Scott-Rodino Antitrust Improvements
Act of 1976, as amended (the &ldquo;<U>HSR Act</U>&rdquo;), the Company shall file, within seven (7) Business Days after receiving
notice from the Holder of the applicability of the HSR Act and a request to so file, with the United States Federal Trade Commission
(the &ldquo;<U>FTC</U>&rdquo;) and the United States Department of Justice (the &ldquo;<U>DOJ</U>&rdquo;) the notification and
report form and any supplemental information required to be filed by it pursuant to the HSR Act in connection with the exercise
of this Warrant. Any such notification and report form and supplemental information will be in full compliance with the requirements
of the HSR Act. The Company will furnish to the Holder promptly (but in no event more than five (5) business days) such information
and assistance as such holder may reasonably request in connection with the preparation of any filing or submission required to
be filed by the Holder under the HSR Act. The Company shall respond promptly after receiving any inquiries or requests for additional
information from the FTC or the DOJ (and in no event more than three (3) business days after receipt of such inquiry or request).
The Company shall keep such holder apprised periodically and at such holder's request of the status of any communications with,
and any inquiries or requests for additional information from, the FTC or the DOJ. The Company shall bear all filing or other fees
required to be paid by the Company under the HSR Act or any other applicable law in connection with such filings and all costs
and expenses (including, without limitation, reasonable attorneys' fees and expenses) incurred by the Company in connection with
the preparation of such filings and responses to inquiries or requests. The Company shall also bear 50% of all filing or other
fees required to be paid by the Holder (or the &ldquo;ultimate parent entity&rdquo; of the Holder, if any) under the HSR Act or
any other applicable law in connection with such filings and 50% of all costs and expenses (including, without limitation, reasonable
attorneys' fees and expenses) incurred by the Holder in connection with the preparation of such filings and responses to inquiries
or requests, and the Holder shall bear the remaining 50% of such fees, costs and expenses. In the event that this Section 6.4 is
applicable to any exercise of this Warrant, the issuance to the Holder of the applicable Warrant Stock Shares, and the payment
by the Holder of the Warrant Price therefor, shall be subject to the expiration or earlier termination of the waiting period under
the HSR Act (with the Exercise Date being deemed to be the date immediately following the date of such expiration or early termination).</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">7.</TD><TD>RESERVATION AND AUTHORIZATION OF COMMON STOCK</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.45in">7.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Reservation</U>. The Company shall at all times reserve and keep available for issuance upon the exercise of the Warrant
such number of its authorized but unissued shares of Common Stock as will be required for issuance of the Warrant Stock. All shares
of Warrant Stock issuable pursuant to the terms hereof, when issued upon exercise of this Warrant with payment therefor in accordance
with the terms hereof, shall be duly and validly issued and fully paid and nonassessable, not subject to preemptive rights and
shall be free and clear of all Liens. Before taking any action that would result in an adjustment in the number of shares of Warrant
Stock for which this Warrant is exercisable or in the Exercise Price, the Company shall obtain all such authorizations or exemptions
thereof, or consents thereto, as may be necessary from any public regulatory body or bodies having jurisdiction over such action.
If any shares of Warrant Stock required to be reserved for issuance upon exercise of the Warrant require registration or qualification
with any Governmental Authority under any federal or state law (including the Securities Act and state securities laws) before
such shares may be so issued, the Company will use its commercially reasonable efforts to register and qualify such shares as
soon as practicable and at its expense.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.45in">7.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Corporate Action</U>. Before taking any action that would cause an adjustment reducing the Exercise Price below the then-par
value (if any) of the shares of Warrant Stock deliverable upon exercise of the Warrant or that would cause the number of shares
of Warrant Stock issuable upon exercise of the Warrant to exceed (when taken together with all other Outstanding shares of Common
Stock) the number of shares of Common Stock that the Company is authorized to issue, the Company will take any corporate action
that, in the opinion of its counsel, is necessary in order that the Company may validly and legally issue the full number of fully
paid and nonassessable shares of Warrant Stock issuable upon exercise of the Warrant at such adjusted exercise price.</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">8.</TD><TD>NOTICE OF CORPORATE ACTIONS; TAKING OF RECORD; TRANSFER BOOKS</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.45in">8.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Notices of Corporate Actions</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in">In case:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.55in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the Company shall grant to the holders of its Common Stock rights or warrants to subscribe for or purchase any shares of
capital stock of any class; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.55in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the Company shall declare to the holders of its Common Stock any dividend or distribution; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.55in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>of any reclassification of the Common Stock (other than a subdivision or combination of the Outstanding shares of Common
Stock), or of any consolidation, merger or share exchange to which the Company is a party and for which approval of any stockholders
of the Company is required, or of the sale or transfer of all or substantially all of the assets of the Company; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.55in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>of the voluntary or involuntary dissolution, liquidation or winding up of the Company;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.55in">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the Company or any Subsidiary shall commence a tender offer for all or a portion of the Outstanding shares of Common Stock
(or shall amend any such tender offer to change the maximum number of shares being sought or the amount or type of consideration
being offered therefor); or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.55in">(f)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the Company or any Subsidiary takes any action or any event or circumstance occurs that impacts the rights of a Holder set
forth herein or in the Credit Agreement, as applicable;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0">then the Company shall cause to be filed at the Designated
Office, and shall cause to be mailed to the Holder at its last addresses as they shall appear in the warrant register, at least
30 days prior to the applicable record, effective or expiration date hereinafter specified, a notice stating (x) the date on which
a record is to be taken for the purpose of such dividend, distribution or granting of rights or warrants, or, if a record is not
to be taken, the date as of which the holders of Common Stock of record who will be entitled to such dividend, distribution, rights
or warrants are to be determined, (y) the date on which such reclassification, consolidation, merger, share exchange, sale, transfer,
dissolution, liquidation or winding up is expected to become effective, and the date as of which it is expected that holders of
Common Stock of record shall be entitled to exchange their shares of Common Stock for securities, cash or other property deliverable
upon such reclassification, consolidation, merger, share exchange, sale, transfer, dissolution, liquidation or winding up, or (z)
the date on which such tender offer commenced, the date on which such tender offer is scheduled to expire unless extended, the
consideration offered and the other material terms thereof (or the material terms of the amendment thereto). Such notice shall
also set forth such facts with respect thereto as shall be reasonably necessary to indicate the effect of such action on the Exercise
Price and the number and kind or class of shares or other securities or property which shall be deliverable or purchasable upon
the occurrence of such action or deliverable upon exercise of the Warrants. Neither the failure to give any such notice nor any
defect therein shall affect the legality or validity of any action described in clauses (a) through (e) of this Section 8.1.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.45in">8.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Taking of Record</U>. In the case of all dividends or other distributions by the Company to the holders of its Common
Stock with respect to which any provision hereof refers to the taking of a record of such holders, the Company will in each such
case take such a record and will take such record as of the close of business on a Business Day.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.45in">8.3<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Closing of Transfer Books</U>. The Company shall not at any time close its stock transfer books or warrant transfer books
so as to result in preventing or delaying the exercise or transfer of any Warrant.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">9.</TD><TD>OFFICE OF THE COMPANY</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.45in">9.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>As long as the Warrant remains outstanding, the Company shall maintain an office or agency, which may be the principal executive
offices of the Company (the &ldquo;<FONT STYLE="font-weight: normal"><U>Designated Office</U></FONT>&rdquo;), where the Warrant
may be presented for exercise, registration of transfer, division or combination as provided in this Warrant. Such Designated Office
shall initially be the office of the Company at 550 South Hope Street, Suite 2850, Los Angeles, California 90071. The Company may
from time to time change the Designated Office to another office of the Company or its agent within the United States by notice
given to any registered Holders at least ten (10) Business Days prior to the effective date of such change.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">10.</TD><TD>DILUTION ADJUSTMENT</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.45in">10.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Dilution Adjustment</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.55in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>In the event that any dividends are declared or paid or any other distribution is made on or with respect to the Common
Stock, the Holder as of the record date established by the Board of Directors of the Company for such dividend or distribution
on the Common Stock shall be entitled to receive a fee (the &ldquo;<FONT STYLE="font-weight: normal"><U>Dilution Adjustment</U></FONT>&rdquo;)
in an amount (whether in the form of cash, securities or other property) equal to the amount (and in the form) of the dividends
or distribution that such Holder would have received had the Warrant been exercised as of the date immediately prior to the record
date for such dividend or distribution, such Dilution Adjustment to be payable on the same payment date established by the Board
of Directors of the Company for the payment of such dividend or distribution; <U>provided</U>, <U>however</U>, that if the Company
declares and pays a dividend or distribution on the Common Stock consisting in whole or in part of Common Stock, then no such Dilution
Adjustment shall be payable in respect of the Warrant on account of the portion of such dividend or distribution on the Common
Stock payable in Common Stock and in lieu thereof the applicable adjustment in Article 4 hereof shall apply. The record date for
any such Dilution Adjustment shall be the record date for the applicable dividend or distribution on the Common Stock, and any
such Dilution Adjustment shall be payable to the Persons in whose name the Warrant is registered at the close of business on the
applicable record date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.55in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>No dividend shall be paid or declared on any share of Common Stock (other than dividends payable in Common Stock for which
an adjustment was made pursuant to Article 4 hereof), unless the Dilution Adjustment, payable in the same consideration and manner,
is simultaneously paid or provided for, as the case may be, in respect of this Warrant in an amount determined as set forth in
this Section 10.1. For purposes of this Warrant, the term &ldquo;dividends&rdquo; shall include any pro rata distribution by the
Company, out of funds of the Company legally available therefor, of cash, property, securities (including, but not limited to,
rights, warrants or options and/or securities in connection with a spin-off of the Company) or other property or assets to the
holders of the Common Stock, whether or not paid out of capital, surplus or earnings other than liquidation.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.55in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Prior to declaring any dividend or making any distribution on or with respect to shares of Common Stock, the Company shall
take all prior corporate action necessary to authorize the issuance of any securities payable as the Dilution Adjustment in respect
of the Warrant.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">11.</TD><TD>MISCELLANEOUS</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.45in">11.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>No Implied Waivers</U>. No failure or delay by any party in exercising any right, power or privilege hereunder shall
operate as a waiver thereof nor shall any single or partial exercise thereof preclude any other or further exercise thereof or
the exercise of any other right, power or privilege. The rights and remedies herein provided shall be cumulative and not exclusive
of any rights or remedies provided by law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.45in">11.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Notices</U>. All notices, requests, consents and other communications required or permitted hereunder shall be in writing
and shall be hand delivered or mailed postage prepaid by registered or certified mail or transmitted by facsimile transmission
(with immediate telephonic confirmation thereafter) or transmitted by email:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-indent: 0.55in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>If to the Holder:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt 1in">WPI-CADIZ FARM CA, LLC<BR>
c/o Water Asset Management, LLC<BR>
509 Madison Avenue, Suite 804<BR>
New York, NY 10022<BR>
Attention: Stacy Kincaid<BR>
Facsimile No.: (212) 754-5101<BR>
Telephone No.: (415) 529-4830<BR>
Email: s.kincaid@waterinv.com, or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-indent: 0.55in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>If to the Company:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt 1in">Cadiz Inc.<BR>
550 South Hope Street, Suite 2850<BR>
Los Angeles, California 90071<BR>
Attention: Chief Financial Officer<BR>
Facsimile No.: 213-271-1614<BR>
Email: tshaheen@cadizinc.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">with a copy to (which shall not constitute
notice):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: 0in">Mitchell Silberberg &amp; Knupp LLP<BR>
11377 W. Olympic Blvd.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt 1in">Los Angeles, CA 90065<BR>
Facsimile No.: (310) 312-3100<BR>
Attention: Kevin Friedmann, Esq.<BR>
Email: kxf@msk.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.5in 12pt; text-align: justify">or at such other address as the
parties each may specify by written notice to the others, and each such notice, request, consent and other communication shall
for all purposes of the Warrant be treated as being effective or having been given when delivered if delivered personally, upon
receipt of facsimile confirmation if transmitted by facsimile, upon transmission of email if transmitted by email, or, if sent
by mail, at the earlier of its receipt or 72 hours after the same has been deposited in a regularly maintained receptacle for the
deposit of United States mail, addressed and postage prepaid as aforesaid.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.5in 12pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.45in">11.3<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Indemnification</U>. If the Company fails to make, when due, any payments provided for in this Warrant, the Company shall
pay to the Holder (a) interest at the Applicable Rate on any amounts due and owing to such Holder and (b) such further amounts
as shall be sufficient to cover any costs and expenses including, but not limited to, reasonable attorneys&rsquo; fees and expenses
incurred by such Holder in collecting any amounts due hereunder. The Company shall indemnify, defend and hold harmless the Holder
and the Holders of any Warrant Stock issued upon the exercise of this Warrant from and against any and all liability, loss, cost,
damage, reasonable attorneys&rsquo; and accountants&rsquo; fees and expenses, court costs and all other out-of-pocket expenses
incurred in connection with or arising from any default hereunder by the Company or the enforcement of its rights hereunder as
against the Company. This indemnification provision shall be in addition to the rights of such Holder or Holders to bring an action
against the Company for breach of contract based on such default hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.45in">11.4<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Limitation of Liability</U>. No provision hereof, in the absence of affirmative action by the Holder to purchase shares
of Warrant Stock, and no enumeration herein of the rights or privileges of the Holder, shall give rise to any liability of such
Holder to pay the Exercise Price for any Warrant Stock other than pursuant to an exercise of this Warrant or any liability as a
stockholder of the Company, whether such liability is asserted by the Company or by creditors of the Company. The Holder shall
not, by virtue hereof, be entitled to any rights of a stockholder of the Company and nothing contained in this Warrant shall be
construed as conferring upon the Holder the right to vote or to consent or to receive notice as a stockholder in respect of meetings
of stockholders for the election of directors of the Company or any other matters or any rights whatsoever as a stockholder of
the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.45in">11.5<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Remedies</U>. The Holder of the Warrant and/or Warrant Stock, in addition to being entitled to exercise its rights granted
by law, including recovery of damages, shall be entitled to specific performance of its rights provided under this Warrant. The
Company agrees that monetary damages would not be adequate compensation for any loss incurred by reason of a breach by it of the
provisions of this Warrant and hereby agrees, in an action for specific performance, to waive the defense that a remedy at law
would be adequate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.45in">11.6<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Successors and Assigns</U>. This Warrant and the rights evidenced hereby shall inure to the benefit of and be binding
upon the successors of the Company and the permitted successors and assigns of the Holder. The provisions of this Warrant are intended
to be for the benefit of all Holders from time to time of this Warrant and to the extent applicable, all Holders of shares of Warrant
Stock issued upon the exercise hereof (including transferees), and shall be enforceable by any such Holder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.45in">11.7<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Amendment</U>. The prior written consent of the Company and the Required Holders shall be required for any change, waiver
or amendment to this Warrant. Any change, waiver or amendment so approved shall be binding upon all existing and future holders
of this Warrant and any other Fifth Amendment Warrants; <U>provided</U>, <U>however</U>, that no such change, waiver or amendment,
as applied to any of the Fifth Amendment Warrants held by any particular holder of Fifth Amendment Warrants, shall, without the
written consent of that particular holder, (i) disproportionately and materially adversely affect any rights under such particular
holder&rsquo;s Fifth Amendment Warrant (other than as reflected by the different number of shares of Warrant Stock issuable to
such holder); or (ii) modify any of the provisions of, or impair the right of any holder of Fifth Amendment Warrants under, this
Section 11.7. This Warrant cannot be changed, modified, discharged or terminated by oral agreement.</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.45in">11.8<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Severability</U>. Wherever possible, each provision of this Warrant shall be interpreted in such manner as to be effective
and valid under applicable law, but if any provision of this Warrant shall be prohibited by or invalid under applicable law, such
provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such provision
or the remaining provisions of this Warrant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.45in">11.9<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Headings</U>. The headings and other captions in this Warrant are for the convenience and reference only and shall not
be used in interpreting, construing or enforcing any provision of this Warrant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.45in">11.10<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Governing Law</U>. <B>IN ALL RESPECTS, INCLUDING ALL MATTERS OF CONSTRUCTION, VALIDITY AND PERFORMANCE, THIS WARRANT
SHALL BE GOVERNED BY, AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO CONFLICT
OF LAW PRINCIPLES AND ANY APPLICABLE LAWS OF THE UNITED STATES OF AMERICA.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.45in">11.11<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Jurisdiction</U>. Each of the Company and the Holder hereby irrevocably and unconditionally submits for itself and its
property in any legal action or proceeding relating to this Warrant, or for recognition and enforcement of any judgment in respect
thereof, to the exclusive general jurisdiction of the courts of the Supreme Court of the State of New York sitting in New York
County, the courts of the United States for the Southern District of New York, and appellate courts from any thereof, consents
that any such action or proceeding may be brought in such courts and waives any objection that it may now or hereafter have to
the venue of any such action or proceeding in any such court or that such action or proceeding was brought in an inconvenient court
and agrees not to plead or claim the same, agrees that service of process in any such action or proceeding may be effected by delivery
of notice pursuant to Section 11.2 hereof and agrees that nothing herein shall affect the right to effect service of process in
any other manner permitted by law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.45in">11.12<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Waiver of Jury Trial</U>. <B>EACH OF THE COMPANY AND THE HOLDER WAIVES ANY RIGHT TO TRIAL BY JURY ON ANY CLAIM, DEMAND,
ACTION OR CAUSE OF ACTION (A) ARISING UNDER THIS WARRANT OR (B) IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THIS WARRANT
OR THE TRANSACTIONS RELATED HERETO, IN EACH CASE WHETHER SOUNDING IN CONTRACT OR TORT OR OTHERWISE. EACH OF THE COMPANY AND THE
HOLDER AGREES AND CONSENTS THAT ANY SUCH CLAIM, DEMAND, ACTION OR CAUSE OF ACTION SHALL BE DECIDED BY COURT TRIAL WITHOUT A JURY,
AND THAT ANY PARTY TO THIS AGREEMENT MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS CLAUSE WITH ANY COURT AS WRITTEN EVIDENCE
OF THE CONSENT OF THE COMPANY AND THE HOLDER TO THE WAIVER OF THEIR RIGHT TO TRIAL BY JURY. EACH OF THE COMPANY AND THE HOLDER
ACKNOWLEDGES THAT IT HAS HAD THE OPPORTUNITY TO CONSULT WITH COUNSEL REGARDING THIS SECTION 11.12, THAT IT FULLY UNDERSTANDS ITS
TERMS, CONTENT AND EFFECT, AND THAT IT VOLUNTARILY AND KNOWINGLY AGREES TO THE TERMS OF THIS SECTION 11.12.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.45in">11.13<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Entire Agreement</U>. This Warrant contains the entire agreement with respect to the subject matter hereof and supersedes
and replaces all other prior agreements, written or oral, with respect to the subject matter hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.45in">11.14<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Originals</U>. A signed copy of this Warrant delivered by facsimile, e-mail or other means of electronic transmission
shall be deemed to have the same legal effect as delivery of an original copy of this Warrant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: center">[Execution Page Follows]</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-indent: 1in">IN WITNESS WHEREOF, the Company has caused
this Warrant to be duly executed as of the Original Issue Date.</P>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2"><B>CADIZ INC.</B></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="width: 4%">By:&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 35%">/s/ Timothy J. Shaheen</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: #000000 1px solid">Name: Timothy J. Shaheen<BR>Title: CFO</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: 0pt; margin-top: 0pt; margin-bottom: 6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: 0pt; margin-top: 0pt; margin-bottom: 6pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: center">ANNEX A TO THE WARRANT</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: center">EXERCISE NOTICE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: center">[To be executed only upon exercise of Warrant]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-indent: 1in">The undersigned registered owner of this
Warrant irrevocably exercises this Warrant for the purchase of ______ shares of Common Stock of Cadiz Inc. and herewith makes payment
therefor in __________, all at the price and on the terms and conditions specified in this Warrant and requests that the shares
of Common Stock hereby purchased (and any securities or other property issuable upon such exercise) be issued in the name of, and
delivered to, as applicable, _________________, whose address is __________________________________ ____________________________________________________________________,
and, if such shares of Common Stock shall not include all of the shares of Common Stock issuable as provided in this Warrant, that
a new Warrant of like tenor and date for the balance of the shares of Common Stock issuable hereunder be delivered to the undersigned.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-indent: 1in"><B>TO DELETE THE FOLLOWING BRACKETED LANGUAGE
IF INAPPLICABLE AT EXERCISE DATE:</B>[The undersigned hereby notifies Cadiz Inc. that a Holder Group would beneficially own a
number of shares of Common Stock in excess of the Beneficial Ownership Limitation set forth in this Warrant upon giving effect
to this Exercise Notice. Pursuant to such limitation, Cadiz Inc. shall give effect to this Exercise Notice in accordance with
such limitation as of [INSERT DATE], the date hereof].</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 24pt 0 0 3.5in">_______________________________<BR>
(Name of Registered Owner)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 24pt 0 0 3.5in">_______________________________<BR>
(Signature of Registered Owner)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 24pt 0 0 3.5in">_______________________________<BR>
(Street Address)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 24pt 0 0 3.5in">_______________________________<BR>
(City) (State) (Zip Code)</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 13%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 87%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">NOTICE:</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">The signature on this Exercise Notice must correspond with the name as written upon the face of the within Warrant in every particular, without alteration or enlargement or any change whatsoever.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid; text-align: center">A-1</DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: center">ANNEX B TO THE WARRANT</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: center">ASSIGNMENT FORM</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-indent: 1in">FOR VALUE RECEIVED the undersigned registered
owner of this Warrant hereby assigns unto the assignee named below all of the rights of the undersigned under this Warrant, with
respect to the number of shares of Common Stock set forth below:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR>
    <TD STYLE="vertical-align: bottom; width: 64%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid">Name and Address of Assignee</P></TD>
    <TD STYLE="vertical-align: top; width: 6%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 30%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid">No. of Shares of Common Stock</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">and does hereby irrevocably constitute and appoint ________
_____________ attorney-in-fact to register such transfer onto the books of Cadiz Inc. maintained for the purpose, with full power
of substitution in the premises.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Dated:</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Print Name:</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Signature:</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Witness</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">NOTICE:</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">The signature on this assignment must correspond with the name as written upon the face of the within Warrant in every particular, without alteration or enlargement or any change whatsoever.</TD></TR>
<TR>
    <TD STYLE="width: 14%">&nbsp;</TD>
    <TD STYLE="width: 38%">&nbsp;</TD>
    <TD STYLE="width: 48%">&nbsp;</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>



<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0">B-1</P>

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<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>5
<FILENAME>f8k112916ex5i_cadizinc.htm
<DESCRIPTION>LEGAL OPINION OF MITCHELL SILBERBERG & KNUPP LLP
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<P STYLE="margin: 0; text-align: right"><B>Exhibit 5.1</B></P>

