<SEC-DOCUMENT>0000727273-19-000024.txt : 20191112
<SEC-HEADER>0000727273-19-000024.hdr.sgml : 20191112
<ACCEPTANCE-DATETIME>20191112123846
ACCESSION NUMBER:		0000727273-19-000024
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20191108
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20191112
DATE AS OF CHANGE:		20191112

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:		191207990

	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>form8k_nov19.htm
<DESCRIPTION>FORM 8-K
<TEXT>
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      <hr align="center" style="border: none; border-bottom: 1px solid black; border-top: 4px solid black; height: 10px; color: #ffffff; background-color: #ffffff; margin-left: auto; margin-right: auto;">united states</div>
    <div style="text-align: center; font-size: 14pt; font-variant: small-caps; font-weight: bold;">Securities and Exchange Commission</div>
    <div style="text-align: center; font-size: 12pt; font-variant: small-caps; font-weight: bold;">Washington, D. C. 20549</div>
    <div><br>
    </div>
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    <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-size: 12pt; font-weight: bold;">FORM 8-K</div>
    <div style="font-size: 12pt;"><br>
    </div>
    <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-size: 12pt; font-weight: bold;">CURRENT REPORT</div>
    <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-size: 12pt; font-weight: bold;">Pursuant to Section 13 or 15(d) of the </div>
    <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-size: 12pt; font-weight: bold;">Securities Exchange Act of 1934</div>
    <div style="font-size: 12pt;"><br>
    </div>
    <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-size: 12pt; font-weight: bold;">Date of Report (Date of earliest event reported):</div>
    <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-size: 12pt; font-weight: bold;">November 8, 2019</div>
    <table cellspacing="0" cellpadding="0" id="z86c7a4d438a146fbb1c17d925c338847" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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            <div style="font-family: 'Times New Roman',Times,serif;">&#160;</div>
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        <tr>
          <td style="width: 100%; vertical-align: top;" colspan="7">
            <div style="text-align: center; font-weight: bold;"><font style="font-size: 12pt; font-family: 'Times New Roman',Times,serif; font-variant: small-caps;">C</font><font style="font-size: 12pt;">adiz Inc.</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 100%; vertical-align: top; font-size: 12pt;" colspan="7">&#160;</td>
        </tr>
        <tr>
          <td style="width: 100%; vertical-align: top; font-size: 12pt;" colspan="7">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">(Exact Name of Registrant as Specified in its Charter)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 31.99%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); font-size: 12pt;">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">DELAWARE</div>
          </td>
          <td style="width: 1.99%; vertical-align: bottom; font-size: 12pt;">
            <div style="font-family: 'Times New Roman',Times,serif;">&#160;</div>
          </td>
          <td style="width: 32%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); font-size: 12pt;" colspan="3">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">0-12114</div>
          </td>
          <td style="width: 2%; vertical-align: bottom; font-size: 12pt;">
            <div style="font-family: 'Times New Roman',Times,serif;">&#160;</div>
          </td>
          <td style="width: 32%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); font-size: 12pt;">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">77-0313235</div>
          </td>
        </tr>
        <tr>
          <td style="width: 31.99%; vertical-align: top;">
            <div style="text-align: center; margin-right: 0.8pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt; font-weight: bold;">(State or Other Jurisdiction</div>
            <div style="text-align: center; margin-right: 0.8pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt; font-weight: bold;">of Incorporation)</div>
            <div style="text-align: center; margin-right: 0.8pt; font-weight: bold;"> <font style="font-size: 12pt;"><br>
              </font></div>
          </td>
          <td style="width: 1.99%; vertical-align: bottom; font-size: 12pt;">
            <div style="font-family: 'Times New Roman',Times,serif;">&#160;</div>
          </td>
          <td style="width: 32%; vertical-align: top; font-size: 12pt;" colspan="3">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">(Commission File Number)</div>
          </td>
          <td style="width: 2%; vertical-align: bottom; font-size: 12pt;">
            <div style="font-family: 'Times New Roman',Times,serif;">&#160;</div>
