<SEC-DOCUMENT>0000727273-20-000002.txt : 20200203
<SEC-HEADER>0000727273-20-000002.hdr.sgml : 20200203
<ACCEPTANCE-DATETIME>20200203161812
ACCESSION NUMBER:		0000727273-20-000002
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20200203
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20200203
DATE AS OF CHANGE:		20200203

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:		20568891

	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_feb20.htm
<DESCRIPTION>CURRENT REPORT ON FORM 8K
<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>
    <div><br>
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    <div style="text-align: center; font-weight: bold; font-size: 12pt;">FORM 8-K</div>
    <font style="font-size: 12pt;"> </font>
    <div><font style="font-size: 12pt;"><br>
      </font> </div>
    <font style="font-size: 12pt;"> </font>
    <div style="text-align: center; font-weight: bold; font-size: 12pt;">CURRENT REPORT</div>
    <font style="font-size: 12pt;"> </font>
    <div style="text-align: center; font-weight: bold; font-size: 12pt;">Pursuant to Section 13 or 15(d) of the </div>
    <font style="font-size: 12pt;"> </font>
    <div style="text-align: center; font-weight: bold; font-size: 12pt;">Securities Exchange Act of 1934</div>
    <font style="font-size: 12pt;"> </font>
    <div><font style="font-size: 12pt;"><br>
      </font> </div>
    <font style="font-size: 12pt;"> </font>
    <div style="text-align: center; font-weight: bold; font-size: 12pt;">Date of Report (Date of earliest event reported):</div>
    <font style="font-size: 12pt;"> </font>
    <div style="text-align: center; font-weight: bold; font-size: 12pt;">February 3, 2020</div>
    <font style="font-size: 12pt;"> </font>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" id="zac1d2f830df04615b5f5f71ade598173">

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          <td colspan="7" style="width: 100%; vertical-align: bottom;">
            <div style="font-size: 12pt;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td colspan="7" style="width: 100%; vertical-align: top;">
            <div style="text-align: center; font-weight: bold;"><font style="font-variant: small-caps; font-size: 12pt;">C</font><font style="font-size: 12pt;">adiz Inc.</font></div>
          </td>
        </tr>
        <tr>
          <td colspan="7" style="width: 100%; vertical-align: top;">
            <div style="text-align: center; font-weight: bold; font-size: 12pt;">(Exact Name of Registrant as Specified in its Charter)</div>
          </td>
        </tr>
        <tr>
          <td colspan="7" style="width: 100%; vertical-align: top;" rowspan="1">&#160;</td>
        </tr>
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          <td style="width: 31.99%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-weight: bold; font-size: 12pt;">DELAWARE</div>
          </td>
          <td style="width: 1.99%; vertical-align: bottom;">
            <div style="font-size: 12pt;">&#160;</div>
          </td>
          <td colspan="3" style="width: 32%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-weight: bold; font-size: 12pt;">0-12114</div>
          </td>
          <td style="width: 2%; vertical-align: bottom;">
            <div style="font-size: 12pt;">&#160;</div>
          </td>
          <td style="width: 32%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-weight: bold; font-size: 12pt;">77-0313235</div>
          </td>
        </tr>
        <tr>
          <td style="width: 31.99%; vertical-align: top;">
            <div style="text-align: center; margin-right: 0.8pt; font-weight: bold; font-size: 12pt;">(State or Other Jurisdiction</div>
            <div style="text-align: center; margin-right: 0.8pt; font-weight: bold; font-size: 12pt;">of Incorporation)</div>
          </td>
          <td style="width: 1.99%; vertical-align: bottom;">
            <div style="font-size: 12pt;">&#160;</div>
          </td>
          <td colspan="3" style="width: 32%; vertical-align: top;">
            <div style="text-align: center; font-weight: bold; font-size: 12pt;">(Commission File Number)</div>
          </td>
          <td style="width: 2%; vertical-align: bottom;">
            <div style="font-size: 12pt;">&#160;</div>
          </td>
          <td style="width: 32%; vertical-align: top;">
            <div style="text-align: center; margin-right: 0.8pt; font-weight: bold; font-size: 12pt;">(IRS Employer</div>
            <div style="text-align: center; margin-right: 0.8pt; font-weight: bold; font-size: 12pt;">Identification No.)</div>
            <div style="text-align: center; margin-right: 0.8pt; font-weight: bold;"> <font style="font-size: 12pt;"><br>
              </font> </div>
          </td>
        </tr>
        <tr>