<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0">&nbsp;</P>

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    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-size: 10pt">&nbsp;<IMG SRC="ex5i_001.jpg" ALT=""></TD></TR>
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    <TD STYLE="width: 60%">
        <P STYLE="font: small-caps 10pt/14pt Times New Roman, Times, Serif; margin: 3pt 0 0"><FONT STYLE="font-size: 12pt">Mitchell
        Silberberg <FONT STYLE="font-family: Times New Roman, Times, Serif">&amp;</FONT> Knupp llp</FONT></P>
        <P STYLE="font: small-caps 10pt/7pt Times New Roman, Times, Serif; margin: 0">A Law Partnership Including Professional Corporations</P></TD>
    <TD STYLE="width: 40%; padding-right: 2.15pt; padding-left: 2.15pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0; text-align: right">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">&nbsp;</P></TD></TR>
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<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">November
30, 2016</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cadiz
Inc.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">550
South Hope Street, Suite 2850</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Los
Angeles, California 90071</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Gentlemen:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
opinion is furnished to Cadiz Inc. (the &ldquo;Company&rdquo;) in connection with a Registration Statement on Form S-3 (Registration
No. 333-214318, the &ldquo;Registration Statement&rdquo;) filed with the Securities and Exchange Commission (the &ldquo;Commission&rdquo;)
on October 28, 2016 and declared effective by the Commission on November 14, 2016, and the prospectus included therein and the
related prospectus supplement (such prospectus, as supplemented by such prospectus supplement, the &ldquo;Prospectus Supplement&rdquo;)
filed with the Commission on November 30, 2016.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
connection with the execution by the Company, together with certain lenders (the &ldquo;Lenders&rdquo;), of the Fifth Amendment
to that certain Amended and Restated Credit Agreement, dated as of October 30, 2013, as subsequently amended (the &ldquo;Transaction&rdquo;),
the Company has issued to the Lenders (i) 357,500 shares of the Company&rsquo;s common stock (the &ldquo;Shares&rdquo;) and (ii)
warrants for the purchase of an aggregate 357,500 shares of the Company&rsquo;s common stock (the &ldquo;Warrants&rdquo;) pursuant
to Closing Share and Warrant Issuance Agreements. In addition, pursuant to a form of interest share issuance agreement (&ldquo;Interest
Share Issuance Agreement&rdquo;), the Company may issue in the future an additional 800,000 shares of the Company&rsquo;s common
stock (the &ldquo;Interest Shares&rdquo;).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: left; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
connection with rendering this opinion we have examined the following documents:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: left; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: left; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
resolutions of the Board of Directors, dated November 25, 2016, authorizing the Transaction, including the issuance of the Shares,
the Warrants and the Interest Shares;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: left; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: left; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Fifth Amendment, duly executed by the Company and the Lenders;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: left; text-indent: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: left; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Closing Share and Warrant Issuance Agreements, duly executed by the Company and the Lenders; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: left; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: left; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the Registration Statement and the Prospectus Supplement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: left; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">Cadiz Inc.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">November 30, 2016</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">Page 2</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: left; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Collectively,
the documents described above are referred to in this letter as the &ldquo;Documents&rdquo;.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
also have examined such records and proceedings of the Company including the records of the meetings of the Board of Directors
of the Company and have made such searches and examined such other documents, statutes, public records, and certificates of officers
of the Company and public officials and have considered such questions of law as we have considered relevant, necessary, or advisable
in order to enable us to give the opinions herein expressed.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
opinions herein expressed relate only to the laws of State of Delaware and the federal laws of the United States and are subject
to the qualification that the enforcement of each of the Documents may be limited by applicable bankruptcy, insolvency, and other
laws of general application affecting the enforcement of creditors&rsquo; rights generally from time to time in effect and the
discretion of courts of competent jurisdiction in granting equitable remedies including the remedies of specific performance and
injunction<B>.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
assume the legal capacity of all natural persons, the genuineness of all signatures appearing on the documents examined by us,
the authenticity and completeness of all documents submitted to us as originals, and the conformity to the originals of all documents
submitted to us as certified, notarized, conformed or photostatic copies, or facsimiles. With respect to all matters of fact we
have relied entirely upon the representations of the parties set forth in the Documents, and representations and certifications
of officers of the Company we may obtain from the Company, and have assumed, with your permission and without independent inquiry
or investigation, the accuracy of those representations and certificates.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">When
an opinion or other statement set forth herein is given to our knowledge, with reference to matters of which we are aware or that
are known to us, or with a similar qualification, the relevant knowledge or awareness is limited to the actual knowledge or awareness
of the individual lawyers in this firm who have participated directly in the specific transactions to which this opinion letter
relates.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject
to the limitations set forth herein, we have made such examination of law as we have deemed necessary for the purposes of this
opinion letter. We express no opinion as to the &ldquo;blue sky&rdquo; laws and regulations of any jurisdiction.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
understand that all of the foregoing assumptions and limitations are acceptable to you.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Based
and relying upon and subject to the foregoing, we are of the opinion that (i) the Shares and the Warrants are validly issued,
fully paid and nonassessable, (ii) assuming the Warrants are exercised in accordance with their terms, the common stock issued
upon exercise of the Warrants will be validly issued, fully paid and nonassessable, and (iii) the Interest Shares, when issued
in accordance with the terms of one or more the Interest Share Issuance Agreements, will be validly issued, fully paid and nonassessable.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
opinion is limited to the specific issues addressed herein, and is limited in all respects to laws and interpretations thereof
existing on the date hereof. We do not undertake to update this opinion for changes in such laws or interpretations or any changes
in the facts or legal conclusions upon which this opinion is based. This opinion is for your benefit only and is delivered to
you solely in connection with the issuance of the Shares, the Warrants and the Interest Shares and it may not be used, or relied
upon, by any other person other than you without our prior written consent.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0pt; font: 10pt Times New Roman, Times, Serif; text-indent: 0pt; width: 60%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0pt; font: 10pt Times New Roman, Times, Serif; text-indent: 0pt; width: 40%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Very
    truly yours,</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0pt; font: 10pt Times New Roman, Times, Serif; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0pt; font: 10pt Times New Roman, Times, Serif; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0pt; font: 10pt Times New Roman, Times, Serif; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0pt; font: 10pt Times New Roman, Times, Serif; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    MITCHELL     SILBERBERG &amp; KNUPP LLP</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>6
<FILENAME>f8k112916ex10i_cadizinc.htm
<DESCRIPTION>FIFTH AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT, DATED AS OF NOVEMBER 29, 2016, BY AND AMONG CADIZ INC. AND CADIZ REAL ESTATE LLC AS BORROWERS
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<P STYLE="margin: 0; text-align: right"><B>Exhibit 10.1</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center"><B>FIFTH AMENDMENT TO AMENDED AND RESTATED
CREDIT AGREEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 1in">THIS FIFTH AMENDMENT
TO AMENDED AND RESTATED CREDIT AGREEMENT, dated as of November 29, 2016 (this &ldquo;<B>Amendment</B>&rdquo;), is entered into
by and among Cadiz Inc., a Delaware corporation (&ldquo;<B>Cadiz</B>,&rdquo; or the &ldquo;<B>Company</B>&rdquo;), Cadiz Real Estate
LLC, a Delaware limited liability company (&ldquo;<B>CRE</B><FONT STYLE="font-weight: normal">,</FONT>&rdquo; and collectively
with the Company, the &ldquo;<B>Borrowers</B>&rdquo;), MSD Credit Opportunity Master Fund, L.P. (&ldquo;<B>MSD</B>&rdquo;), as
a Lender, the other Lenders and Wells Fargo Bank, National Association, as agent for the Lenders (the &ldquo;<B>Agent</B>&rdquo;).
Capitalized terms used but not defined herein shall have the meanings provided in the Credit Agreement (as defined below).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center">RECITALS:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.25in 0 0; text-align: justify; text-indent: 1in"><B>WHEREAS</B>,
the Borrowers, the Lenders party thereto and LC Capital Master Fund, Ltd., as agent (&ldquo;<B>LC Capital</B>&rdquo;), entered
into an Amended and Restated Credit Agreement, dated as of March&nbsp;5, 2013 (the &ldquo;<B>March 2013 Credit Agreement</B>&rdquo;);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 1in"><B>WHEREAS</B>, (i)
the Borrowers, LC Capital, MSD, and the Agent entered into an Amendment Agreement, dated as of October 30, 2013 (the &ldquo;<B>Amendment
Agreement</B>&rdquo;), pursuant to which the parties thereto amended and restated the March 2013 Credit Agreement, (ii) the Borrowers,
the Lenders and the Agent entered into the First Amendment to the Amended and Restated Credit Agreement, dated as of November 23,
2015 (&ldquo;<B>Amendment No. 1</B>&rdquo;), (iii) the Borrowers, the Lenders and the Agent entered into the Second Amendment to
the Amended and Restated Credit Agreement and Partial Subordination of Collateral, dated as of February 8, 2016, (&ldquo;<B>Amendment
No. 2</B>&rdquo;), (iv) the Borrowers, the Lenders and the Agent entered into the Third Amendment to the Amended and Restated Credit
Agreement, dated as of March 4, 2016 (&ldquo;<B>Amendment No. 3</B>&rdquo;) and (v) the Borrowers, the Required Lenders and the
Agent entered into the Fourth Amendment to the Amended and Restated Credit Agreement, dated as of April 28, 2016 (&ldquo;<B>Amendment
No. 4</B>&rdquo;). The March 2013 Credit Agreement as amended by the Amendment Agreement, Amendment No. 1, Amendment No. 2, Amendment
No. 3 and Amendment No. 4 is herein referred to as the &ldquo;<B>Credit Agreement</B>&rdquo;;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 1in"><B>WHEREAS</B>, prior
to the date hereof, the Borrowers paid the Extension Fee required under Section 4 of the Credit Agreement and the Maturity Date
was extended in accordance with the terms of the Credit Agreement; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 1in"><B>WHEREAS</B>, the
Borrowers have requested, and the Lenders are willing, to amend the Credit Agreement to (i) permit the Borrowers to satisfy all
or any portion of their cash interest payment obligations through the issuance of shares of the Common Stock of the Company and
(ii) further extend the Maturity Date of the Loans to September 28, 2019.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 1in">Accordingly, in consideration
of the mutual agreements contained herein and other good and valuable consideration, the sufficiency and receipt of which are hereby
acknowledged, the parties hereto agree as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0.25in 0 0; text-transform: uppercase; text-align: center; text-indent: 0in">ARTICLE
I<BR>
<BR>
AMENDMENTS TO CREDIT AGREEMENT</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 1in">Effective as of the
Effective Date (as defined below in Article II), the Credit Agreement is hereby amended as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Section&nbsp;1.1 of the Credit Agreement is hereby amended by inserting the following defined terms in appropriate alphabetical
order therein:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify; text-indent: 0in">&ldquo;<B>Aggregation
Date</B>&rdquo;: as defined in Section 2.4(g).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify; text-indent: 0in">&ldquo;<B>beneficial
owner</B>&rdquo; and &ldquo;<B>beneficially own</B>&rdquo;: as defined under Section 13(d) of the Exchange Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify; text-indent: 0in">&ldquo;<B>Beneficial
Ownership Limitation</B>&rdquo;: as defined in Section 2.4(f)(i).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify; text-indent: 0in">&ldquo;<B>Company</B>&rdquo;:
Cadiz Inc., a Delaware corporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify; text-indent: 0in">&ldquo;<B>Equity
Conditions</B>&rdquo;: (a) the Borrowers shall have paid all other amounts owing to the Agent and the Lenders in respect of this
Agreement, (b) the Company shall have on file with the Commission an effective Fifth Amendment Registration Statement and the Commission
shall not have issued any stop order suspending the effectiveness of such registration statement or initiated any proceedings for
that purpose, (c) as of any applicable Interest Payment Date, the applicable Interest Share Issuance shall not require the recipient
to obtain or make prior to the receipt of such Interest Share Issuance any consent, approval, license, permit, order or authorization
of, registration, declaration or filing with, or notice to, any Governmental Authority in respect of the Hart-Scott-Rodino Antitrust
Improvements Act of 1976, as amended, and the rules and regulations thereunder (such condition under clause (c), the &ldquo;<B>HSR
Condition</B>&rdquo;), (d) the Common Stock shall be trading on a Trading Market and all of the shares issued in connection herewith
shall be listed or quoted for trading on such Trading Market (and the Company believes, in good faith, that trading of the Common
Stock on a Trading Market will continue uninterrupted for the foreseeable future), (e) the Company shall have filed in a timely
manner all of its SEC Reports, (f) there is a sufficient number of authorized but unissued and otherwise unreserved shares of Common
Stock for an Interest Share Issuance in respect of an applicable Interest Payment Date and, if such condition is applied as of
an Interest Share Election Date, such date treated as through it were and Interest Payment Date, (g) there shall be no existing
Default or Event of Default, (h) the applicable Lender shall not be in possession of any information provided by the Company that
constitutes, or may constitute, material non-public information and (i) the 10-Day VWAP in respect of the primary Trading Market
as of any applicable Interest Payment Date is not less than $1.00 per share of Common Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify; text-indent: 0in">&ldquo;<B>Exercise
Date</B>&rdquo;: as defined in the Warrant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify; text-indent: 0in">&ldquo;<B>Expiration
Date</B>&rdquo;: as defined in the Warrant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify; text-indent: 0in">&ldquo;<B>Fifth
Amendment</B>&rdquo;: that certain Fifth Amendment to Amended and Restated Credit Agreement, dated as of the Fifth Amendment Effective
Date and entered into by and among the Borrowers, the Agent and the Required Lenders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify; text-indent: 0in">&ldquo;<B>Fifth
Amendment Base Prospectus</B>&rdquo;: as defined in Section 2.4(h)(i).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify; text-indent: 0in">&ldquo;<B>Fifth
Amendment Effective Date</B>&rdquo;: November 29, 2016.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify; text-indent: 0in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify; text-indent: 0in">&ldquo;<B>Fifth
Amendment Issuances</B>&rdquo;: as defined in Section 2.4(h)(i).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify; text-indent: 0in">&ldquo;<B>Fifth
Amendment Prospectus</B>&rdquo;: as defined in Section 2.4(h)(i).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify; text-indent: 0in">&ldquo;<B>Fifth
Amendment Prospectus Supplement</B>&rdquo;: as defined in Section 2.4(h)(i).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify; text-indent: 0in">&ldquo;<B>Fifth
Amendment Registration Statement</B>&rdquo;: as defined in Section 2.4(h)(i).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify; text-indent: 0in">&ldquo;<B>First
Interest Share Issuance</B>&rdquo;: as defined in Section 2.4(e).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify; text-indent: 0in">&ldquo;<B>HSR
Condition</B>&rdquo;: as defined in the definition of Equity Conditions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify; text-indent: 0in">&ldquo;<B>Initial
Exercise Date</B>&rdquo;: as defined in the Warrant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify; text-indent: 0in">&ldquo;<B>Interest
Payment Date</B>&rdquo;: as defined in Section 2.4(b).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify; text-indent: 0in">&ldquo;<B>Interest
Share Election Date</B>&rdquo;: as defined in Section 2.4(e).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify; text-indent: 0in">&ldquo;<B>Interest
Share Issuance</B>&rdquo;: as defined in Section 2.4(b).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify; text-indent: 0in">&ldquo;<B>Interest
Share Issuance Amount</B>&rdquo;: as defined in Section 2.4(b).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify; text-indent: 0in">&ldquo;<B>Interest
Share Issuance Notice</B>&rdquo;: as defined in Section 2.4(e).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify; text-indent: 0in">&ldquo;<B>Maximum
Ownership Percentage</B>&rdquo; as defined in Section 2.4(f)(iv).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify; text-indent: 0in">&ldquo;<B>Outstanding</B>&rdquo;:
when used with reference to Common Stock, at any date as of which the number of shares thereof is to be determined, all issued
and actually outstanding shares of Common Stock, except shares then owned or held by or for the account of the Company or any Subsidiary,
and shall include all shares issuable in respect of outstanding scrip or any certificates representing fractional interests in
shares of Common Stock. In determining the number of shares of Common Stock Outstanding for purposes of Section 2.4(f) and the
number of shares that a Lender may at any time acquire pursuant to the Beneficial Ownership Limitation and the other terms of Section
2.4(f), each Lender shall give effect to the last sentence of Rule 13d-3(d)(1)(i) as promulgated under the Exchange Act, and each
Lender may rely on the number of outstanding shares of Common Stock as reflected in (x) the Company&rsquo;s most recent Annual
Report on Form 10-K or Quarterly Report on Form 10-Q filed with the Commission, as the case may be, (y) a more recent public announcement
by the Company or (z) a more recent notice by the Company or its transfer agent to the applicable Lender setting forth the number
of shares of Common Stock then outstanding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify; text-indent: 0in">&ldquo;<B>Ownership
Notice</B>&rdquo;: as defined in Section 2.4(f)(ii).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify; text-indent: 0in">&ldquo;<B>Related
Issuances</B>&rdquo;: as defined in Section 2.4(g).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify; text-indent: 0in">&ldquo;<B>Rule
462(b) Registration Statement</B>&rdquo;: as defined in Section 2.4(h)(i).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify; text-indent: 0in">&ldquo;<B>Stockholder
Approval</B>&rdquo;: means the approval by the stockholders of the Company for purposes of terminating the issuance cap in respect
of shares of Common Stock set forth in Section 2.4(g) hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify; text-indent: 0in">&ldquo;<B>Trading
Market</B>&rdquo;: any of the following markets or exchanges on which the Common Stock is listed or quoted for trading on the date
in question: the NYSE MKT, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market, the New York Stock
Exchange, OTCQB or OTCQX (or any successors to any of the foregoing).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify; text-indent: 0in">&ldquo;<B>Warrant</B>&rdquo;:
a warrant in the form of Exhibit M executed by the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify; text-indent: 0in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify; text-indent: 0in">&ldquo;<B>Warrant
Stock</B>&rdquo;: as defined in the Warrant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 1in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Section 1.1 of the Credit Agreement is hereby amended by restating the definition of &ldquo;<B>Accreted Loan Value</B>&rdquo;
in its entirety as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify; text-indent: 0in">&ldquo;<B>Accreted
Loan Value</B>&rdquo;: as of the date of determination, the outstanding principal amount of the applicable Loan, plus all accreted
interest, if any, which shall be added to such Loan as of the calendar day immediately prior to such date of determination. For
the avoidance of doubt, interest accruing pursuant to Section 2.4(b)(ii), which is payable in cash or shares, shall not be added
to the principal amount of the Loan and shall not increase Accreted Loan Value, unless otherwise agreed pursuant to this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 1in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Section 1.1 of the Credit Agreement is hereby amended by restating the definition of &ldquo;<B>Holder Group</B>&rdquo; in
its entirety as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify; text-indent: 0in">&ldquo;<B>Holder
Group</B>&rdquo;: in respect of any Lender, any group in respect of Common Stock, where &ldquo;group&rdquo; has the meaning established
under Section 13(d) of the Exchange Act and the rules promulgated thereunder, if such Lender or any other Person having beneficial
ownership of Common Stock beneficially owned by such Lender is a member of such group.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 1in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Section 1.1 of the Credit Agreement is hereby amended by restating the definition of &ldquo;Maturity Date&rdquo; in its
entirety as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 1in">&ldquo;<B>Maturity
Date</B>&rdquo;: September 28, 2019.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 1in">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Section 2.2 of the Credit Agreement is hereby amended by deleting the word &ldquo;respective&rdquo; where it appears therein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 1in">(f)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Section 2.4(b) of the Credit Agreement is hereby amended by amending and restating the final sentence thereof as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify; text-indent: 0in">Interest accrued
pursuant to clause (ii) of the first sentence of this Section 2.4(b) shall be due and payable on each March 5, June 5, September
5 and December 5, beginning with June 5, 2016 (each, an <B>&ldquo;Interest Payment Date</B>&rdquo;), at the option of the Borrowers,
(x) in cash in immediately available funds to the Agent on behalf of the Lenders in accordance with each Lender&rsquo;s Aggregate
Pro Rata Interest (and shall be remitted to the Lenders in accordance with Section 2.8) or (y) subject to Section 2.4(e), from
and after the December 5, 2016 Interest Payment Date, by the issuance on the applicable Interest Payment Date to each Lender a
number of shares of Common Stock (each, an &ldquo;<B>Interest Share Issuance</B>&rdquo;), rounded to the nearest whole number,
equal to such Lender&rsquo;s Aggregate Pro Rata Interest of such accrued interest divided by the 10-Day VWAP in respect of the
primary Trading Market of the Common Stock and calculated as of the Interest Share Election Date (the &quot;<B>Interest Share Issuance
Amount</B>&quot;), provided, however, that if the Equity Conditions are not met as of the applicable Interest Payment Date, then
the Borrowers shall pay the interest due and payable on the applicable Interest Payment Date in cash pursuant to Section 2.4(b)(x),
provided, further, further, however, that if, on such Interest Payment Date, the Company notifies the applicable Lender and the
Agent that the HSR Condition with respect to such Lender is the only Equity Condition not met as of the applicable Interest Payment
Date, then, at the election of such Lender given to the Company and the Agent on or before such Interest Payment Date, (A) the
Borrowers shall pay some or all, at the election of such Lender, interest due and payable on the applicable Interest Payment Date
pursuant to clause (i) of this Section 2.4(b) and such interest shall be capitalized and added to the principal amount of the Loans
held by such Lender on the applicable Interest Payment Date without any further action on the part of any other Person or (B) the
Company and such Lender shall cooperate to satisfy the HSR Condition for up to sixty (60) days following such Interest Payment
Date (or with respect to the Interest Payment Date immediately preceding the Maturity Date, up to the Maturity Date) and notify
the Agent of such cooperation and (1) if the HSR Condition is satisfied within such sixty (60) day period (or with respect to the
Interest Payment Date immediately preceding the Maturity Date, by the Maturity Date), the Borrowers shall pay such interest in
an Interest Share Issuance Amount pursuant to an Interest Share Issuance as of the applicable Interest Payment Date within two
(2) Business Days after such Lender shall have notified the Borrower and the Agent that the HSR Condition shall have been satisfied,
or (2) if the HSR Condition is not satisfied by such sixtieth day (or with respect to the Interest Payment Date immediately preceding
the Maturity Date, by the Maturity Date), the Company shall notify the Agent and such Lender and such Lender shall be deemed to
have made an election to receive interest under the foregoing clause (A) of this Section 2.4(b) as of the applicable Interest Payment
Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify; text-indent: 0in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 1in">(g)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Section 2.4 of the Credit Agreement is hereby amended by adding a new clause (e) thereto as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">Upon written notice to the applicable
Lenders and the Agent, which notice shall set forth the Interest Share Issuance Amount (an &ldquo;<B>Interest Share Issuance Notice</B>&rdquo;),
given five (5) Business Days prior to an Interest Payment Date (the &ldquo;<B>Interest Share Election Date</B>&rdquo;), so long
as the Equity Conditions (other than the HSR Condition, which shall apply only on Interest Payment Dates) are met as of such Interest
Share Election Date, the Company may elect to make an Interest Share Issuance in payment of the interest due for the interest period
preceding such Interest Payment Date. An Interest Share Issuance Notice shall be irrevocable and once given the Company shall be
obligated to deliver Common Stock in an amount equal to the Interest Share Issuance Amount on the applicable Interest Payment Date
except as otherwise provided herein. Failure to deliver such Interest Share Issuance Notice to the Lenders on the applicable Interest
Share Election Date shall be deemed an election by the Borrowers to pay the interest due on the applicable Interest Payment Date
in cash pursuant to Section 2.4(b)(x) except as otherwise provided herein. The Company and each applicable Lender shall enter into
an Interest Share Issuance Agreement in the form of Exhibit L hereto with respect to any Interest Share Issuance to be issued to
such Lender. Notwithstanding anything in this Section 2.4(e) to the contrary, with respect to the Interest Payment Date of December
5, 2016, the Lenders acknowledge that the Company has elected to make an Interest Share Issuance with an Interest Share Election
Date as of the Fifth Amendment Effective Date and for (x) an Interest Share Issuance Amount of 39,644 shares of Common Stock to
MSD, as a Lender, (y) an Interest Share Issuance Amount of 5,097 shares of Common Stock to MILFAM II L.P., as a Lender and (z)
an Interest Share Issuance Amount of 1,495 shares of Common Stock to WPI-CADIZ FARM CA, LLC., as a Lender, for an aggregate Interest
Share Issuance Amount of 46,236 shares of Common Stock to the Lenders referenced in clauses (x) through (z) herein and accordingly
the requirement of providing an Interest Share Issuance Notice as provided above in this Section 2.4(e) has been timely satisfied
(such Interest Share Issuance, the &ldquo;<B>First Interest Share Issuance</B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 1in">(h)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Section 2.4 of the Credit Agreement is hereby amended by adding a new clause (f) thereto as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Beneficial
Ownership Limitation</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify; text-indent: 48.95pt">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Notwithstanding anything to the contrary contained herein, no Lender shall receive shares of Common Stock pursuant to an
Interest Share Issuance to the extent (but only to the extent) that such receipt would cause any Holder Group in respect of an
applicable Lender to become, directly or indirectly, a beneficial owner of a number of shares of Common Stock that exceeds the
Maximum Ownership Percentage of Common Stock Outstanding as of the Interest Payment Date (the &ldquo;<B>Beneficial Ownership Limitation</B>&rdquo;).
The Beneficial Ownership Limitation (A) may be increased or decreased (but not below the Maximum Ownership Percentage), in each
Lender&rsquo;s sole discretion with respect to such Lender, upon 61 days&rsquo; written notice to the Company by such Lender, provided,
however, that in no event shall any Lender increase such Beneficial Ownership Limitation to raise the Maximum Ownership Percentage
in excess of 19.99% as of any date of shares of Common Stock Outstanding from the date hereof through the final Interest Payment
Date and (B) shall automatically be increased to a Maximum Ownership Percentage of 19.99% on the date that is 15 days prior to
the Maturity Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify; text-indent: 48.95pt">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Within two (2) Business Days of receiving an Interest Share Issuance Notice, each recipient Lender shall notify the Company
and the Agent if, and only if, (A) its Holder Group would beneficially own a number of shares of Common Stock in excess of the
Beneficial Ownership Limitation upon giving effect to such Interest Share Issuance and/or (B) in respect of such Lender, the HSR
Condition would not be satisfied as of such notice date and is not expected to be satisfied as of an applicable Interest Payment
Date (such notice, the &ldquo;<B>Ownership Notice</B>&rdquo;). With respect to the First Interest Share Issuance, the Company acknowledges
that the Lenders would not be obligated to deliver such Ownership Notice as of two Business Days following the Fifth Amendment
Effective Date and accordingly the requirement of providing an Ownership Notice as provided above in this Section 2.4(f)(ii) has
been satisfied in respect of the First Interest Share Issuance. For the avoidance of doubt, upon any failure by such recipient
Lender to deliver an Ownership Notice under this Section 2.4(f)(ii) when such recipient was obligated to deliver such Ownership
Notice, any subsequent purported delivery in such instance of shares of Common Stock pursuant to such Interest Share Issuance shall
be void and have no effect pursuant to Section 2.4(f)(iii).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify; text-indent: 48.95pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify; text-indent: 48.95pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify; text-indent: 48.95pt">(iii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Any purported delivery of shares of Common Stock pursuant to an Interest Share Issuance shall be void and have no effect
to the extent (but only to the extent) that such delivery would violate the Beneficial Ownership Limitation. If any delivery of
shares of Common Stock pursuant to an Interest Share Issuance owed to a Lender following the Company&rsquo;s delivery of an Interest
Share Election Notice is not made, in whole or in part, as a result of the Beneficial Ownership Limitation, the Company&rsquo;s
obligation to make such delivery shall not be extinguished and the Company shall deliver such shares of Common Stock as promptly
as practicable after the applicable Lender&rsquo;s delivery of written notice to the Company that such delivery of such shares
of Common Stock would not violate the Beneficial Ownership Limitation, provided, however, that during such period as the delivery
of such shares of Common Stock is so delayed, the applicable Lender may elect, by written notice to the Company, to receive, and
the Borrowers shall pay within 2 Business Days after receipt of such notice, an amount from the Borrowers equivalent to some or
all, at the election of such Lender, of the interest due on the applicable Interest Payment Date pursuant to Section 2.4(b)(i)
in satisfaction of the Company&rsquo;s obligation to deliver such equivalent cash value in shares of Common Stock in the applicable
Interest Share Issuance and such amount shall be capitalized and added to the principal amount of the Loans held by such Lender
as of such Interest Payment Date without any further action on the part of any other Person, and provided, further, however, that
at the Maturity Date, if, without giving effect to the Beneficial Ownership Limit, a Lender would be entitled to any shares of
Common Stock pursuant to an Interest Share Issuance, such Lender shall automatically receive a cash amount from the Borrowers equivalent
to all of the interest due on such Interest Payment Date pursuant to Section 2.4(b)(x) in satisfaction of the Company&rsquo;s obligation
to deliver such equivalent cash value in shares of Common Stock in the applicable Interest Share Issuance. For the avoidance of
doubt, the Equity Conditions must be satisfied immediately prior to any delayed Interest Share Issuance pursuant to the Beneficial
Ownership Limitation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0 0.5in; text-align: justify; text-indent: 48.95pt">(iv)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>For purposes of this Section 2.4(f), the term &ldquo;<B>Maximum Ownership Percentage</B>&rdquo; shall mean 9.99%; provided,
however, that it shall mean 19.99% for any Holder Group in respect of WPI-Cadiz Farm CA, LLC. Upon written or oral request of any
Lender, the Company shall, within two (2) Business Days of such request, confirm orally and in writing to such Lender the number
of shares of Common Stock then Outstanding. The provisions of this Section 2.4(f) shall be construed, corrected and implemented
in a manner so as to effectuate the intended Beneficial Ownership Limitation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 1in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Section 2.4 of the Credit Agreement is hereby amended by adding a new clause (g) thereto as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Issuance
Cap</U>. Unless Stockholder Approval has been previously obtained, in the event that any delivery of Common Stock pursuant to an
Interest Share Issuance to a Lender would, together with (i) any other issuance of Common Stock pursuant to an Interest Share Issuance
and/or (ii) any issuance of Common Stock by the Company to any holder of a Warrant that would, in each case, be aggregated with
such Interest Share Issuance for determining whether such issuances collectively would require approval by a vote of Company stockholders
under the applicable listing rules of the Nasdaq Global Market, any successor stock exchange operated by the NASDAQ Stock Market
LLC or any successor thereto (such other issuances in the foregoing clauses (i) and (ii), the &ldquo;<B>Related Issuances</B>&rdquo;),
exceed 19.99% of the Common Stock Outstanding on May 24, 2016 (the &ldquo;<B>Aggregation Date</B>&rdquo;), each applicable Lender
shall receive only a number of shares of Common Stock, rounded down to the nearest whole number, equal to (A) the maximum number
of shares of Common Stock that could be issued in the applicable Interest Share Issuances together with the then-proposed Related
Issuances without the Related Issuances exceeding in aggregate 19.99% of the Common Stock Outstanding on the Aggregation Date (such
maximum number calculated by giving effect to any then-proposed Related Issuances in connection with any Warrant first) multiplied
by a ratio equal to (B) (1) the number of shares of Common Stock that would be otherwise received by the applicable Lender under
the applicable Interest Share Issuance divided by (2) the number of all of the shares of Common Stock that would be otherwise received
by the applicable Lender under the applicable Interest Share Issuance and the recipients of any then-proposed Related Issuances
in the aggregate. To the extent a Lender is entitled to receive a number of shares of Common Stock reduced by this Section 2.4(g),
the Borrowers shall pay on the applicable Interest Payment Date, in satisfaction of the Company&rsquo;s obligation to otherwise
deliver such shares of Common Stock, any remaining interest due and payable on such Interest Payment Date in cash pursuant to Section
2.4(b)(x).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 1in">(j)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Section 2.4 of the Credit Agreement is hereby amended by adding a new clause (h) thereto as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">(h) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Issuance
Registration.</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify; text-indent: 22.5pt">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Any issuance of shares of Common Stock pursuant to Section 2.4 of this Agreement or pursuant to a Warrant or Warrants (collectively,
the &ldquo;<B>Fifth Amendment Issuances</B>&rdquo;) shall be made pursuant to (i) an effective Registration Statement on Form S-3,
No. 214318, including all amendments thereto, the exhibits and any schedules thereto, the documents otherwise deemed to be a part
thereof or included therein or any immediately succeeding registration statement that is filed under the Securities Act on Form
S-3 and immediately becomes effective (the &ldquo;<B>Fifth Amendment Registration Statement</B>&rdquo;) filed by the Company with
the Commission in conformity with the Securities Act under the Rules and Regulations of the Commission, including the prospectus
contained therein (the &ldquo;<B>Fifth Amendment Base Prospectus</B>&rdquo;) and (ii) a final prospectus supplement filed with
the Commission and delivered to the Lenders (a &ldquo;<B>Fifth Amendment Prospectus Supplement</B>&rdquo; and, together with the
Fifth Amendment Base Prospectus, a &ldquo;<B>Fifth Amendment Prospectus</B>&rdquo;) containing amended and/or certain supplemental
information regarding the Common Stock and terms of the Fifth Amendment Issuances. If the Company has filed one or more abbreviated
registration statements to register additional shares of Common Stock pursuant to Rule 462(b) under the Rules and Regulations (each
a &ldquo;<B>Rule 462(b) Registration Statement</B>&rdquo;), then any reference herein to the term &ldquo;Fifth Amendment Registration
Statement&rdquo; shall also be deemed to include any such Rule 462(b) Registration Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify; text-indent: 22.5pt">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company shall use reasonable best efforts to keep the Fifth Amendment Registration Statement effective until the earliest
date as of which there are no remaining Fifth Amendment Issuances, and if, at any time from the date hereof, the Company is not
eligible to issue any Common Stock or Warrants pursuant to the Fifth Amendment Registration Statement, the Company shall use reasonable
best to efforts to file and make effective a replacement Fifth Amendment Registration Statement as soon as practicable. If the
Fifth Amendment Registration Statement has been outstanding for at least three (3) years, at the end of the third year, the Company
shall file a new Fifth Amendment Registration Statement covering Fifth Amendment Issuances, and if at any time when the Company
is required to re-evaluate its eligibility to use Form S-3, the Company determines that it is not eligible to use Form S-3, the
Company shall use its reasonable best efforts to refile the Fifth Amendment Registration Statement on Form S-1 if such form is
available (or on such other form as may be available if Form S-1 is not available), and keep such registration statement effective
during the period during which such registration statement is required to be otherwise kept effective under this Section 2.4(h)(ii).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify; text-indent: 22.5pt">(iii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>For the avoidance of doubt, the Company acknowledges and agrees that no Fifth Amendment Issuances shall be made pursuant
to any prospectus or prospectus supplement other than a Fifth Amendment Prospectus or any replacement Fifth Amendment Registration
Statement required by Section 2.4(h)(ii). The Company represents and warrants that, as of the Fifth Amendment Effective Date, the
Securities Act and Rules and Regulations permit the Company to offer and issue $40,000,000 worth of shares of Common Stock pursuant
to the Fifth Amendment Registration Statement. The Company represents and warrants that the Fifth Amendment Registration Statement
complied when it became effective, complies on the Fifth Amendment Effective Date and shall comply on the Initial Exercise Date
and on each Exercise Date and on each Interest Payment Date and any later date upon which shares of Common Stock are received pursuant
to this Agreement or a Warrant, in each case, in all material respects with the requirements of Form S-3 under the Securities Act.
The Company represents and warrants that no order preventing or suspending the use of the Fifth Amendment Prospectus has been issued
by the Commission, and no stop order suspending the effectiveness of the Fifth Amendment Registration Statement or any post-effective
amendment thereto has been issued, and no proceedings for that purpose have been instituted or, to the Company&rsquo;s knowledge,
are threatened by the Commission. The Company represents and warrants that neither the Fifth Amendment Registration Statement nor
the Fifth Amendment Prospectus shall, as of the Fifth Amendment Effective Date, the Initial Exercise Date, any Exercise Date or
any Interest Payment Date or any later date on which shares of Common Stock are issued to a Lender under the Fifth Amendment Prospectus,
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.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify; text-indent: 0.25in">(iv)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company shall as soon as practicable notify each Lender of (A) the issuance by the Commission of any stop order suspending
the effectiveness of any registration statement or the initiation of any proceedings for that purpose, (B) the receipt by the Company
or its counsel of any notification with respect to the suspension of the qualification of shares of Common Stock or Warrants for
sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose, and (C) the effectiveness of each
registration statement filed hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify; text-indent: 0.25in">(v)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company shall use reasonable best efforts to cause any shares of Common Stock or Warrants issued pursuant to the Fifth
Amendment to be listed on each securities exchange on which similar securities issued by the Company are then listed and, if not
so listed, to be listed on a securities exchange.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify; text-indent: 0.25in">(vi)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>At any time when the Fifth Amendment Registration Statement is not effective, the Company shall use its reasonable best
efforts to timely file its SEC Reports (or, if the Company is not required to file such reports, it will, upon the request of any
Lender who is a holder of a Warrant, make publicly available such information as necessary to permit sales pursuant to Rule 144
under the Securities Act), and the Company shall use reasonable best efforts to take such further action as any such Lender may
reasonably request, in each case to the extent required from time to time to enable such Lender to, if permitted by the terms of
an applicable Warrant, sell such Warrant or its underlying Warrant Stock without registration under the Securities Act within the
limitation of the exemptions provided by (A) Rule 144 under the Securities Act, as such rule may be amended from time to time,
or (B) any successor rule or regulation hereafter adopted by the Commission. Upon the written request of any Lender who is a holder
of a Warrant, the Company shall deliver to such Lender a written statement that it has complied with such requirements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 1in">(k)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Section 2.4 of the Credit Agreement is hereby amended by adding a new clause (i) thereto as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify; text-indent: 0in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Agent shall have no responsibility with regards to issuing, processing or otherwise administering any Fifth Amendment Issuances
or any other Interest Share Issuance or for monitoring or verifying that the provisions and restrictions set forth with respect
to Fifth Amendment Issuances or any other Interest Share Issuance are complied with. At least two Business Days prior to any Interest
Payment Date, the Company shall provide a written certification to the Agent stating the manner under Section 2.4(b) in which interest
is expected to be paid on such Interest Payment Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 1in">(l)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Section 2.4 of the Credit Agreement is hereby amended by adding a new clause (j) thereto as follows:&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify; text-indent: 0in">(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
expenses incident to the Company performance of or compliance with this Section 2.4 (including, without limitation, all registration,
qualification and filing fees, fees and expenses of compliance with securities or blue sky laws, printing expenses, messenger and
delivery expenses, fees and disbursements of custodians, and fees and disbursements of counsel for the Company and all independent
certified public accountants, underwriters (excluding underwriting discounts and commissions) and other Persons retained by the
Company), shall be borne by the Company as provided herein. Each Person that sells securities in an underwritten offering or an
underwritten block offering hereunder shall bear and pay all underwriting discounts and commissions applicable to the securities
sold for such Person&rsquo;s account.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 1in">(m)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Section 7 of the Credit Agreement is hereby amended by adding the following after the phrase &ldquo;agreement contained
in&rdquo; in clause (c)(i) thereof: &ldquo;Section 2.4 (other than with respect to the failure of the Borrowers to pay interest,
which shall be covered by clause (a) above)&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 1in">(n)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Exhibits to the Credit Agreement are hereby amended by adding the following exhibits thereto: Exhibit K &ndash; Form
of Closing Share and Warrant Issuance Agreement; Exhibit L &ndash; Form of Interest Share Issuance Agreement, and Exhibit M &ndash;
Form of Warrant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 1in"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0.25in 0 0; text-transform: uppercase; text-align: center; text-indent: 0in">ARTICLE
II<BR>
<BR>
CONDITIONS PRECEDENT</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 1in">The effectiveness
of this Amendment (including the amendments to the Credit Agreement contained in Article I) are subject to the satisfaction of
the following conditions precedent (the date of the satisfaction of such conditions precedent being referred to herein as the &ldquo;<B>Effective
Date</B>&rdquo;):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>This Amendment shall have been duly executed by the Borrowers, the Agent and the Lenders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 1in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Lenders shall have received a certificate of the secretary or assistant secretary (or other comparable officer) of each
Borrower, dated as of the date hereof attaching (i) copies of the formation documents (together with any amendments thereto) of
each Borrower, certified to be true and complete as of a date not more than thirty (30) days prior to the date hereof by the Secretary
of State of the State of Delaware (collectively, the &ldquo;<B>Certified Charters</B>&rdquo;) and certified by a Responsible Officer
of such Borrower to be true, correct, unmodified and in full force and effect as of the date hereof, (ii) copies of, as applicable,
the by-laws or limited liability company agreements (together with any amendments thereto) of each Borrower, certified by a Responsible
Officer of such Borrower to be true, correct, unmodified and in full force and effect as of the date hereof, (iii) copies of resolutions
of the board of directors or actions by written consent of the members, as applicable, of each Borrower, approving and adopting
this Amendment, and all documents and agreements related thereto, the transactions contemplated herein and therein and authorizing
execution and delivery hereof and thereof, certified by a Responsible Officer of each Borrower to be true and correct, unmodified
and in force and effect as of the date hereof, (iv) copies of certificates of good standing with respect to each Borrower certified
as of a date not more than thirty (30) days prior to the date hereof by the Secretary of State of the State of Delaware and (v)
an incumbency certificate of each Borrower certified by a Responsible Officer of such Borrower to be true and correct as of the
date hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 1in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Agent and Lenders shall have received the legal opinion of Mitchell Silberberg &amp; Knupp LLP, counsel to the Borrowers,
addressed to Agent and each Lender in form and substance reasonably satisfactory to the Lenders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 1in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Agent and Lenders shall have received a certificate or certificates executed by a Responsible Officer of each Borrower
dated as of the Effective Date certifying that: (i)&nbsp;all representations and warranties contained herein, in the Credit Agreement
and in the other Loan Documents are true and correct in all material respects (or, in the case of any such representation or warranty
already qualified as to materiality, in all respects) as of the date hereof as though made on and as of such date, except to the
extent that such representations and warranties expressly relate solely to an earlier date (in which case such representations
and warranties shall have been true and correct on and as of such earlier date), (ii)&nbsp;no Default or Event of Default has occurred
and is continuing and (iii) there has been no development or event that has had or could reasonably be expected to have a Material
Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 1in">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Borrowers shall have paid directly or reimbursed MSD and the Agent for all reasonable and documented out-of-pocket expenses
incurred in connection with negotiating, documenting and effectuating this Amendment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 1in">(f)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company shall have issued in the aggregate 357,500 shares of Common Stock to the Lenders in accordance with each Lender&rsquo;s
Aggregate Pro Rata Interest pursuant to, with respect to each Lender, a Closing Share and Warrant Issuance Agreement in the form
of Exhibit K to Credit Agreement as amended by this Amendment (the &ldquo;<B>Amended Credit Agreement</B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 1in">(g)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company shall have delivered to each Lender an executed Warrant in the form of Exhibit M to the Amended Credit Agreement
in respect of the aggregate issuance of 357,500 shares of Common Stock to the Lenders in accordance with each Lender&rsquo;s Aggregate
Pro Rata Interest.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 1in">(h)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Borrowers shall, and shall cause Octagon Partners, LLC, a California limited liability company to, deliver to the Agent
duly executed and notarized reaffirmations to the Mortgages in the forms attached hereto as Exhibit A (collectively, the &ldquo;<B>Mortgage
Reaffirmations</B>&rdquo;) recorded in the Official Records of San Bernardino County, California.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 1in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Chicago Title Insurance Company shall have issued one or more endorsements and/or modifications, each in form and substance
acceptable to MSD, to the existing lender&rsquo;s policy of title insurance insuring the lien of the Mortgages which endorsements
and/or modifications shall maintain the coverage amount under such policy of title insurance and shall insure the continued priority
and enforceability of the lien of the Mortgages (as reaffirmed by the Mortgage Reaffirmations) and the Credit Agreement as modified
hereby, together with any other affirmative coverage reasonably required by MSD in connection with the transactions contemplated
by this Amendment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0in">Each Lender, by the
release of its signature hereto, shall be deemed to confirm the satisfaction of the conditions precedent referenced above and the
Agent shall have no obligation to independently confirm the satisfaction of such conditions precedent other than the reimbursement
of the Agent&rsquo;s fees under clause (e) above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0.25in 0 12pt; text-transform: uppercase; text-align: center; text-indent: 0in">ARTICLE
III<BR>
<BR>
acknowledgement and reaffirmation of the borrowers</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Each of the Borrowers hereby
(i) ratifies and affirms all the provisions of the Credit Agreement, the Security Agreement and the other Loan Documents as amended
hereby, (ii) agrees that the terms and conditions of the Credit Agreement, the Security Documents and the other Loan Documents,
including the security provisions set forth therein, shall continue in full force and effect as amended hereby, and shall not be
impaired or limited by the execution or effectiveness of this Amendment and (iii) acknowledges and agrees that the Collateral continues
to secure, to the fullest extent possible in accordance with the Credit Agreement, the payment and performance of all Obligations.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0.25in 0 0; text-transform: uppercase; text-align: center; text-indent: 0in">ARTICLE
IV<BR>
<BR>
Representations and Warranties and Covenants</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 1in">In order to induce
the Agent and the Lenders to enter into this Amendment, each Borrower hereby represents and warrants to the Agent and the Lenders
that, as of the Effective Date, the following statements are true and correct:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>all representations and warranties contained herein and in the Amended Credit Agreement and the other Loan Documents are
true and correct in all material respects (or, in the case of any such representation or warranty already qualified as to materiality,
in all respects) as of the date hereof as though made on and as of such date, except to the extent that such representations and
warranties expressly relate solely to an earlier date (in which case such representations and warranties were true and correct
on and as of such earlier date);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 1in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the execution and delivery of this Amendment by each Borrower, the performance by each Borrower of its obligations under
this Amendment and the Amended Credit Agreement (i)&nbsp;have been duly authorized by all requisite action, corporate or otherwise,
of each Borrower and (ii)&nbsp;will not conflict with or result in a breach of, or constitute a default (or might, upon the passage
of time or the giving of notice or both, constitute a default) under, any of the terms, conditions or provisions of any applicable
statute, law, rule, regulation or ordinance or any Borrowers&rsquo; organizational documents, the New Convertible Notes Indenture
or the Indenture or any judgment or order of any court or governmental department, commission, board, bureau, agency or instrumentality,
domestic or foreign, and (iii)&nbsp;will not result in the creation or imposition of any lien, charge or encumbrance of any nature
whatsoever upon any of the property or assets of any Borrower under the terms or provisions of any such agreement or instrument;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 1in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>this Amendment has been duly executed by each Borrower and delivered to the Agent and this Amendment and the Amended Credit
Agreement constitute the legal, valid and binding obligations of each Borrower, enforceable in accordance with their terms, subject
to applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors&rsquo; rights generally and
subject to general principles of equity, regardless of whether considered in a proceeding in equity or at law;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 1in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>no consent, approval or authorization of or designation, declaration or filing with any Governmental Authority or any other
Person (other than the NASDAQ Global Market, which consent, approval and authorization was obtained prior to the Effective Date)
on the part of any Borrower is required in connection with the execution and delivery of this Amendment or performance by such
Borrower of this Amendment or under the Amended Credit Agreement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 1in">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>no Event of Default and no event which, after notice or lapse of time or both, would become an Event of Default, has occurred
and is continuing under the Credit Agreement; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 1in">(f)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Schedule I sets forth the Accreted Loan Value of the Loans as of the date hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0.25in 0 0; text-transform: uppercase; text-align: center; text-indent: 0in">ARTICLE
V<BR>
<BR>
Miscellaneous</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Governing Law</U>. THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER THIS AMENDMENT SHALL BE GOVERNED
BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 1in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Successor and Assigns</U>. This Amendment shall inure to the benefit of, and be binding upon, the parties hereto and
their respective successors and assigns.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 1in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Severability</U>. Any provision of this Amendment which is prohibited or unenforceable in any jurisdiction shall, as
to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions
hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision
in any other jurisdiction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 1in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Counterparts</U>. This Amendment may be executed in one or more counterparts, each of which counterparts when executed
and delivered (including by facsimile or electronic transmission) shall be deemed to be an original, and all of which shall constitute
one and the same instrument. Delivery of an executed counterpart of a signature page to this Amendment by facsimile or other electronic
transmission will be effective as delivery of a manually executed counterpart thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 1in">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Submission to Jurisdiction</U>. Each of the parties hereto hereby irrevocably and unconditionally submits, for itself
and its property, to the exclusive jurisdiction of the Supreme Court of the State of New York sitting in New York County and of
the United States District Court of the Southern District of New York, and any appellate court from any thereof, in any action
or proceeding arising out of or relating to this Amendment, or for recognition or enforcement of any judgment, and each of the
parties hereto hereby irrevocably and unconditionally agrees that all claims in respect of any such action or proceeding may be
heard and determined in such New&nbsp;York State or, to the extent permitted by law, in such Federal court. Each of the parties
hereto agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions
by suit on the judgment or in any other manner provided by law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 1in">(f)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Waiver of Right to Trial by Jury</U>. <B>EACH OF THE PARTIES HERETO WAIVES ANY RIGHT TO TRIAL BY JURY ON ANY CLAIM, DEMAND,
ACTION OR CAUSE OF ACTION (A)&nbsp;ARISING UNDER THIS AMENDMENT OR (B)&nbsp;IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL
TO THE DEALINGS OF THE BORROWERS OR THE LENDERS WITH RESPECT TO THIS AMENDMENT OR THE TRANSACTIONS RELATED HERETO, IN EACH CASE
WHETHER SOUNDING IN CONTRACT OR TORT OR OTHERWISE. EACH OF THE PARTIES HERETO AGREES AND CONSENTS THAT ANY SUCH CLAIM, DEMAND,
ACTION OR CAUSE OF ACTION SHALL BE DECIDED BY COURT TRIAL WITHOUT A JURY, AND THAT ANY PARTY TO THIS AMENDMENT MAY FILE AN ORIGINAL
COUNTERPART OR A COPY OF THIS CLAUSE WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF THE PARTIES HERETO TO THE WAIVER OF THEIR
RIGHT TO TRIAL BY JURY. EACH PARTY HERETO ACKNOWLEDGES THAT THEY HAVE HAD THE OPPORTUNITY TO CONSULT WITH COUNSEL REGARDING THIS
CLAUSE, THAT THEY FULLY UNDERSTAND ITS TERMS, CONTENT AND EFFECT, AND THAT THEY VOLUNTARILY AND KNOWINGLY AGREE TO THE TERMS OF
THIS CLAUSE. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 1in">(g)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>References</U>. On and after the Effective Date, each reference in the Credit Agreement to &ldquo;this Agreement,&rdquo;
&ldquo;hereunder,&rdquo; &ldquo;hereof,&rdquo; &ldquo;herein&rdquo; or words of like import referring to the Credit Agreement shall
refer to the Credit Agreement as amended by this Amendment, and each reference in the other Loan Documents to the &ldquo;Credit
Agreement,&rdquo; &ldquo;thereunder,&rdquo; &lsquo;&lsquo;thereof&rdquo; or words of like import shall refer to the Credit Agreement
as amended by this Amendment. This Amendment is a Loan Document.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 1in">(h)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Release</U>. In consideration of Agent and the Lenders entering into this Amendment and for other good and valuable consideration,
the receipt and sufficiency of which is hereby acknowledged, as of the date hereof, each Borrower on behalf of itself and its affiliates
and their respective successors, assigns, and other legal representatives, hereby absolutely, unconditionally and irrevocably releases,
remises and forever discharges Agent and Lenders party hereto, their respective affiliates and their successors and assigns, and
their present and former shareholders, directors, officers, attorneys, employees, agents and other representatives (Agent, each
Lender party hereto and all such other Persons being hereinafter referred to collectively as the &ldquo;<B>Releasees</B>&rdquo;
and individually as a &ldquo;<B>Releasee</B>&rdquo;), of and from all demands, actions, causes of action, suits, covenants, contracts,
controversies and any and all other claims, counterclaims, defenses, rights of set off, demands and liabilities whatsoever of every
name and nature, known or unknown, suspected or unsuspected, both at law and in equity, which any Borrower, any of their respective
affiliates, or any of its or their respective successors, assigns, or other legal representatives may now or hereafter own, hold,
have or claim to have against the Releasees by reason of any circumstance, action, cause or thing whatsoever which occurred on
or prior to the date hereof pursuant to or arising out of the Credit Agreement, the Loan Documents or transactions directly related
thereto between any Borrowers, on one hand, and the Releasees, on the other.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 1in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Waiver</U>. No delay or failure on the part of any party hereto in exercising any right, power or remedy hereunder shall
effect or operate as a waiver thereof, nor shall any single or partial exercise thereof or any abandonment or discontinuance of
steps to enforce such right, power or remedy preclude any further exercise thereof or of any other right, power or remedy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 1in">(j)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Agent</U>. Pursuant to Section 8.4 of the Credit Agreement, each of the undersigned Lenders hereby (i)&nbsp;authorizes
and directs Agent to execute and deliver this amendment entered into in connection herewith, (ii)&nbsp;represents to the Agent
that the Lenders party hereto, together, hold 100% of the Loans under the Credit Agreement and (iii)&nbsp;by its execution below,
agrees to be bound by the terms and conditions of this Amendment. Wells Fargo Bank, National Association is entering into this
Amendment and acting hereunder as the Agent and it shall be entitled to the rights, benefits, protections, indemnities and immunities
afforded to it as Agent under the Credit Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 1in">(k)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>FATCA</U>. The Company hereby certifies to the Agent that this Amendment shall constitute a &quot;material modification&quot;
for the purpose of Treasury Regulations Section 1.1471-2T(b)(2)(iv) (including a significant modification as defined in Treasury
Regulations Section 1.1001-3(e)).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center">[Signature Pages Follow]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.25in 0 0; text-align: justify; text-indent: 1in">IN WITNESS WHEREOF,
each of the undersigned has caused its duly authorized officer to execute and deliver this Amendment as of the date first above
written.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.25in 0 0; text-align: justify; text-indent: 1in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 33%">&nbsp;</TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 51%"><B>WELLS FARGO BANK, NATIONAL ASSOCIATION</B>, as Agent</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">By: /s/ Michael Roth</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><P STYLE="margin: 0">Name: Michael Roth</P>