          </td>
          <td style="width: 32%; vertical-align: top;">
            <div style="text-align: center; margin-right: 0.8pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt; font-weight: bold;">(IRS Employer</div>
            <div style="text-align: center; margin-right: 0.8pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt; font-weight: bold;">Identification No.)</div>
          </td>
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            <div style="text-align: center; margin-right: 28.8pt; margin-left: 28.8pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt; font-weight: bold;">550 S. Hope Street, Suite 2850</div>
            <div style="text-align: center; margin-right: 28.8pt; margin-left: 28.8pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt; font-weight: bold;">Los Angeles, CA</div>
          </td>
          <td style="width: 2%; vertical-align: middle; font-size: 12pt;">
            <div style="font-family: 'Times New Roman',Times,serif;">&#160;</div>
          </td>
          <td style="width: 49%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); font-size: 12pt;" colspan="3">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">90071</div>
          </td>
        </tr>
        <tr>
          <td style="width: 49%; vertical-align: top; font-size: 12pt;" colspan="3">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">(Address of Principal Executive Offices)</div>
          </td>
          <td style="width: 2%; vertical-align: top; font-size: 12pt;">
            <div style="font-family: 'Times New Roman',Times,serif;">&#160;</div>
          </td>
          <td style="width: 49%; vertical-align: top; font-size: 12pt;" colspan="3">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">(Zip Code)</div>
          </td>
        </tr>

    </table>
    <div style="text-align: center; margin-top: 12pt; margin-bottom: 12pt;"><font style="font-size: 12pt; font-family: 'Times New Roman',Times,serif; font-weight: bold;">Registrant&#8217;s
        telephone number, including area code:</font><font style="font-size: 12pt;">&#160;<font style="font-family: 'Times New Roman',Times,serif; font-weight: bold;">(231) 271-1600</font></font></div>
    <table cellspacing="0" cellpadding="0" id="z632aef65a98f4fcf89ef50b2fd94609f" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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          <td style="width: 0.05%; vertical-align: top; font-size: 12pt;">&#160;</td>
          <td style="width: 37.46%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); font-size: 12pt;">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">Title of each class</div>
          </td>
          <td style="width: 24.85%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); font-size: 12pt;">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">Trading Symbol(s)</div>
          </td>
          <td style="width: 37.59%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); font-size: 12pt;">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">Name of each exchange on which registered</div>
          </td>
          <td style="width: 0.05%; vertical-align: top; font-size: 12pt;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 0.05%; vertical-align: top; font-size: 12pt;">&#160;</td>
          <td style="width: 37.46%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); font-size: 12pt;">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">Common Stock, par value $0.01 per share</div>
          </td>
          <td style="width: 24.85%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); font-size: 12pt;">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">CDZI</div>
          </td>
          <td style="width: 37.59%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); font-size: 12pt;">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">The NASDAQ Global Market</div>
          </td>
          <td style="width: 0.05%; vertical-align: top; font-size: 12pt;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 100%; vertical-align: bottom;" colspan="5">
            <div style="font-size: 12pt;">&#160;</div>
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-size: 12pt; font-weight: bold;">Not Applicable</div>
          </td>
        </tr>
        <tr>
          <td style="width: 100%; vertical-align: top; font-size: 12pt;" colspan="5">&#160;</td>
        </tr>
        <tr>
          <td style="width: 100%; vertical-align: top; font-size: 12pt;" colspan="5">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">(Former Name or Former Address, if Changed Since Last Report)</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; margin-top: 12pt; margin-bottom: 12pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt;">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):</div>
    <div style="text-align: justify; margin-top: 12pt; margin-bottom: 12pt;"><font style="font-size: 12pt; font-family: 'Segoe UI Symbol',sans-serif;">&#9744;&#160; </font><font style="font-size: 12pt;">Written communications pursuant to Rule&#160;425 under the Securities Act (17 CFR 230.425)</font></div>