          <td colspan="3" style="width: 49%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center; margin-right: 28.8pt; margin-left: 28.8pt; font-weight: bold; font-size: 12pt;">550 S. Hope Street, Suite 2850</div>
            <div style="text-align: center; margin-right: 28.8pt; margin-left: 28.8pt; font-weight: bold; font-size: 12pt;">Los Angeles, CA</div>
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          <td style="width: 2%; vertical-align: middle;">
            <div style="font-size: 12pt;">&#160;</div>
          </td>
          <td colspan="3" style="width: 49%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-weight: bold; font-size: 12pt;">90071</div>
          </td>
        </tr>
        <tr>
          <td colspan="3" style="width: 49%; vertical-align: top;">
            <div style="text-align: center; font-weight: bold; font-size: 12pt;">(Address of Principal Executive Offices)</div>
          </td>
          <td style="width: 2%; vertical-align: top;">
            <div style="font-size: 12pt;">&#160;</div>
          </td>
          <td colspan="3" style="width: 49%; vertical-align: top;">
            <div style="text-align: center; font-weight: bold; font-size: 12pt;">(Zip Code)</div>
          </td>
        </tr>

    </table>
    <font style="font-size: 12pt;"> </font>
    <div style="text-align: center; margin-top: 12pt; margin-bottom: 12pt;"><font style="font-weight: bold; font-size: 12pt;">Registrant&#8217;s telephone number, including area code:</font><font style="font-size: 12pt;">&#160;<font style="font-weight: bold;">(231)
          271-1600</font></font></div>
    <font style="font-size: 12pt;"> </font>
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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: #000000 2px solid;">
            <div style="text-align: center; font-weight: bold; font-size: 12pt;">Title of each class</div>
          </td>
          <td style="width: 24.85%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-weight: bold; font-size: 12pt;">Trading Symbol(s)</div>
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          <td style="width: 37.59%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-weight: bold; font-size: 12pt;">Name of each exchange on which registered</div>
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        <tr>
          <td style="width: 0.05%; vertical-align: top; font-size: 12pt;">&#160;</td>
          <td style="width: 37.46%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-size: 12pt;">Common Stock, par value $0.01 per share</div>
          </td>
          <td style="width: 24.85%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-size: 12pt;">CDZI</div>
          </td>
          <td style="width: 37.59%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-size: 12pt;">The NASDAQ Global Market</div>
          </td>
          <td style="width: 0.05%; vertical-align: top; font-size: 12pt;">&#160;</td>
        </tr>
        <tr>
          <td colspan="5" style="width: 100%; vertical-align: bottom;">
            <div style="font-size: 12pt;">&#160;</div>
            <div style="text-align: center; font-weight: bold; font-size: 12pt;">Not Applicable</div>
          </td>
        </tr>
        <tr>
          <td colspan="5" style="width: 100%; vertical-align: top;">
            <div style="text-align: center; font-weight: bold; font-size: 12pt;">(Former Name or Former Address, if Changed Since Last Report)</div>
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        </tr>

    </table>
    <font style="font-size: 12pt;"> </font>
    <div style="text-align: justify; margin-top: 12pt; margin-bottom: 12pt; 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>
    <font style="font-size: 12pt;"> </font>
    <div style="text-align: justify; margin-top: 12pt; margin-bottom: 12pt;"><font style="font-family: 'Segoe UI Symbol',sans-serif; font-size: 12pt;">&#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>
    <font style="font-size: 12pt;"> </font>
    <div style="text-align: justify; margin-top: 12pt; margin-bottom: 12pt;"><font style="font-family: 'Segoe UI Symbol',sans-serif; font-size: 12pt;">&#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>
    <font style="font-size: 12pt;"> </font>
    <div style="text-align: justify; margin-top: 12pt; margin-bottom: 12pt;"><font style="font-family: 'Segoe UI Symbol',sans-serif; font-size: 12pt;">&#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>
    <font style="font-size: 12pt;"> </font>
    <div style="text-align: justify; margin-top: 12pt; margin-bottom: 12pt;"><font style="font-family: 'Segoe UI Symbol',sans-serif; font-size: 12pt;">&#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>
    <font style="font-size: 12pt;"> </font>
    <div style="text-align: justify; margin-right: 16.75pt; margin-bottom: 10.35pt; 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>