</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><P STYLE="margin: 0">Title: V.P.</P>


</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><B>MSD CREDIT OPPORTUNITY MASTER FUND, L.P.</B>, as a Lender</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">By: /s/ Marcello Liguori</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><P STYLE="margin: 0">Name: Marcello Liguori</P>


</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><P STYLE="margin: 0">Title: Managing Director</P>


</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><B>MILFAM II L.P.,</B> as a Lender</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>By: MILFAM LLC</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Its: General Partner</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">By: /s/ Lloyd I. Miller, III</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><P STYLE="margin: 0">Name: Lloyd I. Miller, III</P>


</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><P STYLE="margin: 0">Title: Manager</P>


</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><B>WPI-CADIZ FARM CA, LLC</B>,
as a Lender</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">By: /s/ Marc Robert</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><P STYLE="margin: 0">Name: Marc Robert</P>


</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><P STYLE="margin: 0">Title: Authorized Signatory</P>


</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><B>CADIZ INC.</B>, as a Borrower</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">By: /s/ Timothy J. Shaheen</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><P STYLE="margin: 0">Name: Timothy J. Shaheen</P>


</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><P STYLE="margin: 0">Title: Chief Financial Officer</P>


</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><B>CADIZ REAL ESTATE LLC</B>,
as a Borrower</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">By: /s/ Timothy J. Shaheen</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><P STYLE="margin: 0">Name: Timothy J. Shaheen</P>


</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><P STYLE="margin: 0">Title: Chief Financial Officer</P>


</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.25in 0 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.25in 0 0; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right; text-indent: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right; text-indent: 0">&nbsp;</P>



<P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Exhibit
K</U></B></FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>FORM
OF CLOSING SHARE AND WARRANT ISSUANCE AGREEMENT</U></B></FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: right"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">[Date]</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: right"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Cadiz
Inc.<BR>
550 South Hope Street, Suite 2850<BR>
Los Angeles, California 90071</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Ladies
and Gentlemen:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 36pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Cadiz
Inc., a Delaware corporation (the &ldquo;<B>Company</B>&rdquo;), agrees, subject to the terms and conditions stated herein, to
issue to [<I>Name of Lender</I>] (the &ldquo;<B>Investor</B>&rdquo;), [&#9679;] shares (the &ldquo;<B>Closing Shares</B>&rdquo;)
of the Company&rsquo;s common stock, $0.01 par value per share (the &ldquo;<B>Common Stock</B>&rdquo;) and a warrant to purchase
[&#9679;] shares of the Common Stock (the &ldquo;<B>Warrant</B>,&rdquo; and collectively with the Closing Shares, the &ldquo;<B>Securities</B>&rdquo;).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left; text-indent: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>In
consideration of the respective covenants, agreements and representations and warranties contained herein and for other good and
valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Company and the Investor intending to
be legally bound, hereby agree as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left; text-indent: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left; text-indent: 72pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
Closing Share and Warrant Issuance Agreement (the &ldquo;<B>Agreement</B>&rdquo;) is made as of the date set forth above between
the Company and the Investor.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left; text-indent: 72pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left; text-indent: 72pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company and Investor are parties to that certain Fifth Amendment to Amended and Restated Credit Agreement (the &ldquo;<B>Fifth
Amendment</B>&rdquo;), dated as of [&#9679;], 2016 (the &ldquo;<B>Fifth Amendment Effective Date</B>&rdquo;), by and among the
Company, as a borrower, Cadiz Real Estate LLC, as a borrower, Investor, as a lender, the other lenders party thereto, and Wells
Fargo Bank, National Association, as agent (the &ldquo;Agent&rdquo;), which amended that certain Amended and Restated Credit Agreement
(as further amended prior to the Fifth Amendment Effective Date, and as subsequently amended from time to time, the &ldquo;<B>Credit
Agreement</B>&rdquo;) attached to that certain Amendment Agreement, dated as of October 30, 2013, by and among the Company, Cadiz
Real Estate LLC, LC Capital Master Fund, Ltd., the lenders party thereto, and the Agent.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left; text-indent: 72pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left; text-indent: 72pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
to the Fifth Amendment, the Company agreed to issue the Securities in connection with the Investor&rsquo;s entry into the Fifth
Amendment and as a condition precedent to the effectiveness of the Fifth Amendment pursuant Article II thereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left; text-indent: 72pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left; text-indent: 72pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company has authorized the issuance of, and agrees to issue, the Securities to the Investor on the date of this Agreement (the
&ldquo;<B>Closing Date</B>&rdquo;), upon the terms and conditions set forth herein.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left; text-indent: 72pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left; text-indent: 72pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prior
to the execution of this Agreement, the Company has delivered to Investor a written opinion, addressed to the Investor and dated
as of the Closing Date, from Mitchell Silberberg &amp; Knupp LLP, counsel to the Company, to the effect set forth in <U>Exhibit
A</U> hereto.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left; text-indent: 72pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left; text-indent: 72pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left; text-indent: 72pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
offering and issuance of the Securities (collectively, the &ldquo;<B>Issuance</B>&rdquo;) is being made pursuant to (i) an effective
Registration Statement on Form S-3, No. 214318, including all amendments thereto, the exhibits and any schedules thereto, the
documents otherwise deemed to be a part thereof or included therein or any immediately succeeding registration statement that
is filed under the Securities Act (as defined in the Credit Agreement) on Form S-3 and immediately becomes effective (the &ldquo;<B>Fifth
Amendment Registration Statement</B>&rdquo;) filed by the Company with the Commission (as defined in the Credit Agreement) in
conformity with the Securities Act under the Rules and Regulations (as defined in the Credit Agreement) of the Commission, including
the prospectus contained therein (the &ldquo;Fifth Amendment Base Prospectus&rdquo;) and (ii) a final prospectus supplement filed
with the Commission and delivered to the Investor (a &ldquo;<B>Fifth Amendment Prospectus Supplement</B>&rdquo; and, together
with the Fifth Amendment Base Prospectus, a &ldquo;<B>Fifth Amendment Prospectus</B>&rdquo;) containing amended and/or certain
supplemental information regarding the Securities and terms of the Issuance. If the Company has filed one or more abbreviated
registration statements to register additional shares of Common Stock pursuant to Rule 462(b) under the Rules and Regulations
(each a &ldquo;<B>Rule 462(b) Registration Statement</B>&rdquo;), then any reference herein to the term &ldquo;Fifth Amendment
Registration Statement&rdquo; shall also be deemed to include any such Rule 462(b) Registration Statement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left; text-indent: 72pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left; text-indent: 72pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Without
the prior written consent of the Company, prior to [&#9679;], (which is the 180th day following the Closing Date), the Investor
shall not, and shall cause its wholly-owned subsidiaries not to, sell, transfer, encumber or otherwise dispose of any or all of
its Closing Shares other than transfers to affiliates of the Investor (provided, however, that any Closing Shares transferred
to such affiliate shall be subject as of the date of such transfer to the remaining term, if any as of such date, of the foregoing
transfer restrictions).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left; text-indent: 72pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left; text-indent: 72pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company agrees to make any filings required by the Financial Industry Regulatory Authority, Inc. (&ldquo;<B>FINRA</B>&rdquo;)
with respect to the Issuance.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left; text-indent: 72pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left; text-indent: 72pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
the Closing Date, the Company shall cause its Transfer Agent to deliver the Closing Shares to the Investor and register the Closing
Shares as instructed by the Investor. The Closing Shares will be delivered by crediting the account of the Investor&rsquo;s prime
broker (as specified by the Investor to the Company) with the Depository Trust Company (&ldquo;<B>DTC</B>&rdquo;) through its
Deposit/Withdrawal At Custodian (&ldquo;<B>DWAC</B>&rdquo;) system, whereby Investor&rsquo;s prime 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 Continental Stock Transfer &amp; Trust Company, the Company&rsquo;s transfer agent (the &ldquo;<B>Transfer Agent</B>&rdquo;),
at the Company&rsquo;s direction. The Investor shall direct the broker-dealer at which the account or accounts to be credited
with the Closing Shares are maintained, which broker/dealer shall be a DTC participant, to initiate a transaction through the
DWAC system, instructing the Transfer Agent to credit such account or accounts with the Closing Shares. Such DWAC instruction
shall indicate the settlement date for the deposit of the Closing Shares, which shall be the Closing Date. The Company shall direct
the Transfer Agent to credit the Investor&rsquo;s account or accounts with the Closing Shares pursuant to the information contained
in the DWAC instruction.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left; text-indent: 72pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left; text-indent: 72pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left; text-indent: 72pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
the Closing Date, the Company shall execute and deliver to the Investor the Warrant in the form of Exhibit M to the Credit Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left; text-indent: 72pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left; text-indent: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>The
Investor represents and warrants to the Company as of the Closing Date as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left; text-indent: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left; text-indent: 72pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Investor has received the Fifth Amendment Prospectus and the documents incorporated by reference therein prior to or in connection
with the receipt of this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left; text-indent: 72pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left; text-indent: 72pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Investor (i) is not a member of FINRA or an Associated Person (as such term is defined under the FINRA Membership and Registration
Rules) and (ii) after giving effect to the issuance of the Securities pursuant to this Agreement, neither the Investor nor any
Holder Group (as defined in the Credit Agreement) in respect of the Investor acquired, or obtained the right to acquire, 20% or
more of the Common Stock (or securities convertible into or exercisable for Common Stock) or the voting power of the Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left; text-indent: 72pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left; text-indent: 72pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Investor is an &ldquo;accredited investor&rdquo; as that term is defined in Rule 501 of Regulation D promulgated under the Securities
Act.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left; text-indent: 72pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left; text-indent: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>The
Company represents and warrants to the Investor as of the date hereof, and with respect to the Warrant Stock (as defined in the
Warrant), as of any exercise date under the Warrant for purposes of Section 3(k) and Section 3(m), as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left; text-indent: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left; text-indent: 72pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
representations and warranties of the Company contained in the Fifth Amendment are true and correct in all material respects (or,
in the case of any such representation or warranty already qualified as to materiality, in all respects) as of the date hereof
as though made on and as of such date, except to the extent that such representations and warranties expressly relate to an earlier
date (in which case such representations and warranties shall have been true and correct on and as of such earlier date).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left; text-indent: 72pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left; text-indent: 72pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
order preventing or suspending the use of the Fifth Amendment Prospectus has been issued by the Commission, and no stop order
suspending the effectiveness of the Fifth Amendment Registration Statement or any post-effective amendment thereto has been issued,
and no proceedings for that purpose have been instituted or, to the Company&rsquo;s knowledge, are threatened by the Commission.
The Fifth Amendment Registration Statement complied when it became effective, complied on the Fifth Amendment Effective Date and
complies as of the Closing Date, in all material respects, with the requirements of Form S-3 under the Securities Act. 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.
The Fifth Amendment Registration Statement did not, as of the Closing Date, contain any untrue statement of a material fact or
omit to state a material fact necessary in order to make the statements therein not misleading, and the Fifth Amendment Prospectus,
as of the Closing Date, did not contain an untrue statement of a material fact or omit to state a material fact necessary in order
to make the statements therein, in light of the circumstances under which they were made, not misleading. Any required filing
of the Fifth Amendment Prospectus and any supplement thereto pursuant to Rule 424(b) of the Rules and Regulations has been or
will be made in the manner and within the time period required by such Rule 424(b).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left; text-indent: 72pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left; text-indent: 72pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left; text-indent: 72pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Fifth Amendment Registration Statement and all documents incorporated by reference in the Fifth Amendment Registration Statement
and the Fifth Amendment Prospectus as of the Closing Date, at the time they became effective or were filed with the Commission,
as the case may be, complied in all material respects with the requirements of the Securities Act or the Exchange Act (as defined
in the Credit Agreement), as applicable, and the rules and regulations of the Commission thereunder, and at the time they became
effective or were filed with the Commission, as the case may be, neither the Fifth Amendment Registration Statement nor any of
such other 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></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left; text-indent: 72pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left; text-indent: 72pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company has been duly incorporated and is validly existing as a corporation in good standing under the laws of the State of Delaware,
with the corporate power and authority necessary to own, lease and operate its properties and to conduct its business as described
in the Fifth Amendment Registration Statement and the Fifth Amendment Prospectus.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left; text-indent: 72pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left; text-indent: 72pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
authorized capital stock of the Company consists of (i) [&#9679;] shares of Common Stock and (ii) [&#9679;] shares of preferred
stock (the &ldquo;<B>Preferred Stock</B>&rdquo;). As of the Closing Date, [&#9679;] shares of Common Stock are issued and outstanding
and [&#9679;] shares of Preferred Stock are issued and outstanding.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left; text-indent: 72pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left; text-indent: 72pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Securities have been duly and validly authorized by the Company, and the Closing Shares, 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></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left; text-indent: 72pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left; text-indent: 72pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Closing Shares and the Warrant Stock have been duly authorized for listing and quotation on the Nasdaq Global Market, subject
in each case to official notice of issuance.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left; text-indent: 72pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left; text-indent: 72pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
Agreement and the Warrant have each been duly authorized, executed and delivered by the Company and constitutes the legal, valid
and binding obligations of the Company, enforceable in accordance with its terms, subject to applicable bankruptcy, insolvency,
reorganization, moratorium or other laws affecting creditors&rsquo; rights generally and subject to general principles of equity,
regardless of whether considered in a proceeding in equity or at law.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left; text-indent: 72pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left; text-indent: 72pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company is not in breach or violation of or in default under (i) the provisions of its charter or by-laws, (ii) any material agreement
filed as an exhibit to its SEC Reports, or (iii) any federal or state statute or law, any rule or regulation issued pursuant to
any federal or state statute or law, or any order issued pursuant to any federal or state statute or law by any court or governmental
agency or body having jurisdiction over the Company, except, with respect to clauses (ii) and (iii) above, to the extent any such
violation or default would not, individually or in the aggregate, have a material adverse effect on (x) the business, properties,
prospects, financial condition or results of operations of the Company or (y) the ability of the Company to enter into and perform
its obligations under, or consummate the transactions contemplated in, this Agreement (a &ldquo;<B>Material Adverse Effect</B>&rdquo;).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left; text-indent: 72pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left; text-indent: 72pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left; text-indent: 72pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
execution, delivery and performance by the Company of this Agreement, including the issuance by the Company of the Closing Shares,
the Warrant and the Warrant Stock, will not conflict with or result in a breach or violation of, or constitute a default under
(i) the provisions of the Company&rsquo;s charter or by-laws, (ii) any indenture, mortgage, deed of trust or other agreement or
instrument to which the Company is a party or by which the Company or any of its properties or businesses is bound, or (iii) any
federal or state statute or law, any rule or regulation issued pursuant to any federal or state statute or law, or any order issued
pursuant to any federal or state statute or law by any court or governmental agency or body having jurisdiction over the Company,
except, with respect to clause (ii) and (iii) above, for any such conflict, breach, violation or default that would not, individually
or in the aggregate, have a Material Adverse Effect.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left; text-indent: 72pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left; text-indent: 72pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
filing with, or authorization, approval, consent or order of, any court or governmental agency or body is required for the issuance
of the Closing Shares, the Warrant or the Warrant Stock, except such as have already been obtained or are contemplated hereby.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left; text-indent: 72pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left; text-indent: 72pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(l)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Subsequent to the dates as of which information is given in the Fifth Amendment Prospectus and other than as contemplated therein,
there has not been (i) any material adverse change in the business, properties, prospects, financial condition or results of operations
of the Company, (ii) any transaction which is material to the Company, (iii) any material change in the capital stock, or any
material change in the outstanding indebtedness, of the Company, or (v) any dividend or distribution declared, paid or made on
the capital stock of the Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left; text-indent: 72pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left; text-indent: 72pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(m)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company represents and warrants that the Securities Act and the Rules and Regulations permit the Company to offer and issue 357,500
shares of Common Stock, the Warrant and the Warrant Stock.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left; text-indent: 72pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left; text-indent: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>The
Company agrees to indemnify, defend and hold harmless the Investor, its directors and officers, and each person, if any, who controls
the Investor 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, the Investor 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 Fifth Amendment 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 Fifth Amendment 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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left; text-indent: 36pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left; text-indent: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left; text-indent: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>Notwithstanding
any investigation made by any party to this Agreement, all covenants, agreements, representations and warranties made by the Company
and the Investor herein will survive the Closing Date.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left; text-indent: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left; text-indent: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>All
notices, requests, consents and other communications hereunder will be in writing, will be mailed by nationally recognized overnight
express courier, postage prepaid, or delivered by facsimile, and will be deemed given (i) if delivered by nationally recognized
overnight carrier, one business day after so mailed and (ii) if delivered by facsimile, upon electric confirmation of receipt
and will be delivered and addressed as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left; text-indent: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left; text-indent: 72pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if
to the Company, to:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left; text-indent: 72pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 100pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Cadiz
Inc.<BR>
550 South Hope Street, Suite 2850<BR>
Los Angeles, California 90071<BR>
Attention: Chief Financial Officer<BR>
Facsimile No.: 213-271-1614</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 108pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left; text-indent: 72pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;with
copies to:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left; text-indent: 72pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 100pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Mitchell
Silberberg &amp; Knupp LLP</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 100pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">11377
West Olympic Boulevard</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 100pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Los
Angeles, California 90064</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 100pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Attention:
Kevin Friedmann</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 100pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Facsimile
No.: 310 312-3798</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 108pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left; text-indent: 72pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if
to the Investor, to:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left; text-indent: 72pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 100pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">[LENDER
NAME]<BR>
[ADDRESS]<BR>
[ADDRESS]<BR>
Attention: [&#9679;]<BR>
Facsimile No.: [&#9679;]</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 108pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left; text-indent: 72pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;with
copies to:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left; text-indent: 72pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 100pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">[NAME]<BR>
[ADDRESS]<BR>
[ADDRESS]<BR>
Attention: [&#9679;]<BR>
Facsimile No.: [&#9679;]</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 108pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left; text-indent: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>This
Agreement may not be modified or amended except pursuant to an instrument in writing signed by the Company and the Investor.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left; text-indent: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left; text-indent: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>The
headings of the various sections of this Agreement have been inserted for convenience of reference only and will not be deemed
to be part of this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left; text-indent: 36pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left; text-indent: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left; text-indent: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>In
case any provision contained in this Agreement should be invalid, illegal or unenforceable in any respect, the validity, legality
and enforceability of the remaining provisions contained herein will not in any way be affected or impaired thereby.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left; text-indent: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left; text-indent: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>This
Agreement will be governed by, and construed in accordance with, the internal laws of the State of New York.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left; text-indent: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left; text-indent: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>Each
of the Company and the Investor hereby irrevocably and unconditionally submits, for itself and its property, to the exclusive
jurisdiction of the Supreme Court of the State of New York sitting in New York County and of the United States District Court
of the Southern District of New York, and any appellate court from any thereof, in any action or proceeding arising out of or
relating to this Agreement, or for recognition or enforcement of any judgment, and each of the Company and the Investor hereby
irrevocably and unconditionally agrees that all claims in respect of any such action or proceeding may be heard and determined
in such New York State or, to the extent permitted by law, in such Federal court. Each of the Company and the Investor agrees
that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit
on the judgment or in any other manner provided by law.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left; text-indent: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left; text-indent: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>12.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EACH
OF THE COMPANY AND THE INVESTOR WAIVES ANY RIGHT TO TRIAL BY JURY ON ANY CLAIM, DEMAND, ACTION OR CAUSE OF ACTION (A) ARISING
UNDER THIS AGREEMENT OR (B) IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THIS AGREEMENT OR THE TRANSACTIONS RELATED HERETO,
IN EACH CASE WHETHER SOUNDING IN CONTRACT OR TORT OR OTHERWISE. EACH OF THE COMPANY AND THE INVESTOR AGREES AND CONSENTS THAT
ANY SUCH CLAIM, DEMAND, ACTION OR CAUSE OF ACTION SHALL BE DECIDED BY COURT TRIAL WITHOUT A JURY, AND THAT ANY PARTY TO THIS AGREEMENT
MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS CLAUSE WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF THE PARTIES HERETO
TO THE WAIVER OF THEIR RIGHT TO TRIAL BY JURY. EACH OF THE COMPANY AND THE INVESTOR ACKNOWLEDGES THAT IT HAS HAD THE OPPORTUNITY
TO CONSULT WITH COUNSEL REGARDING THIS CLAUSE, THAT IT FULLY UNDERSTANDS ITS TERMS, CONTENT AND EFFECT, AND THAT IT VOLUNTARILY
AND KNOWINGLY AGREES TO THE TERMS OF THIS CLAUSE. </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left; text-indent: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left; text-indent: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>13.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>This
Agreement may be executed in two or more counterparts, each of which will constitute an original, but all of which, when taken
together, will constitute but one instrument, and will become effective when one or more counterparts have been signed by each
party hereto and delivered to the other parties.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left; text-indent: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Please
confirm that the foregoing correctly sets forth the agreement between us by signing in the space provided below for that purpose.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>[NAME OF LENDER]</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 60%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 6%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 34%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">By:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Name:
    </FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Title:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center">[Signature page to Closing Share and Warrant Issuance
Agreement]</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agreed
and Accepted by:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>CADIZ INC.</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 6%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 34%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 60%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">By:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Name:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Title:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center">[Signature page to Closing Share and Warrant Issuance
Agreement]</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">EXHIBIT
A</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Form
of Opinion of Counsel to Company</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 18pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 18pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1.</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
                                         Company has been duly incorporated and is validly existing in good standing under the
                                         laws of the State of Delaware.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 36pt; text-indent: -18pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 18pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 18pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2.</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
                                         Company has the corporate power and corporate authority to execute and deliver the Agreement
                                         and to consummate the transactions contemplated thereby.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 36pt; text-indent: -18pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 18pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 18pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3.</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
                                         Agreement and the Warrant have been duly authorized, executed and delivered by the Company
                                         and are each a valid and binding agreement of the Company, enforceable against the Company
                                         in accordance with their terms.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 36pt; text-indent: -18pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 18pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 18pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">4.</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
                                         execution and delivery by the Company of the Agreement and the consummation by the Company
                                         of the transactions contemplated thereby, including the issuance of the Closing Shares,
                                         will not (i) conflict with the Company&rsquo;s charter or by-laws, (ii) constitute a
                                         violation of, or a breach or default under, the terms of any contract listed on a schedule
                                         to this opinion<SUP>1</SUP> or (iii) violate or conflict with, or result in any contravention
                                         of, any applicable law or any order listed on a schedule to this opinion.<SUP>2</SUP></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 36pt; text-indent: -18pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 18pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 18pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">5.</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">No
                                         governmental approval, which has not been obtained or taken and is not in full force
                                         and effect, is required to authorize, or is required for, the execution or delivery of
                                         the Agreement by the Company or the consummation by the Company of the transactions contemplated
                                         thereby.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 36pt; text-indent: -18pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 18pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 18pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">6.</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
                                         Closing Shares have been duly authorized by the Company and, when delivered to the Investor,
                                         will be validly issued, fully paid and nonassessable and free and clear of any preemptive
                                         rights or any similar rights arising under the laws of the State of Delaware or the Company&rsquo;s
                                         charter or by-laws.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 36pt; text-indent: -18pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 18pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 18pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">7.</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
                                         shares of Common Stock issuable upon the exercise of the Warrant have been duly authorized
                                         by the Company and, when issued upon the exercise of the Warrant in accordance with its
                                         terms, will be duly and validly issued, fully paid and non-assessable and free and clear
                                         of any preemptive rights or any similar rights arising under the laws of the State of
                                         Delaware or the Company&rsquo;s charter or by-laws.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 36pt; text-indent: -18pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 18pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 18pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">8.</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
                                         Company is not and, solely after giving effect to the issuance of the Closing Shares,
                                         the Warrant and any Warrant Stock to the Investor, will not be an &ldquo;investment company&rdquo;
                                         as such term is defined in the Investment Company Act of 1940.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 36pt; text-indent: -18pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 36pt; text-indent: -18pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 36pt; text-indent: -18pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 36pt; text-align: center; text-indent: -36pt"></P>





<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 18pt; text-indent: -18pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><SUP>1
</SUP>Schedule to list:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 18pt; text-indent: -18pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 18pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 18pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
                                         7.00% Convertible Senior Notes Indenture, dated as of March 5, 2013, by and between the
                                         Company and U.S. Bank National Association, as successor to The Bank of New York Mellon
                                         Trust Company, N.A. (&ldquo;U.S. Bank&rdquo;) as Trustee, as amended by that certain
                                         First Supplemental Indenture, dated as of October 30, 2013, and that certain Second Supplemental
                                         Indenture, dated as of November 23, 2015</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 18pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 18pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
                                         7.00% Convertible Senior Notes Indenture, dated as of December 10, 2015, by and between
                                         the Company and U.S. Bank, as Trustee, as amended by that certain First Supplemental
                                         Indenture, dated as of April 28, 2016</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 18pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 18pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Limited
                                         Liability Company Agreement of Cadiz Real Estate LLC dated December 11, 2003</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 18pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 18pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Amendment
                                         No. 1, dated October 29, 2004, to Limited Liability Company Agreement of Cadiz Real Estate
                                         LLC</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 18pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 18pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Amendment
                                         No. 2 dated March 5, 2013, to Limited Liability Company Agreement of Cadiz Real Estate
                                         LLC</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 18pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 18pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Amendment
                                         No. 2 dated October 1, 2007 to Reorganization Plan and Agreement for Purchase and Sale
                                         of Assets dated as of February 18, 1998 among Cadiz Inc. and Mark A. Liggett in his capacity
                                         as successor in interest to Exploration Research Associates, Incorporated., a California
                                         corporation (&ldquo;ERA&rdquo;) and in his individual capacity as former sole shareholder
                                         of ERA and as the successor in interest to ERA</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 18pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 18pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Lease
                                         Agreement, dated as of December 23, 2015, by and among Cadiz Real Estate LLC, Cadiz Inc.
                                         and Water Asset Management LLC</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 18pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 18pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Private
                                         Placement Purchase Agreement, dated as of April 26, 2016, by and among Cadiz Inc. and
                                         the purchasers party thereto</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 18pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 18pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Placement
                                         Agent Agreement, dated as of April 26, 2016, by and between Cadiz Inc. and B. Riley &amp;
                                         Co. LLC</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 18pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 18pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Registration
                                         Rights Agreement, dated as of April 28, 2016, by and among Cadiz Inc. and the holders
                                         party thereto</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 18pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 18pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Any
                                         other material agreements filed as exhibits 1, 2 or 4 under Rule 601 of Regulation S-K
                                         as promulgated under the Securities Act as filed as of the Closing Date</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>2
</SUP>Schedule to list (i) the laws of the State of New York, (ii) the federal laws of the United States of America and (iii)
the General Corporation Law of the State of Delaware and the Delaware Limited Liability Company Act. Orders to be confirmed by
the Company at the Closing Date, as applicable to the relevant transactions.&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 18pt; text-indent: -18pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 18pt; text-indent: -18pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 18pt; text-indent: -18pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">&nbsp;</P>



<P STYLE="margin: 0pt 0pt 0pt 0; font: 10pt Times New Roman, Times, Serif"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Exhibit
L</U></B></FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>FORM
OF INTEREST SHARE ISSUANCE AGREEMENT</U></B></FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: right"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">[Date]</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: right"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Cadiz
Inc.<BR>
550 South Hope Street, Suite 2850<BR>
Los Angeles, California 90071</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Ladies
and Gentlemen:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 36pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Cadiz
Inc., a Delaware corporation (the &ldquo;<B>Company</B>&rdquo;), agrees, subject to the terms and conditions stated herein, to
issue to [<I>Name of Lender</I>] (the &ldquo;<B>Investor</B>&rdquo;), [&#9679;] shares (the &ldquo;<B>Interest Shares</B>&rdquo;)
of the Company&rsquo;s common stock, $0.01 par value per share (the &ldquo;<B>Common Stock</B>&rdquo;).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left; text-indent: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>In
consideration of the respective covenants, agreements and representations and warranties contained herein and for other good and
valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Company and the Investor intending to
be legally bound, hereby agree as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left; text-indent: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left; text-indent: 72pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
Interest Share Issuance Agreement (the &ldquo;<B>Agreement</B>&rdquo;) is made as of the date set forth above between the Company
and the Investor.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left; text-indent: 72pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left; text-indent: 72pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company and Investor are parties to that certain Fifth Amendment to Amended and Restated Credit Agreement (the &ldquo;<B>Fifth
Amendment</B>&rdquo;), dated as of [&#9679;], 2016 (the &ldquo;<B>Fifth Amendment Effective Date</B>&rdquo;), by and among the
Company, as a borrower, Cadiz Real Estate LLC, as a borrower, Investor, as a lender, the other lenders party thereto, and Wells
Fargo Bank, National Association, as agent (the &ldquo;Agent&rdquo;), which amended that certain Amended and Restated Credit Agreement
(as further amended prior to the Fifth Amendment Effective Date, and as subsequently amended from time to time, the &ldquo;<B>Credit
Agreement</B>&rdquo;) attached to that certain Amendment Agreement, dated as of October 30, 2013, by and among the Company, Cadiz
Real Estate LLC, LC Capital Master Fund, Ltd., the lenders party thereto, and the Agent.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left; text-indent: 72pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left; text-indent: 72pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
to the Fifth Amendment, the Company agreed to issue the Interest Shares in connection with the Investor&rsquo;s entry into the
Fifth Amendment.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left; text-indent: 72pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left; text-indent: 72pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company has authorized the issuance of, and agrees to issue, the Interest Shares to the Investor on the date of this Agreement
(the &ldquo;<B>Closing Date</B>&rdquo;), upon the terms and conditions set forth herein.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left; text-indent: 72pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left; text-indent: 72pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prior
to the execution of this Agreement, the Company has delivered to Investor a written opinion, addressed to the Investor and dated
as of the Closing Date, from Mitchell Silberberg &amp; Knupp LLP, counsel to the Company, to the effect set forth in <U>Exhibit
A</U> hereto.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left; text-indent: 72pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left; text-indent: 72pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left; text-indent: 72pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
offering and issuance of the Interest Shares (collectively, the &ldquo;<B>Issuance</B>&rdquo;) is being made pursuant to (i) an
effective Registration Statement on Form S-3, No. 214318, including all amendments thereto, the exhibits and any schedules thereto,
the documents otherwise deemed to be a part thereof or included therein or any immediately succeeding registration statement that
is filed under the Securities Act (as defined in the Credit Agreement) on Form S-3 and immediately becomes effective (the &ldquo;<B>Fifth
Amendment Registration Statement</B>&rdquo;) filed by the Company with the Commission (as defined in the Credit Agreement) in
conformity with the Securities Act under the Rules and Regulations (as defined in the Credit Agreement) of the Commission, including
the prospectus contained therein (the &ldquo;Fifth Amendment Base Prospectus&rdquo;) and (ii) a final prospectus supplement filed
with the Commission and delivered to the Investor (a &ldquo;<B>Fifth Amendment Prospectus Supplement</B>&rdquo; and, together
with the Fifth Amendment Base Prospectus, a &ldquo;<B>Fifth Amendment Prospectus</B>&rdquo;) containing amended and/or certain
supplemental information regarding the Interest Shares and terms of the Issuance. If the Company has filed one or more abbreviated
registration statements to register additional shares of Common Stock pursuant to Rule 462(b) under the Rules and Regulations
(each a &ldquo;<B>Rule 462(b) Registration Statement</B>&rdquo;), then any reference herein to the term &ldquo;Fifth Amendment
Registration Statement&rdquo; shall also be deemed to include any such Rule 462(b) Registration Statement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left; text-indent: 72pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left; text-indent: 72pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company agrees to make any filings required by the Financial Industry Regulatory Authority, Inc. (&ldquo;<B>FINRA</B>&rdquo;)
with respect to the Issuance.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left; text-indent: 72pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left; text-indent: 72pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
the Closing Date, the Company shall cause its Transfer Agent to deliver the Interest Shares to the Investor and register the Interest
Shares as instructed by the Investor. The Interest Shares will be delivered by crediting the account of the Investor&rsquo;s prime
broker (as specified by the Investor to the Company) with the Depository Trust Company (&ldquo;<B>DTC</B>&rdquo;) through its
Deposit/Withdrawal At Custodian (&ldquo;<B>DWAC</B>&rdquo;) system, whereby Investor&rsquo;s prime 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 Continental Stock Transfer &amp; Trust Company, the Company&rsquo;s transfer agent (the &ldquo;<B>Transfer Agent</B>&rdquo;),
at the Company&rsquo;s direction. The Investor shall direct the broker-dealer at which the account or accounts to be credited
with the Interest Shares are maintained, which broker/dealer shall be a DTC participant, to initiate a transaction through the
DWAC system, instructing the Transfer Agent to credit such account or accounts with the Interest Shares. Such DWAC instruction
shall indicate the settlement date for the deposit of the Interest Shares, which shall be the Closing Date. The Company shall
direct the Transfer Agent to credit the Investor&rsquo;s account or accounts with the Interest Shares pursuant to the information
contained in the DWAC instruction.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left; text-indent: 72pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left; text-indent: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>The
Investor represents and warrants to the Company as of the Closing Date as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left; text-indent: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left; text-indent: 72pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Investor has received the Fifth Amendment Prospectus and the documents incorporated by reference therein prior to or in connection
with the receipt of this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left; text-indent: 72pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left; text-indent: 72pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left; text-indent: 72pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Investor (i) is not a member of the Financial Industry Regulatory Authority, Inc. (&ldquo;<B>FINRA</B>&rdquo;) or an Associated
Person (as such term is defined under the FINRA Membership and Registration Rules) and (ii) after giving effect to the issuance
of the Interest Shares pursuant to this Agreement, neither the Investor nor any Holder Group (as defined in the Credit Agreement)
in respect of the Investor acquired, or obtained the right to acquire, 20% or more of the Common Stock (or securities convertible
into or exercisable for Common Stock) or the voting power of the Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left; text-indent: 72pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left; text-indent: 72pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Investor is an &ldquo;accredited investor&rdquo; as that term is defined in Rule 501 of Regulation D promulgated under the Securities
Act.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left; text-indent: 72pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left; text-indent: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>The
Company represents and warrants to the Investor as of the Closing Date as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left; text-indent: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left; text-indent: 72pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
representations and warranties of the Company contained in the Fifth Amendment are true and correct in all material respects (or,
in the case of any such representation or warranty already qualified as to materiality, in all respects) as of the date hereof
as though made on and as of such date, except to the extent that such representations and warranties expressly relate to an earlier
date (in which case such representations and warranties shall have been true and correct on and as of such earlier date).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left; text-indent: 72pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left; text-indent: 72pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
order preventing or suspending the use of the Fifth Amendment Prospectus has been issued by the Commission, and no stop order
suspending the effectiveness of the Fifth Amendment Registration Statement or any post-effective amendment thereto has been issued,
and no proceedings for that purpose have been instituted or, to the Company&rsquo;s knowledge, are threatened by the Commission.
The Fifth Amendment Registration Statement complied when it became effective, complied on the Fifth Amendment Effective Date and
complies as of the Closing Date, in all material respects, with the requirements of Form S-3 under the Securities Act. The conditions
to the use of Form S-3 in connection with the offering and issuance of the Interest Shares as contemplated hereby have been satisfied.
The Fifth Amendment Registration Statement did not, as of the Closing Date, contain any untrue statement of a material fact or
omit to state a material fact necessary in order to make the statements therein not misleading, and the Fifth Amendment Prospectus,
as of the Closing Date, did not contain an untrue statement of a material fact or omit to state a material fact necessary in order
to make the statements therein, in light of the circumstances under which they were made, not misleading. Any required filing
of the Fifth Amendment Prospectus and any supplement thereto pursuant to Rule 424(b) of the Rules and Regulations has been or
will be made in the manner and within the time period required by such Rule 424(b).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left; text-indent: 72pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left; text-indent: 72pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Fifth Amendment Registration Statement and all documents incorporated by reference in the Fifth Amendment Registration Statement
and the Fifth Amendment Prospectus as of the Closing Date, at the time they became effective or were filed with the Commission,
as the case may be, complied in all material respects with the requirements of the Securities Act or the Exchange Act (as defined
in the Credit Agreement), as applicable, and the rules and regulations of the Commission thereunder, and at the time they became
effective or were filed with the Commission, as the case may be, neither the Fifth Amendment Registration Statement nor any of
such other 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></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left; text-indent: 72pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left; text-indent: 72pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left; text-indent: 72pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company has been duly incorporated and is validly existing as a corporation in good standing under the laws of the State of Delaware,
with the corporate power and authority necessary to own, lease and operate its properties and to conduct its business as described
in the Fifth Amendment Registration Statement and the Fifth Amendment Prospectus.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left; text-indent: 72pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left; text-indent: 72pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
authorized capital stock of the Company consists of (i) [&#9679;] shares of Common Stock and (ii) [&#9679;] shares of preferred
stock (the &ldquo;<B>Preferred Stock</B>&rdquo;). As of the Closing Date, [&#9679;] shares of Common Stock are issued and outstanding
and [&#9679;] shares of Preferred Stock are issued and outstanding.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left; text-indent: 72pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left; text-indent: 72pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Interest Shares have been duly and validly authorized by the Company, and the Interest Shares, 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></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left; text-indent: 72pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left; text-indent: 72pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Interest Shares have been duly authorized for listing and quotation on the Nasdaq Global Market, subject in each case to official
notice of issuance.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left; text-indent: 72pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left; text-indent: 72pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
Agreement has been duly authorized, executed and delivered by the Company and constitutes the legal, valid and binding obligations
of the Company, enforceable in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium
or other laws affecting creditors&rsquo; rights generally and subject to general principles of equity, regardless of whether considered
in a proceeding in equity or at law.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left; text-indent: 72pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left; text-indent: 72pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company is not in breach or violation of or in default under (i) the provisions of its charter or by-laws, (ii) any material agreement
filed as an exhibit to its SEC Reports, or (iii) any federal or state statute or law, any rule or regulation issued pursuant to
any federal or state statute or law, or any order issued pursuant to any federal or state statute or law by any court or governmental
agency or body having jurisdiction over the Company, except, with respect to clauses (ii) and (iii) above, to the extent any such
violation or default would not, individually or in the aggregate, have a material adverse effect on (x) the business, properties,
prospects, financial condition or results of operations of the Company or (y) the ability of the Company to enter into and perform
its obligations under, or consummate the transactions contemplated in, this Agreement (a &ldquo;<B>Material Adverse Effect</B>&rdquo;).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left; text-indent: 72pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left; text-indent: 72pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
execution, delivery and performance by the Company of this Agreement, including the issuance by the Company of the Interest Shares,
will not conflict with or result in a breach or violation of, or constitute a default under (i) the provisions of the Company&rsquo;s
charter or by-laws, (ii) any indenture, mortgage, deed of trust or other agreement or instrument to which the Company is a party
or by which the Company or any of its properties or businesses is bound, or (iii) any federal or state statute or law, any rule
or regulation issued pursuant to any federal or state statute or law, or any order issued pursuant to any federal or state statute
or law by any court or governmental agency or body having jurisdiction over the Company, except, with respect to clause (ii) and
(iii) above, for any such conflict, breach, violation or default that would not, individually or in the aggregate, have a Material
Adverse Effect.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left; text-indent: 72pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left; text-indent: 72pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left; text-indent: 72pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
filing with, or authorization, approval, consent or order of, any court or governmental agency or body is required for the issuance
of the Interest Shares, except such as have already been obtained or are contemplated hereby.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left; text-indent: 72pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left; text-indent: 72pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(l)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Subsequent to the dates as of which information is given in the Fifth Amendment Prospectus and other than as contemplated therein,
there has not been (i) any material adverse change in the business, properties, prospects, financial condition or results of operations
of the Company, (ii) any transaction which is material to the Company, (iii) any material change in the capital stock, or any
material change in the outstanding indebtedness, of the Company, or (v) any dividend or distribution declared, paid or made on
the capital stock of the Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left; text-indent: 72pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left; text-indent: 72pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(m)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company represents and warrants that the Securities Act and the Rules and Regulations permit the Company to offer and issue [&#9679;]
shares of Common Stock.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left; text-indent: 72pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left; text-indent: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>The
Company agrees to indemnify, defend and hold harmless the Investor, its directors and officers, and each person, if any, who controls
the Investor 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, the Investor 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 Fifth Amendment 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 Fifth Amendment 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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left; text-indent: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left; text-indent: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>Notwithstanding
any investigation made by any party to this Agreement, all covenants, agreements, representations and warranties made by the Company
and the Investor herein will survive the Closing Date.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left; text-indent: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left; text-indent: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>All
notices, requests, consents and other communications hereunder will be in writing, will be mailed by nationally recognized overnight
express courier, postage prepaid, or delivered by facsimile, and will be deemed given (i) if delivered by nationally recognized
overnight carrier, one business day after so mailed and (ii) if delivered by facsimile, upon electric confirmation of receipt
and will be delivered and addressed as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left; text-indent: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left; text-indent: 72pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if
to the Company, to:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left; text-indent: 72pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 100pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Cadiz
Inc.<BR>
550 South Hope Street, Suite 2850<BR>
Los Angeles, California 90071<BR>
Attention: Chief Financial Officer<BR>
Facsimile No.: 213-271-1614</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 108pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 108pt"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 108pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left; text-indent: 72pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;with
copies to:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left; text-indent: 72pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 100pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Mitchell
Silberberg &amp; Knupp LLP</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 100pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">11377
West Olympic Boulevard</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 100pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Los
Angeles, California 90064</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 100pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Attention:
Kevin Friedmann</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 100pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Facsimile
No.: 310 312-3798</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 108pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left; text-indent: 72pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if
to the Investor, to:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left; text-indent: 72pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 100pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">[LENDER
NAME]<BR>
[ADDRESS]<BR>
[ADDRESS]<BR>
Attention: [&#9679;]<BR>
Facsimile No.: [&#9679;]</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 108pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left; text-indent: 72pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;with
copies to:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left; text-indent: 72pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 100pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">[NAME]<BR>
[ADDRESS]<BR>
[ADDRESS]<BR>
Attention: [&#9679;]<BR>
Facsimile No.: [&#9679;]</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 108pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left; text-indent: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>This
Agreement may not be modified or amended except pursuant to an instrument in writing signed by the Company and the Investor.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left; text-indent: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left; text-indent: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>The
headings of the various sections of this Agreement have been inserted for convenience of reference only and will not be deemed
to be part of this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left; text-indent: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left; text-indent: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>In
case any provision contained in this Agreement should be invalid, illegal or unenforceable in any respect, the validity, legality
and enforceability of the remaining provisions contained herein will not in any way be affected or impaired thereby.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left; text-indent: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left; text-indent: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>This
Agreement will be governed by, and construed in accordance with, the internal laws of the State of New York.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left; text-indent: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left; text-indent: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>Each
of the Company and the Investor hereby irrevocably and unconditionally submits, for itself and its property, to the exclusive
jurisdiction of the Supreme Court of the State of New York sitting in New York County and of the United States District Court
of the Southern District of New York, and any appellate court from any thereof, in any action or proceeding arising out of or
relating to this Agreement, or for recognition or enforcement of any judgment, and each of the Company and the Investor hereby
irrevocably and unconditionally agrees that all claims in respect of any such action or proceeding may be heard and determined
in such New York State or, to the extent permitted by law, in such Federal court. Each of the Company and the Investor agrees
that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit
on the judgment or in any other manner provided by law.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left; text-indent: 36pt"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left; text-indent: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left; text-indent: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>12.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EACH
OF THE COMPANY AND THE INVESTOR WAIVES ANY RIGHT TO TRIAL BY JURY ON ANY CLAIM, DEMAND, ACTION OR CAUSE OF ACTION (A) ARISING
UNDER THIS AGREEMENT OR (B) IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THIS AGREEMENT OR THE TRANSACTIONS RELATED HERETO,
IN EACH CASE WHETHER SOUNDING IN CONTRACT OR TORT OR OTHERWISE. EACH OF THE COMPANY AND THE INVESTOR AGREES AND CONSENTS THAT
ANY SUCH CLAIM, DEMAND, ACTION OR CAUSE OF ACTION SHALL BE DECIDED BY COURT TRIAL WITHOUT A JURY, AND THAT ANY PARTY TO THIS AGREEMENT
MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS CLAUSE WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF THE PARTIES HERETO
TO THE WAIVER OF THEIR RIGHT TO TRIAL BY JURY. EACH OF THE COMPANY AND THE INVESTOR ACKNOWLEDGES THAT IT HAS HAD THE OPPORTUNITY
TO CONSULT WITH COUNSEL REGARDING THIS CLAUSE, THAT IT FULLY UNDERSTANDS ITS TERMS, CONTENT AND EFFECT, AND THAT IT VOLUNTARILY
AND KNOWINGLY AGREES TO THE TERMS OF THIS CLAUSE. </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left; text-indent: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left; text-indent: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>13.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>This
Agreement may be executed in two or more counterparts, each of which will constitute an original, but all of which, when taken
together, will constitute but one instrument, and will become effective when one or more counterparts have been signed by each
party hereto and delivered to the other parties.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left; text-indent: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 36pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Please
confirm that the foregoing correctly sets forth the agreement between us by signing in the space provided below for that purpose.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>[LENDER
    NAME]</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 60%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 6%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 34%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; width: 60%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 6%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">By:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; width: 34%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Title:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 252pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 252pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><I>[Signature page to Interest Share Issuance Agreement]</I></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 252pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agreed
and Accepted by:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>CADIZ
    INC.</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 4%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 36%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 60%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">By:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Title:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><I>[Signature page to Interest Share Issuance Agreement]</I></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">EXHIBIT
A</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Form
of Opinion of Counsel to Company</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 18pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 18pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1.</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
                                         Company has been duly incorporated and is validly existing in good standing under the
                                         laws of the State of Delaware.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 36pt; text-indent: -18pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 18pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 18pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2.</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
                                         Company has the corporate power and corporate authority to execute and deliver the Agreement
                                         and to consummate the transactions contemplated thereby.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 36pt; text-indent: -18pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 18pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 18pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3.</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
                                         Agreement has been duly authorized, executed and delivered by the Company and are each
                                         a valid and binding agreement of the Company, enforceable against the Company in accordance
                                         with their terms.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 36pt; text-indent: -18pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 18pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 18pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">4.</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
execution and delivery by the Company of the Agreement and the consummation by the Company of the transactions contemplated thereby,
including the issuance of the Interest Shares, will not (i) conflict with the Company&rsquo;s charter or by-laws, (ii) constitute
a violation of, or a breach or default under, the terms of any contract listed on a schedule to this opinion<SUP>1</SUP> or (iii)
violate or conflict with, or result in any contravention of, any applicable law or any order listed on a schedule to this opinion.<SUP>2</SUP></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 36pt; text-indent: -18pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 18pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 18pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">5.</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">No
                                         governmental approval, which has not been obtained or taken and is not in full force
                                         and effect, is required to authorize, or is required for, the execution or delivery of
                                         the Agreement by the Company or the consummation by the Company of the transactions contemplated
                                         thereby.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 36pt; text-indent: -18pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 18pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 18pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">6.</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
                                         Interest Shares have been duly authorized by the Company and, when delivered to the Investor,
                                         will be validly issued, fully paid and nonassessable and free and clear of any preemptive
                                         rights or any similar rights arising under the laws of the State of Delaware or the Company&rsquo;s
                                         charter or by-laws.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 36pt; text-indent: -18pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 18pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 18pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">7.</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
                                         Company is not and, solely after giving effect to the issuance of the Interest Shares
                                         to the Investor, will not be an &ldquo;investment company&rdquo; as such term is defined
                                         in the Investment Company Act of 1940.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 36pt; text-indent: -18pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 36pt; text-indent: -18pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 36pt; text-indent: -18pt"></P>