    <div style="text-align: justify; margin-top: 12pt; margin-bottom: 12pt;"><font style="font-size: 12pt; font-family: 'Segoe UI Symbol',sans-serif;">&#9744;&#160; </font><font style="font-size: 12pt;">Soliciting material pursuant to Rule&#160;14a-12 under the Exchange Act (17 CFR 240.14a-12)</font></div>
    <div style="text-align: justify; margin-top: 12pt; margin-bottom: 12pt;"><font style="font-size: 12pt; font-family: 'Segoe UI Symbol',sans-serif;">&#9744;&#160; </font><font style="font-size: 12pt;">Pre-commencement communications pursuant to Rule&#160;14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</font></div>
    <div style="text-align: justify; margin-top: 12pt; margin-bottom: 12pt;"><font style="font-size: 12pt; font-family: 'Segoe UI Symbol',sans-serif;">&#9744;&#160; </font><font style="font-size: 12pt;">Pre-commencement communications pursuant to Rule&#160;13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</font></div>
    <div style="text-align: justify; margin-right: 16.75pt; margin-bottom: 10.35pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt;">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405
      of the Securities Act of 1933 (&#167;230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (&#167;240.12b-2 of this chapter).</div>
    <div style="text-align: justify; margin-bottom: 5.25pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt;">Emerging growth company <font style="font-family: 'Segoe UI Symbol',sans-serif;">&#9744;</font></div>
    <div style="text-align: justify; margin-bottom: 5.25pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt;">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition
      period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.<font style="font-family: 'Segoe UI Symbol',sans-serif;">&#9744;</font><font style="font-family: 'Segoe UI Symbol',sans-serif;"> </font></div>
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  <div style="font-size: 12pt;"><font style="font-weight: bold;">Item 1.01&#160; Entry into a Material Definitive Agreement</font></div>
  <div style="font-size: 12pt;"><font style="font-weight: bold;"> <br>
    </font></div>
  <div style="font-family: 'Times New Roman',Times,serif;"><font style="font-size: 12pt;"> On November 8, 2019, the Company entered into certain amendments (the &#8220;Amendments&#8221;) to the option agreements (the &#8220;Option Agreements&#8221;)
      dated March 14, 2019 between the Company and certain holders of the Company&#8217;s 7.00% Convertible Senior Notes due 2020 (the &#8220;Notes&#8221;). Under the terms of the Option Agreements, the Company has been granted the option, exercisable in its sole
      discretion, to extend the maturity date of the Notes from March 5, 2020 until September 5, 2021. The Amendments extend the date by which this option must be exercised, if at all, from December 5, 2019 to March 5, 2020.</font>
    <div> <font style="font-size: 12pt;"><br>
      </font></div>
    <div style="font-size: 12pt;">The Amendments were entered into by the Company with the holders of $44,986,000 in aggregate original principal amount (representing 99% of the currently outstanding aggregate original principal amount) of the Notes.</div>
    <div> <font style="font-size: 12pt;"><br>
      </font></div>
    <div style="font-size: 12pt;">The foregoing summary of the Amendments does not purport to be complete and is qualified in its entirety by the full terms and conditions of the Amendments filed as exhibits to this Current Report on Form 8-K and which are
      incorporated herein by reference.</div>
    <div style="font-size: 12pt;"><br>
    </div>
    <div> <font style="font-size: 12pt;"><br>
      </font></div>
    <div style="font-weight: bold; font-size: 12pt;">Item 9.01&#160; Financial Statements and Exhibits</div>
    <div style="font-weight: bold;"> <font style="font-size: 12pt;"><br>
      </font></div>
    <div style="font-size: 12pt;">(d) Exhibits</div>
    <div> <font style="font-size: 12pt;"><br>
      </font></div>
    <table cellspacing="0" cellpadding="0" border="0" id="z30f2d926f5ec464bbdfff9c676c383bd" style="width: 100%;">

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          <td style="width: 10%; font-size: 12pt; font-weight: bold;">
            <div>
              <div><u>Exhibit No.</u></div>
            </div>
          </td>
          <td style="width: 90%; font-size: 12pt; font-weight: bold;">
            <div>
              <div><u>Description</u></div>
            </div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; font-size: 12pt;" rowspan="1">10.1* <br>
          </td>
          <td style="width: 90%; font-size: 12pt;" rowspan="1">
            <div><a href="exh10-1.htm">First Amendment to Option Agreement dated November 8, 2019 by and between Cadiz Inc., a Delaware corporation,