    <font style="font-size: 12pt;"> </font>
    <div style="text-align: justify; margin-bottom: 5.25pt; font-size: 12pt;">Emerging growth company <font style="font-family: 'Segoe UI Symbol', sans-serif;">&#9744;</font></div>
    <font style="font-size: 12pt;"> </font>
    <div style="text-align: justify; margin-right: 26.5pt; margin-bottom: 5.25pt; 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></div>
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    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
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    <div style="margin-bottom: 10pt; font-weight: bold; font-size: 12pt;">Item 1.01&#160; Entry into a Material Definitive Agreement.</div>
    <font style="font-size: 12pt;"> </font>
    <div style="font-size: 12pt;">Effective February 3, 2020 Cadiz Inc. (&#8220;Cadiz&#8221; or the &#8220;Company&#8221;) entered into a First Amendment to its existing Purchase and Sale Agreement (the &#8220;Agreement&#8221;) dated December 31, 2018 with El Paso Natural Gas Company
      (&#8220;EPNG&#8221;).&#160; As amended, the Agreement (i) extends&#160; the time period within which Cadiz must complete the purchase of the pipeline segment contemplated by the Agreement from 30 to up to 180 days following the satisfaction by EPNG of certain conditions
      precedent, with the actual time period depending upon the date upon which such conditions are satisfied, and (ii) increases the balance of the purchase price payable at closing from $18 million to $19 million.</div>
    <div style="font-size: 12pt;"> <br>
    </div>
    <div style="font-size: 12pt;"> <br>
    </div>
    <div style="margin-bottom: 10pt; font-weight: bold; font-size: 12pt;">Item 9.01&#160; Financial Statements and Exhibits.</div>
    <font style="font-size: 12pt;"> </font>
    <div style="margin-bottom: 10pt; font-size: 12pt;">(d) Exhibits</div>
    <font style="font-size: 12pt;"> </font>
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            <div>
              <div style="font-weight: bold; font-size: 12pt;">Exhibit No.</div>
            </div>
          </td>
          <td style="width: 2.23%; vertical-align: bottom; font-size: 12pt;">&#160;</td>
          <td style="width: 87.22%; vertical-align: bottom; border-bottom: 2px solid #000000;">
            <div>
              <div style="font-weight: bold; font-size: 12pt;">Description</div>
            </div>
          </td>
        </tr>
        <tr>
          <td style="width: 10.55%; vertical-align: bottom;" rowspan="1">&#160;</td>
          <td style="width: 2.23%; vertical-align: bottom; font-size: 12pt;" rowspan="1">&#160;</td>
          <td style="width: 87.22%; vertical-align: bottom;" rowspan="1">&#160;</td>
        </tr>
        <tr>
          <td style="width: 10.55%; vertical-align: bottom;" rowspan="1"><font style="font-size: 12pt;">10.1* </font><br>
          </td>
          <td style="width: 2.23%; vertical-align: bottom; font-size: 12pt;" rowspan="1">&#160;</td>
          <td style="width: 87.22%; vertical-align: bottom;" rowspan="1"><font style="font-size: 12pt;">First Amendment to Purchase and Sale Agreement dated February 3, 2020 by and between El Paso Natural Gas Company, LLC, a Delaware limited liability
              company and Cadiz Inc., a Delaware corporation</font> <br>
          </td>
        </tr>

    </table>
    <font style="font-size: 12pt;"> </font>
    <div style="margin-bottom: 10pt;">
      <div>
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    </div>
    <font style="font-size: 12pt;"> </font>
    <div style="margin-bottom: 10pt;"><font style="font-size: 12pt;"><br>
      </font> </div>
    <font style="font-size: 12pt;"> </font>
    <div style="margin-left: 0.75pt; font-size: 12pt;">*filed herewith</div>
    <font style="font-size: 12pt;"></font>
    <div><font style="font-size: 12pt;"><br>
      </font> </div>
    <font style="font-size: 12pt;"> </font>
    <div><font style="font-size: 12pt;"><br>
      </font> </div>
    <font style="font-size: 12pt;"> </font>
    <div><font style="font-size: 12pt;"><br>
      </font> </div>
    <font style="font-size: 12pt;"> </font>
    <div style="margin-left: 0.75pt; font-size: 12pt;">&#160;</div>
    <font style="font-size: 12pt;"> </font>
    <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>
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    <br>
    <font style="font-size: 12pt;"></font>
    <div style="text-align: center; font-weight: bold; font-size: 12pt;">SIGNATURES</div>
    <font style="font-size: 12pt;"> </font>
    <div style="text-indent: 18pt; font-size: 12pt;">&#160;</div>
    <font style="font-size: 12pt;"> </font>
    <div style="text-indent: 18pt; 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>
    <font style="font-size: 12pt;"> </font>
    <div><font style="font-size: 12pt;"><br>