<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 18pt; text-indent: -18pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><SUP>1
</SUP>Schedule to list:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 18pt; text-indent: -18pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 18pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 18pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
                                         7.00% Convertible Senior Notes Indenture, dated as of March 5, 2013, by and between the
                                         Company and U.S. Bank National Association, as successor to The Bank of New York Mellon
                                         Trust Company, N.A. (&ldquo;U.S. Bank&rdquo;) as Trustee, as amended by that certain
                                         First Supplemental Indenture, dated as of October 30, 2013, and that certain Second Supplemental
                                         Indenture, dated as of November 23, 2015</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 18pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 18pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
                                         7.00% Convertible Senior Notes Indenture, dated as of December 10, 2015, by and between
                                         the Company and U.S. Bank, as Trustee, as amended by that certain First Supplemental
                                         Indenture, dated as of April 28, 2016</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 18pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 18pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Limited
                                         Liability Company Agreement of Cadiz Real Estate LLC dated December 11, 2003</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 18pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 18pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Amendment
                                         No. 1, dated October 29, 2004, to Limited Liability Company Agreement of Cadiz Real Estate
                                         LLC</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 18pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 18pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Amendment
                                         No. 2 dated March 5, 2013, to Limited Liability Company Agreement of Cadiz Real Estate
                                         LLC</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 18pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 18pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Amendment
                                         No. 2 dated October 1, 2007 to Reorganization Plan and Agreement for Purchase and Sale
                                         of Assets dated as of February 18, 1998 among Cadiz Inc. and Mark A. Liggett in his capacity
                                         as successor in interest to Exploration Research Associates, Incorporated., a California
                                         corporation (&ldquo;ERA&rdquo;) and in his individual capacity as former sole shareholder
                                         of ERA and as the successor in interest to ERA</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 18pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 18pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Lease
                                         Agreement, dated as of December 23, 2015, by and among Cadiz Real Estate LLC, Cadiz Inc.
                                         and Water Asset Management LLC</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 18pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 18pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Private
                                         Placement Purchase Agreement, dated as of April 26, 2016, by and among Cadiz Inc. and
                                         the purchasers party thereto</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 18pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 18pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Placement
                                         Agent Agreement, dated as of April 26, 2016, by and between Cadiz Inc. and B. Riley &amp;
                                         Co. LLC</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 18pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 18pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Registration
                                         Rights Agreement, dated as of April 28, 2016, by and among Cadiz Inc. and the holders
                                         party thereto</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 18pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 18pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Any
                                         other material agreements filed as exhibits 1, 2 or 4 under Rule 601 of Regulation S-K
                                         as promulgated under the Securities Act as filed as of the Closing Date</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 36pt; text-indent: 0pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
foregoing list is to be updated in respect of any such agreements that, as of an applicable Interest Payment Date, would no longer
be listed by the Company as exhibits under such Rule 601 in an SEC Report.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 18pt; text-indent: -18pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><SUP>2
</SUP>Schedule to list (i) the laws of the State of New York, (ii) the federal laws of the United States of America and (iii)
the General Corporation Law of the State of Delaware and the Delaware Limited Liability Company Act. Orders to be confirmed by
the Company at the Closing Date, as applicable to the relevant transactions.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: left">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">&nbsp;</P>



<P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><U>Exhibit
M</U></B></FONT></P>