                and LC Capital Partners, LP</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; font-size: 12pt;" rowspan="1">10.2* <br>
          </td>
          <td style="width: 90%; font-size: 12pt;" rowspan="1">
            <div><a href="exh10-2.htm">First Amendment to Option Agreement dated November 8, 2019 by and between Cadiz Inc., a Delaware corporation,
                and Nokomis Capital, L.L.C., a Texas limited liability company</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; font-size: 12pt;" rowspan="1">10.3* <br>
          </td>
          <td style="width: 90%; font-size: 12pt;" rowspan="1">
            <div><a href="exh10-3.htm">First Amendment to Option Agreement dated November 8, 2019 by and between Cadiz Inc., a Delaware corporation,
                and Elkhorn Partners Limited Partnership</a></div>
          </td>
        </tr>

    </table>
    <font style="font-size: 12pt;"><br>
    </font>
    <div style="font-size: 12pt;">*filed herewith</div>
    <div style="font-size: 12pt;"><br>
    </div>
    <div style="font-size: 12pt;">&#160;</div>
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    <div style="font-size: 12pt;"><br>
    </div>
    <div style="font-size: 12pt;"><br>
    </div>
    <div style="font-weight: bold; font-size: 12pt;">SIGNATURES</div>
    <div style="font-size: 12pt;">&#160;</div>
    <div style="font-size: 12pt;">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.</div>
    <div style="font-size: 12pt;">&#160;</div>
    <table cellspacing="0" cellpadding="0" id="z34cb490a8b2d46f4a7d31830bb9f9f7a" style="width: 100%;">

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          <td style="width: 48.42%; font-size: 12pt;">
            <div>&#160;</div>
          </td>
          <td style="width: 51.58%; font-size: 12pt; font-weight: bold;">
            <div>CADIZ INC.</div>
          </td>
        </tr>
        <tr>
          <td style="width: 48.42%; font-size: 12pt;">
            <div>&#160;</div>
          </td>
          <td style="width: 51.58%; font-size: 12pt;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 48.42%; font-size: 12pt;">&#160;</td>
          <td style="width: 51.58%; font-size: 12pt;">
            <div>By: <u>/s/ Timothy J. Shaheen</u></div>
          </td>
        </tr>
        <tr>
          <td style="width: 48.42%; font-size: 12pt;">
            <div>&#160;</div>
          </td>
          <td style="width: 51.58%; font-size: 12pt;">
            <div>&#160;&#160;&#160;&#160;&#160;&#160; Timothy J. Shaheen</div>
          </td>
        </tr>
        <tr>
          <td style="width: 48.42%; font-size: 12pt;">
            <div>&#160;</div>
          </td>
          <td style="width: 51.58%; font-size: 12pt;">
            <div>&#160;&#160;&#160;&#160;&#160;&#160; Chief Financial Officer</div>
          </td>
        </tr>

    </table>
    <div style="font-size: 12pt;">&#160;</div>
    <div style="font-size: 12pt;">Date:&#160; November 12, 2019</div>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>exh10-1.htm
<DESCRIPTION>EXHIBIT 10.1
<TEXT>
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    <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 12pt; font-weight: bold;"> EXHIBIT 10.1<u><br>
      </u></div>
    <div style="text-align: center; font-size: 12pt; font-weight: bold;"><u> <br>
      </u></div>
    <div style="text-align: center; font-size: 12pt; font-weight: bold;"><u>FIRST AMENDMENT TO</u></div>
    <div style="text-align: center; margin-bottom: 12pt; font-size: 12pt; font-weight: bold;"><u>OPTION AGREEMENT</u></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">THIS FIRST AMENDMENT TO OPTION AGREEMENT (this &#8220;<font style="font-weight: bold;"><u>Amendment</u></font>&#8221;), dated as of November 8, 2019, is made by and between
      Cadiz Inc., a Delaware corporation (&#8220;<font style="font-weight: bold;"><u>Cadiz</u></font>&#8221;), and LC Capital Partners, LP (the &#8220;<font style="font-weight: bold;"><u>Noteholder</u></font>&#8221;); Cadiz and the Noteholder each sometimes referred to herein
      individually as a &#8220;<font style="font-weight: bold;"><u>Party</u></font>&#8221; and together, as the &#8220;<font style="font-weight: bold;"><u>Parties</u></font>&#8221;).</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">WHEREAS, Cadiz is party to that certain Indenture, dated as of December 10, 2015 (the &#8220;<font style="font-weight: bold;"><u>Indenture</u></font>&#8221;), between Cadiz,
      as issuer, and U.S. Bank National Association, as trustee, pursuant to which Cadiz issued certain 7.00% Convertible Senior Notes due 2020 (&#8220;<font style="font-weight: bold;"><u>Convertible Notes</u></font>&#8221;);</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">WHEREAS, the Noteholder has acquired Convertible Notes under the Indenture in the aggregate original principal amount of $26,480,000 (such Convertible Notes