      </font> </div>
    <font style="font-size: 12pt;"> </font>
    <div style="text-indent: 36pt; font-size: 12pt;">&#160;</div>
    <font style="font-size: 12pt;"> </font>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" id="z568e25cdbf9a485bafc6f283442b4f89">

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          <td style="width: 48.42%; vertical-align: top;">
            <div style="font-weight: bold; font-size: 12pt;">&#160;</div>
          </td>
          <td style="width: 51.58%; vertical-align: top;">
            <div style="margin-left: 0.05pt; font-weight: bold; font-size: 12pt;">CADIZ INC.</div>
          </td>
        </tr>
        <tr>
          <td style="width: 48.42%; vertical-align: top;">
            <div style="font-size: 12pt;">&#160;</div>
          </td>
          <td style="width: 51.58%; vertical-align: top;">
            <div style="margin-left: 0.05pt; font-size: 12pt;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 48.42%; vertical-align: top; font-size: 12pt;">&#160;</td>
          <td style="width: 51.58%; vertical-align: top; border-bottom: 2px solid black;">
            <div style="margin-left: 0.05pt; font-size: 12pt;">By: /s/ Timothy J. Shaheen</div>
          </td>
        </tr>
        <tr>
          <td style="width: 48.42%; vertical-align: top;">
            <div style="font-size: 12pt;">&#160;</div>
          </td>
          <td style="width: 51.58%; vertical-align: top;">
            <div style="text-indent: 18.75pt; font-size: 12pt;">Timothy J. Shaheen</div>
          </td>
        </tr>
        <tr>
          <td style="width: 48.42%; vertical-align: top;">
            <div style="font-size: 12pt;">&#160;</div>
          </td>
          <td style="width: 51.58%; vertical-align: top;">
            <div style="text-indent: 18.7pt; margin-left: 0.05pt; font-size: 12pt;">Chief Financial Officer</div>
          </td>
        </tr>

    </table>
    <font style="font-size: 12pt;"> </font>
    <div style="text-align: center; font-size: 12pt;">&#160;</div>
    <font style="font-size: 12pt;"> </font>
    <div style="font-size: 12pt;">Date:&#160; February 3, 2020</div>
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<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>ex_10-1.htm
<DESCRIPTION>EXHIBIT 10.1
<TEXT>
<html>
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    <title></title>
    <!-- Licensed to: Cadiz Inc.
         Document created using EDGARfilings PROfile 6.4.0.0
         Copyright 1995 - 2020 Broadridge -->
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<body bgcolor="#ffffff" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000;">
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    <div style="text-align: center; margin-left: 2pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt; font-weight: bold;"> <br>
    </div>
    <div style="text-align: center; margin-left: 2pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt; font-weight: bold;"> <br>
    </div>
    <div style="text-align: center; margin-left: 2pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt; font-weight: bold;"> <br>
    </div>
    <div style="text-align: center; margin-left: 2pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt; font-weight: bold;">FIRST AMENDMENT TO PURCHASE AND SALE AGREEMENT</div>
    <div style="text-align: center; margin-left: 2pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt; font-weight: bold;"> <br>
    </div>
    <div style="text-align: center; margin-left: 2pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt; font-weight: bold;"> <br>
    </div>
    <div style="text-align: center; margin-right: 95.8pt; margin-left: 95.75pt; margin-top: 3.1pt; font-size: 12pt; font-weight: bold;">between</div>
    <div style="text-align: center; margin-right: 95.8pt; margin-left: 95.75pt; margin-top: 3.1pt; font-size: 12pt; font-weight: bold;"> <br>
    </div>
    <div style="text-align: center; margin-right: 95.8pt; margin-left: 95.75pt; margin-top: 3.1pt; font-size: 12pt; font-weight: bold;"> <br>
    </div>
    <div style="text-align: center; margin-right: 95.8pt; margin-left: 95.8pt; margin-top: 3.1pt; font-size: 12pt; font-weight: bold;">EL PASO NATURAL GAS COMPANY, L.L.C.</div>
    <div style="text-align: center; margin-right: 95.8pt; margin-left: 95.8pt; margin-top: 3.1pt; font-size: 12pt; font-weight: bold;"> (EPNG)</div>
    <div style="text-align: center; margin-right: 95.8pt; margin-left: 95.8pt; margin-top: 3.1pt; font-size: 12pt; font-weight: bold;"> <br>
    </div>
    <div style="text-align: center; margin-right: 95.8pt; margin-left: 95.8pt; margin-top: 3.1pt; font-size: 12pt; font-weight: bold;">and</div>
    <div style="text-align: center; margin-right: 95.8pt; margin-left: 95.8pt; margin-top: 3.1pt; font-size: 12pt; font-weight: bold;"> <br>
    </div>