<P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 100%; padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>WARRANT</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>to
    Purchase Common Stock of</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Cadiz
    Inc.</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: right; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Warrant
    No. [&#9679;]</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: right; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Original
    Issue Date:&nbsp;&nbsp;[&#9679;]</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>THE
SECURITIES REPRESENTED BY THIS CERTIFICATE MAY NOT BE SOLD OR TRANSFERRED UNLESS (I) A REGISTRATION STATEMENT COVERING SUCH SECURITIES
IS EFFECTIVE UNDER THE SECURITIES ACT OR (II) THE TRANSACTION IS EXEMPT FROM REGISTRATION UNDER THE SECURITIES ACT AND APPLICABLE
STATE SECURITIES LAWS.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 59%; font: bold 10pt Times New Roman, Times, Serif; padding-top: 0; padding-right: 0; padding-bottom: 0; text-align: left"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">Original
    Issue Date: [&#9679;]</FONT></TD>
    <TD STYLE="width: 41%; font: bold 10pt Times New Roman, Times, Serif; padding: 0; text-align: right"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">Warrant
    No. [&#9679;]</FONT></TD></TR>
</TABLE>
<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Warrant</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">to
Purchase [&#9679;] Shares (Subject to Adjustment) of Common Stock of</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Cadiz
Inc.</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">THIS
IS TO CERTIFY THAT [NAME OF LENDER] (&ldquo;<FONT STYLE="font-weight: normal"><U>Investor</U></FONT>&rdquo;), or its registered
assigns, is entitled, at any time prior to the Expiration Date to purchase from Cadiz Inc., a Delaware corporation (the &ldquo;<FONT STYLE="font-weight: normal"><U>Company</U></FONT>&rdquo;),
[&#9679;] shares (subject to adjustment as provided herein) of the common stock, par value $0.01 per share, of the Company at
a purchase price of $0.01 per share (the initial &ldquo;<FONT STYLE="font-weight: normal"><U>Exercise Price,</U></FONT>&rdquo;
subject to adjustment as provided herein).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">This
Warrant was issued in connection with that certain Fifth Amendment to Amended and Restated Credit Agreement (the &ldquo;<U>Fifth
Amendment</U>&rdquo;), dated as of [&#9679;], 2016 (the &ldquo;<U>Fifth Amendment Effective Date</U>&rdquo;), by and among the
Company, as a borrower, Cadiz Real Estate LLC, as a borrower, Investor, as a lender, the other lenders party thereto, and Wells
Fargo Bank, National Association, as agent (the &ldquo;<U>Agent</U>&rdquo;), which amended that certain Amended and Restated Credit
Agreement (as amended through and including the Fifth Amendment Effective Date, and as subsequently amended from time to time,
the &ldquo;<U>Credit Agreement</U>&rdquo;) attached to that certain Amendment Agreement, dated as of October 30, 2013, by and
among the Company, Cadiz Real Estate LLC, LC Capital Master Fund, Ltd., the lenders party thereto, and the Agent, and is subject
to the terms thereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>1.</B></FONT></TD><TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>DEFINITIONS</B></FONT></TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">As
used in this Warrant, the following terms have the respective meanings set forth below, and to the extent such terms have the
respective meaning set forth in the Credit Agreement, such terms shall have such meaning as set forth in the Credit Agreement,
<U>provided</U>, <U>however</U>, that if such Credit Agreement is expired, terminated or otherwise discharged, such terms shall
have the meaning set forth in the Credit Agreement immediately prior to such expiration, termination or discharge:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&ldquo;<FONT STYLE="font-weight: normal"><U>10-Day
VWAP</U></FONT>&rdquo; shall have the meaning ascribed to such term in the Credit Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&ldquo;<FONT STYLE="font-weight: normal"><U>Affiliate</U></FONT>&rdquo;
of, or a Person &ldquo;<FONT STYLE="font-weight: normal"><U>Affiliated</U></FONT>&rdquo; with, a specified Person means any other
Person directly or indirectly controlling, controlled by, or under common control with, that Person. For the purposes of this
definition, &ldquo;control&rdquo; (including, with correlative meanings, the terms &ldquo;controlling,&rdquo; &ldquo;controlled
by&rdquo; and &ldquo;under common control with&rdquo;), as applied to any Person, means the possession, directly or indirectly,
of the power (i) to vote 5% or more of the securities having ordinary voting power for the election of directors of such Person,
or (ii) to direct or cause the direction of the management and policies of that Person, whether through the ownership of voting
securities or by contract or otherwise.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&ldquo;<U>Agent</U>&rdquo;
shall have the meaning set forth in the preamble to this Warrant.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&ldquo;<U>Aggregation
Date</U>&rdquo; shall have the meaning set forth in Section 5.2 hereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&ldquo;<FONT STYLE="font-weight: normal"><U>Applicable
Rate</U></FONT>&rdquo; shall have the meaning ascribed to such term in the Credit Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&ldquo;<FONT STYLE="font-weight: normal"><U>Appraisal
Procedure</U></FONT>&rdquo; means the following procedure to determine the fair market value, as to any security, for purposes
of the definition of &ldquo;<FONT STYLE="font-weight: normal"><U>Fair Market Value</U></FONT>&rdquo; or the fair market value,
as to any other property (in either case, the &ldquo;<FONT STYLE="font-weight: normal"><U>Valuation Amount</U></FONT>&rdquo;).
The Valuation Amount shall be determined in good faith jointly by the Company and the Holder; <U>provided</U>, <U>however</U>,
that if such parties are not able to agree on the Valuation Amount within a reasonable period of time (not to exceed twenty (20)
Business Days), the Valuation Amount shall be determined by the mutual agreement of two (2) independent appraisers, one appointed
by the Company and one appointed by the Holder, with each appointed within ten (10) days of the Appraisal Procedure having been
first invoked by the Holder. The Company and the Holder shall submit their respective valuations and other relevant data to the
appraisers, and the appraisers shall, within twenty (20) days of the later of the two appraisers&rsquo; appointment dates, mutually
agree to a determination of the Valuation Amount. If such appraisers cannot mutually agree on the Valuation Amount by such date,
a third independent appraiser shall be chosen within 10 days of such date by the mutual consent of the first two appraisers. Such
third appraiser shall make a determination of the Valuation Amount within twenty (20) days of its appointment. If three (3) appraisers
shall have been appointed and made determinations of the Valuation Amount, then the average of the three (3) Valuation Amounts
shall be final and binding on the Company and the Holder as the final Valuation Amount, <U>provided</U>, <U>however</U>, that
if the determination of one appraiser differs by an amount equal to more than twice that of the middle of the three appraisers&rsquo;
Valuation Amounts (the &ldquo;<U>Outlier Appraiser</U>&rdquo;), then the determination of the Outlier Appraiser shall be excluded
from determining the final Valuation Amount and the remaining two appraisers&rsquo; determinations of the Valuation Amount shall
be averaged and such average shall be final and binding upon the Company and the Holder as the final Valuation Amount. The Company
shall pay all of the fees and expenses incurred in conducting the Appraisal Procedure.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&ldquo;<U>beneficial
owner</U>&rdquo; and &ldquo;<U>beneficially own</U>&rdquo; shall have the meaning set forth under Section 13(d) of the Exchange
Act.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&ldquo;<U>Beneficial
Ownership Limitation</U>&rdquo; has the meaning set forth in Section 5.1 hereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&ldquo;<FONT STYLE="font-weight: normal"><U>Business
Day</U></FONT>&rdquo; shall have the meaning ascribed to such term in the Credit Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&ldquo;<U>Closing
Share and Warrant Issuance Agreement</U>&rdquo; means that certain Closing Share and Warrant Issuance Agreement by and between
the Company and the Investor, dated [&#9679;].</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&ldquo;<FONT STYLE="font-weight: normal"><U>Commission</U></FONT>&rdquo;
means the Securities and Exchange Commission or any other federal agency then administering the Securities Act and other federal
securities laws.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&ldquo;<FONT STYLE="font-weight: normal"><U>Common
Stock</U></FONT>&rdquo; means the common stock, par value $0.01 per share, of the Company as constituted on the Original Issue
Date, and any capital stock into which such Common Stock may thereafter be changed, and shall also include (i) capital stock of
the Company of any other class (regardless of how denominated) issued to the holders of shares of any Common Stock upon any reclassification
thereof which is also not preferred as to dividends or liquidation over any other class of stock of the Company and which is not
subject to redemption and (ii) shares of common stock of any successor or acquiring corporation received by or distributed to
the holders of Common Stock of the Company in the circumstances contemplated by Section 4.6 hereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&ldquo;<FONT STYLE="font-weight: normal"><U>Company</U></FONT>&rdquo;
shall have the meaning set forth in the preamble to this Warrant.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&ldquo;<FONT STYLE="font-weight: normal"><U>Credit
Agreement</U></FONT>&rdquo; shall have the meaning set forth in the preamble to this Warrant.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&ldquo;<FONT STYLE="font-weight: normal"><U>Delivery
Notice</U></FONT>&rdquo; shall have the meaning set forth in Section 5.1(c) hereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&ldquo;<FONT STYLE="font-weight: normal"><U>Designated
Office</U></FONT>&rdquo; shall have the meaning set forth in Section 9 hereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&ldquo;<U>Dilution
Adjustment</U>&rdquo; shall have the meaning set forth in Section 10.1(a) hereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&ldquo;<FONT STYLE="font-weight: normal"><U>Dilution
Price</U></FONT>&rdquo; shall mean, with respect to each share of Common Stock, $9.05, subject to adjustments described in Sections
4.4, 4.5 and 4.6 hereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&ldquo;<U>DOJ</U>&rdquo;
shall have the meaning set forth in Section 6.4 hereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&ldquo;<U>DTC</U>&rdquo;
shall have the meaning set forth in Section 2.1(b) hereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&ldquo;<U>DWAC</U>&rdquo;
shall have the meaning set forth in Section 2.1(b) hereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&ldquo;<FONT STYLE="font-weight: normal"><U>Exchange
Act</U></FONT>&rdquo; means the Securities Exchange Act of 1934, as amended, and the rules and regulations of the Commission promulgated
thereunder, all as the same shall be in effect at the time.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&ldquo;<FONT STYLE="font-weight: normal"><U>Exercise
Date</U></FONT>&rdquo; shall have the meaning set forth in Section 2.1(a) hereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&ldquo;<FONT STYLE="font-weight: normal"><U>Exercise
Notice</U></FONT>&rdquo; shall have the meaning set forth in Section 2.1(a) hereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&ldquo;<FONT STYLE="font-weight: normal"><U>Exercise
Price</U></FONT>&rdquo; means, in respect of a share of Warrant Stock at any date herein specified, the initial Exercise Price
set forth in the preamble of this Warrant, as adjusted from time to time pursuant to Article 4 hereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&ldquo;<FONT STYLE="font-weight: normal"><U>Expiration
Date</U></FONT>&rdquo; means (i) the fifth anniversary of the Original Issue Date, to be extended to allow for delayed exercise
and delivery of any Warrant Stock in accordance with Section 5.1(c) hereof, or (ii) if, at the Initial Exercise Date and pursuant
to Section 2.1(a) hereof, the Warrant does not become exercisable because no principal or interest amounts are outstanding under
the Credit Agreement, the Initial Exercise Date.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&ldquo;<U>Expiration
Warrant Stock</U>&rdquo; shall have the meaning set forth in Section 5.1(c) hereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&ldquo;<FONT STYLE="font-weight: normal"><U>Fair
Market Value</U></FONT>&rdquo; means (i) as to any Common Stock listed or quoted on a Trading Market, the 10-Day VWAP determined
in respect of such primary Trading Market and (ii) as to any Common Stock not listed or quoted on a Trading Market or any other
security, (A) the Ten Day Average of the average closing prices of such security&rsquo;s sales on all domestic securities exchanges
on which such security may at the time be listed, or (B) if there have been no sales on any such exchange such that the foregoing
Ten Day Average cannot be calculated, the average of the highest bid and lowest asked prices on all such exchanges at the end
of the Business Day immediately prior to the date that Fair Market Value is determined as of, or (C) if on any day such security
is not listed any domestic securities exchange such that neither the foregoing Ten Day Average nor the foregoing bid-and-asked
price average can be calculated, the average of the highest bid and lowest asked prices at the end of the Business Day immediately
prior to the date that Fair Market Value is determined as of in the domestic over-the-counter market as reported by the National
Association of Securities Dealers Automated Quotation System or similar organization (and in each such case excluding any trades
that are not bona fide, arm&rsquo;s length transactions). If neither the foregoing clause (i) nor clause (ii) is applicable, then
(i) the &ldquo;Fair Market Value&rdquo; of such security as of an applicable determination date shall be as determined in good
faith by the Board of Directors of the Company, <U>provided</U>, <U>however</U>, that if shares of such security have been sold
in arms-length transactions by the Company within the 90-day period prior to the determination of the Fair Market Value, the Fair
Market Value determined pursuant to this sentence shall not be less than the highest price paid for such shares during such period,
and (ii) with respect to property other than securities, the &ldquo;Fair Market Value&rdquo; of such other property on the applicable
determination date shall be as determined in good faith by the Board of Directors of the Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&ldquo;<FONT STYLE="font-weight: normal"><U>Fifth
Amendment</U></FONT>&rdquo; shall have the meaning set forth in the preamble to this Warrant.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&ldquo;<U>Fifth
<FONT STYLE="font-weight: normal">Amendment Effective Date</FONT></U>&rdquo; shall have the meaning set forth in the preamble
to this Warrant.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&ldquo;<FONT STYLE="font-weight: normal"><U>Fifth
Amendment Warrants</U></FONT>&rdquo; means the Warrant together with all other warrants issued pursuant to the Fifth Amendment.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&ldquo;<U>FTC</U>&rdquo;
shall have the meaning set forth in Section 6.4 hereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&ldquo;<FONT STYLE="font-weight: normal"><U>Governmental
Authority</U></FONT>&rdquo; shall have the meaning set forth in the Credit Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&ldquo;<FONT STYLE="font-weight: normal"><U>Holder</U></FONT>&rdquo;
means with respect to any Warrant or share of Warrant Stock, the Person in whose name the Warrant or Warrant Stock is registered
on the books of the Company maintained for such purpose.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&ldquo;<U>Holder
Group</U>&rdquo; shall have the meaning set forth in Section 5.1(d) hereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&ldquo;<U>HSR
Act</U>&rdquo; shall have the meaning set forth in Section 6.4 hereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&ldquo;<FONT STYLE="font-weight: normal"><U>Initial
Exercise Date</U></FONT>&rdquo; shall have the meaning set forth in Section 2.1(a) hereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&ldquo;<U>Interest
Share Issuance</U>&rdquo; shall have the meaning set forth in the Credit Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&ldquo;<FONT STYLE="font-weight: normal"><U>Investor</U></FONT>&rdquo;
shall have the meaning set forth in the preamble to this Warrant.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&ldquo;<FONT STYLE="font-weight: normal"><U>Lien</U></FONT>&rdquo;
means (i) any lien, mortgage, pledge, assignment, security interest, charge or encumbrance of any kind (including any agreement
to give any of the foregoing, any conditional sale or other title retention agreement, and any lease in the nature thereof) and
any option, trust or other preferential arrangement having the practical effect of any of the foregoing, and (ii) in the case
of securities, any purchase option, call or similar right of a third party with respect to such securities.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&ldquo;<U>Maximum
Percentage</U>&rdquo; shall have the meaning set forth in Section 5.1 hereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&ldquo;<FONT STYLE="font-weight: normal"><U>Original
Issue Date</U></FONT>&rdquo; means [&#9679;], the date on which the Original Warrant was issued by the Company pursuant to the
Closing Share and Warrant Issuance Agreement and the Fifth Amendment.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&ldquo;<FONT STYLE="font-weight: normal"><U>Original
Warrant</U></FONT>&rdquo; means the Warrant as originally issued by the Company pursuant to the Closing Share and Warrant Issuance
Agreement and the Fifth Amendment.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&ldquo;<U>Outlier
Appraiser</U>&rdquo; shall have the meaning set forth in Article 1 hereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&ldquo;<FONT STYLE="font-weight: normal"><U>Outstanding</U></FONT>&rdquo;
means, subject to Section 5.1(d) hereof, when used with reference to Common Stock, at any date as of which the number of shares
thereof is to be determined, all issued and actually outstanding shares of Common Stock, except shares then owned or held by or
for the account of the Company or any Subsidiary, and shall include all shares issuable in respect of outstanding scrip or any
certificates representing fractional interests in shares of Common Stock.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&ldquo;<FONT STYLE="font-weight: normal"><U>Person</U></FONT>&rdquo;
means and includes natural persons, corporations, limited partnerships, general partnerships, limited liability companies, limited
liability partnerships, joint stock companies, joint ventures, associations, companies, trusts, banks, trust companies, land trusts,
business trusts or other organizations, whether or not legal entities, and Governmental Authority.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&ldquo;<U>Reference
Price</U>&rdquo; shall have the meaning set forth in Section 4.1 hereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&ldquo;<U>Related
Issuances</U>&rdquo; shall have the meaning set forth in Section 5.2 hereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&ldquo;<U>Required
Holders</U>&rdquo; means holders of outstanding Fifth Amendment Warrants representing more than 50% of the Warrant Stock issuable
upon exercise of such outstanding Fifth Amendment Warrants.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&ldquo;<FONT STYLE="font-weight: normal"><U>Securities
Act</U></FONT>&rdquo; means the Securities Act of 1933, as amended, and the rules and regulations of the Commission promulgated
thereunder, all as the same shall be in effect at the time.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&ldquo;<U>Stockholder
Approval</U>&rdquo; means the approval by the stockholders of the Company for purposes of terminating the issuance cap in respect
of shares of Common Stock set forth in Section 5.2 hereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&ldquo;<FONT STYLE="font-weight: normal"><U>Subsidiary</U></FONT>&rdquo;
means any corporation, association, trust, limited liability company, partnership, joint venture or other business association
or entity (i) at least 50% of the Outstanding voting securities of which are at the time owned or controlled, directly or indirectly,
by the Company; or (ii) with respect to which the Company possesses, directly or indirectly, the power to direct or cause the
direction of the affairs or management of such Person.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&ldquo;<FONT STYLE="font-weight: normal"><U>Ten
Day Average</U></FONT>&rdquo; means, with respect to any prices and in connection with the calculation of Fair Market Value, the
average of such prices over the ten Business Days ending on the Business Day immediately prior to the day as of which &ldquo;Fair
Market Value&rdquo; is being determined.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&ldquo;<U>Trading
Day</U>&rdquo; means any day that the primary Trading Market on which the Common Stock is listed or quoted is open for trading.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&ldquo;<U>Trading
Market</U>&rdquo; means any of the following markets or exchanges on which the Common Stock is listed or quoted for trading on
the date in question: the NYSE MKT, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market, the
New York Stock Exchange, OTCQB or OTCQX (or any successors to any of the foregoing).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&ldquo;<U>Transfer
Agent</U>&rdquo; shall have the meaning set forth in Section 2.1(b) hereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&ldquo;<U>Valuation
Amount</U>&rdquo; shall have the meaning set forth in Article 1 hereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&ldquo;<FONT STYLE="font-weight: normal"><U>Warrant
Price</U></FONT>&rdquo; means an amount equal to (i) the number of shares of Warrant Stock being purchased upon exercise of this
Warrant pursuant to Section 2.1 hereof, multiplied by (ii) the Exercise Price.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&ldquo;<FONT STYLE="font-weight: normal"><U>Warrant</U></FONT>&rdquo;
means the Original Warrant and all warrants issued upon transfer, division or combination of, or in substitution for, the Original
Warrant, or any other like warrant subsequently issued to the Holder. All such foregoing warrants shall at all times be identical
as to terms and conditions, except as to the number of shares of Warrant Stock for which they may be exercised and their date
of issuance.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&ldquo;<FONT STYLE="font-weight: normal"><U>Warrant
Stock</U></FONT>&rdquo; means the shares of Common Stock issued, issuable or both (as the context may require) upon the exercise
of the Warrant.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>2.</B></FONT></TD><TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>EXERCISE
                                         OF WARRANT</B></FONT></TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.45in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Manner
of Exercise</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.45in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.55in; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
any principal or interest amounts are outstanding under the Credit Agreement on the date that is the one hundred and eightieth
(180th) day following the Fifth Amendment Effective Date (the foregoing 180th day, the &ldquo;<FONT STYLE="font-weight: normal"><U>Initial
Exercise Date</U></FONT>&rdquo;), then from the Initial Exercise Date and at any time before 4:00 P.M., Eastern Standard Time,
on the Expiration Date, the Holder of this Warrant may from time to time exercise this Warrant, on any Business Day, for all or
any part of the number of shares of Warrant Stock (subject to adjustment as provided herein) purchasable hereunder. In order to
exercise this Warrant, in whole or in part, the Holder shall (i) deliver to the Company at its Designated Office a written notice
of the Holder&rsquo;s election to exercise this Warrant (an &ldquo;<FONT STYLE="font-weight: normal"><U>Exercise Notice</U></FONT>&rdquo;)
substantially in the form attached to this Warrant as <U>Annex A</U>, which Exercise Notice shall be irrevocable and specify the
number of shares of Warrant Stock to be purchased, together with this Warrant and (ii) pay to the Company the Warrant Price. The
date on which such delivery and payment shall have taken place being hereinafter referred to as the &ldquo;<FONT STYLE="font-weight: normal"><U>Exercise
Date</U></FONT>.&rdquo; If at the Expiration Date, this Warrant remains exercisable for any Warrant Stock, the Holder shall be
deemed to have delivered an Exercise Notice for such remaining Warrant Stock as of the Expiration Date and payment for such Warrant
Stock shall be deemed to be made by the Holder pursuant to Section 2.1(c)(i) hereof, unless the Holder notifies the Company otherwise
prior to the Expiration Date in respect of such delivery and payment. For the avoidance of doubt, once this Warrant shall become
exercisable in accordance with this Section 2.1, any subsequent payment of all remaining principal and interest outstanding under
the Credit Agreement shall not affect the ability of the Holder to exercise this Warrant.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.55in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.55in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.55in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.55in; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject
to Article 5 hereof, upon receipt by the Company of such Exercise Notice, surrender of this Warrant and payment of the Warrant
Price (in accordance with Section 2.1(c) hereof), the Company shall cause its Transfer Agent to deliver the applicable shares
of Warrant Stock, and the Company shall deliver or cause to be delivered cash in lieu of any fraction of a share, to the Holder
and register such issued shares of Warrant Stock on the books of the Company as instructed by the Holder in the Exercise Notice.
The issued shares of Warrant Stock will be delivered by crediting the account of the Holder&rsquo;s prime broker (as specified
by the Holder to the Company) with the Depository Trust Company (&ldquo;<FONT STYLE="font-weight: normal"><U>DTC</U></FONT>&rdquo;)
through its Deposit/Withdrawal At Custodian (&ldquo;<FONT STYLE="font-weight: normal"><U>DWAC</U></FONT>&rdquo;) system, whereby
the Holder&rsquo;s prime broker shall initiate a DWAC transaction no later than 4:00 p.m. Eastern Standard Time on the third Trading
Day following the Exercise Date using its DTC participant identification number, and released by Continental Stock Transfer &amp;
Trust Company, the Company&rsquo;s transfer agent (the &ldquo;<FONT STYLE="font-weight: normal"><U>Transfer Agent</U></FONT>&rdquo;),
at the Company&rsquo;s direction. The Holder shall direct the broker-dealer at which the account or accounts to be credited with
the issued shares of Warrant Stock are maintained, which broker/dealer shall be a DTC participant, to initiate a transaction through
the DWAC system, instructing the Transfer Agent to credit such account or accounts with such shares of Warrant Stock. Such DWAC
instruction shall indicate the settlement date for the deposit of such shares of Warrant Stock, which shall be the Exercise Date.
The Company shall direct the Transfer Agent to credit the Holder&rsquo;s account or accounts with such shares of Warrant Stock
pursuant to the information contained in the DWAC instruction. This Warrant shall be deemed to have been exercised and such shares
of Warrant Stock shall be deemed to have been issued, and the Holder or any other Person so designated to be named therein shall
be deemed to have become a holder of record of such shares of Warrant Stock for all purposes, as of the Exercise Date.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.55in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.55in; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject
to Article 5 hereof, payment of the Warrant Price shall be made at the option of the Holder by one or more of the following methods:
(i) by delivery of a certified or official bank check or by wire transfer of immediately available funds in the amount of such
Warrant Price payable to the order of the Company, (ii) by instructing the Company to withhold a number of shares of Warrant Stock
then issuable upon exercise of this Warrant with an aggregate Fair Market Value equal to such Warrant Price, (iii) by surrendering
to the Company shares of Common Stock previously acquired by the Holder with an aggregate Fair Market Value equal to such Warrant
Price, or (iv) any combination of the foregoing. In the event of any withholding of Warrant Stock or surrender of Common Stock
pursuant to clause (ii), (iii) or (iv) of this Section 2.1(c) where the number of shares whose Fair Market Value is equal to the
Warrant Price is not a whole number, the number of shares withheld by or surrendered to the Company shall be rounded up to the
nearest whole share and the Company shall make a cash payment to the Holder based on the incremental fraction of a share being
so withheld by or surrendered to the Company in an amount determined in accordance with Section 2.3 hereof. The Holder will receive
fully paid and nonassessable shares of Warrant Stock upon any exercise of this Warrant.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.55in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.55in"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.55in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.55in; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
this Warrant shall have been exercised in part, the Company shall, at the time of delivery of the shares of Warrant Stock being
issued in accordance with Section 2.1(c) hereof, deliver to the Holder a new Warrant evidencing the rights of the Holder to purchase
the unpurchased shares of Warrant Stock called for by this Warrant. Such new Warrant shall in all other respects be identical
to this Warrant.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.55in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.55in; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject
to Section 2.1(d) hereof, the Warrant delivered for exercise, and properly exercised by the Holder, in accordance with Sections
2.1(a)-(c) and Article 5 hereof shall be canceled by the Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.55in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.45in; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Payment
of Taxes</U>. All shares of Warrant Stock issuable upon the exercise of this Warrant pursuant to the terms hereof shall be validly
issued, fully paid and nonassessable, issued without violation of any preemptive or similar rights of any stockholder of the Company
and free and clear of all Liens. The Company shall pay all expenses in connection with, and all taxes and other governmental charges
that may be imposed with respect to, the issue or delivery thereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.45in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.45in; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Fractional
Shares</U>. The Company shall not be required to issue a fractional share of Warrant Stock upon exercise of the Warrant. As to
any fraction of a share that the Holder of the Warrant, the rights under which are exercised in the same transaction, would otherwise
be entitled to purchase upon such exercise, the Company shall pay to such Holder an amount in cash equal to such fraction multiplied
by the Fair Market Value of one share of Common Stock on the Exercise Date.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.45in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>3.</B></FONT></TD><TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>TRANSFER,
                                         DIVISION AND COMBINATION</B></FONT></TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.45in; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Transfer</U>.
Upon compliance with the provisions of this Section 3.1, each transfer of this Warrant and all rights hereunder, in whole or in
part, shall be registered on the books of the Company to be maintained for such purpose, upon surrender of this Warrant at the
Designated Office and compliance with the terms hereof, together with a written assignment of this Warrant in the form of <U>Annex
B</U> attached hereto duly executed by the Holder or its agent or attorney and funds sufficient to pay any transfer taxes described
in Section 2.2 hereof in connection with the making of such transfer. Upon such compliance, surrender and delivery and, if required,
such payment, the Company shall execute and deliver a new Warrant in the name of the assignee or assignees and in the denominations
specified in such instrument of assignment, and shall issue to the assignor a new Warrant evidencing the portion of this Warrant
not so assigned and this Warrant shall promptly be cancelled.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.45in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.45in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.45in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.45in; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Mutilation
or Loss</U>. Upon receipt by the Company from any Holder of evidence reasonably satisfactory to it of the loss, theft, destruction
or mutilation of this Warrant and an indemnity reasonably satisfactory to it (it being understood that the written indemnification
agreement of or affidavit of loss of the Holder shall be a sufficient indemnity) and, in case of mutilation, upon surrender and
cancellation hereof, the Company will execute and deliver in lieu hereof a new Warrant of like tenor to such Holder; <U>provided</U>,
<U>however</U>, that, in the case of mutilation, no indemnity shall be required if this Warrant in identifiable form is surrendered
to the Company for cancellation.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.45in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.45in; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Division
and Combination</U>. Subject to compliance with the applicable provisions of this Warrant, this Warrant may be divided or, following
such division, combined with other Warrants upon presentation hereof at the Designated Office, together with a written notice
specifying the names and denominations in which new Warrants are to be issued, signed by the Holder or its agent or attorney.
Subject to compliance with the applicable provisions of this Warrant as to any transfer which may be involved in such division
or combination, the Company shall execute and deliver a new Warrant or Warrants in exchange for the Warrant or Warrants to be
divided or combined in accordance with such notice.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.45in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.45in; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Expenses</U>.
The Company shall prepare, issue and deliver at its own expense any new Warrant or Warrants required to be issued hereunder.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.45in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.45in; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Maintenance
of Books</U>. The Company agrees to maintain, at the Designated Office, books for the registration and transfer of the Warrants.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.45in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.45in; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Registration
of Warrant Stock</U>. Notwithstanding any termination, amendment, modification or supplement of the Credit Agreement subsequent
to the date hereof or, following the Initial Exercise Date, any subsequent payment of all remaining principal and interest outstanding
under the Credit Agreement, Section 2.4(h) of the Credit Agreement is hereby incorporated by reference herein as if fully set
forth herein as of the date hereof and shall apply <I>mutatis mutandis</I> to this Warrant and the Warrant Stock.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.45in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>4.</B></FONT></TD><TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>ANTIDILUTION
                                         PROVISIONS</B></FONT></TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
number of shares of Warrant Stock for which this Warrant is exercisable and the Exercise Price shall be subject to adjustment
from time to time as set forth in this Article 4.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.45in; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">4.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Upon
Issuance of Common Stock</U>. If the Company shall, at any time or from time to time after the Original Issue Date, issue any
shares of Common Stock, options to purchase or rights to subscribe for Common Stock, securities by their terms convertible into
or exchangeable for Common Stock, or options to purchase or rights to subscribe for such convertible or exchangeable securities
without consideration or for consideration per share less than the greater of (x) the Dilution Price in effect immediately prior
to the issuance of such Common Stock or securities and (y) the Fair Market Value per share of the Common Stock immediately prior
to such issuance (the greater of (x) and (y), the &ldquo;<U>Reference Price</U>&rdquo;), then such Exercise Price shall forthwith
be lowered to a price equal to the price obtained by multiplying:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.45in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.7in; text-indent: 0.3in; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Exercise Price in effect immediately prior to the issuance of such Common Stock, options, rights or securities by</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.7in; text-indent: 0.3in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.7in; text-indent: 0.3in; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a
fraction of which (x) the numerator shall be the sum of (i) the number of shares of Common Stock Outstanding immediately prior
to such issuance and (ii) the number of additional shares of Common Stock which the aggregate consideration for the number of
shares of Common Stock so offered would purchase at the Reference Price and (y) the denominator shall be the number of shares
of Common Stock Outstanding immediately after such issuance.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.7in; text-indent: 0.3in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.7in; text-indent: 0.3in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.7in; text-indent: 0.3in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.45in; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">4.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Upon
Acquisition of Common Stock</U>. If the Company or any Subsidiary shall, at any time or from time to time after the Original Issue
Date, directly or indirectly, redeem, purchase or otherwise acquire any shares of Common Stock, options to purchase or rights
to subscribe for Common Stock, securities by their terms convertible into or exchangeable for Common Stock, or options to purchase
or rights to subscribe for such convertible or exchangeable securities, for a consideration per share (plus, in the case of such
options, rights, or securities, the additional consideration required to be paid to the Company upon exercise, conversion or exchange)
greater than the Fair Market Value per share of Common Stock immediately prior to the earlier of (x) the announcement of such
event or (y) such event, then the Exercise Price shall forthwith be lowered to a price equal to the price obtained by multiplying:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.45in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.7in; text-indent: 0.3in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Exercise Price in effect immediately prior to such event by</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.7in; text-indent: 0.3in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.7in; text-indent: 0.3in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a
fraction:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.7in; text-indent: 0.3in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 1.5in; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(A)</FONT></TD><TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">the
                                         numerator of which is (1) the product of (a) the number of shares of Common Stock Outstanding
                                         and (b) the Fair Market Value per share of Common Stock, in each case immediately prior
                                         to such event, minus (2) the aggregate consideration paid by the Company in such event
                                         (plus, in the case of such options, rights, or convertible or exchangeable securities,
                                         the aggregate additional consideration required to be paid to the Company upon exercise,
                                         conversion or exchange), and</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 2in; text-indent: -0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 1.5in; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(B)</FONT></TD><TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">the
                                         denominator of which is the product (1) the number of shares of Common Stock Outstanding
                                         immediately after such event and (2) the Fair Market Value per share of Common Stock
                                         immediately prior to such event.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 2in; text-indent: -0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.45in; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">4.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Provisions
Applicable to Adjustments</U>. For the purposes of any adjustment of the Exercise Price pursuant to Section 4.1 or 4.2 hereof,
the following provisions shall be applicable:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.45in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.7in; text-indent: 0.3in; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the case of the issuance of Common Stock, options to purchase or rights to subscribe for Common Stock, securities by their terms
convertible into or exchangeable for Common Stock, or options to purchase or rights to subscribe for such convertible or exchangeable
securities for a consideration in whole or in part other than cash, the consideration other than cash shall be deemed to be the
Fair Market Value of the non-cash consideration.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.7in; text-indent: 0.3in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.7in; text-indent: 0.3in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.7in; text-indent: 0.3in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.7in; text-indent: 0.3in; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the case of the issuance of options to purchase or rights to subscribe for Common Stock, securities by their terms convertible
into or exchangeable for Common Stock, or options to purchase or rights to subscribe for such convertible or exchangeable securities:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.7in; text-indent: 0.3in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 1.5in; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(A)</FONT></TD><TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">the
                                         aggregate maximum number of shares of Common Stock that potentially may be deliverable
                                         upon exercise of such options to purchase or rights to subscribe for Common Stock at
                                         any time during the term thereof shall be deemed to have been issued at the time such
                                         options or rights were issued and for a consideration equal to the consideration (determined
                                         in the manner provided in subparagraph (i) above), if any, received by the Company upon
                                         the issuance of such options or rights plus the minimum purchase price provided in such
                                         options or rights for the Common Stock covered thereby;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 2in; text-indent: -0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 1.5in; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(B)</FONT></TD><TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">the
                                         aggregate maximum number of shares of Common Stock that potentially may be deliverable
                                         upon conversion of or in exchange for any such convertible or exchangeable securities
                                         or upon the exercise of options to purchase or rights to subscribe for such convertible
                                         or exchangeable securities and subsequent conversion or exchange thereof at any time
                                         during the term thereof shall be deemed to have been issued at the time such securities,
                                         options, or rights were issued and for a consideration equal to the consideration received
                                         by the Company for any such securities and related options or rights (excluding any cash
                                         received on account of accrued interest or accrued dividends), plus the additional consideration,
                                         if any, to be received by the Company upon the conversion or exchange of such securities
                                         or the exercise of any related options or rights (the consideration in each case to be
                                         determined in the manner provided in paragraph (i) above);</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 2in; text-indent: -0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 1.5in; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(C)</FONT></TD><TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">on
                                         any increase in the number of shares or decrease in the effective exercise or conversion
                                         price of Common Stock deliverable upon exercise of any such options, rights or securities
                                         or conversions of or exchanges of such securities, including any change resulting from
                                         the anti-dilution provisions thereof, the Exercise Price shall forthwith be readjusted
                                         to such Exercise Price as would have been obtained had the adjustment made upon the issuance
                                         of such options, rights or securities not converted prior to such change or options or
                                         rights related to such securities not converted prior to such change been made upon the
                                         basis of such change; and</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 2in; text-indent: -0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 1.5in; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(D)</FONT></TD><TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">no
                                         further adjustment of the Exercise Price adjusted upon the issuance of any such options,
                                         rights, convertible securities or exchangeable securities shall be made as a result of
                                         the actual issuance of Common Stock on the exercise of any such rights or options or
                                         any conversion or exchange of any such securities.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 2in; text-indent: -0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 2in; text-indent: -0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 2in; text-indent: -0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.45in; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">4.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Upon
Stock Dividends, Subdivisions or Splits</U>. If, at any time after the Original Issue Date, the number of shares of Common Stock
Outstanding is increased by a stock dividend payable in shares of Common Stock or by a subdivision or split-up of shares of Common
Stock, then, following the record date for the determination of holders of Common Stock entitled to receive such stock dividend,
or to be affected by such subdivision or split-up, the Exercise Price and the Dilution Price shall each be appropriately decreased
by multiplying each price by a fraction, the numerator of which is the number of shares of Common Stock Outstanding immediately
prior to such increase and the denominator of which is the number of shares of Common Stock Outstanding immediately after such
increase in Outstanding shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.45in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.45in; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">4.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Upon
Combinations or Reverse Stock Splits</U>. If, at any time after the Original Issue Date, the number of shares of Common Stock
Outstanding is decreased by a combination or reverse stock split of the Outstanding shares of Common Stock into a smaller number
of shares of Common Stock, then, following the record date to determine shares affected by such combination or reverse stock split,
the Exercise Price and the Dilution Price shall each be appropriately increased by multiplying each price by a fraction, the numerator
of which is the number of shares of Common Stock Outstanding immediately prior to such decrease and the denominator of which is
the number of shares of Common Stock Outstanding immediately after such decrease in Outstanding shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.45in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.45in; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">4.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Upon
Reclassifications, Reorganizations, Consolidations, Mergers or Dispositions of Assets</U>. In the event of any capital reorganization
of the Company, any reclassification of the capital stock of the Company (other than a change in par value or from par value to
no par value or from no par value to par value or as a result of a stock dividend or subdivision, stock-split, reverse stock-split
or combination of shares), any consolidation or merger of the Company with or into another Person (where the Company is not the
surviving Person or where there is a change in or distribution with respect to the Common Stock) or sale, transfer or other disposition
of all or substantially all of the Company&rsquo;s property, assets or business to another Person, each Warrant shall after such
reorganization, reclassification, consolidation, merger or disposition of assets be exercisable for the kind and number of shares
of stock or other securities or property of the Company or of the successor Person (if other than the Company) resulting from
such reorganization, reclassification, consolidation, merger or disposition of assets, if any, to which the holder of the number
of shares of Common Stock deliverable (immediately prior to the time of such reorganization, reclassification, consolidation,
merger or disposition of assets) upon exercise of such Warrant would have been entitled upon such reorganization, reclassification,
consolidation, merger or disposition of assets (without taking into account any limitations or restrictions on the exercisability
of this Warrant); and, in such case, appropriate adjustment (in form and substance satisfactory to the Holder) shall be made with
respect to the Holder&rsquo;s rights under this Warrant to insure that the provisions of Article 4 hereof shall thereafter be
applicable, as nearly as possible, to this Warrant in relation to any shares of stock, securities or assets thereafter acquirable
upon exercise of this Warrant (and, for the avoidance of doubt, such adjustments shall include any appropriate adjustment to the
Dilution Price to realize the intended economic protection to the Holder of Section 4.1 hereof, as appropriate). The Company shall
not effect any such reorganization, reclassification, consolidation, merger or disposition of assets unless, prior to the consummation
thereof, the successor Person (if other than the Company) resulting from such reorganization, reclassification, consolidation,
merger or disposition of assets, shall assume, by written instrument, the obligation to deliver to the Holders of the Warrant
such shares of stock, securities or assets, which, in accordance with the foregoing provisions of this Section 4.6, such Holders
shall be entitled to receive upon such conversion. The provisions of this Section 4.6 shall similarly apply to successive reorganizations,
reclassifications, consolidations, mergers or dispositions of assets.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.45in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.45in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.45in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.45in; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">4.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Other
Anti-Dilution Provisions</U>. If the Company has issued or issues any securities of the Company to a financial institution, lender,
other credit provider, leasing company or other lessor in connection with the provisions of any financing or lending agreements,
containing provisions (including, without limitation, any of the terms of pricing, exercise price, anti-dilution and registration
rights) which are more favorable than those set forth herein, the Company will make such provisions (or any more favorable portion
thereof) available to the Holder and will enter into amendments necessary to confer such rights on the Holder.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.45in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.45in; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">4.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Appraisal
Procedure</U>. In any case in which the provisions of this Article 4 shall necessitate that the Appraisal Procedure be utilized
for purposes of determining an adjustment to the Exercise Price, the Company may defer, until the completion of the Appraisal
Procedure and the determination of the adjustment, (i) issuing to the Holder of any Warrant exercised after the date of the event
that requires the adjustment and before completion of the Appraisal Procedure and the determination of the adjustment, the shares
of capital stock issuable upon such exercise by reason of the adjustment required by such event and issuing to such Holder only
the shares of capital stock issuable upon such exercise before giving effect to such adjustment and (ii) paying to such Holder
any amount in cash in lieu of a fractional share of capital stock pursuant to Section 2.3 above; <U>provided</U>, <U>however</U>,
that the Company shall deliver to such Holder an appropriate instrument or due bills evidencing such Holder&rsquo;s right to receive
such additional shares or such cash.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.45in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.45in; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">4.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Adjustment
of Number of Shares Purchasable</U>. Upon any adjustment of the Exercise Price as provided in Section 4.1, 4.2, 4.4, 4.5 and 4.6,
the Holders of the Warrants shall thereafter be entitled to purchase upon the exercise thereof, at the Exercise Price resulting
from such adjustment, the number of shares of Warrant Stock (calculated to the nearest 1/100th of a share) obtained by multiplying
the Exercise Price in effect immediately prior to such adjustment by the number of shares of Warrant Stock issuable on the exercise
hereof immediately prior to such adjustment and dividing the product thereof by the Exercise Price resulting from such adjustment.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.45in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.45in; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">4.10&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Increase
of Number of Shares Purchasable</U>. After giving effect to all other provisions in this Article 4 other than this Section 4.10,
the number of shares of Warrant Stock purchasable upon exercise of this Warrant shall be increased when the Exercise Price is
adjusted to an amount below the then-existing par value of the Warrant Stock, including successive adjustments to the Exercise
Price to an amount further below the then-existing par value. The number of additional shares purchasable upon exercise of this
Warrant shall be equal to the number obtained by dividing:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.45in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.7in; text-indent: 0.3in; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
product of (A) the number of shares purchasable upon exercise of the Warrant before application of this Section 4.10 and (B) the
difference between the then-existing par value per share of Warrant Stock minus the adjusted Exercise Price, by</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.7in; text-indent: 0.3in; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.7in; text-indent: 0.3in; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
difference between the Fair Market Value of the Common Stock on the Exercise Date minus the then-existing par value per share
of Warrant Stock.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.7in; text-indent: 0.3in; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Concurrently
with the foregoing adjustment to the number of additional shares purchasable upon exercise of this Warrant, the Exercise Price
shall be adjusted to be the then-existing par value of the Warrant Stock.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.45in; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">4.11&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Form
of Warrants</U>. Irrespective of any adjustments of the number of shares of Warrant Stock purchasable or of the Exercise Price,
the Warrant theretofore or thereafter issued may continue to express the same price and number and kind of shares as are stated
in the Warrant issued on the Original Issue Date.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.45in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.45in; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">4.12&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Changes
in Securities</U>. Notwithstanding any provision in this Article 4 to the contrary and without limitation to any other provision
contained in this Article 4, in the event any securities of the Company are amended, modified or otherwise altered by operation
of this Article 4&rsquo;s terms or otherwise in any manner whatsoever (including through the anti-dilution provisions thereof)
that results in (i) the reduction of the effective exercise, conversion or exchange price of such securities payable upon the
exercise for, or conversion or exchange into, Common Stock or other securities exercisable for, or convertible or exchangeable
into, Common Stock and/or (ii) such securities becoming exercisable for, or convertible or exchange into (A) more shares or dollar
amount of such securities which are, in turn exercisable for, or convertible or exchangeable into, Common Stock, or (B) more shares
of Common Stock, then such amendment, modification or other alteration shall be treated for purposes of Article 4 as if the securities
which have been amended, modified or altered have been terminated and new securities have been issued with the amended or modified
terms. The Company shall make all necessary adjustments (including successive adjustments if required) to the Exercise Price in
accordance with this Article 4, but in no event shall the Exercise Price be greater than it was immediately prior to the application
of this Section 4.12 to the amendment, modification or alteration in question.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.45in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.45in; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">4.13&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Maximum
Exercise Price</U>. Except as provided in Section 4.5 above, at no time shall the Exercise Price per share of Warrant Stock exceed
the amount set forth in the preamble of this Warrant.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.45in; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.45in; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">4.14&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Exceptions</U>.
Notwithstanding anything to the contrary, Article 4 hereof shall not apply to (i) (A) the issuance and exercise of options to
purchase shares of Common Stock and (B) the issuance of shares of Common Stock, in each case of the foregoing clause (A) and (B),
as made to eligible recipients pursuant to any equity incentive plan duly adopted by the board of directors of the Company in
the ordinary course of business, or (ii) any issuance of shares of Common Stock upon conversion of the Company&rsquo;s convertible
debt securities outstanding as of the Business Day immediately preceding the Original Issue Date.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.45in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.45in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.45in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.45in; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">4.15&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Notice
of Adjustment of Exercise Price</U>. Whenever the number of shares of Common Stock for which this Warrant is exercisable or the
Exercise Price is adjusted as provided under Article 4 hereof:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.45in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.7in; text-indent: 0.3in; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Company shall compute the adjusted Exercise Price in accordance with this Article 4 and shall prepare a certificate signed by
the treasurer or chief financial officer of the Company setting forth the adjusted Exercise Price and showing in reasonable detail
the facts upon which such adjustment is based, and such certificate shall forthwith be filed at the Designated Office; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.7in; text-indent: 0.3in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.7in; text-indent: 0.3in; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a
notice stating that the Exercise Price has been adjusted and setting forth the adjusted Exercise Price shall forthwith be prepared
by the Company, and as soon as practicable after it is prepared, such notice shall be mailed by the Company at its expense to
the Holder at its last address as it shall appear in the warrant register. If the Board of Directors of the Company makes any
determination of Fair Market Value for purposes of determining such proposed adjustment, then, within thirty (30) days of the
Holder&rsquo;s receipt of such notice, the Holder shall have the right to use the Appraisal Procedure to determine Fair Market
Value with respect to the entire proposed adjustment.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.7in; text-indent: 0.3in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.45in; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">4.16&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Independent
Application</U>. Except as otherwise provided herein, all sections of this Article 4 are intended to operate independently of
one another (but without duplication). If an event occurs that requires the application of more than one section of this Article
4, all applicable sections shall be given independent effect without duplication.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.45in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>5.</B></FONT></TD><TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>BENEFICIAL
                                         OWNERSHIP LIMITS; ISSUANCE CAP</B></FONT></TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.45in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">5.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Beneficial
Ownership Limitation</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.45in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.55in; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
anything to the contrary contained herein, the Holder shall not receive shares of Warrant Stock upon exercise of the Warrant to
the extent (but only to the extent) that such exercise or receipt would cause the Holder Group to become, directly or indirectly,
a beneficial owner of a number of shares of Common Stock that exceeds the Maximum Percentage of Common Stock Outstanding as of
the Exercise Date (the &ldquo;<FONT STYLE="font-weight: normal"><U>Beneficial Ownership Limitation</U></FONT>&rdquo;). The Beneficial
Ownership Limitation (i) may be increased or decreased, in the Holder&rsquo;s sole discretion, upon 61 days&rsquo; written notice
to the Company by the Holder, <U>provided</U>, <U>however</U>, that in no event shall the Holder increase such Beneficial Ownership
Limitation to raise the Maximum Percentage in excess of 19.99% as of any date of shares of Common Stock Outstanding from the date
hereof through the Expiration Date and (ii) shall automatically be increased to a Maximum Percentage of 19.99% on the date that
is 15 days prior to the Expiration Date.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.55in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.55in; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At
the time of delivery of any Exercise Notice, the Holder shall notify the Company if, and only if, a Holder Group would beneficially
own a number of shares of Common Stock in excess of the Beneficial Ownership Limitation upon giving effect to such Exercise Notice.
For the avoidance of doubt, upon any failure by the Holder to deliver such notice, any subsequent purported delivery in such instance
of Warrant Stock shall be void and have no effect pursuant to Section 5.1(c) hereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.55in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.55in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.55in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.55in; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
purported delivery of Warrant Stock pursuant to Section 2.1(b) hereof, and any purported payment by the Holder of the Warrant
Price pursuant to Section 2.1(a) and 2.1(c) hereof, in connection with the exercise of the Warrant shall be void and have no effect
to the extent (but only to the extent) that such delivery would violate the Beneficial Ownership Limitation. If any delivery of
Warrant Stock owed to the Holder following exercise of the Warrant is not made, in whole or in part, as a result of the Beneficial
Ownership Limitation, the Company&rsquo;s obligation to make such delivery shall not be extinguished and the Company shall deliver
such Warrant Stock as promptly as practicable after the Holder gives written notice to the Company that such delivery would not
violate the Beneficial Ownership Limitation (the &ldquo;<B>Delivery Notice</B>&rdquo;), <U>provided</U>, <U>however</U>, that
(i) the Holder shall be deemed to have exercised this Warrant in respect of any such delayed Warrant Stock (other than at the
Expiration Date) as of the date of the applicable Delivery Notice and (ii) for the avoidance of doubt, Article 4 hereof and Article
10 hereof shall remain in full force and effect for such period of delay, and <U>provided</U>, <U>further</U>, <U>however</U>,
that at the Expiration Date and in accordance with the deemed Exercise Notice under Section 2.1(a) hereof, if, without giving
effect to the Beneficial Ownership Limitation, the Warrant would be exercisable for any Warrant Stock, (i) the Holder shall be
entitled to receive from the Company any such remaining Warrant Stock under the terms of this Warrant until such time as the Beneficial
Ownership Limitation would not prohibit such delivery (such Warrant Stock at the Expiration Date, the &ldquo;<B>Expiration Warrant
Stock</B>&rdquo;), (ii) the Holder shall be deemed to have exercised this Warrant in respect of all such Expiration Warrant Stock
as of the date of such Holder&rsquo;s receipt from the Company of the Expiration Warrant Stock (which exercise shall be subject
to Article 4 hereof but not be subject to Sections 4.1 through 4.3 hereof) and (iii) for the avoidance of doubt, Article 10 hereof
shall remain in full force and effect for the period until the delivery of the Expiration Warrant Stock.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.55in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.55in; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
purposes of this Section 5.1, (i) the term &ldquo;<FONT STYLE="font-weight: normal"><U>Maximum Percentage</U></FONT>&rdquo; shall
mean [4.99%; <U>provided</U>, <U>however</U>, that if at any time after the date hereof the Holder Group beneficially owns in
excess of 4.99% of the Outstanding Common Stock (excluding any Common Stock that could be acquired by exercise of this Warrant),
then the Maximum Percentage shall automatically increase to 9.99% so long as any Holder Group owns in excess of 4.99% of such
Common Stock (and shall, for the avoidance of doubt, automatically decrease to 4.99% upon the time when no Holder Group beneficially
owns in excess of 4.99% of such Outstanding Common Stock)]//[19.99%]<FONT STYLE="color: black"><SUP>1</SUP></FONT>; and (ii)
the term &ldquo;<FONT STYLE="font-weight: normal"><U>Holder Group</U></FONT>&rdquo; shall mean any group in respect of Common
Stock, where &ldquo;group&rdquo; has the meaning established under Section 13(d) of the Exchange Act and the rules promulgated
thereunder, if the Holder or any other Person having beneficial ownership of Common Stock beneficially owned by the Holder is
a member of such group. In determining the number of shares of Common Stock Outstanding for purposes of this Section 5.1 and the
number of shares that the Holder may at any time acquire pursuant to the Beneficial Ownership Limitation and the other terms of
this Section 5.1, the Holder shall give effect to the last sentence of Rule 13d-3(d)(1)(i) as promulgated under the Exchange Act,
and the Holder may rely on the number of outstanding shares of Common Stock as reflected in (x) the Company&rsquo;s most recent
Annual Report on Form 10-K or Quarterly Report on Form 10-Q filed with the Commission, as the case may be, (y) a more recent public
announcement by the Company or (z) a more recent notice by the Company or its transfer agent to the Holder setting forth the number
of shares of Common Stock then outstanding. Upon written or oral request of the Holder, the Company shall, within two (2) Business
Days of such request, confirm orally and in writing to the Holder the number of shares of Common Stock then Outstanding. For the
avoidance of doubt, if at any time after the Initial Exercise Date and through the Expiration Date, any Holder Group would become
the beneficial owner of any shares of Common Stock pursuant to an Interest Share Issuance to such Holder Group, the effect of
the Beneficial Ownership Limitation in respect of Warrant Stock shall be determined after giving effect to the beneficial ownership
of such shares of Common Stock pursuant to an Interest Share Issuance pursuant to Section 2.4(f) of the Credit Agreement for purposes
of effectuating such intended beneficial ownership limitation under the Credit Agreement. The provisions of this Section 5.1 shall
be construed, corrected and implemented in a manner so as to effectuate the intended Beneficial Ownership Limitation.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: -0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><SUP>1</SUP>Note to Form: 19.99% to apply for WPI-Cadiz Farm CA, LLC as Investor in respect of its Warrant.</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.45in; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">5.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Issuance
Cap</U>. Unless Stockholder Approval has been previously obtained, in the event that any issuance of Warrant Stock upon the exercise
of this Warrant would, together with (i) any other issuance of shares of Common Stock by the Company to any holder of any Fifth
Amendment Warrant and/or (ii) any issuance of shares of Common Stock pursuant to an Interest Share Issuance that would, in each
case, be aggregated with such proposed issuance under this Warrant for determining whether such issuances collectively would require
approval by a vote of Company stockholders under the applicable listing rules of the Nasdaq Global Market, any successor stock
exchange operated by the NASDAQ Stock Market LLC or any successor thereto (such other issuances in the foregoing clauses (i) and
(ii), the &ldquo;<FONT STYLE="font-weight: normal"><U>Related Issuances</U></FONT>&rdquo;), exceed 19.99% of the Common Stock
Outstanding on May 24, 2016 (the &ldquo;<U>Aggregation Date</U>&rdquo;), the Holder shall receive only a number of shares of Common
Stock, rounded down to the nearest whole number, equal to (A)&nbsp;the maximum number of shares of Common Stock which could be
issued to the Holder and any other recipients of any then-proposed Related Issuances in the aggregate without the Related Issuances
exceeding 19.99% of the Common Stock Outstanding on the Aggregation Date (such maximum number calculated by giving effect to any
then-proposed Related Issuances in connection with any Interest Share Issuance last) multiplied by a ratio equal to (B)&nbsp;(1)
the number of shares of Common Stock that would be otherwise received by the Holder under this Warrant divided by (2)&nbsp;the
number of all of the shares of Common Stock that would be otherwise received by the Holder under this Warrant and the recipients
of any then-proposed Related Issuances in the aggregate. To the extent the Holder is entitled to receive from the Company a number
of shares of Warrant Stock reduced by this Section 5.2, the Company shall pay to the Holder, in satisfaction of the Company&rsquo;s
obligation to deliver such Warrant Stock, a cash amount equivalent to the Fair Market Value, determined as of the Exercise Date,
of the number of shares of Warrant Stock by which such exercise was reduced within three (3) Business Days of the Exercise Date.</FONT></P>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>6.</B></FONT></TD><TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>NO
                                         IMPAIRMENT; REGULATORY COMPLIANCE AND COOPERATION</B></FONT></TD></TR></TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.45in; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">6.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>No
Impairment</U>. The Company shall not by any action, including, without limitation, amending its charter documents or through
any reorganization, reclassification, transfer of assets, consolidation, merger, dissolution, issue or sale of securities or any
other similar voluntary action, avoid or seek to avoid the observance or performance of any of the terms of this Warrant, but
will at all times in good faith assist in the carrying out of all such terms and in the taking of all such actions as may be necessary
or appropriate to protect the rights of the Holder against impairment. Without limiting the generality of the foregoing, the Company
shall take all such action as may be necessary or appropriate in order that the Company may validly and legally issue fully paid
and nonassessable shares of Warrant Stock upon the exercise of this Warrant, free and clear of all Liens, and shall use its best
efforts to obtain all such authorizations, exemptions or consents from any public regulatory body having jurisdiction thereof
as may be necessary to enable the Company to perform its obligations under this Warrant. The Company shall not take any action,
enter into any transaction or suffer to exist any event, action or state of facts that would cause the Exercise Price to be adjusted
below the then existing par value of Common Stock (unless the Common Stock is changed to capital stock with no par value); <U>provided</U>,
<U>however</U>, that nothing herein will prevent the operation of any other provision of this Warrant, including the anti-dilution
provisions of Article 4 hereof.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.45in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.45in; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">6.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>No
Dilution</U>. If any event shall occur as to which the provisions of Article 4 hereof are not strictly applicable but the failure
to make any adjustment would adversely affect the purchase rights represented by the Warrant in accordance with the essential
intent and principles of such Article (including, without limitation, the issuance of securities other than Common Stock which
have the right to participate in distributions to the holders of Common Stock, the granting of &ldquo;phantom stock&rdquo; rights
or &ldquo;stock appreciation rights&rdquo;), then, in each such case, the Company shall, upon the request of any Holder, appoint
an investment banking firm of recognized national standing, or any other financial expert that does not (or whose directors, officers,
employees, Affiliates or stockholders do not) have a direct or material indirect financial interest in the Company or any of its
Subsidiaries, who has not been, and, at the time it is called upon to give independent financial advice to the Company, is not
(and none of its directors, officers, employees, Affiliates or stockholders are) a promoter, director or officer of the Company
or any of its Subsidiaries, which shall give their opinion upon the adjustment, if any, on a basis consistent with the essential
intent and principles established in Article 4 hereof, necessary to preserve, without dilution, the purchase rights, represented
by this Warrant. Prior to such determination by such investment banking firm, the Company and the requesting Holder(s), respectively,
shall specify the amount, if any, of the adjustment that such party has determined in good faith to be appropriate. The adjustment
determined by the investment banking firm shall be within the range of the adjustments thus proposed by the parties, and the costs
and fees of such investment banking firm shall be allocated proportionately between the Company, on one hand, and the Holder,
on the other, based on the respective differences between the amount of the adjustment as determined by such investment banking
firm and the amounts of such adjustment proposed by the Company and the Holder. Upon receipt of such opinion, the Company will
promptly mail a copy thereof to the holders of the Warrants and shall make the adjustments described therein.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.45in; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">6.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Other
Agreements</U>. The Company is not a party to or bound in any manner under, and covenants that it will not enter into at any time
after the date hereof, any agreement or contract (whether written or oral) with respect to any of its securities which prevents
the Company from complying in any respect with the rights granted by the Company hereunder.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.45in; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">6.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Antitrust
Notification</U>. If the Holder determines, in its sole judgment upon the advice of counsel, that an exercise of this Warrant
pursuant to the terms hereof would be subject to the provisions of the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as
amended (the &ldquo;<U>HSR Act</U>&rdquo;), the Company shall file, within seven (7) Business Days after receiving notice from
the Holder of the applicability of the HSR Act and a request to so file, with the United States Federal Trade Commission (the
&ldquo;<U>FTC</U>&rdquo;) and the United States Department of Justice (the &ldquo;<U>DOJ</U>&rdquo;) the notification and report
form and any supplemental information required to be filed by it pursuant to the HSR Act in connection with the exercise of this
Warrant. Any such notification and report form and supplemental information will be in full compliance with the requirements of
the HSR Act. The Company will furnish to the Holder promptly (but in no event more than five (5) business days) such information
and assistance as such holder may reasonably request in connection with the preparation of any filing or submission required to
be filed by the Holder under the HSR Act. The Company shall respond promptly after receiving any inquiries or requests for additional
information from the FTC or the DOJ (and in no event more than three (3) business days after receipt of such inquiry or request).
The Company shall keep such holder apprised periodically and at such holder's request of the status of any communications with,
and any inquiries or requests for additional information from, the FTC or the DOJ. The Company shall bear all filing or other
fees required to be paid by the Company under the HSR Act or any other applicable law in connection with such filings and all
costs and expenses (including, without limitation, reasonable attorneys' fees and expenses) incurred by the Company in connection
with the preparation of such filings and responses to inquiries or requests. The Company shall also bear 50% of all filing or
other fees required to be paid by the Holder (or the &ldquo;ultimate parent entity&rdquo; of the Holder, if any) under the HSR
Act or any other applicable law in connection with such filings and 50% of all costs and expenses (including, without limitation,
reasonable attorneys' fees and expenses) incurred by the Holder in connection with the preparation of such filings and responses
to inquiries or requests, and the Holder shall bear the remaining 50% of such fees, costs and expenses. In the event that this
Section 6.4 is applicable to any exercise of this Warrant, the issuance to the Holder of the applicable Warrant Stock Shares,
and the payment by the Holder of the Warrant Price therefor, shall be subject to the expiration or earlier termination of the
waiting period under the HSR Act (with the Exercise Date being deemed to be the date immediately following the date of such expiration
or early termination).</FONT></P>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>7.</B></FONT></TD><TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>RESERVATION
                                         AND AUTHORIZATION OF COMMON STOCK</B></FONT></TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.45in; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">7.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Reservation</U>.
The Company shall at all times reserve and keep available for issuance upon the exercise of the Warrant such number of its authorized
but unissued shares of Common Stock as will be required for issuance of the Warrant Stock. All shares of Warrant Stock issuable
pursuant to the terms hereof, when issued upon exercise of this Warrant with payment therefor in accordance with the terms hereof,
shall be duly and validly issued and fully paid and nonassessable, not subject to preemptive rights and shall be free and clear
of all Liens. Before taking any action that would result in an adjustment in the number of shares of Warrant Stock for which this
Warrant is exercisable or in the Exercise Price, the Company shall obtain all such authorizations or exemptions thereof, or consents
thereto, as may be necessary from any public regulatory body or bodies having jurisdiction over such action. If any shares of
Warrant Stock required to be reserved for issuance upon exercise of the Warrant require registration or qualification with any
Governmental Authority under any federal or state law (including the Securities Act and state securities laws) before such shares
may be so issued, the Company will use its commercially reasonable efforts to register and qualify such shares as soon as practicable
and at its expense.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.45in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.45in; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">7.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Corporate
Action</U>. Before taking any action that would cause an adjustment reducing the Exercise Price below the then-par value (if any)
of the shares of Warrant Stock deliverable upon exercise of the Warrant or that would cause the number of shares of Warrant Stock
issuable upon exercise of the Warrant to exceed (when taken together with all other Outstanding shares of Common Stock) the number
of shares of Common Stock that the Company is authorized to issue, the Company will take any corporate action that, in the opinion
of its counsel, is necessary in order that the Company may validly and legally issue the full number of fully paid and nonassessable
shares of Warrant Stock issuable upon exercise of the Warrant at such adjusted exercise price.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.45in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>8.</B></FONT></TD><TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>NOTICE
                                         OF CORPORATE ACTIONS; TAKING OF RECORD; TRANSFER BOOKS</B></FONT></TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.45in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">8.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Notices
of Corporate Actions</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.45in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">In
case:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.55in; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Company shall grant to the holders of its Common Stock rights or warrants to subscribe for or purchase any shares of capital stock
of any class; or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.55in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.55in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Company shall declare to the holders of its Common Stock any dividend or distribution; or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.55in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.55in; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of
any reclassification of the Common Stock (other than a subdivision or combination of the Outstanding shares of Common Stock),
or of any consolidation, merger or share exchange to which the Company is a party and for which approval of any stockholders of
the Company is required, or of the sale or transfer of all or substantially all of the assets of the Company; or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.55in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.55in; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of
the voluntary or involuntary dissolution, liquidation or winding up of the Company;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.55in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.55in; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Company or any Subsidiary shall commence a tender offer for all or a portion of the Outstanding shares of Common Stock (or shall
amend any such tender offer to change the maximum number of shares being sought or the amount or type of consideration being offered
therefor); or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.55in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.55in; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Company or any Subsidiary takes any action or any event or circumstance occurs that impacts the rights of a Holder set forth herein
or in the Credit Agreement, as applicable;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.55in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">then
the Company shall cause to be filed at the Designated Office, and shall cause to be mailed to the Holder at its last addresses
as they shall appear in the warrant register, at least 30 days prior to the applicable record, effective or expiration date hereinafter
specified, a notice stating (x) the date on which a record is to be taken for the purpose of such dividend, distribution or granting
of rights or warrants, or, if a record is not to be taken, the date as of which the holders of Common Stock of record who will
be entitled to such dividend, distribution, rights or warrants are to be determined, (y) the date on which such reclassification,
consolidation, merger, share exchange, sale, transfer, dissolution, liquidation or winding up is expected to become effective,
and the date as of which it is expected that holders of Common Stock of record shall be entitled to exchange their shares of Common
Stock for securities, cash or other property deliverable upon such reclassification, consolidation, merger, share exchange, sale,
transfer, dissolution, liquidation or winding up, or (z) the date on which such tender offer commenced, the date on which such
tender offer is scheduled to expire unless extended, the consideration offered and the other material terms thereof (or the material
terms of the amendment thereto). Such notice shall also set forth such facts with respect thereto as shall be reasonably necessary
to indicate the effect of such action on the Exercise Price and the number and kind or class of shares or other securities or
property which shall be deliverable or purchasable upon the occurrence of such action or deliverable upon exercise of the Warrants.
Neither the failure to give any such notice nor any defect therein shall affect the legality or validity of any action described
in clauses (a) through (e) of this Section 8.1.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.45in; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">8.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Taking
of Record</U>. In the case of all dividends or other distributions by the Company to the holders of its Common Stock with respect
to which any provision hereof refers to the taking of a record of such holders, the Company will in each such case take such a
record and will take such record as of the close of business on a Business Day.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.45in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.45in; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">8.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Closing
of Transfer Books</U>. The Company shall not at any time close its stock transfer books or warrant transfer books so as to result
in preventing or delaying the exercise or transfer of any Warrant.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.45in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>9.</B></FONT></TD><TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>OFFICE
                                         OF THE COMPANY</B></FONT></TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.45in; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">9.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
long as the Warrant remains outstanding, the Company shall maintain an office or agency, which may be the principal executive
offices of the Company (the &ldquo;<FONT STYLE="font-weight: normal"><U>Designated Office</U></FONT>&rdquo;), where the Warrant
may be presented for exercise, registration of transfer, division or combination as provided in this Warrant. Such Designated
Office shall initially be the office of the Company at 550 South Hope Street, Suite 2850, Los Angeles, California 90071. The Company
may from time to time change the Designated Office to another office of the Company or its agent within the United States by notice
given to any registered Holders at least ten (10) Business Days prior to the effective date of such change.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.45in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>10.</B></FONT></TD><TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>DILUTION
                                         ADJUSTMENT</B></FONT></TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.45in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">10.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Dilution
Adjustment</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.45in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.55in; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the event that any dividends are declared or paid or any other distribution is made on or with respect to the Common Stock, the
Holder as of the record date established by the Board of Directors of the Company for such dividend or distribution on the Common
Stock shall be entitled to receive a fee (the &ldquo;<FONT STYLE="font-weight: normal"><U>Dilution Adjustment</U></FONT>&rdquo;)
in an amount (whether in the form of cash, securities or other property) equal to the amount (and in the form) of the dividends
or distribution that such Holder would have received had the Warrant been exercised as of the date immediately prior to the record
date for such dividend or distribution, such Dilution Adjustment to be payable on the same payment date established by the Board
of Directors of the Company for the payment of such dividend or distribution; <U>provided</U>, <U>however</U>, that if the Company
declares and pays a dividend or distribution on the Common Stock consisting in whole or in part of Common Stock, then no such
Dilution Adjustment shall be payable in respect of the Warrant on account of the portion of such dividend or distribution on the
Common Stock payable in Common Stock and in lieu thereof the applicable adjustment in Article 4 hereof shall apply. The record
date for any such Dilution Adjustment shall be the record date for the applicable dividend or distribution on the Common Stock,
and any such Dilution Adjustment shall be payable to the Persons in whose name the Warrant is registered at the close of business
on the applicable record date.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.55in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.55in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.55in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.55in; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
dividend shall be paid or declared on any share of Common Stock (other than dividends payable in Common Stock for which an adjustment
was made pursuant to Article 4 hereof), unless the Dilution Adjustment, payable in the same consideration and manner, is simultaneously
paid or provided for, as the case may be, in respect of this Warrant in an amount determined as set forth in this Section 10.1.
For purposes of this Warrant, the term &ldquo;dividends&rdquo; shall include any pro rata distribution by the Company, out of
funds of the Company legally available therefor, of cash, property, securities (including, but not limited to, rights, warrants
or options and/or securities in connection with a spin-off of the Company) or other property or assets to the holders of the Common
Stock, whether or not paid out of capital, surplus or earnings other than liquidation.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.55in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.55in; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prior
to declaring any dividend or making any distribution on or with respect to shares of Common Stock, the Company shall take all
prior corporate action necessary to authorize the issuance of any securities payable as the Dilution Adjustment in respect of
the Warrant.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.55in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>11.</B></FONT></TD><TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>MISCELLANEOUS</B></FONT></TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.45in; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">11.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>No
Implied Waivers</U>. No failure or delay by any party in exercising any right, power or privilege hereunder shall operate as a
waiver thereof nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise
of any other right, power or privilege. The rights and remedies herein provided shall be cumulative and not exclusive of any rights
or remedies provided by law.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.45in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.45in; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">11.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Notices</U>.
All notices, requests, consents and other communications required or permitted hereunder shall be in writing and shall be hand
delivered or mailed postage prepaid by registered or certified mail or transmitted by facsimile transmission (with immediate telephonic
confirmation thereafter) or transmitted by email:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.45in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.55in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
to the Holder:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.55in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">[LENDER
NAME]<BR>
[ADDRESS]<BR>
[ADDRESS]<BR>
Attention: [&#9679;]<BR>
Facsimile No.: [&#9679;]<BR>
Email: [&#9679;]</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">with
a copy to (which shall not constitute notice):</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">[NAME]<BR>
[ADDRESS]<BR>
[ADDRESS]<BR>
Attention: [&#9679;]<BR>
Facsimile No.: [&#9679;]<BR>
Email: [&#9679;], or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.55in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
to the Company:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.55in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Cadiz
Inc.<BR>
550 South Hope Street, Suite 2850<BR>
Los Angeles, California 90071<BR>
Attention: Chief Financial Officer<BR>
Facsimile No.: 213-271-1614<BR>
Email: [&#9679;]</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">with
a copy to (which shall not constitute notice):</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Mitchell
Silberberg &amp; Knupp LLP</FONT><BR>
<FONT STYLE="font: 10pt Times New Roman, Times, Serif">11377 W. Olympic Blvd.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Los
Angeles, CA 90065<BR>
Facsimile No.: (310) 312-3100<BR>
Attention: Kevin Friedmann, Esq.<BR>
Email: kxf@msk.com</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">or
at such other address as the parties each may specify by written notice to the others, and each such notice, request, consent
and other communication shall for all purposes of the Warrant be treated as being effective or having been given when delivered
if delivered personally, upon receipt of facsimile confirmation if transmitted by facsimile, upon transmission of email if transmitted
by email, or, if sent by mail, at the earlier of its receipt or 72 hours after the same has been deposited in a regularly maintained
receptacle for the deposit of United States mail, addressed and postage prepaid as aforesaid.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.45in; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">11.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Indemnification</U>.
If the Company fails to make, when due, any payments provided for in this Warrant, the Company shall pay to the Holder (a) interest
at the Applicable Rate on any amounts due and owing to such Holder and (b) such further amounts as shall be sufficient to cover
any costs and expenses including, but not limited to, reasonable attorneys&rsquo; fees and expenses incurred by such Holder in
collecting any amounts due hereunder. The Company shall indemnify, defend and hold harmless the Holder and the Holders of any
Warrant Stock issued upon the exercise of this Warrant from and against any and all liability, loss, cost, damage, reasonable
attorneys&rsquo; and accountants&rsquo; fees and expenses, court costs and all other out-of-pocket expenses incurred in connection
with or arising from any default hereunder by the Company or the enforcement of its rights hereunder as against the Company. This
indemnification provision shall be in addition to the rights of such Holder or Holders to bring an action against the Company
for breach of contract based on such default hereunder.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.45in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.45in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.45in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.45in; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">11.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Limitation
of Liability</U>. No provision hereof, in the absence of affirmative action by the Holder to purchase shares of Warrant Stock,
and no enumeration herein of the rights or privileges of the Holder, shall give rise to any liability of such Holder to pay the
Exercise Price for any Warrant Stock other than pursuant to an exercise of this Warrant or any liability as a stockholder of the
Company, whether such liability is asserted by the Company or by creditors of the Company. The Holder shall not, by virtue hereof,
be entitled to any rights of a stockholder of the Company and nothing contained in this Warrant shall be construed as conferring
upon the Holder the right to vote or to consent or to receive notice as a stockholder in respect of meetings of stockholders for
the election of directors of the Company or any other matters or any rights whatsoever as a stockholder of the Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.45in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.45in; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">11.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Remedies</U>.
The Holder of the Warrant and/or Warrant Stock, in addition to being entitled to exercise its rights granted by law, including
recovery of damages, shall be entitled to specific performance of its rights provided under this Warrant. The Company agrees that
monetary damages would not be adequate compensation for any loss incurred by reason of a breach by it of the provisions of this
Warrant and hereby agrees, in an action for specific performance, to waive the defense that a remedy at law would be adequate.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.45in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.45in; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">11.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Successors
and Assigns</U>. This Warrant and the rights evidenced hereby shall inure to the benefit of and be binding upon the successors
of the Company and the permitted successors and assigns of the Holder. The provisions of this Warrant are intended to be for the
benefit of all Holders from time to time of this Warrant and to the extent applicable, all Holders of shares of Warrant Stock
issued upon the exercise hereof (including transferees), and shall be enforceable by any such Holder.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.45in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.45in; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">11.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Amendment</U>.
The prior written consent of the Company and the Required Holders shall be required for any change, waiver or amendment to this
Warrant. Any change, waiver or amendment so approved shall be binding upon all existing and future holders of this Warrant and
any other Fifth Amendment Warrants; <U>provided</U>, <U>however</U>, that no such change, waiver or amendment, as applied to any
of the Fifth Amendment Warrants held by any particular holder of Fifth Amendment Warrants, shall, without the written consent
of that particular holder, (i) disproportionately and materially adversely affect any rights under such particular holder&rsquo;s
Fifth Amendment Warrant (other than as reflected by the different number of shares of Warrant Stock issuable to such holder);
or (ii) modify any of the provisions of, or impair the right of any holder of Fifth Amendment Warrants under, this Section 11.7.
This Warrant cannot be changed, modified, discharged or terminated by oral agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.45in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.45in; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">11.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Severability</U>.
Wherever possible, each provision of this Warrant shall be interpreted in such manner as to be effective and valid under applicable
law, but if any provision of this Warrant shall be prohibited by or invalid under applicable law, such provision shall be ineffective
to the extent of such prohibition or invalidity, without invalidating the remainder of such provision or the remaining provisions
of this Warrant.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.45in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.45in; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">11.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Headings</U>.
The headings and other captions in this Warrant are for the convenience and reference only and shall not be used in interpreting,
construing or enforcing any provision of this Warrant.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.45in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.45in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.45in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.45in; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">11.10&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Governing
Law</U>. <B>IN ALL RESPECTS, INCLUDING ALL MATTERS OF CONSTRUCTION, VALIDITY AND PERFORMANCE, THIS WARRANT SHALL BE GOVERNED BY,
AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO CONFLICT OF LAW PRINCIPLES
AND ANY APPLICABLE LAWS OF THE UNITED STATES OF AMERICA.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.45in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.45in; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">11.11&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Jurisdiction</U>.
Each of the Company and the Holder hereby irrevocably and unconditionally submits for itself and its property in any legal action
or proceeding relating to this Warrant, or for recognition and enforcement of any judgment in respect thereof, to the exclusive
general jurisdiction of the courts of the Supreme Court of the State of New York sitting in New York County, the courts of the
United States for the Southern District of New York, and appellate courts from any thereof, consents that any such action or proceeding
may be brought in such courts and waives any objection that it may now or hereafter have to the venue of any such action or proceeding
in any such court or that such action or proceeding was brought in an inconvenient court and agrees not to plead or claim the
same, agrees that service of process in any such action or proceeding may be effected by delivery of notice pursuant to Section
11.2 hereof and agrees that nothing herein shall affect the right to effect service of process in any other manner permitted by
law.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.45in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.45in; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">11.12&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Waiver
of Jury Trial</U>. <B>EACH OF THE COMPANY AND THE HOLDER WAIVES ANY RIGHT TO TRIAL BY JURY ON ANY CLAIM, DEMAND, ACTION OR CAUSE
OF ACTION (A) ARISING UNDER THIS WARRANT OR (B) IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THIS WARRANT OR THE TRANSACTIONS
RELATED HERETO, IN EACH CASE WHETHER SOUNDING IN CONTRACT OR TORT OR OTHERWISE. EACH OF THE COMPANY AND THE HOLDER AGREES AND
CONSENTS THAT ANY SUCH CLAIM, DEMAND, ACTION OR CAUSE OF ACTION SHALL BE DECIDED BY COURT TRIAL WITHOUT A JURY, AND THAT ANY PARTY
TO THIS AGREEMENT MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS CLAUSE WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT
OF THE COMPANY AND THE HOLDER TO THE WAIVER OF THEIR RIGHT TO TRIAL BY JURY. EACH OF THE COMPANY AND THE HOLDER ACKNOWLEDGES THAT
IT HAS HAD THE OPPORTUNITY TO CONSULT WITH COUNSEL REGARDING THIS SECTION 11.12, THAT IT FULLY UNDERSTANDS ITS TERMS, CONTENT
AND EFFECT, AND THAT IT VOLUNTARILY AND KNOWINGLY AGREES TO THE TERMS OF THIS SECTION 11.12.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.45in; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.45in; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">11.13&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Entire
Agreement</U>. This Warrant contains the entire agreement with respect to the subject matter hereof and supersedes and replaces
all other prior agreements, written or oral, with respect to the subject matter hereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.45in; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.45in; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">11.14&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Originals</U>.
A signed copy of this Warrant delivered by facsimile, e-mail or other means of electronic transmission shall be deemed to have
the same legal effect as delivery of an original copy of this Warrant.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.45in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">[Execution
Page Follows]</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">IN
WITNESS WHEREOF, the Company has caused this Warrant to be duly executed as of the Original Issue Date.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">CADIZ
    INC.</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 60%; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 5%; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">By:</FONT></TD>
    <TD STYLE="width: 35%; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Name:</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: center; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Title:</FONT></TD>
    <TD STYLE="text-align: center; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">[Signature page to Warrant]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<!-- Field: Page; Sequence: 26 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">ANNEX
A TO THE WARRANT</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">EXERCISE
NOTICE</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">[To
be executed only upon exercise of Warrant]</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
undersigned registered owner of this Warrant irrevocably exercises this Warrant for the purchase of ______ shares of Common Stock
of Cadiz Inc. and herewith makes payment therefor in __________, all at the price and on the terms and conditions specified in
this Warrant and requests that the shares of Common Stock hereby purchased (and any securities or other property issuable upon
such exercise) be issued in the name of, and delivered to, as applicable, _________________, whose address is ____________________________________________________</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">________________________________________________,
and, if such shares of Common Stock shall not include all of the shares of Common Stock issuable as provided in this Warrant,
that a new Warrant of like tenor and date for the balance of the shares of Common Stock issuable hereunder be delivered to the
undersigned.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>TO
DELETE THE FOLLOWING BRACKETED LANGUAGE IF INAPPLICABLE AT EXERCISE DATE:</B>[The undersigned hereby notifies Cadiz Inc. that
a Holder Group would beneficially own a number of shares of Common Stock in excess of the Beneficial Ownership Limitation set
forth in this Warrant upon giving effect to this Exercise Notice. Pursuant to such limitation, Cadiz Inc. shall give effect to
this Exercise Notice in accordance with such limitation as of [INSERT DATE], the date hereof].</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; width: 60%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; width: 40%; border-bottom: Black 1.5pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(Name
        of Registered Owner)</FONT></P></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(Signature
        of Registered Owner)</FONT></P></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(Street
    Address)</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(City)&nbsp;&nbsp;&nbsp;&nbsp;(State)&nbsp;&nbsp;&nbsp;&nbsp;(Zip
    Code)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; width: 10%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">NOTICE:</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left; width: 90%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
    signature on this Exercise Notice must correspond with the name as written upon the face of the within Warrant in every particular,
    without alteration or enlargement or any change whatsoever.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">ANNEX
B TO THE WARRANT</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">ASSIGNMENT
FORM</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">FOR
VALUE RECEIVED the undersigned registered owner of this Warrant hereby assigns unto the assignee named below all of the rights
of the undersigned under this Warrant, with respect to the number of shares of Common Stock set forth below:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; padding-top: 0; text-indent: 0; width: 60%; border-bottom: Black 1.5pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Name and Address of Assignee</FONT></TD>
    <TD STYLE="padding: 0 0 1.5pt; text-indent: 0; width: 1%">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; padding-top: 0; text-indent: 0; width: 39%; border-bottom: Black 1.5pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">No. of Shares of Common Stock</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; padding-top: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; padding-top: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; padding-top: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; padding-top: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; padding-top: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; padding-top: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; padding-top: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; padding-top: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; padding-top: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; padding-top: 0; text-indent: 0">&nbsp;</TD>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">and
does hereby irrevocably constitute and appoint ________ _____________ attorney-in-fact to register such transfer onto the books
of Cadiz Inc. maintained for the purpose, with full power of substitution in the premises.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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    <TD STYLE="width: 54%; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Dated:</FONT></TD>
    <TD STYLE="width: 46%; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Print
    Name:</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Signature:</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Witness</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 14%; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">NOTICE:</FONT></TD>
    <TD STYLE="width: 86%; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
    signature on this assignment must correspond with the name as written upon the face of the within Warrant in every particular,
    without alteration or enlargement or any change whatsoever.</FONT></TD></TR>
</TABLE>
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<TYPE>EX-10.2
<SEQUENCE>7
<FILENAME>f8k112916ex10ii_cadizinc.htm
<DESCRIPTION>CLOSING SHARE AND WARRANT ISSUANCE AGREEMENT BY AND BETWEEN CADIZ INC. AND MSD CREDIT OPPORTUNITY MASTER FUND, L.P., DATED AS OF NOVEMBER 29, 2016
<TEXT>
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<P STYLE="margin-right: 0; margin-left: 0; text-align: right"><B>Exhibit 10.2</B>&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: center"><U>MSD CLOSING SHARE AND WARRANT ISSUANCE
AGREEMENT</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: right"><FONT STYLE="font-weight: normal">November
29, 2016</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0">Cadiz Inc.<BR>
550 South Hope Street, Suite 2850<BR>
Los Angeles, California 90071</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0">Ladies and Gentlemen:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in">Cadiz Inc., a Delaware corporation (the
&ldquo;<B>Company</B>&rdquo;), agrees, subject to the terms and conditions stated herein, to issue to MSD Credit Opportunity Master
Fund, L.P. (the &ldquo;<B>Investor</B>&rdquo;), 306,530 shares (the &ldquo;<B>Closing Shares</B>&rdquo;) of the Company&rsquo;s
common stock, $0.01 par value per share (the &ldquo;<B>Common Stock</B>&rdquo;) and a warrant to purchase 306,530 shares of the
Common Stock (the &ldquo;<B>Warrant</B>,&rdquo; and collectively with the Closing Shares, the &ldquo;<B>Securities</B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 0.5in"><B>1.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B>In consideration of the respective covenants, agreements and representations and warranties contained herein and for
other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Company and the Investor
intending to be legally bound, hereby agree as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>This Closing Share and Warrant Issuance Agreement (the &ldquo;<B>Agreement</B>&rdquo;) is made as of the date set forth
above between the Company and the Investor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 1in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company and Investor are parties to that certain Fifth Amendment to Amended and Restated Credit Agreement (the &ldquo;<B>Fifth
Amendment</B>&rdquo;), dated as of November 29, 2016 (the &ldquo;<B>Fifth Amendment Effective Date</B>&rdquo;), by and among the
Company, as a borrower, Cadiz Real Estate LLC, as a borrower, Investor, as a lender, the other lenders party thereto, and Wells
Fargo Bank, National Association, as agent (the &ldquo;Agent&rdquo;), which amended that certain Amended and Restated Credit Agreement
(as further amended prior to the Fifth Amendment Effective Date, and as subsequently amended from time to time, the &ldquo;<B>Credit
Agreement</B>&rdquo;) attached to that certain Amendment Agreement, dated as of October 30, 2013, by and among the Company, Cadiz
Real Estate LLC, LC Capital Master Fund, Ltd., the lenders party thereto, and the Agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 1in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Pursuant to the Fifth Amendment, the Company agreed to issue the Securities in connection with the Investor&rsquo;s entry
into the Fifth Amendment and as a condition precedent to the effectiveness of the Fifth Amendment pursuant Article II thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 1in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company has authorized the issuance of, and agrees to issue, the Securities to the Investor on the date of this Agreement
(the &ldquo;<B>Closing Date</B>&rdquo;), upon the terms and conditions set forth herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 1in">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Prior to the execution of this Agreement, the Company has delivered to Investor a written opinion, addressed to the Investor
and dated as of the Closing Date, from Mitchell Silberberg &amp; Knupp LLP, counsel to the Company, to the effect set forth in
<U>Exhibit A</U> hereto.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 1in">(f)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The offering and issuance of the Securities (collectively, the &ldquo;<B>Issuance</B>&rdquo;) is being made pursuant to
(i) an effective Registration Statement on Form S-3, No. 214318, including all amendments thereto, the exhibits and any schedules
thereto, the documents otherwise deemed to be a part thereof or included therein or any immediately succeeding registration statement
that is filed under the Securities Act (as defined in the Credit Agreement) on Form S-3 and immediately becomes effective (the
&ldquo;<B>Fifth Amendment Registration Statement</B>&rdquo;) filed by the Company with the Commission (as defined in the Credit
Agreement) in conformity with the Securities Act under the Rules and Regulations (as defined in the Credit Agreement) of the Commission,
including the prospectus contained therein (the &ldquo;Fifth Amendment Base Prospectus&rdquo;) and (ii) a final prospectus supplement
filed with the Commission and delivered to the Investor (a &ldquo;<B>Fifth Amendment Prospectus Supplement</B>&rdquo; and, together
with the Fifth Amendment Base Prospectus, a &ldquo;<B>Fifth Amendment Prospectus</B>&rdquo;) containing amended and/or certain
supplemental information regarding the Securities and terms of the Issuance. If the Company has filed one or more abbreviated registration
statements to register additional shares of Common Stock pursuant to Rule 462(b) under the Rules and Regulations (each a &ldquo;<B>Rule
462(b) Registration Statement</B>&rdquo;), then any reference herein to the term &ldquo;Fifth Amendment Registration Statement&rdquo;
shall also be deemed to include any such Rule 462(b) Registration Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 1in">(g)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Without the prior written consent of the Company, prior to May 28, 2017, (which is the 180th day following the Closing Date),
the Investor shall not, and shall cause its wholly-owned subsidiaries not to, sell, transfer, encumber or otherwise dispose of
any or all of its Closing Shares other than transfers to affiliates of the Investor (provided, however, that any Closing Shares
transferred to such affiliate shall be subject as of the date of such transfer to the remaining term, if any as of such date, of
the foregoing transfer restrictions).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 1in">(h)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company agrees to make any filings required by the Financial Industry Regulatory Authority, Inc. (&ldquo;<B>FINRA</B>&rdquo;)
with respect to the Issuance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 1in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>On the Closing Date, the Company shall cause its Transfer Agent to deliver the Closing Shares to the Investor and register
the Closing Shares as instructed by the Investor. The Closing Shares will be delivered by crediting the account of the Investor&rsquo;s
prime broker (as specified by the Investor to the Company) with the Depository Trust Company (&ldquo;<B>DTC</B>&rdquo;) through
its Deposit/Withdrawal At Custodian (&ldquo;<B>DWAC</B>&rdquo;) system, whereby Investor&rsquo;s prime 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 Continental Stock Transfer &amp; Trust Company, the Company&rsquo;s transfer agent (the &ldquo;<B>Transfer Agent</B>&rdquo;),
at the Company&rsquo;s direction. The Investor shall direct the broker-dealer at which the account or accounts to be credited with
the Closing Shares are maintained, which broker/dealer shall be a DTC participant, to initiate a transaction through the DWAC system,
instructing the Transfer Agent to credit such account or accounts with the Closing Shares. Such DWAC instruction shall indicate
the settlement date for the deposit of the Closing Shares, which shall be the Closing Date. The Company shall direct the Transfer
Agent to credit the Investor&rsquo;s account or accounts with the Closing Shares pursuant to the information contained in the DWAC
instruction.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 1in">(j)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>On the Closing Date, the Company shall execute and deliver to the Investor the Warrant in the form of Exhibit M to the Credit
Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 0.5in"><B>2.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B>The Investor represents and warrants to the Company as of the Closing Date as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Investor has received the Fifth Amendment Prospectus and the documents incorporated by reference therein prior to or
in connection with the receipt of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 1in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Investor (i) is not a member of FINRA or an Associated Person (as such term is defined under the FINRA Membership and
Registration Rules) and (ii) after giving effect to the issuance of the Securities pursuant to this Agreement, neither the Investor
nor any Holder Group (as defined in the Credit Agreement) in respect of the Investor acquired, or obtained the right to acquire,
20% or more of the Common Stock (or securities convertible into or exercisable for Common Stock) or the voting power of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 1in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Investor is an &ldquo;accredited investor&rdquo; as that term is defined in Rule 501 of Regulation D promulgated under
the Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 0.5in"><B>3.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B>The Company represents and warrants to the Investor as of the date hereof, and with respect to the Warrant Stock (as
defined in the Warrant), as of any exercise date under the Warrant for purposes of Section 3(k) and Section 3(m), as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>All representations and warranties of the Company contained in the Fifth Amendment are true and correct in all material
respects (or, in the case of any such representation or warranty already qualified as to materiality, in all respects) as of the
date hereof as though made on and as of such date, except to the extent that such representations and warranties expressly relate
to an earlier date (in which case such representations and warranties shall have been true and correct on and as of such earlier
date).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 1in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>No order preventing or suspending the use of the Fifth Amendment Prospectus has been issued by the Commission, and no stop
order suspending the effectiveness of the Fifth Amendment Registration Statement or any post-effective amendment thereto has been
issued, and no proceedings for that purpose have been instituted or, to the Company&rsquo;s knowledge, are threatened by the Commission.
The Fifth Amendment Registration Statement complied when it became effective, complied on the Fifth Amendment Effective Date and
complies as of the Closing Date, in all material respects, with the requirements of Form S-3 under the Securities Act. 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.
The Fifth Amendment Registration Statement did not, as of the Closing Date, contain any untrue statement of a material fact or
omit to state a material fact necessary in order to make the statements therein not misleading, and the Fifth Amendment Prospectus,
as of the Closing Date, did not contain an untrue statement of a material fact or omit to state a material fact necessary in order
to make the statements therein, in light of the circumstances under which they were made, not misleading. Any required filing of
the Fifth Amendment Prospectus and any supplement thereto pursuant to Rule 424(b) of the Rules and Regulations has been or will
be made in the manner and within the time period required by such Rule 424(b).</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 1in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Fifth Amendment Registration Statement and all documents incorporated by reference in the Fifth Amendment Registration
Statement and the Fifth Amendment Prospectus as of the Closing Date, at the time they became effective or were filed with the Commission,
as the case may be, complied in all material respects with the requirements of the Securities Act or the Exchange Act (as defined
in the Credit Agreement), as applicable, and the rules and regulations of the Commission thereunder, and at the time they became
effective or were filed with the Commission, as the case may be, neither the Fifth Amendment Registration Statement nor any of
such other 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 1in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company has been duly incorporated and is validly existing as a corporation in good standing under the laws of the State
of Delaware, with the corporate power and authority necessary to own, lease and operate its properties and to conduct its business
as described in the Fifth Amendment Registration Statement and the Fifth Amendment Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 1in">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The authorized capital stock of the Company consists of (i) 70,000,000 shares of Common Stock and (ii) 100,000 shares of
preferred stock (the &ldquo;<B>Preferred Stock</B>&rdquo;). As of the Closing Date, 19,365,087 shares of Common Stock are issued
and outstanding and no shares of Preferred Stock are issued and outstanding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 1in">(f)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Securities have been duly and validly authorized by the Company, and the Closing Shares, 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 1in">(g)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Closing Shares and the Warrant Stock have been duly authorized for listing and quotation on the Nasdaq Global Market,
subject in each case to official notice of issuance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 1in">(h)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>This Agreement and the Warrant have each been duly authorized, executed and delivered by the Company and constitutes the
legal, valid and binding obligations of the Company, enforceable in accordance with its terms, subject to applicable bankruptcy,
insolvency, reorganization, moratorium or other laws affecting creditors&rsquo; rights generally and subject to general principles
of equity, regardless of whether considered in a proceeding in equity or at law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 1in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company is not in breach or violation of or in default under (i) the provisions of its charter or by-laws, (ii) any
material agreement filed as an exhibit to its SEC Reports, or (iii) any federal or state statute or law, any rule or regulation
issued pursuant to any federal or state statute or law, or any order issued pursuant to any federal or state statute or law by
any court or governmental agency or body having jurisdiction over the Company, except, with respect to clauses (ii) and (iii) above,
to the extent any such violation or default would not, individually or in the aggregate, have a material adverse effect on (x)
the business, properties, prospects, financial condition or results of operations of the Company or (y) the ability of the Company
to enter into and perform its obligations under, or consummate the transactions contemplated in, this Agreement (a &ldquo;<B>Material
Adverse Effect</B>&rdquo;).</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 1in">(j)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The execution, delivery and performance by the Company of this Agreement, including the issuance by the Company of the Closing
Shares, the Warrant and the Warrant Stock, will not conflict with or result in a breach or violation of, or constitute a default
under (i) the provisions of the Company&rsquo;s charter or by-laws, (ii) any indenture, mortgage, deed of trust or other agreement
or instrument to which the Company is a party or by which the Company or any of its properties or businesses is bound, or (iii)
any federal or state statute or law, any rule or regulation issued pursuant to any federal or state statute or law, or any order
issued pursuant to any federal or state statute or law by any court or governmental agency or body having jurisdiction over the
Company, except, with respect to clause (ii) and (iii) above, for any such conflict, breach, violation or default that would not,
individually or in the aggregate, have a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 1in">(k)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>No filing with, or authorization, approval, consent or order of, any court or governmental agency or body is required for
the issuance of the Closing Shares, the Warrant or the Warrant Stock, except such as have already been obtained or are contemplated
hereby.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 1in">(l)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT> Subsequent to the dates as of which information is given in the Fifth Amendment Prospectus and other than as contemplated
therein, there has not been (i) any material adverse change in the business, properties, prospects, financial condition or results
of operations of the Company, (ii) any transaction which is material to the Company, (iii) any material change in the capital stock,
or any material change in the outstanding indebtedness, of the Company, or (v) any dividend or distribution declared, paid or made
on the capital stock of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 1in">(m)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company represents and warrants that the Securities Act and the Rules and Regulations permit the Company to offer and
issue 357,500 shares of Common Stock, the Warrant and the Warrant Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 0.5in"><B>4.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B>The Company agrees to indemnify, defend and hold harmless the Investor, its directors and officers, and each person,
if any, who controls the Investor 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, the Investor 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 Fifth Amendment
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 Fifth Amendment
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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 0.5in"><B></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 0.5in"><B>5.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B>Notwithstanding any investigation made by any party to this Agreement, all covenants, agreements, representations and
warranties made by the Company and the Investor herein will survive the Closing Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 0.5in"><B>6.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B>All notices, requests, consents and other communications hereunder will be in writing, will be mailed by nationally
recognized overnight express courier, postage prepaid, or delivered by facsimile, and will be deemed given (i) if delivered by
nationally recognized overnight carrier, one business day after so mailed and (ii) if delivered by facsimile, upon electric confirmation
of receipt and will be delivered and addressed as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>if to the Company, to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 1.5in">Cadiz Inc.<BR>
550 South Hope Street, Suite 2850<BR>
Los Angeles, California 90071<BR>
Attention: Chief Financial Officer<BR>
Facsimile No.: 213-271-1614</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 1in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>with copies to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 1.5in; margin-bottom: 0pt">Mitchell Silberberg &amp; Knupp LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 1.5in; margin-bottom: 0pt">11377 West Olympic Boulevard</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 1.5in; margin-bottom: 0pt">Los Angeles, California 90064</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 1.5in; margin-bottom: 0pt">Attention: Kevin Friedmann</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 1.5in; margin-bottom: 0pt">Facsimile No.: 310 312-3798</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 1.5in; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 1in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>if to the Investor, to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 1.5in">MSD Credit Opportunity Master Fund, L.P.<BR>
645 Fifth Avenue<BR>
21st Floor<BR>
New York, NY 10022-5910<BR>
Attention: Marcello Liguori<BR>
Facsimile No.: (212) 303-1650<BR>
Telephone No.: (212) 303-1634<BR>
Email: mliguori@msdcapital.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 1in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>with copies to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 1.5in">Skadden, Arps, Slate, Meagher &amp; Flom LLP<BR>
4 Times Square<BR>
New York, NY 90071<BR>
Attention: Harvey Uris<BR>
Facsimile No.: (212) 735-2000<BR>
Telephone No.: (212) 735-3000<BR>
Email: harvey.uris@skadden.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 0.5in"><B></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 0.5in"><B>7.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B>This Agreement may not be modified or amended except pursuant to an instrument in writing signed by the Company and
the Investor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 0.5in"><B>8.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B>The headings of the various sections of this Agreement have been inserted for convenience of reference only and will
not be deemed to be part of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 0.5in"><B>9.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B>In case any provision contained in this Agreement should be invalid, illegal or unenforceable in any respect, the validity,
legality and enforceability of the remaining provisions contained herein will not in any way be affected or impaired thereby.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 0.5in"><B>10.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B>This Agreement will be governed by, and construed in accordance with, the internal laws of the State of New York.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 0.5in"><B>11.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B>Each of the Company and the Investor hereby irrevocably and unconditionally submits, for itself and its property, to
the exclusive jurisdiction of the Supreme Court of the State of New York sitting in New York County and of the United States District
Court of the Southern District of New York, and any appellate court from any thereof, in any action or proceeding arising out of
or relating to this Agreement, or for recognition or enforcement of any judgment, and each of the Company and the Investor hereby
irrevocably and unconditionally agrees that all claims in respect of any such action or proceeding may be heard and determined
in such New York State or, to the extent permitted by law, in such Federal court. Each of the Company and the Investor agrees that
a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the
judgment or in any other manner provided by law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 0.5in"><B>12.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>EACH OF THE COMPANY AND THE INVESTOR WAIVES ANY RIGHT TO TRIAL BY JURY ON ANY CLAIM, DEMAND, ACTION OR CAUSE OF ACTION (A)
ARISING UNDER THIS AGREEMENT OR (B) IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THIS AGREEMENT OR THE TRANSACTIONS RELATED
HERETO, IN EACH CASE WHETHER SOUNDING IN CONTRACT OR TORT OR OTHERWISE. EACH OF THE COMPANY AND THE INVESTOR AGREES AND CONSENTS
THAT ANY SUCH CLAIM, DEMAND, ACTION OR CAUSE OF ACTION SHALL BE DECIDED BY COURT TRIAL WITHOUT A JURY, AND THAT ANY PARTY TO THIS
AGREEMENT MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS CLAUSE WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF THE PARTIES
HERETO TO THE WAIVER OF THEIR RIGHT TO TRIAL BY JURY. EACH OF THE COMPANY AND THE INVESTOR ACKNOWLEDGES THAT IT HAS HAD THE OPPORTUNITY
TO CONSULT WITH COUNSEL REGARDING THIS CLAUSE, THAT IT FULLY UNDERSTANDS ITS TERMS, CONTENT AND EFFECT, AND THAT IT VOLUNTARILY
AND KNOWINGLY AGREES TO THE TERMS OF THIS CLAUSE. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 0.5in"><B>13.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B>This Agreement may be executed in two or more counterparts, each of which will constitute an original, but all of which,
when taken together, will constitute but one instrument, and will become effective when one or more counterparts have been signed
by each party hereto and delivered to the other parties.</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in">Please confirm that the foregoing correctly
sets forth the agreement between us by signing in the space provided below for that purpose.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 4in"><B>MSD CREDIT OPPORTUNITY MASTER FUND, L.P.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 4.5in">By: <U>/s/ Marcello Liguori</U><BR>
Name: Marcello Liguori<BR>
Title: Managing Director</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0">Agreed and Accepted by:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><B>CADIZ INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0">By: <U>/s/ Timothy J. Shaheen</U><BR>
Name: Timothy J. Shaheen<BR>
Title: CFO</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; text-align: center; margin-bottom: 0pt">EXHIBIT A</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; text-align: center; margin-bottom: 0pt">Form of Opinion of Counsel to Company</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; text-align: center; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">1.</TD><TD>The Company has been duly incorporated and is validly existing in good standing under the laws of the State of Delaware.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">2.</TD><TD>The Company has the corporate power and corporate authority to execute and deliver the Agreement and to consummate the transactions
contemplated thereby.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">3.</TD><TD>The Agreement and the Warrant have been duly authorized, executed and delivered by the Company and are each a valid and binding
agreement of the Company, enforceable against the Company in accordance with their terms.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">4.</TD><TD>The execution and delivery by the Company of the Agreement and the consummation by the Company of the transactions contemplated
thereby, including the issuance of the Closing Shares, will not (i) conflict with the Company&rsquo;s charter or by-laws, (ii)
constitute a violation of, or a breach or default under, the terms of any contract listed on a schedule to this opinion<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>[1]</SUP></FONT>
or (iii) violate or conflict with, or result in any contravention of, any applicable law or any order listed on a schedule to this
opinion.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>[2]</SUP></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">5.</TD><TD>No governmental approval, which has not been obtained or taken and is not in full force and effect, is required to authorize,
or is required for, the execution or delivery of the Agreement by the Company or the consummation by the Company of the transactions
contemplated thereby.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">6.</TD><TD>The Closing Shares have been duly authorized by the Company and, when delivered to the Investor, will be validly issued, fully
paid and nonassessable and free and clear of any preemptive rights or any similar rights arising under the laws of the State of
Delaware or the Company&rsquo;s charter or by-laws.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">7.</TD><TD>The shares of Common Stock issuable upon the exercise of the Warrant have been duly authorized by the Company and, when issued
upon the exercise of the Warrant in accordance with its terms, will be duly and validly issued, fully paid and non-assessable and
free and clear of any preemptive rights or any similar rights arising under the laws of the State of Delaware or the Company&rsquo;s
charter or by-laws.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">8.</TD><TD>The Company is not and, solely after giving effect to the issuance of the Closing Shares, the Warrant and any Warrant Stock
to the Investor, will not be an &ldquo;investment company&rdquo; as such term is defined in the Investment Company Act of 1940.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; text-align: center; text-indent: -0.5in; margin-bottom: 0pt">&nbsp;</P>