      acquired by the Noteholder, the &#8220;<font style="font-weight: bold;"><u>Notes</u></font>&#8221;);</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">WHEREAS, the Parties entered into that certain Option Agreement dated as of March 14, 2019 (the &#8220;<font style="font-weight: bold;"><u>Option Agreement</u></font>&#8221;)
      which granted Cadiz the option (the &#8220;<font style="font-weight: bold;"><u>Option</u></font>&#8221;) to extend the Maturity Date of the Notes to September 5, 2021.&#160; Capitalized terms not otherwise herein defined shall have the same meaning as assigned in the
      Option Agreement; and</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">WHEREAS, the Parties now desire to amend the Option Agreement to extend the Exercise Period for Cadiz&#8217;s Option.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Parties agree as follows:</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">1.</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-size: 12pt;"><font style="font-weight: bold;"><u>Exercise Period</u></font>.&#160; Section 1(b) of the Option Agreement is hereby amended to replace the date &#8220;December 5, 2019&#8221; with the date &#8220;March 5, 2020.&#8221;</font></div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 12pt;">2.</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-size: 12pt;"><font style="font-weight: bold;"><u>Full Force and Effect</u></font>.&#160; Except as expressly modified by this Amendment, the Option Agreement shall remain in full force and effect.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-top: 11.25pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">3.</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-size: 12pt;"><font style="font-weight: bold;"><u>Entire Agreement</u></font>. The Option Agreement, as modified by this Amendment, constitutes the entire agreement between the Parties with respect to the matters in the Option Agreement,
        and cannot be amended, modified or terminated except by an agreement in writing executed by the Parties.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-top: 11.25pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">4.</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-size: 12pt;"><font style="font-weight: bold;"><u>Governing Law</u></font>. This Amendment shall be governed by the internal law of the State of New York without giving effect to the conflicts of laws principles thereof.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-top: 10.8pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">5.</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-size: 12pt;"><font style="font-weight: bold;"><u>Counterparts; Facsimiles</u></font>. This Amendment may be executed in two or more counterparts, each of which shall be deemed an original (including copies sent to a Party by facsimile
        or other electronic transmission) as against the Party signing such counterpart, but which together shall constitute one and the same instrument. Signatures transmitted via facsimile or electronically shall be considered authentic and binding.</font></div>
    <div style="text-align: center; margin-bottom: 12pt; font-size: 12pt;">[SIGNATURES APPEAR ON FOLLOWING PAGE]</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" id="zd15d5580bb434ba78015948accc46877">

        <tr>
          <td style="width: 26.71%; vertical-align: top;">&#160;</td>
          <td style="width: 73.29%; vertical-align: top;">
            <div style="text-align: justify; font-size: 12pt;"><font style="font-weight: bold;">PARTIES</font>:</div>
            <div>&#160;</div>
            <div><br>
            </div>
            <div style="text-align: justify; font-size: 12pt;">CADIZ INC.,</div>
            <div style="text-align: justify; font-size: 12pt;">a Delaware corporation</div>
            <div>&#160;</div>
            <div style="text-align: justify;"><font style="font-size: 12pt;">By: <u>/s/ Timothy J. Shaheen</u></font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 216pt" id="TRGRRTFtoHTMLTab"><br>
              </font></div>
            <div style="text-align: justify; font-size: 12pt;">&#160;&#160;&#160;&#160;&#160;&#160;Timothy J. Shaheen</div>
            <div style="text-align: justify; font-size: 12pt;">&#160;&#160;&#160;&#160;&#160;&#160;CFO</div>
            <div>&#160;</div>
            <div> <br>
            </div>
            <div> <br>
            </div>
            <div style="text-align: justify; font-size: 12pt;">LC CAPITAL PARTNERS, LP</div>
            <div style="text-align: justify; font-size: 12pt;"><br>
            </div>
            <div style="text-align: justify; font-size: 12pt;">By: <u>/s/ Richard F. Conway</u><br>
              <div>&#160;&#160;&#160;&#160;&#160;&#160; Richard F. Conway<br>
              </div>
              <div>&#160;&#160;&#160;&#160;&#160;&#160; Director<br>
              </div>
            </div>
            <div>&#160;</div>
            <div>&#160;</div>
            <div>&#160;</div>