    <div style="text-align: center; margin-right: 95.8pt; margin-left: 95.8pt; margin-top: 3.1pt; font-size: 12pt; font-weight: bold;"> <br>
    </div>
    <div style="text-align: center; margin-right: 95.8pt; margin-left: 95.7pt; margin-top: 8pt; font-size: 12pt; font-weight: bold;">CADIZ, INC.</div>
    <div style="text-align: center; margin-right: 95.8pt; margin-left: 95.7pt; font-size: 12pt; font-weight: bold;">(Cadiz)</div>
    <div style="text-align: center; margin-right: 95.8pt; margin-left: 95.7pt; font-size: 12pt; font-weight: bold;"> <br>
    </div>
    <div style="text-align: center; margin-right: 95.8pt; margin-left: 95.8pt; margin-top: 3.1pt; font-size: 12pt; font-weight: bold;">DATED: December 31, 2018</div>
    <div style="margin-top: 0.05pt;"><br>
    </div>
    <div style="text-align: center; margin-right: 95.8pt; margin-left: 95.8pt; font-size: 12pt; font-weight: bold;">AMENDED: February 3, 2020</div>
    <div style="text-align: center; margin-right: 95.8pt; margin-left: 95.8pt; font-size: 12pt; font-weight: bold;"> <br>
    </div>
    <div style="text-align: center; margin-right: 95.8pt; margin-left: 95.7pt; margin-top: 3.1pt; font-size: 12pt; font-weight: bold;">Retained Pipeline</div>
    <div style="text-align: center; margin-right: 95.8pt; margin-left: 95.7pt; margin-top: 3.1pt; font-size: 12pt; font-weight: bold;"><br>
      <br>
    </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: center; margin-right: 95.8pt; margin-left: 95.7pt; margin-top: 3.1pt; font-size: 12pt; font-weight: bold;"> <br>
    </div>
    <div style="text-align: center; margin-right: 95.8pt; margin-left: 95.7pt; margin-top: 3.1pt; font-size: 12pt; font-weight: bold;">
      <div style="margin-right: 61.9pt; margin-left: 61pt; font-family: 'Times New Roman',Times,serif; font-weight: bold;">FIRST AMENDMENT TO PURCHASE AND SALE AGREEMENT</div>
      <div style="margin-right: 61.9pt; margin-left: 61pt; font-weight: bold;"> <font style="font-weight: normal;"><br>
        </font></div>
      <div style="text-align: justify; margin-right: 5.55pt; margin-top: 2.05pt; font-family: 'Times New Roman',Times,serif;"><font style="font-weight: normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; THIS FIRST AMENDMENT (this &#8220;Amendment&#8221;) TO THE PURCHASE
          AND SALE AGREEMENT, dated as of December 31, 2018, is made effective this 3rd day of February, 2020 by and between EL PASO NATURAL GAS COMPANY, L.L.C. a
          Delaware limited liability company ("EPNG"), whose address is 2 North Nevada, Colorado Springs, CO 80903 and CADIZ, INC., a Delaware corporation (&#8220;Cadiz&#8221;), whose address is 550 South Hope Street, Suite 2850, Los Angeles, CA 90017. EPNG and Cadiz
          may hereinafter be referred to individually as a &#8220;Party&#8221; or collectively as the &#8220;Parties.&#8221; Capitalized terms used herein but not defined in this Amendment shall have the meanings ascribed to such terms in the Purchase and Sale Agreement.</font></div>
      <div style="text-align: justify; margin-right: 5.55pt; margin-top: 2.05pt; font-family: 'Times New Roman',Times,serif;"><font style="font-weight: normal;"> <br>
        </font></div>
      <div style="margin-right: 61.9pt; margin-left: 60.7pt; margin-top: 5.9pt; font-family: 'Times New Roman',Times,serif; font-weight: bold;">W I T N E S S E T H:</div>
      <div style="margin-right: 61.9pt; margin-left: 60.7pt; margin-top: 5.9pt; font-family: 'Times New Roman',Times,serif; font-weight: normal;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; margin-right: 5.75pt; font-family: 'Times New Roman',Times,serif; font-weight: normal;"> WHEREAS, EPNG and Cadiz have previously executed the Purchase and Sale Agreement
        with a provision for a Closing Date linked to the date on which the Bureau of Land Management (&#8220;BLM&#8221;) issues a renewed right-of-way for the Retained Pipeline (and other portions of the former oil transmission pipeline that are not included in the
        sale of facilities to Cadiz); and</div>
      <div style="text-align: justify; text-indent: 36pt; margin-right: 5.75pt; margin-left: 2pt; margin-top: 6pt; font-family: 'Times New Roman',Times,serif; font-weight: normal;">WHEREAS, the Parties anticipate the BLM shall
        issue the renewed right-of-way sometime in the first half of 2020; and</div>
      <div style="text-align: justify; text-indent: 36pt; margin-right: 5.85pt; margin-left: 2pt; margin-top: 6.05pt; font-family: 'Times New Roman',Times,serif; font-weight: normal;">WHEREAS, Cadiz desires some certainty on the
        earliest date it shall be required to make the final payment of the remaining portion of the Purchase Price; and</div>
      <div style="text-align: justify; text-indent: 36pt; margin-right: 5.8pt; margin-left: 2pt; margin-top: 5.95pt; font-family: 'Times New Roman',Times,serif; font-weight: normal;">WHEREAS, EPNG is willing to revise the timing