<HR ALIGN="LEFT" SIZE="1" STYLE="width: 33%">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>[1]</SUP></FONT>
Schedule to list:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 9pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 9pt">The 7.00% Convertible Senior
                                         Notes Indenture, dated as of March 5, 2013, by and between the Company and U.S. Bank
                                         National Association, as successor to The Bank of New York Mellon Trust Company, N.A.
                                         (&ldquo;U.S. Bank&rdquo;) as Trustee, as amended by that certain First Supplemental Indenture,
                                         dated as of October 30, 2013, and that certain Second Supplemental Indenture, dated as
                                         of November 23, 2015</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 9pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 9pt">The 7.00% Convertible Senior
                                         Notes Indenture, dated as of December 10, 2015, by and between the Company and U.S. Bank,
                                         as Trustee, as amended by that certain First Supplemental Indenture, dated as of April
                                         28, 2016</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 9pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 9pt">Limited Liability Company
                                         Agreement of Cadiz Real Estate LLC dated December 11, 2003</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 9pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 9pt">Amendment No. 1, dated October
                                         29, 2004, to Limited Liability Company Agreement of Cadiz Real Estate LLC</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 9pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 9pt">Amendment No. 2 dated March
                                         5, 2013, to Limited Liability Company Agreement of Cadiz Real Estate LLC</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 9pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 9pt">Amendment No. 2 dated October
                                         1, 2007 to Reorganization Plan and Agreement for Purchase and Sale of Assets dated as
                                         of February 18, 1998 among Cadiz Inc. and Mark A. Liggett in his capacity as successor
                                         in interest to Exploration Research Associates, Incorporated., a California corporation
                                         (&ldquo;ERA&rdquo;) and in his individual capacity as former sole shareholder of ERA
                                         and as the successor in interest to ERA</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 9pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 9pt">Lease Agreement, dated as
                                         of December 23, 2015, by and among Cadiz Real Estate LLC, Cadiz Inc. and Water Asset
                                         Management LLC</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 9pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 9pt">Private Placement Purchase
                                         Agreement, dated as of April 26, 2016, by and among Cadiz Inc. and the purchasers party
                                         thereto</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 9pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 9pt">Placement Agent Agreement,
                                         dated as of April 26, 2016, by and between Cadiz Inc. and B. Riley &amp; Co. LLC</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 9pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 9pt">Registration Rights Agreement,
                                         dated as of April 28, 2016, by and among Cadiz Inc. and the holders party thereto</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 9pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 9pt">Any other material agreements
                                         filed as exhibits 1, 2 or 4 under Rule 601 of Regulation S-K as promulgated under the
                                         Securities Act as filed as of the Closing Date</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0.25in; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><SUP>[2]
</SUP></FONT><FONT STYLE="font-size: 9pt">Schedule to list (i) the laws of the State of New York, (ii) the federal laws of the
United States of America and (iii) the General Corporation Law of the State of Delaware and the Delaware Limited Liability Company
Act. Orders to be confirmed by the Company at the Closing Date, as applicable to the relevant transactions.</FONT></P>