          </td>
        </tr>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.2
<SEQUENCE>3
<FILENAME>exh10-2.htm
<DESCRIPTION>EXHIBIT 10.2
<TEXT>
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    <title></title>
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    <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 12pt; font-weight: bold;"><u> </u>EXHIBIT 10.2<u><br>
      </u></div>
    <div style="text-align: center; font-size: 12pt; font-weight: bold;"><u> <br>
      </u></div>
    <div style="text-align: center; font-size: 12pt; font-weight: bold;"><u>FIRST AMENDMENT TO</u></div>
    <div style="text-align: center; margin-bottom: 12pt; font-size: 12pt; font-weight: bold;"><u>OPTION AGREEMENT</u></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">THIS FIRST AMENDMENT TO OPTION AGREEMENT (this &#8220;<font style="font-weight: bold;"><u>Amendment</u></font>&#8221;), dated as of November 8, 2019, is made by and between Cadiz Inc., a Delaware corporation (&#8220;<font style="font-weight: bold;"><u>Cadiz</u></font>&#8221;),
      and Nokomis Capital, L.L.C., a Texas limited liability company (the &#8220;<font style="font-weight: bold;"><u>Noteholder</u></font>&#8221;; Cadiz and the Noteholder each sometimes referred to herein
      individually as a &#8220;<font style="font-weight: bold;"><u>Party</u></font>&#8221; and together, as the &#8220;<font style="font-weight: bold;"><u>Parties</u></font>&#8221;).</div>
    <div style="text-align: justify; text-indent: 36pt; font-size: 12pt;">WHEREAS, Cadiz is party to that certain Indenture, dated as of December 10, 2015 (the &#8220;<font style="font-weight: bold;"><u>Indenture</u></font>&#8221;), between Cadiz, as issuer, and U.S. Bank National Association, as trustee, pursuant to which Cadiz issued certain 7.00% Convertible Senior Notes due 2020 (&#8220;<font style="font-weight: bold;"><u>Convertible Notes</u></font>&#8221;);</div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">WHEREAS, the Noteholder has acquired Convertible Notes under the Indenture in the aggregate original principal
      amount of $17,605,000 (such Convertible Notes acquired by the Noteholder, the &#8220;<font style="font-weight: bold;"><u>Notes</u></font>&#8221;);</div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">WHEREAS, the Parties entered into that certain Option Agreement dated as of March 14, 2019 (the &#8220;<font style="font-weight: bold;"><u>Option Agreement</u></font>&#8221;) which granted Cadiz the option (the &#8220;<font style="font-weight: bold;"><u>Option</u></font>&#8221;) to extend the Maturity Date of the Notes to September 5, 2021.&#160; Capitalized terms not otherwise herein defined shall have the same meaning as assigned in the Option Agreement; and</div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">WHEREAS, the Parties now desire to amend the Option Agreement to extend the Exercise Period for Cadiz&#8217;s Option.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged,
      the Parties agree as follows:</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">1.</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><font style="font-size: 12pt;"><font style="font-weight: bold;"><u>Exercise Period</u></font>.&#160; Section 1(b) of the
        Option Agreement is hereby amended to replace the date &#8220;December 5, 2019&#8221; with the date &#8220;March 5, 2020.&#8221;</font></div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 12pt;">2.</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><font style="font-size: 12pt;"><font style="font-weight: bold;"><u>Full Force and Effect</u></font>.&#160; Except as expressly modified by this
        Amendment, the Option Agreement shall remain in full force and effect.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-top: 11.25pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">3.</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><font style="font-size: 12pt;"><font style="font-weight: bold;"><u>Entire Agreement</u></font>.
        The Option Agreement, as modified by this Amendment, constitutes the entire agreement between the Parties with respect to the matters in the Option Agreement, and cannot be amended, modified or terminated except by an agreement in writing executed
        by the Parties.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-right: 0.25pt;"><font style="font-size: 12pt;">4.</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><font style="font-size: 12pt;"><font style="font-weight: bold;"><u>Governing Law</u></font>. This Amendment shall be
        governed by the internal law of the State of New York without giving effect to the conflicts of laws principles thereof.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-top: 10.8pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">5.</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><font style="font-size: 12pt;"><font style="font-weight: bold;"><u>Counterparts; Facsimiles</u></font>.