        of the Closing to provide that certainty to Cadiz in exchange for an adjustment of the Purchase Price and certain other modifications to the terms of the Purchase and Sale Agreement:</div>
      <div style="text-align: justify; text-indent: 36pt; margin-right: 5.85pt; margin-left: 2pt; margin-top: 6.05pt; font-family: 'Times New Roman',Times,serif; font-weight: normal;">NOW, THEREFORE, in consideration of the
        premises and the mutual covenants and agreements set forth herein, the receipt and sufficiency of which are hereby acknowledged, the Purchase and Sale Agreement is hereby amended as follows:</div>
      <div style="text-align: justify; text-indent: 36pt; margin-right: 5.85pt; margin-left: 2pt; margin-top: 6.05pt; font-family: 'Times New Roman',Times,serif; font-weight: normal;"> <br>
      </div>
      <div style="margin-right: 61.75pt; margin-left: 61pt; margin-top: 3.1pt; font-family: 'Times New Roman',Times,serif; font-weight: bold;"><u>SECTION 1.</u></div>
      <div style="margin-right: 61.75pt; margin-left: 61pt; margin-top: 3.1pt; font-family: 'Times New Roman',Times,serif; font-weight: normal;"><u> <br>
        </u></div>
      <div style="text-align: left; text-indent: 36pt; margin-right: 5.9pt; margin-left: 5pt; margin-top: 5.85pt;"><font style="font-family: 'Times New Roman',Times,serif; font-weight: normal;">1.1&#160;&#160; <font style="width: 9pt; font-size: 1px; display: inline-block;" class="HorizontalTab"></font><u>Amendments to Section 3.1 &#8220;Purchase Price</u></font><font style="font-weight: normal;">.&#8221; Section 3.1 of the Purchase and Sale Agreement is hereby amended and restated in its entirety to read as follows:</font></div>
      <div style="margin-top: 0.5pt; font-weight: normal;"><br>
      </div>
      <div style="text-align: justify; margin-right: 5.8pt; margin-left: 41pt;"><font style="font-family: 'Times New Roman',Times,serif; font-weight: normal;"><u>Purchase
            Price</u></font><font style="font-weight: normal;">. The Purchase Price of the Retained Pipeline shall be Twenty-One Million Dollars ($21,000,000.00), which shall be paid to EPNG in the form of an initial payment of Two Million Dollars
          ($2,000,000) on the date of the execution of this Purchase and Sale Agreement, and a further payment of Nineteen Million Dollars ($19,000,000) at Closing.</font></div>
      <div style="margin-top: 0.5pt; font-weight: normal;"><br>
      </div>
      <div style="text-align: left; text-indent: -85.2pt; margin-right: 4.05pt; margin-left: 90.15pt; margin-top: 0.05pt; font-family: 'Times New Roman',Times,serif; font-weight: normal;"><u><font style="width: 9pt; font-size: 1px; display: inline-block;" class="HorizontalTab">&#160;</font><font style="width: 9pt; font-size: 1px; display: inline-block;" class="HorizontalTab">&#160;</font><font style="width: 9pt; font-size: 1px; display: inline-block;" class="HorizontalTab">&#160;</font><font style="width: 9pt; font-size: 1px; display: inline-block;" class="HorizontalTab"> </font></u>1.2<u><font style="width: 9pt; font-size: 1px; display: inline-block;" class="HorizontalTab"> </font><font style="width: 9pt; font-size: 1px; display: inline-block;" class="HorizontalTab">&#160;</font>Amendments to Sections 7.1 &#8220;Closing Date&#8221; and 7.2. &#8220;Deliveries by Cadiz&#8221;</u>&#160; Sections 7.1 &#8220;Closing Date&#8221; and 7.2 &#8220;Deliveries by Cadiz&#8220; of the Purchase and Sale Agreement ed and
        restated in their entirety to read as follows:</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="font-weight: normal;"><br>
      </div>
      <div style="text-align: justify; margin-right: 5.8pt; margin-left: 41pt; margin-top: 2.5pt;"><font style="font-family: 'Times New Roman',Times,serif; font-weight: normal;"><u>Closing Date</u></font><font style="font-weight: normal;">. The Closing of the transaction contemplated by this Agreement shall occur in the manner described in the Third Amendment to the Option Agreement which is
          attached hereto as an Addendum to this Purchase and Sale Agreement, and the terms of which are incorporated herein by this reference. Closing shall take place on or before 180 days following the date that EPNG provides written notice to Cadiz
          that the BLM has issued a renewed right-of-way for the Retained Pipeline (and other portions of the former oil transmission pipeline that includes the Retained Pipeline, the 1904 Pipeline and other portions that have been converted to natural gas
          transmission purposes as part of the EPNG natural gas pipeline system), PROVIDED HOWEVER, that if the BLM issuance of the renewed right-of-way occurs on a date that is after June 30, 2020, but before December 1, 2020, Closing will occur on a