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<TYPE>EX-10.3
<SEQUENCE>8
<FILENAME>f8k112916ex10iii_cadizinc.htm
<DESCRIPTION>CLOSING SHARE AND WARRANT ISSUANCE AGREEMENT BY AND BETWEEN CADIZ INC. AND MILFAM II L.P., DATED AS OF NOVEMBER 29, 2016
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<P STYLE="margin: 0; text-align: right"><FONT STYLE="font-size: 10pt"><B>Exhibit 10.3</B></FONT></P>

<P STYLE="margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><U>MILFAM
CLOSING SHARE AND WARRANT ISSUANCE AGREEMENT</U></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: right"><FONT STYLE="font-size: 10pt; font-weight: normal">November
29, 2016</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">Cadiz Inc.<BR>
550 South Hope Street, Suite 2850<BR>
Los Angeles, California 90071</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0"><FONT STYLE="font-size: 10pt">Ladies and Gentlemen:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Cadiz Inc.,
a Delaware corporation (the &ldquo;<B>Company</B>&rdquo;), agrees, subject to the terms and conditions stated herein, to issue
to Milfam II L.P. (the &ldquo;<B>Investor</B>&rdquo;), 39,409 shares (the &ldquo;<B>Closing Shares</B>&rdquo;) of the Company&rsquo;s
common stock, $0.01 par value per share (the &ldquo;<B>Common Stock</B>&rdquo;) and a warrant to purchase 39,409 shares of the
Common Stock (the &ldquo;<B>Warrant</B>,&rdquo; and collectively with the Closing Shares, the &ldquo;<B>Securities</B>&rdquo;).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><B>1.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B>In consideration of the respective covenants, agreements and representations and warranties contained herein and for
other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Company and the Investor
intending to be legally bound, hereby agree as follows:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>This Closing Share and Warrant Issuance Agreement (the &ldquo;<B>Agreement</B>&rdquo;) is made as of the date set forth
above between the Company and the Investor.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company and Investor are parties to that certain Fifth Amendment to Amended and Restated Credit Agreement (the &ldquo;<B>Fifth
Amendment</B>&rdquo;), dated as of November 29, 2016 (the &ldquo;<B>Fifth Amendment Effective Date</B>&rdquo;), by and among the
Company, as a borrower, Cadiz Real Estate LLC, as a borrower, Investor, as a lender, the other lenders party thereto, and Wells
Fargo Bank, National Association, as agent (the &ldquo;Agent&rdquo;), which amended that certain Amended and Restated Credit Agreement
(as further amended prior to the Fifth Amendment Effective Date, and as subsequently amended from time to time, the &ldquo;<B>Credit
Agreement</B>&rdquo;) attached to that certain Amendment Agreement, dated as of October 30, 2013, by and among the Company, Cadiz
Real Estate LLC, LC Capital Master Fund, Ltd., the lenders party thereto, and the Agent.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Pursuant to the Fifth Amendment, the Company agreed to issue the Securities in connection with the Investor&rsquo;s entry
into the Fifth Amendment and as a condition precedent to the effectiveness of the Fifth Amendment pursuant Article II thereof.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company has authorized the issuance of, and agrees to issue, the Securities to the Investor on the date of this Agreement
(the &ldquo;<B>Closing Date</B>&rdquo;), upon the terms and conditions set forth herein.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Prior to the execution of this Agreement, the Company has delivered to Investor a written opinion, addressed to the Investor
and dated as of the Closing Date, from Mitchell Silberberg &amp; Knupp LLP, counsel to the Company, to the effect set forth in
<U>Exhibit A</U> hereto.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(f)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The offering and issuance of the Securities (collectively, the &ldquo;<B>Issuance</B>&rdquo;) is being made pursuant to
(i) an effective Registration Statement on Form S-3, No. 214318, including all amendments thereto, the exhibits and any schedules
thereto, the documents otherwise deemed to be a part thereof or included therein or any immediately succeeding registration statement
that is filed under the Securities Act (as defined in the Credit Agreement) on Form S-3 and immediately becomes effective (the
&ldquo;<B>Fifth Amendment Registration Statement</B>&rdquo;) filed by the Company with the Commission (as defined in the Credit
Agreement) in conformity with the Securities Act under the Rules and Regulations (as defined in the Credit Agreement) of the Commission,
including the prospectus contained therein (the &ldquo;Fifth Amendment Base Prospectus&rdquo;) and (ii) a final prospectus supplement
filed with the Commission and delivered to the Investor (a &ldquo;<B>Fifth Amendment Prospectus Supplement</B>&rdquo; and, together
with the Fifth Amendment Base Prospectus, a &ldquo;<B>Fifth Amendment Prospectus</B>&rdquo;) containing amended and/or certain
supplemental information regarding the Securities and terms of the Issuance. If the Company has filed one or more abbreviated
registration statements to register additional shares of Common Stock pursuant to Rule 462(b) under the Rules and Regulations
(each a &ldquo;<B>Rule 462(b) Registration Statement</B>&rdquo;), then any reference herein to the term &ldquo;Fifth Amendment
Registration Statement&rdquo; shall also be deemed to include any such Rule 462(b) Registration Statement.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(g)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Without the prior written consent of the Company, prior to May 28, 2017, (which is the 180th day following the Closing
Date), the Investor shall not, and shall cause its wholly-owned subsidiaries not to, sell, transfer, encumber or otherwise dispose
of any or all of its Closing Shares other than transfers to affiliates of the Investor (provided, however, that any Closing Shares
transferred to such affiliate shall be subject as of the date of such transfer to the remaining term, if any as of such date,
of the foregoing transfer restrictions).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(h)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company agrees to make any filings required by the Financial Industry Regulatory Authority, Inc. (&ldquo;<B>FINRA</B>&rdquo;)
with respect to the Issuance.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>On the Closing Date, the Company shall cause its Transfer Agent to deliver the Closing Shares to the Investor and register
the Closing Shares as instructed by the Investor. The Closing Shares will be delivered by crediting the account of the Investor&rsquo;s
prime broker (as specified by the Investor to the Company) with the Depository Trust Company (&ldquo;<B>DTC</B>&rdquo;) through
its Deposit/Withdrawal At Custodian (&ldquo;<B>DWAC</B>&rdquo;) system, whereby Investor&rsquo;s prime 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 Continental Stock Transfer &amp; Trust Company, the Company&rsquo;s transfer agent (the &ldquo;<B>Transfer Agent</B>&rdquo;),
at the Company&rsquo;s direction. The Investor shall direct the broker-dealer at which the account or accounts to be credited
with the Closing Shares are maintained, which broker/dealer shall be a DTC participant, to initiate a transaction through the
DWAC system, instructing the Transfer Agent to credit such account or accounts with the Closing Shares. Such DWAC instruction
shall indicate the settlement date for the deposit of the Closing Shares, which shall be the Closing Date. The Company shall direct
the Transfer Agent to credit the Investor&rsquo;s account or accounts with the Closing Shares pursuant to the information contained
in the DWAC instruction.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(j)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>On the Closing Date, the Company shall execute and deliver to the Investor the Warrant in the form of Exhibit M to the
Credit Agreement.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><B>2.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B>The Investor represents and warrants to the Company as of the Closing Date as follows:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Investor has received the Fifth Amendment Prospectus and the documents incorporated by reference therein prior to or
in connection with the receipt of this Agreement.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Investor (i) is not a member of FINRA or an Associated Person (as such term is defined under the FINRA Membership and
Registration Rules) and (ii) after giving effect to the issuance of the Securities pursuant to this Agreement, neither the Investor
nor any Holder Group (as defined in the Credit Agreement) in respect of the Investor acquired, or obtained the right to acquire,
20% or more of the Common Stock (or securities convertible into or exercisable for Common Stock) or the voting power of the Company.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Investor is an &ldquo;accredited investor&rdquo; as that term is defined in Rule 501 of Regulation D promulgated under
the Securities Act.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><B>3.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B>The Company represents and warrants to the Investor as of the date hereof, and with respect to the Warrant Stock (as
defined in the Warrant), as of any exercise date under the Warrant for purposes of Section 3(k) and Section 3(m), as follows:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>All representations and warranties of the Company contained in the Fifth Amendment are true and correct in all material
respects (or, in the case of any such representation or warranty already qualified as to materiality, in all respects) as of the
date hereof as though made on and as of such date, except to the extent that such representations and warranties expressly relate
to an earlier date (in which case such representations and warranties shall have been true and correct on and as of such earlier
date).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>No order preventing or suspending the use of the Fifth Amendment Prospectus has been issued by the Commission, and no stop
order suspending the effectiveness of the Fifth Amendment Registration Statement or any post-effective amendment thereto has been
issued, and no proceedings for that purpose have been instituted or, to the Company&rsquo;s knowledge, are threatened by the Commission.
The Fifth Amendment Registration Statement complied when it became effective, complied on the Fifth Amendment Effective Date and
complies as of the Closing Date, in all material respects, with the requirements of Form S-3 under the Securities Act. 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.
The Fifth Amendment Registration Statement did not, as of the Closing Date, contain any untrue statement of a material fact or
omit to state a material fact necessary in order to make the statements therein not misleading, and the Fifth Amendment Prospectus,
as of the Closing Date, did not contain an untrue statement of a material fact or omit to state a material fact necessary in order
to make the statements therein, in light of the circumstances under which they were made, not misleading. Any required filing
of the Fifth Amendment Prospectus and any supplement thereto pursuant to Rule 424(b) of the Rules and Regulations has been or
will be made in the manner and within the time period required by such Rule 424(b).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Fifth Amendment Registration Statement and all documents incorporated by reference in the Fifth Amendment Registration
Statement and the Fifth Amendment Prospectus as of the Closing Date, at the time they became effective or were filed with the
Commission, as the case may be, complied in all material respects with the requirements of the Securities Act or the Exchange
Act (as defined in the Credit Agreement), as applicable, and the rules and regulations of the Commission thereunder, and at the
time they became effective or were filed with the Commission, as the case may be, neither the Fifth Amendment Registration Statement
nor any of such other 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></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company has been duly incorporated and is validly existing as a corporation in good standing under the laws of the
State of Delaware, with the corporate power and authority necessary to own, lease and operate its properties and to conduct its
business as described in the Fifth Amendment Registration Statement and the Fifth Amendment Prospectus.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The authorized capital stock of the Company consists of (i) 70,000,000 shares of Common Stock and (ii) 100,000 shares of
preferred stock (the &ldquo;<B>Preferred Stock</B>&rdquo;). As of the Closing Date, 19,365,087 shares of Common Stock are issued
and outstanding and no shares of Preferred Stock are issued and outstanding.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(f)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Securities have been duly and validly authorized by the Company, and the Closing Shares, 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></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(g)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Closing Shares and the Warrant Stock have been duly authorized for listing and quotation on the Nasdaq Global Market,
subject in each case to official notice of issuance.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(h)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>This Agreement and the Warrant have each been duly authorized, executed and delivered by the Company and constitutes the
legal, valid and binding obligations of the Company, enforceable in accordance with its terms, subject to applicable bankruptcy,
insolvency, reorganization, moratorium or other laws affecting creditors&rsquo; rights generally and subject to general principles
of equity, regardless of whether considered in a proceeding in equity or at law.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company is not in breach or violation of or in default under (i) the provisions of its charter or by-laws, (ii) any
material agreement filed as an exhibit to its SEC Reports, or (iii) any federal or state statute or law, any rule or regulation
issued pursuant to any federal or state statute or law, or any order issued pursuant to any federal or state statute or law by
any court or governmental agency or body having jurisdiction over the Company, except, with respect to clauses (ii) and (iii)
above, to the extent any such violation or default would not, individually or in the aggregate, have a material adverse effect
on (x) the business, properties, prospects, financial condition or results of operations of the Company or (y) the ability of
the Company to enter into and perform its obligations under, or consummate the transactions contemplated in, this Agreement (a
&ldquo;<B>Material Adverse Effect</B>&rdquo;).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(j)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The execution, delivery and performance by the Company of this Agreement, including the issuance by the Company of the
Closing Shares, the Warrant and the Warrant Stock, will not conflict with or result in a breach or violation of, or constitute
a default under (i) the provisions of the Company&rsquo;s charter or by-laws, (ii) any indenture, mortgage, deed of trust or other
agreement or instrument to which the Company is a party or by which the Company or any of its properties or businesses is bound,
or (iii) any federal or state statute or law, any rule or regulation issued pursuant to any federal or state statute or law, or
any order issued pursuant to any federal or state statute or law by any court or governmental agency or body having jurisdiction
over the Company, except, with respect to clause (ii) and (iii) above, for any such conflict, breach, violation or default that
would not, individually or in the aggregate, have a Material Adverse Effect.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(k)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>No filing with, or authorization, approval, consent or order of, any court or governmental agency or body is required for
the issuance of the Closing Shares, the Warrant or the Warrant Stock, except such as have already been obtained or are contemplated
hereby.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(l)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT> Subsequent to the dates as of which information is given in the Fifth Amendment Prospectus and other than as contemplated
therein, there has not been (i) any material adverse change in the business, properties, prospects, financial condition or results
of operations of the Company, (ii) any transaction which is material to the Company, (iii) any material change in the capital
stock, or any material change in the outstanding indebtedness, of the Company, or (v) any dividend or distribution declared, paid
or made on the capital stock of the Company.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(m)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company represents and warrants that the Securities Act and the Rules and Regulations permit the Company to offer and
issue 357,500 shares of Common Stock, the Warrant and the Warrant Stock.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><B>4.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B>The Company agrees to indemnify, defend and hold harmless the Investor, its directors and officers, and each person,
if any, who controls the Investor 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, the Investor 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 Fifth Amendment
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 Fifth Amendment
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.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><B>5.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B>Notwithstanding any investigation made by any party to this Agreement, all covenants, agreements, representations and
warranties made by the Company and the Investor herein will survive the Closing Date.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><B></B></FONT></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><B>6.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B>All notices, requests, consents and other communications hereunder will be in writing, will be mailed by nationally
recognized overnight express courier, postage prepaid, or delivered by facsimile, and will be deemed given (i) if delivered by
nationally recognized overnight carrier, one business day after so mailed and (ii) if delivered by facsimile, upon electric confirmation
of receipt and will be delivered and addressed as follows:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>if to the Company, to:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0 1.5in"><FONT STYLE="font-size: 10pt">Cadiz Inc.<BR>
550 South Hope Street, Suite 2850<BR>
Los Angeles, California 90071<BR>
Attention: Chief Financial Officer<BR>
Facsimile No.: 213-271-1614</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>with copies to:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in"><FONT STYLE="font-size: 10pt">Mitchell Silberberg &amp;
Knupp LLP</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in"><FONT STYLE="font-size: 10pt">11377 West Olympic Boulevard</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in"><FONT STYLE="font-size: 10pt">Los Angeles, California
90064</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in"><FONT STYLE="font-size: 10pt">Attention: Kevin Friedmann</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in"><FONT STYLE="font-size: 10pt">Facsimile No.: 310 312-3798</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>if to the Investor, to:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0 1.5in"><FONT STYLE="font-size: 10pt">Milfam II L.P.<BR>
3300 S. Dixie Highway, Suite 1-365<BR>
West Palm Beach, FL 33405<BR>
Attention: Eric Fangmann<BR>
Facsimile No.: (619) 923-2908<BR>
Telephone No.: (561) 287-5399<BR>
Email: info@limadvisory.com</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>with copies to:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0 1.5in"><FONT STYLE="font-size: 10pt">O&rsquo;Melveny &amp;
Myers LLP<BR>
400 South Hope Street<BR>
Los Angeles, CA 90071<BR>
Attention: Steve Warren<BR>
Facsimile No.: (213) 430-6407<BR>
Telephone No.: (213) 430-7875</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><B>7.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B>This Agreement may not be modified or amended except pursuant to an instrument in writing signed by the Company and
the Investor.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><B>8.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B>The headings of the various sections of this Agreement have been inserted for convenience of reference only and will
not be deemed to be part of this Agreement.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><B>9.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B>In case any provision contained in this Agreement should be invalid, illegal or unenforceable in any respect, the validity,
legality and enforceability of the remaining provisions contained herein will not in any way be affected or impaired thereby.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><B>10.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B>This Agreement will be governed by, and construed in accordance with, the internal laws of the State of New York.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"></FONT></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><B>11.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B>Each of the Company and the Investor hereby irrevocably and unconditionally submits, for itself and its property, to
the exclusive jurisdiction of the Supreme Court of the State of New York sitting in New York County and of the United States District
Court of the Southern District of New York, and any appellate court from any thereof, in any action or proceeding arising out
of or relating to this Agreement, or for recognition or enforcement of any judgment, and each of the Company and the Investor
hereby irrevocably and unconditionally agrees that all claims in respect of any such action or proceeding may be heard and determined
in such New York State or, to the extent permitted by law, in such Federal court. Each of the Company and the Investor agrees
that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit
on the judgment or in any other manner provided by law.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><B>12.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>EACH OF THE COMPANY AND THE INVESTOR WAIVES ANY RIGHT TO TRIAL BY JURY ON ANY CLAIM, DEMAND, ACTION OR CAUSE OF ACTION
(A) ARISING UNDER THIS AGREEMENT OR (B) IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THIS AGREEMENT OR THE TRANSACTIONS
RELATED HERETO, IN EACH CASE WHETHER SOUNDING IN CONTRACT OR TORT OR OTHERWISE. EACH OF THE COMPANY AND THE INVESTOR AGREES AND
CONSENTS THAT ANY SUCH CLAIM, DEMAND, ACTION OR CAUSE OF ACTION SHALL BE DECIDED BY COURT TRIAL WITHOUT A JURY, AND THAT ANY PARTY
TO THIS AGREEMENT MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS CLAUSE WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT
OF THE PARTIES HERETO TO THE WAIVER OF THEIR RIGHT TO TRIAL BY JURY. EACH OF THE COMPANY AND THE INVESTOR ACKNOWLEDGES THAT IT
HAS HAD THE OPPORTUNITY TO CONSULT WITH COUNSEL REGARDING THIS CLAUSE, THAT IT FULLY UNDERSTANDS ITS TERMS, CONTENT AND EFFECT,
AND THAT IT VOLUNTARILY AND KNOWINGLY AGREES TO THE TERMS OF THIS CLAUSE. </B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><B>13.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B>This Agreement may be executed in two or more counterparts, each of which will constitute an original, but all of which,
when taken together, will constitute but one instrument, and will become effective when one or more counterparts have been signed
by each party hereto and delivered to the other parties.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Please confirm
that the foregoing correctly sets forth the agreement between us by signing in the space provided below for that purpose.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 24pt 0 0 3.5in"><FONT STYLE="font-size: 10pt"><B>MILFAM II L.P.</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 24pt 0 0 3.5in"><FONT STYLE="font-size: 10pt">By: MILFAM LLC<BR>
Its: General Partner</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 24pt 0 0 3.8in"><FONT STYLE="font-size: 10pt">By: <U>/s/ Lloyd I.
Miller, III</U></FONT><BR> <FONT STYLE="font-size: 10pt">Name: Lloyd I. Miller, III</FONT><BR> <FONT STYLE="font-size: 10pt">Title:
Manager</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0"><FONT STYLE="font-size: 10pt">Agreed and Accepted by:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0"><FONT STYLE="font-size: 10pt"><B>CADIZ INC.</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0"><FONT STYLE="font-size: 10pt">By: <U>/s/ Timothy J. Shaheen</U></FONT><BR>
<FONT STYLE="font-size: 10pt">Name: Timothy J. Shaheen</FONT><BR>
<FONT STYLE="font-size: 10pt">Title: CFO</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0"></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0"></P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; text-align: center; margin-bottom: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;EXHIBIT A</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 4pt 0; text-align: center"><FONT STYLE="font-size: 10pt">Form of
Opinion of Counsel to Company</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 2pt 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">1.</FONT></TD><TD><FONT STYLE="font-size: 10pt">The Company has been duly incorporated
                                         and is validly existing in good standing under the laws of the State of Delaware.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">2.</FONT></TD><TD><FONT STYLE="font-size: 10pt">The Company has the corporate
                                         power and corporate authority to execute and deliver the Agreement and to consummate
                                         the transactions contemplated thereby.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">3.</FONT></TD><TD><FONT STYLE="font-size: 10pt">The Agreement and the Warrant
                                         have been duly authorized, executed and delivered by the Company and are each a valid
                                         and binding agreement of the Company, enforceable against the Company in accordance with
                                         their terms.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">4.</FONT></TD><TD><FONT STYLE="font-size: 10pt">The execution and delivery by
                                         the Company of the Agreement and the consummation by the Company of the transactions
                                         contemplated thereby, including the issuance of the Closing Shares, will not (i) conflict
                                         with the Company&rsquo;s charter or by-laws, (ii) constitute a violation of, or a breach
                                         or default under, the terms of any contract listed on a schedule to this opinion<A HREF="#note_ftn1" NAME="note_ftnref1" STYLE="font-size: 65%; vertical-align: 35%">1</A>
                                         or (iii) violate or conflict with, or result in any contravention of, any applicable
                                         law or any order listed on a schedule to this opinion.<A HREF="#note_ftn2" NAME="note_ftnref2" STYLE="font-size: 65%; vertical-align: 35%">2</A></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">5.</FONT></TD><TD><FONT STYLE="font-size: 10pt">No governmental approval, which
                                         has not been obtained or taken and is not in full force and effect, is required to authorize,
                                         or is required for, the execution or delivery of the Agreement by the Company or the
                                         consummation by the Company of the transactions contemplated thereby.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">6.</FONT></TD><TD><FONT STYLE="font-size: 10pt">The Closing Shares have been
                                         duly authorized by the Company and, when delivered to the Investor, will be validly issued,
                                         fully paid and nonassessable and free and clear of any preemptive rights or any similar
                                         rights arising under the laws of the State of Delaware or the Company&rsquo;s charter
                                         or by-laws.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">7.</FONT></TD><TD><FONT STYLE="font-size: 10pt">The shares of Common Stock issuable
                                         upon the exercise of the Warrant have been duly authorized by the Company and, when issued
                                         upon the exercise of the Warrant in accordance with its terms, will be duly and validly
                                         issued, fully paid and non-assessable and free and clear of any preemptive rights or
                                         any similar rights arising under the laws of the State of Delaware or the Company&rsquo;s
                                         charter or by-laws.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">8.</FONT></TD><TD><FONT STYLE="font-size: 10pt">The Company is not and, solely
                                         after giving effect to the issuance of the Closing Shares, the Warrant and any Warrant
                                         Stock to the Investor, will not be an &ldquo;investment company&rdquo; as such term is
                                         defined in the Investment Company Act of 1940.</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 2pt 0 2pt 0.5in; text-align: center; text-indent: -0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<HR ALIGN="LEFT" SIZE="1" STYLE="width: 33%">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 0.25in; text-indent: -0.25in"><FONT STYLE="font-size: 10pt"><A HREF="#note_ftnref1" NAME="note_ftn1" STYLE="font-size: 65%; vertical-align: 35%">1</A>
Schedule to list:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">The 7.00% Convertible Senior
                                         Notes Indenture, dated as of March 5, 2013, by and between the Company and U.S. Bank
                                         National Association, as successor to The Bank of New York Mellon Trust Company, N.A.
                                         (&ldquo;U.S. Bank&rdquo;) as Trustee, as amended by that certain First Supplemental Indenture,
                                         dated as of October 30, 2013, and that certain Second Supplemental Indenture, dated as
                                         of November 23, 2015</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">The 7.00% Convertible Senior
                                         Notes Indenture, dated as of December 10, 2015, by and between the Company and U.S. Bank,
                                         as Trustee, as amended by that certain First Supplemental Indenture, dated as of April
                                         28, 2016</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">Limited Liability Company
                                         Agreement of Cadiz Real Estate LLC dated December 11, 2003</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">Amendment No. 1, dated October
                                         29, 2004, to Limited Liability Company Agreement of Cadiz Real Estate LLC</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">Amendment No. 2 dated March
                                         5, 2013, to Limited Liability Company Agreement of Cadiz Real Estate LLC</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">Amendment No. 2 dated October
                                         1, 2007 to Reorganization Plan and Agreement for Purchase and Sale of Assets dated as
                                         of February 18, 1998 among Cadiz Inc. and Mark A. Liggett in his capacity as successor
                                         in interest to Exploration Research Associates, Incorporated., a California corporation
                                         (&ldquo;ERA&rdquo;) and in his individual capacity as former sole shareholder of ERA
                                         and as the successor in interest to ERA</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">Lease Agreement, dated as
                                         of December 23, 2015, by and among Cadiz Real Estate LLC, Cadiz Inc. and Water Asset
                                         Management LLC</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">Private Placement Purchase
                                         Agreement, dated as of April 26, 2016, by and among Cadiz Inc. and the purchasers party
                                         thereto</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">Placement Agent Agreement,
                                         dated as of April 26, 2016, by and between Cadiz Inc. and B. Riley &amp; Co. LLC</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">Registration Rights Agreement,
                                         dated as of April 28, 2016, by and among Cadiz Inc. and the holders party thereto</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">Any other material agreements
                                         filed as exhibits 1, 2 or 4 under Rule 601 of Regulation S-K as promulgated under the
                                         Securities Act as filed as of the Closing Date</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 0.25in; text-indent: -0.25in"><FONT STYLE="font-size: 10pt"><A HREF="#note_ftnref2" NAME="note_ftn2" STYLE="font-size: 65%; vertical-align: 35%">2</A>
Schedule to list (i) the laws of the State of New York, (ii) the federal laws of the United States of America and (iii) the General
Corporation Law of the State of Delaware and the Delaware Limited Liability Company Act. Orders to be confirmed by the Company
at the Closing Date, as applicable to the relevant transactions.</FONT></P>