        This Amendment may be executed in two or more counterparts, each of which shall be deemed an original (including copies sent to a Party by facsimile or other electronic transmission) as against the Party signing such counterpart, but which together
        shall constitute one and the same instrument. Signatures transmitted via facsimile or electronically shall be considered authentic and binding.</font></div>
    <div style="text-align: center; margin-bottom: 12pt; font-size: 12pt;">[SIGNATURES APPEAR ON FOLLOWING PAGE]</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <table cellspacing="0" cellpadding="0" id="zfd7f2da2bddf4d7da97f23da2990a517" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 26.71%; vertical-align: top;">&#160;</td>
          <td style="width: 73.29%; vertical-align: top;">
            <div style="text-align: justify; font-size: 12pt;"><font style="font-weight: bold;">PARTIES</font>:</div>
            <div>&#160;</div>
            <div><br>
            </div>
            <div style="text-align: justify; font-size: 12pt;">CADIZ INC.,</div>
            <div style="text-align: justify; font-size: 12pt;">a Delaware corporation</div>
            <div>&#160;</div>
            <div style="text-align: justify;"><font style="font-size: 12pt;">By: <u>/s/ Timothy J. Shaheen</u></font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 216pt"><br>
              </font></div>
            <div style="text-align: justify; font-size: 12pt;">&#160;&#160;&#160;&#160;&#160;&#160;Timothy J. Shaheen</div>
            <div style="text-align: justify; font-size: 12pt;">&#160;&#160;&#160;&#160;&#160;&#160;CFO</div>
            <div>&#160;</div>
            <div> <br>
            </div>
            <div> <br>
            </div>
            <div style="text-align: justify; font-size: 12pt;">NOKOMIS CAPITAL, L.L.C.</div>
            <div style="text-align: justify;"> <br>
            </div>
            <div style="text-align: justify;"><font style="font-size: 12pt;">By: <u>/s/ Brett Hendrickson</u></font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 248.25pt"><u><font style="font-size: 12pt;"></font></u></font></div>
            <div style="text-align: justify;"><font style="font-size: 12pt;">&#160;&#160;&#160;&#160;&#160;&#160; Brett Hendrickson</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 248.25pt"><u><font style="font-size: 12pt;"><br>
                  </font></u></font></div>
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 26.71%; vertical-align: top;">&#160;</td>
          <td style="width: 73.29%; vertical-align: top;">&#160;</td>
        </tr>

    </table>
    <div><br>
    </div>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.3
<SEQUENCE>4
<FILENAME>exh10-3.htm
<DESCRIPTION>EXHIBIT 10.3
<TEXT>
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  <div>
    <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 12pt; font-weight: bold;"><u> </u>EXHIBIT 10.3<u><br>
      </u></div>
    <div style="text-align: center; font-size: 12pt; font-weight: bold;"><u> <br>
      </u></div>
    <div style="text-align: center; font-size: 12pt; font-weight: bold;"><u>FIRST AMENDMENT TO</u></div>
    <div style="text-align: center; margin-bottom: 12pt; font-size: 12pt; font-weight: bold;"><u>OPTION AGREEMENT</u></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">THIS FIRST AMENDMENT TO OPTION AGREEMENT (this &#8220;<font style="font-weight: bold;"><u>Amendment</u></font>&#8221;), dated as of November 8, 2019, is made by and between Cadiz Inc., a Delaware corporation (&#8220;<font style="font-weight: bold;"><u>Cadiz</u></font>&#8221;),
      and Elkhorn Partners Limited Partnership (the &#8220;<font style="font-weight: bold;"><u>Noteholder</u></font>&#8221;; Cadiz and the Noteholder each sometimes referred to herein individually as a &#8220;<font style="font-weight: bold;"><u>Party</u></font>&#8221; and together, as the &#8220;<font style="font-weight: bold;"><u>Parties</u></font>&#8221;).</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">WHEREAS, Cadiz is party to that certain Indenture, dated as of December 10, 2015 (the &#8220;<font style="font-weight: bold;"><u>Indenture</u></font>&#8221;), between Cadiz, as issuer, and U.S. Bank National Association, as trustee, pursuant to which Cadiz issued certain 7.00% Convertible Senior Notes due
      2020 (&#8220;<font style="font-weight: bold;"><u>Convertible Notes</u></font>&#8221;);</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">WHEREAS, the Noteholder has acquired Convertible Notes under the Indenture in the aggregate original principal
      amount of $901,000 (such Convertible Notes acquired by the Noteholder, the &#8220;<font style="font-weight: bold;"><u>Notes</u></font>&#8221;);</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">WHEREAS, the Parties entered into that certain Option Agreement dated as of March 14, 2019 (the &#8220;<font style="font-weight: bold;"><u>Option Agreement</u></font>&#8221;) which granted Cadiz the option (the &#8220;<font style="font-weight: bold;"><u>Option</u></font>&#8221;) to extend the Maturity Date of the Notes to September 5, 2021.&#160; Capitalized terms not otherwise herein defined shall have the same meaning as assigned in the Option Agreement; and</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">WHEREAS, Cadiz entered into option agreements with each of LC Capital Partners, LP and Nokomis Capital, L.L.C.