          mutually acceptable date in December of 2020. If the BLM issuance of the renewed right-of-way occurs later than December 1, 2020, Closing will occur on a mutually acceptable date within 30 days of the issuance of the BLM renewal of the
          right-of-way. Closing shall occur at the offices of EPNG in Colorado Springs, Colorado.</font></div>
      <div style="margin-top: 0.5pt; font-weight: normal;"><br>
      </div>
      <div style="text-align: justify; margin-right: 5.75pt; margin-left: 41pt;"><font style="font-family: 'Times New Roman',Times,serif; font-weight: normal;"><u>Deliveries
            by Cadiz</u></font><font style="font-weight: normal;">. At the Closing, Cadiz shall deliver the Nineteen Million Dollar ($19,000,000) final portion of the Purchase Price to EPNG, all other amounts due having previously been paid to EPNG.</font></div>
      <div style="margin-top: 0.5pt; font-weight: normal;"><br>
      </div>
      <div style="text-align: left; text-indent: 36pt; margin-right: 5.75pt; margin-left: 5pt;"><font style="font-family: 'Times New Roman',Times,serif; font-weight: normal;">1.3<u><font style="width: 9pt; font-size: 1px; display: inline-block;" class="HorizontalTab"> </font><font style="width: 9pt; font-size: 1px; display: inline-block;" class="HorizontalTab">&#160;</font>Deletion of Section 7.4</u></font><font style="font-weight: normal;">. Section 7.4 of the Purchase and Sale Agreement shall be deleted in its entirety.</font></div>
      <div style="margin-top: 0.5pt; font-weight: normal;"><br>
      </div>
      <div style="text-align: left; text-indent: 36pt; margin-right: 6pt; margin-left: 5pt; margin-top: 0.05pt;"><font style="font-family: 'Times New Roman',Times,serif; font-weight: normal;">1.4<u><font style="width: 9pt; font-size: 1px; display: inline-block;" class="HorizontalTab"> </font><font style="width: 9pt; font-size: 1px; display: inline-block;" class="HorizontalTab">&#160;</font>Amendment to Section 10.2 &#8220;Ad Valorem Taxes.</u></font><font style="font-weight: normal;">&#8221; Section 10.2 of the Purchase and Sale Agreement is hereby amended and restated in its entirety to read as follows:</font></div>
      <div style="font-weight: normal;"><br>
      </div>
      <div style="text-align: justify; margin-right: 5.6pt; margin-left: 41pt;"><font style="font-family: 'Times New Roman',Times,serif; font-weight: normal;"><u>Ad
            Valorem Taxes</u></font><font style="font-weight: normal;">. Cadiz shall be responsible for the payment of all ad valorem and property taxes with respect to the Retained Pipeline for the Closing Year; provided, however, that EPNG shall
          reimburse Cadiz for its pro rata share of such taxes by applying a fraction based on the number of days in the calendar year prior to the date that is 30 days after the date that EPNG provides written notice to Cadiz that the BLM has issued a
          renewed right-of-way for the Retained Pipeline to the total amount of such taxes for the Closing Year. Upon payment of such taxes by Cadiz (after Closing), Cadiz shall invoice EPNG for such share.</font></div>
      <div style="text-align: justify; margin-right: 5.6pt; margin-left: 41pt;"><font style="font-weight: normal;"> <br>
        </font></div>
      <div style="margin-left: 26.95pt; margin-top: 6.15pt; font-family: 'Times New Roman',Times,serif; font-weight: bold;"><u>SECTION 2. RATIFICATION OF THE PURCHASE AND SALE AGREEMENT</u></div>
      <div style="margin-top: 0.25pt; font-weight: normal;"><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; margin-right: 5.75pt; margin-left: 5pt; font-family: 'Times New Roman',Times,serif; font-weight: normal;">Except as provided in this Amendment, all of the terms,
        agreements and provisions of the Purchase and Sale Agreement are hereby ratified and confirmed and shall continue in existence and in full force and effect. Upon the execution and delivery of this Amendment all references to the Purchase and Sale
        Agreement (whether in the Purchase and Sale Agreement or in this Amendment or in any other agreement between the Parties) shall refer to the Purchase and Sale Agreement as amended by this Amendment.</div>
      <div style="font-weight: normal;"><br>
      </div>
      <div style="margin-right: 0.95pt; margin-top: 9.05pt; font-family: 'Times New Roman',Times,serif; font-weight: normal;">2</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="margin-top: 0.25pt; font-weight: normal;"><br>
      </div>
      <div style="text-align: left; text-indent: 36pt; margin-right: 4.05pt; margin-left: 5pt; margin-top: 2.5pt;"><font style="font-family: 'Times New Roman',Times,serif; font-weight: normal;">IN WITNESS WHEREOF</font><font style="font-weight: normal;">, the Parties have duly executed this Amendment as of the date first set forth above.</font></div>