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<DESCRIPTION>CLOSING SHARE AND WARRANT ISSUANCE AGREEMENT BY AND BETWEEN CADIZ INC. AND WPI-CADIZ FARM CA, LLC, DATED AS OF NOVEMBER 29, 2016
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<P STYLE="margin-right: 0; margin-left: 0; text-align: right"><B>Exhibit 10.4</B>&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: center"><U>WPI-WAM CLOSING SHARE AND WARRANT
ISSUANCE AGREEMENT</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: right"><FONT STYLE="font-weight: normal">November
29, 2016</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0">Cadiz Inc.<BR>
550 South Hope Street, Suite 2850<BR>
Los Angeles, California 90071</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0">Ladies and Gentlemen:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in">Cadiz Inc., a Delaware corporation (the
&ldquo;<B>Company</B>&rdquo;), agrees, subject to the terms and conditions stated herein, to issue to WPI-Cadiz Farm CA, LLC (the
&ldquo;<B>Investor</B>&rdquo;), 11,561 shares (the &ldquo;<B>Closing Shares</B>&rdquo;) of the Company&rsquo;s common stock, $0.01
par value per share (the &ldquo;<B>Common Stock</B>&rdquo;) and a warrant to purchase 11,561 shares of the Common Stock (the &ldquo;<B>Warrant</B>,&rdquo;
and collectively with the Closing Shares, the &ldquo;<B>Securities</B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 0.5in"><B>1.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B>In consideration of the respective covenants, agreements and representations and warranties contained herein and for
other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Company and the Investor
intending to be legally bound, hereby agree as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>This Closing Share and Warrant Issuance Agreement (the &ldquo;<B>Agreement</B>&rdquo;) is made as of the date set forth
above between the Company and the Investor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 1in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company and Investor are parties to that certain Fifth Amendment to Amended and Restated Credit Agreement (the &ldquo;<B>Fifth
Amendment</B>&rdquo;), dated as of November 29, 2016 (the &ldquo;<B>Fifth Amendment Effective Date</B>&rdquo;), by and among the
Company, as a borrower, Cadiz Real Estate LLC, as a borrower, Investor, as a lender, the other lenders party thereto, and Wells
Fargo Bank, National Association, as agent (the &ldquo;Agent&rdquo;), which amended that certain Amended and Restated Credit Agreement
(as further amended prior to the Fifth Amendment Effective Date, and as subsequently amended from time to time, the &ldquo;<B>Credit
Agreement</B>&rdquo;) attached to that certain Amendment Agreement, dated as of October 30, 2013, by and among the Company, Cadiz
Real Estate LLC, LC Capital Master Fund, Ltd., the lenders party thereto, and the Agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 1in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Pursuant to the Fifth Amendment, the Company agreed to issue the Securities in connection with the Investor&rsquo;s entry
into the Fifth Amendment and as a condition precedent to the effectiveness of the Fifth Amendment pursuant Article II thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 1in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company has authorized the issuance of, and agrees to issue, the Securities to the Investor on the date of this Agreement
(the &ldquo;<B>Closing Date</B>&rdquo;), upon the terms and conditions set forth herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 1in">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Prior to the execution of this Agreement, the Company has delivered to Investor a written opinion, addressed to the Investor
and dated as of the Closing Date, from Mitchell Silberberg &amp; Knupp LLP, counsel to the Company, to the effect set forth in
<U>Exhibit A</U> hereto.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 1in">(f)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The offering and issuance of the Securities (collectively, the &ldquo;<B>Issuance</B>&rdquo;) is being made pursuant to
(i) an effective Registration Statement on Form S-3, No. 214318, including all amendments thereto, the exhibits and any schedules
thereto, the documents otherwise deemed to be a part thereof or included therein or any immediately succeeding registration statement
that is filed under the Securities Act (as defined in the Credit Agreement) on Form S-3 and immediately becomes effective (the
&ldquo;<B>Fifth Amendment Registration Statement</B>&rdquo;) filed by the Company with the Commission (as defined in the Credit
Agreement) in conformity with the Securities Act under the Rules and Regulations (as defined in the Credit Agreement) of the Commission,
including the prospectus contained therein (the &ldquo;Fifth Amendment Base Prospectus&rdquo;) and (ii) a final prospectus supplement
filed with the Commission and delivered to the Investor (a &ldquo;<B>Fifth Amendment Prospectus Supplement</B>&rdquo; and, together
with the Fifth Amendment Base Prospectus, a &ldquo;<B>Fifth Amendment Prospectus</B>&rdquo;) containing amended and/or certain
supplemental information regarding the Securities and terms of the Issuance. If the Company has filed one or more abbreviated registration
statements to register additional shares of Common Stock pursuant to Rule 462(b) under the Rules and Regulations (each a &ldquo;<B>Rule
462(b) Registration Statement</B>&rdquo;), then any reference herein to the term &ldquo;Fifth Amendment Registration Statement&rdquo;
shall also be deemed to include any such Rule 462(b) Registration Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 1in">(g)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Without the prior written consent of the Company, prior to May 28, 2017, (which is the 180th day following the Closing Date),
the Investor shall not, and shall cause its wholly-owned subsidiaries not to, sell, transfer, encumber or otherwise dispose of
any or all of its Closing Shares other than transfers to affiliates of the Investor (provided, however, that any Closing Shares
transferred to such affiliate shall be subject as of the date of such transfer to the remaining term, if any as of such date, of
the foregoing transfer restrictions).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 1in">(h)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company agrees to make any filings required by the Financial Industry Regulatory Authority, Inc. (&ldquo;<B>FINRA</B>&rdquo;)
with respect to the Issuance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 1in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>On the Closing Date, the Company shall cause its Transfer Agent to deliver the Closing Shares to the Investor and register
the Closing Shares as instructed by the Investor. The Closing Shares will be delivered by crediting the account of the Investor&rsquo;s
prime broker (as specified by the Investor to the Company) with the Depository Trust Company (&ldquo;<B>DTC</B>&rdquo;) through
its Deposit/Withdrawal At Custodian (&ldquo;<B>DWAC</B>&rdquo;) system, whereby Investor&rsquo;s prime 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 Continental Stock Transfer &amp; Trust Company, the Company&rsquo;s transfer agent (the &ldquo;<B>Transfer Agent</B>&rdquo;),
at the Company&rsquo;s direction. The Investor shall direct the broker-dealer at which the account or accounts to be credited with
the Closing Shares are maintained, which broker/dealer shall be a DTC participant, to initiate a transaction through the DWAC system,
instructing the Transfer Agent to credit such account or accounts with the Closing Shares. Such DWAC instruction shall indicate
the settlement date for the deposit of the Closing Shares, which shall be the Closing Date. The Company shall direct the Transfer
Agent to credit the Investor&rsquo;s account or accounts with the Closing Shares pursuant to the information contained in the DWAC
instruction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 1in">(j)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>On the Closing Date, the Company shall execute and deliver to the Investor the Warrant in the form of Exhibit M to the Credit
Agreement.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 0.5in"><B>2.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B>The Investor represents and warrants to the Company as of the Closing Date as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Investor has received the Fifth Amendment Prospectus and the documents incorporated by reference therein prior to or
in connection with the receipt of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 1in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Investor (i) is not a member of FINRA or an Associated Person (as such term is defined under the FINRA Membership and
Registration Rules) and (ii) after giving effect to the issuance of the Securities pursuant to this Agreement, neither the Investor
nor any Holder Group (as defined in the Credit Agreement) in respect of the Investor acquired, or obtained the right to acquire,
20% or more of the Common Stock (or securities convertible into or exercisable for Common Stock) or the voting power of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 1in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Investor is an &ldquo;accredited investor&rdquo; as that term is defined in Rule 501 of Regulation D promulgated under
the Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 0.5in"><B>3.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B>The Company represents and warrants to the Investor as of the date hereof, and with respect to the Warrant Stock (as
defined in the Warrant), as of any exercise date under the Warrant for purposes of Section 3(k) and Section 3(m), as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>All representations and warranties of the Company contained in the Fifth Amendment are true and correct in all material
respects (or, in the case of any such representation or warranty already qualified as to materiality, in all respects) as of the
date hereof as though made on and as of such date, except to the extent that such representations and warranties expressly relate
to an earlier date (in which case such representations and warranties shall have been true and correct on and as of such earlier
date).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 1in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>No order preventing or suspending the use of the Fifth Amendment Prospectus has been issued by the Commission, and no stop
order suspending the effectiveness of the Fifth Amendment Registration Statement or any post-effective amendment thereto has been
issued, and no proceedings for that purpose have been instituted or, to the Company&rsquo;s knowledge, are threatened by the Commission.
The Fifth Amendment Registration Statement complied when it became effective, complied on the Fifth Amendment Effective Date and
complies as of the Closing Date, in all material respects, with the requirements of Form S-3 under the Securities Act. 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.
The Fifth Amendment Registration Statement did not, as of the Closing Date, contain any untrue statement of a material fact or
omit to state a material fact necessary in order to make the statements therein not misleading, and the Fifth Amendment Prospectus,
as of the Closing Date, did not contain an untrue statement of a material fact or omit to state a material fact necessary in order
to make the statements therein, in light of the circumstances under which they were made, not misleading. Any required filing of
the Fifth Amendment Prospectus and any supplement thereto pursuant to Rule 424(b) of the Rules and Regulations has been or will
be made in the manner and within the time period required by such Rule 424(b).</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 1in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Fifth Amendment Registration Statement and all documents incorporated by reference in the Fifth Amendment Registration
Statement and the Fifth Amendment Prospectus as of the Closing Date, at the time they became effective or were filed with the Commission,
as the case may be, complied in all material respects with the requirements of the Securities Act or the Exchange Act (as defined
in the Credit Agreement), as applicable, and the rules and regulations of the Commission thereunder, and at the time they became
effective or were filed with the Commission, as the case may be, neither the Fifth Amendment Registration Statement nor any of
such other 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 1in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company has been duly incorporated and is validly existing as a corporation in good standing under the laws of the State
of Delaware, with the corporate power and authority necessary to own, lease and operate its properties and to conduct its business
as described in the Fifth Amendment Registration Statement and the Fifth Amendment Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 1in">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The authorized capital stock of the Company consists of (i) 70,000,000 shares of Common Stock and (ii) 100,000 shares of
preferred stock (the &ldquo;<B>Preferred Stock</B>&rdquo;). As of the Closing Date, 19,365,087 shares of Common Stock are issued
and outstanding and no shares of Preferred Stock are issued and outstanding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 1in">(f)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Securities have been duly and validly authorized by the Company, and the Closing Shares, 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 1in">(g)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Closing Shares and the Warrant Stock have been duly authorized for listing and quotation on the Nasdaq Global Market,
subject in each case to official notice of issuance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 1in">(h)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>This Agreement and the Warrant have each been duly authorized, executed and delivered by the Company and constitutes the
legal, valid and binding obligations of the Company, enforceable in accordance with its terms, subject to applicable bankruptcy,
insolvency, reorganization, moratorium or other laws affecting creditors&rsquo; rights generally and subject to general principles
of equity, regardless of whether considered in a proceeding in equity or at law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 1in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company is not in breach or violation of or in default under (i) the provisions of its charter or by-laws, (ii) any
material agreement filed as an exhibit to its SEC Reports, or (iii) any federal or state statute or law, any rule or regulation
issued pursuant to any federal or state statute or law, or any order issued pursuant to any federal or state statute or law by
any court or governmental agency or body having jurisdiction over the Company, except, with respect to clauses (ii) and (iii) above,
to the extent any such violation or default would not, individually or in the aggregate, have a material adverse effect on (x)
the business, properties, prospects, financial condition or results of operations of the Company or (y) the ability of the Company
to enter into and perform its obligations under, or consummate the transactions contemplated in, this Agreement (a &ldquo;<B>Material
Adverse Effect</B>&rdquo;).</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 1in">(j)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The execution, delivery and performance by the Company of this Agreement, including the issuance by the Company of the Closing
Shares, the Warrant and the Warrant Stock, will not conflict with or result in a breach or violation of, or constitute a default
under (i) the provisions of the Company&rsquo;s charter or by-laws, (ii) any indenture, mortgage, deed of trust or other agreement
or instrument to which the Company is a party or by which the Company or any of its properties or businesses is bound, or (iii)
any federal or state statute or law, any rule or regulation issued pursuant to any federal or state statute or law, or any order
issued pursuant to any federal or state statute or law by any court or governmental agency or body having jurisdiction over the
Company, except, with respect to clause (ii) and (iii) above, for any such conflict, breach, violation or default that would not,
individually or in the aggregate, have a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 1in">(k)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>No filing with, or authorization, approval, consent or order of, any court or governmental agency or body is required for
the issuance of the Closing Shares, the Warrant or the Warrant Stock, except such as have already been obtained or are contemplated
hereby.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 1in">(l)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT> Subsequent to the dates as of which information is given in the Fifth Amendment Prospectus and other than as contemplated
therein, there has not been (i) any material adverse change in the business, properties, prospects, financial condition or results
of operations of the Company, (ii) any transaction which is material to the Company, (iii) any material change in the capital stock,
or any material change in the outstanding indebtedness, of the Company, or (v) any dividend or distribution declared, paid or made
on the capital stock of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 1in">(m)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company represents and warrants that the Securities Act and the Rules and Regulations permit the Company to offer and
issue 357,500 shares of Common Stock, the Warrant and the Warrant Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 0.5in"><B>4.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B>The Company agrees to indemnify, defend and hold harmless the Investor, its directors and officers, and each person,
if any, who controls the Investor 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, the Investor 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 Fifth Amendment
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 Fifth Amendment
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.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 0.5in"><B>5.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B>Notwithstanding any investigation made by any party to this Agreement, all covenants, agreements, representations and
warranties made by the Company and the Investor herein will survive the Closing Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 0.5in"><B>6.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B>All notices, requests, consents and other communications hereunder will be in writing, will be mailed by nationally
recognized overnight express courier, postage prepaid, or delivered by facsimile, and will be deemed given (i) if delivered by
nationally recognized overnight carrier, one business day after so mailed and (ii) if delivered by facsimile, upon electric confirmation
of receipt and will be delivered and addressed as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>if to the Company, to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 1.5in">Cadiz Inc.<BR>
550 South Hope Street, Suite 2850<BR>
Los Angeles, California 90071<BR>
Attention: Chief Financial Officer<BR>
Facsimile No.: 213-271-1614</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 1in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>with copies to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 1.5in; margin-bottom: 0pt">Mitchell Silberberg &amp; Knupp LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 1.5in; margin-bottom: 0pt">11377 West Olympic Boulevard</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 1.5in; margin-bottom: 0pt">Los Angeles, California 90064</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 1.5in; margin-bottom: 0pt">Attention: Kevin Friedmann</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 1.5in; margin-bottom: 0pt">Facsimile No.: 310 312-3798</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 1.5in; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 1in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>if to the Investor, to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 1.5in">WPI-Cadiz Farm CA, LLC<BR>
c/o Water Asset Management, LLC<BR>
509 Madison Avenue, Suite 804<BR>
New York, NY 10022<BR>
Attention: Stacy Kincaid<BR>
Facsimile No.: (212) 754-5101<BR>
Telephone No.: (415) 529-4830<BR>
Email: s.kincaid@waterinv.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 0.5in"><B></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 0.5in"><B>7.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B>This Agreement may not be modified or amended except pursuant to an instrument in writing signed by the Company and
the Investor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 0.5in"><B>8.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B>The headings of the various sections of this Agreement have been inserted for convenience of reference only and will
not be deemed to be part of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 0.5in"><B>9.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B>In case any provision contained in this Agreement should be invalid, illegal or unenforceable in any respect, the validity,
legality and enforceability of the remaining provisions contained herein will not in any way be affected or impaired thereby.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 0.5in"><B>10.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B>This Agreement will be governed by, and construed in accordance with, the internal laws of the State of New York.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 0.5in"><B>11.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B>Each of the Company and the Investor hereby irrevocably and unconditionally submits, for itself and its property, to
the exclusive jurisdiction of the Supreme Court of the State of New York sitting in New York County and of the United States District
Court of the Southern District of New York, and any appellate court from any thereof, in any action or proceeding arising out of
or relating to this Agreement, or for recognition or enforcement of any judgment, and each of the Company and the Investor hereby
irrevocably and unconditionally agrees that all claims in respect of any such action or proceeding may be heard and determined
in such New York State or, to the extent permitted by law, in such Federal court. Each of the Company and the Investor agrees that
a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the
judgment or in any other manner provided by law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 0.5in"><B>12.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>EACH OF THE COMPANY AND THE INVESTOR WAIVES ANY RIGHT TO TRIAL BY JURY ON ANY CLAIM, DEMAND, ACTION OR CAUSE OF ACTION (A)
ARISING UNDER THIS AGREEMENT OR (B) IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THIS AGREEMENT OR THE TRANSACTIONS RELATED
HERETO, IN EACH CASE WHETHER SOUNDING IN CONTRACT OR TORT OR OTHERWISE. EACH OF THE COMPANY AND THE INVESTOR AGREES AND CONSENTS
THAT ANY SUCH CLAIM, DEMAND, ACTION OR CAUSE OF ACTION SHALL BE DECIDED BY COURT TRIAL WITHOUT A JURY, AND THAT ANY PARTY TO THIS
AGREEMENT MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS CLAUSE WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF THE PARTIES
HERETO TO THE WAIVER OF THEIR RIGHT TO TRIAL BY JURY. EACH OF THE COMPANY AND THE INVESTOR ACKNOWLEDGES THAT IT HAS HAD THE OPPORTUNITY
TO CONSULT WITH COUNSEL REGARDING THIS CLAUSE, THAT IT FULLY UNDERSTANDS ITS TERMS, CONTENT AND EFFECT, AND THAT IT VOLUNTARILY
AND KNOWINGLY AGREES TO THE TERMS OF THIS CLAUSE. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 0.5in"><B>13.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B>This Agreement may be executed in two or more counterparts, each of which will constitute an original, but all of which,
when taken together, will constitute but one instrument, and will become effective when one or more counterparts have been signed
by each party hereto and delivered to the other parties.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in">Please confirm that the foregoing correctly
sets forth the agreement between us by signing in the space provided below for that purpose.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 4.5in"><B>WPI-CADIZ FARM CA, LLC</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 4.5in">By: <U>/s/ Marc Robert&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR> Name:
Marc Robert<BR> Title: Authorized Signatory</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0">Agreed and Accepted by:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><B>CADIZ INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0">By: <U>/s/ Timothy J, Shaheen &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
Name: Timothy J. Shaheen<BR> Title: CFO</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"></P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">EXHIBIT A</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Form of Opinion of Counsel to Company</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">1.</TD><TD>The Company has been duly incorporated and is validly existing in good standing under the laws of the State of Delaware.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">2.</TD><TD>The Company has the corporate power and corporate authority to execute and deliver the Agreement and to consummate the transactions
contemplated thereby.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">3.</TD><TD>The Agreement and the Warrant have been duly authorized, executed and delivered by the Company and are each a valid and binding
agreement of the Company, enforceable against the Company in accordance with their terms.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">4.</TD><TD>The execution and delivery by the Company of the Agreement and the consummation by the Company of the transactions contemplated
thereby, including the issuance of the Closing Shares, will not (i) conflict with the Company&rsquo;s charter or by-laws, (ii)
constitute a violation of, or a breach or default under, the terms of any contract listed on a schedule to this opinion<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>[1]</SUP></FONT>
or (iii) violate or conflict with, or result in any contravention of, any applicable law or any order listed on a schedule to this
opinion.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>[2]</SUP></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">5.</TD><TD>No governmental approval, which has not been obtained or taken and is not in full force and effect, is required to authorize,
or is required for, the execution or delivery of the Agreement by the Company or the consummation by the Company of the transactions
contemplated thereby.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">6.</TD><TD>The Closing Shares have been duly authorized by the Company and, when delivered to the Investor, will be validly issued, fully
paid and nonassessable and free and clear of any preemptive rights or any similar rights arising under the laws of the State of
Delaware or the Company&rsquo;s charter or by-laws.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">7.</TD><TD>The shares of Common Stock issuable upon the exercise of the Warrant have been duly authorized by the Company and, when issued
upon the exercise of the Warrant in accordance with its terms, will be duly and validly issued, fully paid and non-assessable and
free and clear of any preemptive rights or any similar rights arising under the laws of the State of Delaware or the Company&rsquo;s
charter or by-laws.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">8.</TD><TD>The Company is not and, solely after giving effect to the issuance of the Closing Shares, the Warrant and any Warrant Stock
to the Investor, will not be an &ldquo;investment company&rdquo; as such term is defined in the Investment Company Act of 1940.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P>

<HR ALIGN="LEFT" SIZE="1" STYLE="width: 33%">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0.25in; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><SUP>[1]
</SUP></FONT><FONT STYLE="font-size: 9pt">Schedule to list:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 9pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 9pt">The 7.00% Convertible Senior
                                         Notes Indenture, dated as of March 5, 2013, by and between the Company and U.S. Bank
                                         National Association, as successor to The Bank of New York Mellon Trust Company, N.A.
                                         (&ldquo;U.S. Bank&rdquo;) as Trustee, as amended by that certain First Supplemental Indenture,
                                         dated as of October 30, 2013, and that certain Second Supplemental Indenture, dated as
                                         of November 23, 2015</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 9pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 9pt">The 7.00% Convertible Senior
                                         Notes Indenture, dated as of December 10, 2015, by and between the Company and U.S. Bank,
                                         as Trustee, as amended by that certain First Supplemental Indenture, dated as of April
                                         28, 2016</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 9pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 9pt">Limited Liability Company
                                         Agreement of Cadiz Real Estate LLC dated December 11, 2003</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 9pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 9pt">Amendment No. 1, dated October
                                         29, 2004, to Limited Liability Company Agreement of Cadiz Real Estate LLC</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 9pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 9pt">Amendment No. 2 dated March
                                         5, 2013, to Limited Liability Company Agreement of Cadiz Real Estate LLC</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 9pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 9pt">Amendment No. 2 dated October
                                         1, 2007 to Reorganization Plan and Agreement for Purchase and Sale of Assets dated as
                                         of February 18, 1998 among Cadiz Inc. and Mark A. Liggett in his capacity as successor
                                         in interest to Exploration Research Associates, Incorporated., a California corporation
                                         (&ldquo;ERA&rdquo;) and in his individual capacity as former sole shareholder of ERA
                                         and as the successor in interest to ERA</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 9pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 9pt">Lease Agreement, dated as
                                         of December 23, 2015, by and among Cadiz Real Estate LLC, Cadiz Inc. and Water Asset
                                         Management LLC</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 9pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 9pt">Private Placement Purchase
                                         Agreement, dated as of April 26, 2016, by and among Cadiz Inc. and the purchasers party
                                         thereto</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 9pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 9pt">Placement Agent Agreement,
                                         dated as of April 26, 2016, by and between Cadiz Inc. and B. Riley &amp; Co. LLC</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 9pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 9pt">Registration Rights Agreement,
                                         dated as of April 28, 2016, by and among Cadiz Inc. and the holders party thereto</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 9pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 9pt">Any other material agreements
                                         filed as exhibits 1, 2 or 4 under Rule 601 of Regulation S-K as promulgated under the
                                         Securities Act as filed as of the Closing Date</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><SUP>[2]
</SUP></FONT><FONT STYLE="font-size: 9pt">Schedule to list (i) the laws of the State of New York, (ii) the federal laws of the
United States of America and (iii) the General Corporation Law of the State of Delaware and the Delaware Limited Liability Company
Act. Orders to be confirmed by the Company at the Closing Date, as applicable to the relevant transactions.</FONT></P>



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<TYPE>EX-10.5
<SEQUENCE>10
<FILENAME>f8k112916ex10v_cadizinc.htm
<DESCRIPTION>FORM OF INTEREST SHARE ISSUANCE AGREEMENT
<TEXT>
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<P STYLE="margin-right: 0; margin-left: 0; text-align: right"><B>Exhibit 10.5</B></P>

<P STYLE="margin-right: 0; margin-left: 0; text-align: right">&nbsp;</P>

<P STYLE="margin-right: 0; margin-left: 0; text-align: right"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: right"><U>Exhibit L</U></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: center"><U>FORM OF INTEREST SHARE ISSUANCE
AGREEMENT</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: right"><FONT STYLE="font-weight: normal">[Date]</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0">Cadiz Inc.<BR>
550 South Hope Street, Suite 2850<BR>
Los Angeles, California 90071</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0">Ladies and Gentlemen:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in">Cadiz Inc., a Delaware corporation (the
&ldquo;<B>Company</B>&rdquo;), agrees, subject to the terms and conditions stated herein, to issue to [<I>Name of Lender</I>] (the
&ldquo;<B>Investor</B>&rdquo;), [&#9679;] shares (the &ldquo;<B>Interest Shares</B>&rdquo;) of the Company&rsquo;s common stock,
$0.01 par value per share (the &ldquo;<B>Common Stock</B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 0.5in"><B>1.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B>In consideration of the respective covenants, agreements and representations and warranties contained herein and for
other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Company and the Investor
intending to be legally bound, hereby agree as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>This Interest Share Issuance Agreement (the &ldquo;<B>Agreement</B>&rdquo;) is made as of the date set forth above between
the Company and the Investor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 1in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company and Investor are parties to that certain Fifth Amendment to Amended and Restated Credit Agreement (the &ldquo;<B>Fifth
Amendment</B>&rdquo;), dated as of [&#9679;], 2016 (the &ldquo;<B>Fifth Amendment Effective Date</B>&rdquo;), by and among the
Company, as a borrower, Cadiz Real Estate LLC, as a borrower, Investor, as a lender, the other lenders party thereto, and Wells
Fargo Bank, National Association, as agent (the &ldquo;Agent&rdquo;), which amended that certain Amended and Restated Credit Agreement
(as further amended prior to the Fifth Amendment Effective Date, and as subsequently amended from time to time, the &ldquo;<B>Credit
Agreement</B>&rdquo;) attached to that certain Amendment Agreement, dated as of October 30, 2013, by and among the Company, Cadiz
Real Estate LLC, LC Capital Master Fund, Ltd., the lenders party thereto, and the Agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 1in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Pursuant to the Fifth Amendment, the Company agreed to issue the Interest Shares in connection with the Investor&rsquo;s
entry into the Fifth Amendment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 1in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company has authorized the issuance of, and agrees to issue, the Interest Shares to the Investor on the date of this
Agreement (the &ldquo;<B>Closing Date</B>&rdquo;), upon the terms and conditions set forth herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 1in">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Prior to the execution of this Agreement, the Company has delivered to Investor a written opinion, addressed to the Investor
and dated as of the Closing Date, from Mitchell Silberberg &amp; Knupp LLP, counsel to the Company, to the effect set forth in
<U>Exhibit A</U> hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 1in">(f)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The offering and issuance of the Interest Shares (collectively, the &ldquo;<B>Issuance</B>&rdquo;) is being made pursuant
to (i) an effective Registration Statement on Form S-3, No. 214318, including all amendments thereto, the exhibits and any schedules
thereto, the documents otherwise deemed to be a part thereof or included therein or any immediately succeeding registration statement
that is filed under the Securities Act (as defined in the Credit Agreement) on Form S-3 and immediately becomes effective (the
&ldquo;<B>Fifth Amendment Registration Statement</B>&rdquo;) filed by the Company with the Commission (as defined in the Credit
Agreement) in conformity with the Securities Act under the Rules and Regulations (as defined in the Credit Agreement) of the Commission,
including the prospectus contained therein (the &ldquo;Fifth Amendment Base Prospectus&rdquo;) and (ii) a final prospectus supplement
filed with the Commission and delivered to the Investor (a &ldquo;<B>Fifth Amendment Prospectus Supplement</B>&rdquo; and, together
with the Fifth Amendment Base Prospectus, a &ldquo;<B>Fifth Amendment Prospectus</B>&rdquo;) containing amended and/or certain
supplemental information regarding the Interest Shares and terms of the Issuance. If the Company has filed one or more abbreviated
registration statements to register additional shares of Common Stock pursuant to Rule 462(b) under the Rules and Regulations (each
a &ldquo;<B>Rule 462(b) Registration Statement</B>&rdquo;), then any reference herein to the term &ldquo;Fifth Amendment Registration
Statement&rdquo; shall also be deemed to include any such Rule 462(b) Registration Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 1in">(g)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company agrees to make any filings required by the Financial Industry Regulatory Authority, Inc. (&ldquo;<B>FINRA</B>&rdquo;)
with respect to the Issuance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 1in">(h)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>On the Closing Date, the Company shall cause its Transfer Agent to deliver the Interest Shares to the Investor and register
the Interest Shares as instructed by the Investor. The Interest Shares will be delivered by crediting the account of the Investor&rsquo;s
prime broker (as specified by the Investor to the Company) with the Depository Trust Company (&ldquo;<B>DTC</B>&rdquo;) through
its Deposit/Withdrawal At Custodian (&ldquo;<B>DWAC</B>&rdquo;) system, whereby Investor&rsquo;s prime 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 Continental Stock Transfer &amp; Trust Company, the Company&rsquo;s transfer agent (the &ldquo;<B>Transfer Agent</B>&rdquo;),
at the Company&rsquo;s direction. The Investor shall direct the broker-dealer at which the account or accounts to be credited with
the Interest Shares are maintained, which broker/dealer shall be a DTC participant, to initiate a transaction through the DWAC
system, instructing the Transfer Agent to credit such account or accounts with the Interest Shares. Such DWAC instruction shall
indicate the settlement date for the deposit of the Interest Shares, which shall be the Closing Date. The Company shall direct
the Transfer Agent to credit the Investor&rsquo;s account or accounts with the Interest Shares pursuant to the information contained
in the DWAC instruction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 0.5in"><B>2.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B>The Investor represents and warrants to the Company as of the Closing Date as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Investor has received the Fifth Amendment Prospectus and the documents incorporated by reference therein prior to or
in connection with the receipt of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 1in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Investor (i) is not a member of the Financial Industry Regulatory Authority, Inc. (&ldquo;<B>FINRA</B>&rdquo;) or an
Associated Person (as such term is defined under the FINRA Membership and Registration Rules) and (ii) after giving effect to the
issuance of the Interest Shares pursuant to this Agreement, neither the Investor nor any Holder Group (as defined in the Credit
Agreement) in respect of the Investor acquired, or obtained the right to acquire, 20% or more of the Common Stock (or securities
convertible into or exercisable for Common Stock) or the voting power of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 1in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Investor is an &ldquo;accredited investor&rdquo; as that term is defined in Rule 501 of Regulation D promulgated under
the Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 0.5in"><B>3.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B>The Company represents and warrants to the Investor as of the Closing Date as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>All representations and warranties of the Company contained in the Fifth Amendment are true and correct in all material
respects (or, in the case of any such representation or warranty already qualified as to materiality, in all respects) as of the
date hereof as though made on and as of such date, except to the extent that such representations and warranties expressly relate
to an earlier date (in which case such representations and warranties shall have been true and correct on and as of such earlier
date).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 1in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>No order preventing or suspending the use of the Fifth Amendment Prospectus has been issued by the Commission, and no stop
order suspending the effectiveness of the Fifth Amendment Registration Statement or any post-effective amendment thereto has been
issued, and no proceedings for that purpose have been instituted or, to the Company&rsquo;s knowledge, are threatened by the Commission.
The Fifth Amendment Registration Statement complied when it became effective, complied on the Fifth Amendment Effective Date and
complies as of the Closing Date, in all material respects, with the requirements of Form S-3 under the Securities Act. The conditions
to the use of Form S-3 in connection with the offering and issuance of the Interest Shares as contemplated hereby have been satisfied.
The Fifth Amendment Registration Statement did not, as of the Closing Date, contain any untrue statement of a material fact or
omit to state a material fact necessary in order to make the statements therein not misleading, and the Fifth Amendment Prospectus,
as of the Closing Date, did not contain an untrue statement of a material fact or omit to state a material fact necessary in order
to make the statements therein, in light of the circumstances under which they were made, not misleading. Any required filing of
the Fifth Amendment Prospectus and any supplement thereto pursuant to Rule 424(b) of the Rules and Regulations has been or will
be made in the manner and within the time period required by such Rule 424(b).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 1in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Fifth Amendment Registration Statement and all documents incorporated by reference in the Fifth Amendment Registration
Statement and the Fifth Amendment Prospectus as of the Closing Date, at the time they became effective or were filed with the Commission,
as the case may be, complied in all material respects with the requirements of the Securities Act or the Exchange Act (as defined
in the Credit Agreement), as applicable, and the rules and regulations of the Commission thereunder, and at the time they became
effective or were filed with the Commission, as the case may be, neither the Fifth Amendment Registration Statement nor any of
such other 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 1in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company has been duly incorporated and is validly existing as a corporation in good standing under the laws of the State
of Delaware, with the corporate power and authority necessary to own, lease and operate its properties and to conduct its business
as described in the Fifth Amendment Registration Statement and the Fifth Amendment Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 1in">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The authorized capital stock of the Company consists of (i) [&#9679;] shares of Common Stock and (ii) [&#9679;] shares of
preferred stock (the &ldquo;<B>Preferred Stock</B>&rdquo;). As of the Closing Date, [&#9679;] shares of Common Stock are issued
and outstanding and [&#9679;] shares of Preferred Stock are issued and outstanding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 1in">(f)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Interest Shares have been duly and validly authorized by the Company, and the Interest Shares, 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 1in">(g)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Interest Shares have been duly authorized for listing and quotation on the Nasdaq Global Market, subject in each case
to official notice of issuance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 1in">(h)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>This Agreement has been duly authorized, executed and delivered by the Company and constitutes the legal, valid and binding
obligations of the Company, enforceable in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization,
moratorium or other laws affecting creditors&rsquo; rights generally and subject to general principles of equity, regardless of
whether considered in a proceeding in equity or at law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 1in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company is not in breach or violation of or in default under (i) the provisions of its charter or by-laws, (ii) any
material agreement filed as an exhibit to its SEC Reports, or (iii) any federal or state statute or law, any rule or regulation
issued pursuant to any federal or state statute or law, or any order issued pursuant to any federal or state statute or law by
any court or governmental agency or body having jurisdiction over the Company, except, with respect to clauses (ii) and (iii) above,
to the extent any such violation or default would not, individually or in the aggregate, have a material adverse effect on (x)
the business, properties, prospects, financial condition or results of operations of the Company or (y) the ability of the Company
to enter into and perform its obligations under, or consummate the transactions contemplated in, this Agreement (a &ldquo;<B>Material
Adverse Effect</B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 1in">(j)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The execution, delivery and performance by the Company of this Agreement, including the issuance by the Company of the Interest
Shares, will not conflict with or result in a breach or violation of, or constitute a default under (i) the provisions of the Company&rsquo;s
charter or by-laws, (ii) any indenture, mortgage, deed of trust or other agreement or instrument to which the Company is a party
or by which the Company or any of its properties or businesses is bound, or (iii) any federal or state statute or law, any rule
or regulation issued pursuant to any federal or state statute or law, or any order issued pursuant to any federal or state statute
or law by any court or governmental agency or body having jurisdiction over the Company, except, with respect to clause (ii) and
(iii) above, for any such conflict, breach, violation or default that would not, individually or in the aggregate, have a Material
Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 1in">(k)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>No filing with, or authorization, approval, consent or order of, any court or governmental agency or body is required for
the issuance of the Interest Shares, except such as have already been obtained or are contemplated hereby.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 1in">(l)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT> Subsequent to the dates as of which information is given in the Fifth Amendment Prospectus and other than as contemplated
therein, there has not been (i) any material adverse change in the business, properties, prospects, financial condition or results
of operations of the Company, (ii) any transaction which is material to the Company, (iii) any material change in the capital stock,
or any material change in the outstanding indebtedness, of the Company, or (v) any dividend or distribution declared, paid or made
on the capital stock of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 1in">(m)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company represents and warrants that the Securities Act and the Rules and Regulations permit the Company to offer and
issue [&#9679;] shares of Common Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 0.5in"><B>4.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B>The Company agrees to indemnify, defend and hold harmless the Investor, its directors and officers, and each person,
if any, who controls the Investor 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, the Investor 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 Fifth Amendment
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 Fifth Amendment
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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 0.5in"><B>5.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B>Notwithstanding any investigation made by any party to this Agreement, all covenants, agreements, representations and
warranties made by the Company and the Investor herein will survive the Closing Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 0.5in"><B>6.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B>All notices, requests, consents and other communications hereunder will be in writing, will be mailed by nationally
recognized overnight express courier, postage prepaid, or delivered by facsimile, and will be deemed given (i) if delivered by
nationally recognized overnight carrier, one business day after so mailed and (ii) if delivered by facsimile, upon electric confirmation
of receipt and will be delivered and addressed as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>if to the Company, to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 1.5in">Cadiz Inc.<BR>
550 South Hope Street, Suite 2850<BR>
Los Angeles, California 90071<BR>
Attention: Chief Financial Officer<BR>
Facsimile No.: 213-271-1614</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 1in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>with copies to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 1.5in">Mitchell Silberberg &amp; Knupp LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 1.5in">11377 West Olympic Boulevard</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 1.5in">Los Angeles, California 90064</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 1.5in">Attention: Kevin Friedmann</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 1.5in">Facsimile No.: 310 312-3798</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 1in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>if to the Investor, to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 1.5in">[LENDER NAME]<BR>
[ADDRESS]<BR>
[ADDRESS]<BR>
Attention: [&#9679;]<BR>
Facsimile No.: [&#9679;]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 1in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>with copies to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 1.5in">[NAME]<BR>
[ADDRESS]<BR>
[ADDRESS]<BR>
Attention: [&#9679;]<BR>
Facsimile No.: [&#9679;]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 0.5in"><B>7.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B>This Agreement may not be modified or amended except pursuant to an instrument in writing signed by the Company and
the Investor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 0.5in"><B>8.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B>The headings of the various sections of this Agreement have been inserted for convenience of reference only and will
not be deemed to be part of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 0.5in"><B>9.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B>In case any provision contained in this Agreement should be invalid, illegal or unenforceable in any respect, the validity,
legality and enforceability of the remaining provisions contained herein will not in any way be affected or impaired thereby.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 0.5in"><B>10.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B>This Agreement will be governed by, and construed in accordance with, the internal laws of the State of New York.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 0.5in"><B>11.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B>Each of the Company and the Investor hereby irrevocably and unconditionally submits, for itself and its property, to
the exclusive jurisdiction of the Supreme Court of the State of New York sitting in New York County and of the United States District
Court of the Southern District of New York, and any appellate court from any thereof, in any action or proceeding arising out of
or relating to this Agreement, or for recognition or enforcement of any judgment, and each of the Company and the Investor hereby
irrevocably and unconditionally agrees that all claims in respect of any such action or proceeding may be heard and determined
in such New York State or, to the extent permitted by law, in such Federal court. Each of the Company and the Investor agrees that
a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the
judgment or in any other manner provided by law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 0.5in"><B>12.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>EACH OF THE COMPANY AND THE INVESTOR WAIVES ANY RIGHT TO TRIAL BY JURY ON ANY CLAIM, DEMAND, ACTION OR CAUSE OF ACTION (A)
ARISING UNDER THIS AGREEMENT OR (B) IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THIS AGREEMENT OR THE TRANSACTIONS RELATED
HERETO, IN EACH CASE WHETHER SOUNDING IN CONTRACT OR TORT OR OTHERWISE. EACH OF THE COMPANY AND THE INVESTOR AGREES AND CONSENTS
THAT ANY SUCH CLAIM, DEMAND, ACTION OR CAUSE OF ACTION SHALL BE DECIDED BY COURT TRIAL WITHOUT A JURY, AND THAT ANY PARTY TO THIS
AGREEMENT MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS CLAUSE WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF THE PARTIES
HERETO TO THE WAIVER OF THEIR RIGHT TO TRIAL BY JURY. EACH OF THE COMPANY AND THE INVESTOR ACKNOWLEDGES THAT IT HAS HAD THE OPPORTUNITY
TO CONSULT WITH COUNSEL REGARDING THIS CLAUSE, THAT IT FULLY UNDERSTANDS ITS TERMS, CONTENT AND EFFECT, AND THAT IT VOLUNTARILY
AND KNOWINGLY AGREES TO THE TERMS OF THIS CLAUSE. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 0.5in"><B>13.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B>This Agreement may be executed in two or more counterparts, each of which will constitute an original, but all of which,
when taken together, will constitute but one instrument, and will become effective when one or more counterparts have been signed
by each party hereto and delivered to the other parties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in">Please confirm that the foregoing correctly
sets forth the agreement between us by signing in the space provided below for that purpose.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 3.5in"><B>[LENDER NAME]</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 3.5in">By:________________________________<BR>
Title:_______________________________<BR>
<BR>
</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0">Agreed and Accepted by:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><B>CADIZ INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0">By:____________________________<BR>
Title: __________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0">&nbsp;</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: center">EXHIBIT A</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: center">Form of Opinion of Counsel to Company</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: center"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: right">1.</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">The Company has been duly incorporated and is validly existing in good standing under
the laws of the State of Delaware.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: right">2.</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">The Company has the corporate power and corporate authority to execute and deliver
the Agreement and to consummate the transactions contemplated thereby.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: right">3.</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">The Agreement has been duly authorized, executed and delivered by the Company and
are each a valid and binding agreement of the Company, enforceable against the Company in accordance with their terms.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: right">4.</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">The execution and delivery by the Company of the Agreement and the consummation by
the Company of the transactions contemplated thereby, including the issuance of the Interest Shares, will not (i) conflict with
the Company&rsquo;s charter or by-laws, (ii) constitute a violation of, or a breach or default under, the terms of any contract
listed on a schedule to this opinion<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>[1] </SUP></FONT>or
(iii) violate or conflict with, or result in any contravention of, any applicable law or any order listed on a schedule to this
opinion.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>[2]</SUP></FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: right">5.</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">No governmental approval, which has not been obtained or taken and is not in full
force and effect, is required to authorize, or is required for, the execution or delivery of the Agreement by the Company or the
consummation by the Company of the transactions contemplated thereby.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: right">6.</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">The Interest Shares have been duly authorized by the Company and, when delivered to
the Investor, will be validly issued, fully paid and nonassessable and free and clear of any preemptive rights or any similar
rights arising under the laws of the State of Delaware or the Company&rsquo;s charter or by-laws.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: right">7.</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">The Company is not and, solely after giving effect to the issuance of the Interest
Shares to the Investor, will not be an &ldquo;investment company&rdquo; as such term is defined in the Investment Company Act
of 1940.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0.5in; text-align: left; text-indent: -0.5in">_________________</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0.25in; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>[1]</SUP></FONT>
Schedule to list:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0.25in; text-indent: -0.25in"></P>

<!-- Field: Page; Sequence: 9 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0.25in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>The 7.00% Convertible Senior Notes Indenture, dated as of March 5, 2013, by and between the Company and U.S. Bank National
Association, as successor to The Bank of New York Mellon Trust Company, N.A. (&ldquo;U.S. Bank&rdquo;) as Trustee, as amended by
that certain First Supplemental Indenture, dated as of October 30, 2013, and that certain Second Supplemental Indenture, dated
as of November 23, 2015</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>The 7.00% Convertible Senior Notes Indenture, dated as of December 10, 2015, by and between the Company and U.S. Bank, as Trustee,
as amended by that certain First Supplemental Indenture, dated as of April 28, 2016</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>Limited Liability Company Agreement of Cadiz Real Estate LLC dated December 11, 2003</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>Amendment No. 1, dated October 29, 2004, to Limited Liability Company Agreement of Cadiz Real Estate LLC</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>Amendment No. 2 dated March 5, 2013, to Limited Liability Company Agreement of Cadiz Real Estate LLC</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>Amendment No. 2 dated October 1, 2007 to Reorganization Plan and Agreement for Purchase and Sale of Assets dated as of February
18, 1998 among Cadiz Inc. and Mark A. Liggett in his capacity as successor in interest to Exploration Research Associates, Incorporated.,
a California corporation (&ldquo;ERA&rdquo;) and in his individual capacity as former sole shareholder of ERA and as the successor
in interest to ERA</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>Lease Agreement, dated as of December 23, 2015, by and among Cadiz Real Estate LLC, Cadiz Inc. and Water Asset Management LLC</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>Private Placement Purchase Agreement, dated as of April 26, 2016, by and among Cadiz Inc. and the purchasers party thereto</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>Placement Agent Agreement, dated as of April 26, 2016, by and between Cadiz Inc. and B. Riley &amp; Co. LLC</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>Registration Rights Agreement, dated as of April 28, 2016, by and among Cadiz Inc. and the holders party thereto</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>Any other material agreements filed as exhibits 1, 2 or 4 under Rule 601 of Regulation S-K as promulgated under the Securities
Act as filed as of the Closing Date</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0.5in; text-indent: 0in">The foregoing list is to be updated
in respect of any such agreements that, as of an applicable Interest Payment Date, would no longer be listed by the Company as
exhibits under such Rule 601 in an SEC Report.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0.5in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0.5in; text-indent: -40pt">_____________</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>[2]</SUP></FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">Schedule to list (i) the laws of the State of New York, (ii) the federal laws of the
United States of America and (iii) the General Corporation Law of the State of Delaware and the Delaware Limited Liability Company
Act. Orders to be confirmed by the Company at the Closing Date, as applicable to the relevant transactions.</TD>
</TR></TABLE>



<P STYLE="margin-right: 0; margin-left: 0; text-align: right"></P>

<P STYLE="margin-right: 0; margin-left: 0">&nbsp;</P>

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