      (collectively, the &#8220;<font style="font-weight: bold;"><u>Other Noteholders</u></font>&#8221;), which also granted Cadiz the option to extend the maturity date of the Convertible Notes held by
      such Other Noteholders to September 5, 2021;</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">WHEREAS, the Parties now desire to amend the Option Agreement to extend the Exercise Period for Cadiz&#8217;s Option to
      March 5, 2020; provided, that Cadiz also enter into amendments to the option agreements of the Other Noteholders to similarly extend the Exercise Period (as defined therein).</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged,
      the Parties agree as follows:</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">1.</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><font style="font-size: 12pt;"><font style="font-weight: bold;"><u>Exercise Period</u></font>.&#160; Effective upon the
        later of (i) the date hereof, or (ii) the date upon which Cadiz enters into amendments with each of the Other Noteholders to extend the Exercise Period (as defined in their respective option agreements) of Cadiz&#8217;s option to extend the maturity date
        of the Convertible Notes held by such Other Noteholders to March 5, 2020, Section 1(b) of the Option Agreement is hereby amended to replace the date &#8220;December 5, 2019&#8221; with the date &#8220;March 5, 2020.&#8221;</font></div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 12pt;">2.</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><font style="font-size: 12pt;"><font style="font-weight: bold;"><u>Full Force and Effect</u></font>.&#160; Except as expressly modified by this
        Amendment, the Option Agreement shall remain in full force and effect.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-top: 11.25pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">3.</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><font style="font-size: 12pt;"><font style="font-weight: bold;"><u>Entire Agreement</u></font>.
        The Option Agreement, as modified by this Amendment, constitutes the entire agreement between the Parties with respect to the matters in the Option Agreement, and cannot be amended, modified or terminated except by an agreement in writing executed
        by the Parties. This Amendment is substantively the same as the amendments to be entered into on or around the date hereof between Cadiz and the Other Noteholders.</font></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="page-break-after: always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-top: 11.25pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">4.</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><font style="font-size: 12pt;"><font style="font-weight: bold;"><u>Governing Law</u></font>. This
        Amendment shall be governed by the internal law of the State of New York without giving effect to the conflicts of laws principles thereof.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-top: 10.8pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">5.</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><font style="font-size: 12pt;"><font style="font-weight: bold;"><u>Counterparts; Facsimiles</u></font>.
        This Amendment may be executed in two or more counterparts, each of which shall be deemed an original (including copies sent to a Party by facsimile or other electronic transmission) as against the Party signing such counterpart, but which together
        shall constitute one and the same instrument. Signatures transmitted via facsimile or electronically shall be considered authentic and binding.</font></div>
    <div style="text-align: center; margin-bottom: 12pt; font-size: 12pt;">[SIGNATURES APPEAR ON FOLLOWING PAGE]</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <table cellspacing="0" cellpadding="0" id="z3ff5239d7ef34b84935ec2492da54b1f" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 26.71%; vertical-align: top;">&#160;</td>
          <td style="width: 73.29%; vertical-align: top;">
            <div style="text-align: justify; font-size: 12pt;"><font style="font-weight: bold;">PARTIES</font>:</div>
            <div>&#160;</div>
            <div><br>
            </div>
            <div style="text-align: justify; font-size: 12pt;">CADIZ INC.,</div>
            <div style="text-align: justify; font-size: 12pt;">a Delaware corporation</div>
            <div>&#160;</div>
            <div style="text-align: justify;"><font style="font-size: 12pt;">By: <u>/s/ Timothy J. Shaheen</u></font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 216pt"><br>
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            <div style="text-align: justify; font-size: 12pt;">&#160;&#160;&#160;&#160;&#160;&#160;Timothy J. Shaheen</div>
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            <div style="text-align: justify; font-size: 12pt;">ELKHORN PARTNERS LIMITED PARTNERSHIP</div>
            <div>&#160;</div>
            <div style="text-align: justify;"><font style="font-size: 12pt;">By: <u>/s/ Alan S. Parsow</u></font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 216pt"><br>
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            <div style="font-size: 12pt;">&#160; &#160; &#160;&#160; Alan S. Parsow <br>
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            <div>&#160;</div>
            <div>&#160;</div>
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