      <div style="text-align: left; text-indent: 36pt; margin-right: 4.05pt; margin-left: 5pt; margin-top: 2.5pt;"><font style="font-weight: normal;"> <br>
        </font></div>
      <div style="text-align: left; text-indent: 36pt; margin-right: 4.05pt; margin-left: 5pt; margin-top: 2.5pt;">
        <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; color: #000000; width: 100%;" id="z5cbaee54b4ad405799ae296cbe425cad">

            <tr>
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                <div style="font-size: 12pt;">&#160;</div>
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              <td style="font-size: 12pt;" rowspan="1" colspan="2">EL PASO NATURAL GAS COMPANY, LLC<br>
              </td>
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              <td style="width: 50%;">
                <div style="font-size: 12pt;">&#160;</div>
              </td>
              <td style="width: 3%;">
                <div style="font-size: 12pt;">&#160;</div>
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              <td style="width: 47%;">
                <div style="font-size: 12pt;">&#160;</div>
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              <td style="width: 50%;">
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                <div style="font-size: 12pt;">By: <br>
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              <td style="width: 47%;">
                <div style="font-size: 12pt;"><u>/s/ Chris M. Meyer </u><br>
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              </td>
              <td style="width: 3%;">
                <div style="font-size: 12pt;">&#160;</div>
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              <td style="width: 47%;">
                <div style="font-size: 12pt;">Chris M. Meyer<br>
                </div>
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              <td style="width: 50%;">
                <div style="font-size: 12pt;">&#160;</div>
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              <td style="width: 3%;">
                <div style="font-size: 12pt;">&#160;</div>
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              <td style="width: 47%;">
                <div style="font-size: 12pt;">President <br>
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              <td style="width: 50%;">
                <div style="font-size: 12pt;">&#160;</div>
              </td>
              <td style="width: 3%;">
                <div style="font-size: 12pt;">&#160;</div>
              </td>
              <td style="width: 47%;">
                <div style="font-size: 12pt;">&#160;</div>
              </td>
            </tr>
            <tr>
              <td style="width: 50%; font-size: 12pt;" rowspan="1">&#160;</td>
              <td style="width: 3%; font-size: 12pt;" rowspan="1">&#160;</td>
              <td style="width: 47%; font-size: 12pt;" rowspan="1">&#160;</td>
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            <tr>
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              <td style="width: 3%; font-size: 12pt;" rowspan="1" colspan="2">CADIZ INC.&#160; <br>
              </td>
            </tr>
            <tr>
              <td style="width: 50%; font-size: 12pt;" rowspan="1">&#160;</td>
              <td style="width: 3%; font-size: 12pt;" rowspan="1">&#160;</td>
              <td style="width: 47%; font-size: 12pt;" rowspan="1">&#160;</td>
            </tr>
            <tr>
              <td style="width: 50%; font-size: 12pt;" rowspan="1">&#160;</td>
              <td style="width: 3%; font-size: 12pt;" rowspan="1">By: <br>
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              <td style="width: 47%; font-size: 12pt;" rowspan="1"><u>/s/ Scott S. Slater </u><br>
              </td>
            </tr>
            <tr>
              <td style="width: 50%; font-size: 12pt;" rowspan="1">&#160;</td>
              <td style="width: 3%; font-size: 12pt;" rowspan="1">&#160;</td>
              <td style="width: 47%; font-size: 12pt;" rowspan="1">Scott S. Slater <br>
              </td>
            </tr>
            <tr>
              <td style="width: 50%; font-size: 12pt;" rowspan="1">&#160;</td>
              <td style="width: 3%; font-size: 12pt;" rowspan="1">&#160;</td>
              <td style="width: 47%; font-size: 12pt;" rowspan="1">President <br>
              </td>
            </tr>

        </table>
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      <br>
      <div style="font-weight: normal;"><br>
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      <div style="margin-right: 0.95pt; margin-top: 9.15pt; font-family: 'Times New Roman',Times,serif; font-weight: normal;">3</div>
      <br>
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